Reportable Segments

9 Months Ended

Sep. 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 September 30, 2020
Net interest income	$	216,851		$	167,160		$	(6,844	)	$	377,167
Provision (benefit) for credit losses	(27,217		)	96,881			—			69,664
Net interest income after provision for credit losses	244,068			70,279			(6,844		)	307,503
Noninterest income	78,587			35,105			5,118			118,810
Noninterest expense	204,239			105,646			63,555			373,440
Income (loss) before income tax expense (benefit)	118,416			(262		)	(65,281		)	52,873
Income tax expense (benefit)	19,744			(8,613		)	(15,560		)	(4,429		)
Income (loss) after income tax expense (benefit)	98,672			8,351			(49,721		)	57,302
Income attributable to non-controlling interest	—			1,564			—			1,564
Preferred stock dividends	—			—			2,494			2,494
Net income (loss) available to common shareholders	98,672			6,787			(52,215		)	53,244
Total assets	$	13,935,521		$	23,466,019		$	10,164,249		$	47,565,789
Revenues from external customers
Interest income	$	139,827		$	237,060		$	43,561		$	420,448
Noninterest income	78,587			35,105			5,118			118,810
Total	$	218,414		$	272,165		$	48,679		$	539,258
At or For the Three Months Ended September 30, 2019
Net interest income	$	191,940		$	157,437		$	22,416		$	371,793
Provision for credit losses	4,489			22,699			—			27,188
Net interest income after provision for credit losses	187,451			134,738			22,416			344,605
Noninterest income	57,102			47,929			(10,773		)	94,258
Noninterest expense	210,728			102,841			112,051			425,620
Income (loss) before income tax expense (benefit)	33,825			79,826			(100,408		)	13,243
Income tax expense (benefit)	6,817			8,172			(26,724		)	(11,735		)
Income (loss) after income tax expense (benefit)	27,008			71,654			(73,684		)	24,978
Income attributable to non-controlling interest	—			2,830			—			2,830
Preferred stock dividends	—			—			2,494			2,494
Net income available to common shareholders	27,008			68,824			(76,178		)	19,654
Total assets	$	13,701,633		$	19,045,367		$	12,945,511		$	45,692,511
Revenues from external customers
Interest income	$	153,843		$	265,678		$	40,287		$	459,808
Noninterest income	57,102			47,929			(10,773		)	94,258
Total	$	210,945		$	313,607		$	29,514		$	554,066

(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services			Consolidated
At or For the Nine Months Ended September 30, 2020
Net interest income	$	616,968	$	522,619	$	17,420		$	1,157,007
Provision for credit losses	6,228		239,105		—			245,333
Net interest income after provision for credit losses	610,740		283,514		17,420			911,674
Noninterest income	245,277		134,709		8,841			388,827
Noninterest expense	640,417		325,425		182,438			1,148,280
Income (loss) before income tax expense (benefit)	215,600		92,798		(156,177		)	152,221
Income tax expense (benefit)	37,478		11,133		(33,741		)	14,870
Income (loss) after income tax expense (benefit)	178,122		81,665		(122,436		)	137,351
Income attributable to non-controlling interest	—		5,950		—			5,950
Preferred stock dividends	—		—		7,481			7,481
Net income (loss) available to common shareholders	178,122		75,715		(129,917		)	123,920
Total assets	$	13,935,521	$	23,466,019	$	10,164,249		$	47,565,789
Revenues from external customers
Interest income	$	430,162	$	788,745	$	135,303		$	1,354,210
Noninterest income	245,277		134,709		8,841			388,827
Total	$	675,439	$	923,454	$	144,144		$	1,743,037
At or For the Nine Months Ended September 30, 2019
Net interest income	$	470,738	$	350,848	$	58,693		$	880,279
Provision for credit losses	16,406		34,473		—			50,879
Net interest income after provision for credit losses	454,332		316,375		58,693			829,400
Noninterest income	183,767		132,883		(9,170		)	307,480
Noninterest expense	520,007		267,147		128,390			915,544
Income (loss) before income tax expense (benefit)	118,092		182,111		(78,867		)	221,336
Income tax expense (benefit)	26,529		30,271		(27,934		)	28,866
Income (loss) after income tax expense (benefit)	91,563		151,840		(50,933		)	192,470
Income attributable to non-controlling interest	—		9,401		—			9,401
Preferred stock dividends	—		—		7,481			7,481
Net income available to common shareholders	91,563		142,439		(58,414		)	175,588
Total assets	$	13,701,633	$	19,045,367	$	12,945,511		$	45,692,511
Revenues from external customers
Interest income	$	370,016	$	619,419	$	88,048		$	1,077,483
Noninterest income	183,767		132,883		(9,170		)	307,480
Total	$	553,783	$	752,302	$	78,878		$	1,384,963