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Business Segments (Tables)
9 Months Ended
Sep. 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 September 30, 2022

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

134,117

 

 

$

—

 

 

$

134,117

 

Interest expense

 

 

9,616

 

 

 

—

 

 

 

9,616

 

Net interest income

 

 

124,501

 

 

 

—

 

 

 

124,501

 

Provision for credit losses

 

 

(535

)

 

 

—

 

 

 

(535

)

Net interest income after provision for credit losses

 

 

125,036

 

 

 

—

 

 

 

125,036

 

Non-interest income

 

 

25,739

 

 

 

6,517

 

 

 

32,256

 

Non-interest expense

 

 

88,144

 

 

 

3,797

 

 

 

91,941

 

Income before provision for income taxes

 

 

62,631

 

 

 

2,720

 

 

 

65,351

 

Provision for income taxes

 

 

11,747

 

 

 

571

 

 

 

12,318

 

Net income

 

 

50,884

 

 

 

2,149

 

 

 

53,033

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

48,353

 

 

$

2,149

 

 

$

50,502

 

 

 

 

 

 

 

 

 

 

 

For The Three Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

121,378

 

 

$

—

 

 

$

121,378

 

Interest expense

 

 

6,103

 

 

 

—

 

 

 

6,103

 

Net interest income

 

 

115,275

 

 

 

—

 

 

 

115,275

 

Provision for credit losses

 

 

(1,730

)

 

 

—

 

 

 

(1,730

)

Net interest income after provision for credit losses

 

 

117,005

 

 

 

—

 

 

 

117,005

 

Non-interest income

 

 

25,466

 

 

 

7,289

 

 

 

32,755

 

Non-interest expense

 

 

90,599

 

 

 

4,102

 

 

 

94,701

 

Income before provision for income taxes

 

 

51,872

 

 

 

3,187

 

 

 

55,059

 

Provision for income taxes

 

 

9,982

 

 

 

669

 

 

 

10,651

 

Net income

 

 

41,890

 

 

 

2,518

 

 

 

44,408

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

39,359

 

 

$

2,518

 

 

$

41,877

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

364,738

 

 

$

—

 

 

$

364,738

 

Interest expense

 

 

20,299

 

 

 

—

 

 

 

20,299

 

Net interest income

 

 

344,439

 

 

 

—

 

 

 

344,439

 

Provision for credit losses

 

 

(4,785

)

 

 

—

 

 

 

(4,785

)

Net interest income after provision for credit losses

 

 

349,224

 

 

 

—

 

 

 

349,224

 

Non-interest income

 

 

68,743

 

 

 

20,879

 

 

 

89,622

 

Non-interest expense

 

 

254,484

 

 

 

12,027

 

 

 

266,511

 

Income before provision for income taxes

 

 

163,483

 

 

 

8,852

 

 

 

172,335

 

Provision for income taxes

 

 

30,573

 

 

 

1,859

 

 

 

32,432

 

Net income

 

 

132,910

 

 

 

6,993

 

 

 

139,903

 

Preferred stock dividends

 

 

7,594

 

 

 

—

 

 

 

7,594

 

Net income available to common shareholders

 

$

125,316

 

 

$

6,993

 

 

$

132,309

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

369,760

 

 

$

—

 

 

$

369,760

 

Interest expense

 

 

22,153

 

 

 

—

 

 

 

22,153

 

Net interest income

 

 

347,607

 

 

 

—

 

 

 

347,607

 

Provision for credit losses

 

 

(50,714

)

 

 

—

 

 

 

(50,714

)

Net interest income after provision for credit losses

 

 

398,321

 

 

 

—

 

 

 

398,321

 

Non-interest income

 

 

80,007

 

 

 

22,069

 

 

 

102,076

 

Non-interest expense

 

 

252,428

 

 

 

12,412

 

 

 

264,840

 

Income before provision for income taxes

 

 

225,900

 

 

 

9,657

 

 

 

235,557

 

Provision for income taxes

 

 

45,417

 

 

 

2,028

 

 

 

47,445

 

Net income

 

 

180,483

 

 

 

7,629

 

 

 

188,112

 

Preferred stock dividends

 

 

7,594

 

 

 

—

 

 

 

7,594

 

Net income available to common shareholders

 

$

172,889

 

 

$

7,629

 

 

$

180,518