Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three and six months ended June 30, 2019 and 2018. Interest expense on junior subordinated debentures is reported at the Holding Company.

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019			2018
Private Banking	(In thousands)
Net interest income	$	58,419	$	58,447	$	117,756		$	116,578
Fees and other income	2,804		2,825		6,062			5,300
Total revenues	61,223		61,272		123,818			121,878
Provision/ (credit) for loan losses	1,363		453		(63		)	(1,342		)
Operating expense (1)	37,805		39,670		79,122			79,297
Income before income taxes	22,055		21,149		44,759			43,923
Income tax expense	4,878		3,981		9,308			8,594
Net income from continuing operations	17,177		17,168		35,451			35,329
Net income attributable to the Company	$	17,177	$	17,168	$	35,451		$	35,329
Assets	$	8,619,399	$	8,637,774	$	8,619,399		$	8,637,774
Depreciation	$	2,373	$	2,031	$	5,043		$	3,615

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Wealth Management and Trust	(In thousands)
Fees and other income	$	10,815	$	11,293	$	21,776	$	23,567
Operating expense (1)	9,438		11,058		19,681		21,752
Income before income taxes	1,377		235		2,095		1,815
Income tax expense	417		34		620		509
Net income from continuing operations	960		201		1,475		1,306
Net income attributable to the Company	$	960	$	201	$	1,475	$	1,306
Assets	$	89,659	$	73,202	$	89,659	$	73,202
Amortization of intangibles	$	672	$	701	$	1,344	$	1,402
Depreciation	$	252	$	334	$	539	$	655

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Affiliate Partners (2)	(In thousands)
Net interest income	$	104	$	79	$	210	$	131
Fees and other income	10,596		17,951		21,411		42,898
Total revenues	10,700		18,030		21,621		43,029
Operating expense	7,070		12,347		14,543		31,408
Income before income taxes	3,630		5,683		7,078		11,621
Income tax expense	1,199		1,463		2,299		2,920
Net income from continuing operations	2,431		4,220		4,779		8,701
Noncontrolling interests	69		968		169		2,018
Net income attributable to the Company	$	2,362	$	3,252	$	4,610	$	6,683
Assets	$	71,466	$	83,364	$	71,466	$	83,364
Amortization of intangibles	$	—	$	48	$	—	$	97
Depreciation	$	130	$	196	$	257	$	393

	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Holding Company and Eliminations	(In thousands)
Net interest income	$	(1,063	)	$	(981	)	$	(2,168	)	$	(1,781	)
Fees and other income	165			26			379			73
Total revenues	(898		)	(955		)	(1,789		)	(1,708		)
Operating expense	1,346			1,309			2,866			2,784
Income/ (loss) before income taxes	(2,244		)	(2,264		)	(4,655		)	(4,492		)
Income tax expense/ (benefit)	(1,125		)	11,921			(1,941		)	11,402
Net income/ (loss) from continuing operations	(1,119		)	(14,185		)	(2,714		)	(15,894		)
Discontinued operations (3)	—			(2		)	—			1,696
Net income/ (loss) attributable to the Company	$	(1,119	)	$	(14,187	)	$	(2,714	)	$	(14,198	)
Assets (including eliminations)	$	(67,651	)	$	(78,137	)	$	(67,651	)	$	(78,137	)

	Three months ended June 30,					Six months ended June 30,
	2019		2018			2019			2018
Total Company (2)	(In thousands)
Net interest income	$	57,460	$	57,545		$	115,798		$	114,928
Fees and other income	24,380		32,095			49,628			71,838
Total revenues	81,840		89,640			165,426			186,766
Provision/ (credit) for loan losses	1,363		453			(63		)	(1,342		)
Operating expense	55,659		64,384			116,212			135,241
Income before income taxes	24,818		24,803			49,277			52,867
Income tax expense	5,369		17,399			10,286			23,425
Net income from continuing operations	19,449		7,404			38,991			29,442
Noncontrolling interests	69		968			169			2,018
Discontinued operations (3)	—		(2		)	—			1,696
Net income attributable to the Company	$	19,380	$	6,434		$	38,822		$	29,120
Assets	$	8,712,873	$	8,716,203		$	8,712,873		$	8,716,203
Amortization of intangibles	$	672	$	749		$	1,344		$	1,499
Depreciation	$	2,755	$	2,561		$	5,839		$	4,663

_____________________

(1) Operating expense related to the Private Banking and Wealth Management & Trust segments includes restructuring expense for the six months ended June 30, 2019 of $1.3 million and $0.4 million, respectively.

(2) The results of Anchor and BOS for the periods owned in 2018 are included in the results of the Affiliate Partners segment and the Company.

(3)

The Holding Company and Eliminations calculation of net income attributable to the Company includes net income from discontinued operations for the six months ended June 30, 2019 and 2018 of zero and $1.7 million, respectively. The Company received the final payment related to a revenue sharing agreement with Westfield Capital Management Company, LLC (“Westfield”) in the first quarter of 2018. The Company will not receive additional income from Westfield now that the final payment has been received.