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SEGMENT REPORTING

3 Months Ended

Mar. 31, 2021

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 2020 Annual Report on Form 10-K, which was filed with the SEC on March 23, 2021. 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 March 31, 2021
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	16,735					$	—					$	5					$	16,740
Interest expense						954						—						—						954
Net interest income						15,781						—						5						15,786
Provision for loan losses						(259)						—						—						(259)
Net interest income after provision for loan losses						16,040						—						5						16,045
Other non-interest income						2,691						2,678						252						5,621
Other non-interest expenses						11,433						1,651						269						13,353
Income (loss) before income tax expense (benefit)						7,298						1,027						(12)						8,313
Income tax expense (benefit)						1,529						263						(9)						1,783
Segment net income (loss)						$	5,769					$	764					$	(3)					$	6,530
Segment assets						$	2,433,764					$	3,279					$	5,452					$	2,442,495

						Three months ended March 31, 2020
						Core Banking						WMG						Holding Company, CFS, and CRM						Consolidated Totals
Interest and dividend income						$	16,367					$	—					$	17					$	16,384
Interest expense						1,322						—						—						$	1,322
Net interest income						15,045						—						17						15,062
Provision for loan losses						3,050						—						—						3,050
Net interest income after provision for loan losses						11,995						—						17						12,012
Other non-interest income						2,364						2,229						137						4,730
Other non-interest expenses						11,882						1,602						265						13,749
Income (loss) before income tax expense (benefit)						2,477						627						(111)						2,993
Income tax expense (benefit)						390						161						(49)						502
Segment net income (loss)						$	2,087					$	466					$	(62)					$	2,491
Segment assets						$	1,833,135					$	3,281					$	4,913					$	1,841,329

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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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