Reportable Segments (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2019 and 2018.

	Three months ended September 30,					Nine months ended September 30,
	2019		2018			2019		2018
Private Banking	(In thousands)
Net interest income	$	57,058	$	60,551		$	174,814	$	177,129
Fees and other income	3,403		3,337			9,465		8,637
Total revenue	60,461		63,888			184,279		185,766
Provision/ (credit) for loan losses	167		(949		)	104		(2,291		)
Operating expense (1)	38,134		44,706			117,256		124,003
Income before income taxes	22,160		20,131			66,919		64,054
Income tax expense	4,212		4,469			13,520		13,063
Net income from continuing operations	17,948		15,662			53,399		50,991
Net income attributable to the Company	$	17,948	$	15,662		$	53,399	$	50,991
Assets	$	8,617,207	$	8,292,901		$	8,617,207	$	8,292,901
Depreciation	$	2,229	$	2,398		$	7,271	$	6,013

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Wealth Management and Trust	(In thousands)
Net interest income	$	99	$	98	$	309	$	222
Fees and other income	19,106		19,769		57,188		59,108
Total revenue	19,205		19,867		57,497		59,330
Operating expense (1)	13,888		16,434		43,864		49,981
Income before income taxes	5,317		3,433		13,633		9,349
Income tax expense	1,751		1,130		4,465		3,019
Net income from continuing operations	3,566		2,303		9,168		6,330
Net income attributable to the Company	$	3,566	$	2,303	$	9,168	$	6,330
Assets	$	143,326	$	127,229	$	143,326	$	127,229
Amortization of intangibles	$	671	$	701	$	2,015	$	2,103
Depreciation	$	290	$	409	$	991	$	1,230

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Holding Company and Eliminations (2)	(In thousands)
Net interest income (3)	$	(1,004	)	$	(1,008	)	$	(3,172	)	$	(2,782	)
Fees and other income	2,617			9,208			8,101			36,407
Total revenue	1,613			8,200			4,929			33,625
Operating expense	3,515			7,417			10,629			29,814
Income/ (loss) before income taxes	(1,902		)	783			(5,700		)	3,811
Income tax expense/ (benefit)	(446		)	(138		)	(2,182		)	12,804
Net income/ (loss) from continuing operations	(1,456		)	921			(3,518		)	(8,993		)
Noncontrolling interests	96			924			265			2,942
Discontinued operations (4)	—			—			—			1,696
Net income/ (loss) attributable to the Company	$	(1,552	)	$	(3	)	$	(3,783	)	$	(10,239	)
Assets (including eliminations)	$	(69,589	)	$	(44,290	)	$	(69,589	)	$	(44,290	)
Amortization of intangibles	$	—		$	49		$	—		$	146
Depreciation	$	51		$	109		$	147		$	336

	Three months ended September 30,					Nine months ended September 30,
	2019		2018			2019		2018
Total Company (2)	(In thousands)
Net interest income	$	56,153	$	59,641		$	171,951	$	174,569
Fees and other income	25,126		32,314			74,754		104,152
Total revenue	81,279		91,955			246,705		278,721
Provision/ (credit) for loan losses	167		(949		)	104		(2,291		)
Operating expense	55,537		68,557			171,749		203,798
Income before income taxes	25,575		24,347			74,852		77,214
Income tax expense	5,517		5,461			15,803		28,886
Net income from continuing operations	20,058		18,886			59,049		48,328
Noncontrolling interests	96		924			265		2,942
Discontinued operations (4)	—		—			—		1,696
Net income attributable to the Company	$	19,962	$	17,962		$	58,784	$	47,082
Assets	$	8,690,944	$	8,375,840		$	8,690,944	$	8,375,840
Amortization of intangibles	$	671	$	750		$	2,015	$	2,249
Depreciation	$	2,570	$	2,916		$	8,409	$	7,579

_____________________

(1) Operating expense includes restructuring expense of $1.3 million and $0.4 million for the nine months ended September 30, 2019 related to the Private Banking and Wealth Management and Trust segments, respectively. Operating expense includes restructuring expense of $5.2 million and $0.6 million for the nine months ended September 30, 2018 related to the Private Banking and Wealth Management & Trust segments, respectively.

(2) The results of Anchor and BOS for the periods owned in 2018 are included in Holding Company and Eliminations and the Total Company.

(3) Interest expense on junior subordinated debentures is included in Holding Company and Eliminations.

(4)

The Holding Company and Eliminations calculation of net income attributable to the Company includes net income from discontinued operations of zero and $1.7 million for the nine months ended September 30, 2019 and 2018, 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.