Revenue from contracts with customers

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue from contracts with customers

5. 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.

5. 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, 2020 and December 31, 2019, the Company had $61 million and $62 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, 2020 and December 31, 2019, the Company had deferred revenue of $41 million and $43 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, 2020 and 2019 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, 2020	(In thousands)
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
Three Months Ended September 30, 2019
Classification in consolidated    statement of income
Service charges on deposit accounts	$	15,131		23,427		2,415		—		—		68,455		1,664		$	111,092
Trust income		9		242		—		—		—		—		143,664			143,915
Brokerage services income		—		—		—		—		—		—		12,077			12,077
Other revenues from operations:
Merchant discount and credit card fees		9,692		13,409		670		—		—		4,150		269			28,190
Other		—		1,239		1,372		503		816		9,347		7,076			20,353
	$	24,832		38,317		4,457		503		816		81,952		164,750		$	315,627

5. 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, 2020	(In thousands)
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
Nine Months Ended September 30, 2019
Classification in consolidated    statement of income
Service charges on deposit accounts	$	45,415		69,731		7,303		—		4		195,267		4,271	$	321,991
Trust income		21		680		—		—		—		—		420,382		421,083
Brokerage services income		—		—		—		—		—		—		37,031		37,031
Other revenues from operations:
Merchant discount and credit card fees		28,469		38,630		1,772		—		—		11,854		1,291		82,016
Other		—		5,386		5,840		1,545		2,913		27,170		26,159		69,013
	$	73,905		114,427		14,915		1,545		2,917		234,291		489,134	$	931,134