Segment Reporting

12 Months Ended

Dec. 31, 2019

(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-size 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 years ended December 31, 2019, 2018 and 2017:



	Community Banks		Insurance		Wealth Management		Other			Consolidated
2019
Net interest income	$	454,433	$	702	$	1,761	$	(13,239	)	$	443,657
Provision for loan losses	7,050		—		—		—			7,050
Noninterest income	129,016		10,129		15,598		(1,489		)	153,254
Noninterest expense	351,640		7,574		13,863		1,097			374,174
Income before income taxes	224,759		3,257		3,496		(15,825		)	215,687
Income taxes	51,292		876		—		(4,077		)	48,091
Net income (loss)	$	173,467	$	2,381	$	3,496	$	(11,748	)	$	167,596
Total assets	$	13,280,494	$	28,284	$	70,789	$	21,051		$	13,400,618
Goodwill	936,916		2,767		—		—			939,683
2018
Net interest income	$	406,420	$	484	$	1,297	$	(11,676	)	$	396,525
Provision for loan losses	6,810		—		—		—			6,810
Noninterest income	120,559		9,831		14,537		(966		)	143,961
Noninterest expense	323,439		7,294		13,336		960			345,029
Income before income taxes	196,730		3,021		2,498		(13,602		)	188,647
Income taxes	44,464		786		—		(3,523		)	41,727
Net income (loss)	$	152,266	$	2,235	$	2,498	$	(10,079	)	$	146,920
Total assets	$	12,828,586	$	25,798	$	60,794	$	19,700		$	12,934,878
Goodwill	930,161		2,767		—		—			932,928
2017
Net interest income	$	344,499	$	457	$	2,160	$	(10,219	)	$	336,897
Provision for loan losses	7,550		—		—		—			7,550
Noninterest income	110,308		9,530		12,863		(561		)	132,140
Noninterest expense	281,698		6,957		11,785		1,178			301,618
Income before income taxes	165,559		3,030		3,238		(11,958		)	159,869
Income taxes	70,257		1,184		—		(3,760		)	67,681
Net income (loss)	$	95,302	$	1,846	$	3,238	$	(8,198	)	$	92,188
Total assets	$	9,717,779	$	26,470	$	61,330	$	24,402		$	9,829,981
Goodwill	608,279		2,767		—		—			611,046