v3.25.2
Segment Reporting
 6 Months Ended
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		OtherConsolidated
Three months ended June 30, 2025
Total interest income$343,875 $— $23 $343,898 
Total interest expense116,242 — 8,797 125,039 
Net interest income (loss)$227,633 $— $(8,774)$218,859 
Provision for credit losses81,322 — — 81,322 
Noninterest income (loss)41,424 7,406 (496)48,334 
Salaries and employee benefits95,985 3,557 — 99,542 
Net occupancy and equipment17,112 214 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 
Goodwill1,419,782 — — 1,419,782 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended June 30, 2024
Total interest income$219,708 $461 $16 $26 $220,211 
Total interest expense88,284 — — 6,901 95,185 
Net interest income (loss)$131,424 $461 $16 $(6,875)$125,026 
Provision for credit losses3,300 — — — 3,300 
Noninterest income (loss)29,729 2,877 6,568 (412)38,762 
Salaries and employee benefits65,723 1,839 3,169 — 70,731 
Net occupancy and equipment11,513 131 200 — 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 
Goodwill988,898 2,767 — — 991,665 
Community
Banks		Wealth
Management		OtherConsolidated
Six months ended June 30, 2025
Total interest income$564,182 $— $46 $564,228 
Total interest expense195,876 — 15,296 211,172 
Net interest income (loss)$368,306 $— $(15,250)$353,056 
Provision for credit losses86,072 — — 86,072 
Noninterest income (loss)70,785 14,881 (937)84,729 
Salaries and employee benefits164,139 7,360 — 171,499 
Net occupancy and equipment28,662 418 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 
Goodwill1,419,782 — — 1,419,782 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2024
Total interest income$432,363 $942 $32 53 $433,390 
Total interest expense171,253 — — 13,821 185,074 
Net interest income (loss)$261,110 $942 $32 $(13,768)$248,316 
Provision for credit losses5,738 — — — 5,738 
Noninterest income (loss)61,220 6,473 13,201 (751)80,143 
Salaries and employee benefits132,124 3,619 6,458 — 142,201 
Net occupancy and equipment22,617 220 396 — 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 
Goodwill988,898 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.