Segment Reporting

12 Months Ended

Dec. 31, 2023

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-size businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring 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. The Financial Services division also provides administrative and compliance services for certain mutual funds.

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, 2023, 2022 and 2021:

	Community Banks		Insurance		Wealth Management		Other		Consolidated
2023
Net interest income	$	544,508	$	1,653	$	34	$	(26,868)	$	519,327
Provision for credit losses	15,593		—		—		—		15,593
Noninterest income	76,130		12,578		25,311		(944)		113,075
Noninterest expense	409,849		8,652		19,596		1,525		439,622
Income before income taxes	195,196		5,579		5,749		(29,337)		177,187
Income taxes	38,597		1,452		37		(7,577)		32,509
Net income (loss)	$	156,599	$	4,127	$	5,712	$	(21,760)	$	144,678
Total assets	$	17,313,704	$	40,405	$	6,590	$	(164)	$	17,360,535
Goodwill	988,898		2,767		—		—		991,665
2022
Net interest income	$	498,673	$	619	$	2,793	$	(20,787)	$	481,298
Provision for credit losses	23,871		—		—		—		23,871
Noninterest income	114,263		11,821		24,839		(1,670)		149,253
Noninterest expense	366,684		8,442		18,664		1,582		395,372
Income before income taxes	222,381		3,998		8,968		(24,039)		211,308
Income taxes	50,425		1,046		—		(6,231)		45,240
Net income (loss)	$	171,956	$	2,952	$	8,968	$	(17,808)	$	166,068
Total assets	$	16,882,534	$	37,567	$	75,383	$	(7,308)	$	16,988,176
Goodwill	988,941		2,767		—		—		991,708
2021
Net interest income	$	437,435	$	454	$	1,657	$	(15,545)	$	424,001
Recovery for credit losses	(2,168)		—		—		—		(2,168)
Noninterest income	195,214		11,370		22,185		(1,785)		226,984
Noninterest expense	404,566		8,060		16,475		1,225		430,326
Income before income taxes	230,251		3,764		7,367		(18,555)		222,827
Income taxes	50,749		981		—		(4,795)		46,935
Net income (loss)	$	179,502	$	2,783	$	7,367	$	(13,760)	$	175,892
Total assets	$	16,694,710	$	33,544	$	65,015	$	17,042	$	16,810,311
Goodwill	936,916		2,767		—		—		939,683