24. 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 community 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.

The community banking segment includes both retail and commercial banking activities. 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, 2019
	COMMUNITY		WEALTH		INVESTMENT/
	BANKING		MANAGEMENT		PARENT		TOTAL
	(IN THOUSANDS)
Net interest income	$	40,865	$	81	$	(5,504)	$	35,442
Provision for loan loss		800		—		—		800
Non-interest income		5,407		9,736		(370)		14,773
Non-interest expense		31,856		7,340		2,619		41,815
Income (loss) before income taxes		13,616		2,477		(8,493)		7,600
Income tax expense (benefit)		2,715		593		(1,736)		1,572
Net income (loss)	$	10,901	$	1,884	$	(6,757)	$	6,028
Total assets	$	981,787	$	10,361	$	179,036	$	1,171,184


	YEAR ENDED DECEMBER 31, 2018
	COMMUNITY		WEALTH		INVESTMENT/
	BANKING		MANAGEMENT		PARENT		TOTAL
	(IN THOUSANDS)
Net interest income	$	39,195	$	71	$	(3,772)	$	35,494
Credit provision for loan loss		(600)		—		—		(600)
Non-interest income		4,832		9,651		(259)		14,224
Non-interest expense		30,809		7,319		2,745		40,873
Income (loss) before income taxes		13,818		2,403		(6,776)		9,445
Income tax expense		2,764		554		(1,641)		1,677
Net income (loss)	$	11,054	$	1,849	$	(5,135)	$	7,768
Total assets	$	966,910	$	9,345	$	184,425	$	1,160,680


	YEAR ENDED DECEMBER 31, 2017
	COMMUNITY		WEALTH		INVESTMENT/
	BANKING		MANAGEMENT		PARENT		TOTAL
	(IN THOUSANDS)
Net interest income	$	39,183	$	61	$	(3,683)	$	35,561
Provision for loan loss		800		—		—		800
Non-interest income		5,370		9,170		105		14,645
Non-interest expense		31,139		7,054		2,533		40,726
Income (loss) before income taxes		12,614		2,177		(6,111)		8,680
Income tax expense (benefit)		4,023		812		552		5,387
Net income (loss)	$	8,591	$	1,365	$	(6,663)	$	3,293
Total assets	$	993,689	$	8,703	$	165,263	$	1,167,655