Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

(13) 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 inter-segment 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 10 — 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 "Summary of Significant Accounting Policies" in Note 1 of the Company's 2011 Form 10-K. 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 reflected parent company information and intersegment eliminations.

The following is a summary of certain operating information for reportable segments:

	Three Months Ended March 31,						$ Change in			% Change in
(Dollars in thousands)	2012			2011			Contribution			Contribution
Net interest income:
Community banking	$	121,134		$	101,231		$	19,903			20	%
Specialty finance		28,191			28,032			159			1
Wealth management		1,724			2,553			(829	)		(32	)
Parent and inter-segment eliminations		(25,154	)		(22,202	)		(2,952	)		(13	)
Total net interest income	$	125,895		$	109,614		$	16,281			15	%
Non-interest income:
Community banking	$	31,786		$	28,491		$	3,295			12	%
Specialty finance		766			717			49			7
Wealth management		15,237			12,998			2,239			17
Parent and inter-segment eliminations		(766	)		(1,319	)		553			(42	)
Total non-interest income	$	47,023		$	40,887		$	6,136			15	%
Net revenue:
Community banking	$	152,920		$	129,722		$	23,198			18	%
Specialty finance		28,957			28,749			208			1
Wealth management		16,961			15,551			1,410			9
Parent and inter-segment eliminations		(25,920	)		(23,521	)		(2,399	)		(10	)
Total net revenue	$	172,918		$	150,501		$	22,417			15	%
Segment profit (loss):
Community banking	$	26,975		$	17,641		$	9,334			53	%
Specialty finance		12,465			12,552			(87	)		(1	)
Wealth management		1,496			1,723			(227	)		(13	)
Parent and inter-segment eliminations		(17,726	)		(15,514	)		(2,212	)		(14	)
Total segment profit (loss)	$	23,210		$	16,402		$	6,808			42	%
Segment assets:
Community banking	$	15,640,198		$	13,265,554		$	2,374,644			18	%
Specialty finance		3,387,001			3,038,179			348,822			11
Wealth management		95,275			63,128			32,147			51
Parent and inter-segment eliminations		(2,950,456	)		(2,272,567	)		(677,889	)		(30	)
Total segment assets	$	16,172,018		$	14,094,294		$	2,077,724			15	%