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BUSINESS SEGMENTS (Tables)
9 Months Ended
Sep. 30, 2019
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 Corporation’s reportable segments for the three and nine months ended September 30, 2019 and 2018.

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

 

 

 

Management

 

 

 

 

 

(In thousands)

 

Banking

 

 

Division

 

 

Total

 

Net interest income

 

$

28,836

 

 

$

1,249

 

 

$

30,085

 

Noninterest income

 

 

4,561

 

 

 

9,855

 

 

 

14,416

 

Total income

 

 

33,397

 

 

 

11,104

 

 

 

44,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

800

 

 

 

 

 

 

800

 

Compensation and benefits

 

 

11,776

 

 

 

5,700

 

 

 

17,476

 

Premises and equipment expense

 

 

3,294

 

 

 

555

 

 

 

3,849

 

FDIC expense

 

 

(277

)

 

 

 

 

 

(277

)

Other noninterest expense

 

 

2,985

 

 

 

2,226

 

 

 

5,211

 

Total noninterest expense

 

 

18,578

 

 

 

8,481

 

 

 

27,059

 

Income before income tax expense

 

 

14,819

 

 

 

2,623

 

 

 

17,442

 

Income tax expense

 

 

4,399

 

 

 

817

 

 

 

5,216

 

Net income

 

$

10,420

 

 

$

1,806

 

 

$

12,226

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

 

 

 

Management

 

 

 

 

 

(In thousands)

 

Banking

 

 

Division

 

 

Total

 

Net interest income

 

$

27,032

 

 

$

1,110

 

 

$

28,142

 

Noninterest income

 

 

2,570

 

 

 

8,413

 

 

 

10,983

 

Total income

 

 

29,602

 

 

 

9,523

 

 

 

39,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

500

 

 

 

 

 

 

500

 

Compensation and benefits

 

 

11,257

 

 

 

4,768

 

 

 

16,025

 

Premises and equipment expense

 

 

2,967

 

 

 

432

 

 

 

3,399

 

FDIC Expense

 

 

593

 

 

 

 

 

 

593

 

Other noninterest expense

 

 

2,348

 

 

 

1,919

 

 

 

4,267

 

Total noninterest expense

 

 

17,665

 

 

 

7,119

 

 

 

24,784

 

Income before income tax expense

 

 

11,937

 

 

 

2,404

 

 

 

14,341

 

Income tax expense

 

 

3,002

 

 

 

615

 

 

 

3,617

 

Net income

 

$

8,935

 

 

$

1,789

 

 

$

10,724

 

 

 

 

Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

 

 

 

Management

 

 

 

 

 

(In thousands)

 

Banking

 

 

Division

 

 

Total

 

Net interest income

 

$

85,336

 

 

$

4,024

 

 

$

89,360

 

Noninterest income

 

 

9,991

 

 

 

29,180

 

 

 

39,171

 

Total income

 

 

95,327

 

 

 

33,204

 

 

 

128,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

2,050

 

 

 

 

 

 

2,050

 

Compensation and benefits

 

 

36,458

 

 

 

15,717

 

 

 

52,175

 

Premises and equipment expense

 

 

9,265

 

 

 

1,572

 

 

 

10,837

 

FDIC expense

 

 

277

 

 

 

 

 

 

277

 

Other noninterest expense

 

 

8,296

 

 

 

6,562

 

 

 

14,858

 

Total noninterest expense

 

 

56,346

 

 

 

23,851

 

 

 

80,197

 

Income before income tax expense

 

 

38,981

 

 

 

9,353

 

 

 

48,334

 

Income tax expense

 

 

10,592

 

 

 

2,541

 

 

 

13,133

 

Net income

 

$

28,389

 

 

$

6,812

 

 

$

35,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

4,840,002

 

 

$

85,407

 

 

$

4,925,409

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

 

 

 

Management

 

 

 

 

 

(In thousands)

 

Banking

 

 

Division

 

 

Total

 

Net interest income

 

$

81,833

 

 

$

3,945

 

 

$

85,778

 

Noninterest income

 

 

7,550

 

 

 

25,388

 

 

 

32,938

 

Total income

 

 

89,383

 

 

 

29,333

 

 

 

118,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

2,050

 

 

 

 

 

 

2,050

 

Compensation and benefits

 

 

33,520

 

 

 

12,910

 

 

 

46,430

 

Premises and equipment expense

 

 

8,788

 

 

 

1,287

 

 

 

10,075

 

FDIC Expense

 

 

1,798

 

 

 

 

 

 

1,798

 

Other noninterest expense

 

 

8,300

 

 

 

5,959

 

 

 

14,259

 

Total noninterest expense

 

 

54,456

 

 

 

20,156

 

 

 

74,612

 

Income before income tax expense

 

 

34,927

 

 

 

9,177

 

 

 

44,104

 

Income tax expense

 

 

8,444

 

 

 

2,219

 

 

 

10,663

 

Net income

 

$

26,483

 

 

$

6,958

 

 

$

33,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

4,367,950

 

 

$

67,759

 

 

$

4,435,709