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Segment information
3 Months Ended
Mar. 31, 2014
Segment Reporting [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, 2013. 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 2013 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 March 31  
     2014     2013  
     Total
revenues(a)
     Inter-
segment
revenues
    Net
income
(loss)
    Total
revenues(a)
     Inter-
segment
revenues
    Net
income
(loss)
 
     (in thousands)  

Business Banking

   $ 102,299         1,057        28,598      $ 105,418         1,194        32,561   

Commercial Banking

     248,586         1,197        99,765        249,850         1,350        107,387   

Commercial Real Estate

     158,360         348        74,561        165,293         1,552        76,508   

Discretionary Portfolio

     24,657         (5,039     11,279        12,041         (8,601     1,846   

Residential Mortgage Banking

     94,588         9,748        19,411        119,899         18,698        34,361   

Retail Banking

     261,888         3,505        29,711        291,185         3,257        52,350   

All Other

     186,162         (10,816     (34,308     145,246         (17,450     (30,900
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 1,076,540         —          229,017      $ 1,088,932         —          274,113   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

     Average total assets  
     Three months ended
March 31
    

Year ended

December 31

 
     2014      2013      2013  
     (in millions)  

Business Banking

   $ 5,242         4,980         5,080   

Commercial Banking

     22,523         21,272         21,655   

Commercial Real Estate

     16,937         17,054         17,150   

Discretionary Portfolio

     18,581         16,585         16,480   

Residential Mortgage Banking

     3,157         2,847         2,858   

Retail Banking

     10,155         11,391         10,997   

All Other

     10,070         7,784         9,442   
  

 

 

    

 

 

    

 

 

 

Total

   $ 86,665         81,913         83,662   
  

 

 

    

 

 

    

 

 

 

 

(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 pricing 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 $5,945,000 and $6,450,000 for the three-month periods ended March 31, 2014 and 2013, 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.