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Segment information (Tables)

12 Months Ended

Dec. 31, 2022

Accordingly, financial information presented herein for 2021 and 2020 has been reclassified to provide segment information on a comparable basis, as noted in the following tables.


	For the Year Ended December 31, 2021
	Net Interest Income as Previously Reported		Impact of Changes			Net Interest Income as Reclassified		Provision for Credit Losses as Previously Reported			Impact of Changes			Provision for Credit Losses as Reclassified			Other Noninterest Expense as Previously Reported		Impact of Changes			Other Noninterest Expense as Reclassified		Net Income (Loss) as Previously Reported			Impact of Changes			Net Income (Loss) as Reclassified
	(In thousands)

Business Banking	$	518,940		—			518,940	$	10,928			—			10,928		$	341,751		8,514			350,265	$	213,464			(6,316	)		207,148
Commercial Banking		854,264		(21,605	)		832,659		101,060			(42,996	)		58,064			384,505		7,063			391,568		493,723			5,279			499,002
Commercial Real Estate		643,415		21,605			665,020		67,405			42,996			110,401			276,791		12,235			289,026		372,326			(18,684	)		353,642
Discretionary Portfolio		483,624		—			483,624		3,622			—			3,622			64,122		2,368			66,490		288,766			(1,757	)		287,009
Residential Mortgage Banking		92,706		—			92,706		(562	)		—			(562	)		332,491		5,907			338,398		172,960			(4,292	)		168,668
Retail Banking		1,125,953		—			1,125,953		55,692			—			55,692			804,762		24,120			828,882		341,486			(17,893	)		323,593
All Other		105,876		—			105,876		(313,145	)		—			(313,145	)		1,082,993		(60,207	)		1,022,786		(23,979	)		43,663			19,684
Total	$	3,824,778		—			3,824,778	$	(75,000	)		—			(75,000	)	$	3,287,415		—			3,287,415	$	1,858,746			—			1,858,746

	For the Year Ended December 31, 2020
	Net Interest Income as Previously Reported		Impact of Changes			Net Interest Income as Reclassified		Provision for Credit Losses as Previously Reported			Impact of Changes			Provision for Credit Losses as Reclassified			Other Noninterest Expense as Previously Reported		Impact of Changes			Other Noninterest Expense as Reclassified		Net Income (Loss) as Previously Reported			Impact of Changes			Net Income (Loss) as Reclassified
	(In thousands)

Business Banking	$	462,614		—			462,614	$	25,928			—			25,928		$	322,868		6,455			329,323	$	159,220			(4,765	)		154,455
Commercial Banking		864,149		(36,509	)		827,640		73,099			(4,867	)		68,232			375,769		7,053			382,822		508,472			(32,799	)		475,673
Commercial Real Estate		673,894		36,509			710,403		107,210			4,867			112,077			256,428		12,099			268,527		381,828			18,625			400,453
Discretionary Portfolio		486,831		—			486,831		1,508			—			1,508			54,339		8,516			62,855		327,291			(6,290	)		321,001
Residential Mortgage Banking		52,712		—			52,712		1,785			—			1,785			332,028		6,361			338,389		133,652			(4,700	)		128,952
Retail Banking		1,204,309		—			1,204,309		108,268			—			108,268			764,262		45,407			809,669		365,261			(33,531	)		331,730
All Other		121,808		—			121,808		482,202			—			482,202			959,258		(85,891	)		873,367		(522,572	)		63,460			(459,112	)
Total	$	3,866,317		—			3,866,317	$	800,000			—			800,000		$	3,064,952		—			3,064,952	$	1,353,152			—			1,353,152

Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars.


	For the Years Ended December 31, 2022, 2021 and 2020
	Business Banking								Commercial Banking						Commercial Real Estate									Discretionary Portfolio
	2022			2021			2020		2022		2021		2020		2022			2021			2020			2022			2021			2020
Net interest income (a)	$	712,207		$	518,940		$	462,614	$	1,338,552	$	832,659	$	827,640	$	736,791		$	665,020		$	710,403		$	163,695		$	483,624		$	486,831
Noninterest income (b)		150,298			123,854			103,837		406,708		294,172		270,772		207,280			226,991			214,386			(69,077	)		(38,638	)		(1,735	)
		862,505			642,794			566,451		1,745,260		1,126,831		1,098,412		944,071			892,011			924,789			94,618			444,986			485,096
Provision for credit losses		17,154			10,928			25,928		72,200		58,064		68,232		(5,621	)		110,401			112,077			5,156			3,622			1,508
Amortization of core deposit and other intangible assets		—			—			—		—		—		—		—			1,060			1,060			—			—			—
Depreciation and other amortization		1,097			1,106			1,482		5,638		2,362		2,421		32,900			35,623			28,187			111			194			285
Other noninterest expense		421,052			350,265			329,323		667,282		391,568		382,822		343,205			289,026			268,527			77,996			66,490			62,855
Income (loss) before taxes		423,202			280,495			209,718		1,000,140		674,837		644,937		573,587			455,901			514,938			11,355			374,680			420,448
Income tax expense (benefit)		110,575			73,347			55,263		270,323		175,835		169,264		127,604			102,259			114,485			(5,181	)		87,671			99,447
Net income (loss)	$	312,627		$	207,148		$	154,455	$	729,817	$	499,002	$	475,673	$	445,983		$	353,642		$	400,453		$	16,536		$	287,009		$	321,001
Average total assets (in millions) (b)	$	7,597		$	8,007		$	8,152	$	40,930	$	27,096	$	28,958	$	30,599		$	27,091		$	27,172		$	42,657		$	22,262		$	27,726
Capital expenditures (in millions)	$	—		$	1		$	—	$	1	$	1	$	—	$	—		$	—		$	—		$	—		$	—		$	—

	Residential Mortgage Banking								Retail Banking						All Other									Total
	2022			2021			2020		2022		2021		2020		2022			2021			2020			2022			2021			2020
Net interest income (a)	$	41,137		$	92,706		$	52,712	$	1,998,501	$	1,125,953	$	1,204,309	$	831,073		$	105,876		$	121,808		$	5,821,956		$	3,824,778		$	3,866,317
Noninterest income (b)		391,127			523,765			515,549		307,178		290,610		260,163		963,089			746,240			725,472			2,356,603			2,166,994			2,088,444
		432,264			616,471			568,261		2,305,679		1,416,563		1,464,472		1,794,162			852,116			847,280			8,178,559			5,991,772			5,954,761
Provision for credit losses		(1,569	)		(562	)		1,785		79,921		55,692		108,268		349,759			(313,145	)		482,202			517,000			(75,000	)		800,000
Amortization of core deposit and other intangible assets		—			—			—		—		—		—		55,624			9,107			13,809			55,624			10,167			14,869
Depreciation and other amortization		67,994			57,716			60,129		130,407		93,159		95,936		140,372			123,881			116,979			378,519			314,041			305,419
Other noninterest expense		343,947			338,398			338,389		1,240,805		828,882		809,669		1,522,006			1,022,786			873,367			4,616,293			3,287,415			3,064,952
Income (loss) before taxes		21,892			220,919			167,958		854,546		438,830		450,599		(273,599	)		9,487			(639,077	)		2,611,123			2,455,149			1,769,521
Income tax expense (benefit)		964			52,251			39,006		223,722		115,237		118,869		(108,547	)		(10,197	)		(179,965	)		619,460			596,403			416,369
Net income (loss)	$	20,928		$	168,668		$	128,952	$	630,824	$	323,593	$	331,730	$	(165,052	)	$	19,684		$	(459,112	)	$	1,991,663		$	1,858,746		$	1,353,152
Average total assets (in millions) (b)	$	3,986		$	6,463		$	4,038	$	20,312	$	17,897	$	16,438	$	44,171		$	43,853		$	22,996		$	190,252		$	152,669		$	135,480
Capital expenditures (in millions)	$	—		$	1		$	—	$	122	$	53	$	34	$	91		$	93		$	138		$	214		$	149		$	172

(a)

Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company’s internal funds transfer pricing 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 $39,172,000 in 2022 , $14,731,000 in 2021 and $17,288,000 in 2020 and is eliminated in “All Other” net interest income and income tax expense (benefit).

(b)

Alignment of segment business activity also resulted in a reclassification of noninterest income from the Commercial Banking segment to the Commercial Real Estate segment of $8.8 million in 2021 and $6.0 million in 2020. Average total assets reclassified from the Commercial Banking segment to the Commercial Real Estate segment relating to lending relationships in the hospitality sector totaled $1.46 billion and $1.38 billion in 2021 and 2020, respectively.

Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category

The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows:


	Year Ended December 31
	2022			2021			2020
	(In thousands)

Revenues	$	(52,865	)	$	(55,556	)	$	(47,604	)
Expenses		(15,273	)		(13,599	)		(14,038	)
Income taxes		(9,736	)		(10,846	)		(8,824	)
Net income		(27,856	)		(31,111	)		(24,742	)