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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION We have the following three reportable segments: Banking Operations, Treasury and All Others. These segments are consistent with our internal functional reporting lines and are managed separately because each unit has different target markets, technological requirements, and specialized skills. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, indirect auto lending, trust services, retail brokerage services and our retail branch offices, which provide a full range of deposit and loan products, as well as various other banking services. The Treasury segment is responsible for managing the Company's investment securities portfolio and wholesale funding activities. The All Others segment consists of all activities not captured by the Banking Operations or Treasury segments described above and includes activities such as electronic banking, data processing and management of bank owned properties. The accounting policies of the segments are consistent with the Company's accounting policies that are described in Note 1 - Summary of Significant Accounting Policies to the consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC. The majority of the Company's net income is derived from net interest income. Accordingly, management focuses primarily on net interest income, rather than gross interest income and expense amounts, in evaluating segment profitability. Intersegment net interest income (expense) was allocated to each segment based upon a funds transfer pricing process that assigns costs of funds to assets and earnings credits to liabilities based on market interest rates that reflect interest rate sensitivity and maturity characteristics. All administrative and overhead expenses are allocated to the segments at cost. Cash, investment securities, loans and leases and their related balances are allocated to the segment responsible for acquisition and maintenance of those assets. Segment assets also include all premises and equipment used directly in segment operations. Segment profits and assets are provided in the following table for the periods indicated.
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 35,191 |  |  | $ | 6,804 |  |  | $ | — |  |  | $ | 41,995 |
Inter-segment net interest income (expense) | 8,530 |  |  | (6,299 | ) |  | (2,231 | ) |  | — |
Credit for loan and lease losses | 126 |  |  | — |  |  | — |  |  | 126 |
Other operating income | 5,505 |  |  | 1,159 |  |  | 2,905 |  |  | 9,569 |
Other operating expense | (15,242 | ) |  | (338 | ) |  | (17,931 | ) |  | (33,511 | )
Administrative and overhead expense allocation | (15,635 | ) |  | (311 | ) |  | 15,946 |  |  | — |
Income before taxes | 18,475 |  |  | 1,015 |  |  | (1,311 | ) |  | 18,179 |
Income tax (expense) benefit | (6,470 | ) |  | (360 | ) |  | 463 |  |  | (6,367 | )
Net income (loss) | $ | 12,005 |  |  | $ | 655 |  |  | $ | (848 | ) |  | $ | 11,812 |
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
Three Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 32,583 |  |  | $ | 6,843 |  |  | $ | — |  |  | $ | 39,426 |
Inter-segment net interest income (expense) | 8,588 |  |  | (6,398 | ) |  | (2,190 | ) |  | — |
Credit for loan and lease losses | 743 |  |  | — |  |  | — |  |  | 743 |
Other operating income | 6,833 |  |  | 652 |  |  | 2,469 |  |  | 9,954 |
Other operating expense | (15,875 | ) |  | (410 | ) |  | (15,980 | ) |  | (32,265 | )
Administrative and overhead expense allocation | (14,873 | ) |  | (253 | ) |  | 15,126 |  |  | — |
Income before taxes | 17,999 |  |  | 434 |  |  | (575 | ) |  | 17,858 |
Income tax (expense) benefit | (6,452 | ) |  | (162 | ) |  | 222 |  |  | (6,392 | )
Net income (loss) | $ | 11,547 |  |  | $ | 272 |  |  | $ | (353 | ) |  | $ | 11,466 |
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 103,839 |  |  | $ | 21,040 |  |  | $ | — |  |  | $ | 124,879 |
Inter-segment net interest income (expense) | 24,618 |  |  | (18,828 | ) |  | (5,790 | ) |  | — |
Credit for loan and lease losses | 2,488 |  |  | — |  |  | — |  |  | 2,488 |
Other operating income | 17,073 |  |  | 1,487 |  |  | 8,893 |  |  | 27,453 |
Other operating expense | (45,095 | ) |  | (1,048 | ) |  | (51,163 | ) |  | (97,306 | )
Administrative and overhead expense allocation | (44,360 | ) |  | (741 | ) |  | 45,101 |  |  | — |
Income before taxes | 58,563 |  |  | 1,910 |  |  | (2,959 | ) |  | 57,514 |
Income tax (expense) benefit | (20,974 | ) |  | (684 | ) |  | 1,060 |  |  | (20,598 | )
Net income (loss) | $ | 37,589 |  |  | $ | 1,226 |  |  | $ | (1,899 | ) |  | $ | 36,916 |
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
Nine Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 95,519 |  |  | $ | 22,727 |  |  | $ | — |  |  | $ | 118,246 |
Inter-segment net interest income (expense) | 28,581 |  |  | (20,315 | ) |  | (8,266 | ) |  | — |
Credit for loan and lease losses | 2,872 |  |  | — |  |  | — |  |  | 2,872 |
Other operating income | 18,860 |  |  | 2,794 |  |  | 6,893 |  |  | 28,547 |
Other operating expense | (45,522 | ) |  | (1,237 | ) |  | (49,332 | ) |  | (96,091 | )
Administrative and overhead expense allocation | (43,014 | ) |  | (643 | ) |  | 43,657 |  |  | — |
Income before taxes | 57,296 |  |  | 3,326 |  |  | (7,048 | ) |  | 53,574 |
Income tax (expense) benefit | (20,095 | ) |  | (1,167 | ) |  | 2,472 |  |  | (18,790 | )
Net income | $ | 37,201 |  |  | $ | 2,159 |  |  | $ | (4,576 | ) |  | $ | 34,784 |
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
At September 30, 2017: |  |  |  |  |  |  |
Investment securities | $ | — |  |  | $ | 1,547,777 |  |  | $ | — |  |  | $ | 1,547,777 |
Loans and leases (including loans held for sale) | 3,647,198 |  |  | — |  |  | — |  |  | 3,647,198 |
Other | 44,369 |  |  | 249,635 |  |  | 80,251 |  |  | 374,255 |
Total assets | $ | 3,691,567 |  |  | $ | 1,797,412 |  |  | $ | 80,251 |  |  | $ | 5,569,230 |
(dollars in thousands) | Banking Operations |  | Treasury |  | All Others |  | Total
At December 31, 2016: |  |  |  |  |  |  |
Investment securities | $ | — |  |  | $ | 1,461,515 |  |  | $ | — |  |  | $ | 1,461,515 |
Loans and leases (including loans held for sale) | 3,556,771 |  |  | — |  |  | — |  |  | 3,556,771 |
Other | 56,482 |  |  | 241,387 |  |  | 68,081 |  |  | 365,950 |
Total assets | $ | 3,613,253 |  |  | $ | 1,702,902 |  |  | $ | 68,081 |  |  | $ | 5,384,236 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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