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Segment Reporting | 9 Months Ended
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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 |  | Other |  | Consolidated
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Net interest income (loss) | $ | 137,860 |  |  |  |  |  |  | $ | 15 |  |  | $ | (6,877) |  |  | $ | 130,998 |
Provision for credit losses | 935 |  |  |  |  |  |  | — |  |  | — |  |  | 935 |
Noninterest income (loss) | 83,244 |  |  |  |  |  |  | 6,447 |  |  | (392) |  |  | 89,299 |
Noninterest expense | 117,035 |  |  |  |  |  |  | 4,511 |  |  | 437 |  |  | 121,983 |
Income (loss) before income taxes | 103,134 |  |  |  |  |  |  | 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 |  |  |  | Insurance |  | Wealth Management |  | Other |  | Consolidated
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Net interest income (loss) | $ | 133,901 |  |  |  |  | $ | 456 |  |  | $ | 16 |  |  | $ | (6,990) |  |  | $ | 127,383 |
Provision for credit losses | 4,615 |  |  |  |  | — |  |  | — |  |  | — |  |  | 4,615 |
Noninterest income (loss) | 28,956 |  |  |  |  | 3,276 |  |  | 6,361 |  |  | (393) |  |  | 38,200 |
Noninterest expense | 100,902 |  |  |  |  | 2,237 |  |  | 4,739 |  |  | 491 |  |  | 108,369 |
Income (loss) before income taxes | 57,340 |  |  |  |  | 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 |  |  |  | Insurance |  | Wealth Management |  | Other |  | Consolidated
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Net interest income (loss) | $ | 398,970 |  |  |  |  | $ | 942 |  |  | $ | 47 |  |  | $ | (20,645) |  |  | $ | 379,314 |
Provision for credit losses | 6,673 |  |  |  |  | — |  |  | — |  |  | — |  |  | 6,673 |
Noninterest income (loss) | 145,179 |  |  |  |  | 6,473 |  |  | 18,933 |  |  | (1,143) |  |  | 169,442 |
Noninterest expense | 327,541 |  |  |  |  | 4,392 |  |  | 13,725 |  |  | 1,213 |  |  | 346,871 |
Income (loss) before income taxes | 209,935 |  |  |  |  | 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 losses | 13,075 |  |  |  |  | — |  |  | — |  |  | — |  |  | 13,075 |
Noninterest income (loss) | 66,895 |  |  |  |  | 9,497 |  |  | 17,524 |  |  | (1,197) |  |  | 92,719 |
Noninterest expense | 306,666 |  |  |  |  | 6,346 |  |  | 13,473 |  |  | 1,257 |  |  | 327,742 |
Income (loss) before income taxes | 159,224 |  |  |  |  | 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 |

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