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SEGMENT REPORTING AND REVENUE | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
SEGMENT REPORTING AND REVENUE | 14. SEGMENT REPORTING AND REVENUE Operating Segments ​ The Company has two reportable operating segments, Wholesale Banking and Consumer Banking, with corporate support functions and intercompany eliminations being presented within Corporate Other. ​ The following table presents and reconciles income before income taxes compared to the Consolidated Statements of Income. Income before income taxes for the three months ended September 30, 2025 and 2024 totaled $116.3 million and $92.0 million, respectively. Income before income taxes for the nine months ended September 30, 2025 and 2024 totaled $195.3 million and $188.5 million, respectively. The information is disaggregated by major source and reportable operating segment for the three and nine months ended September 30, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended: | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 454,493 | ​ | $ | 252,031 | ​ | $ | (203,087) | ​ | $ | 503,437
Interest expense | ​ |  | 293,637 | ​ | ​ | 137,295 | ​ | ​ | (246,705) | ​ | ​ | 184,227
Net interest income | ​ | ​ | 160,856 | ​ | ​ | 114,736 | ​ | ​ | 43,618 | ​ | ​ | 319,210
Provision for credit losses | ​ |  | 14,368 | ​ | ​ | 1,858 | ​ | ​ | 7 | ​ | ​ | 16,233
Net interest income after provision for credit losses | ​ |  | 146,488 | ​ | ​ | 112,878 | ​ | ​ | 43,611 | ​ | ​ | 302,977
Noninterest income | ​ |  | 29,000 | ​ | ​ | 19,945 | ​ | ​ | 2,806 | ​ | ​ | 51,751
Noninterest expenses | ​ |  | 92,982 | ​ | ​ | 108,850 | ​ | ​ | 36,614 | ​ | ​ | 238,446
Income before income taxes | ​ | $ | 82,506 | ​ | $ | 23,973 | ​ | $ | 9,803 | ​ | $ | 116,282
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 323,446 | ​ | $ | 165,012 | ​ | $ | (163,930) | ​ | $ | 324,528
Interest expense | ​ |  | 222,349 | ​ | ​ | 85,900 | ​ | ​ | (166,653) | ​ | ​ | 141,596
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 | ​ |  | 50,521 | ​ | ​ | 64,694 | ​ | ​ | 7,367 | ​ | ​ | 122,582
Income before income taxes | ​ | $ | 61,132 | ​ | $ | 27,750 | ​ | $ | 3,151 | ​ | $ | 92,033
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended: | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 1,194,795 | ​ | $ | 656,655 | ​ | $ | (531,805) | ​ | $ | 1,319,645
Interest expense | ​ |  | 776,220 | ​ | ​ | 353,285 | ​ | ​ | (634,605) | ​ | ​ | 494,900
Net interest income | ​ | ​ | 418,575 | ​ | ​ | 303,370 | ​ | ​ | 102,800 | ​ | ​ | 824,745
Provision for credit losses | ​ |  | 109,435 | ​ | ​ | 30,136 | ​ | ​ | 7 | ​ | ​ | 139,578
Net interest income after provision for credit losses | ​ |  | 309,140 | ​ | ​ | 273,234 | ​ | ​ | 102,793 | ​ | ​ | 685,167
Noninterest income | ​ |  | 64,450 | ​ | ​ | 54,240 | ​ | ​ | 43,746 | ​ | ​ | 162,436
Noninterest expenses | ​ |  | 232,787 | ​ | ​ | 274,932 | ​ | ​ | 144,608 | ​ | ​ | 652,327
Income before income taxes | ​ | $ | 140,803 | ​ | $ | 52,542 | ​ | $ | 1,931 | ​ | $ | 195,276
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 911,660 | ​ | $ | 455,769 | ​ | $ | (459,099) | ​ | $ | 908,330
Interest expense | ​ |  | 634,741 | ​ | ​ | 231,411 | ​ | ​ | (473,112) | ​ | ​ | 393,040
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 | ​ |  | 142,926 | ​ | ​ | 185,672 | ​ | ​ | 49,261 | ​ | ​ | 377,859
Income before income taxes | ​ | $ | 138,103 | ​ | $ | 75,474 | ​ | $ | (25,087) | ​ | $ | 188,490
​ ​ 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, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 22,852,155 | ​ | $ | 5,257,652 | ​ | $ | (748,634) | ​ | $ | 27,361,173
Goodwill (2) | ​ | ​ | 1,249,654 | ​ | ​ | 476,732 | ​ | ​ | — | ​ | ​ | 1,726,386
Deposits (3) | ​ | ​ | 11,548,604 | ​ | ​ | 17,958,684 | ​ | ​ | 1,158,036 | ​ | ​ | 30,665,324
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LHFI, net of deferred fees and costs (1) | ​ | $ | 15,514,640 | ​ | $ | 3,085,207 | ​ | $ | (129,226) | ​ | $ | 18,470,621
Goodwill | ​ | ​ | 850,035 | ​ | ​ | 364,018 | ​ | ​ | — | ​ | ​ | 1,214,053
Deposits (3) | ​ | ​ | 7,193,403 | ​ | ​ | 11,899,197 | ​ | ​ | 1,305,019 | ​ | ​ | 20,397,619
(1) Corporate Other includes acquisition accounting fair value adjustments. (2) Wholesale Banking and Consumer Banking includes $399.6 million and $112.7 million, respectively, related to goodwill from the Sandy Spring acquisition. Refer to Note 2 “Acquisitions” and Note 5 “Goodwill & Intangible Assets” for more information. (3) Corporate Other primarily includes brokered deposits. ​ 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
​ | ​ | 2025 | ​ | 2024 |  | 2025 | ​ | 2024
Noninterest income: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Service charges on deposit accounts (1): |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Overdraft fees | ​ | $ | 6,396 | ​ | $ | 5,800 | ​ | $ | 18,036 | ​ | $ | 15,649
Maintenance fees & other | ​ |  | 6,442 | ​ |  | 3,992 | ​ |  | 16,707 | ​ |  | 11,798
Other service charges, commissions, and fees (1) | ​ |  | 2,325 | ​ |  | 2,002 | ​ |  | 6,332 | ​ |  | 5,700
Interchange fees (1) | ​ |  | 4,089 | ​ |  | 3,371 | ​ |  | 10,816 | ​ |  | 8,791
Fiduciary and asset management fees (1): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Trust asset management fees | ​ |  | 8,730 | ​ |  | 3,624 | ​ |  | 20,542 | ​ |  | 10,761
Registered advisor management fees | ​ |  | 7,240 | ​ |  | 5 | ​ |  | 14,143 | ​ |  | 11
Brokerage management fees | ​ |  | 2,625 | ​ |  | 3,229 | ​ |  | 8,329 | ​ |  | 7,831
Mortgage banking income | ​ |  | 2,811 | ​ |  | 1,214 | ​ |  | 6,605 | ​ |  | 3,274
Gain (loss) on sale of securities | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | (83) | ​ | ​ | (6,510)
Bank owned life insurance income | ​ |  | 5,116 | ​ |  | 5,037 | ​ |  | 15,979 | ​ |  | 12,074
Loan-related interest rate swap fees | ​ |  | 5,911 | ​ |  | 1,503 | ​ |  | 10,043 | ​ |  | 4,353
Other operating income (2) | ​ |  | 62 | ​ |  | 4,505 | ​ |  | 34,987 | ​ |  | 9,919
Total noninterest income | ​ | $ | 51,751 | ​ | $ | 34,286 | ​ | $ | 162,436 | ​ | $ | 83,651
(1) Income within scope of ASC 606, Revenue from Contracts with Customers. (2) Includes a $4.8 million pre-tax loss related to the final CRE loan sale settlement for the three months ended September 30, 2025. Includes a $14.3 million pre-tax gain on the sale of our equity interest in Cary Street Partners LLC (“CSP”) and a $10.9 million pre-tax gain on CRE loan sale for the nine months ended September 30, 2025. ​ 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
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 4,537 | ​ | $ | 8,301 | ​ | $ | — | ​ | $ | 12,838
Other service charges, commissions and fees | ​ | ​ | ​ | 813 | ​ | ​ | 1,437 | ​ | ​ | 75 | ​ | ​ | 2,325
Fiduciary and asset management fees | ​ | ​ | ​ | 16,548 | ​ | ​ | 2,047 | ​ | ​ | — | ​ | ​ | 18,595
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 2,811 | ​ | ​ | — | ​ | ​ | 2,811
Other income | ​ | ​ | ​ | 7,102 | ​ | ​ | 5,349 | ​ | ​ | 2,731 | ​ | ​ | 15,182
Total noninterest income | ​ | ​ | $ | 29,000 | ​ | $ | 19,945 | ​ | $ | 2,806 | ​ | $ | 51,751
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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended: | ​ | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other (1)(2) | ​ | Total
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income: | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Service charges on deposit accounts | ​ | ​ | $ | 11,818 | ​ | $ | 22,925 | ​ | $ | — | ​ | $ | 34,743
Other service charges, commissions and fees | ​ | ​ | ​ | 1,717 | ​ | ​ | 4,426 | ​ | ​ | 189 | ​ | ​ | 6,332
Fiduciary and asset management fees | ​ | ​ | ​ | 37,076 | ​ | ​ | 5,938 | ​ | ​ | — | ​ | ​ | 43,014
Mortgage banking income | ​ | ​ | ​ | — | ​ | ​ | 6,605 | ​ | ​ | — | ​ | ​ | 6,605
Other income | ​ | ​ | ​ | 13,839 | ​ | ​ | 14,346 | ​ | ​ | 43,557 | ​ | ​ | 71,742
Total noninterest income | ​ | ​ | $ | 64,450 | ​ | $ | 54,240 | ​ | $ | 43,746 | ​ | $ | 162,436
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
(1) 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 $6.5 million of losses incurred on AFS securities, income from BOLI, and equity method investment income. (2) For the three months ended September 30, 2025, other income primarily includes income from BOLI and equity method investment income, partially offset by a $4.8 million pre-tax loss related to the final CRE loan sale settlement. For the nine months ended September 30, 2025, other income primarily includes a $14.3 million gain on the sale of the Company’s equity interest in CSP, a $10.9 million gain on CRE loan sale, and income from BOLI. ​ ​ ​ The following tables present noninterest expense 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 | ​ | Total
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 30,979 | ​ | $ | 27,892 | ​ | $ | 49,448 | ​ | $ | 108,319
Occupancy expenses | ​ | ​ | 418 | ​ | ​ | 8,056 | ​ | ​ | 5,108 | ​ | ​ | 13,582
Technology and data processing | ​ | ​ | 1,138 | ​ | ​ | 504 | ​ | ​ | 15,367 | ​ | ​ | 17,009
Furniture and equipment expenses | ​ | ​ | 103 | ​ | ​ | 1,204 | ​ | ​ | 5,229 | ​ | ​ | 6,536
Loan-related expenses | ​ | ​ | 386 | ​ | ​ | 1,436 | ​ | ​ | 111 | ​ | ​ | 1,933
Other expenses (1) | ​ | ​ | 59,958 | ​ | ​ | 69,758 | ​ | ​ | (38,649) | ​ | ​ | 91,067
Total noninterest expense | ​ | $ | 92,982 | ​ | $ | 108,850 | ​ | $ | 36,614 | ​ | $ | 238,446
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 17,961 | ​ | $ | 18,408 | ​ | $ | 33,085 | ​ | $ | 69,454
Occupancy expenses | ​ | ​ | 214 | ​ | ​ | 4,779 | ​ | ​ | 2,813 | ​ | ​ | 7,806
Technology and data processing | ​ | ​ | 456 | ​ | ​ | 246 | ​ | ​ | 9,035 | ​ | ​ | 9,737
Furniture and equipment expenses | ​ | ​ | 39 | ​ | ​ | 955 | ​ | ​ | 2,691 | ​ | ​ | 3,685
Loan-related expenses | ​ | ​ | 180 | ​ | ​ | 827 | ​ | ​ | 438 | ​ | ​ | 1,445
Other expenses (1) | ​ | ​ | 31,671 | ​ | ​ | 39,479 | ​ | ​ | (40,695) | ​ | ​ | 30,455
Total noninterest expense | ​ | $ | 50,521 | ​ | $ | 64,694 | ​ | $ | 7,367 | ​ | $ | 122,582
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended: | ​ | Wholesale Banking | ​ | Consumer Banking | ​ | Corporate Other | ​ | Total
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 84,586 | ​ | $ | 77,666 | ​ | $ | 131,424 | ​ | $ | 293,676
Occupancy expenses | ​ | ​ | 1,064 | ​ | ​ | 20,755 | ​ | ​ | 13,125 | ​ | ​ | 34,944
Technology and data processing | ​ | ​ | 3,364 | ​ | ​ | 1,075 | ​ | ​ | 40,005 | ​ | ​ | 44,444
Furniture and equipment expenses | ​ | ​ | 229 | ​ | ​ | 3,494 | ​ | ​ | 13,071 | ​ | ​ | 16,794
Loan-related expenses | ​ | ​ | 247 | ​ | ​ | 3,271 | ​ | ​ | 943 | ​ | ​ | 4,461
Other expenses (1) | ​ | ​ | 143,297 | ​ | ​ | 168,671 | ​ | ​ | (53,960) | ​ | ​ | 258,008
Total noninterest expense | ​ | $ | 232,787 | ​ | $ | 274,932 | ​ | $ | 144,608 | ​ | $ | 652,327
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 52,379 | ​ | $ | 53,365 | ​ | $ | 94,123 | ​ | $ | 199,867
Occupancy expenses | ​ | ​ | 645 | ​ | ​ | 13,222 | ​ | ​ | 8,400 | ​ | ​ | 22,267
Technology and data processing | ​ | ​ | 1,094 | ​ | ​ | 660 | ​ | ​ | 26,384 | ​ | ​ | 28,138
Furniture and equipment expenses | ​ | ​ | 128 | ​ | ​ | 2,781 | ​ | ​ | 7,890 | ​ | ​ | 10,799
Loan-related expenses | ​ | ​ | 596 | ​ | ​ | 2,425 | ​ | ​ | 1,022 | ​ | ​ | 4,043
Other expenses (1) | ​ | ​ | 88,084 | ​ | ​ | 113,219 | ​ | ​ | (88,558) | ​ | ​ | 112,745
Total noninterest expense | ​ | $ | 142,926 | ​ | $ | 185,672 | ​ | $ | 49,261 | ​ | $ | 377,859
(1) Includes allocated expenses.

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