XML 92 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
12 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management.
The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics. The community banking segment has a different regulatory environment than the specialty finance and wealth management segments. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures and economic characteristics.
The net interest income, net revenue and segment profit of the community banking segment includes income and related interest costs from portfolio loans that were purchased from the specialty finance segment. For purposes of internal segment profitability analysis, management reviews the results of its specialty finance segment as if all loans originated and sold to the community banking segment were retained within the specialty finance segment’s operations, thereby causing intersegment eliminations. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 11 — Deposits, for more information on these deposits.
The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are generally the same as those described in the Summary of Significant Accounting Policies in Note 1. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. Certain indirect expenses have been allocated based on actual volume measurements and other criteria, as appropriate. Intersegment revenue and transfers are generally accounted for at current market prices. The parent and intersegment eliminations reflect parent company information and intersegment eliminations.
The following is a summary of certain operating information for reportable segments:
 
(Dollars in thousands)
 
Community
Banking
 
Specialty
Finance
 
Wealth
Management
 
Parent &
Intersegment
Eliminations
 
Consolidated
2012
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
 
$
494,679

 
123,313

 
4,946

 
(103,422
)
 
519,516

Provision for credit losses
 
66,367

 
2,882

 

 
7,187

 
76,436

Non-interest income
 
166,278

 
3,518

 
63,697

 
(7,401
)
 
226,092

Non-interest expense
 
385,427

 
32,179

 
57,999

 
13,435

 
489,040

Income tax expense (benefit)
 
79,531

 
41,332

 
4,174

 
(56,101
)
 
68,936

Net income (loss)
 
$
129,632

 
50,438

 
6,470

 
(75,344
)
 
111,196

Total assets at end of year
 
$
17,213,511

 
3,882,307

 
92,580

 
(3,668,785
)
 
17,519,613

2011
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
 
$
428,068

 
112,508

 
8,460

 
(87,659
)
 
461,377

Provision for credit losses
 
102,544

 
864

 

 
(770
)
 
102,638

Non-interest income
 
140,392

 
3,071

 
54,940

 
(8,705
)
 
189,698

Non-interest expense
 
331,006

 
28,876

 
51,431

 
9,091

 
420,404

Income tax expense (benefit)
 
51,338

 
39,427

 
4,879

 
(45,186
)
 
50,458

Net income (loss)
 
$
83,572

 
46,412

 
7,090

 
(59,499
)
 
77,575

Total assets at end of year
 
$
15,188,133

 
3,271,323

 
92,089

 
(2,657,737
)
 
15,893,808

2010
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
 
$
386,594

 
89,870

 
12,275

 
(72,903
)
 
415,836

Provision for credit losses
 
105,018

 
22,586

 

 
(2,940
)
 
124,664

Non-interest income
 
133,110

 
13,643

 
45,447

 
(40
)
 
192,160

Non-interest expense
 
304,223

 
27,021

 
46,576

 
4,705

 
382,525

Income tax expense (benefit)
 
39,032

 
21,367

 
4,257

 
(27,178
)
 
37,478

Net income (loss)
 
$
71,431

 
32,539

 
6,889

 
(47,530
)
 
63,329

Total assets at end of year
 
$
13,258,238

 
2,944,388

 
65,274

 
(2,287,744
)
 
13,980,156