XML 34 R23.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 2024
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, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities.
•For periods prior to the third quarter of 2024, the Insurance segment included a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment.
•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		Wealth
Management		OtherConsolidated
Three months ended September 30, 2024
Net interest income (loss)$137,860 $15 $(6,877)$130,998 
Provision for credit losses935 — — 935 
Noninterest income (loss)83,244 6,447 (392)89,299 
Noninterest expense117,035 4,511 437 121,983 
Income (loss) before income taxes103,134 1,951 (7,706)97,379 
Income tax expense (benefit)26,867 47 (1,990)24,924 
Net income (loss)$76,267 $1,904 $(5,716)$72,455 
Total assets$17,959,839 $1,163 $(2,162)$17,958,840 
Goodwill$988,898 — — $988,898 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended September 30, 2023
Net interest income (loss)$133,901 $456 $16 $(6,990)$127,383 
Provision for credit losses4,615 — — — 4,615 
Noninterest income (loss)28,956 3,276 6,361 (393)38,200 
Noninterest expense100,902 2,237 4,739 491 108,369 
Income (loss) before income taxes57,340 1,495 1,638 (7,874)52,599 
Income tax expense (benefit)12,339 387 72 (2,032)10,766 
Net income (loss)$45,001 $1,108 $1,566 $(5,842)$41,833 
Total assets$17,143,564 $39,434 $5,077 $(6,454)$17,181,621 
Goodwill$988,898 $2,767 — — $991,665 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Nine months ended September 30, 2024
Net interest income (loss)$398,970 $942 $47 $(20,645)$379,314 
Provision for credit losses6,673 — — — 6,673 
Noninterest income (loss)145,179 6,473 18,933 (1,143)169,442 
Noninterest expense327,541 4,392 13,725 1,213 346,871 
Income (loss) before income taxes209,935 3,023 5,255 (23,001)195,212 
Income tax expense (benefit)49,507 785 147 (5,937)44,502 
Net income (loss)$160,428 $2,238 $5,108 $(17,064)$150,710 
Total assets$17,959,839 $— $1,163 $(2,162)$17,958,840 
Goodwill$988,898 $— $— $— $988,898 
Nine months ended September 30, 2023
Net interest income (loss)$412,070 $1,170 $52 $(19,918)$393,374 
Provision for credit losses13,075 — — — 13,075 
Noninterest income (loss)66,895 9,497 17,524 (1,197)92,719 
Noninterest expense306,666 6,346 13,473 1,257 327,742 
Income (loss) before income taxes159,224 4,321 4,103 (22,372)145,276 
Income tax expense (benefit)33,305 1,119 72 (5,774)28,722 
Net income (loss)$125,919 $3,202 $4,031 $(16,598)$116,554 
Total assets$17,143,564 $39,434 $5,077 $(6,454)$17,181,621 
Goodwill$988,898 $2,767 $— $— $991,665