Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING AND REVENUE (Tables)

v3.22.4
SEGMENT REPORTING AND REVENUE (Tables)
12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of operating segment results

The following tables present the Company’s operating segment results for the years ended December 31, 2022 and 2021 (dollars in thousands):

Wholesale Banking

Consumer Banking

Corporate Other

Total

Year Ended December 31, 2022

Net interest income

$

296,040

$

228,550

$

59,671

$

584,261

Provision for credit losses

 

11,517

7,472

39

19,028

Net interest income after provision for credit losses

 

284,523

221,078

59,632

565,233

Noninterest income

 

24,094

69,362

25,067

118,523

Noninterest expenses

 

143,065

238,117

22,620

403,802

Income before income taxes

$

165,552

$

52,323

$

62,079

$

279,954

Year Ended December 31, 2021

Net interest income

$

297,950

$

225,630

$

27,680

$

551,260

Provision for credit losses

 

(34,225)

(26,663)

(60,888)

Net interest income after provision for credit losses

 

332,175

252,293

27,680

612,148

Noninterest income

 

14,002

85,008

26,796

125,806

Noninterest expenses

 

130,220

237,590

51,385

419,195

Income before income taxes

$

215,957

$

99,711

$

3,091

$

318,759

The following table presents the Company’s operating segment results for key balance sheet metrics as of December 31, 2022 and 2021 (dollars in thousands):

Wholesale Banking

Consumer Banking

Corporate Other

Total

As of December 31, 2022

LHFI, net of deferred fees and costs(1)

$

11,339,660

$

3,126,615

$

(17,133)

$

14,449,142

Goodwill

629,630

295,581

925,211

Deposits

5,870,061

9,983,266

78,350

15,931,677

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

629,630

305,930

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 years ended December 31, 2022, 2021, and 2020 consisted of the following (dollars in thousands):

2022

2021

2020

Noninterest income:

 

  

 

  

 

  

Deposit Service Charges (1):

 

  

 

  

 

  

Overdraft fees

$

18,749

$

17,126

$

17,792

Maintenance fees & other

 

11,303

 

9,996

 

7,459

Other service charges, commissions, and fees (1)

 

6,765

 

6,595

 

6,292

Interchange fees (1)

 

9,110

 

8,279

 

7,184

Fiduciary and asset management fees (1):

 

 

 

Trust asset management fees

 

12,720

 

12,571

 

10,804

Registered advisor management fees

 

5,088

 

9,856

 

8,657

Brokerage management fees

 

4,606

 

5,135

 

4,189

Mortgage banking income

 

7,085

 

21,022

 

25,857

Bank owned life insurance income

 

11,507

 

11,488

 

9,554

Loan-related interest rate swap fees

 

12,174

 

5,620

 

15,306

Other operating income (2)(3)(4)

 

19,416

 

18,118

 

18,392

Total noninterest income

$

118,523

$

125,806

$

131,486

(1) Income within scope of ASC 606, Revenue from Contracts with Customers.
(2) For the year ended December 31, 2020, includes $12.3 million gains on securities transactions and a $1.8 million loss related to the termination of a cash flow hedge.
(3) For the year ended December 31, 2021, includes a $5.1 million gain on sale of Visa, Inc. Class B common stock.
(4) For the year ended December 31, 2022, includes a $9.1 million gain related to the sale of DHFB.

The following tables present noninterest income disaggregated by reportable operating segment for the years ended December 31, 2022 and 2021 (dollars in thousands):

Wholesale Banking

Consumer Banking

Corporate Other(1)(2)

Total

Year Ended December 31, 2022

Noninterest income:

 

  

 

  

 

  

 

  

Deposit service charges

$

6,781

$

23,271

$

$

30,052

Other service charges and fees

1,763

5,002

6,765

Fiduciary and asset management fees

22,414

22,414

Mortgage banking income

7,085

7,085

Other income

15,550

11,590

25,067

52,207

Total noninterest income

$

24,094

$

69,362

$

25,067

$

118,523

Year Ended December 31, 2021

Noninterest income:

 

  

 

  

 

  

 

  

Deposit service charges

$

6,009

$

21,113

$

$

27,122

Other service charges and fees

1,689

4,906

6,595

Fiduciary and asset management fees

27,562

27,562

Mortgage banking income

21,022

21,022

Other income

6,304

10,405

26,796

43,505

Total noninterest income

$

14,002

$

85,008

$

26,796

$

125,806

(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 year ended December 31, 2022 and a $5.1 million gain on sale of Visa Inc. Class B common stock for the year ended December 31, 2021.