SEGMENT REPORTING

3 Months Ended

Mar. 31, 2017

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 11 - SEGMENT REPORTING

The Company is a financial holding company with subsidiaries engaged in the business of banking and activities closely related to banking.  The Company determines reportable segments based upon the services offered, the significance of those services to the Company's financial condition and operating results and management's regular review of the operating results of those services.  The Company's primary segment is the Banking Services Group, which includes providing a full range of deposit products, commercial loans and consumer loans.  The Company has also designated four additional reportable segments --Mortgage, Insurance Agencies, Wealth Management, and General Corporate and Other.  The Company’s Mortgage segment includes the mortgage banking activities of originating mortgage loans, selling mortgage loans in the secondary market and servicing the mortgage loans that are sold on a servicing retained basis.  The Company's insurance agencies serve as agents in the sale of commercial lines of insurance and full lines of property and casualty, life, health and employee benefits products and services.  The Wealth Management segment offers individuals, businesses, governmental institutions and non-profit entities a wide range of solutions to help protect, grow and transfer wealth.  Offerings include credit related products, trust and investment management, asset management, retirement and savings solutions, estate planning and annuity products.  The General Corporate and Other segment includes other activities not allocated to Banking Services Group, Mortgage, Insurance Agencies or Wealth Management segments. 

Results of operations and selected financial information by segment for the three-month period ended March 31, 2017 and 2016 were as follows:

	Banking Services Group	Mortgage	Insurance Agencies	Wealth Management	General Corporate and Other	Total
	(In thousands)
Three months ended March 31, 2017
Results of Operations
Net interest revenue	$        111,053	$       3,530	$           11	$                5	$                12	$        114,611
Provision for credit losses	-	-	-	-	1,000	1,000
Net interest revenue after provision for credit losses	111,053	3,530	11	5	(988)	113,611
Noninterest revenue	21,877	8,990	33,113	5,617	1,272	70,869
Noninterest expense	75,850	6,862	25,974	3,948	14,475	127,109
Income before income taxes	57,080	5,658	7,150	1,674	(14,191)	57,371
Income tax expense (benefit)	19,633	2,098	2,844	620	(5,917)	19,278
Net income	37,447	3,560	4,306	1,054	(8,274)	38,093
Selected Financial Information
Total assets at end of period	$  11,566,533	$   543,022	$  216,784	$       21,373	$    2,518,342	$   14,866,054
Depreciation and amortization	5,502	152	1,187	26	648	7,515

	Banking Services Group	Mortgage	Insurance Agencies	Wealth Management	General Corporate and Other	Total
	(In thousands)
Three months ended March 31, 2016
Results of Operations
Net interest revenue	$        108,901	$       2,610	$           19	$                1	$             (372)	$        111,159
Provision for credit losses	-	-	-	-	1,000	1,000
Net interest revenue after provision for credit losses	108,901	2,610	19	1	(1,372)	110,159
Noninterest revenue	22,706	1,830	33,364	5,535	1,292	64,727
Noninterest expense	76,906	5,863	25,482	4,099	29,162	141,512
Income before income taxes	54,701	(1,423)	7,901	1,437	(29,242)	33,374
Income tax expense (benefit)	17,629	(502)	3,140	506	(9,948)	10,825
Net income	37,072	(921)	4,761	931	(19,294)	22,549
Selected Financial Information
Total assets at end of period	$  10,749,801	$   399,532	$  210,535	$       15,370	$    2,551,160	$   13,926,398
Depreciation and amortization	5,314	145	1,060	28	640	7,187

The change in income for the Banking Services Group for the three months ended March 31, 2017 compared to the same periods in 2016 is mainly due to an increase in interest revenue for loans and leases due to the balance increase of net loans and leases.  The change in income for the Mortgage segment for the three months ended March 31, 2017 compared to the same periods in 2016 is a result of the negative MSR adjustment of $8.0 million recorded during the first quarter of 2016 compared to a positive MSR adjustment of $0.9 million recorded during the first quarter of 2017.  The decrease in the loss in the General, Corporate and Other segment when comparing comparable periods is a result of the pre-tax charge of $10.3 million related to a liability associated with an ongoing regulatory matter recorded during the first quarter of 2016 with no such charge recorded during the first quarter of 2017.