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Segment Reporting
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s primary reportable segment is its banking business, which offers a range of commercial, retail, wealth management and banking services, and consists primarily of attracting deposits from the general public and investing those deposits, together with borrowings and funds generated from operations, to originate loans in a variety of sectors and to invest in securities. Revenue from the banking business consists primarily of interest earned on loans and investment securities. In addition to its banking business reportable segment, the Company has an insurance agency business reportable segment, which consists of insurance-related activities, acting as an independent agent in offering commercial, personal and employee benefits insurance products to individual and commercial clients. Revenue from the insurance agency business consists primarily of commissions on sales of insurance products and services.
Results of operations and selected financial information by segment and reconciliation to the consolidated financial statements as of and for the three months ended March 31, 2021 and 2020, was as follows:
As of and for the Three Months Ended March 31,
20212020
Banking
Business
Insurance
Agency
Business
Other /
Eliminations
TotalBanking
Business
Insurance
Agency
Business
Other /
Eliminations
Total
(In thousands)
Net interest income
$100,091 $— $— $100,091 $100,146 $— $— $100,146 
(Release of) provision for allowance for loan losses(580)— — (580)28,600 — — 28,600 
Net interest income after provision for loan losses
100,671 — — 100,671 71,546 — — 71,546 
Noninterest income
26,960 28,284 (32)55,212 6,868 26,523 (22)33,369 
Noninterest expense
75,274 19,811 (1,036)94,049 78,465 17,642 (935)95,172 
Income before provision for income taxes
52,357 8,473 1,004 61,834 (51)8,881 913 9,743 
Income tax provision
11,793 2,378 — 14,171 (1,214)2,512 — 1,298 
Net income
$40,564 $6,095 $1,004 $47,663 $1,163 $6,369 $913 $8,445 
Total assets
$16,595,311 $194,664 $(63,180)$16,726,795 $12,221,799 $182,564 $(60,609)$12,343,754 
Total liabilities
$13,359,075 $43,855 $(63,180)$13,339,750 $10,696,509 $45,120 $(60,609)$10,681,020