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SEGMENT REPORTING AND REVENUE | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
SEGMENT REPORTING AND REVENUE | 18. SEGMENT REPORTING AND REVENUE Operating Segments ​ Effective January 1, 2023, the Company made an organizational change to move certain lines of business in the wealth management division that primarily serve Wholesale Banking customers from the Consumer Banking segment to the Wholesale Banking segment. As a result, the Company revised its prior segment operating results for the year ended December 31, 2022, resulting in a reallocation of noninterest income ($12.5 million) and noninterest expense ($16.0 million) from the Consumer Banking segment to the Wholesale Banking segment. In addition, based on this organizational change, the Company also reallocated $9.6 million of goodwill from the Consumer Banking segment to the Wholesale Banking segment and revised its prior segment information for the year ended December 31, 2022. Goodwill was evaluated for impairment prior to and immediately following the organizational change. Refer to Note 6 “Goodwill and Intangible Assets” in this Form 10-K. ​ As of December 31, 2024, the Company has two reportable operating segments, Wholesale Banking and Consumer Banking, with corporate support functions and intercompany eliminations being presented within Corporate Other. ​ Segment Results ​ The following table presents and reconciles income before income taxes compared to the Consolidated Statements of Income. Income before income taxes for the years ended December 31, 2024, 2023, and 2022 totaled $259.8 million, $239.9 million, and $280.0 million, respectively. The information is disaggregated by major source and reportable operating segment for the years ended December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | $ | 1,222,101 | ​ | $ | 619,855 | ​ | $ | (614,421) | ​ | $ | 1,227,535
Interest expense | ​ | ​ | 844,408 | ​ | ​ | 318,839 | ​ | ​ | (634,251) | ​ | ​ | 528,996
Net interest income | ​ | ​ | 377,693 | ​ | ​ | 301,016 | ​ | ​ | 19,830 | ​ | ​ | 698,539
Provision for credit losses | ​ |  | 40,072 | ​ | ​ | 10,029 | ​ | ​ | (12) | ​ | ​ | 50,089
Net interest income after provision for credit losses | ​ |  | 337,621 | ​ | ​ | 290,987 | ​ | ​ | 19,842 | ​ | ​ | 648,450
Noninterest income | ​ |  | 44,811 | ​ | ​ | 59,344 | ​ | ​ | 14,723 | ​ | ​ | 118,878
Noninterest expenses | ​ |  | 194,704 | ​ | ​ | 250,178 | ​ | ​ | 62,652 | ​ | ​ | 507,534
Income (loss) before income taxes | ​ | $ | 187,728 | ​ | $ | 100,153 | ​ | $ | (28,087) | ​ | $ | 259,794
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | $ | 934,242 | ​ | $ | 452,388 | ​ | $ | (432,180) | ​ | $ | 954,450
Interest expense | ​ | ​ | 663,257 | ​ | ​ | 198,542 | ​ | ​ | (518,362) | ​ | ​ | 343,437
Net interest income | ​ | ​ | 270,985 | ​ | ​ | 253,846 | ​ | ​ | 86,182 | ​ | ​ | 611,013
Provision for credit losses | ​ |  | 34,229 | ​ | ​ | (2,616) | ​ | ​ | 5 | ​ | ​ | 31,618
Net interest income after provision for credit losses | ​ |  | 236,756 | ​ | ​ | 256,462 | ​ | ​ | 86,177 | ​ | ​ | 579,395
Noninterest income | ​ |  | 36,791 | ​ | ​ | 51,347 | ​ | ​ | 2,739 | ​ | ​ | 90,877
Noninterest expenses | ​ |  | 164,283 | ​ | ​ | 228,374 | ​ | ​ | 37,714 | ​ | ​ | 430,371
Income before income taxes | ​ | $ | 109,264 | ​ | $ | 79,435 | ​ | $ | 51,202 | ​ | $ | 239,901
2022 (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | $ | 540,076 | ​ | $ | 300,722 | ​ | $ | (180,363) | ​ | $ | 660,435
Interest expense | ​ | ​ | 238,273 | ​ | ​ | 77,935 | ​ | ​ | (240,034) | ​ | ​ | 76,174
Net interest income | ​ | ​ | 301,803 | ​ | ​ | 222,787 | ​ | ​ | 59,671 | ​ | ​ | 584,261
Provision for credit losses | ​ |  | 11,758 | ​ | ​ | 7,231 | ​ | ​ | 39 | ​ | ​ | 19,028
Net interest income after provision for credit losses | ​ |  | 290,045 | ​ | ​ | 215,556 | ​ | ​ | 59,632 | ​ | ​ | 565,233
Noninterest income | ​ |  | 36,557 | ​ | ​ | 56,899 | ​ | ​ | 25,067 | ​ | ​ | 118,523
Noninterest expenses | ​ |  | 158,159 | ​ | ​ | 219,813 | ​ | ​ | 25,830 | ​ | ​ | 403,802
Income before income taxes | ​ | $ | 168,443 | ​ | $ | 52,642 | ​ | $ | 58,869 | ​ | $ | 279,954
(1) For the year ended December 31, 2022, noninterest expenses include $5.5 million in strategic branch closing and facility consolidation costs. (2) For the year ended December 31, 2023, noninterest expenses include $12.6 million ($9.8 million included within other expenses and $2.8 million included within salaries and benefits), in expenses associated with strategic cost saving initiatives, principally composed of severance costs related to headcount reductions, and charges for exiting certain leases. (3) As discussed above, the segment operating results for the year ended December 31, 2022 include a reallocation from Consumer Banking to Wholesale Banking. ​ ​ The following table presents the Company’s operating segment results for key balance sheet metrics as of December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 15,514,640 | ​ | $ | 3,085,207 | ​ | $ | (129,226) | ​ | $ | 18,470,621
Goodwill (2) | ​ | ​ | 850,035 | ​ | ​ | 364,018 | ​ | ​ | — | ​ | ​ | 1,214,053
Deposits | ​ | ​ | 7,193,403 | ​ | ​ | 11,899,197 | ​ | ​ | 1,305,019 | ​ | ​ | 20,397,619
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 $210.8 million and $78.0 million, respectively, related to the American National acquisition. Refer to Note 2 “Acquisitions” and Note 6 “Goodwill and Intangible Assets” for more information. ​ Revenue ​ Noninterest income disaggregated by major source for the years ended December 31, consisted of the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Noninterest income: |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts (1): |  | ​ |  |  | ​ |  |  | ​ |
Overdraft fees | ​ | $ | 21,472 | ​ | $ | 20,045 | ​ | $ | 18,749
Maintenance fees & other | ​ |  | 15,807 | ​ |  | 13,195 | ​ |  | 11,303
Other service charges, commissions, and fees (1) | ​ |  | 7,511 | ​ |  | 7,860 | ​ |  | 6,765
Interchange fees (1) | ​ |  | 12,134 | ​ |  | 9,678 | ​ |  | 9,110
Fiduciary and asset management fees (1): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Trust asset management fees | ​ |  | 14,520 | ​ |  | 12,396 | ​ |  | 12,720
Registered advisor management fees | ​ |  | 16 | ​ |  | — | ​ |  | 5,088
Brokerage management fees | ​ |  | 10,992 | ​ |  | 5,299 | ​ |  | 4,606
Mortgage banking income | ​ |  | 4,202 | ​ |  | 2,743 | ​ |  | 7,085
Loss on sale of securities | ​ | ​ | (6,493) | ​ | ​ | (40,989) | ​ | ​ | (3)
Bank owned life insurance income | ​ |  | 15,629 | ​ |  | 11,759 | ​ |  | 11,507
Loan-related interest rate swap fees | ​ |  | 9,435 | ​ |  | 10,037 | ​ |  | 12,174
Other operating income (2)(3) | ​ |  | 13,653 | ​ |  | 38,854 | ​ |  | 19,419
Total noninterest income | ​ | $ | 118,878 | ​ | $ | 90,877 | ​ | $ | 118,523
(1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) Includes a $9.1 million gain related to the sale of DHFB for the year ended December 31, 2022. (3) Includes a $29.6 million gain related to the sale-leaseback transactions for the year ended December 31, 2023. ​ The following tables present noninterest income disaggregated by reportable operating segment for the years ended December 31, (dollars in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2)(3) | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | $ | 11,018 | ​ | $ | 26,261 | ​ | $ | — | ​ | $ | 37,279
Other service charges and fees | ​ | ​ | 1,843 | ​ | ​ | 5,684 | ​ | ​ | (16) | ​ | ​ | 7,511
Fiduciary and asset management fees | ​ | ​ | 18,146 | ​ | ​ | 7,382 | ​ | ​ | — | ​ | ​ | 25,528
Mortgage banking income | ​ | ​ | — | ​ | ​ | 4,202 | ​ | ​ | — | ​ | ​ | 4,202
Other income | ​ | ​ | 13,804 | ​ | ​ | 15,815 | ​ | ​ | 14,739 | ​ | ​ | 44,358
Total noninterest income | ​ | $ | 44,811 | ​ | $ | 59,344 | ​ | $ | 14,723 | ​ | $ | 118,878
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | $ | 8,562 | ​ | $ | 24,678 | ​ | $ | — | ​ | $ | 33,240
Other service charges and fees | ​ | ​ | 1,654 | ​ | ​ | 6,206 | ​ | ​ | — | ​ | ​ | 7,860
Fiduciary and asset management fees | ​ | ​ | 12,117 | ​ | ​ | 5,578 | ​ | ​ | — | ​ | ​ | 17,695
Mortgage banking income | ​ | ​ | — | ​ | ​ | 2,743 | ​ | ​ | — | ​ | ​ | 2,743
Other income | ​ | ​ | 14,458 | ​ | ​ | 12,142 | ​ | ​ | 2,739 | ​ | ​ | 29,339
Total noninterest income | ​ | $ | 36,791 | ​ | $ | 51,347 | ​ | $ | 2,739 | ​ | $ | 90,877
2022 (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | $ | 6,814 | ​ | $ | 23,238 | ​ | $ | — | ​ | $ | 30,052
Other service charges and fees | ​ | ​ | 1,769 | ​ | ​ | 4,996 | ​ | ​ | — | ​ | ​ | 6,765
Fiduciary and asset management fees | ​ | ​ | 12,424 | ​ | ​ | 9,990 | ​ | ​ | — | ​ | ​ | 22,414
Mortgage banking income | ​ | ​ | — | ​ | ​ | 7,085 | ​ | ​ | — | ​ | ​ | 7,085
Other income | ​ | ​ | 15,550 | ​ | ​ | 11,590 | ​ | ​ | 25,067 | ​ | ​ | 52,207
Total noninterest income | ​ | $ | 36,557 | ​ | $ | 56,899 | ​ | $ | 25,067 | ​ | $ | 118,523
(1) For the year ended December 31, 2022, other income primarily includes a $9.1 million gain related to the sale of DHFB, income from BOLI, and equity method investment income. (2) For the year ended December 31, 2023, other income primarily includes a $29.6 million gain related to the sale-leaseback transactions, a $41.0 million loss incurred on the sale of AFS securities, and income from BOLI. (3) For the year ended December 31, 2024, other income primarily includes income from BOLI, equity method investment income, and $6.5 million of losses incurred on AFS securities. (4) As discussed above, noninterest income for the year ended December 31, 2022 includes a reallocation from Consumer Banking to Wholesale Banking. ​ ​ Expense ​ The following tables present noninterest expense disaggregated by reportable operating segment for the years ended December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 70,842 | ​ | $ | 71,643 | ​ | $ | 128,679 | ​ | $ | 271,164
Occupancy expenses | ​ | ​ | 857 | ​ | ​ | 17,966 | ​ | ​ | 11,409 | ​ | ​ | 30,232
Furniture and equipment expenses | ​ | ​ | 161 | ​ | ​ | 3,716 | ​ | ​ | 10,705 | ​ | ​ | 14,582
Loan-related expenses | ​ | ​ | 974 | ​ | ​ | 3,178 | ​ | ​ | 1,361 | ​ | ​ | 5,513
Other expenses (1) | ​ | ​ | 121,870 | ​ | ​ | 153,675 | ​ | ​ | (89,502) | ​ | ​ | 186,043
Total noninterest expense | ​ | $ | 194,704 | ​ | $ | 250,178 | ​ | $ | 62,652 | ​ | $ | 507,534
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 59,376 | ​ | $ | 65,174 | ​ | $ | 112,132 | ​ | $ | 236,682
Occupancy expenses | ​ | ​ | 736 | ​ | ​ | 12,990 | ​ | ​ | 11,420 | ​ | ​ | 25,146
Furniture and equipment expenses | ​ | ​ | 195 | ​ | ​ | 3,171 | ​ | ​ | 10,916 | ​ | ​ | 14,282
Loan-related expenses | ​ | ​ | 687 | ​ | ​ | 3,886 | ​ | ​ | 1,046 | ​ | ​ | 5,619
Other expenses (1) | ​ | ​ | 103,289 | ​ | ​ | 143,153 | ​ | ​ | (97,800) | ​ | ​ | 148,642
Total noninterest expense | ​ | $ | 164,283 | ​ | $ | 228,374 | ​ | $ | 37,714 | ​ | $ | 430,371
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 55,504 | ​ | $ | 64,244 | ​ | $ | 109,178 | ​ | $ | 228,926
Occupancy expenses | ​ | ​ | 617 | ​ | ​ | 13,199 | ​ | ​ | 12,197 | ​ | ​ | 26,013
Furniture and equipment expenses | ​ | ​ | 259 | ​ | ​ | 3,185 | ​ | ​ | 11,394 | ​ | ​ | 14,838
Loan-related expenses | ​ | ​ | 561 | ​ | ​ | 4,989 | ​ | ​ | 1,024 | ​ | ​ | 6,574
Other expenses (1) | ​ | ​ | 101,218 | ​ | ​ | 134,196 | ​ | ​ | (107,963) | ​ | ​ | 127,451
Total noninterest expense | ​ | $ | 158,159 | ​ | $ | 219,813 | ​ | $ | 25,830 | ​ | $ | 403,802
(1) Includes allocated expenses.

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