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Business Segments (Tables)
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Financial Information by Business Segment

Condensed financial information by business segment is presented below:

 

(in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Consolidated

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

711,516

 

 

$

 

 

$

711,516

 

Interest expense

 

 

230,178

 

 

 

 

 

 

230,178

 

Net interest income

 

 

481,338

 

 

 

 

 

 

481,338

 

Provision for credit losses

 

 

17,734

 

 

 

 

 

 

17,734

 

Net interest income after provision for credit losses

 

 

463,604

 

 

 

 

 

 

463,604

 

Non-interest income

 

 

92,312

 

 

 

28,135

 

 

 

120,447

 

Non-interest expense

 

 

370,771

 

 

 

19,231

 

 

 

390,002

 

Income before provision for income taxes

 

 

185,145

 

 

 

8,904

 

 

 

194,049

 

Provision for income taxes

 

 

33,147

 

 

 

1,870

 

 

 

35,017

 

Net income

 

 

151,998

 

 

 

7,034

 

 

 

159,032

 

Preferred stock dividends

 

 

10,125

 

 

 

 

 

 

10,125

 

Net income available to common shareholders

 

$

141,873

 

 

$

7,034

 

 

$

148,907

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

513,656

 

 

$

 

 

$

513,656

 

Interest expense

 

 

39,343

 

 

 

 

 

 

39,343

 

Net interest income

 

 

474,313

 

 

 

 

 

 

474,313

 

Provision for credit losses

 

 

(1,663

)

 

 

 

 

 

(1,663

)

Net interest income after provision for credit losses

 

 

475,976

 

 

 

 

 

 

475,976

 

Non-interest income

 

 

89,840

 

 

 

27,551

 

 

 

117,391

 

Non-interest expense

 

 

340,573

 

 

 

16,393

 

 

 

356,966

 

Income before provision for income taxes

 

 

225,243

 

 

 

11,158

 

 

 

236,401

 

Provision for income taxes

 

 

41,945

 

 

 

2,343

 

 

 

44,288

 

Net income

 

 

183,298

 

 

 

8,815

 

 

 

192,113

 

Preferred stock dividends

 

 

10,125

 

 

 

 

 

 

10,125

 

Net income available to common shareholders

 

$

173,173

 

 

$

8,815

 

 

$

181,988

 

For the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

484,967

 

 

$

 

 

$

484,967

 

Interest expense

 

 

27,034

 

 

 

 

 

 

27,034

 

Net interest income

 

 

457,933

 

 

 

 

 

 

457,933

 

Provision for credit losses

 

 

(64,274

)

 

 

 

 

 

(64,274

)

Net interest income after provision for credit losses

 

 

522,207

 

 

 

 

 

 

522,207

 

Non-interest income

 

 

103,274

 

 

 

29,511

 

 

 

132,785

 

Non-interest expense

 

 

336,766

 

 

 

16,377

 

 

 

353,143

 

Income before provision for income taxes

 

 

288,715

 

 

 

13,134

 

 

 

301,849

 

Provision for income taxes

 

 

56,831

 

 

 

2,758

 

 

 

59,589

 

Net income

 

 

231,884

 

 

 

10,376

 

 

 

242,260

 

Preferred stock dividends

 

 

10,125

 

 

 

 

 

 

10,125

 

Net income available to common shareholders

 

$

221,759

 

 

$

10,376

 

 

$

232,135