| 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. |
|