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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
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 and industrial, 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.
The Corporation's reportable segments are determined by the Executive Management Team (EMT), who collectively are designated Chief Operating Decision Maker (CODM). The CODM evaluates the financial performance of each business segment, which is based upon the business segment's net income. Components of net income for the business segments that are reviewed by the CODM include net interest income, provision for credit losses, non-interest income, non-interest expense and income tax expense. The CODM, in conjunction with management committees (such as ALCO and Corporate loan committees) evaluates financial performance to make decisions related to the products and services that are offered, pricing, and the allocation of resources for each business segment.
Accounting policies for the segments are the same as those described in Note 1. 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 columns below includes income and expenses related to insurance products, mutual funds, brokerage services, and captive insurance (in thousands).
Year ended December 31, 2024Core BankingWMGHolding Company and CFSInter-Segment EliminationsConsolidated Totals
Interest and dividend income$127,534 $— $36 $(6)$127,564 
Interest expense53,511 — — (6)53,505 
Net interest income74,023 — 36 — 74,059 
Provision for credit losses(46)— — — (46)
Net interest income after provision for credit losses74,069 — 36 — 74,105 
Non-interest income10,633 11,573 1,030 (6)23,230 
Non-interest expenses:
  Compensation expense29,131 5,672 828 — 35,631 
  Net occupancy expense5,583 249 6 (6)5,832 
  Furniture and equipment expense1,542 94 23 — 1,659 
  Data processing & software expense8,954 1,120 19 — 10,093 
  Other non-interest expenses13,080 546 409 — 14,035 
Total non-interest expense58,290 7,681 1,285 (6)67,250 
Income (loss) before income tax expense26,412 3,892 (219)— 30,085 
Income tax expense (benefit)5,651 833 (70)— 6,414 
Segment net income (loss)$20,761 $3,059 $(149)$— $23,671 
Supplemental Information:
Total assets as of December 31, 2024$2,746,344 $2,882 $215,366 $(188,445)$2,776,147 
Capital expenditures1
$3,626 $— $— $— $3,626 
Depreciation expense2
$1,797 $17 $— $— $1,814 
1 Includes expenditures related to ATM fleet replacement across footprint and the addition of a new branch.
2 Included in net occupancy and furniture and equipment expense in the table above.
Year ended December 31, 2023Core BankingWMG
Holding Company, CFS,CRM1
Inter-Segment EliminationsConsolidated Totals
Interest and dividend income$112,947 $— $132 $(5)$113,074 
Interest expense38,622 — — (5)38,617 
Net interest income74,325 — 132 — 74,457 
Provision for credit losses3,262 — — 3,262 
Net interest income after provision for credit losses71,063 — 132 — 71,195 
Non-interest income13,156 10,460 1,890 (957)24,549 
Non-interest expenses:
  Compensation expense27,639 5,169 716 — 33,524 
  Net occupancy expense5,414 223 6 (6)5,637 
  Furniture and equipment expense1,622 86 20 — 1,728 
  Data processing & software expense8,655 1,155 30 — 9,840 
  Other non-interest expenses13,569 428 468 (951)13,514 
Total non-interest income56,899 7,061 1,240 (957)64,243 
Income (loss) before income tax expense27,320 3,399 782 — 31,501 
Income tax expense (benefit)5,869 730 (98)— 6,501 
Segment net income (loss)$21,451 $2,669 $880 $— $25,000 
Total assets as of December 31, 2023$2,689,903 $2,702 $196,580 $(178,656)$2,710,529 
Capital expenditures$540 $— $— $— $540 
Depreciation expense2
$1,983 $18 $— $— $2,001 
1 Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.
2 Included in net occupancy and furniture and equipment expense in the table above.