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Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segments
24. SEGMENTS
The Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:
•Commercial segment: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
•Consumer Related segment: offers consumer banking services, such as residential mortgage banking, and commercial banking services to enterprises in consumer-related sectors.
•Corporate & Other segment: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.
The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 20% during the year. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment.
Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segments to the extent that the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense, which is eliminated in the Corporate & Other segment.
Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Using this funds transfer pricing methodology, liquidity is transferred between users and providers. A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment that is a user of funds is charged for the use of funds, while a provider of funds is credited through funds transfer pricing, which is determined based on the average life of the assets or liabilities in the portfolio. Residual funds transfer pricing mismatches are allocable to the Corporate & Other segment and presented as part of net interest income.
The net income amount for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, number of transactions processed for loans and deposits, and average loan and deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing.
Income taxes are applied to each segment based on the effective tax rate for the geographic location of the segment. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment.
The following is a summary of operating segment balance sheet information for the periods indicated:
Consolidated CompanyCommercialConsumer RelatedCorporate & Other
At December 31, 2021:(in millions)
Assets:
Cash, cash equivalents, and investment securities$8,057.3 $12.9 $82.4 $7,962.0 
Loans held for sale5,635.1 — 5,635.1 — 
Loans, net of deferred fees and costs39,075.4 25,092.4 13,983.0 — 
Less: allowance for credit losses(252.5)(226.0)(26.5)— 
Total loans38,822.9 24,866.4 13,956.5 — 
Other assets acquired through foreclosure, net11.7 11.7 — — 
Goodwill and other intangible assets, net634.8 294.7 340.1 — 
Other assets2,820.8 253.8 1,278.1 1,288.9 
Total assets$55,982.6 $25,439.5 $21,292.2 $9,250.9 
Liabilities:
Deposits$47,612.0 $30,466.8 $15,362.9 $1,782.3 
Borrowings and qualifying debt2,381.1 — 353.2 2,027.9 
Other liabilities1,026.9 233.4 138.2 655.3 
Total liabilities51,020.0 30,700.2 15,854.3 4,465.5 
Allocated equity:4,962.6 2,588.0 1,596.2 778.4 
Total liabilities and stockholders' equity$55,982.6 $33,288.2 $17,450.5 $5,243.9 
Excess funds provided (used)— 7,848.7 (3,841.7)(4,007.0)
Consolidated CompanyCommercialConsumer RelatedCorporate
At December 31, 2020:(in millions)
Assets:
Cash, cash equivalents, and investment securities$8,176.5 $12.0 $45.6 $8,118.9 
Loans, net of deferred fees and costs27,053.0 20,245.8 6,798.2 9.0 
Less: allowance for loan losses(278.9)(263.4)(15.4)(0.1)
Total loans26,774.1 19,982.4 6,782.8 8.9 
Other assets acquired through foreclosure, net1.4 1.4 — — 
Goodwill and other intangible assets, net298.5 296.1 2.4 — 
Other assets1,210.5 257.0 96.6 856.9 
Total assets$36,461.0 $20,548.9 $6,927.4 $8,984.7 
Liabilities:
Deposits$31,930.5 $21,448.0 $9,936.8 $545.7 
Borrowings and qualifying debt553.7 — — 553.7 
Other liabilities563.3 170.4 3.3 389.6 
Total liabilities33,047.5 21,618.4 9,940.1 1,489.0 
Allocated equity:3,413.5 1,992.2 579.1 842.2 
Total liabilities and stockholders' equity$36,461.0 $23,610.6 $10,519.2 $2,331.2 
Excess funds provided (used)— 3,061.7 3,591.8 (6,653.5)
The following is a summary of operating segment income statement information for the periods indicated:
Consolidated CompanyCommercialConsumer Related (1)Corporate & Other
Year Ended December 31, 2021:(in millions)
Net interest income$1,548.8 $1,181.7 $603.4 $(236.3)
(Recovery of) provision for credit losses(21.4)(30.6)11.0 (1.8)
Net interest income (expense) after provision for credit losses1,570.2 1,212.3 592.4 (234.5)
Non-interest income404.2 65.1 317.6 21.5 
Non-interest expense851.4 415.9 413.9 21.6 
Income (loss) before income taxes1,123.0 861.5 496.1 (234.6)
Income tax expense (benefit)223.8 206.6 120.1 (102.9)
Net income (loss)$899.2 $654.9 $376.0 $(131.7)
(1)    Includes the financial results of AmeriHome following the acquisition on April 7, 2021, which contributed approximately 40% and 25% to net revenue and net income for the Consumer Related segment, respectively.
Consolidated CompanyCommercialConsumer RelatedCorporate
Year Ended December 31, 2020:(in millions)
Net interest income$1,166.9 $999.7 $302.5 $(135.3)
Provision for (recovery of) credit losses123.6 128.6 (9.0)4.0 
Net interest income (expense) after provision for credit losses1,043.3 871.1 311.5 (139.3)
Non-interest income70.8 50.5 1.6 18.7 
Non-interest expense491.6 308.9 92.6 90.1 
Income (loss) before income taxes622.5 612.7 220.5 (210.7)
Income tax expense (benefit)115.9 147.6 52.3 (84.0)
Net income (loss)$506.6 $465.1 $168.2 $(126.7)
Consolidated CompanyCommercialConsumer RelatedCorporate & Other
Year Ended December 31, 2019:(in millions)
Net interest income$1,040.4 $837.2 $209.0 $(5.8)
Provision for credit losses19.3 11.1 7.4 0.8 
Net interest income (expense) after provision for credit losses1,021.1 826.1 201.6 (6.6)
Non-interest income65.1 50.4 1.4 13.3 
Non-interest expense482.0 320.6 96.7 64.7 
Income (loss) before income taxes604.2 555.9 106.3 (58.0)
Income tax expense (benefit)105.0 134.7 24.8 (54.5)
Net income$499.2 $421.2 $81.5 $(3.5)