Reportable Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Corporation's reportable segments are Consumer Banking, Commercial Banking and Enterprise Services. Consumer Banking is comprised of all of the Corporation's consumer-facing businesses and includes retail banking, consumer lending, wealth management and small business banking. Commercial Banking, previously named Wholesale Banking, is comprised of commercial and industrial and commercial real estate banking and lease financing. Enterprise Services is comprised of (i) corporate treasury, which includes the Corporation's investment and borrowing portfolios and management of capital, debt and market risks, (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments, (iii) the Holding Company and (iv) eliminations.

In connection with the Merger, effective August 1, 2019, the Corporation renamed its Wholesale Banking segment to Commercial Banking to align with the way it is now managed. In addition, activity that was related to small business banking and private banking were moved from the Wholesale Banking (now named Commercial Banking) segment to the Consumer Banking segment. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements.

The Corporation evaluates performance and allocates resources based on each reportable segment's net income or loss. The reportable segments follow GAAP as described in Note 1. Basis of Presentation, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation and presenting net interest income on a fully tax-equivalent basis. The Corporation generally accounts for inter-segment sales and transfers at cost.

Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows:

(In thousands)	Consumer Banking			Commercial Banking		Enterprise Services			Consolidated
At or For the Three Months Ended June 30, 2020
Net interest income	$	206,285		$	169,473	$	2,601		$	378,359
Provision (benefit) for credit losses	(10,924		)	89,650		—			78,726
Net interest income after provision for credit losses	217,209			79,823		2,601			299,633
Noninterest income	85,276			43,831		3,947			133,054
Noninterest expense	207,319			105,324		87,598			400,241
Income tax expense (benefit)	15,752			3,440		(12,979		)	6,213
Income (loss) after income tax expense (benefit)	79,414			14,890		(68,071		)	26,233
Income attributable to non-controlling interest	—			2,469		—			2,469
Preferred stock dividends	—			—		2,494			2,494
Net income (loss) available to common shareholders	79,414			12,421		(70,565		)	21,270
Total assets	$	14,694,025		$	24,318,452	$	11,049,983		$	50,062,460
Revenues from external customers
Interest income	$	143,666		$	252,825	$	41,879		$	438,370
Noninterest income	85,276			43,831		3,947			133,054
Total	$	228,942		$	296,656	$	45,826		$	571,424
At or For the Three Months Ended June 30, 2019
Net interest income	$	138,094		$	96,726	$	19,237		$	254,057
Provision for credit losses	4,691			8,878		—			13,569
Net interest income after provision for credit losses	133,403			87,848		19,237			240,488
Noninterest income	66,163			42,455		1,100			109,718
Noninterest expense	152,757			80,892		3,200			236,849
Income tax expense (benefit)	10,971			10,340		(1,997		)	19,314
Income after income tax expense (benefit)	35,838			39,071		19,134			94,043
Income attributable to non-controlling interest	—			3,616		—			3,616
Preferred stock dividends	—			—		2,494			2,494
Net income available to common shareholders	35,838			35,455		16,640			87,933
Total assets	$	7,713,169		$	12,865,821	$	4,047,840		$	24,626,830
Revenues from external customers
Interest income	$	105,487		$	179,350	$	25,944		$	310,781
Noninterest income	66,163			42,455		1,100			109,718
Total	$	171,650		$	221,805	$	27,044		$	420,499

(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services			Consolidated
At or For the Six Months Ended June 30, 2020
Net interest income	$	400,117	$	355,459	$	24,264		$	779,840
Provision for credit losses	33,445		142,224		—			175,669
Net interest income after provision for credit losses	366,672		213,235		24,264			604,171
Noninterest income	166,690		99,604		3,723			270,017
Noninterest expense	436,178		219,779		118,883			774,840
Income tax expense (benefit)	17,734		19,746		(18,181		)	19,299
Income (loss) after income tax expense (benefit)	79,450		73,314		(72,715		)	80,049
Income attributable to non-controlling interest	—		4,386		—			4,386
Preferred stock dividends	—		—		4,987			4,987
Net income (loss) available to common shareholders	79,450		68,928		(77,702		)	70,676
Total assets	$	14,694,025	$	24,318,452	$	11,049,983		$	50,062,460
Revenues from external customers
Interest income	$	290,335	$	551,685	$	91,742		$	933,762
Noninterest income	166,690		99,604		3,723			270,017
Total	$	457,025	$	651,289	$	95,465		$	1,203,779
At or For the Six Months Ended June 30, 2019
Net interest income	$	278,796	$	193,411	$	36,279		$	508,486
Provision for credit losses	11,917		11,774		—			23,691
Net interest income after provision for credit losses	266,879		181,637		36,279			484,795
Noninterest income	126,666		84,954		1,602			213,222
Noninterest expense	309,278		164,305		16,341			489,924
Income tax expense (benefit)	19,712		22,099		(1,210		)	40,601
Income after income tax expense (benefit)	64,555		80,187		22,750			167,492
Income attributable to non-controlling interest	—		6,571		—			6,571
Preferred stock dividends	—		—		4,987			4,987
Net income available to common shareholders	64,555		73,616		17,763			155,934
Total assets	$	7,713,169	$	12,865,821	$	4,047,840		$	24,626,830
Revenues from external customers
Interest income	$	216,172	$	353,741	$	47,762		$	617,675
Noninterest income	126,666		84,954		1,602			213,222
Total	$	342,838	$	438,695	$	49,364		$	830,897