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Segment information (Tables)
3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Information about Company's Segments

 

 

Three Months Ended March 31, 2022

 

 

 

Total Revenues as Previously Reported

 

 

Impact of Changes

 

 

Total Revenues as Reclassified

 

 

Net Income (Loss) as Previously Reported

 

 

Impact of Changes

 

 

Net Income (Loss) as Reclassified

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Banking

 

$

141,346

 

 

 

 

 

$

141,346

 

 

$

41,111

 

 

 

(1,579

)

 

$

39,532

 

Commercial Banking

 

 

289,372

 

 

 

(10,437

)

 

 

278,935

 

 

 

144,608

 

 

 

(16,148

)

 

 

128,460

 

Commercial Real Estate

 

 

202,087

 

 

 

10,437

 

 

 

212,524

 

 

 

97,610

 

 

 

13,636

 

 

 

111,246

 

Discretionary Portfolio

 

 

64,727

 

 

 

 

 

 

64,727

 

 

 

35,385

 

 

 

(700

)

 

 

34,685

 

Residential Mortgage Banking

 

 

137,444

 

 

 

 

 

 

137,444

 

 

 

28,964

 

 

 

(1,850

)

 

 

27,114

 

Retail Banking

 

 

355,148

 

 

 

 

 

 

355,148

 

 

 

84,164

 

 

 

(5,082

)

 

 

79,082

 

All Other

 

 

254,937

 

 

 

 

 

 

254,937

 

 

 

(69,668

)

 

 

11,723

 

 

 

(57,945

)

Total

 

$

1,445,061

 

 

 

 

 

$

1,445,061

 

 

$

362,174

 

 

 

 

 

$

362,174

 

Information about the Company's segments follows:

 

 

Three Months Ended March 31

 

 

 

2023

 

 

2022

 

 

 

Total
 Revenues(a)

 

 

Inter-
segment
Revenues

 

 

Net
Income
(Loss)

 

 

Total
 Revenues(a)

 

 

Inter-
segment
Revenues

 

 

Net
Income
(Loss)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Banking

 

$

273,551

 

 

$

877

 

 

$

113,251

 

 

$

141,346

 

 

$

671

 

 

$

39,532

 

Commercial Banking

 

 

507,020

 

 

 

10,226

 

 

 

219,979

 

 

 

278,935

 

 

 

863

 

 

 

128,460

 

Commercial Real Estate

 

 

225,719

 

 

 

289

 

 

 

80,809

 

 

 

212,524

 

 

 

179

 

 

 

111,246

 

Discretionary Portfolio

 

 

(33,396

)

 

 

(15,205

)

 

 

(40,397

)

 

 

64,727

 

 

 

(27,805

)

 

 

34,685

 

Residential Mortgage Banking

 

 

77,654

 

 

 

20,472

 

 

 

(12,354

)

 

 

137,444

 

 

 

37,464

 

 

 

27,114

 

Retail Banking

 

 

831,842

 

 

 

(39

)

 

 

316,594

 

 

 

355,148

 

 

 

(3

)

 

 

79,082

 

All Other

 

 

523,007

 

 

 

(16,620

)

 

 

23,742

 

 

 

254,937

 

 

 

(11,369

)

 

 

(57,945

)

Total

 

$

2,405,397

 

 

$

 

 

$

701,624

 

 

$

1,445,061

 

 

$

 

 

$

362,174

 

 

 

 

Average Total Assets

 

 

 

Three Months Ended March 31

 

 

Year Ended
December
31

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

Business Banking

 

$

7,825

 

 

$

6,568

 

 

$

7,597

 

Commercial Banking (b)

 

 

48,222

 

 

 

26,329

 

 

 

40,930

 

Commercial Real Estate (b)

 

 

32,171

 

 

 

23,939

 

 

 

30,599

 

Discretionary Portfolio

 

 

50,501

 

 

 

22,899

 

 

 

42,657

 

Residential Mortgage Banking

 

 

2,605

 

 

 

6,250

 

 

 

3,986

 

Retail Banking

 

 

21,421

 

 

 

18,610

 

 

 

20,312

 

All Other

 

 

39,854

 

 

 

47,053

 

 

 

44,171

 

Total

 

$

202,599

 

 

$

151,648

 

 

$

190,252

 

 

(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 $13,462,000 and $3,234,000 for the three-month periods ended March 31, 2023 and 2022, 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.
(b)
Average total assets reclassified from the Commercial Banking segment to the Commercial Real Estate segment relating to lending relationships in the hospitality sector totaled $1.29 billion for the three months ended March 31, 2022.