Segment information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment information

15. 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 of Notes to Financial Statements in the 2020 Annual Report.  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.  Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data.  

15. Segment information, continued

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

	Three Months Ended September 30
	2021								2020
	Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)			Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)
	(In thousands)
Business Banking	$	181,873		694			72,017		$	131,566		(1	)		35,614
Commercial Banking		295,209		1,009			144,367			276,125		117			131,414
Commercial Real Estate		228,317		227			84,663			202,987		(17	)		87,095
Discretionary Portfolio		112,529		(14,448	)		74,666			140,135		(10,748	)		97,399
Residential Mortgage Banking		159,213		25,150			46,077			161,151		22,190			45,318
Retail Banking		357,335		(53	)		88,004			351,312		268			85,229
All Other		201,900		(12,579	)		(14,334	)		200,380		(11,809	)		(109,933	)
Total	$	1,536,376		—			495,460		$	1,463,656		—			372,136

	Nine Months Ended September 30
	2021								2020
	Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)			Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)
	(In thousands)
Business Banking	$	482,874		2,157			159,895		$	407,485		1,028			106,103
Commercial Banking		865,780		2,830			378,040			855,426		1,419			386,176
Commercial Real Estate		629,719		679			242,625			653,405		452			311,586
Discretionary Portfolio		365,380		(34,554	)		243,744			328,181		(33,646	)		218,758
Residential Mortgage Banking		459,655		70,208			125,791			428,757		64,623			107,334
Retail Banking		1,055,240		500			262,562			1,107,516		802			281,973
All Other		620,694		(41,820	)		(11,879	)		633,461		(34,678	)		(529,918	)
Total	$	4,479,342		—			1,400,778		$	4,414,231		—			882,012

	Average Total Assets
	Nine Months Ended September 30				Year Ended December 31
	2021		2020		2020
	(In millions)
Business Banking	$	8,386		7,902		8,152
Commercial Banking		29,109		30,450		30,338
Commercial Real Estate		25,913		25,594		25,792
Discretionary Portfolio		22,317		27,878		27,726
Residential Mortgage Banking		6,582		3,530		4,038
Retail Banking		17,701		16,231		16,438
All Other		40,959		20,845		22,996
Total	$	150,967		132,430		135,480

(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 $3,703,000 and $4,019,000 for the three-month periods ended September 30, 2021 and 2020, respectively, and $11,168,000 and $13,316,000 for the nine-month periods ended September 30, 2021 and 2020, 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.