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Segment information
9 Months Ended
Sep. 30, 2011
Segment information [Abstract] 
Segment information
14. Segment information

Reportable segments have been determined based upon the Company’s internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.

The financial information of the Company’s segments was compiled utilizing the accounting policies described in note 22 to the Company’s consolidated financial statements as of and for the year ended December 31, 2010. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, the financial information of the reported segments is not necessarily comparable with similar information reported by other financial institutions. As also described in note 22 to the Company’s 2010 consolidated financial statements, neither goodwill nor core deposit and other intangible assets (and the amortization charges associated with such assets) resulting from acquisitions of financial institutions have been allocated to the Company’s reportable segments, but are included in the “All Other” category. The Company does, however, assign such intangible assets to business units for purposes of testing for impairment.

 

Information about the Company’s segments is presented in the following table:

 

                                                 
    Three months ended September 30  
    2011     2010  
    Total
revenues(a)		     Inter-
segment
revenues		     Net
income
(loss)		     Total
revenues(a)		     Inter-
segment
revenues		     Net
income
(loss)		  
    (in thousands)  
             

Business Banking

   $ 110,627       957       31,237       103,475       290       24,295  

Commercial Banking

     230,023       1,318       93,783       199,139       282       71,567  

Commercial Real Estate

     152,878       410       65,566       118,666       104       53,727  

Discretionary Portfolio

     16,437       (3,968 )      2,077       12,493       (2,733 )      (2,759 ) 

Residential Mortgage Banking

     67,757       25,012       10,805       73,744       9,419       9,408  

Retail Banking

     314,113       2,583       43,947       302,656       2,632       55,572  

All Other

     93,266       (26,312 )      (64,307 )      49,594       (9,994 )      (19,795 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 985,101       —         183,108       859,767       —         192,015  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
    Nine months ended September 30  
    2011     2010  
    Total
revenues(a)		     Inter-
segment
revenues		     Net
income
(loss)		     Total
revenues(a)		     Inter-
segment
revenues		     Net
income
(loss)		  
    (in thousands)  
             

Business Banking

   $ 314,416       2,890       84,121       307,881       290       76,191  

Commercial Banking

     672,199       3,674       277,225       586,120       282       230,047  

Commercial Real Estate

     412,250       1,214       179,634       338,566       161       141,147  

Discretionary Portfolio

     171,303       (16,174 )      76,566       5,840       (7,980 )      (22,994 ) 

Residential Mortgage Banking

     183,910       44,018       21,556       202,627       26,492       9,536  

Retail Banking

     920,645       8,537       151,318       925,769       8,009       181,689  

All Other

     281,460       (44,159 )      (78,681 )      147,788       (27,254 )      (83,897 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,956,183       —         711,739       2,514,591       —         531,719  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                         
    Average total assets .  
   

Nine months ended

September 30

    

Year ended

December 31

  
    2011     2010     2010  
    (in millions)  
       

Business Banking

   $ 4,995       4,850       4,843  
       

Commercial Banking

     17,397       15,460       15,461  
       

Commercial Real Estate

     14,730       13,198       13,194  
       

Discretionary Portfolio

     13,844       14,658       14,690  
       

Residential Mortgage Banking

     1,913       2,189       2,217  
       

Retail Banking

     11,904       12,133       12,079  
       

All Other

     7,706       5,851       5,896  
   

 

 

    

 

 

    

 

 

  
       

Total

   $ 72,489       68,339       68,380  
   

 

 

    

 

 

    

 

 

  

 

(a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company’s internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $6,546,000 and $5,865,000 for the three-month periods ended September 30, 2011 and 2010, respectively, and $19,341,000 and $17,893,000 for the nine-month periods ended September 30, 2011 and 2010, respectively, and is eliminated in “All Other” total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of “All Other” total revenues.