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SEGMENT REPORTING AND REVENUE (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of operating segment results | The following tables present the Company’s operating segment results for the three and nine months ended September 30, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended: | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 101,097 | ​ | $ | 79,112 | ​ | $ | 2,723 | ​ | $ | 182,932
Provision for credit losses | ​ |  | 217 | ​ | ​ | 2,389 | ​ | ​ | (3) | ​ | ​ | 2,603
Net interest income after provision for credit losses | ​ |  | 100,880 | ​ | ​ | 76,723 | ​ | ​ | 2,726 | ​ | ​ | 180,329
Noninterest income | ​ |  | 10,773 | ​ | ​ | 15,721 | ​ | ​ | 7,792 | ​ | ​ | 34,286
Noninterest expenses | ​ |  | 50,880 | ​ | ​ | 64,335 | ​ | ​ | 7,367 | ​ | ​ | 122,582
Income before income taxes | ​ | $ | 60,773 | ​ | $ | 28,109 | ​ | $ | 3,151 | ​ | $ | 92,033
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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended: | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net interest income | ​ | $ | 276,919 | ​ | $ | 224,358 | ​ | $ | 14,013 | ​ | $ | 515,290
Provision for credit losses | ​ |  | 25,803 | ​ | ​ | 6,801 | ​ | ​ | (12) | ​ | ​ | 32,592
Net interest income after provision for credit losses | ​ |  | 251,116 | ​ | ​ | 217,557 | ​ | ​ | 14,025 | ​ | ​ | 482,698
Noninterest income | ​ |  | 29,913 | ​ | ​ | 43,589 | ​ | ​ | 10,149 | ​ | ​ | 83,651
Noninterest expenses | ​ |  | 144,152 | ​ | ​ | 184,446 | ​ | ​ | 49,261 | ​ | ​ | 377,859
Income before income taxes | ​ | $ | 136,877 | ​ | $ | 76,700 | ​ | $ | (25,087) | ​ | $ | 188,490
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
(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 and charges for exiting certain leases.
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 the periods ended (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 15,366,703 | ​ | $ | 3,113,472 | ​ | $ | (142,876) | ​ | $ | 18,337,299
Goodwill (2) | ​ | ​ | 845,239 | ​ | ​ | 362,245 | ​ | ​ | 5,226 | ​ | ​ | 1,212,710
Deposits | ​ | ​ | 7,083,741 | ​ | ​ | 11,649,873 | ​ | ​ | 1,571,673 | ​ | ​ | 20,305,287
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 12,688,833 | ​ | $ | 2,958,811 | ​ | $ | (12,601) | ​ | $ | 15,635,043
Goodwill | ​ | ​ | 639,180 | ​ | ​ | 286,031 | ​ | ​ | — | ​ | ​ | 925,211
Deposits | ​ | ​ | 6,403,432 | ​ | ​ | 9,816,562 | ​ | ​ | 598,135 | ​ | ​ | 16,818,129
(1) Corporate Other includes acquisition accounting fair value adjustments. (2) Wholesale Banking and Consumer Banking includes $209.9 million and $77.6 million, respectively, related to the American National acquisition. Refer to Note 2 “Acquisitions” and Note 5 “Goodwill and Intangible Assets” for more information.
Schedule of Disaggregation of Revenue | Noninterest income disaggregated by major source for the three and nine months ended September 30, consisted of the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023
Noninterest income: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Service charges on deposit accounts (1): |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Overdraft fees | ​ | $ | 5,800 | ​ | $ | 5,210 | ​ | $ | 15,649 | ​ | $ | 14,873
Maintenance fees & other | ​ |  | 3,992 | ​ |  | 3,347 | ​ |  | 11,798 | ​ |  | 9,704
Other service charges, commissions, and fees (1) | ​ |  | 2,002 | ​ |  | 2,632 | ​ |  | 5,700 | ​ |  | 6,071
Interchange fees(1) | ​ |  | 3,371 | ​ |  | 2,314 | ​ |  | 8,791 | ​ |  | 7,098
Fiduciary and asset management fees (1): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Trust asset management fees | ​ |  | 3,624 | ​ |  | 3,120 | ​ |  | 10,761 | ​ |  | 9,329
Registered advisor management fees | ​ |  | 5 | ​ |  | — | ​ |  | 11 | ​ |  | —
Brokerage management fees | ​ |  | 3,229 | ​ |  | 1,429 | ​ |  | 7,831 | ​ |  | 3,840
Mortgage banking income | ​ |  | 1,214 | ​ |  | 666 | ​ |  | 3,274 | ​ |  | 1,969
Gain (loss) on sale of securities | ​ | ​ | 4 | ​ | ​ | (27,594) | ​ | ​ | (6,510) | ​ | ​ | (40,992)
Bank owned life insurance income | ​ |  | 5,037 | ​ |  | 2,973 | ​ |  | 12,074 | ​ |  | 8,671
Loan-related interest rate swap fees | ​ |  | 1,503 | ​ |  | 2,695 | ​ |  | 4,353 | ​ |  | 6,450
Other operating income | ​ |  | 4,505 | ​ |  | 30,302 | ​ |  | 9,919 | ​ |  | 33,905
Total noninterest income | ​ | $ | 34,286 | ​ | $ | 27,094 | ​ | $ | 83,651 | ​ | $ | 60,918
(1) Income within scope of ASC 606, Revenue from Contracts with Customers.
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, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended: | ​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 2,833 | ​ | $ | 6,959 | ​ | $ | — | ​ | $ | 9,792
Other service charges, commissions and fees | ​ | ​ | ​ | 600 | ​ | ​ | 1,402 | ​ | ​ | — | ​ | ​ | 2,002
Fiduciary and asset management fees | ​ | ​ | ​ | 4,933 | ​ | ​ | 1,925 | ​ | ​ | — | ​ | ​ | 6,858
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 1,214 | ​ | ​ | — | ​ | ​ | 1,214
Other income | ​ | ​ | ​ | 2,407 | ​ | ​ | 4,221 | ​ | ​ | 7,792 | ​ | ​ | 14,420
Total noninterest income | ​ | ​ | $ | 10,773 | ​ | $ | 15,721 | ​ | $ | 7,792 | ​ | $ | 34,286
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 2,184 | ​ | $ | 6,373 | ​ | $ | — | ​ | $ | 8,557
Other service charges, commissions 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended: | ​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 8,178 | ​ | $ | 19,269 | ​ | $ | — | ​ | $ | 27,447
Other service charges, commissions and fees | ​ | ​ | ​ | 1,413 | ​ | ​ | 4,304 | ​ | ​ | (17) | ​ | ​ | 5,700
Fiduciary and asset management fees | ​ | ​ | ​ | 13,301 | ​ | ​ | 5,302 | ​ | ​ | — | ​ | ​ | 18,603
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 3,274 | ​ | ​ | — | ​ | ​ | 3,274
Other income | ​ | ​ | ​ | 7,021 | ​ | ​ | 11,440 | ​ | ​ | 10,166 | ​ | ​ | 28,627
Total noninterest income | ​ | ​ | $ | 29,913 | ​ | $ | 43,589 | ​ | $ | 10,149 | ​ | $ | 83,651
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 6,268 | ​ | $ | 18,309 | ​ | $ | — | ​ | $ | 24,577
Other service charges, commissions 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
(1) 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. (2) For the three months ended September 30, 2024, other income primarily includes income from BOLI and equity method investment income. For the nine months ended September 30, 2024, other income primarily includes income from BOLI, equity method investment income, and $6.5 million of losses incurred on AFS securities.

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