Schedule of operating segment results |
The following tables present the Company’s operating segment results for the three months ended March 31, 2023 and 2022 (dollars in thousands):
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Wholesale Banking |
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Consumer Banking |
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Corporate Other |
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Total |
Three Months Ended March 31, 2023 |
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|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
67,540 |
|
$ |
63,145 |
|
$ |
22,758 |
|
$ |
153,443 |
Provision for credit losses |
|
|
10,487 |
|
|
1,340 |
|
|
23 |
|
|
11,850 |
Net interest income after provision for credit losses |
|
|
57,053 |
|
|
61,805 |
|
|
22,735 |
|
|
141,593 |
Noninterest income |
|
|
7,414 |
|
|
12,178 |
|
|
(9,964) |
|
|
9,628 |
Noninterest expenses |
|
|
42,314 |
|
|
57,055 |
|
|
8,905 |
|
|
108,274 |
Income before income taxes |
|
$ |
22,153 |
|
$ |
16,928 |
|
$ |
3,866 |
|
$ |
42,947 |
Three Months Ended March 31, 2022 |
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|
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|
|
|
|
|
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Net interest income |
|
$ |
71,424 |
|
$ |
48,132 |
|
$ |
11,375 |
|
$ |
130,931 |
Provision for credit losses |
|
|
1,617 |
|
|
1,183 |
|
|
— |
|
|
2,800 |
Net interest income after provision for credit losses |
|
|
69,807 |
|
|
46,949 |
|
|
11,375 |
|
|
128,131 |
Noninterest income |
|
|
9,187 |
|
|
16,619 |
|
|
4,347 |
|
|
30,153 |
Noninterest expenses |
|
|
40,008 |
|
|
55,333 |
|
|
9,980 |
|
|
105,321 |
Income before income taxes |
|
$ |
38,986 |
|
$ |
8,235 |
|
$ |
5,742 |
|
$ |
52,963 |
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The following table presents the Company’s operating segment results for key balance sheet metrics as of March 31, 2023 and December 31, 2022 (dollars in thousands):
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|
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Wholesale Banking |
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Consumer Banking |
|
Corporate Other |
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Total |
As of March 31, 2023 |
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|
|
|
|
|
|
|
|
|
|
LHFI, net of deferred fees and costs (1) |
|
$ |
11,608,884 |
|
$ |
2,991,423 |
|
$ |
(16,027) |
|
$ |
14,584,280 |
Goodwill |
|
|
639,180 |
|
|
286,031 |
|
|
— |
|
|
925,211 |
Deposits |
|
|
6,164,567 |
|
|
9,843,565 |
|
|
447,778 |
|
|
16,455,910 |
As of December 31, 2022 |
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|
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|
|
|
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|
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LHFI, net of deferred fees and costs (1)(2) |
|
$ |
11,476,258 |
|
$ |
2,990,017 |
|
$ |
(17,133) |
|
$ |
14,449,142 |
Goodwill (3) |
|
|
639,180 |
|
|
286,031 |
|
|
— |
|
|
925,211 |
Deposits (4) |
|
|
6,128,729 |
|
|
9,724,598 |
|
|
78,350 |
|
|
15,931,677 |
(1) Corporate Other includes acquisition accounting fair value adjustments.
(2) Wholesale Banking includes a $136.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above.
(3) Wholesale Banking includes a $9.6 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above.
(4) Wholesale Banking includes a $258.7 million reallocation from Consumer Banking due to the January 1, 2023 organizational change discussed above.
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Schedule of Disaggregation of Revenue |
Noninterest income disaggregated by major source for the three months ended March 31, 2023 and 2022, consisted of the following (dollars in thousands):
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Three Months Ended |
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|
March 31, |
|
March 31, |
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2023 |
|
2022 |
Noninterest income: |
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|
|
|
|
|
Deposit Service Charges (1): |
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|
|
|
|
|
Overdraft fees |
|
$ |
4,823 |
|
$ |
4,994 |
Maintenance fees & other |
|
|
3,079 |
|
|
2,602 |
Other service charges, commissions, and fees (1) |
|
|
1,746 |
|
|
1,655 |
Interchange fees(1) |
|
|
2,325 |
|
|
1,810 |
Fiduciary and asset management fees (1): |
|
|
|
|
|
|
Trust asset management fees |
|
|
3,107 |
|
|
3,391 |
Registered advisor management fees |
|
|
— |
|
|
2,660 |
Brokerage management fees |
|
|
1,155 |
|
|
1,204 |
Mortgage banking income |
|
|
854 |
|
|
3,117 |
Loss on sale of securities |
|
|
(13,400) |
|
|
— |
Bank owned life insurance income |
|
|
2,828 |
|
|
2,697 |
Loan-related interest rate swap fees |
|
|
1,439 |
|
|
3,860 |
Other operating income |
|
|
1,672 |
|
|
2,163 |
Total noninterest income |
|
$ |
9,628 |
|
$ |
30,153 |
(1) Income within scope of ASC 606, Revenue from Contracts with Customers.
The following tables present noninterest income disaggregated by reportable operating segment for the three months ended March 31, 2023 and 2022 (dollars in thousands):
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|
|
|
|
|
|
|
Wholesale Banking |
|
Consumer Banking |
|
Corporate Other (1) |
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Total |
Three Months Ended March 31, 2023 |
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|
|
|
|
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|
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|
|
Noninterest income: |
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|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
$ |
1,975 |
|
$ |
5,927 |
|
$ |
— |
|
$ |
7,902 |
Other service charges and fees |
|
|
|
445 |
|
|
1,301 |
|
|
— |
|
|
1,746 |
Fiduciary and asset management fees |
|
|
|
3,035 |
|
|
1,227 |
|
|
— |
|
|
4,262 |
Mortgage banking income |
|
|
|
— |
|
|
854 |
|
|
— |
|
|
854 |
Other income |
|
|
|
1,959 |
|
|
2,869 |
|
|
(9,964) |
|
|
(5,136) |
Total noninterest income |
|
|
$ |
7,414 |
|
$ |
12,178 |
|
$ |
(9,964) |
|
$ |
9,628 |
Three Months Ended March 31, 2022 |
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Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
$ |
1,565 |
|
$ |
6,031 |
|
$ |
— |
|
$ |
7,596 |
Other service charges and fees |
|
|
|
435 |
|
|
1,220 |
|
|
— |
|
|
1,655 |
Fiduciary and asset management fees |
|
|
|
3,316 |
|
|
3,939 |
|
|
— |
|
|
7,255 |
Mortgage banking income |
|
|
|
— |
|
|
3,117 |
|
|
— |
|
|
3,117 |
Other income |
|
|
|
3,871 |
|
|
2,312 |
|
|
4,347 |
|
|
10,530 |
Total noninterest income |
|
|
$ |
9,187 |
|
$ |
16,619 |
|
$ |
4,347 |
|
$ |
30,153 |
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(1) For the three months ended March 31, 2023, other income includes $13.4 million of losses incurred on the sale of AFS securities. In addition to the loss on sale of AFS securities, other income primarily consists of income from BOLI and equity method investments.
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