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Business Segments (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Financial Information by Business Segment

Condensed financial information by business segment is presented below:

 

 

 

 

 

Trust and

 

 

 

 

 

 

Community

 

 

Investment

 

 

 

 

(unaudited, in thousands)

 

Banking

 

 

Services

 

 

Consolidated

 

For The Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

118,447

 

 

$

—

 

 

$

118,447

 

Interest expense

 

 

6,219

 

 

 

—

 

 

 

6,219

 

Net interest income

 

 

112,228

 

 

 

—

 

 

 

112,228

 

Provision for credit losses

 

 

(812

)

 

 

—

 

 

 

(812

)

Net interest income after provision for credit losses

 

 

113,040

 

 

 

—

 

 

 

113,040

 

Non-interest income

 

 

20,456

 

 

 

6,527

 

 

 

26,983

 

Non-interest expense

 

 

83,112

 

 

 

3,907

 

 

 

87,019

 

Income before provision for income taxes

 

 

50,384

 

 

 

2,620

 

 

 

53,004

 

Provision for income taxes

 

 

9,706

 

 

 

550

 

 

 

10,256

 

Net income

 

 

40,678

 

 

 

2,070

 

 

 

42,748

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

38,147

 

 

$

2,070

 

 

$

40,217

 

 

 

 

 

 

 

 

 

 

 

For The Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

123,327

 

 

$

—

 

 

$

123,327

 

Interest expense

 

 

7,472

 

 

 

—

 

 

 

7,472

 

Net interest income

 

 

115,855

 

 

 

—

 

 

 

115,855

 

Provision for credit losses

 

 

(21,025

)

 

 

—

 

 

 

(21,025

)

Net interest income after provision for credit losses

 

 

136,880

 

 

 

—

 

 

 

136,880

 

Non-interest income

 

 

28,963

 

 

 

7,149

 

 

 

36,112

 

Non-interest expense

 

 

79,818

 

 

 

3,994

 

 

 

83,812

 

Income before provision for income taxes

 

 

86,025

 

 

 

3,155

 

 

 

89,180

 

Provision for income taxes

 

 

17,929

 

 

 

663

 

 

 

18,592

 

Net income

 

 

68,096

 

 

 

2,492

 

 

 

70,588

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

65,565

 

 

$

2,492

 

 

$

68,057

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

230,621

 

 

$

—

 

 

$

230,621

 

Interest expense

 

 

10,683

 

 

 

—

 

 

 

10,683

 

Net interest income

 

 

219,938

 

 

 

—

 

 

 

219,938

 

Provision for credit losses

 

 

(4,250

)

 

 

—

 

 

 

(4,250

)

Net interest income after provision for credit losses

 

 

224,188

 

 

 

—

 

 

 

224,188

 

Non-interest income

 

 

43,003

 

 

 

14,362

 

 

 

57,365

 

Non-interest expense

 

 

166,339

 

 

 

8,230

 

 

 

174,569

 

Income before provision for income taxes

 

 

100,852

 

 

 

6,132

 

 

 

106,984

 

Provision for income taxes

 

 

18,826

 

 

 

1,288

 

 

 

20,114

 

Net income

 

 

82,026

 

 

 

4,844

 

 

 

86,870

 

Preferred stock dividends

 

 

5,063

 

 

 

—

 

 

 

5,063

 

Net income available to common shareholders

 

$

76,963

 

 

$

4,844

 

 

$

81,807

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

248,382

 

 

$

—

 

 

$

248,382

 

Interest expense

 

 

16,050

 

 

 

—

 

 

 

16,050

 

Net interest income

 

 

232,332

 

 

 

—

 

 

 

232,332

 

Provision for credit losses

 

 

(48,984

)

 

 

—

 

 

 

(48,984

)

Net interest income after provision for credit losses

 

 

281,316

 

 

 

—

 

 

 

281,316

 

Non-interest income

 

 

54,540

 

 

 

14,780

 

 

 

69,320

 

Non-interest expense

 

 

161,829

 

 

 

8,310

 

 

 

170,139

 

Income before provision for income taxes

 

 

174,027

 

 

 

6,470

 

 

 

180,497

 

Provision for income taxes

 

 

35,434

 

 

 

1,359

 

 

 

36,793

 

Net income

 

 

138,593

 

 

 

5,111

 

 

 

143,704

 

Preferred stock dividends

 

 

5,063

 

 

 

—

 

 

 

5,063

 

Net income available to common shareholders

 

$

133,530

 

 

$

5,111

 

 

$

138,641