19.SEGMENT INFORMATION

The Company is comprised of two primary business segments: banking activities and insurance agency activities. The operating segments are separately managed and their performance is evaluated based on net income. The banking business segment includes both commercial and consumer banking services, including a wide array of lending and depository services as well as offering non-deposit investment products, such as annuities and mutual funds. The insurance agency segment includes the activities of selling various premium-based insurance policies on a commission basis, including business and personal insurance, employee benefits, surety bonds, risk management, life, disability and long-term care coverage, as well as providing claims adjusting services to various insurance companies. All sources of segment specific revenues and expenses contributed to management’s definition of net income. Revenues from transactions between the two segments are not significant.

The following tables set forth information regarding these segments for the years ended December 31, 2019, 2018, and 2017.


	2019
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)

Net interest income (expense)	$	52,152	$	(97)	$	52,055
Provision for loan losses		75		-		75
Net interest income (expense) after
provision for loan losses		52,077		(97)		51,980
Insurance service and fees		480		10,208		10,688
Other non-interest income		7,232		162		7,394
Amortization expense		-		448		448
Other non-interest expense		38,961		8,411		47,372
Income before income taxes		20,828		1,414		22,242
Income tax provision		4,860		368		5,228
Net income	$	15,968	$	1,046	$	17,014


	2018
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)

Net interest income (expense)	$	48,228	$	(121)	$	48,107
Provision for loan losses		1,402		-		1,402
Net interest income (expense) after
provision for loan losses		46,826		(121)		46,705
Insurance service and fees		541		8,824		9,365
Other non-interest income		5,862		-		5,862
Amortization expense		-		280		280
Other non-interest expense		35,683		7,330		43,013
Income before income taxes		17,546		1,093		18,639
Income tax provision		1,999		284		2,283
Net income	$	15,547	$	809	$	16,356


	2017
		Banking		Insurance Agency
		Activities		Activities		Total
		(in thousands)

Net interest income (expense)	$	42,119	$	(102)	$	42,017
Provision for loan losses		738		-		738
Net interest income (expense) after
provision for loan losses		41,381		(102)		41,279
Insurance service and fees		416		7,482		7,898
Other non-interest income		5,105		-		5,105
Amortization expense		-		113		113
Other non-interest expense		32,610		5,871		38,481
Income before income taxes		14,292		1,396		15,688
Income tax provision		4,674		535		5,209
Net income	$	9,618	$	861	$	10,479




	December 31,		December 31,
	2019		2018
	(in thousands)
Identifiable Assets, Net
Banking activities	$	1,443,611	$	1,371,560
Insurance agency activities		16,619		16,647
Consolidated Total Assets	$	1,460,230	$	1,388,207