SEGMENT REPORTING

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

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 as well as income and expenses related to insurance products, mutual funds, brokerage services, and captive insurance (in thousands).

Year ended December 31, 2022	Core Banking		WMG		Holding Company, CFS and CRM		Consolidated Totals
Interest and dividend income	$	81,425	$	—	$	50	$	81,475
Interest expense	7,296		—		—		7,296
Net interest income	74,129		—		50		74,179
Provision for loan losses	(554)		—		—		(554)
Net interest income after provision for loan losses	74,683		—		50		74,733
Non-interest income	10,225		10,280		931		21,436
Non-interest expenses	51,301		6,582		1,397		59,280
Income (loss) before income tax expense	33,607		3,698		(416)		36,889
Income tax expense (benefit)	7,361		851		(106)		8,106
Segment net income (loss)	$	26,246	$	2,847	$	(310)	$	28,783
Segment assets	$	2,635,043	$	2,559	$	7,951	$	2,645,553

Year ended December 31, 2021	Core Banking		WMG		Holding Company, CFS and CRM		Consolidated Totals
Interest and dividend income	$	68,984	$	—	$	24	$	69,008
Interest expense	3,419		—		—		3,419
Net interest income	65,565		—		24		65,589
Provision for loan losses	17		—		—		17
Net interest income after provision for loan losses	65,548		—		24		65,572
Non-interest income	11,740		11,072		1,058		23,870
Non-interest expenses	47,807		6,642		1,233		55,682
Income (loss) before income tax expense	29,481		4,430		(151)		33,760
Income tax expense (benefit)	6,408		979		(52)		7,335
Segment net income (loss)	$	23,073	$	3,451	$	(99)	$	26,425
Segment assets	$	2,410,934	$	3,125	$	4,416	$	2,418,475