Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

(25) 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 that 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. In the first quarter of 2009, the Company combined the premium finance and Tricom segments into the specialty finance segment. Additionally, during the fourth quarter of 2009, the contribution attributable to the wealth management deposits was redefined to measure the value as an alternative source of funding for each bank. In previous periods, the contribution from these deposits was measured as the full net interest income contribution. The redefined measure better reflects the value of these deposits to the Company.

The following is a summary of certain operating information for reportable segments (in thousands):

	Community Banking			Specialty Finance		Wealth Management		Parent & Intersegment Eliminations			Consolidated
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
Noninterest income		140,392			3,071		54,940		(8,705	)		189,698
Noninterest 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
Noninterest income		133,110			13,643		45,447		(40	)		192,160
Noninterest 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
2009
Net interest income (expense)	$	300,552			69,855		12,286		(70,817	)		311,876
Provision for credit losses		165,302			7,537		—		(4,907	)		167,932
Noninterest income		92,578			162,075		38,281		24,713			317,647
Noninterest expense		273,467			24,768		41,660		4,192			344,087
Income tax expense (benefit)		(19,780	)		79,263		3,330		(18,378	)		44,435
Net income (loss)	$	(25,859	)		120,362		5,577		(27,011	)		73,069
Total assets at end of year	$	12,019,936			2,185,225		62,458		(2,051,999	)		12,215,620