SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

SEGMENT REPORTING

Segment Reporting Disclosure [Text Block]

21. SEGMENT REPORTING

The Corporation’s one reportable segment is determined by the President and Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the Corporation’s products and services offered, primarily community banking operations. The chief operating decision maker uses consolidated net income to assess performance by comparing to and monitoring against budget and prior year results. In addition, the chief operating decision maker uses the consolidated net income to benchmark the Corporation against its competitors. This information is used to manage resources to drive business and net earnings growth, including investment in key strategic priorities, as well as determine the Corporation's ability to return capital to shareholders. Loans, investments, deposits and assets held in a fiduciary or custodial capacity provide the revenues in the banking operation. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic.

Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income.

	Years Ended December 31,
(In Thousands)		2024		2023		2022
Interest income	$	128,078	$	113,504	$	92,647
Interest expense		48,963		33,104		9,519
Net interest income		79,115		80,400		83,128
Provision for credit losses		2,195		186		7,255
Net interest income after provision for credit losses		76,920		80,214		75,873
Other income:
Other income		29,209		27,453		24,412
Realized (losses) gains on available-for-sale debt securities, net		0		(3,036)		20
Total other income		29,209		24,417		24,432
Other Expense:
Salaries and employee benefits		44,930		44,195		41,833
Other segment expenses (1)		29,328		29,953		26,122
Total noninterest expense		74,258		74,148		67,955
Income before income tax provision		31,871		30,483		32,350
Income tax provision		5,913		6,335		5,732
NET INCOME	$	25,958	$	24,148	$	26,618

(1) Other segment expenses included expenses for professional fees, data processing and telecommunicates, occupancy and Pennsylvania shares tax.

The Corporation’s segment assets represent the total assets as presented on the Consolidated Balance Sheets at December 31, 2024 and 2023.