Segment Information

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has three reportable segments: Banking and Wealth Management, Mortgage Banking, and Corporate Services. The Company’s reportable business segments are strategic business units that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements.

The Banking and Wealth Management segment includes all banking, lending and investing products and services offered to customers either over the web or telephone or through financial centers or financial advisors. Activity relating to recent acquisitions has been included in the Banking and Wealth Management segment.

The Mortgage Banking segment includes the origination and servicing of mortgage loans and focuses primarily on residential loans for purposes of resale to government-sponsored enterprises, institutional investors or for investment by the Banking and Wealth Management segment.

The Corporate Services segment consists of services provided to the Banking and Wealth Management and Mortgage Banking segments including executive management, technology, legal, human resources, marketing, corporate development, treasury, accounting, finance and other services and transaction-related items. Direct expenses are allocated to the operating segments; unallocated expenses are included in Corporate Services. Certain other expenses, including interest expense on trust preferred debt and transaction-related items, are included in the Corporate Services segment.

The chief operating decision maker’s review of each segment’s performance is based on segment income, which is defined as income from operations before income taxes and certain corporate allocations. Additionally, total net revenue is defined as net interest income before provision for loan and lease losses and total noninterest income.

Intersegment revenue among the Company’s business units reflects the results of a funds transfer pricing (FTP) process, which takes into account assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities. This provides for the creation of an economic benchmark, which allows the Company to determine the profitability of the Company’s products and cost centers, by calculating profitability spreads between product yields and internal references. However, business segments have some latitude to retain certain interest rate exposures related to customer pricing decisions within guidelines.

FTP serves to transfer interest rate risk to the Treasury function through a transfer pricing methodology and cost allocating model. The basis for the allocation of net interest income is a function of the Company’s methodologies and assumptions that management believes are appropriate to accurately reflect business segment results. These factors are subject to change based on changes in current interest rates and market conditions.

The results of each segment are reported on a continuing basis. The following table presents financial information of reportable segments as of and for the three and six months ended June 30, 2012 and 2011. The Eliminations column includes intersegment eliminations required for consolidation purposes.

	As of and for the Three Months Ended June 30, 2012
	Banking and Wealth Management			Mortgage Banking				Corporate Services			Eliminations			Consolidated
Net interest income (expense)	$	114,801		$	11,790			$	(1,607	)	$	—		$	124,984
Total net revenue	140,406			60,314			(1)	(1,613		)	—			199,107
Intersegment revenue	(2,277		)	2,277				—			—			—
Depreciation and amortization	7,080			409				1,798			—			9,287
Income before income taxes	59,819			(7,872		)	(1)	(34,380		)	—			17,567
Total assets	13,327,046			1,902,152				124,406			(312,780		)	15,040,824
	As of and for the Three Months Ended June 30, 2011
	Banking and Wealth Management			Mortgage   Banking				Corporate   Services			Eliminations			Consolidated
Net interest income (expense)	$	105,107		$	9,487			$	(1,684	)	$	—		$	112,910
Total net revenue	120,835			46,691				(1,683		)	—			165,843
Intersegment revenue	(1,805		)	1,805				—			—			—
Depreciation and amortization	3,104			540				1,541			—			5,185
Income before income taxes	66,386			(2,035		)		(29,223		)	—			35,128
Total assets	11,140,910			1,482,997				130,615			(234,348		)	12,520,174

	As of and for the Six Months Ended June 30, 2012
	Banking and Wealth Management				Mortgage Banking				Corporate Services			Eliminations			Consolidated
Net interest income (expense)	$	221,346			$	22,286			$	(3,025	)	$	—		$	240,607
Total net revenue	272,179				118,683			(1)	(2,939		)	—			387,923
Intersegment revenue	(4,901		)		4,901				—			—			—
Depreciation and amortization	13,470				996				3,625			—			18,091
Income before income taxes	121,652				(22,394		)	(1)	(63,051		)	—			36,207
Total assets	13,327,046				1,902,152				124,406			(312,780		)	15,040,824
	As of and for the Six Months Ended June 30, 2011
	Banking and Wealth Management				Mortgage   Banking				Corporate   Services			Eliminations			Consolidated
Net interest income (expense)	$	211,032			$	18,909			$	(3,338	)	$	—		$	226,603
Total net revenue	242,666				101,351				1,372			—			345,389
Intersegment revenue	(4,061		)		4,061				—			—			—
Depreciation and amortization	5,662				1,098				2,883			—			9,643
Income before income taxes	111,251			(2)	(2,388		)		(57,459		)	—			51,404
Total assets	11,140,910				1,482,997				130,615			(234,348		)	12,520,174

(1) Segment earnings in the Mortgage Banking segment included a $30,135 charge for MSR impairment for the three months ended June 30, 2012 and a $45,279 charge for MSR impairment for the six months ended June 30, 2012

(2) Segment earnings in the Banking and Wealth Management segment included an $8,680 charge for the write off of the remaining Tygris indemnification asset for the six months ended June 30, 2011