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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
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 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. The Financial Services division also provides administrative and compliance services for certain mutual funds. For periods prior to the third quarter of 2024, the Company maintained an Insurance segment that included a full service insurance agency. Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment. The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services. The CODM evaluates the financial performance of the segments by evaluating revenue streams, significant expenses and budget to actual results, and provides guidance in strategy and the allocation of resources. In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for each segment reflect its own direct revenues and expenses. 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 that are necessary for purposes of reconciling to the consolidated amounts. Accounting policies for each segment are the same as those described in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025. 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 June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Total interest income | $ | 343,875 |  |  |  |  |  |  | $ | — |  |  | $ | 23 |  |  | $ | 343,898 |
Total interest expense | 116,242 |  |  |  |  |  |  | — |  |  | 8,797 |  |  | 125,039 |
Net interest income (loss) | $ | 227,633 |  |  |  |  |  |  | $ | — |  |  | $ | (8,774) |  |  | $ | 218,859 |
Provision for credit losses | 81,322 |  |  |  |  |  |  | — |  |  | — |  |  | 81,322 |
Noninterest income (loss) | 41,424 |  |  |  |  |  |  | 7,406 |  |  | (496) |  |  | 48,334 |
Salaries and employee benefits | 95,985 |  |  |  |  |  |  | 3,557 |  |  | — |  |  | 99,542 |
Net occupancy and equipment | 17,112 |  |  |  |  |  |  | 214 |  |  | 33 |  |  | 17,359 |
Other segment expenses(1) | 65,276 |  |  |  |  |  |  | 1,123 |  |  | (96) |  |  | 66,303 |
Income (loss) before income taxes | $ | 9,362 |  |  |  |  |  |  | $ | 2,512 |  |  | $ | (9,207) |  |  | $ | 2,667 |
Income tax expense (benefit) | 3,917 |  |  |  |  |  |  | 134 |  |  | (2,402) |  |  | 1,649 |
Net income (loss) | $ | 5,445 |  |  |  |  |  |  | $ | 2,378 |  |  | $ | (6,805) |  |  | $ | 1,018 |
Total assets | $ | 26,598,942 |  |  |  |  |  |  | $ | 6,110 |  |  | $ | 19,923 |  |  | $ | 26,624,975 |
Goodwill | 1,419,782 |  |  |  |  |  |  | — |  |  | — |  |  | 1,419,782 |
| Community Banks |  | Insurance |  | Wealth Management |  | Other |  | Consolidated
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Total interest income | $ | 219,708 |  |  | $ | 461 |  |  | $ | 16 |  |  | $ | 26 |  |  | $ | 220,211 |
Total interest expense | 88,284 |  |  | — |  |  | — |  |  | 6,901 |  |  | 95,185 |
Net interest income (loss) | $ | 131,424 |  |  | $ | 461 |  |  | $ | 16 |  |  | $ | (6,875) |  |  | $ | 125,026 |
Provision for credit losses | 3,300 |  |  | — |  |  | — |  |  | — |  |  | 3,300 |
Noninterest income (loss) | 29,729 |  |  | 2,877 |  |  | 6,568 |  |  | (412) |  |  | 38,762 |
Salaries and employee benefits | 65,723 |  |  | 1,839 |  |  | 3,169 |  |  | — |  |  | 70,731 |
Net occupancy and equipment | 11,513 |  |  | 131 |  |  | 200 |  |  | — |  |  | 11,844 |
Other segment expenses(2) | 27,381 |  |  | 275 |  |  | 1,382 |  |  | 363 |  |  | 29,401 |
Income (loss) before income taxes | $ | 53,236 |  |  | $ | 1,093 |  |  | $ | 1,833 |  |  | $ | (7,650) |  |  | $ | 48,512 |
Income tax expense (benefit) | 11,276 |  |  | 284 |  |  | 80 |  |  | (1,974) |  |  | 9,666 |
Net income (loss) | $ | 41,960 |  |  | $ | 809 |  |  | $ | 1,753 |  |  | $ | (5,676) |  |  | $ | 38,846 |
Total assets | $ | 17,462,835 |  |  | $ | 41,988 |  |  | $ | 5,043 |  |  | $ | 525 |  |  | $ | 17,510,391 |
Goodwill | 988,898 |  |  | 2,767 |  |  | — |  |  | — |  |  | 991,665 |
| Community Banks |  |  |  | Wealth Management |  | Other |  | Consolidated
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
Total interest income | $ | 564,182 |  |  |  |  | $ | — |  |  | $ | 46 |  |  | $ | 564,228 |
Total interest expense | 195,876 |  |  |  |  | — |  |  | 15,296 |  |  | 211,172 |
Net interest income (loss) | $ | 368,306 |  |  |  |  | $ | — |  |  | $ | (15,250) |  |  | $ | 353,056 |
Provision for credit losses | 86,072 |  |  |  |  | — |  |  | — |  |  | 86,072 |
Noninterest income (loss) | 70,785 |  |  |  |  | 14,881 |  |  | (937) |  |  | 84,729 |
Salaries and employee benefits | 164,139 |  |  |  |  | 7,360 |  |  | — |  |  | 171,499 |
Net occupancy and equipment | 28,662 |  |  |  |  | 418 |  |  | 33 |  |  | 29,113 |
Other segment expenses(1) | 93,962 |  |  |  |  | 2,104 |  |  | 402 |  |  | 96,468 |
Income (loss) before income taxes | $ | 66,256 |  |  |  |  | $ | 4,999 |  |  | $ | (16,622) |  |  | $ | 54,633 |
Income tax expense (benefit) | 16,120 |  |  |  |  | 237 |  |  | (4,260) |  |  | 12,097 |
Net income (loss) | $ | 50,136 |  |  |  |  | $ | 4,762 |  |  | $ | (12,362) |  |  | $ | 42,536 |
Total assets | $ | 26,598,942 |  |  |  |  | $ | 6,110 |  |  | $ | 19,923 |  |  | $ | 26,624,975 |
Goodwill | 1,419,782 |  |  |  |  | — |  |  | — |  |  | 1,419,782 |
| Community Banks |  | Insurance |  | Wealth Management |  | Other |  | Consolidated
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Total interest income | $ | 432,363 |  |  | $ | 942 |  |  | $ | 32 |  |  | 53 |  |  | $ | 433,390 |
Total interest expense | 171,253 |  |  | — |  |  | — |  |  | 13,821 |  |  | 185,074 |
Net interest income (loss) | $ | 261,110 |  |  | $ | 942 |  |  | $ | 32 |  |  | $ | (13,768) |  |  | $ | 248,316 |
Provision for credit losses | 5,738 |  |  | — |  |  | — |  |  | — |  |  | 5,738 |
Noninterest income (loss) | 61,220 |  |  | 6,473 |  |  | 13,201 |  |  | (751) |  |  | 80,143 |
Salaries and employee benefits | 132,124 |  |  | 3,619 |  |  | 6,458 |  |  | — |  |  | 142,201 |
Net occupancy and equipment | 22,617 |  |  | 220 |  |  | 396 |  |  | — |  |  | 23,233 |
Other segment expenses(2) | 55,043 |  |  | 553 |  |  | 3,082 |  |  | 776 |  |  | 59,454 |
Income (loss) before income taxes | $ | 106,808 |  |  | $ | 3,023 |  |  | $ | 3,297 |  |  | $ | (15,295) |  |  | $ | 97,833 |
Income tax expense (benefit) | 22,640 |  |  | 785 |  |  | 100 |  |  | (3,947) |  |  | 19,578 |
Net income (loss) | $ | 84,168 |  |  | $ | 2,238 |  |  | $ | 3,197 |  |  | $ | (11,348) |  |  | $ | 78,255 |
Total assets | $ | 17,462,835 |  |  | $ | 41,988 |  |  | $ | 5,043 |  |  | $ | 525 |  |  | $ | 17,510,391 |
Goodwill | 988,898 |  |  | 2,767 |  |  | — |  |  | — |  |  | 991,665 |
(1) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion related expenses and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. (2) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. Other segment expenses for Insurance included data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.

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- Definition The entire disclosure for reporting segments including data and tables. 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