Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information 

In the first quarter of 2021, the Company realigned its operating segments based on changes in management's focus and its internal reporting structure. The Company now reports two segments: Core Banking and Mortgage Banking. The prior periods have been restated to reflect these two segments. Management periodically updates our allocation methods and assumptions within the current segment structure.

The Core Banking segment includes all lines of business, except Mortgage Banking, including wholesale, retail, wealth management, as well as the operations, technology, and administrative functions of the Bank and Holding Company. The Mortgage Banking segment includes the revenue earned from the production and sale of residential real estate loans, the servicing income from our serviced loan portfolio, the quarterly changes to the MSR, and the specific expenses that are related to mortgage banking activities including variable commission expenses. Revenue and related expenses related to residential real estate loans held for investment are included in the Core Banking segment as portfolio loans are an anchor product for our consumer channels and are originated through a variety of channels throughout the Company.

Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables:

		Three Months Ended June 30, 2021						Three Months Ended June 30, 2020
(in thousands)		Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Net interest income		$	226,915	$	2,848	$	229,763	$	208,245	$	4,258	$	212,503
(Recapture) provision for credit losses		(22,996)		—		(22,996)		87,085		—		87,085
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—		41,367		41,367		—		86,781		86,781
	Servicing	—		9,120		9,120		—		8,533		8,533
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—		(4,366)		(4,366)		—		(5,042)		(5,042)
	Changes due to valuation inputs or assumptions	—		(1,678)		(1,678)		—		(6,395)		(6,395)
	Gain on sale of debt securities, net	—		—		—		323		—		323
	Gain on equity securities, net	4		—		4		240		—		240
	Loss on swap derivatives, net	(4,481)		—		(4,481)		(823)		—		(823)
	Non-interest income (excluding above items)	50,933		176		51,109		31,697		166		31,863
	Total non-interest income	46,456		44,619		91,075		31,437		84,043		115,480
Non-interest expense
	Exit and disposal costs	4,728		—		4,728		548		—		548
	Non-interest expense (excluding above items)	146,877		37,795		184,672		141,448		39,914		181,362
	Allocated expenses, net (1)	970		(970)		—		(1,963)		1,963		—
	Total non-interest expense	152,575		36,825		189,400		140,033		41,877		181,910
Income before income taxes		143,792		10,642		154,434		12,564		46,424		58,988
Provision (benefit) for income taxes		35,630		2,661		38,291		(5,544)		11,606		6,062
Net income		$	108,162	$	7,981	$	116,143	$	18,108	$	34,818	$	52,926
(1) Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

		Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
(in thousands)		Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Net interest income		$	444,489	$	6,705	$	451,194	$	424,351	$	6,687	$	431,038
(Recapture) provision for credit losses		(22,996)		—		(22,996)		205,170		—		205,170
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—		103,872		103,872		—		126,128		126,128
	Servicing	—		18,207		18,207		—		17,413		17,413
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—		(8,911)		(8,911)		—		(10,371)		(10,371)
	Changes due to valuation inputs or assumptions	—		(3,692)		(3,692)		—		(31,753)		(31,753)
	Gain on sale of debt securities, net	4		—		4		190		—		190
	(Loss) gain on equity securities, net	(702)		—		(702)		1,054		—		1,054
	Gain (loss) on swap derivatives, net	7,269		—		7,269		(15,129)		—		(15,129)
	Non-interest income (excluding above items)	83,336		492		83,828		68,285		308		68,593
	Total non-interest income	89,907		109,968		199,875		54,400		101,725		156,125
Non-interest expense
	Goodwill impairment	—		—		—		1,784,936		—		1,784,936
	Exit and disposal costs	5,928		—		5,928		1,072		—		1,072
	Non-interest expense (excluding above items)	292,038		79,026		371,064		289,344		69,216		358,560
	Allocated expenses, net (1)	180		(180)		—		(5,016)		5,016		—
	Total non-interest expense	298,146		78,846		376,992		2,070,336		74,232		2,144,568
Income (loss) before income taxes		259,246		37,827		297,073		(1,796,755)		34,180		(1,762,575)
Provision for income taxes		63,736		9,457		73,193		27,901		8,545		36,446
Net income (loss)		$	195,510	$	28,370	$	223,880	$	(1,824,656)	$	25,635	$	(1,799,021)
(1) Represents the internal charge of centrally provided support services and other corporate overhead to the Mortgage Banking segment, partially offset by allocations from the Mortgage Banking segment to Core Banking for new portfolio loan originations and portfolio servicing costs.

	June 30, 2021						December 31, 2020
(in thousands)	Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Total assets	$	29,720,182	$	564,783	$	30,284,965	$	28,438,813	$	796,362	$	29,235,175
Loans held for sale	$	—	$	429,052	$	429,052	$	78,146	$	688,079	$	766,225
Total loans and leases	$	22,143,739	$	—	$	22,143,739	$	21,779,367	$	—	$	21,779,367
Total deposits	$	25,820,776	$	332,777	$	26,153,553	$	24,200,012	$	422,189	$	24,622,201