Operating Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Operating Segments

OPERATING SEGMENTS

Operating segments are components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company is organized with community and commercial banking groups. Each of these groups provide one or more similar banking services, including such products and services as loans; time deposits, checking and savings accounts; treasury management; and credit cards. Loan products include consumer, real estate, commercial, agricultural, equipment, warehouse lending and SBA lending. The individual banking groups have similar operating and economic characteristics. While the CODM monitors the revenue streams of the various products, services, branch locations, divisions and groups, operations are managed, financial performance is evaluated, and management makes decisions on how to allocate resources, on a Company-wide basis. Accordingly, the respective groups are considered by management to be aggregated into one reportable operating segment.

The Company also considers its wealth group, which provides trust and investment services, as well as insurance services, to be operating segments. Information on these segments is not reported separately since they do not meet the quantitative thresholds under ASC Topic 280-10-50-12, and, as a result, are reported within “Other” in the following table.

The Company’s CODM is the chief executive officer. The CODM evaluates the performance of the Company’s reportable operating segments using net interest income and net income. The CODM analyzes on the spread between interest revenue and interest expense (net interest income) to assess performance and to allocate operating and capital resources. Therefore, interest revenue is presented net of interest expense. Additionally, the CODM reviews budgeted net income versus actual net income of the Company to allocate resources to meet the Company’s strategic objectives.

The following table provides a summary of the Company’s reportable operating segment results for the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended
	September 30, 2025						September 30, 2024
(In thousands)	Community and Commercial Banking		Other		Consolidated		Community and Commercial Banking		Other		Consolidated
Net interest income	$	185,237	$	1,424	$	186,661	$	157,510	$	202	$	157,712
Noninterest income (loss)	(766,254)		10,067		(756,187)		7,877		9,253		17,130
Total net revenue (loss)	(581,017)		11,491		(569,526)		165,387		9,455		174,842
Noninterest expense:
Salaries and employee benefits	71,855		4,394		76,249		64,631		4,536		69,167
Occupancy expense, net	11,599		507		12,106		11,761		455		12,216
Furniture and equipment expense	5,275		—		5,275		5,612		—		5,612
Deposit insurance	5,175		—		5,175		5,571		—		5,571
Other operating expenses (1)	41,576		1,651		43,227		43,546		1,081		44,627
Total noninterest expense	135,480		6,552		142,032		131,121		6,072		137,193
Income (loss) before provision for credit losses and income taxes	(716,497)		4,939		(711,558)		34,266		3,383		37,649
Provision for credit losses	11,966		—		11,966		12,148		—		12,148
Income tax expense (benefit)	(160,735)		3		(160,732)		754		7		761
Net income (loss)	$	(567,728)	$	4,936	$	(562,792)	$	21,364	$	3,376	$	24,740
	Nine Months Ended
	September 30, 2025						September 30, 2024
(In thousands)	Community and Commercial Banking		Other		Consolidated		Community and Commercial Banking		Other		Consolidated
Net interest income	$	520,499	$	1,408	$	521,907	$	463,191	$	332	$	463,523
Noninterest income (loss)	(697,129)		29,451		(667,678)		76,104		27,509		103,613
Total net revenue (loss)	(176,630)		30,859		(145,771)		539,295		27,841		567,136
Noninterest expense:
Salaries and employee benefits	211,055		13,880		224,935		198,781		13,755		212,536
Occupancy expense, net	35,134		1,467		36,601		34,988		1,350		36,338
Furniture and equipment expense	16,214		—		16,214		16,374		2		16,376
Deposit insurance	15,483		—		15,483		18,388		—		18,388
Other operating expenses (1)	127,366		4,602		131,968		128,413		4,375		132,788
Total noninterest expense	405,252		19,949		425,201		396,944		19,482		416,426
Income (loss) before provision for credit losses and income taxes	(581,882)		10,910		(570,972)		142,351		8,359		150,710
Provision for credit losses	50,708		—		50,708		33,453		—		33,453
Income tax expense (benefit)	(146,067)		18		(146,049)		12,828		55		12,883
Net income (loss)	$	(486,523)	$	10,892	$	(475,631)	$	96,070	$	8,304	$	104,374
(In thousands)	Community and Commercial Banking		Other		Consolidated
Assets as of:
September 30, 2025	$	24,203,137	$	5,025	$	24,208,162
September 30, 2024	$	27,263,125	$	6,279	$	27,269,404

 _________________________

(1)    Other operating expenses primarily include professional services, marketing, software and technology, amortization of intangibles and other general operating expenses.