Reportable Segments Management reporting The Company has two reportable segments: (i) Private Banking and (ii) Wealth Management and Trust, as well as Boston Private Financial Holdings, Inc. (the Holding Company) within Holding Company and Eliminations. The financial performance of the Company is managed and evaluated according to these two segments. Each segment is managed by a segment leader (Segment Leader) who has full authority and responsibility for the performance and the allocation of resources within their segment. The Companys Chief Executive Officer (CEO) is the Companys Chief Operating Decision Maker (CODM). The Segment Leader for Private Banking is the CEO of Boston Private Bank, who is also the Companys CEO. The Banks banking operations are reported in the Private Banking segment. The Segment Leader for Wealth Management and Trust is the President of Private Banking, Wealth and Trust. The Segment Leader of Wealth Management and Trust reports to the CEO of the Company. The Segment Leaders have authority with respect to the allocation of capital within their respective segments, management oversight responsibility, performance assessments, and overall authority and accountability within their respective segment. The Companys CODM communicates with the President of Private Banking, Wealth and Trust regarding profit and loss responsibility, strategic planning, priority setting and other matters. The Companys Chief Financial Officer reviews all financial detail with the CODM on a monthly basis. Description of reportable segments Private Banking The Private Banking segment operates primarily in three geographic markets: New England, Northern California and Southern California. The Bank conducts business under the name of Boston Private Bank &amp; Trust Company in all markets. The Bank is chartered by the Commonwealth of Massachusetts and is insured by the FDIC. The Bank is principally engaged in providing private banking services to high net worth individuals, privately-owned businesses and partnerships, and nonprofit organizations. In addition, the Bank is an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses. Wealth Management and Trust The Wealth Management and Trust segment is comprised of the trust operations of the Bank and the operations of Boston Private Wealth. On September 1, 2019, KLS merged into Boston Private Wealth. As a result, the results of KLS are included in the results of Boston Private Wealth within the Wealth Management and Trust segment for all periods presented. The Wealth Management and Trust segment offers planning-based financial strategies, wealth management, family office, financial planning, tax planning, and trust services to individuals, families, institutions, and nonprofit institutions. The Wealth Management and Trust segment operates in New England, New York, Southeast Florida, Northern California and Southern California. Changes to segment reporting With the integration of KLS into Boston Private Wealth in the third quarter of 2019, the Company reorganized the segment reporting structure to align with how the Company's financial performance and strategy is reviewed and managed. The results of KLS are included in the results of Boston Private Wealth within the Wealth Management and Trust segment, and the results of DGHM are included in Holding Company and Eliminations for all periods presented. Measurement of segment profit and assets The accounting policies of the segments are the same as those described in Part I. Item 1. "Notes to Unaudited Consolidated Financial Statements - Note 1: Basis of Presentation and Summary of Significant Accounting Policies." Reconciliation of reportable segment items The following tables present a reconciliation of the revenues, expenses, assets, and other significant items of the reportable segments as of and for the three and nine months ended September 30, 2020 and 2019. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Private Banking (1) (In thousands) Net interest income $ 58,325 $ 57,058 $ 176,105 $ 174,814 Fees and other income 2,487 3,403 7,192 9,465 Total revenue 60,812 60,461 183,297 184,279 Provision/(credit) for loan losses (4,569) 167 34,997 104 Operating expense (2) 43,128 38,134 128,630 117,256 Income before income taxes 22,253 22,160 19,670 66,919 Income tax expense 2,946 4,212 760 13,520 Net income before attribution to noncontrolling interests 19,307 17,948 18,910 53,399 Net income attributable to the Company $ 19,307 $ 17,948 $ 18,910 $ 53,399 Assets $ 9,366,642 $ 8,617,207 $ 9,366,642 $ 8,617,207 Amortization of intangibles $ 76 $  $ 217 $  Depreciation $ 2,684 $ 2,229 $ 7,921 $ 7,271 Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Wealth Management and Trust (1) (In thousands) Net interest income $ 1 $ 99 $ 80 $ 309 Fees and other income 18,272 19,106 54,049 57,188 Total revenue 18,273 19,205 54,129 57,497 Operating expense (2) 15,540 13,888 45,640 43,864 Income before income taxes 2,733 5,317 8,489 13,633 Income tax expense 808 1,751 2,780 4,465 Net income before attribution to noncontrolling interests 1,925 3,566 5,709 9,168 Net income attributable to the Company $ 1,925 $ 3,566 $ 5,709 $ 9,168 Assets $ 149,105 $ 143,326 $ 149,105 $ 143,326 Amortization of intangibles $ 638 $ 671 $ 1,914 $ 2,015 Depreciation $ 282 $ 290 $ 862 $ 991 Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Holding Company and Eliminations (1) (In thousands) Net interest income (3) $ (502) $ (1,004) $ (2,166) $ (3,172) Fees and other income 2,286 2,617 5,987 8,101 Total revenue 1,784 1,613 3,821 4,929 Operating expense 2,269 3,515 9,028 10,629 Income/(loss) before income taxes (485) (1,902) (5,207) (5,700) Income tax expense/(benefit) (1,933) (446) (776) (2,182) Net income/(loss) before attribution to noncontrolling interests 1,448 (1,456) (4,431) $ (3,518) Noncontrolling interests  96 6 265 Net income/(loss) attributable to the Company $ 1,448 $ (1,552) $ (4,437) $ (3,783) Assets (including eliminations) $ (84,442) $ (69,589) $ (84,442) $ (69,589) Depreciation $ 36 $ 51 $ 113 $ 147 Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Total Company (1) (In thousands) Net interest income $ 57,824 $ 56,153 $ 174,019 $ 171,951 Fees and other income 23,045 25,126 67,228 74,754 Total revenue 80,869 81,279 241,247 246,705 Provision/(credit) for loan losses (4,569) 167 34,997 104 Operating expense 60,937 55,537 183,298 171,749 Income before income taxes 24,501 25,575 22,952 74,852 Income tax expense 1,821 5,517 2,764 15,803 Net income before attribution to noncontrolling interests 22,680 20,058 20,188 59,049 Noncontrolling interests  96 6 265 Net income attributable to the Company $ 22,680 $ 19,962 $ 20,182 $ 58,784 Assets $ 9,431,305 $ 8,690,944 $ 9,431,305 $ 8,690,944 Amortization of intangibles $ 714 $ 671 $ 2,131 $ 2,015 Depreciation $ 3,002 $ 2,570 $ 8,896 $ 8,409 _____________________ (1) Due to rounding, the sum of individual segment results may not add up to the Total Company results. (2) Operating expense related to the Private Banking and Wealth Management and Trust segments includes restructuring expense of $1.3 million and $0.4 million, respectively, for the nine months ended September 30, 2019. There were no other restructuring expenses in other periods presented. (3) Interest expense on junior subordinated debentures is included in Holding Company and Eliminations.