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Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segments Segments
The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial, and Wealth. The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 150 locations. This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses. Residential mortgage origination, sales and servicing functions are included in this Consumer segment, but residential mortgage loans retained by the Company are not considered part of this segment and are instead included in the Other/Elimination column. The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, and international services, along with business and governmental deposit products and commercial cash management services. This segment also includes both merchant and commercial bank card products as well as the Capital Markets Group, which sells fixed income securities and provides securities safekeeping and accounting services to its business and correspondent bank customers. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment management, and brokerage services. This segment also provides various loan and deposit related services to its private banking customers.

The Company’s business line reporting system derives segment information from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting procedures and methods, which have been developed to reflect the underlying economics of the businesses. These methodologies are applied in connection with funds transfer pricing and assignment of overhead costs
among segments. Funds transfer pricing was used in the determination of net interest income. A standard cost for funds used is applied to assets, and a credit for funds provided is applied to liabilities based on their maturity, prepayment and/or repricing characteristics. Income and expense that directly relate to segment operations are recorded in the segment when incurred. Expenses that indirectly support the segments are allocated based on the most appropriate method available.

The Company uses a funds transfer pricing method to value funds used (e.g., loans, fixed assets, and cash) and funds provided (e.g., deposits, borrowings, and equity) by the business segments and their components. This process assigns a specific value to each new source or use of funds with a maturity, based on current swap rates, thus determining an interest spread at the time of the transaction. Non-maturity assets and liabilities are valued using weighted average pools. The funds transfer pricing process attempts to remove interest rate risk from valuation, allowing management to compare profitability under various rate environments.

The following tables present selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below.

Segment Income Statement Data
(In thousands)
Consumer
Commercial
Wealth
Segment Totals
Other/Elimination
Consolidated Totals
Year ended December 31, 2022:
Net interest income
$339,080 $452,686 $74,416 $866,182 $76,003 $942,185 
Provision for credit losses
(17,872)(1,196)(8)(19,076)(8,995)(28,071)
Non-interest income
116,030 224,890 213,388 554,308 (7,773)546,535 
Investment securities gains, net
— — — — 20,506 20,506 
Non-interest expense
(300,566)(365,276)(144,914)(810,756)(38,021)(848,777)
Income before income taxes
$136,672 $311,104 $142,882 $590,658 $41,720 $632,378 
Year ended December 31, 2021:
Net interest income
$319,439 $453,692 $71,522 $844,653 $(9,229)$835,424 
Provision for loan losses
(23,249)4,845 (52)(18,456)84,782 66,326 
Non-interest income
147,273 211,048 213,617 571,938 (11,545)560,393 
Investment securities gains, net
— — — — 30,059 30,059 
Non-interest expense
(293,504)(329,313)(136,356)(759,173)(46,728)(805,901)
Income before income taxes
$149,959 $340,272 $148,731 $638,962 $47,339 $686,301 
Year ended December 31, 2020:
Net interest income
$321,031 $414,724 $57,925 $793,680 $36,167 $829,847 
Provision for loan losses
(31,220)(3,724)12 (34,932)(102,258)(137,190)
Non-interest income
148,586 194,505 188,942 532,033 (26,166)505,867 
Investment securities gains, net
— — — — 11,032 11,032 
Non-interest expense
(297,790)(316,004)(124,964)(738,758)(29,620)(768,378)
Income before income taxes
$140,607 $289,501 $121,915 $552,023 $(110,845)$441,178 

The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for credit losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for credit loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment.
Segment Balance Sheet Data
(In thousands)ConsumerCommercialWealthSegment TotalsOther/EliminationConsolidated Totals
Average balances for 2022:
Assets
$1,973,907 $10,239,825 $1,838,023 $14,051,755 $19,553,562 $33,605,317 
Loans, including held for sale
1,828,792 10,021,057 1,827,283 13,677,132 1,892,609 15,569,741 
Goodwill and other intangible assets
82,566 67,727 746151,039 3,600 154,639 
Deposits
13,398,484 11,941,396 2,804,781 28,144,661 (43,964)28,100,697 
Average balances for 2021:
Assets
$2,066,625 $10,550,065 $1,584,765 $14,201,455 $19,962,280 $34,163,735 
Loans, including held for sale
1,924,297 10,237,980 1,575,058 13,737,335 1,948,577 15,685,912 
Goodwill and other intangible assets
80,448 67,832 746149,026 3,600 152,626 
Deposits
12,838,702 11,990,753 2,965,818 27,795,273 (11,157)27,784,116 

The above segment balances include only those items directly associated with the segment. The “Other/Elimination” column includes unallocated bank balances not associated with a segment (such as investment securities and federal funds sold), balances relating to certain other administrative and corporate functions, and eliminations between segment and non-segment balances. This column also includes the resulting effect of allocating such items as float, deposit reserve and capital for the purpose of computing the cost or credit for funds used/provided.

The Company’s reportable segments are strategic lines of business that offer different products and services. They are managed separately because each line services a specific customer need, requiring different performance measurement analyses and marketing strategies. The performance measurement of the segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments’ financial condition and results of operations if they were independent entities.