Schedule of operating segment results |
The following tables present the Company’s operating segment results for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other |
|
Total |
Three Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
76,109 |
|
$ |
60,265 |
|
$ |
14,341 |
|
$ |
150,715 |
Provision for credit losses |
|
|
8,558 |
|
|
(2,146) |
|
|
— |
|
|
6,412 |
Net interest income after provision for credit losses |
|
|
67,551 |
|
|
62,411 |
|
|
14,341 |
|
|
144,303 |
Noninterest income |
|
|
5,483 |
|
|
14,909 |
|
|
5,192 |
|
|
25,584 |
Noninterest expenses |
|
|
36,197 |
|
|
59,460 |
|
|
4,266 |
|
|
99,923 |
Income before income taxes |
|
$ |
36,837 |
|
$ |
17,860 |
|
$ |
15,267 |
|
$ |
69,964 |
Three Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
74,121 |
|
$ |
56,536 |
|
$ |
6,831 |
|
$ |
137,488 |
Provision for credit losses |
|
|
(16,086) |
|
|
(2,764) |
|
|
— |
|
|
(18,850) |
Net interest income after provision for credit losses |
|
|
90,207 |
|
|
59,300 |
|
|
6,831 |
|
|
156,338 |
Noninterest income |
|
|
3,206 |
|
|
21,454 |
|
|
5,278 |
|
|
29,938 |
Noninterest expenses |
|
|
31,333 |
|
|
59,824 |
|
|
4,186 |
|
|
95,343 |
Income before income taxes |
|
$ |
62,080 |
|
$ |
20,930 |
|
$ |
7,923 |
|
$ |
90,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other |
|
Total |
Nine Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
217,600 |
|
$ |
162,297 |
|
$ |
40,516 |
|
$ |
420,413 |
Provision for credit losses |
|
|
12,833 |
|
|
(89) |
|
|
27 |
|
|
12,771 |
Net interest income after provision for credit losses |
|
|
204,767 |
|
|
162,386 |
|
|
40,489 |
|
|
407,642 |
Noninterest income |
|
|
16,438 |
|
|
54,664 |
|
|
22,921 |
|
|
94,023 |
Noninterest expenses |
|
|
106,120 |
|
|
180,020 |
|
|
17,872 |
|
|
304,012 |
Income before income taxes |
|
$ |
115,085 |
|
$ |
37,030 |
|
$ |
45,538 |
|
$ |
197,653 |
Nine Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
223,158 |
|
$ |
169,680 |
|
$ |
20,096 |
|
$ |
412,934 |
Provision for credit losses |
|
|
(37,702) |
|
|
(22,186) |
|
|
— |
|
|
(59,888) |
Net interest income after provision for credit losses |
|
|
260,860 |
|
|
191,866 |
|
|
20,096 |
|
|
472,822 |
Noninterest income |
|
|
10,332 |
|
|
64,341 |
|
|
14,715 |
|
|
89,388 |
Noninterest expenses |
|
|
94,393 |
|
|
175,697 |
|
|
29,161 |
|
|
299,251 |
Income before income taxes |
|
$ |
176,799 |
|
$ |
80,510 |
|
$ |
5,650 |
|
$ |
262,959 |
The following table presents the Company’s operating segment results for the the key balance sheet metrics as of September 30, 2022 and December 31, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other |
|
Total |
As of September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
LHFI, net of deferred fees and costs(1) |
|
$ |
10,847,988 |
|
$ |
3,089,334 |
|
$ |
(18,602) |
|
$ |
13,918,720 |
Goodwill |
|
|
642,256 |
|
|
282,955 |
|
|
— |
|
|
925,211 |
Deposits |
|
|
6,173,703 |
|
|
10,270,508 |
|
|
102,005 |
|
|
16,546,216 |
As of December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
LHFI, net of deferred fees and costs(1) |
|
$ |
10,242,918 |
|
$ |
2,976,200 |
|
$ |
(23,275) |
|
$ |
13,195,843 |
Goodwill |
|
|
642,256 |
|
|
293,304 |
|
|
— |
|
|
935,560 |
Deposits |
|
|
6,114,078 |
|
|
10,366,792 |
|
|
130,198 |
|
|
16,611,068 |
(1) Corporate Other includes acquisition accounting fair value adjustments
|
Schedule of Disaggregation of Revenue |
Noninterest income disaggregated by major source for the three and nine months ended September 30, 2022 and 2021, consisted of the following (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Service Charges (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Overdraft fees |
|
$ |
3,831 |
|
$ |
4,648 |
|
$ |
14,130 |
|
$ |
11,864 |
Maintenance fees & other |
|
|
2,953 |
|
|
2,550 |
|
|
8,291 |
|
|
7,450 |
Other service charges, commissions, and fees (1) |
|
|
1,770 |
|
|
1,534 |
|
|
5,134 |
|
|
4,970 |
Interchange fees(1) |
|
|
2,461 |
|
|
2,203 |
|
|
6,539 |
|
|
6,252 |
Fiduciary and asset management fees (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Trust asset management fees |
|
|
3,035 |
|
|
3,233 |
|
|
9,726 |
|
|
9,127 |
Registered advisor management fees |
|
|
— |
|
|
2,510 |
|
|
5,088 |
|
|
7,299 |
Brokerage management fees |
|
|
1,099 |
|
|
1,286 |
|
|
3,515 |
|
|
3,897 |
Mortgage banking income |
|
|
1,390 |
|
|
4,818 |
|
|
6,707 |
|
|
17,692 |
Bank owned life insurance income |
|
|
3,445 |
|
|
2,727 |
|
|
8,858 |
|
|
8,202 |
Loan-related interest rate swap fees |
|
|
2,050 |
|
|
1,102 |
|
|
8,510 |
|
|
4,176 |
Other operating income (2) |
|
|
3,550 |
|
|
3,327 |
|
|
17,525 |
|
|
8,459 |
Total noninterest income |
|
$ |
25,584 |
|
$ |
29,938 |
|
$ |
94,023 |
|
$ |
89,388 |
(1) Income within scope of Topic 606.
(2) Includes a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022.
The following tables present noninterest income disaggregated by reportable operating segment for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other(1) |
|
Total |
Three Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,775 |
|
$ |
5,009 |
|
$ |
— |
|
$ |
6,784 |
Other service charges and fees |
|
|
511 |
|
|
1,259 |
|
|
— |
|
|
1,770 |
Fiduciary and asset management fees |
|
|
— |
|
|
4,134 |
|
|
— |
|
|
4,134 |
Mortgage banking income |
|
|
— |
|
|
1,390 |
|
|
— |
|
|
1,390 |
Other income |
|
|
3,197 |
|
|
3,117 |
|
|
5,192 |
|
|
11,506 |
Total noninterest income |
|
$ |
5,483 |
|
$ |
14,909 |
|
$ |
5,192 |
|
$ |
25,584 |
Three Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
1,532 |
|
$ |
5,666 |
|
$ |
— |
|
$ |
7,198 |
Other service charges and fees |
|
|
325 |
|
|
1,209 |
|
|
— |
|
|
1,534 |
Fiduciary and asset management fees |
|
|
— |
|
|
7,029 |
|
|
— |
|
|
7,029 |
Mortgage banking income |
|
|
— |
|
|
4,818 |
|
|
— |
|
|
4,818 |
Other income |
|
|
1,349 |
|
|
2,732 |
|
|
5,278 |
|
|
9,359 |
Total noninterest income |
|
$ |
3,206 |
|
$ |
21,454 |
|
$ |
5,278 |
|
$ |
29,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other(1)(2) |
|
Total |
Nine Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
4,966 |
|
$ |
17,455 |
|
$ |
— |
|
$ |
22,421 |
Other service charges and fees |
|
|
1,338 |
|
|
3,796 |
|
|
— |
|
|
5,134 |
Fiduciary and asset management fees |
|
|
— |
|
|
18,329 |
|
|
— |
|
|
18,329 |
Mortgage banking income |
|
|
— |
|
|
6,707 |
|
|
— |
|
|
6,707 |
Other income |
|
|
10,134 |
|
|
8,377 |
|
|
22,921 |
|
|
41,432 |
Total noninterest income |
|
$ |
16,438 |
|
$ |
54,664 |
|
$ |
22,921 |
|
$ |
94,023 |
Nine Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
$ |
4,493 |
|
$ |
14,821 |
|
$ |
— |
|
$ |
19,314 |
Other service charges and fees |
|
|
1,252 |
|
|
3,718 |
|
|
— |
|
|
4,970 |
Fiduciary and asset management fees |
|
|
— |
|
|
20,323 |
|
|
— |
|
|
20,323 |
Mortgage banking income |
|
|
— |
|
|
17,692 |
|
|
— |
|
|
17,692 |
Other income |
|
|
4,587 |
|
|
7,787 |
|
|
14,715 |
|
|
27,089 |
Total noninterest income |
|
$ |
10,332 |
|
$ |
64,341 |
|
$ |
14,715 |
|
$ |
89,388 |
(1) Other income primarily consists of income from BOLI and equity investment income.
(2) Other income includes a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022.
|