Segment Reporting

6 Months Ended

Jun. 30, 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 June 30, 2020
Net interest income (loss)	$	108,110	$	111	$	397	$	(2,836)	$	105,782
Provision for loan losses	26,861		—		39		—		26,900
Noninterest income	58,115		2,153		4,312		(410)		64,170
Noninterest expense	112,776		1,848		3,452		209		118,285
Income (loss) before income taxes	26,588		416		1,218		(3,455)		24,767
Income tax expense (benefit)	5,425		111		—		(899)		4,637
Net income (loss)	$	21,163	$	305	$	1,218	$	(2,556)	$	20,130
Total assets	$	14,775,811	$	29,095	$	68,257	$	24,044	$	14,897,207
Goodwill	$	936,916	$	2,767	—		—		$	939,683
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

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Six months ended June 30, 2020
Net interest income (loss)	$	216,970	$	298	$	847	$	(5,731)	$	212,384
Provision for credit losses on loans	53,073		—		177		—		53,250
Noninterest income (loss)	88,798		5,093		8,656		(807)		101,740
Noninterest expense (benefit)	222,060		3,734		7,397		135		233,326
Income (loss) before income taxes	30,635		1,657		1,929		(6,673)		27,548
Income tax expense (benefit)	6,705		441		—		(1,736)		5,410
Net income (loss)	$	23,930	$	1,216	$	1,929	$	(4,937)	$	22,138
Total assets	$	14,775,811	$	29,095	$	68,257	$	24,044	$	14,897,207
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683
Six months ended June 30, 2019
Net interest income (loss)	$	231,722	$	339	$	759	$	(6,873)	$	225,947
Provision for credit losses on loans	2,400		—		—		—		2,400
Noninterest income	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