Revenue from contracts with customers

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from contracts with customers

6. Revenue from contracts with customers

A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and foreign exchange gains, investment securities gains, loan and letter of credit fees, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of accounting guidance for revenue from contracts with customers.

For noninterest income revenue streams, the Company recognizes the expected amount of consideration as revenue when the performance obligations related to the services under the terms of a contract are satisfied. The Company’s contracts generally do not contain terms that necessitate significant judgment to determine the amount of revenue to recognize.

6. Revenue from contracts with customers, continued

The Company generally charges customer accounts or otherwise bills customers upon completion of its services.  Typically the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided.  At June 30, 2021 and December 31, 2020, the Company had $62 million and $67 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables.  Such amounts are classified in accrued interest and other assets in the Company’s consolidated balance sheet.  In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied.  At June 30, 2021 and December 31, 2020, the Company had deferred revenue of $38 million and $42 million, respectively, related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the consolidated balance sheet.

The following tables summarize sources of the Company’s noninterest income during the three-month and six-month periods ended June 30, 2021 and 2020 that are subject to the noted accounting guidance.

	Business Banking		Commercial Banking		Commercial Real Estate		Discretionary Portfolio		Residential Mortgage Banking		Retail Banking		All Other			Total
Three Months Ended June 30, 2021	(In thousands)
Classification in consolidated    statement of income
Service charges on deposit accounts	$	12,942		24,955		2,898		—		—		56,586		1,137		$	98,518
Trust income		—		—		—		—		—		—		162,991			162,991
Brokerage services income		—		—		—		—		—		20		10,245			10,265
Other revenues from operations:
Merchant discount and credit card fees		13,713		14,435		500		—		—		5,908		(454	)		34,102
Other		—		1,053		1,926		376		1,447		6,012		9,197			20,011
	$	26,655		40,443		5,324		376		1,447		68,526		183,116		$	325,887
Three Months Ended June 30, 2020
Classification in consolidated    statement of income
Service charges on deposit accounts	$	11,271		22,514		2,565		—		—		40,024		1,081		$	77,455
Trust income		6		137		—		—		—		—		151,739			151,882
Brokerage services income		—		—		—		—		—		—		10,463			10,463
Other revenues from operations:
Merchant discount and credit card fees		8,159		8,891		379		—		—		3,450		176			21,055
Other		—		787		1,188		150		1,052		3,166		9,421			15,764
	$	19,436		32,329		4,132		150		1,052		46,640		172,880		$	276,619

6. Revenue from contracts with customers, continued

	Business Banking		Commercial Banking		Commercial Real Estate		Discretionary Portfolio		Residential Mortgage Banking		Retail Banking		All Other			Total
Six Months Ended June 30, 2021	(In thousands)
Classification in consolidated    statement of income
Service charges on deposit accounts	$	25,439		49,250		5,791		—		—		108,038		2,777		$	191,295
Trust income		—		—		—		—		—		—		319,013			319,013
Brokerage services income		—		—		—		—		—		20		23,358			23,378
Other revenues from operations:
Merchant discount and credit card fees		23,194		24,842		945		—		—		9,829		(345	)		58,465
Other		—		2,011		3,017		760		3,169		11,819		22,145			42,921
	$	48,633		76,103		9,753		760		3,169		129,706		366,948		$	635,072
Six Months Ended June 30, 2020
Classification in consolidated    statement of income
Service charges on deposit accounts	$	26,521		46,671		5,377		—		—		101,694		3,353		$	183,616
Trust income		18		441		—		—		—		—		300,174			300,633
Brokerage services income		—		—		—		—		—		—		23,592			23,592
Other revenues from operations:
Merchant discount and credit card fees		18,490		22,207		1,228		—		—		5,721		576			48,222
Other		—		2,973		2,031		1,007		1,974		9,148		21,937			39,070
	$	45,029		72,292		8,636		1,007		1,974		116,563		349,632		$	595,133