Segment Information

9 Months Ended

Sep. 30, 2022

Segment Information [Abstract]

Segment Information

9. SEGMENT INFORMATION

The Company comprises two primary business segments, banking and insurance agency activities. The following tables set forth information regarding these segments for the three and nine month periods ended September 30, 2022 and 2021.

	Three months ended September 30, 2022
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	19,188	$	-	$	19,188
Provision for loan losses		1,328		-		1,328
Net interest income after
provision for loan losses		17,860		-		17,860
Insurance service and fees		134		3,249		3,383
Other non-interest income		2,384		-		2,384
Amortization expense		5		95		100
Other non-interest expense		13,750		1,941		15,691
Income before income taxes		6,623		1,213		7,836
Income tax provision		1,658		314		1,972
Net income	$	4,965	$	899	$	5,864

	Three months ended September 30, 2021
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income (expense)	$	18,165	$	(2)	$	18,163
Provision (credit) for loan losses		(1,459)		-		(1,459)
Net interest income (expense) after
provision for loan losses		19,624		(2)		19,622
Insurance service and fees		141		3,050		3,191
Other non-interest income		1,966		-		1,966
Amortization expense		6		129		135
Other non-interest expense		13,382		1,876		15,258
Income before income taxes		8,343		1,043		9,386
Income tax provision		2,135		272		2,407
Net income	$	6,208	$	771	$	6,979

‎

	Nine months ended September 30, 2022
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	53,741	$	-	$	53,741
Provision for loan losses		1,816		-		1,816
Net interest income after
provision for loan losses		51,925		-		51,925
Insurance service and fees		442		7,807		8,249
Other non-interest income		6,561		-		6,561
Amortization expense		15		285		300
Other non-interest expense		39,137		5,598		44,735
Income before income taxes		19,776		1,924		21,700
Income tax provision		4,855		499		5,354
Net income	$	14,921	$	1,425	$	16,346

	Nine months ended September 30, 2021
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income (expense)	$	53,118	$	(8)	$	53,110
Provision (credit) for loan losses		(1,906)		-		(1,906)
Net interest income (expense) after
provision for loan losses		55,024		(8)		55,016
Insurance service and fees		456		7,894		8,350
Other non-interest income		5,787		4		5,791
Amortization expense		16		389		405
Other non-interest expense		38,603		5,926		44,529
Income before income taxes		22,648		1,575		24,223
Income tax provision		5,669		410		6,079
Net income	$	16,979	$	1,165	$	18,144

‎