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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2024 Annual Report on Form 10-K.
Effective beginning the fourth quarter of 2024, the Corporation made the change to move the private wealth operating segment from the Corporate and Commercial Specialty segment to the Community, Consumer and Business segment given its continued alignment with the products, services, and customers of that segment. This impacted the composition of the reportable segments and the Corporation has recast the impacted items of reportable segment information for the earlier presented periods.
The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:
The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. There were no significant changes in the current year to the methods for allocations to the segments from the prior periods.
The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment, and/or re-pricing characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.
The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2024 Annual Report on Form 10-K.
The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.
Indirect expenses incurred by certain centralized support areas (including facilities, information technology services and applications, management expenses, and FDIC expense) are allocated to segments based on actual usage (for example, volume measurements or FTEs) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated and remain in the Risk Management and Shared Services segment. This allocation is reflected as allocated indirect expense in the accompanying tables.
Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.
Financial information about the Corporation’s segments is presented below:
As of and for the three months ended September 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$246,829 $68,027 $(9,634)$305,222 
Net intersegment interest (expense) income(104,695)136,142 (31,447)— 
Net interest income (expense)142,134 204,169 (41,081)305,222 
Noninterest income17,882 53,670 9,713 81,265 
Total income (expense) before provision160,016 257,839 (31,368)386,487 
Provision for credit losses20,424 6,437 (10,861)16,000 
Total income (expense) after provision139,592 251,402 (20,507)370,487 
Noninterest expense
Personnel21,287 62,335 52,081 135,703 
Technology(a)
903 13,179 14,508 28,590 
Occupancy(a)
23 24 12,710 12,757 
Business development and advertising787 778 6,797 8,362 
Equipment(a)
— 1,274 3,094 4,368 
Legal and professional 337 563 4,332 5,232 
Loan and foreclosure costs111 979 548 1,638 
FDIC assessment— — 9,980 9,980 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense882 7,769 (1,282)7,369 
Allocated indirect expense (income)22,367 53,231 (75,598)— 
Total noninterest expense46,697 140,132 29,373 216,202 
Net income (loss) before income taxes92,895 111,270 (49,880)154,286 
Income tax expense (benefit)17,835 23,367 (11,648)29,554 
Net income (loss)$75,060 $87,903 $(38,231)$124,732 
Loans$18,033,065 $12,481,836 $437,063 $30,951,964 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets18,828,850 13,333,059 12,293,954 44,455,863 
(a) A portion of total depreciation expense of $0.1 million, $2.7 million, and $9.3 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
As of and for the three months ended September 30, 2024
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$249,343 $62,167 $(49,001)$262,509 
Net intersegment interest (expense) income(110,149)147,113 (36,964)— 
Net interest income (expense)139,194 209,280 (85,964)262,509 
Noninterest income12,214 50,811 4,196 67,221 
Total income (expense) before provision151,408 260,090 (81,768)329,730 
Provision for credit losses16,565 5,639 (1,213)20,991 
Total income (expense) after provision134,843 254,451 (80,555)308,739 
Noninterest expense
Personnel18,595 60,098 42,343 121,036 
Technology(a)
726 12,285 14,206 27,217 
Occupancy(a)
— 10 13,526 13,536 
Business development and advertising614 725 5,344 6,683 
Equipment(a)
— 1,570 3,083 4,653 
Legal and professional197 781 4,661 5,639 
Loan and foreclosure costs560 1,334 854 2,748 
FDIC assessment— — 8,223 8,223 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense812 7,854 (7)8,659 
Allocated indirect expense (income)20,540 54,370 (74,910)— 
Total noninterest expense42,044 139,027 19,526 200,597 
Net income (loss) before income taxes92,799 115,424 (100,081)108,142 
Income tax expense (benefit)17,255 24,239 (21,370)20,124 
Net income (loss)$75,544 $91,185 $(78,711)$88,018 
Loans$16,482,369 $12,985,873 $522,655 29,990,897 
Allocated goodwill525,836 $579,156 — 1,104,992 
Total assets17,317,618 13,832,358 11,060,839 42,210,815 
(a) A portion of total depreciation expense of $0.1 million, $2.4 million, and $9.6 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
As of and for the nine months ended September 30, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and Business
Risk Management and Shared Services(a)
Consolidated Corporation
Net segment interest income (expense)$717,093 $199,393 $(25,323)$891,163 
Net intersegment interest (expense) income(302,467)405,462 (102,995)— 
Net interest income (expense)414,626 604,855 (128,318)891,163 
Noninterest income42,770 154,231 10,018 207,019 
Total income (expense) before provision457,396 759,086 (118,300)1,098,182 
Provision for credit losses59,806 18,871 (31,678)46,999 
Total income (expense) after provision397,590 740,215 (86,622)1,051,183 
Noninterest expense
Personnel62,762 178,847 144,984 386,593 
Technology(b)
2,336 39,126 40,775 82,237 
Occupancy(b)
56 83 40,643 40,782 
Business development and advertising2,973 2,583 16,940 22,496 
Equipment(b)
1 3,804 9,584 13,389 
Legal and professional 759 1,898 15,332 17,989 
Loan and foreclosure costs1,182 3,495 2,260 6,937 
FDIC assessment— — 30,124 30,124 
Other intangible amortization— — 6,608 6,608 
Other noninterest expense2,597 23,260 3,160 29,017 
Allocated indirect expense (income)64,987 158,406 (223,393)— 
Total noninterest expense137,653 411,502 87,018 636,173 
Net income (loss) before income taxes259,937 328,713 (173,640)415,010 
Income tax expense (benefit)49,500 69,030 (41,168)77,362 
Net income (loss)$210,437 $259,683 $(132,472)$337,648 
(a) An unusual item of a $7.0 million loss on mortgage portfolio sale as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024 is included within the noninterest income (expense) caption.
(b) A portion of total depreciation expense of $0.2 million, $8.0 million, and $29.8 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
As of and for the nine months ended September 30, 2024
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$734,869 $186,768 $(144,677)$776,960 
Net intersegment interest (expense) income(328,433)437,914 (109,481)— 
Net interest income (expense)406,436 624,682 (254,158)776,960 
Noninterest income35,755 146,736 14,874 197,365 
Total income (expense) before provision442,191 771,418 (239,284)974,325 
Provision for credit losses47,602 18,939 1,459 68,000 
Total income (expense) after provision394,589 752,479 (240,743)906,325 
Noninterest expense
Personnel59,472 176,826 125,714 362,012 
Technology(a)
1,914 35,351 43,314 80,579 
Occupancy(a)
— 43 40,254 40,297 
Business development and advertising2,374 2,329 16,032 20,735 
Equipment(a)
1 4,278 9,423 13,702 
Legal and professional620 1,391 12,729 14,740 
Loan and foreclosure costs919 4,106 1,494 6,519 
FDIC assessment— — 29,300 29,300 
Other intangible amortization— — 6,608 6,608 
Other noninterest expense2,416 19,951 (2,745)19,622 
Allocated indirect expense (income)60,142 158,738 (218,880)— 
Total noninterest expense127,859 403,013 63,245 594,115 
Net income (loss) before income taxes266,730 349,466 (303,988)312,211 
Income tax expense (benefit)49,147 73,389 (95,085)27,451 
Net income (loss)$217,585 $276,077 $(208,902)$284,760 
(a) A portion of total depreciation expense of $0.2 million, $9.7 million, and $39.1 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.
Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.
The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.
The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.