Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At December 31, 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 non-profit 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, 2023, 2022 and 2021.

(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
For the Year Ended December 31, 2023
Interest income	$	371,625	$	67	$	—	$	38	$	371,730
Interest expense	142,608		—		—		9,125		151,733
Net interest income (expense)	229,017		67		—		(9,087)		219,997
Provision for credit losses	10,770		—		—		—		10,770
Noninterest income	28,416		26,802		21,501		105		76,824
Noninterest expense	158,481		20,217		15,894		2,770		197,362
Intersegment (revenue) expense*	(945)		459		486		—		—
Income (expense) before income taxes	89,127		6,193		5,121		(11,752)		88,689
Income tax expense (benefit)	18,440		768		1,128		(2,751)		17,585
Net income (loss)	$	70,687	$	5,425	$	3,993	$	(9,001)	$	71,104
Total assets	$	7,656,154	$	57,715	$	48,535	$	18,224	$	7,780,628
Net capital expenditures	$	4,193	$	19	$	156	$	479	$	4,847
For the Year Ended December 31, 2022
Interest income	$	252,136	$	20	$	—	$	37	$	252,193
Interest expense	28,098		—		—		5,798		33,896
Net interest income (expense)	224,038		20		—		(5,761)		218,297
Provision for credit losses	12,198		—		—		—		12,198
Noninterest income	30,339		27,698		19,930		(82)		77,885
Noninterest expense	151,700		17,704		15,747		1,623		186,774
Intersegment (revenue) expense*	(1,732)		843		889		—		—
Income (expense) before income taxes	92,211		9,171		3,294		(7,466)		97,210
Income tax expense (benefit)	18,754		1,641		678		(1,983)		19,090
Net income (loss)	$	73,457	$	7,530	$	2,616	$	(5,483)	$	78,120
Total assets	$	7,104,727	$	58,239	$	44,728	$	14,322	$	7,222,016
Net capital expenditures	$	(2,474)	$	534	$	82	$	234	$	(1,624)
For the Year Ended December 31, 2021
Interest income	$	209,697	$	—	$	—	$	34	$	209,731
Interest expense	14,199		—		—		7,149		21,348
Net interest income (expense)	195,498		—		—		(7,115)		188,383
Reversal of provision for credit losses	(10,132)		—		—		—		(10,132)
Noninterest income	38,419		27,506		16,997		302		83,224
Noninterest expense	133,134		17,513		12,971		3,791		167,409
Intersegment (revenue) expense*	(1,292)		656		636		—		—
Income (expense) before income taxes	112,207		9,337		3,390		(10,604)		114,330
Income tax expense (benefit)	22,574		1,916		707		(2,668)		22,529
Net income (loss)	$	89,633	$	7,421	$	2,683	$	(7,936)	$	91,801
Total assets	$	7,005,952	$	54,076	$	40,649	$	21,744	$	7,122,421
Net capital expenditures	$	5,772	$	17	$	20	$	69	$	5,878

*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.