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Business Segments (Tables)
3 Months Ended
Mar. 31, 2024
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 March 31, 2024

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

195,333

 

 

$

—

 

 

$

195,333

 

Interest expense

 

 

81,367

 

 

 

—

 

 

 

81,367

 

Net interest income

 

 

113,966

 

 

 

—

 

 

 

113,966

 

Provision for credit losses

 

 

4,014

 

 

 

—

 

 

 

4,014

 

Net interest income after provision for credit losses

 

 

109,952

 

 

 

—

 

 

 

109,952

 

Non-interest income

 

 

22,547

 

 

 

8,082

 

 

 

30,629

 

Non-interest expense

 

 

91,968

 

 

 

5,223

 

 

 

97,191

 

Income before provision for income taxes

 

 

40,531

 

 

 

2,859

 

 

 

43,390

 

Provision for income taxes

 

 

7,097

 

 

 

600

 

 

 

7,697

 

Net income

 

 

33,434

 

 

 

2,259

 

 

 

35,693

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

30,903

 

 

$

2,259

 

 

$

33,162

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

160,555

 

 

$

—

 

 

$

160,555

 

Interest expense

 

 

36,223

 

 

 

—

 

 

 

36,223

 

Net interest income

 

 

124,332

 

 

 

—

 

 

 

124,332

 

Provision for credit losses

 

 

3,577

 

 

 

—

 

 

 

3,577

 

Net interest income after provision for credit losses

 

 

120,755

 

 

 

—

 

 

 

120,755

 

Non-interest income

 

 

20,159

 

 

 

7,494

 

 

 

27,653

 

Non-interest expense

 

 

91,617

 

 

 

4,508

 

 

 

96,125

 

Income before provision for income taxes

 

 

49,297

 

 

 

2,986

 

 

 

52,283

 

Provision for income taxes

 

 

9,315

 

 

 

627

 

 

 

9,942

 

Net income

 

 

39,982

 

 

 

2,359

 

 

 

42,341

 

Preferred stock dividends

 

 

2,531

 

 

 

—

 

 

 

2,531

 

Net income available to common shareholders

 

$

37,451

 

 

$

2,359

 

 

$

39,810