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14. Segment Information
 9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
Segment Information

We operate two business segments: community banking and insurance services. These segments are primarily identified by the products or services offered. The community banking segment consists of our full service banks which offer customers traditional banking products and services through various delivery channels. The insurance services segment consists of three insurance agency offices that sell insurance products. The accounting policies discussed throughout the notes to the consolidated financial statements apply to each of our business segments.

 

Intersegment revenue and expense consists of management fees allocated to the bank and Summit Insurance Services, LLC for all centralized functions that are performed by the parent, including overall direction in the areas of strategic planning, investment portfolio management, asset/liability management, financial reporting and other financial and administrative services. Information for each of our segments is included below:

 

    Nine Months Ended September 30, 2013  
    Community     Insurance                    
Dollars in thousands   Banking     Services     Parent     Eliminations     Total  
                               
Net interest income   $ 30,237     $ -     $ (1,436 )   $ -     $ 28,801  
Provision for loan losses     3,500       -       -       -       3,500  
Net interest income after provision for loan losses     26,737       -       (1,436 )     -       25,301  
Other income     4,857       3,457       815       (815 )     8,314  
Other expenses     22,723       3,266       1,158       (815 )     26,332  
Income (loss) before income taxes     8,871       191       (1,779 )     -       7,283  
Income tax expense (benefit)     2,534       79       (612 )     -       2,001  
Net income (loss)     6,337       112       (1,167 )     -       5,282  
Dividends on preferred shares     -       -       582       -       582  
Net income (loss) applicable to common shares   $ 6,337     $ 112     $ (1,749 )   $ -     $ 4,700  
Intersegment revenue (expense)   $ (734 )   $ (81 )   $ 815     $ -     $ -  
Average assets   $ 1,431,835     $ 6,329     $ 155,522     $ (213,202 )   $ 1,380,484  

 

    Nine Months Ended September 30, 2012  
    Community     Insurance                    
Dollars in thousands   Banking     Services     Parent     Eliminations     Total  
                               
Net interest income   $ 31,264     $ -     $ (1,340 )   $ -     $ 29,924  
Provision for loan losses     6,002       -       -       -       6,002  
Net interest income after provision for loan losses     25,262       -       (1,340 )     -       23,922  
Other income     6,681       3,371       765       (783 )     10,034  
Other expenses     25,583       2,980       1,223       (783 )     29,003  
Income (loss) before income taxes     6,360       391       (1,798 )     -       4,953  
Income tax expense (benefit)     1,772       156       (583 )     -       1,345  
Net income (loss)     4,588       235       (1,215 )     -       3,608  
Dividends on preferred shares     -       -       583       -       583  
Net income (loss) applicable to common shares   $ 4,588     $ 235     $ (1,798 )   $ -     $ 3,025  
Intersegment revenue (expense)   $ (706 )   $ (77 )   $ 783     $ -     $ -  
Average assets   $ 1,486,808     $ 6,495     $ 154,011     $ (218,207 )   $ 1,429,107  

 

    Three Months Ended September 30, 2013  
    Community     Insurance                    
Dollars in thousands   Banking     Services     Parent     Eliminations     Total  
                               
Net interest income   $ 10,025     $ -     $ (487 )   $ -     $ 9,538  
Provision for loan losses     1,000       -       -       -       1,000  
Net interest income after provision for loan losses     9,025       -       (487 )     -       8,538  
Other income     1,758       1,105       272       (272 )     2,863  
Other expenses     7,060       1,078       365       (272 )     8,231  
Income (loss) before income taxes     3,723       27       (580 )     -       3,170  
Income tax expense (benefit)     1,087       12       (201 )     -       898  
Net income (loss)     2,636       15       (379 )     -       2,272  
Dividends on preferred shares     -       -       194       -       194  
Net income (loss) applicable to common shares   $ 2,636     $ 15     $ (573 )   $ -     $ 2,078  
Intersegment revenue (expense)   $ (251 )   $ (21 )   $ 272     $ -     $ -  
Average assets   $ 1,409,870     $ 6,377     $ 153,596     $ (205,332 )   $ 1,364,511  

 

    Three Months Ended September 30, 2012  
    Community     Insurance                    
Dollars in thousands   Banking     Services     Parent     Eliminations     Total  
                               
Net interest income   $ 10,381     $ -     $ (446 )   $ -     $ 9,935  
Provision for loan losses     2,000       -       -       -       2,000  
Net interest income after provision for loan losses     8,381       -       (446 )     -       7,935  
Other income     2,312       1,049       261       (261 )     3,361  
Other expenses     8,904       1,023       361       (261 )     10,027  
Income (loss) before income taxes     1,789       26       (546 )     -       1,269  
Income tax expense (benefit)     430       10       (168 )     -       272  
Net income (loss)     1,359       16       (378 )     -       997  
Dividends on preferred shares     -       -       194       -       194  
Net income (loss) applicable to common shares   $ 1,359     $ 16     $ (572 )   $ -     $ 803  
Intersegment revenue (expense)   $ (235 )   $ (26 )   $ 261     $ -     $ -  
Average assets   $ 1,473,356     $ 6,579     $ 155,168     $ (220,005 )   $ 1,415,098