v3.26.3
Segment Reporting
 3 Months Ended
Sep. 30, 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 funding curve, maturity, prepayment, and other 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:
Three Months Ended September 30, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$272,556 $86,379 $18,316 $377,251 
Net intersegment interest (expense) income(111,503)158,683 (47,180)— 
Net interest income (expense)161,053 245,062 (28,864)377,251 
Noninterest income22,174 56,318 8,639 87,131 
Total income (expense) before provision183,227 301,380 (20,225)464,382 
Provision for credit losses19,776 6,695 (12,466)14,005 
Total income (expense) after provision163,451 294,685 (7,759)450,377 
Noninterest expense
Personnel25,535 70,103 58,076 153,714 
Technology(a)
1,293 14,853 26,579 42,725 
Occupancy(a)
248 8,869 6,435 15,552 
Business development and advertising943 855 7,679 9,477 
Equipment(a)
6 2,374 3,100 5,480 
Legal and professional 358 1,320 7,375 9,053 
Loan and foreclosure costs156 1,866 17 2,039 
FDIC assessment— — 11,802 11,802 
Other intangible amortization— — 6,894 6,894 
Other noninterest expense (income)914 8,305 (5,613)3,606 
Allocated indirect expense (income)28,421 67,629 (96,050)— 
Total noninterest expense57,874 176,174 26,294 260,342 
Net income (loss) before income taxes105,577 118,511 (34,053)190,035 
Income tax expense (benefit)19,461 24,887 (899)43,449 
Net income (loss)$86,116 $93,624 $(33,154)$146,586 
Loans$21,954,404 $14,173,208 $392,259 $36,519,871 
Allocated goodwill556,343 590,738 — 1,147,081 
Total assets22,743,700 15,345,776 13,310,376 51,399,852 
(a) A portion of total depreciation expense of $0.2 million, $6.1 million, and $5.8 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.
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(107,596)146,139 (38,543)— 
Net interest income (expense)139,233 214,166 (48,177)305,222 
Noninterest income17,882 53,670 9,713 81,265 
Total income (expense) before provision157,115 267,836 (38,464)386,487 
Provision for credit losses20,424 6,437 (10,861)16,000 
Total income (expense) after provision136,691 261,399 (27,603)370,487 
Noninterest expense
Personnel21,287 62,334 52,082 135,703 
Technology(a)
903 13,179 14,508 28,590 
Occupancy(a)
163 7,430 5,164 12,757 
Business development and advertising787 778 6,797 8,362 
Equipment(a)
6 2,186 2,176 4,368 
Legal and professional337 585 4,310 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 expense (income)882 7,702 (1,215)7,369 
Allocated indirect expense (income)32,556 63,997 (96,553)— 
Total noninterest expense57,032 159,170 — 216,202 
Net income (loss) before income taxes79,659 102,229 (27,603)154,286 
Income tax expense (benefit)15,055 21,468 (6,969)29,554 
Net income (loss)$64,604 $80,761 $(20,634)$124,732 
Loans$18,033,065 $12,481,836 $437,063 $30,951,964 
Allocated goodwill525,836 579,156 — 1,104,992 
Total assets18,304,871 12,974,383 13,176,609 44,455,863 
(a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $6.1 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.
Nine Months Ended Sep 30, 2026
(in thousands)Corporate and Commercial SpecialtyCommunity, Consumer and BusinessRisk Management and Shared ServicesConsolidated Corporation
Net segment interest income$770,984 $241,297 $42,198 $1,054,479 
Net intersegment interest (expense) income(325,347)432,201 (106,854)— 
Net interest income (expense)445,637 673,498 (64,656)1,054,479 
Noninterest income51,714 168,698 22,975 243,387 
Total income (expense) before provision497,351 842,196 (41,681)1,297,866 
Provision for credit losses61,723 20,086 (37,415)44,394 
Total income (expense) after provision435,628 822,110 (4,266)1,253,472 
Noninterest expense
Personnel73,680 200,513 175,861 450,054 
Technology(a)
3,409 42,830 59,089 105,328 
Occupancy(a)
721 25,491 17,157 43,369 
Business development and advertising3,040 2,381 20,430 25,851 
Equipment(a)
18 6,762 9,734 16,514 
Legal and professional 887 3,484 28,857 33,228 
Loan and foreclosure costs876 4,095 327 5,298 
FDIC assessment— — 31,234 31,234 
Other intangible amortization— — 15,990 15,990 
Other noninterest expense (income)2,722 26,363 (4,565)24,520 
Allocated indirect expense (income)80,651 194,739 (275,390)— 
Total noninterest expense166,004 506,658 78,724 751,386 
Net income (loss) before income taxes269,624 315,452 (82,990)502,086 
Income tax expense (benefit)49,134 66,346 (3,179)112,301 
Net income (loss)$220,490 $249,106 $(79,811)$389,785 
(a) A portion of total depreciation expense of $0.5 million, $18.6 million, and $17.7 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.
Nine Months Ended Sep 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(311,153)434,995 (123,842)— 
Net interest income (expense)405,940 634,388 (149,165)891,163 
Noninterest income42,770 154,230 10,019 207,019 
Total income (expense) before provision448,710 788,618 (139,146)1,098,182 
Provision for credit losses59,806 18,871 (31,678)46,999 
Total income (expense) after provision388,904 769,747 (107,468)1,051,183 
Noninterest expense
Personnel62,763 178,847 144,983 386,593 
Technology(b)
2,336 39,126 40,775 82,237 
Occupancy(b)
499 23,249 17,034 40,782 
Business development and advertising2,973 2,583 16,940 22,496 
Equipment(b)
18 6,517 6,854 13,389 
Legal and professional759 1,928 15,302 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 expense2,596 23,129 3,292 29,017 
Allocated indirect expense (income)96,061 188,111 (284,172)— 
Total noninterest expense169,187 466,985 — 636,173 
Net income (loss) before income taxes219,717 302,762 (107,468)415,010 
Income tax expense (benefit)41,053 63,580 (27,271)77,362 
Net income (loss)$178,662 $239,182 $(80,196)$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 caption.
(b) A portion of total depreciation expense of $0.2 million, $17.8 million, and $20.0 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.