| Summary of Assets and Liabilities and Operating Results of Discontinued Operations |
The following is a summary of the assets and liabilities of the discontinued operations of the mortgage banking segment at June 30, 2026 and December 31, 2025:
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June 30,
2026 |
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December 31,
2025 |
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ASSETS |
|
(Dollars in thousands) |
|
Derivative assets |
|
$ |
— |
|
|
$ |
450 |
|
Loans held for sale, at fair value |
|
|
— |
|
|
|
28,504 |
|
Premises and equipment, net |
|
|
— |
|
|
|
332 |
|
Deferred tax assets |
|
|
— |
|
|
|
26 |
|
Other assets |
|
|
180 |
|
|
|
568 |
|
Total assets |
|
$ |
180 |
|
|
$ |
29,880 |
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|
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|
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LIABILITIES |
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|
|
|
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Escrows payable |
|
$ |
— |
|
|
$ |
366 |
|
Other liabilities |
|
|
1,375 |
|
|
|
1,978 |
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Accrued compensation, including severance payments |
|
|
99 |
|
|
|
1,199 |
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Total liabilities |
|
$ |
1,474 |
|
|
$ |
3,543 |
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The following presents operating results of discontinued operations for the three and six months ended June 30, 2026 and 2025:
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For the three months
ended June 30, |
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For the six months
ended June 30, |
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|
2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
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Revenue |
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|
|
|
|
|
|
(Dollars in thousands) |
|
Net interest income |
|
$ |
54 |
|
|
$ |
1,088 |
|
|
$ |
877 |
|
|
$ |
2,041 |
|
Gain on sales of mortgage loans |
|
|
314 |
|
|
|
3,953 |
|
|
|
3,086 |
|
|
|
7,293 |
|
Other non-interest income |
|
|
101 |
|
|
|
13 |
|
|
|
101 |
|
|
|
21 |
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Total revenue |
|
|
469 |
|
|
|
5,054 |
|
|
|
4,064 |
|
|
|
9,355 |
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|
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|
|
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Expenses |
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|
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|
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|
|
|
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|
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Salaries and employee benefits |
|
|
524 |
|
|
|
3,707 |
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|
|
3,683 |
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|
|
7,106 |
|
Hedging activity, net |
|
|
48 |
|
|
|
241 |
|
|
|
(120 |
) |
|
|
671 |
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Other general and administrative |
|
|
862 |
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|
|
1,295 |
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|
|
1,939 |
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|
|
2,608 |
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Total non-interest expenses |
|
|
1,434 |
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|
|
5,243 |
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|
|
5,502 |
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|
|
10,385 |
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|
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Loss from discontinued operations before income taxes |
|
|
(965 |
) |
|
|
(189 |
) |
|
|
(1,438 |
) |
|
|
(1,030 |
) |
Income tax benefit from discontinued operations |
|
|
(198 |
) |
|
|
(39 |
) |
|
|
(296 |
) |
|
|
(215 |
) |
Net loss from discontinued operations |
|
$ |
(767 |
) |
|
$ |
(150 |
) |
|
$ |
(1,142 |
) |
|
$ |
(815 |
) |
|