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Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Corporation has two reporting segments, the Bank and RIG. RIG is managed separately from the banking segment, which includes the Bank and related financial services that the Corporation offers through its banking subsidiary. RIG offers a broad range of property and casualty, life, and health insurance to both commercial and individual clients.

Segment information for the nine month periods ended September 30, 2018 and 2017, is as follows:

In thousands		Banking				Insurance				Total
2018
Net interest income and other income from external customers		$	50,015			$	4,205			$	54,220
Income before income taxes		19,146				1,211				20,357
Total assets		1,635,033				12,766				1,647,799
Capital expenditures		847				57				904
2017
Net interest income and other income from external customers		$	39,536			$	3,863			$	43,399
Income before income taxes		9,099				799				9,898
Total assets		1,598,331				9,304				1,607,635
Capital expenditures		1,087				—				1,087

Segment information for the three month periods ended September 30, 2018 and 2017, is as follows:

In thousands		Banking				Insurance				Total
2018
Net interest income and other income from external customers		$	17,235			$	1,303			$	18,538
Income before income taxes		7,115				367				7,482
Total assets		1,635,033				12,766				1,647,799
Capital expenditures		233				16				249
2017
Net interest income and other income from external customers		$	16,321			$	1,171			$	17,492
Income before income taxes		2,424				201				2,625
Total assets		1,598,331				9,304				1,607,635
Capital expenditures		284				—				284

Customer renewal lists are amortized over their estimated useful lives which range from eight to thirteen years. Core deposit intangible assets are primarily amortized over 10 years using accelerated methods. Goodwill is not amortized, but rather is analyzed annually for impairment. If certain events occur which might indicate goodwill has been impaired, the goodwill is tested for impairment when such events occur. Tax amortization of goodwill and the intangible assets is deductible for tax purposes. Tax amortization of the goodwill associated with the New Windsor acquisition is not deductible for federal income tax purposes.

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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