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Operating Segments and Related Information
 9 Months Ended
Sep. 30, 2020
Operating Segments and Related Information  
Operating Segments and Related Information

Note 12: Operating Segments and Related Information

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The Company has three reportable operating segments: Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois, the St. Louis, Missouri metropolitan area, southwest Florida and through its banking center in Indianapolis, Indiana. The Remittance Processing operating segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management operating segment provides a full range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services and farm and brokerage services.

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The Company’s three operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. The “other” category consists of the Parent Company and the elimination of intercompany transactions.

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The segment financial information provided below has been derived from information used by management to monitor and manage the financial performance of the Company. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies in the “Note 1. Significant Accounting Policies” to Form 10-K. The Company accounts for intersegment revenue and transfers at current market value.

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Following is a summary of selected financial information for the Company’s operating segments (dollars in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Total Assets

​

    

September 30, 2020

    

December 31, 2019

    

September 30, 2020

    

December 31, 2019

Banking

​

$

288,436

​

$

288,436

​

$

10,457,479

​

$

9,632,368

Remittance Processing

​

 

8,992

​

 

8,992

​

 

46,124

​

 

44,209

Wealth Management

​

 

14,108

​

 

14,108

​

 

42,593

​

 

32,760

Other

​

 

—

​

 

—

​

 

(6,568)

​

 

(13,608)

Totals

​

$

311,536

​

$

311,536

​

$

10,539,628

​

$

9,695,729

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2020

    

2019

    

2020

    

2019

Net interest income:

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

73,330

​

$

75,955

​

$

218,221

​

$

222,537

Remittance Processing

​

​

21

​

​

20

​

​

59

​

​

56

Wealth Management

​

 

—

​

 

—

​

 

—

​

 

—

Other

​

 

(3,598)

​

 

(2,499)

​

 

(8,281)

​

 

(7,306)

Total net interest income

​

$

69,753

​

$

73,476

​

$

209,999

​

$

215,287

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest income:

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

18,523

​

$

18,301

​

$

45,717

​

$

46,743

Remittance Processing

​

 

4,287

​

 

4,088

​

 

12,318

​

 

12,386

Wealth Management

​

 

10,662

​

 

8,994

​

 

32,681

​

 

27,721

Other

​

 

(1,187)

​

 

(447)

​

 

(2,950)

​

 

(2,073)

Total non-interest income

​

$

32,285

​

$

30,936

​

$

87,766

​

$

84,777

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

44,863

​

$

56,593

​

$

135,037

​

$

158,659

Remittance Processing

​

​

3,523

​

​

2,746

​

​

9,669

​

​

8,099

Wealth Management

​

​

6,497

​

​

6,043

​

​

19,725

​

​

17,356

Other

​

​

1,659

​

​

2,739

​

​

5,693

​

​

9,190

Total non-interest expense

​

$

56,542

​

$

68,121

​

$

170,124

​

$

193,304

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes:

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

41,441

​

$

34,252

​

$

93,245

​

$

102,582

Remittance Processing

​

​

785

​

​

1,362

​

​

2,708

​

​

4,343

Wealth Management

​

​

4,165

​

​

2,951

​

​

12,956

​

​

10,365

Other

​

​

(6,444)

​

​

(5,685)

​

​

(16,924)

​

​

(18,569)

Total income before income taxes

​

$

39,947

​

$

32,880

​

$

91,985

​

$

98,721

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income:

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

31,744

​

$

25,731

​

$

72,653

​

$

76,837

Remittance Processing

​

 

578

​

 

972

​

 

1,966

​

 

3,102

Wealth Management

​

 

3,166

​

 

2,184

​

 

9,847

​

 

7,670

Other

​

 

(4,659)

​

 

(4,059)

​

 

(12,467)

​

 

(13,227)

Total net income

​

$

30,829

​

$

24,828

​

$

71,999

​

$

74,382

​