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BUSINESS SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Income and Total Assets for Reportable Segments

The following tables present the statements of income and total assets for the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020:

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

167,893

 

 

$

8,187

 

 

$

176,080

 

Noninterest income

 

 

9,919

 

 

 

56,498

 

 

 

66,417

 

Total income

 

 

177,812

 

 

 

64,685

 

 

 

242,497

 

Provision for credit losses

 

 

6,353

 

 

 

 

 

 

6,353

 

Compensation and benefits

 

 

61,975

 

 

 

27,501

 

 

 

89,476

 

Premises and equipment expense

 

 

15,774

 

 

 

2,945

 

 

 

18,719

 

FDIC expense

 

 

1,939

 

 

 

 

 

 

1,939

 

Other noninterest expense

 

 

13,590

 

 

 

10,076

 

 

 

23,666

 

Total noninterest expense

 

 

99,631

 

 

 

40,522

 

 

 

140,153

 

Income before income tax expense

 

 

78,181

 

 

 

24,163

 

 

 

102,344

 

Income tax expense

 

 

21,453

 

 

 

6,645

 

 

 

28,098

 

Net income

 

$

56,728

 

 

$

17,518

 

 

$

74,246

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,256,664

 

 

$

96,929

 

 

$

6,353,593

 

 

 

 

 

Year Ended December 31, 2021

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

132,195

 

 

$

5,866

 

 

$

138,061

 

Noninterest income

 

 

17,342

 

 

 

54,901

 

 

 

72,243

 

Total income

 

 

149,537

 

 

 

60,767

 

 

 

210,304

 

Provision for loan losses

 

 

6,475

 

 

 

 

 

 

6,475

 

Compensation and benefits

 

 

56,970

 

 

 

24,894

 

 

 

81,864

 

Premises and equipment expense

 

 

14,805

 

 

 

2,360

 

 

 

17,165

 

FDIC expense

 

 

2,071

 

 

 

 

 

 

2,071

 

Other noninterest expense

 

 

14,407

 

 

 

10,660

 

 

 

25,067

 

Total noninterest expense

 

 

94,728

 

 

 

37,914

 

 

 

132,642

 

Income before income tax expense

 

 

54,809

 

 

 

22,853

 

 

 

77,662

 

Income tax expense

 

 

14,847

 

 

 

6,193

 

 

 

21,040

 

Net income

 

$

39,962

 

 

$

16,660

 

 

$

56,622

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

5,973,343

 

 

$

104,650

 

 

$

6,077,993

 

 

 

 

Year Ended December 31, 2020

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

121,583

 

 

$

6,019

 

 

$

127,602

 

Noninterest income

 

 

19,104

 

 

 

42,656

 

 

 

61,760

 

Total income

 

 

140,687

 

 

 

48,675

 

 

 

189,362

 

Provision for loan losses

 

 

32,400

 

 

 

 

 

 

32,400

 

Compensation and benefits

 

 

54,044

 

 

 

23,472

 

 

 

77,516

 

Premises and equipment expense

 

 

14,056

 

 

 

2,321

 

 

 

16,377

 

FDIC expense

 

 

1,975

 

 

 

 

 

 

1,975

 

Other noninterest expense

 

 

19,694

 

 

 

9,397

 

 

 

29,091

 

Total noninterest expense

 

 

122,169

 

 

 

35,190

 

 

 

157,359

 

Income before income tax expense

 

 

18,518

 

 

 

13,485

 

 

 

32,003

 

Income tax expense

 

 

2,170

 

 

 

3,641

 

 

 

5,811

 

Net income

 

$

16,348

 

 

$

9,844

 

 

$

26,192

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

5,798,770

 

 

$

91,672

 

 

$

5,890,442