Segment Information

9 Months Ended

Sep. 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 the allocation methods and assumptions within the current segment structure.

The Core Banking segment includes all lines of business, except Mortgage Banking, including wholesale, retail, and private banking, 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 the 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 the 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 September 30, 2021						Three Months Ended September 30, 2020
(in thousands)		Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Net interest income		$	232,348	$	2,726	$	235,074	$	212,215	$	4,359	$	216,574
(Recapture) provision for credit losses		(18,919)		—		(18,919)		(338)		—		(338)
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—		30,293		30,293		—		98,703		98,703
	Servicing	—		9,172		9,172		—		8,796		8,796
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—		(4,681)		(4,681)		—		(4,878)		(4,878)
	Changes due to valuation inputs or assumptions	—		(634)		(634)		—		(12,244)		(12,244)
	Loss on equity securities, net	(343)		—		(343)		(112)		—		(112)
	Gain on swap derivatives, net	1,429		—		1,429		1,765		—		1,765
	Non-interest income (excluding above items)	38,281		188		38,469		39,678		216		39,894
	Total non-interest income	39,367		34,338		73,705		41,331		90,593		131,924
Non-interest expense
	Exit and disposal costs	3,813		—		3,813		792		—		792
	Non-interest expense (excluding above items)	146,931		33,009		179,940		148,519		40,896		189,415
	Allocated expenses, net (1)	3,680		(3,680)		—		(2,976)		2,976		—
	Total non-interest expense	154,424		29,329		183,753		146,335		43,872		190,207
Income before income taxes		136,210		7,735		143,945		107,549		51,080		158,629
Provision for income taxes		33,945		1,934		35,879		20,988		12,770		33,758
Net income		$	102,265	$	5,801	$	108,066	$	86,561	$	38,310	$	124,871
(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.

		Nine Months Ended September 30, 2021						Nine Months Ended September 30, 2020
(in thousands)		Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Net interest income		$	676,837	$	9,431	$	686,268	$	636,566	$	11,046	$	647,612
(Recapture) provision for credit losses		(41,915)		—		(41,915)		204,832		—		204,832
Non-interest income
	Residential mortgage banking revenue:
	Origination and sale	—		134,165		134,165		—		224,831		224,831
	Servicing	—		27,379		27,379		—		26,209		26,209
	Change in fair value of MSR asset:
	Changes due to collection/realization of expected cash flows over time	—		(13,592)		(13,592)		—		(15,249)		(15,249)
	Changes due to valuation inputs or assumptions	—		(4,326)		(4,326)		—		(43,997)		(43,997)
	Gain on sale of debt securities, net	4		—		4		190		—		190
	(Loss) gain on equity securities, net	(1,045)		—		(1,045)		942		—		942
	Gain (loss) on swap derivatives, net	8,698		—		8,698		(13,364)		—		(13,364)
	Non-interest income (excluding above items)	121,617		680		122,297		107,963		524		108,487
	Total non-interest income	129,274		144,306		273,580		95,731		192,318		288,049
Non-interest expense
	Goodwill impairment	—		—		—		1,784,936		—		1,784,936
	Exit and disposal costs	9,741		—		9,741		1,864		—		1,864
	Non-interest expense (excluding above items)	438,969		112,035		551,004		437,863		110,112		547,975
	Allocated expenses, net (1)	3,860		(3,860)		—		(7,992)		7,992		—
	Total non-interest expense	452,570		108,175		560,745		2,216,671		118,104		2,334,775
Income (loss) before income taxes		395,456		45,562		441,018		(1,689,206)		85,260		(1,603,946)
Provision for income taxes		97,681		11,391		109,072		48,889		21,315		70,204
Net income (loss)		$	297,775	$	34,171	$	331,946	$	(1,738,095)	$	63,945	$	(1,674,150)
(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.

	September 30, 2021						December 31, 2020
(in thousands)	Core Banking		Mortgage Banking		Consolidated		Core Banking		Mortgage Banking		Consolidated
Total assets	$	30,419,108	$	472,371	$	30,891,479	$	28,438,813	$	796,362	$	29,235,175
Loans held for sale	$	—	$	352,466	$	352,466	$	78,146	$	688,079	$	766,225
Total loans and leases	$	21,969,940	$	—	$	21,969,940	$	21,779,367	$	—	$	21,779,367
Total deposits	$	26,510,938	$	397,459	$	26,908,397	$	24,200,012	$	422,189	$	24,622,201