SEGMENT REPORTING

The Corporation manages its operations through two primary business segments: core banking and WMG. The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Corporation’s local markets and to invest in securities. The WMG services segment provides revenues by providing trust and investment advisory services to clients.

Accounting policies for the segments are the same as those described in Note 1. Summarized financial information concerning the Corporation’s reportable segments and the reconciliation to the Corporation’s consolidated results are shown in the following table. Income taxes are allocated based on the separate taxable income of each entity and indirect overhead expenses are allocated based on reasonable and equitable allocations applicable to the reportable segment. The Holding Company, CFS, and CRM column below includes amounts to eliminate transactions between segments (in thousands).



Year ended December 31, 2019	Core Banking		WMG		Holding Company, CFS and CRM			Consolidated Totals
Interest and dividend income	$	66,868	$	—	$	64		$	66,932
Interest expense	6,321		—		—			6,321
Net interest income	60,547		—		64			60,611
Provision for loan losses	5,945		—		—			5,945
Net interest income after provision for loan losses	54,602		—		64			54,666
Non-interest income	10,356		9,503		214			20,073
Non-interest expenses	48,213		6,326		1,157			55,696
Income (loss) before income tax expense	16,745		3,177		(879		)	19,043
Income tax expense (benefit)	2,778		810		(154		)	3,434
Segment net income (loss)	$	13,967	$	2,367	$	(725	)	$	15,609

Segment assets	$	1,780,401	$	3,345	$	4,082		$	1,787,827



Year ended December 31, 2018	Core Banking		WMG		Holding Company, CFS and CRM			Consolidated Totals
Interest and dividend income	$	64,511	$	—	$	42		$	64,553
Interest expense	4,073		—		—			4,073
Net interest income	60,438		—		42			60,480
Provision for loan losses	3,153		—		—			3,153
Net interest income after provision for loan losses	57,285		—		42			57,327
Non-interest income	13,597		9,317		160			23,074
Non-interest expenses	49,650		5,997		1,119			56,766
Income (loss) before income tax expense	21,232		3,320		(917		)	23,635
Income tax expense (benefit)	3,329		847		(167		)	4,009
Segment net income (loss)	$	17,903	$	2,473	$	(750	)	$	19,626

Segment assets	$	1,747,208	$	3,606	$	4,529		$	1,755,343



Year ended December 31, 2017	Core Banking		WMG		Holding Company and CFS			Consolidated Totals
Interest and dividend income	$	60,031	$	—	$	24		$	60,055
Interest expense	3,068		—		—			3,068
Net interest income	56,963		—		24			56,987
Provision for loan losses	9,022		—		—			9,022
Net interest income after provision for loan losses	47,941		—		24			47,965
Non-interest income	11,225		8,804		462			20,491
Non-interest expenses	46,931		5,664		1,169			53,764
Income (loss) before income tax expense	12,235		3,140		(683		)	14,692
Income tax expense (benefit)	6,283		1,191		(212		)	7,262
Segment net income (loss)	$	5,952	$	1,949	$	(471	)	$	7,430

Segment assets	$	1,700,196	$	4,061	$	3,363		$	1,707,620