XML 33 R21.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
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.
The Corporation's reportable segments are determined by the Executive Management Team (EMT), who collectively are designated Chief Operating Decision Maker (CODM). The CODM evaluates the financial performance of each business segment, which is based upon the business segment's net income. Components of net income for the business segments that are reviewed by the CODM include net interest income, provision for credit losses, non-interest income, non-interest expense and income tax expense. The CODM, in conjunction with management committees (such as ALCO and Corporate loan committees) evaluates financial performance to make decisions related to the products and services that are offered, pricing, and the allocation of resources for each business segment.

Accounting policies for the segments are the same as those described in Note 1 of the Corporation’s 2024 Annual Report on Form 10-K, which was filed with the SEC on March 14, 2025. 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 and CFS columns below includes income and expenses related to insurance products, mutual funds, and brokerage services (in thousands).
 Three Months Ended September 30, 2025
 Core BankingWMGHolding Company and CFSInter-Segment EliminationsConsolidated Totals
Interest and dividend income$33,884 $— $3 $(3)$33,884 
Interest expense10,301 — 898 (3)11,196 
Net interest income23,583 — (895)— 22,688 
Provision for credit losses1,064 — — — 1,064 
Net interest income after provision for credit losses22,519 — (895)— 21,624 
Non-interest income2,813 2,967 311 (3)6,088 
Non-interest expenses:
  Compensation expense and benefits8,174 1,698 238 — 10,110 
  Net occupancy expense1,312 59 3 (3)1,371 
  Furniture and equipment expense384 12 3 — 399 
  Data processing & software expense2,232 297 5 — 2,534 
  Other non-interest expenses3,072 74 85 — 3,231 
Total non-interest expense15,174 2,140 334 (3)17,645 
Income before income tax expense (benefit)10,158 827 (918)— 10,067 
Income tax expense (benefit)2,337 190 (252)— 2,275 
Segment net income (loss)$7,821 $637 $(666)$— $7,792 
Supplemental Information:
Total assets as of September 30, 2025
$2,663,118 $2,871 $289,937 $(259,292)$2,696,634 
Capital expenditures$400 $— $— $— $400 
Depreciation expense (1)
$447 $14 $— $— $461 
(1) Included in net occupancy and furniture and equipment expense in the table above.
 Three Months Ended September 30, 2024
 Core BankingWMGHolding Company, and CFSInter-Segment EliminationsConsolidated Totals
Interest and dividend income$32,354 $— $9 $(1)$32,362 
Interest expense13,975 — — (1)13,974 
Net interest income18,379 — 9 — 18,388 
Provision for credit losses564 — — — 564 
Net interest income after provision for credit losses17,815 — 9 — 17,824 
Non-interest income2,625 2,991 305 (2)5,919 
Non-interest expenses:
  Compensation expense and benefits6,973 1,383 212 — 8,568 
  Net occupancy expense 1,362 60 2 (2)1,422 
  Furniture and equipment expense369 30 3 — 402 
  Data processing & software expense2,255 308 4 — 2,567 
  Other non-interest expenses3,346 116 89 — 3,551 
Total non-interest expense14,305 1,897 310 (2)16,510 
Income before income tax expense (benefit)6,135 1,094 4 — 7,233 
Income tax expense (benefit)1,280 223 10 — 1,513 
Segment net income (loss)$4,855 $871 $(6)$— $5,720 
Supplemental Information:
Total assets as of September 30, 2024
$2,777,492 $3,108 $220,503 $(226,888)$2,774,215 
Capital expenditures$607 $— $— $— $607 
Depreciation expense (1)
$409 $14 $— $— $423 
(1) Included in net occupancy and furniture and equipment expense in the table above.
 Nine Months Ended September 30, 2025
 Core BankingWMGHolding Company, and CFSInter-Segment EliminationsConsolidated Totals
Interest and dividend income$98,615 $— $6 $(5)$98,616 
Interest expense34,203 — 1,105 (5)35,303 
Net interest income64,412 — (1,099)— 63,313 
Provision for credit losses3,301 — — — 3,301 
Net interest income after provision for credit losses61,111 — (1,099)— 60,012 
Non-interest income(8,339)8,827 794 (10)1,272 
Non-interest expenses:
Compensation expense and benefits23,600 4,432 674 — 28,706 
Net occupancy expense4,144 191 10 (10)4,335 
Furniture and equipment expense1,152 53 22 — 1,227 
Data processing & software expense6,692 919 20 — 7,631 
Other non-interest expenses9,680 427 335 — 10,442 
Total non-interest expense45,268 6,022 1,061 (10)52,341 
Income before income tax expense (benefit)7,504 2,805 (1,366)— 8,943 
Income tax expense (benefit)1,344 624 (388)— 1,580 
Segment net income (loss)$6,160 $2,181 $(978)$— $7,363 
Supplemental Information:
Total assets as of September 30, 2025
$2,663,118 $2,871 $289,937 $(259,292)$2,696,634 
Capital expenditures$1,088 $— $— $— $1,088 
Depreciation expense (1)
$1,357 $45 $— $— $1,402 
1 Included in net occupancy and furniture and equipment expense in the table above.
 Nine Months Ended September 30, 2024
 Core BankingWMGHolding Company, and CFSInter-Segment EliminationsConsolidated Totals
Interest and dividend income$94,942 $— $30 $(5)$94,967 
Interest expense40,734 — — (5)40,729 
Net interest income54,208 — 30 — 54,238 
Provision for credit losses(597)— — — (597)
Net interest income after provision for credit losses54,805 — 30 — 54,835 
Non-interest income7,864 8,554 761 (5)17,174 
Non-interest expenses:
Compensation expense and benefits21,481 4,047 575 — 26,103 
Net occupancy expense4,182 178 5 (5)4,360 
Furniture and equipment expense1,107 71 19 — 1,197 
Data processing & software expense6,589 834 14 — 7,437 
Other non-interest expenses9,595 399 336 — 10,330 
Total non-interest expense42,954 5,529 949 (5)49,427 
Income before income tax expense (benefit)19,715 3,025 (158)— 22,582 
Income tax expense (benefit)4,224 647 (46)— 4,825 
Segment net income (loss)$15,491 $2,378 $(112)$— $17,757 
Supplemental Information:
Total assets as of September 30, 2024
$2,777,492 $3,108 $220,503 $(226,888)$2,774,215 
Capital expenditures$1,707 $— $— $— $1,707 
Depreciation expense (1)
$1,317 $42 $— $— $1,359 
(1) Included in net occupancy and furniture and equipment expense in the table above.