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Segment Reporting
9 Months Ended
Sep. 30, 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 September 30, 2022 and 2021, and for the nine months ended September 30, 2022 and 2021, was as follows:
As of and for the three months ended September 30,
20222021
Banking
Business
Insurance
Agency
Business
Other /
Eliminations
TotalBanking
Business
Insurance
Agency
Business
Other /
Eliminations
Total
(In thousands)
Net interest income
$152,179 $— $— $152,179 $102,691 $— $— $102,691 
Provision for (release of) allowance for loan losses6,480 — — 6,480 (1,488)— — (1,488)
Net interest income after provision for loan losses
145,699 — — 145,699 104,179 — — 104,179 
Noninterest income
19,777 23,714 (138)43,353 20,783 22,508 (82)43,209 
Noninterest expense
96,749 21,197 (1,106)116,840 80,474 19,538 (1,042)98,970 
Income before income tax expense68,727 2,517 968 72,212 44,488 2,970 960 48,418 
Income tax expense16,717 718 — 17,435 10,471 841 — 11,312 
Net income
$52,010 $1,799 $968 $54,777 $34,017 $2,129 $960 $37,106 
Total assets
$21,894,550 $221,941 $(73,558)$22,042,933 $17,324,816 $207,996 $(71,589)$17,461,223 
Total liabilities
$19,644,824 $55,504 $(73,558)$19,626,770 $14,051,100 $52,420 $(71,589)$14,031,931 
For the nine months ended September 30,
20222021
Banking
Business
Insurance
Agency
Business
Other /
Eliminations
TotalBanking
Business
Insurance
Agency
Business
Other /
Eliminations
Total
(In thousands)
Net interest income
$418,060 $— $— $418,060 $307,390 $— $— $307,390 
Provision for (release of) allowance for loan losses7,045 — — 7,045 (5,368)— — (5,368)
Net interest income after provision for loan losses
411,015 — — 411,015 312,758 — — 312,758 
Noninterest income
55,919 76,054 (328)131,645 69,308 74,959 (113)144,154 
Noninterest expense
279,823 60,186 (3,164)336,845 243,549 59,844 (3,039)300,354 
Income before income tax expense187,111 15,868 2,836 205,815 138,517 15,115 2,926 156,558 
Income tax expense43,870 4,480 — 48,350 32,728 4,252 — 36,980 
Net income
$143,241 $11,388 $2,836 $157,465 $105,789 $10,863 $2,926 $119,578