Segment Information

3 Months Ended

Mar. 31, 2015

Segment Information

Segment Information

Note 4

Segment Information

The Company operates in three business segments: commercial banking, mortgage banking, and wealth management services.

The commercial banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market on a best efforts basis. The wealth management services segment provides investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management.

Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three months ended March 31, 2015 and 2014 is as follows:

At and for the Three Months Ended March 31, 2015 (in thousands):

					Wealth Management
	Commercial		Mortgage		and					Intersegment
	Banking		Banking		Trust Services		Other			Elimination			Consolidated
Net interest income	$	27,105	$	511	$	—	$	(177	)	$	—		$	27,439
Provision for loan losses	130		—		—		—			—			130
Non-interest income	1,278		16,216		105		5			—			17,604
Non-interest expense	15,146		7,319		104		1,574			—			24,143
Provision for income taxes	4,215		3,434		—		(611		)	—			7,038
Net income (loss)	$	8,892	$	5,974	$	1	$	(1,135	)	$	—		$	13,732
Total Assets	$	3,371,660	$	358,024	$	2,391	$	415,545		$	(700,850	)	$	3,446,770
Average Assets	$	3,322,472	$	267,313	$	2,409	$	417,547		$	(628,081	)	$	3,381,660

At and for the Three Months Ended March 31, 2014 (in thousands):

						Wealth Management
	Commercial		Mortgage			and					Intersegment
	Banking		Banking			Trust Services		Other			Elimination			Consolidated
Net interest income	$	25,193	$	638		$	—	$	(164	)	$	—		$	25,667
Provision for loan losses	1,926		—			—		—			—			1,926
Non-interest income	932		7,391			167		178			—			8,668
Non-interest expense	15,792		8,293			112		1,593			—			25,790
Provision for income taxes	2,895		(97		)	19		(488		)	—			2,329
Net income (loss)	$	5,512	$	(167	)	$	36	$	(1,091	)	$	—		$	4,290
Total Assets	$	3,095,847	$	321,958		$	2,301	$	387,898		$	(664,667	)	$	3,143,337
Average Assets	$	2,943,545	$	230,424		$	2,300	$	379,810		$	(534,206	)	$	3,021,873

The Company did not have any operating segments other than those reported. Parent company financial information is included in the “Other” category and represents an overhead function rather than an operating segment. The parent company’s most significant assets are its net investments in its subsidiaries. The parent company’s net interest expense is comprised of interest income from short-term investments and interest expense on trust preferred securities.