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Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 2025 Annual Report on Form 10-K.
Effective beginning the first quarter of 2026, the Corporation made adjustments to both its FTP and expense allocation of shared services to its reportable segments to better align with how management assesses performance and allocates resources. These changes consisted of updates to the FTP methodology, including revisions to the funding curve and deposit assumptions; reassignment of certain branch locations based on the primary business activities supported by those branches; and revisions to the allocation of shared service expenses. The Corporation has recast prior period segment information to conform to the current period presentation.
The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2025 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.
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 2025 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 the Corporation's centralized support functions - including facilities, information technology, finance, and corporate risk management - are allocated to reportable segments based on actual usage, such as transaction volumes or FTEs, as well as other relevant drivers that reflect consumption of those services. Because these allocations are based on estimated activity levels, individual period results may reflect variability in the distribution of indirect expenses among segments. Certain corporate-level expenses, including acquisition-related costs, integration expenses, and gains or losses on the disposition of branches or business units, are not allocated and remain in the Risk Management and Shared Services segment. These allocations are 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 March 31, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$231,105 $68,436 $7,649 $307,190 
Net intersegment interest (expense) income(102,712)130,030 (27,318)— 
Net interest income (expense)128,393 198,466 (19,669)307,190 
Noninterest income13,891 55,943 6,023 75,857 
Total income (expense) before provision142,284 254,409 (13,646)383,047 
Provision for credit losses20,660 6,934 (16,593)11,001 
Total income after provision121,624 247,475 2,947 372,046 
Noninterest expense
Personnel23,550 64,953 46,669 135,172 
Technology(a)
823 14,124 14,789 29,736 
Occupancy(a)
217 8,351 5,157 13,725 
Business development and advertising969 688 6,170 7,827 
Equipment(a)
6 2,075 3,529 5,610 
Legal and professional 256 682 5,783 6,721 
Loan and foreclosure costs488 940 279 1,707 
FDIC assessment— — 8,837 8,837 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense (income)722 7,681 (778)7,625 
Allocated indirect expense (income)22,699 56,588 (79,287)— 
Total noninterest expense49,730 156,082 13,351 219,163 
Net income (loss) before income taxes71,894 91,393 (10,404)152,883 
Income tax expense13,259 19,192 797 33,248 
Net income (loss)$58,635 $72,201 $(11,201)$119,635 
Loans$18,806,881 $12,609,186 $382,097 $31,798,164 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets19,571,725 13,687,627 12,334,388 45,593,740 
(a) A portion of total depreciation expense of $0.1 million, $6.2 million, and $5.9 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 March 31, 2025
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income (expense)$227,286 $62,496 $(3,841)$285,941 
Net intersegment interest (expense) income(96,221)145,379 (49,158)— 
Net interest income (expense)131,065 207,875 (52,999)285,941 
Noninterest income (expense)12,903 49,078 (3,205)58,776 
Total income (expense) before provision143,968 256,953 (56,204)344,717 
Provision for credit losses19,014 6,072 (12,083)13,003 
Total income (expense) after provision124,954 250,881 (44,121)331,714 
Noninterest expense
Personnel21,327 59,872 42,698 123,897 
Technology(a)
591 13,045 13,503 27,139 
Occupancy(a)
146 8,434 6,801 15,381 
Business development and advertising934 837 4,615 6,386 
Equipment(a)
6 2,030 2,491 4,527 
Legal and professional201 814 5,068 6,083 
Loan and foreclosure costs811 1,344 439 2,594 
FDIC assessment— — 10,436 10,436 
Other intangible amortization— — 2,203 2,203 
Other noninterest expense781 7,402 3,791 11,974 
Allocated indirect expense (income)31,339 60,706 (92,045)— 
Total noninterest expense56,135 154,484 — 210,619 
Net income (loss) before income taxes68,819 96,397 (44,121)121,095 
Income tax expense (benefit)12,786 20,244 (13,621)19,409 
Net income (loss)$56,033 $76,153 $(30,500)$101,687 
Loans$17,400,092 $12,417,213 $476,822 $30,294,127 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets17,678,473 12,886,713 12,743,950 43,309,136 
(a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $7.9 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.