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SEGMENT REPORTING AND REVENUE (Tables) | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of operating segment results | The following tables present the Company’s operating segment results for the three months and nine months ended September 30, 2023 and 2022 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1) | ​ | Total
Three Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 68,049 | ​ | $ | 63,912 | ​ | $ | 19,980 | ​ | $ | 151,941
Provision for credit losses | ​ |  | 9,310 | ​ | ​ | (4,319) | ​ | ​ | — | ​ | ​ | 4,991
Net interest income after provision for credit losses | ​ |  | 58,739 | ​ | ​ | 68,231 | ​ | ​ | 19,980 | ​ | ​ | 146,950
Noninterest income | ​ |  | 9,468 | ​ | ​ | 13,722 | ​ | ​ | 3,904 | ​ | ​ | 27,094
Noninterest expenses | ​ |  | 40,039 | ​ | ​ | 54,994 | ​ | ​ | 13,475 | ​ | ​ | 108,508
Income before income taxes | ​ | $ | 28,168 | ​ | $ | 26,959 | ​ | $ | 10,409 | ​ | $ | 65,536
Three Months Ended September 30, 2022 (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 77,625 | ​ | $ | 58,749 | ​ | $ | 14,341 | ​ | $ | 150,715
Provision for credit losses | ​ |  | 8,470 | ​ | ​ | (2,058) | ​ | ​ | — | ​ | ​ | 6,412
Net interest income after provision for credit losses | ​ |  | 69,155 | ​ | ​ | 60,807 | ​ | ​ | 14,341 | ​ | ​ | 144,303
Noninterest income | ​ |  | 8,453 | ​ | ​ | 11,939 | ​ | ​ | 5,192 | ​ | ​ | 25,584
Noninterest expenses | ​ |  | 40,164 | ​ | ​ | 54,740 | ​ | ​ | 5,019 | ​ | ​ | 99,923
Income before income taxes | ​ | $ | 37,444 | ​ | $ | 18,006 | ​ | $ | 14,514 | ​ | $ | 69,964
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1) | ​ | Total
Nine Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 201,722 | ​ | $ | 190,806 | ​ | $ | 64,941 | ​ | $ | 457,469
Provision for credit losses | ​ |  | 25,853 | ​ | ​ | (2,947) | ​ | ​ | 5 | ​ | ​ | 22,911
Net interest income after provision for credit losses | ​ |  | 175,869 | ​ | ​ | 193,753 | ​ | ​ | 64,936 | ​ | ​ | 434,558
Noninterest income | ​ |  | 25,743 | ​ | ​ | 38,188 | ​ | ​ | (3,013) | ​ | ​ | 60,918
Noninterest expenses | ​ |  | 123,207 | ​ | ​ | 168,971 | ​ | ​ | 30,264 | ​ | ​ | 322,442
Income before income taxes | ​ | $ | 78,405 | ​ | $ | 62,970 | ​ | $ | 31,659 | ​ | $ | 173,034
Nine Months Ended September 30, 2022 (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 221,979 | ​ | $ | 157,918 | ​ | $ | 40,516 | ​ | $ | 420,413
Provision for credit losses | ​ |  | 12,844 | ​ | ​ | (100) | ​ | ​ | 27 | ​ | ​ | 12,771
Net interest income after provision for credit losses | ​ |  | 209,135 | ​ | ​ | 158,018 | ​ | ​ | 40,489 | ​ | ​ | 407,642
Noninterest income | ​ |  | 25,967 | ​ | ​ | 45,135 | ​ | ​ | 22,921 | ​ | ​ | 94,023
Noninterest expenses | ​ |  | 118,216 | ​ | ​ | 165,523 | ​ | ​ | 20,273 | ​ | ​ | 304,012
Income before income taxes | ​ | $ | 116,886 | ​ | $ | 37,630 | ​ | $ | 43,137 | ​ | $ | 197,653
(1) For the three and nine months ended September 30, 2023, noninterest expenses include $8.7 million ($8.7 million included within other expenses and ($67,000) included within salaries and benefits) and $12.6 million ($9.8 million included within other expenses and $2.8 million included within salaries and benefits), respectively, in expenses associated with strategic cost saving initiatives, principally composed of severance costs related to headcount reductions, costs related to modifying certain third-party vendor contracts, and charges for exiting certain leases. (2) As discussed above, the segment operating results for the three and nine months ended September 30, 2022 include a reallocation from Consumer Banking to Wholesale Banking.
Schedule of operating segment results - balance sheet metrics | The following table presents the Company’s operating segment results for key balance sheet metrics as of September 30, 2023 and December 31, 2022 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
As of September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 12,343,799 | ​ | $ | 2,953,367 | ​ | $ | (13,546) | ​ | $ | 15,283,620
Goodwill | ​ | ​ | 639,180 | ​ | ​ | 286,031 | ​ | ​ | — | ​ | ​ | 925,211
Deposits | ​ | ​ | 6,537,472 | ​ | ​ | 9,726,079 | ​ | ​ | 522,954 | ​ | ​ | 16,786,505
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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.
Schedule of Disaggregation of Revenue | Noninterest income disaggregated by major source for the three and nine months ended September 30, 2023 and 2022, consisted of the following (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | September 30, | ​ | September 30, |  | September 30, | ​ | September 30,
​ | ​ | 2023 | ​ | 2022 |  | 2023 | ​ | 2022
Noninterest income: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Deposit Service Charges (1): |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Overdraft fees | ​ | $ | 5,210 | ​ | $ | 3,831 | ​ | $ | 14,873 | ​ | $ | 14,130
Maintenance fees & other | ​ |  | 3,347 | ​ |  | 2,953 | ​ |  | 9,704 | ​ |  | 8,291
Other service charges, commissions, and fees (1) | ​ |  | 2,632 | ​ |  | 1,770 | ​ |  | 6,071 | ​ |  | 5,134
Interchange fees(1) | ​ |  | 2,314 | ​ |  | 2,461 | ​ |  | 7,098 | ​ |  | 6,539
Fiduciary and asset management fees (1): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Trust asset management fees | ​ |  | 3,120 | ​ |  | 3,035 | ​ |  | 9,329 | ​ |  | 9,726
Registered advisor management fees | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 5,088
Brokerage management fees | ​ |  | 1,429 | ​ |  | 1,099 | ​ |  | 3,840 | ​ |  | 3,515
Mortgage banking income | ​ |  | 666 | ​ |  | 1,390 | ​ |  | 1,969 | ​ |  | 6,707
Loss on sale of securities | ​ | ​ | (27,594) | ​ | ​ | — | ​ | ​ | (40,992) | ​ | ​ | (2)
Bank owned life insurance income | ​ |  | 2,973 | ​ |  | 3,445 | ​ |  | 8,671 | ​ |  | 8,858
Loan-related interest rate swap fees | ​ |  | 2,695 | ​ |  | 2,050 | ​ |  | 6,450 | ​ |  | 8,510
Other operating income (2) | ​ |  | 30,302 | ​ |  | 3,550 | ​ |  | 33,905 | ​ |  | 17,527
Total noninterest income | ​ | $ | 27,094 | ​ | $ | 25,584 | ​ | $ | 60,918 | ​ | $ | 94,023
(1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) Includes a $27.7 million gain related to the sale-leaseback transaction for the three and nine months ended September 30, 2023, and a $9.1 million gain related to the sale of DHFB for the nine months ended September 30, 2022.
Disaggregated noninterest income by segment | The following tables present noninterest income disaggregated by reportable operating segment for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
Three Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Deposit service charges | ​ | ​ | $ | 2,184 | ​ | $ | 6,373 | ​ | $ | — | ​ | $ | 8,557
Other service charges and fees | ​ | ​ | ​ | 399 | ​ | ​ | 2,233 | ​ | ​ | — | ​ | ​ | 2,632
Fiduciary and asset management fees | ​ | ​ | ​ | 3,050 | ​ | ​ | 1,499 | ​ | ​ | — | ​ | ​ | 4,549
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 666 | ​ | ​ | — | ​ | ​ | 666
Other income | ​ | ​ | ​ | 3,835 | ​ | ​ | 2,951 | ​ | ​ | 3,904 | ​ | ​ | 10,690
Total noninterest income | ​ | ​ | $ | 9,468 | ​ | $ | 13,722 | ​ | $ | 3,904 | ​ | $ | 27,094
Three Months Ended September 30, 2022 (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Deposit service charges | ​ | ​ | $ | 1,783 | ​ | $ | 5,001 | ​ | $ | — | ​ | $ | 6,784
Other service charges and fees | ​ | ​ | ​ | 513 | ​ | ​ | 1,257 | ​ | ​ | — | ​ | ​ | 1,770
Fiduciary and asset management fees | ​ | ​ | ​ | 2,960 | ​ | ​ | 1,174 | ​ | ​ | — | ​ | ​ | 4,134
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 1,390 | ​ | ​ | — | ​ | ​ | 1,390
Other income | ​ | ​ | ​ | 3,197 | ​ | ​ | 3,117 | ​ | ​ | 5,192 | ​ | ​ | 11,506
Total noninterest income | ​ | ​ | $ | 8,453 | ​ | $ | 11,939 | ​ | $ | 5,192 | ​ | $ | 25,584
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
Nine Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Deposit service charges | ​ | ​ | $ | 6,268 | ​ | $ | 18,309 | ​ | $ | — | ​ | $ | 24,577
Other service charges and fees | ​ | ​ | ​ | 1,140 | ​ | ​ | 4,931 | ​ | ​ | — | ​ | ​ | 6,071
Fiduciary and asset management fees | ​ | ​ | ​ | 9,118 | ​ | ​ | 4,051 | ​ | ​ | — | ​ | ​ | 13,169
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 1,969 | ​ | ​ | — | ​ | ​ | 1,969
Other income | ​ | ​ | ​ | 9,217 | ​ | ​ | 8,928 | ​ | ​ | (3,013) | ​ | ​ | 15,132
Total noninterest income | ​ | ​ | $ | 25,743 | ​ | $ | 38,188 | ​ | $ | (3,013) | ​ | $ | 60,918
Nine Months Ended September 30, 2022 (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Deposit service charges | ​ | ​ | $ | 4,990 | ​ | $ | 17,431 | ​ | $ | — | ​ | $ | 22,421
Other service charges and fees | ​ | ​ | ​ | 1,342 | ​ | ​ | 3,792 | ​ | ​ | — | ​ | ​ | 5,134
Fiduciary and asset management fees | ​ | ​ | ​ | 9,501 | ​ | ​ | 8,828 | ​ | ​ | — | ​ | ​ | 18,329
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 6,707 | ​ | ​ | — | ​ | ​ | 6,707
Other income | ​ | ​ | ​ | 10,134 | ​ | ​ | 8,377 | ​ | ​ | 22,921 | ​ | ​ | 41,432
Total noninterest income | ​ | ​ | $ | 25,967 | ​ | $ | 45,135 | ​ | $ | 22,921 | ​ | $ | 94,023
(1) For the three and nine months ended September 30, 2022, other income primarily includes a $9.1 million gain related to the sale of DHFB and income from BOLI. (2) For the three and nine months ended September 30, 2023, other income primarily includes a $27.7 million gain related to the sale-leaseback transaction, losses incurred on the sale of AFS securities ($27.6 million and $41.0 million, respectively), and income from BOLI. (3) As discussed above, noninterest income for the three and nine months ended September 30, 2022 includes a reallocation from Consumer Banking to Wholesale Banking.

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