Segment Information

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022.

	Three months ended September 30, 2023
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	14,256	$	-	$	14,256
Provision for credit losses		506		-		506
Net interest income after
provision for credit losses		13,750		-		13,750
Insurance service and fees		121		3,377		3,498
Other non-interest income		2,058		-		2,058
Amortization expense		5		95		100
Other non-interest expense		12,527		1,780		14,307
Income before income taxes		3,397		1,502		4,899
Income tax provision		890		391		1,281
Net income	$	2,507	$	1,111	$	3,618

	Three months ended September 30, 2022
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	19,188	$	-	$	19,188
Provision for credit losses		1,328		-		1,328
Net interest income after
provision for credit 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

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	Nine months ended September 30, 2023
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	47,262	$	-	$	47,262
Provision for credit losses		(264)		-		(264)
Net interest income after
provision for credit losses		47,526		-		47,526
Insurance service and fees		398		8,250		8,648
Other non-interest income		5,723		-		5,723
Amortization expense		14		286		300
Other non-interest expense		37,311		5,471		42,782
Income before income taxes		16,322		2,493		18,815
Income tax provision		3,847		618		4,465
Net income	$	12,475	$	1,875	$	14,350

	Nine months ended September 30, 2022
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)
Net interest income	$	53,741	$	-	$	53,741
Provision for credit losses		1,816		-		1,816
Net interest income after
provision for credit 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

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