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Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined based on customer type, the channels where customers are served, and the products and services provided. The chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer of the Company. The CODM regularly reviews the Company’s operating results to allocate resources and assess performance. Operating segment results are also based on the Company’s internal management reporting process, which reflects the allocations of certain balance sheet and income statement line items. The CODM uses certain performance measures such as segment net income and considers variances of actual results from forecast results on a quarterly basis when making decisions on resource allocations between segments. The segment information presented is not indicative of how the segments would perform if they operated as independent entities.

The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, private banking, treasury management, interest rate risk hedging and foreign exchange services.

The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services and interest rate and commodity risk hedging.
The remaining centralized functions, including the corporate treasury activities of the Company, tax credit investment activity, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment.

The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The Company’s internal reporting process consists of certain allocation methodologies for revenues and expenses, and the internal funds transfer pricing (“FTP”) process. The FTP process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as providing a reasonable and consistent basis for the measurement of business segment net interest margins and profitability. The FTP process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Treasury and Other segment. The corporate treasury function within the Treasury and Other segment is responsible for the Company’s liquidity and interest rate management and manages the corporate interest rate risk exposure. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

Each segment’s net interest income represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s FTP process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Loan charge-offs and provision for credit losses are recorded to the segments, where the loans are recorded. Significant corporate overhead expenses incurred by centralized support areas in the Treasury and Other segment are allocated to the Consumer and Business Banking and Commercial Banking segments based on the segment’s estimated usage factors including, but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Amortization of tax credit and CRA investments and certain types of administrative expenses are generally not allocated to segments.

During the third quarter of 2024, the Company refined its segment allocation methodology and reclassified certain deposits and their related income or expenses from the “Consumer and Business Banking” segment to the “Commercial Banking” or “Treasury and Other” segments, and certain loan balances and their related income or expenses from the “Commercial Banking” segment to the “Treasury and Other” segment. The impacted 2024 balances have been reclassified for comparability.
The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and six months ended June 30, 2025 and 2024:
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended June 30, 2025
Net interest income before provision for credit losses
$273,073 $254,144 $89,857 $617,074 
Noninterest income27,729 49,751 8,698 86,178 
Total revenue before provision for credit losses300,802 303,895 98,555 703,252 
Provision for (reversal of) credit losses
6,775 38,724 (499)45,000 
Compensation and employee benefits58,151 57,592 29,098 144,841 
Other noninterest expense (1)
57,252 36,053 17,874 111,179 
Total noninterest expense115,403 93,645 46,972 256,020 
Segment income before income taxes
178,624 171,526 52,082 402,232 
Segment net income$128,295 $123,207 $58,751 $310,253 
Average balances:
Loans$20,183,539 $33,767,859 $330,034 $54,281,432 
Deposits$32,750,578 $26,318,154 $4,609,100 $63,677,832 
As of June 30, 2025
Segment assets$20,735,714 $36,134,621 $21,287,732 $78,158,067 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended June 30, 2024
Net interest income (loss) before provision for credit losses
$292,593 $278,286 $(17,650)$553,229 
Noninterest income26,896 50,818 6,457 84,171 
Total revenue (loss) before provision for credit losses
319,489 329,104 (11,193)637,400 
(Reversal of) provision for credit losses
(3,245)40,155 90 37,000 
Compensation and employee benefits53,743 56,840 23,005 133,588 
Other noninterest expense (1)
54,968 39,997 7,379 102,344 
Total noninterest expense108,711 96,837 30,384 235,932 
Segment income (loss) before income taxes214,023 192,112 (41,667)364,468 
Segment net income
$150,761 $135,544 $1,925 $288,230 
Average balances:
Loans$18,785,998 $32,706,625 $426,165 $51,918,788 
Deposits$30,438,157 $25,519,976 $2,722,666 $58,680,799 
As of June 30, 2024
Segment assets$19,358,010 $35,642,552 $17,467,710 $72,468,272 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Six Months Ended June 30, 2025
Net interest income before provision for credit losses
$542,806 $507,145 $167,324 $1,217,275 
Noninterest income60,014 103,330 14,936 178,280 
Total revenue before provision for credit losses602,820 610,475 182,260 1,395,555 
Provision for credit losses
14,460 79,503 37 94,000 
Compensation and employee benefits120,115 118,779 52,382 291,276 
Other noninterest expense (1)
114,444 78,371 24,077 216,892 
Total noninterest expense234,559 197,150 76,459 508,168 
Segment income before income taxes
353,801 333,822 105,764 793,387 
Segment net income$251,383 $237,232 $111,908 $600,523 
Average balances:
Loans$19,974,077 $33,490,986 $347,116 $53,812,179 
Deposits$32,539,912 $26,225,420 $4,395,249 $63,160,581 
As of June 30, 2025
Segment assets$20,735,714 $36,134,621 $21,287,732 $78,158,067 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Six Months Ended June 30, 2024
Net interest income (loss) before provision for credit losses
$589,432 $566,902 $(37,966)$1,118,368 
Noninterest income52,318 96,057 14,283 162,658 
Total revenue (loss) before provision for credit losses
641,750 662,959 (23,683)1,281,026 
(Reversal of) provision for credit losses
(681)63,062 (381)62,000 
Compensation and employee benefits107,692 118,299 49,409 275,400 
Other noninterest expense (1)
118,139 84,351 4,416 206,906 
Total noninterest expense225,831 202,650 53,825 482,306 
Segment income (loss) before income taxes416,600 397,247 (77,127)736,720 
Segment net income (loss)
$293,461 $280,187 $(343)$573,305 
Average balances:
Loans$18,700,674 $32,793,986 $427,154 $51,921,814 
Deposits$29,872,472 $25,341,564 $2,847,565 $58,061,601 
As of June 30, 2024
Segment assets$19,358,010 $35,642,552 $17,467,710 $72,468,272 
(1)The Consumer and Business Banking segment's other noninterest expense is primarily comprised of corporate overhead allocated expenses, occupancy and equipment expense, and other operating expenses. The Commercial Banking segment’s other noninterest expense is primarily comprised of corporate overhead allocated expenses, deposit account expense, and other operating expenses. The Treasury and Other segment's other noninterest expense is primarily comprised of amortization of tax credit and CRA investments, and other operating expenses, net of any corporate overhead expenses allocated to other segments.