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SEGMENT RESULTS

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

25.  SEGMENT RESULTS

The financial performance of the Company is also monitored by an internal funds transfer pricing profitability measurement system which produces line of business results and key performance measures. The Company’s major business units include retail banking, commercial banking, wealth management, and investment/parent. The reported results reflect the underlying economics of the business segments. Expenses for centrally provided services are allocated based upon the cost and estimated usage of those services. The businesses are match-funded and interest rate risk is centrally managed and accounted for within the investment/parent business segment. The key performance measure the Company focuses on for each business segment is net income contribution.

Retail banking includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Lending activities include residential mortgage loans, direct consumer loans, and small business commercial loans. Commercial banking to businesses includes commercial loans, business services, and CRE loans. The wealth management segment includes the Trust Company, West Chester Capital Advisors (WCCA), our registered investment advisory firm, and financial services. Wealth management activities include personal trust products and services such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this segment. Financial services include the sale of mutual funds, annuities, and insurance products. The wealth management businesses also include the union collective investment funds, primarily the ERECT funds which are designed to use union pension dollars in construction projects that utilize union labor. The investment/parent includes the net results of investment securities and borrowing activities, general corporate expenses not allocated to the business segments, interest expense on corporate debt, and centralized interest rate risk management. Inter-segment revenues were not material.

The contribution of the major business segments to the Consolidated Statements of Operations were as follows:

		YEAR ENDED DECEMBER 31, 2018
		RETAIL BANKING				COMMERCIAL BANKING				WEALTH MANAGEMENT				INVESTMENT/ PARENT				TOTAL
		(IN THOUSANDS)
Net interest income		$	21,393			$	17,802			$	71			$	(3,772	)		$	35,494
Credit provision for loan loss			(91	)			(509	)			—				—				(600	)
Non-interest income			4,398				434				9,651				(259	)			14,224
Non-interest expense			21,049				9,760				7,382				2,745				40,936
Income (loss) before income taxes			4,833				8,985				2,340				(6,776	)			9,382
Income tax expense (benefit)			967				1,797				491				(1,641	)			1,614
Net income (loss)		$	3,866			$	7,188			$	1,849			$	(5,135	)		$	7,768
Total assets		$	338,355			$	628,555			$	9,345			$	184,425			$	1,160,680

		YEAR ENDED DECEMBER 31, 2017
		RETAIL BANKING				COMMERCIAL BANKING				WEALTH MANAGEMENT				INVESTMENT/ PARENT				TOTAL
		(IN THOUSANDS)
Net interest income		$	20,541			$	18,642			$	61			$	(3,683	)		$	35,561
Provision for loan loss			122				678				—				—				800
Non-interest income			4,956				414				9,170				105				14,645
Non-interest expense			21,247				9,892				7,094				2,533				40,766
Income (loss) before income taxes			4,128				8,486				2,137				(6,111	)			8,640
Income tax expense			1,381				2,642				772				552				5,347
Net income (loss)		$	2,747			$	5,844			$	1,365			$	(6,663	)		$	3,293
Total assets		$	350,634			$	643,055			$	8,703			$	165,263			$	1,167,655

		YEAR ENDED DECEMBER 31, 2016
		RETAIL BANKING				COMMERCIAL BANKING				WEALTH MANAGEMENT				INVESTMENT/ PARENT				TOTAL
		(IN THOUSANDS)
Net interest income		$	20,860			$	18,518			$	56			$	(5,300	)		$	34,134
Provision for loan loss			175				3,775				—				—				3,950
Non-interest income			5,281				439				8,749				169				14,638
Non-interest expense			21,704				10,453				7,097				2,361				41,615
Income (loss) before income taxes			4,262				4,729				1,708				(7,492	)			3,207
Income tax expense (benefit)			1,252				1,387				581				(2,323	)			897
Net income (loss)		$	3,010			$	3,342			$	1,127			$	(5,169	)		$	2,310
Total assets		$	354,584			$	635,843			$	8,133			$	155,220			$	1,153,780

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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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