Segment Reporting

3 Months Ended

Mar. 31, 2020

At March 31, 2020, the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. The parent holding company and intercompany eliminations are included in the "Other" segment.

Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below.


●			The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.
●			The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions.
●			The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions, personal insurance lines and human resources consulting.

The following table provides total assets by reportable business segment as of the dates indicated.


(Dollars in thousands)	At March 31, 2020		At December 31, 2019		At March 31, 2019
Banking	$	5,362,279	$	5,282,505	$	4,942,539
Wealth Management	45,786		44,591		40,910
Insurance	35,935		34,291		31,837
Other	20,768		19,537		20,241
Consolidated assets	$	5,464,768	$	5,380,924	$	5,035,527

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2020 and 2019.


	Three Months Ended
	March 31, 2020
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	52,004	$	7	$	—	$	8	$	52,019
Interest expense	8,276		—		—		1,275		9,551
Net interest income	43,728		7		—		(1,267)		42,468
Provision for credit losses	21,049		—		—		—		21,049
Noninterest income	7,552		6,187		4,887		(242)		18,384
Intangible expenses	202		78		50		—		330

Other noninterest expense	31,839		4,100		3,146		156		39,241
Intersegment (revenue) expense*	(282)		152		130		—		—
(Loss) income before income taxes	(1,528)		1,864		1,561		(1,665)		232
Income tax (benefit) expense	(844)		382		336		(480)		(606)
Net (loss) income	$	(684)	$	1,482	$	1,225	$	(1,185)	$	838

Capital expenditures	$	371	$	5	$	3	$	—	$	379


	Three Months Ended
	March 31, 2019
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	52,346	$	10	$	—	$	8	$	52,364
Interest expense	9,580		—		—		1,261		10,841
Net interest income	42,766		10		—		(1,253)		41,523
Provision for credit losses	2,685		—		—		—		2,685
Noninterest income	4,971		5,720		5,353		253		16,297
Intangible expenses	233		105		88		—		426

Other noninterest expense	27,779		3,794		3,126		432		35,131
Intersegment (revenue) expense*	(299)		166		133		—		—
Income (expense) before income taxes	17,339		1,665		2,006		(1,432)		19,578
Income tax expense (benefit)	3,120		314		193		(128)		3,499
Net income (loss)	$	14,219	$	1,351	$	1,813	$	(1,304)	$	16,079

Capital expenditures	$	765	$	39	$	25	$	21	$	850

*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized.