SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE S:  SEGMENT INFORMATION

Operating segments are components of an enterprise, which are evaluated regularly by the “chief operating decision maker” in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker is the President and Chief Executive Officer of the Company. The Company has identified Banking, Employee Benefit Services and All Other as its reportable operating business segments. CBNA operates the Banking segment that provides full-service banking to consumers, businesses, and governmental units with branch locations in Upstate New York as well as Northeastern Pennsylvania, Vermont and Western Massachusetts. Employee Benefit Services, which includes operating subsidiaries of BPAS, BPA, BPAS-APS, BPAS Trust Company of Puerto Rico, NRS, GTC, HB&T, and FBD, provides employee benefit trust, collective investment fund, retirement plan and health savings account administration, fund administration, transfer agency, actuarial, and health and welfare consulting services. The All Other segment is comprised of: (a) wealth management services including trust services provided by the Nottingham trust division within the Bank, broker-dealer and investment advisory services provided by CISI, Carta Group and Wealth Partners, as well as asset management provided by Nottingham; and (b) full-service insurance, risk management and employee benefit services provided by OneGroup. The accounting policies used in the disclosure of business segments are the same as those described in the summary of significant accounting policies (See Note A).

Information about reportable segments and reconciliation of the information to the consolidated financial statements follows:

			Employee						Consolidated
(000’s omitted)	Banking		Benefit Services		All Other		Eliminations		Total
2023
Net interest income	$	435,083	$	1,711	$	491	$	0	$	437,285
Provision for credit losses		11,203		0		0		0		11,203
Loss on sales of investment securities		(52,329)		0		0		0		(52,329)
Gain on debt extinguishment		242		0		0		0		242
Other noninterest revenues		73,533		121,355		80,640		(8,607)		266,921
Amortization of intangible assets		4,363		6,452		3,696		0		14,511
Acquisition expenses		16		8		39		0		63
Acquisition-related contingent consideration adjustment		0		1,600		1,680		0		3,280
Restructuring expenses		1,163		0		0		0		1,163
Litigation accrual		5,800		0		0		0		5,800
Other operating expenses		315,024		75,873		65,578		(8,607)		447,868
Income before income taxes	$	118,960	$	39,133	$	10,138	$	0	$	168,231
Assets	$	15,323,489	$	245,967	$	106,363	$	(120,066)	$	15,555,753
Goodwill	$	732,598	$	85,384	$	27,414	$	0	$	845,396
Core deposit intangibles & Other intangibles	$	9,117	$	26,883	$	16,591	$	0	$	52,591
2022
Net interest income	$	420,273	$	319	$	38	$	0	$	420,630
Provision for credit losses		14,773		0		0		0		14,773
Noninterest revenues		75,480		117,956		73,126		(7,837)		258,725
Amortization of intangible assets		4,753		6,607		3,854		0		15,214
Acquisition expenses		5,018		3		0		0		5,021
Acquisition-related contingent consideration adjustment		0		(500)		200		0		(300)
Other operating expenses		283,942		71,466		56,762		(7,837)		404,333
Income before income taxes	$	187,267	$	40,699	$	12,348	$	0	$	240,314
Assets	$	15,616,885	$	226,135	$	96,924	$	(104,293)	$	15,835,651
Goodwill	$	732,088	$	85,384	$	24,369	$	0	$	841,841
Core deposit intangibles & Other intangibles	$	12,304	$	33,411	$	15,281	$	0	$	60,996
2021
Net interest income	$	374,078	$	293	$	41	$	0	$	374,412
Provision for credit losses		(8,839)		0		0		0		(8,839)
Noninterest revenues		67,910		116,621		68,834		(7,130)		246,235
Amortization of intangible assets		4,744		6,033		3,274		0		14,051
Acquisition expenses		638		36		27		0		701
Acquisition-related contingent consideration adjustment		0		200		0		0		200
Other operating expenses		265,525		64,423		50,368		(7,130)		373,186
Income before income taxes	$	179,920	$	46,222	$	15,206	$	0	$	241,348
Assets	$	15,325,732	$	257,879	$	97,391	$	(128,345)	$	15,552,657
Goodwill	$	689,868	$	85,321	$	23,920	$	0	$	799,109
Core deposit intangibles & Other intangibles	$	9,087	$	40,018	$	16,121	$	0	$	65,226