Segment Reporting

3 Months Ended

Mar. 31, 2021

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, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable 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, 2021
Net interest income (loss)	$	112,948	$	107	$	384	$	(3,791)	$	109,648
Provision for credit losses	—		—		—		—		—
Noninterest income (loss)	73,070		3,248		5,171		(452)		81,037
Noninterest expense	109,586		1,923		4,101		325		115,935
Income (loss) before income taxes	76,432		1,432		1,454		(4,568)		74,750
Income tax expense (benefit)	17,656		367		—		(1,181)		16,842
Net income (loss)	$	58,776	$	1,065	$	1,454	$	(3,387)	$	57,908
Total assets	$	15,525,500	$	31,004	$	64,320	$	1,747	$	15,622,571
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683
Three months ended March 31, 2020
Net interest income (loss)	$	108,869	$	187	$	441	$	(2,895)	$	106,602
Provision for credit losses	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