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Segment Reporting
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020
 
 
 
 
 
 
 
 
 
Net interest income (loss)
$
108,869

 
$
187

 
$
441

 
$
(2,895
)
 
$
106,602

Provision for credit losses on loans
26,212

 
—

 
138

 
—

 
26,350

Noninterest income (loss)
30,683

 
2,940

 
4,344

 
(397
)
 
37,570

Noninterest expense (benefit)
109,284

 
1,886

 
3,945

 
(74
)
 
115,041

Income (loss) before income taxes
4,056

 
1,241

 
702

 
(3,218
)
 
2,781

Income tax expense (benefit)
1,280

 
330

 
—

 
(837
)
 
773

Net income (loss)
$
2,776

 
$
911

 
$
702

 
$
(2,381
)
 
$
2,008

 
 
 
 
 
 
 
 
 
 
Total assets
$
13,776,076

 
$
28,448

 
$
71,895

 
$
24,131

 
$
13,900,550

Goodwill
$
936,916

 
$
2,767

 
$
—

 
$
—

 
$
939,683

 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
Net interest income (loss)
$
116,058

 
$
168

 
$
350

 
$
(3,429
)
 
$
113,147

Provision for credit losses on loans
1,500

 
—

 
—

 
—

 
1,500

Noninterest income
29,585

 
2,879

 
3,659

 
(238
)
 
35,885

Noninterest expense
83,313

 
1,815

 
3,448

 
256

 
88,832

Income (loss) before income taxes
60,830

 
1,232

 
561

 
(3,923
)
 
58,700

Income tax expense (benefit)
14,286

 
320

 
—

 
(1,016
)
 
13,590

Net income (loss)
$
46,544

 
$
912

 
$
561

 
$
(2,907
)
 
$
45,110

 
 
 
 
 
 
 
 
 
 
Total assets
$
12,763,349

 
$
27,267

 
$
58,971

 
$
12,808

 
$
12,862,395

Goodwill
$
930,204

 
$
2,767

 
$
—

 
$
—

 
$
932,971