Segment Reporting

9 Months Ended

Sep. 30, 2022

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.

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 tables provide 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, 2022
Net interest income (loss)	$	134,528	$	98	$	794	$	(5,102)	$	130,318
Provision for credit losses	9,800		—		—		—		9,800
Noninterest income (loss)	32,324		3,123		6,132		(393)		41,186
Noninterest expense	94,474		2,190		4,553		357		101,574
Income (loss) before income taxes	62,578		1,031		2,373		(5,852)		60,130
Income tax expense (benefit)	14,811		268		—		(1,516)		13,563
Net income (loss)	$	47,767	$	763	$	2,373	$	(4,336)	$	46,567
Total assets	$	16,369,592	$	35,761	$	73,704	$	(7,958)	$	16,471,099
Goodwill	$	943,524	$	2,767	—		—		$	946,291
Three months ended September 30, 2021
Net interest income (loss)	$	106,506	$	115	$	404	$	(3,733)	$	103,292
Provision for (recovery of provision for) credit losses	(1,088)		—		(112)		—		(1,200)
Noninterest income (loss)	42,546		2,835		5,820		(446)		50,755
Noninterest expense	97,437		2,095		4,189		278		103,999
Income (loss) before income taxes	52,703		855		2,147		(4,457)		51,248
Income tax expense (benefit)	12,117		220		—		(1,152)		11,185
Net income (loss)	$	40,586	$	635	$	2,147	$	(3,305)	$	40,063
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	—		—		$	939,683

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Nine months ended September 30, 2022
Net interest income (loss)	$	356,040	$	286	$	1,813	$	(14,677)	$	343,462
Provision for credit losses	13,300		—		—		—		13,300
Noninterest income (loss)	89,359		8,831		18,952		(1,284)		115,858
Noninterest expense	272,594		6,311		13,899		1,069		293,873
Income (loss) before income taxes	159,505		2,806		6,866		(17,030)		152,147
Income tax expense (benefit)	36,035		734		—		(4,414)		32,355
Net income (loss)	$	123,470	$	2,072	$	6,866	$	(12,616)	$	119,792
Total assets	$	16,369,592	$	35,761	$	73,704	$	(7,958)	$	16,471,099
Goodwill	$	943,524	$	2,767	$	—	$	—	$	946,291
Nine months ended September 30, 2021
Net interest income (loss)	$	332,234	$	333	$	1,184	$	(11,232)	$	322,519
Provision for (recovery of provision for) credit losses	(1,088)		—		(112)		—		(1,200)
Noninterest income (loss)	155,765		8,558		16,421		(1,342)		179,402
Noninterest expense	309,449		6,005		12,337		920		328,711
Income (loss) before income taxes	179,638		2,886		5,380		(13,494)		174,410
Income tax expense (benefit)	38,320		740		—		(3,488)		35,572
Net income (loss)	$	141,318	$	2,146	$	5,380	$	(10,006)	$	138,838
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683