Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At December 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 as follows:

● 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 investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.

● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2020, 2019 and 2018.

(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
For the Year Ended December 31, 2020
Interest income	$	203,904	$	8	$	—	$	33	$	203,945
Interest expense	22,822		—		—		6,762		29,584
Net interest income (expense)	181,082		8		—		(6,729)		174,361
Provision for credit losses	40,794		—		—		—		40,794
Noninterest income	37,910		23,814		16,682		(78)		78,328
Noninterest expense	126,131		15,720		12,142		1,005		154,998
Intersegment (revenue) expense*	(1,103)		627		476		—		—
Income (expense) before income taxes	53,170		7,475		4,064		(7,812)		56,897
Income tax expense (benefit)	9,153		1,525		858		(1,555)		9,981
Net income (loss)	$	44,017	$	5,950	$	3,206	$	(6,257)	$	46,916
Total assets	$	6,234,336	$	48,646	$	35,906	$	17,608	$	6,336,496
Net capital expenditures	$	3,646	$	24	$	46	$	33	$	3,749
For the Year Ended December 31, 2019
Interest income	$	214,020	$	41	$	—	$	32	$	214,093
Interest expense	39,818		—		—		5,043		44,861
Net interest income (expense)	174,202		41		—		(5,011)		169,232
Provision for credit losses	8,511		—		—		—		8,511
Noninterest income	23,748		23,946		17,318		410		65,422
Noninterest expense	116,283		15,799		12,477		1,531		146,090
Intersegment (revenue) expense*	(1,204)		688		516		—		—
Income (expense) before income taxes	74,360		7,500		4,325		(6,132)		80,053
Income tax expense (benefit)	13,859		1,392		443		(1,360)		14,334
Net income (loss)	$	60,501	$	6,108	$	3,882	$	(4,772)	$	65,719
Total assets	$	5,282,505	$	44,591	$	34,291	$	19,537	$	5,380,924
Net capital expenditures	$	1,886	$	84	$	104	$	372	$	2,446
For the Year Ended December 31, 2018
Interest income	$	190,425	$	32	$	—	$	31	$	190,488
Interest expense	27,383		—		—		5,043		32,426
Net interest income (expense)	163,042		32		—		(5,012)		158,062
Provision for credit losses	20,310		—		—		—		20,310
Noninterest income	20,815		23,179		16,442		(263)		60,173
Noninterest expense	108,657		15,398		12,893		291		137,239
Intersegment (revenue) expense*	(1,113)		612		501		—		—
Income (expense) before income taxes	56,003		7,201		3,048		(5,566)		60,686
Income tax expense (benefit)	9,085		1,913		752		(1,607)		10,143
Net income (loss)	$	46,918	$	5,288	$	2,296	$	(3,959)	$	50,543
Net capital expenditures	$	3,091	$	45	$	30	$	201	$	3,367

*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.