Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At September 30, 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 September 30, 2020		At December 31, 2019		At September 30, 2019
Banking	$	6,277,894	$	5,282,505	$	5,256,435
Wealth Management	47,550		44,591		43,305
Insurance	35,168		34,291		33,239
Other	22,219		19,537		20,632
Consolidated assets	$	6,382,831	$	5,380,924	$	5,353,611

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2020 and 2019.

	Three Months Ended
	September 30, 2020
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	50,603	$	1	$	—	$	8	$	50,612
Interest expense	4,867		—		—		1,891		6,758
Net interest income	45,736		1		—		(1,883)		43,854
Provision for credit losses	3,935		—		—		—		3,935
Noninterest income	11,919		5,963		3,924		(1)		21,805
Noninterest expense	31,304		3,845		2,974		404		38,527
Intersegment (revenue) expense*	(296)		168		128		—		—
Income (expense) before income taxes	22,712		1,951		822		(2,288)		23,197
Income tax expense	4,367		396		171		144		5,078
Net income (loss)	$	18,345	$	1,555	$	651	$	(2,432)	$	18,119
Capital expenditures	$	646	$	15	$	14	$	8	$	683

	Three Months Ended
	September 30, 2019
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	54,280	$	12	$	—	$	8	$	54,300
Interest expense	10,394		—		—		1,261		11,655
Net interest income	43,886		12		—		(1,253)		42,645
Provision for credit losses	1,533		—		—		—		1,533
Noninterest income	6,491		6,049		4,039		20		16,599
Noninterest expense	29,205		3,860		3,056		146		36,267
Intersegment (revenue) expense*	(307)		177		130		—		—
Income (expense) before income taxes	19,946		2,024		853		(1,379)		21,444
Income tax expense (benefit)	3,719		391		72		(400)		3,782
Net income (loss)	$	16,227	$	1,633	$	781	$	(979)	$	17,662
Capital expenditures	$	52	$	5	$	24	$	134	$	215

	Nine Months Ended
	September 30, 2020
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	152,578	$	8	$	—	$	25	$	152,611
Interest expense	18,399		—		—		4,372		22,771
Net interest income	134,179		8		—		(4,347)		129,840
Provision for credit losses	49,515		—		—		—		49,515
Noninterest income	27,755		17,654		13,020		(240)		58,189
Noninterest expense	91,097		11,752		9,095		1,320		113,264
Intersegment (revenue) expense*	(852)		466		386		—		—
Income (expense) before income taxes	22,174		5,444		3,539		(5,907)		25,250
Income tax expense (benefit)	2,944		1,109		749		(594)		4,208
Net income (loss)	$	19,230	$	4,335	$	2,790	$	(5,313)	$	21,042
Capital expenditures	$	2,291	$	21	$	23	$	28	$	2,363

	Nine Months Ended
	September 30, 2019
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	160,667	$	33	$	—	$	24	$	160,724
Interest expense	30,138		—		—		3,783		33,921
Net interest income	130,529		33		—		(3,759)		126,803
Provision for credit losses	6,286		—		—		—		6,286
Noninterest income	17,476		17,924		13,537		315		49,252
Noninterest expense	85,556		11,652		9,421		1,981		108,610
Intersegment (revenue) expense*	(901)		504		397		—		—
Income (expense) before income taxes	57,064		5,801		3,719		(5,425)		61,159
Income tax expense (benefit)	10,499		1,115		334		(998)		10,950
Net income (loss)	$	46,565	$	4,686	$	3,385	$	(4,427)	$	50,209
Capital expenditures	$	1,187	$	80	$	88	$	292	$	1,647