Segment information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment information

13. 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 2019 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.  

13. Segment information, continued

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

	Three Months Ended September 30
	2020								2019
	Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)			Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)
	(In thousands)
Business Banking	$	131,566		(1	)		35,614		$	143,741		912			46,147
Commercial Banking		276,125		117			131,414			282,757		980			132,668
Commercial Real Estate		202,987		(17	)		87,095			238,364		458			131,161
Discretionary Portfolio		140,135		(10,748	)		97,399			50,871		(10,550	)		29,604
Residential Mortgage Banking		161,151		22,190			45,318			115,239		19,363			15,846
Retail Banking		351,312		268			85,229			432,339		1,808			131,638
All Other		200,380		(11,809	)		(109,933	)		294,358		(12,971	)		(6,983	)
Total	$	1,463,656		—			372,136		$	1,557,669		—			480,081

	Nine Months Ended September 30
	2020								2019
	Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)			Total Revenues(a)		Inter- segment Revenues			Net Income (Loss)
	(In thousands)
Business Banking	$	407,485		1,028			106,103		$	423,830		2,772			131,668
Commercial Banking		855,426		1,419			386,176			828,357		2,707			388,393
Commercial Real Estate		653,405		452			311,586			682,979		1,218			370,288
Discretionary Portfolio		328,181		(33,646	)		218,758			175,764		(29,140	)		106,816
Residential Mortgage Banking		428,757		64,623			107,334			295,449		51,027			36,429
Retail Banking		1,107,516		802			281,973			1,299,823		7,106			417,198
All Other		633,461		(34,678	)		(529,918	)		955,868		(35,690	)		(14,709	)
Total	$	4,414,231		—			882,012		$	4,662,070		—			1,436,083

13. Segment information, continued

	Average Total Assets
	Nine Months Ended September 30				Year Ended December 31
	2020		2019		2019
	(In millions)
Business Banking	$	7,902		5,758		5,793
Commercial Banking		30,450		28,089		28,142
Commercial Real Estate		25,594		23,893		23,921
Discretionary Portfolio		27,878		29,355		29,081
Residential Mortgage Banking		3,530		2,444		2,611
Retail Banking		16,231		14,839		15,083
All Other		20,845		14,206		14,953
Total	$	132,430		118,584		119,584

(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 $4,019,000 and $5,579,000 for the three-month periods ended September 30, 2020 and 2019, respectively, and $13,316,000 and $17,471,000 for the nine-month periods ended September 30, 2020 and 2019, 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.