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Business Segments
 9 Months Ended
Sep. 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.

The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and nine months ended September 30, 2025 and 2024:
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2025
Net interest income before provision for (reversal of) credit losses
$275,389 $265,935 $136,206 $677,530 
Noninterest income31,191 57,983 11,343 100,517 
Total revenue before provision for (reversal of ) credit losses
306,580 323,918 147,549 778,047 
Provision for (reversal of) credit losses
16,679 35,580 (16,259)36,000 
Compensation and employee benefits60,471 62,282 52,832 175,585 
Other noninterest expense (1)
57,695 36,413 7,230 101,338 
Total noninterest expense118,166 98,695 60,062 276,923 
Segment income before income taxes
171,735 189,643 103,746 465,124 
Segment net income$123,347 $136,267 $108,780 $368,394 
Average balances:
Loans$20,500,553 $34,408,431 $299,594 $55,208,578 
Deposits$33,883,506 $28,027,523 $4,278,738 $66,189,767 
As of September 30, 2025
Segment assets$21,078,748 $36,867,668 $21,723,115 $79,669,531 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2024
Net interest income (loss) before provision for (reversal of) credit losses
$290,884 $288,704 $(6,866)$572,722 
Noninterest income27,970 45,577 10,848 84,395 
Total revenue before provision for (reversal of ) credit losses
318,854 334,281 3,982 657,117 
Provision for (reversal of) credit losses
5,927 36,934 (861)42,000 
Compensation and employee benefits53,865 57,582 24,017 135,464 
Other noninterest expense (1)
58,141 36,020 (3,825)90,336 
Total noninterest expense112,006 93,602 20,192 225,800 
Segment income (loss) before income taxes200,921 203,745 (15,349)389,317 
Segment net income
$141,532 $143,218 $14,416 $299,166 
Average balances:
Loans$19,048,831 $32,975,235 $396,450 $52,420,516 
Deposits$31,462,739 $26,310,972 $2,811,545 $60,585,256 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Nine Months Ended September 30, 2025
Net interest income before provision for (reversal of) credit losses
$818,195 $773,080 $303,530 $1,894,805 
Noninterest income91,205 161,313 26,279 278,797 
Total revenue before provision for (reversal of ) credit losses
909,400 934,393 329,809 2,173,602 
Provision for (reversal of) credit losses
31,139 115,083 (16,222)130,000 
Compensation and employee benefits180,585 181,061 105,215 466,861 
Other noninterest expense (1)
172,140 114,784 31,306 318,230 
Total noninterest expense352,725 295,845 136,521 785,091 
Segment income before income taxes
525,536 523,465 209,510 1,258,511 
Segment net income$374,730 $373,499 $220,688 $968,917 
Average balances:
Loans$20,151,497 $33,800,162 $331,101 $54,282,760 
Deposits$32,992,699 $26,832,722 $4,355,985 $64,181,406 
As of September 30, 2025
Segment assets$21,078,748 $36,867,668 $21,723,115 $79,669,531 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Nine Months Ended September 30, 2024
Net interest income (loss) before provision for (reversal of) credit losses
$880,316 $855,607 $(44,833)$1,691,090 
Noninterest income80,288 141,634 25,131 247,053 
Total revenue (loss) before provision for (reversal of) credit losses
960,604 997,241 (19,702)1,938,143 
Provision for (reversal of) credit losses
5,246 99,996 (1,242)104,000 
Compensation and employee benefits161,557 175,881 73,426 410,864 
Other noninterest expense (1)
176,279 120,371 592 297,242 
Total noninterest expense337,836 296,252 74,018 708,106 
Segment income (loss) before income taxes617,522 600,993 (92,478)1,126,037 
Segment net income
$434,992 $423,407 $14,072 $872,471 
Average balances:
Loans$18,817,573 $32,854,843 $416,845 $52,089,261 
Deposits$30,406,431 $25,667,059 $2,835,470 $58,908,960 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
(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.