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Segment Reporting
3 Months Ended
Mar. 31, 2022
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 reportable segment 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, 2022 and 2021 was as follows:
As of and for the three months ended March 31,
20222021
Banking
Business
Insurance
Agency
Business
Other /
Eliminations
TotalBanking
Business
Insurance
Agency
Business
Other /
Eliminations
Total
(In thousands)
Net interest income
$128,124 $— $— $128,124 $100,091 $— $— $100,091 
(Release of) provision for loan losses(485)— — (485)(580)— — (580)
Net interest income after provision for loan losses
128,609 — — 128,609 100,671 — — 100,671 
Noninterest income
18,137 28,449 (171)46,415 26,960 28,284 (32)55,212 
Noninterest expense
90,446 19,473 (1,053)108,866 75,274 19,811 (1,036)94,049 
Income before provision for income taxes
56,300 8,976 882 66,158 52,357 8,473 1,004 61,834 
Income tax provision
12,108 2,534 — 14,642 11,793 2,378 — 14,171 
Net income
$44,192 $6,442 $882 $51,516 $40,564 $6,095 $1,004 $47,663 
Total assets
$22,695,895 $211,401 $(71,224)$22,836,072 $16,595,311 $194,664 $(63,180)$16,726,795 
Total liabilities
$19,848,995 $49,909 $(71,224)$19,827,680 $13,359,075 $43,855 $(63,180)$13,339,750