Segment Reporting

9 Months Ended

Sep. 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 September 30, 2019
Net interest income (loss)	$	111,696	$	177	$	485	$	(3,533	)	$	108,825
Provision for loan losses	1,700		—		—		—			1,700
Noninterest income	31,911		2,533		3,859		(350		)	37,953
Noninterest expense	90,996		1,948		3,287		269			96,500
Income (loss) before income taxes	50,911		762		1,057		(4,152		)	48,578
Income tax expense (benefit)	12,009		200		—		(1,077		)	11,132
Net income (loss)	$	38,902	$	562	$	1,057	$	(3,075	)	$	37,446
Total assets	$	12,922,205	$	27,448	$	70,973	$	19,048		$	13,039,674
Goodwill	$	936,916	$	2,767	—		—			$	939,683
Three months ended September 30, 2018
Net interest income (loss)	$	101,970	$	124	$	324	$	(2,979	)	$	99,439
Provision for loan losses	2,250		—		—		—			2,250
Noninterest income	32,140		2,488		3,641		(216		)	38,053
Noninterest expense	89,370		1,899		3,284		193			94,746
Income (loss) before income taxes	42,490		713		681		(3,388		)	40,496
Income tax expense (benefit)	9,226		186		—		(880		)	8,532
Net income (loss)	$	33,264	$	527	$	681	$	(2,508	)	$	31,964
Total assets	$	12,634,614	$	25,236	$	62,502	$	24,587		$	12,746,939
Goodwill	$	924,494	$	2,767	—		—			$	927,261

	Community Banks		Insurance		Wealth Management		Other			Consolidated
Nine months ended September 30, 2019
Net interest income (loss)	$	343,418	$	516	$	1,244	$	(10,406	)	$	334,772
Provision for loan losses	4,100		—		—		—			4,100
Noninterest income (loss)	97,789		7,634		11,408		(1,033		)	115,798
Noninterest expense	261,905		5,661		10,199		857			278,622
Income (loss) before income taxes	175,202		2,489		2,453		(12,296		)	167,848
Income tax expense (benefit)	41,205		648		—		(3,186		)	38,667
Net income (loss)	$	133,997	$	1,841	$	2,453	$	(9,110	)	$	129,181
Total assets	$	12,922,205	$	27,448	$	70,973	$	19,048		$	13,039,674
Goodwill	$	936,916	$	2,767	—		—			$	939,683
Nine months ended September 30, 2018
Net interest income (loss)	$	288,073	$	348	$	952	$	(8,305	)	$	281,068
Provision for loan losses	5,810		—		—		—			5,810
Noninterest income	90,007		7,408		10,882		(710		)	107,587
Noninterest expense	235,631		5,449		9,889		747			251,716
Income (loss) before income taxes	136,639		2,307		1,945		(9,762		)	131,129
Income tax expense (benefit)	30,558		599		—		(2,528		)	28,629
Net income (loss)	$	106,081	$	1,708	$	1,945	$	(7,234	)	$	102,500
Total assets	$	12,634,614	$	25,236	$	62,502	$	24,587		$	12,746,939
Goodwill	$	924,494	$	2,767	—		—			$	927,261