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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting |
Segment Reporting | Note 13 – Segment Reporting The Corporation is managed under an organizational structure that conducts business in two primary operating segments; (i) Community Banking and (ii) Wealth Management. The Corporation is primarily managed based on the line of business structure. In that regard, the Corporation provides the same lines of business, which have the same product and service offerings, have similar types and classes of customers and utilize similar service delivery methods across our entire geographic footprint. Pricing guidelines for products and services are across all regions. Community Banking and Trust and Investment Services are delineated by the products and services that each segment offers. Business activity for the operating segments are as follows: Community Banking: The Community Banking segment is conducted through the Bank and involves delivering a broad range of financial products and services, including various loan and deposit products, to consumer, business, and not-for-profit customers. Parent company income and assets are included in the Community Banking segment, as the majority of parent company functions are related to this segment. Major revenue sources include net interest income, gains on sales of mortgage loans, and service charges on deposit accounts. Expenses include salaries and employee benefits, occupancy, data processing, FDIC premiums, marketing, equipment, and other expenses. Wealth Management: The Wealth Management segment is conducted through the Bank and offers corporate trustee services, trust and estate administration, IRA administration and custody services. Revenues for this segment is generated from administration, service and custody fees, brokerage commissions, and management fees that are derived from Assets Under Management. Expenses include personnel, occupancy, data processing, marketing, equipment, and other expenses. The accounting policies of each reportable segment are the same as those of our consolidated entity except that expenses for consolidated back-office operations and general overhead-type expenses such as executive administration, accounting, information technology and human resources are recorded in the Community Banking segment and reimbursed by the Wealth Management segment through a monthly management fee based on estimated uses of those services. An internal team of the Corporation’s executive directors including the Chief Executive Officer, Chief Financial Officer, and Chief Wealth Officer serve as the Corporation’s Chief Operating Decision Maker (“CODM”). The CODM reviews actual net income verses budgeted net income to assess segment performance on a monthly basis and to make decisions about allocating capital and personnel to the segments. Financial results by operating segment, including significant expense categories provided to the CODM are detailed below. Certain prior period amounts have been reclassified to conform to the current presentation. The Trust and Investment Services segment excludes off-balance-sheet assets under management with a total fair value of $1.7 billion at both March 31, 2025 and December 31 2024. Total assets of each operating segment at March 31, 2025 and December 31, 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Community | ​ | Wealth | ​ | ​ | ​
​ | Banking |  | Management |  | Total
Total assets as of March 31, 2025 | $ | 1,979,296 | ​ | $ | 457 | ​ | $ | 1,979,753
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets as of December 31, 2024 | $ | 1,972,513 | ​ | $ | 509 | ​ | $ | 1,973,022
​ Information for the operating segments for the three-month periods ended March 31, 2025 and 2024 are presented in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended
​ | ​ | ​ | ​ | March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Community | ​ | Wealth | ​ | ​ | ​
(in thousands) | ​ | ​ | Banking |  | Management |  | Total
Interest income | ​ | ​ | $ | 24,062 | ​ | $ | — | ​ | $ | 24,062
Interest expense | ​ | ​ | ​ | 8,046 | ​ | ​ | — | ​ | ​ | 8,046
Net interest income | ​ | ​ | ​ | 16,016 | ​ | ​ | — | ​ | ​ | 16,016
Credit loss expense | ​ | ​ | ​ | 656 | ​ | ​ | — | ​ | ​ | 656
Net interest income after credit loss expense | ​ | ​ | ​ | 15,360 | ​ | ​ | — | ​ | ​ | 15,360
Other operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gains on sales of residential mortgages | ​ | ​ | ​ | 92 | ​ | ​ | — | ​ | ​ | 92
Service charges on deposit accounts | ​ | ​ | ​ | 547 | ​ | ​ | — | ​ | ​ | 547
Other service charges | ​ | ​ | ​ | 206 | ​ | ​ | — | ​ | ​ | 206
Trust department income | ​ | ​ | ​ | — | ​ | ​ | 2,323 | ​ | ​ | 2,323
Debit card income | ​ | ​ | ​ | 921 | ​ | ​ | — | ​ | ​ | 921
Brokerage commissions | ​ | ​ | ​ | — | ​ | ​ | 421 | ​ | ​ | 421
Other segment income (1) | ​ | ​ | ​ | 404 | ​ | ​ | — | ​ | ​ | 404
Total other operating income | ​ | ​ | ​ | 2,170 | ​ | ​ | 2,744 | ​ | ​ | 4,914
Other operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and employee benefits | ​ | ​ | ​ | 6,247 | ​ | ​ | 1,084 | ​ | ​ | 7,331
Equipment and occupancy | ​ | ​ | ​ | 1,242 | ​ | ​ | 25 | ​ | ​ | 1,267
Data processing | ​ | ​ | ​ | 1,408 | ​ | ​ | 95 | ​ | ​ | 1,503
FDIC premiums | ​ | ​ | ​ | 245 | ​ | ​ | — | ​ | ​ | 245
Other segment expenses (2) | ​ | ​ | ​ | 2,103 | ​ | ​ | 127 | ​ | ​ | 2,230
Total operating expenses | ​ | ​ | ​ | 11,245 | ​ | ​ | 1,331 | ​ | ​ | 12,576
Income before income taxes and intercompany fees | ​ | ​ | ​ | 6,285 | ​ | ​ | 1,413 | ​ | ​ | 7,698
Intercompany management fee income (expense) | ​ | ​ | ​ | 3 | ​ | ​ | (3) | ​ | ​ | —
Income before income taxes | ​ | ​ | ​ | 6,288 | ​ | ​ | 1,410 | ​ | ​ | 7,698
Income tax expense | ​ | ​ | ​ | 1,595 | ​ | ​ | 297 | ​ | ​ | 1,892
Net income | ​ | ​ | $ | 4,693 | ​ | $ | 1,113 | ​ | $ | 5,806
Significant noncash items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit loss expense | ​ | ​ | $ | 656 | ​ | $ | — | ​ | $ | 656
Depreciation | ​ | ​ | ​ | 652 | ​ | ​ | 4 | ​ | ​ | 656
Amortization of intangible assets | ​ | ​ | ​ | 30 | ​ | ​ | 52 | ​ | ​ | 82
​ (1) Other segment income includes net gains/(losses) on disposals of fixed assets, bank owned life insurance income, and miscellaneous income. (2) Other segment expenses include professional services, contract labor, line rentals, investor relations, contributions, net OREO expense/(income), and miscellaneous expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended
​ | ​ | ​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Community | ​ | Wealth | ​ | ​ | ​
(in thousands) | ​ | ​ | Banking |  | Management |  | Total
Interest income | ​ | ​ | $ | 21,898 | ​ | $ | — | ​ | $ | 21,898
Interest expense | ​ | ​ | ​ | 8,086 | ​ | ​ | — | ​ | ​ | 8,086
Net interest income | ​ | ​ | ​ | 13,812 | ​ | ​ | — | ​ | ​ | 13,812
Credit loss expense | ​ | ​ | ​ | 946 | ​ | ​ | — | ​ | ​ | 946
Net interest income after credit loss expense | ​ | ​ | ​ | 12,866 | ​ | ​ | — | ​ | ​ | 12,866
Other operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net gains on sales of residential mortgages | ​ | ​ | ​ | 82 | ​ | ​ | — | ​ | ​ | 82
Service charges on deposit accounts | ​ | ​ | ​ | 556 | ​ | ​ | — | ​ | ​ | 556
Other service charges | ​ | ​ | ​ | 215 | ​ | ​ | — | ​ | ​ | 215
Trust department income | ​ | ​ | ​ | — | ​ | ​ | 2,188 | ​ | ​ | 2,188
Debit card income | ​ | ​ | ​ | 932 | ​ | ​ | — | ​ | ​ | 932
Brokerage commissions | ​ | ​ | ​ | — | ​ | ​ | 495 | ​ | ​ | 495
Other | ​ | ​ | ​ | 407 | ​ | ​ | — | ​ | ​ | 407
Total other operating income | ​ | ​ | ​ | 2,192 | ​ | ​ | 2,683 | ​ | ​ | 4,875
Other operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and employee benefits | ​ | ​ | ​ | 6,114 | ​ | ​ | 1,043 | ​ | ​ | 7,157
Equipment and occupancy | ​ | ​ | ​ | 1,845 | ​ | ​ | 32 | ​ | ​ | 1,877
Data processing | ​ | ​ | ​ | 1,220 | ​ | ​ | 98 | ​ | ​ | 1,318
FDIC premiums | ​ | ​ | ​ | 269 | ​ | ​ | — | ​ | ​ | 269
Other | ​ | ​ | ​ | 2,147 | ​ | ​ | 113 | ​ | ​ | 2,260
Total operating expenses | ​ | ​ | ​ | 11,595 | ​ | ​ | 1,286 | ​ | ​ | 12,881
Income before income taxes and intercompany fees | ​ | ​ | ​ | 3,463 | ​ | ​ | 1,397 | ​ | ​ | 4,860
Intercompany management fee income (expense) | ​ | ​ | ​ | 3 | ​ | ​ | (3) | ​ | ​ | —
Income before income taxes | ​ | ​ | ​ | 3,466 | ​ | ​ | 1,394 | ​ | ​ | 4,860
Income tax expense | ​ | ​ | ​ | 869 | ​ | ​ | 293 | ​ | ​ | 1,162
Net income | ​ | ​ | $ | 2,597 | ​ | $ | 1,101 | ​ | $ | 3,698
Significant noncash items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit loss expense | ​ | ​ | $ | 946 | ​ | $ | — | ​ | $ | 946
Depreciation | ​ | ​ | ​ | 1,246 | ​ | ​ | 10 | ​ | ​ | 1,256
Amortization of intangible assets | ​ | ​ | ​ | 30 | ​ | ​ | 52 | ​ | ​ | 82
​ ​ (1) Other segment income includes net gains/(losses) on disposals of fixed assets, bank owned life insurance income, and miscellaneous income. (2) Other segment expenses include professional services, contract labor, line rentals, investor relations, contributions, net OREO expense/(income), and miscellaneous expenses.

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- Definition The entire disclosure for reporting segments including data and tables. 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