REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2020

The following tables present a reconciliation of the revenues, expenses, assets, and other significant items of the reportable segments as of and for the years ended December 31, 2020, 2019, and 2018.


	Year ended December 31,
	2020		2019		2018
Private Banking (1)	(In thousands)
Net interest income	$	235,984	$	231,796	$	238,036
Fees and other income	13,625		13,869		9,366
Total revenue	249,609		245,665		247,402
Provision/(credit) for loan losses	31,998		(3,564)		(2,198)
Total operating expense (2)	167,980		157,891		165,263
Income before income taxes	49,631		91,338		84,337
Income tax expense	6,564		19,110		16,313
Net income from continuing operations	43,067		72,228		68,024


Net income attributable to the Company	$	43,067	$	72,228	$	68,024

Assets	$	9,964,691	$	8,746,289	$	8,424,967
Amortization of intangibles	$	304	$	37	$	—
Depreciation	$	10,881	$	9,737	$	8,646


	Year ended December 31,
	2020		2019		2018
Wealth Management and Trust (1)	(In thousands)
Net interest income	$	81	$	407	$	338
Fees and other income	73,100		75,949		79,192
Total revenue	73,181		76,356		79,530

Total operating expense (2)	61,948		58,375		66,492
Income before income taxes	11,233		17,981		13,038
Income tax expense	3,506		5,768		4,145
Net income from continuing operations	$	7,727	$	12,213	$	8,893


Net income attributable to the Company	$	7,727	$	12,213	$	8,893

Assets	$	152,412	$	148,803	$	130,346


Amortization of intangibles	$	2,393	$	2,654	$	2,775
Depreciation	$	1,205	$	1,297	$	1,660


	Year ended December 31,
	2020		2019		2018
Holding Company and Eliminations (1) (3)	(In thousands)
Net interest income (4)	$	(2,639)	$	(4,127)	$	(3,808)
Fees and other income	7,159		11,729		61,439
Total revenue	4,520		7,602		57,631

Total operating expense	11,337		13,940		35,600
Income/(loss) before income taxes	(6,817)		(6,338)		22,031
Income tax expense/(benefit)	(1,182)		(2,287)		17,079
Net income/(loss) from continuing operations	(5,635)		(4,051)		4,952
Net income attributable to noncontrolling interests	6		362		3,487
Net income from discontinued operations (5)	—		—		2,002
Net income/(loss) attributable to the Company	$	(5,641)	$	(4,413)	$	3,467




Assets (including eliminations)	$	(68,370)	$	(64,592)	$	(60,688)
Amortization of intangibles	$	—	$	—	$	154
Depreciation	$	151	$	194	$	388


	Year ended December 31,
	2020		2019		2018
Total Company (1) (3)	(In thousands)
Net interest income	$	233,426	$	228,076	$	234,566
Fees and other income	93,884		101,547		149,997
Total revenue	327,310		329,623		384,563
Provision/(credit) for loan losses	31,998		(3,564)		(2,198)
Total operating expense	241,265		230,206		267,355
Income before income taxes	54,047		102,981		119,406
Income tax expense	8,888		22,591		37,537
Net income from continuing operations	45,159		80,390		81,869
Net income attributable to noncontrolling interests	6		362		3,487
Net income from discontinued operations (5)	—		—		2,002
Net income attributable to the Company	$	45,153	$	80,028	$	80,384

Assets	$	10,048,733	$	8,830,501	$	8,494,625
Amortization of intangibles	$	2,697	$	2,691	$	2,929
Depreciation	$	12,237	$	11,228	$	10,694

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(1) Due to rounding, the sum of individual segment results may not add up to the Total Company results.

(2) Total operating expense related to the Private Banking and Wealth Management and Trust segments includes Restructuring expense of $1.3 million and $0.4 million, respectively, for the year ended December 31, 2019. Total operating expense related to the Private Banking and Wealth Management and Trust segments includes Restructuring expense of $6.6 million and $1.2 million, respectively, for the year ended December 31, 2018. There were no other Restructuring expenses in other periods presented.

(3) The results of Anchor and BOS for the periods owned in 2018 are included in the Holding Company and Eliminations segment. Most categories have decreased in 2020 and 2019 relative to 2018 primarily driven by the sales of Anchor and BOS. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 3: Divestitures” for additional information.

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

(5) The Holding Company and Eliminations segment calculation of Net income attributable to the Company includes Net income from discontinued operations of $2.0 million for the year ended December 31, 2018. The Company received the final payment related to a revenue sharing agreement with Westfield in the first quarter of 2018. The Company will not receive additional income from Westfield now that the final payment has been received.