Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At June 30, 2023, the Corporation had 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 table provides total assets by reportable business segment as of the dates indicated.

(Dollars in thousands)	At June 30, 2023		At December 31, 2022		At June 30, 2022
Banking	$	7,479,212	$	7,104,727	$	6,588,292
Wealth Management	57,927		58,239		54,531
Insurance	46,880		44,728		43,138
Other	16,131		14,322		14,852
Consolidated assets	$	7,600,150	$	7,222,016	$	6,700,813

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended
	June 30, 2023
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	90,108	$	22	$	—	$	9	$	90,139
Interest expense	33,527		—		—		2,282		35,809
Net interest income (expense)	56,581		22		—		(2,273)		54,330
Provision for credit losses	3,428		—		—		—		3,428
Noninterest income	7,952		6,684		5,214		(17)		19,833
Noninterest expense	40,753		4,800		3,955		291		49,799
Intersegment (revenue) expense*	(237)		115		122		—		—
Income (loss) before income taxes	20,589		1,791		1,137		(2,581)		20,936
Income tax expense (benefit)	4,276		132		247		(519)		4,136
Net income (loss)	$	16,313	$	1,659	$	890	$	(2,062)	$	16,800
Net capital expenditures	$	834	$	3	$	63	$	96	$	996

	Three Months Ended
	June 30, 2022
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	56,706	$	2	$	—	$	9	$	56,717
Interest expense	3,919		—		—		1,327		5,246
Net interest income (expense)	52,787		2		—		(1,318)		51,471
Provision for credit losses	6,674		—		—		—		6,674
Noninterest income	7,480		6,862		4,828		(172)		18,998
Noninterest expense	38,179		4,391		3,882		919		47,371
Intersegment (revenue) expense*	(433)		211		222		—		—
Income (loss) before income taxes	15,847		2,262		724		(2,409)		16,424
Income tax expense (benefit)	3,088		435		147		(412)		3,258
Net income (loss)	$	12,759	$	1,827	$	577	$	(1,997)	$	13,166
Net capital expenditures	$	520	$	163	$	23	$	34	$	740

	Six Months Ended
	June 30, 2023
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	173,332	$	42	$	—	$	18	$	173,392
Interest expense	55,182		—		—		4,563		59,745
Net interest income (expense)	118,150		42		—		(4,545)		113,647
Provision for credit losses	6,815		—		—		—		6,815
Noninterest income	14,189		13,443		11,934		(53)		39,513
Noninterest expense	80,685		9,660		7,890		1,093		99,328
Intersegment (revenue) expense*	(473)		230		243		—		—
Income (loss) before income taxes	45,312		3,595		3,801		(5,691)		47,017
Income tax expense (benefit)	9,461		296		830		(1,404)		9,183
Net income (loss)	$	35,851	$	3,299	$	2,971	$	(4,287)	$	37,834
Net capital expenditures	$	3,035	$	6	$	119	$	421	$	3,581

	Six Months Ended
	June 30, 2022
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	107,895	$	3	$	—	$	17	$	107,915
Interest expense	7,129		—		—		2,655		9,784
Net interest income (expense)	100,766		3		—		(2,638)		98,131
Provision for credit losses	3,224		—		—		—		3,224
Noninterest income	14,850		14,167		10,592		(141)		39,468
Noninterest expense	74,667		9,100		7,747		1,269		92,783
Intersegment (revenue) expense*	(867)		422		445		—		—
Income (loss) before income taxes	38,592		4,648		2,400		(4,048)		41,592
Income tax expense (benefit)	7,631		927		505		(954)		8,109
Net income (loss)	$	30,961	$	3,721	$	1,895	$	(3,094)	$	33,483
Net capital expenditures	$	(5,072)	$	226	$	38	$	54	$	(4,754)