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Segment Reporting
9 Months Ended
Sep. 30, 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-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.
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.
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
InsuranceWealth
Management
OtherConsolidated
Three months ended September 30, 2023
Net interest income (loss)$133,909 $456 $$(6,990)$127,383 
Provision for credit losses5,315 — — — 5,315 
Noninterest income (loss)28,679 3,276 6,638 (393)38,200 
Noninterest expense99,791 2,237 5,150 491 107,669 
Income (loss) before income taxes57,482 1,495 1,496 (7,874)52,599 
Income tax expense (benefit)12,339 387 72 (2,032)10,766 
Net income (loss)$45,143 $1,108 $1,424 $(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 
Three months ended September 30, 2022
Net interest income (loss)$134,528 $98 $794 $(5,102)$130,318 
Provision for credit losses9,800 — — — 9,800 
Noninterest income (loss)32,324 3,123 6,132 (393)41,186 
Noninterest expense94,474 2,190 4,553 357 101,574 
Income (loss) before income taxes62,578 1,031 2,373 (5,852)60,130 
Income tax expense (benefit)14,811 268 — (1,516)13,563 
Net income (loss)$47,767 $763 $2,373 $(4,336)$46,567 
Total assets$16,369,592 $35,761 $73,704 $(7,958)$16,471,099 
Goodwill$943,524 $2,767 — — $946,291 
Community
Banks
InsuranceWealth
Management
OtherConsolidated
Nine months ended September 30, 2023
Net interest income (loss)$412,066 $1,170 $56 $(19,918)$393,374 
Provision for credit losses16,275 — — — 16,275 
Noninterest income (loss)66,331 9,497 18,088 (1,197)92,719 
Noninterest expense302,454 6,346 14,485 1,257 324,542 
Income (loss) before income taxes159,668 4,321 3,659 (22,372)145,276 
Income tax expense (benefit)33,319 1,119 58 (5,774)28,722 
Net income (loss)$126,349 $3,202 $3,601 $(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 
Nine months ended September 30, 2022
Net interest income (loss)$356,040 $286 $1,813 $(14,677)$343,462 
Provision for credit losses13,300 — — — 13,300 
Noninterest income (loss)89,359 8,831 18,952 (1,284)115,858 
Noninterest expense272,594 6,311 13,899 1,069 293,873 
Income (loss) before income taxes159,505 2,806 6,866 (17,030)152,147 
Income tax expense (benefit)36,035 734 — (4,414)32,355 
Net income (loss)$123,470 $2,072 $6,866 $(12,616)$119,792 
Total assets$16,369,592 $35,761 $73,704 $(7,958)$16,471,099 
Goodwill$943,524 $2,767 $— $— $946,291