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SEGMENT REPORTING

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Corporation manages its operations through two primary business segments:  core banking and WMG. The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Corporation’s local markets, and to invest in securities.  The WMG services segment provides revenues by providing trust and investment advisory services to clients.

Accounting policies for the segments are the same as those described in Note 1 of the Corporation’s 2019 Annual Report on Form 10-K, which was filed with the SEC on March 12, 2020. Summarized financial information concerning the Corporation’s reportable segments and the reconciliation to the Corporation’s consolidated results are shown in the following table.  Income taxes are allocated based on the separate taxable income of each entity and indirect overhead expenses are allocated based on reasonable and equitable allocations applicable to the reportable segment. The Holding Company, CFS, and CRM column below includes amounts to eliminate transactions between segments (in thousands).

						Three months ended September 30, 2020
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	16,701					$	—					$	13					$	16,714
Interest expense						845						—						—						845
Net interest income						15,856						—						13						15,869
Provision for loan losses						679						—						—						679
Net interest income after provision for loan losses						15,177						—						13						15,190
Other non-interest income						2,818						2,416						105						5,339
Other non-interest expenses						11,528						1,565						269						13,362
Income (loss) before income tax expense (benefit)						6,467						851						(151)						7,167
Income tax expense (benefit)						1,271						218						(33)						1,456
Segment net income (loss)						$	5,196					$	633					$	(118)					$	5,711

						Three months ended September 30, 2019
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	16,787					$	—					$	21					$	16,808
Interest expense						1,666						—						—						1,666
Net interest income						15,121						—						21						15,142
Provision for loan losses						4,441						—						—						4,441
Net interest income after provision for loan losses						10,680						—						21						10,701
Other non-interest income						2,564						2,315						77						4,956
Other non-interest expenses						11,704						1,559						262						13,525
Income (loss) before income tax expense (benefit)						1,540						756						(164)						2,132
Income tax expense (benefit)						17						193						(34)						176
Segment net income (loss)						$	1,523					$	563					$	(130)					$	1,956

						Nine months ended September 30, 2020
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	49,527					$	—					$	43					$	49,570
Interest expense						3,048						—						—						3,048
Net interest income						46,479						—						43						46,522
Provision for loan losses						3,989						—						—						3,989
Net interest income after provision for loan losses						42,490						—						43						42,533
Other non-interest income						7,795						6,968						387						15,150
Other non-interest expenses						34,690						4,814						835						40,339
Income (loss) before income tax expense (benefit)						15,595						2,154						(405)						17,344
Income tax expense (benefit)						2,884						552						(121)						3,315
Segment net income (loss)						$	12,711					$	1,602					$	(284)					$	14,029
Segment assets						$	2,156,025					$	3,153					$	5,836					$	2,165,014

						Nine months ended September 30, 2019
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	50,108					$	—					$	47					$	50,155
Interest expense						4,745						—						—						$	4,745
Net interest income						45,363						—						47						45,410
Provision for loan losses						5,684						—						—						5,684
Net interest income after provision for loan losses						39,679						—						47						39,726
Other non-interest income						7,544						7,115						308						14,967
Other non-interest expenses						35,253						4,705						887						40,845
Income (loss) before income tax expense (benefit)						11,970						2,410						(532)						13,848
Income tax expense (benefit)						1,934						615						(106)						2,443
Segment net income (loss)						$	10,036					$	1,795					$	(426)					$	11,405
Segment assets						$	1,784,692					$	3,410					$	5,541					$	1,793,643

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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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