Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

(In Thousands)

The operations of the Company’s reportable segments are described as follows:

• The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities.

• The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

• The Wealth Management segment offers a broad range of fiduciary services which include the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer.

In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts.

The following table provides financial information for the Company’s operating segments as of and for the periods presented:

	Community Banks		Insurance		Wealth Management		Other			Consolidated
Three months ended June 30, 2019
Net interest income (loss)	$	115,664	$	171	$	409	$	(3,444	)	$	112,800
Provision for loan losses	900		—		—		—			900
Noninterest income	36,293		2,222		3,890		(445		)	41,960
Noninterest expense	87,596		1,898		3,464		332			93,290
Income (loss) before income taxes	63,461		495		835		(4,221		)	60,570
Income tax expense (benefit)	14,910		128		—		(1,093		)	13,945
Net income (loss)	$	48,551	$	367	$	835	$	(3,128	)	$	46,625
Total assets	$	12,790,623	$	26,722	$	61,363	$	13,945		$	12,892,653
Goodwill	$	930,204	$	2,767	—		—			$	932,971
Three months ended June 30, 2018
Net interest income (loss)	$	94,676	$	118	$	315	$	(2,720	)	$	92,389
Provision for loan losses	1,810		—		—		—			1,810
Noninterest income	29,949		2,148		3,714		(230		)	35,581
Noninterest expense	73,628		1,819		3,213		366			79,026
Income (loss) before income taxes	49,187		447		816		(3,316		)	47,134
Income tax expense (benefit)	11,165		116		—		(857		)	10,424
Net income (loss)	$	38,022	$	331	$	816	$	(2,459	)	$	36,710
Total assets	$	10,439,785	$	24,513	$	61,869	$	18,308		$	10,544,475
Goodwill	$	608,279	$	2,767	—		—			$	611,046

	Community Banks		Insurance		Wealth Management		Other			Consolidated
Six months ended June 30, 2019
Net interest income (loss)	$	231,722	$	339	$	759	$	(6,873	)	$	225,947
Provision for loan losses	2,400		—		—		—			2,400
Noninterest income (loss)	65,878		5,101		7,549		(683		)	77,845
Noninterest expense	170,909		3,713		6,912		588			182,122
Income (loss) before income taxes	124,291		1,727		1,396		(8,144		)	119,270
Income tax expense (benefit)	29,196		448		—		(2,109		)	27,535
Net income (loss)	$	95,095	$	1,279	$	1,396	$	(6,035	)	$	91,735
Total assets	$	12,790,623	$	26,722	$	61,363	$	13,945		$	12,892,653
Goodwill	$	930,204	$	2,767	—		—			$	932,971
Six months ended June 30, 2018
Net interest income (loss)	$	186,103	$	224	$	628	$	(5,326	)	$	181,629
Provision for loan losses	3,560		—		—		—			3,560
Noninterest income	57,867		4,920		7,241		(494		)	69,534
Noninterest expense	146,261		3,550		6,605		554			156,970
Income (loss) before income taxes	94,149		1,594		1,264		(6,374		)	90,633
Income tax expense (benefit)	21,332		413		—		(1,648		)	20,097
Net income (loss)	$	72,817	$	1,181	$	1,264	$	(4,726	)	$	70,536
Total assets	$	10,439,785	$	24,513	$	61,869	$	18,308		$	10,544,475
Goodwill	$	608,279	$	2,767	—		—			$	611,046