v3.25.3

SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 15: SEGMENT REPORTING For the three and nine months ended September 30, 2025 and 2024, the Company had two reportable business segments: Banking (FFB) and Wealth Management (FFA). The results of FFI and any elimination entries are included in the column labeled Other. The reportable segments are determined by products and services offered and the corporate structure. Business segment earnings before taxes are the primary measure of the segment’s performance as evaluated by management. Business segment earnings before taxes include direct revenue and expenses of the segment as well as corporate and inter-company cost allocations. Allocations of corporate expenses, such as finance and accounting, data processing and human resources are calculated based on estimated activity or usage levels. The management accounting process measures the performance of the operating segments based on the Company’s management structure and is not necessarily comparable with similar information for other financial services companies. If the management structures and/or the allocation process changes, allocations, transfers, and assignments may change. In accordance with ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, the significant expenses shown in the tables below are those that are regularly provided to the chief operating decision maker (“CODM”) who regularly uses them, along with other information in assessing the segments’ performance and in decisions regarding the allocation of resources. With respect to ASU 2023-07, the CODM for the Company is the Chief Executive Officer. The following tables show key operating results for each of our business segments used to arrive at our consolidated totals for the following periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Wealth |  | ​ | ​ |  | ​ | ​
(dollars in thousands) | ​ | Banking | ​ | Management | ​ | Other | Total
Three Months Ended September 30, 2025: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest income | ​ | $ | 134,737 | ​ | $ | — | ​ | $ | — | ​ | $ | 134,737
Interest expense | ​ |  | 86,686 | ​ |  | — | ​ |  | 1,973 | ​ |  | 88,659
Net interest income | ​ |  | 48,051 | ​ |  | — | ​ |  | (1,973) | ​ |  | 46,078
Provision for credit losses | ​ |  | 65,045 | ​ |  | — | ​ |  | — | ​ |  | 65,045
Noninterest income | ​ |  | 10,834 | ​ |  | 7,033 | ​ |  | (348) | ​ |  | 17,519
Noninterest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Compensation and benefits | ​ | ​ | 18,609 | ​ | ​ | 4,887 | ​ | ​ | 217 | ​ | ​ | 23,713
Customer service costs | ​ | ​ | 9,068 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,068
Professional services and marketing costs | ​ | ​ | 5,683 | ​ | ​ | 812 | ​ | ​ | 343 | ​ | ​ | 6,838
Other | ​ | ​ | 16,849 | ​ | ​ | 679 | ​ | ​ | 335 | ​ | ​ | 17,863
(Loss) income before income taxes | ​ | ​ | (56,369) | ​ | ​ | 655 | ​ | ​ | (3,216) | ​ | ​ | (58,930)
Income tax expense (benefit) | ​ | ​ | 79,775 | ​ | ​ | — | ​ | ​ | 7,618 | ​ | ​ | 87,393
Net (loss) income | ​ | $ | (136,144) | ​ | $ | 655 | ​ | $ | (10,834) | ​ | $ | (146,323)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2024: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest income | ​ | $ | 157,156 | ​ | $ | — | ​ | $ | — | ​ | $ | 157,156
Interest expense | ​ |  | 106,317 | ​ |  | — | ​ |  | 1,720 | ​ |  | 108,037
Net interest income | ​ |  | 50,839 | ​ |  | — | ​ |  | (1,720) | ​ |  | 49,119
Provision (reversal) for credit losses | ​ |  | 282 | ​ |  | — | ​ |  | — | ​ |  | 282
Noninterest income | ​ |  | 4,598 | ​ |  | 7,704 | ​ |  | (365) | ​ |  | 11,937
LHFS LOCOM adjustment | ​ | ​ | (117,517) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (117,517)
Noninterest expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Compensation and benefits | ​ | ​ | 15,688 | ​ | ​ | 4,154 | ​ | ​ | 167 | ​ | ​ | 20,009
Customer service costs | ​ | ​ | 18,954 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,954
Professional services and marketing costs | ​ | ​ | 3,298 | ​ | ​ | 994 | ​ | ​ | 803 | ​ | ​ | 5,095
Other | ​ | ​ | 15,266 | ​ | ​ | 621 | ​ | ​ | 280 | ​ | ​ | 16,167
(Loss) income before income taxes | ​ | ​ | (115,568) | ​ | ​ | 1,935 | ​ | ​ | (3,335) | ​ | ​ | (116,968)
Income tax (benefit) expense | ​ | ​ | (34,399) | ​ | ​ | 551 | ​ | ​ | (946) | ​ | ​ | (34,794)
Net (loss) income | ​ | $ | (81,169) | ​ | $ | 1,384 | ​ | $ | (2,389) | ​ | $ | (82,174)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Wealth |  | ​ | ​ |  | ​ | ​
(dollars in thousands) | ​ | Banking | ​ | Management | ​ | Other | Total
Nine Months Ended September 30, 2025: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest income | ​ | $ | 413,604 | ​ | $ | — | ​ | $ | — | ​ | $ | 413,604
Interest expense | ​ |  | 260,277 | ​ |  | — | ​ |  | 5,368 | ​ |  | 265,645
Net interest income | ​ |  | 153,327 | ​ |  | — | ​ |  | (5,368) | ​ |  | 147,959
Provision for credit losses | ​ |  | 70,828 | ​ |  | — | ​ |  | — | ​ |  | 70,828
Noninterest income | ​ |  | 17,860 | ​ |  | 21,659 | ​ |  | (1,060) | ​ |  | 38,459
Noninterest expense | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 56,952 | ​ | ​ | 15,733 | ​ | ​ | (974) | ​ | ​ | 71,711
Customer service costs | ​ | ​ | 37,102 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37,102
Professional services and marketing costs | ​ | ​ | 16,022 | ​ | ​ | 2,849 | ​ | ​ | 1,113 | ​ | ​ | 19,984
Other | ​ | ​ | 47,049 | ​ |  | 1,957 | ​ |  | 1,324 | ​ |  | 50,330
(Loss) income before income taxes | ​ | ​ | (56,766) | ​ | ​ | 1,120 | ​ | ​ | (7,891) | ​ | ​ | (63,537)
Income tax expense (benefit) | ​ | ​ | 77,066 | ​ | ​ | 146 | ​ | ​ | 6,368 | ​ | ​ | 83,580
Net (loss) income | ​ | $ | (133,832) | ​ | $ | 974 | ​ | $ | (14,259) | ​ | $ | (147,117)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2024: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest income | ​ | $ | 458,523 | ​ | $ | — | ​ | $ | — | ​ | $ | 458,523
Interest expense | ​ |  | 322,059 | ​ |  | — | ​ |  | 5,130 | ​ |  | 327,189
Net interest income | ​ |  | 136,464 | ​ |  | — | ​ |  | (5,130) | ​ |  | 131,334
Provision (reversal) for credit losses | ​ |  | 53 | ​ |  | — | ​ |  | — | ​ |  | 53
Noninterest income | ​ |  | 16,522 | ​ |  | 22,843 | ​ |  | (1,087) | ​ |  | 38,278
LHFS LOCOM adjustment | ​ | ​ | (117,517) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (117,517)
Noninterest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 45,681 | ​ | ​ | 12,328 | ​ | ​ | 502 | ​ | ​ | 58,511
Customer service costs | ​ | ​ | 45,796 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 45,796
Professional services and marketing costs | ​ | ​ | 8,486 | ​ | ​ | 2,821 | ​ | ​ | 845 | ​ | ​ | 12,152
Other | ​ | ​ | 47,084 | ​ | ​ | 1,980 | ​ | ​ | 940 | ​ | ​ | 50,004
(Loss) income before income taxes | ​ | ​ | (111,631) | ​ | ​ | 5,714 | ​ | ​ | (8,504) | ​ | ​ | (114,421)
Income tax (benefit) expense | ​ | ​ | (35,365) | ​ | ​ | 1,632 | ​ | ​ | (2,392) | ​ | ​ | (36,125)
Net (loss) income | ​ | $ | (76,266) | ​ | $ | 4,082 | ​ | $ | (6,112) | ​ | $ | (78,296)
​

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- Definition The entire disclosure for reporting segments including data and tables. 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