Revenue from contracts with customers

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from contracts with customers

7. 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.

7. 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 September 30, 2021 and December 31, 2020, the Company had $65 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 September 30, 2021 and December 31, 2020, the Company had deferred revenue of $41 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 nine-month periods ended September 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 September 30, 2021	(In thousands)
Classification in consolidated    statement of income
Service charges on deposit accounts	$	14,205		25,054		2,977		—		—		61,696			1,494		$	105,426
Trust income		—		—		—		—		—		—			156,876			156,876
Brokerage services income		—		—		—		—		—		(20	)		20,510			20,490
Other revenues from operations:
Merchant discount and credit card fees		14,376		14,970		878		—		—		5,912			138			36,274
Other		—		1,879		2,180		283		1,501		5,674			8,311			19,828
	$	28,581		41,903		6,035		283		1,501		73,262			187,329		$	338,894
Three Months Ended September 30, 2020
Classification in consolidated    statement of income
Service charges on deposit accounts	$	11,527		22,816		2,347		—		—		53,379			1,286		$	91,355
Trust income		—		1		—		—		—		—			149,936			149,937
Brokerage services income		—		—		—		—		—		—			11,602			11,602
Other revenues from operations:
Merchant discount and credit card fees		10,533		10,785		492		—		—		4,159			(315	)		25,654
Other		—		2,940		929		205		1,127		5,994			10,212			21,407
	$	22,060		36,542		3,768		205		1,127		63,532			172,721		$	299,955

7. Revenue from contracts with customers, continued

	Business Banking		Commercial Banking		Commercial Real Estate		Discretionary Portfolio		Residential Mortgage Banking		Retail Banking		All Other			Total
Nine Months Ended September 30, 2021	(In thousands)
Classification in consolidated    statement of income
Service charges on deposit accounts	$	39,644		74,304		8,768		—		—		169,734		4,271		$	296,721
Trust income		—		—		—		—		—		—		475,889			475,889
Brokerage services income		—		—		—		—		—		—		43,868			43,868
Other revenues from operations:
Merchant discount and credit card fees		37,570		39,812		1,823		—		—		15,741		(207	)		94,739
Other		—		3,890		5,197		1,043		4,670		17,493		30,456			62,749
	$	77,214		118,006		15,788		1,043		4,670		202,968		554,277		$	973,966
Nine Months Ended September 30, 2020
Classification in consolidated    statement of income
Service charges on deposit accounts	$	38,048		69,487		7,724		—		—		155,073		4,639		$	274,971
Trust income		18		442		—		—		—		—		450,110			450,570
Brokerage services income		—		—		—		—		—		—		35,194			35,194
Other revenues from operations:
Merchant discount and credit card fees		29,023		32,992		1,720		—		—		9,880		261			73,876
Other		—		5,913		2,960		1,212		3,101		15,142		32,149			60,477
	$	67,089		108,834		12,404		1,212		3,101		180,095		522,353		$	895,088