Good Afternoon,
“This type of bark-splitting is thought to result from very cold temperatures on sunny winter days and is often associated with southwest exposure. On bright sunny days the southwest side of the tree heats up, absorbing the heat of the sun. When the sun sets or goes behind a cloud, there is a sudden freezing of the warm tissue. This sun scald results in the death of the exposed bark. The result is a vertical fissure down the center of the tree trunk, causing strips of bark to peel off, exposing the tree’s inner wood. Frost cracks may cause stress for your tree and provide a point of entry for pests and diseases. Damage from sunscald injury may eventually heal.
There also appears to be a secondary damage near the base of the tree which could have been the result of mechanical or wildlife damage. Birds may be looking for insects in the crack or tear of the bark. Do you see any holes in the bark? Beetles bore holes in the bark to the cambium layer and lay eggs. The larvae are what causes the initial damage to the bark, and then other wildlife looking for them, may peel and damage the bark further. When a tree receives a trunk wound that penetrates the cambium layer it can interfere with the movement of water and nutrients. A wound can become a pathway for diseases, insects or decay“. 
I suggest having an arborist come out and verify the health of the tree. TreesAreGood.org

PowerPoint Presentation (tamu.edu)
Peeling and Splitting Bark on Shade Trees | Horticulture and Home Pest News (iastate.edu)

I hope this helps.  Thanks for using our service.