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Business Segments
 3 Months Ended
Mar. 31, 2026
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 through which 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, equipment financing, and loan syndication. 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 activities, 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 months ended March 31, 2026 and 2025:
($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Three Months Ended March 31, 2026
Net interest income before provision for (reversal of) credit losses
$269,247 $261,286 $140,660 $671,193 
Noninterest income39,962 54,331 8,263 102,556 
Total revenue before provision for (reversal of) credit losses
309,209 315,617 148,923 773,749 
Provision for (reversal of) credit losses
9,185 27,007 (192)36,000 
Compensation and employee benefits70,096 74,844 27,725 172,665 
Other noninterest expense (1)
62,005 36,470 9,174 107,649 
Total noninterest expense132,101 111,314 36,899 280,314 
Segment income before income taxes
167,923 177,296 112,216 457,435 
Segment net income$120,864 $127,639 $109,293 $357,796 
Average balances:
Loans$21,034,978 $36,019,671 $— 
(2)
$57,054,649 
Deposits$35,048,413 $28,087,719 $4,411,502 $67,547,634 
As of March 31, 2026
Segment assets$21,626,337 $38,707,909 $22,551,906 $82,886,152 
($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Three Months Ended March 31, 2025
Net interest income before provision for credit losses$269,733 $253,001 $77,467 $600,201 
Noninterest income32,285 53,579 6,238 92,102 
Total revenue before provision for credit losses302,018 306,580 83,705 692,303 
Provision for credit losses7,685 40,779 536 49,000 
Compensation and employee benefits61,964 61,187 23,284 146,435 
Other noninterest expense (1)
57,192 42,318 6,203 105,713 
Total noninterest expense119,156 103,505 29,487 252,148 
Segment income before income taxes175,177 162,296 53,682 391,155 
Segment net income
$123,088 $114,025 $53,157 $290,270 
Average balances:
Loans$19,762,287 $33,211,037 $364,387 $53,337,711 
Deposits (3)
$32,326,906 $26,129,141 $4,181,535 $62,637,582 
As of March 31, 2025
Segment assets$20,404,813 $35,790,014 $19,970,186 $76,165,013 
(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, occupancy and equipment expense, 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.
(2)Reallocated to the Commercial Banking and Consumer and Business Banking segments effective first quarter of 2026.
(3)Prior period balances have been reclassified for comparability due to a change in allocation methodology.