XML 46 R30.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company’s operations are organized into three reportable segments that represent its differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. The Company’s CODM is the Chairman and Chief Executive Officer. The CODM uses income before income taxes and the provision for credit losses, referred to as PPNR, to allocate resources, including financial and capital resources, employees, and property, for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating resources to the segments. The CODM also uses PPNR to assess the performance of each segment and in the compensation of certain employees. Commercial Banking delivers financial solutions both nationally and regionally to a wide range of companies, investors, government entities, and other public and private institutions. Commercial Banking helps its clients achieve their business and financial goals with expertise in Commercial & Institutional Lending, Commercial Real Estate, Capital Markets, Capital Finance, and Treasury Management. Its Private Banking team also pairs holistic wealth solutions, including tailored lending, with commercial banking services. Healthcare Financial Services includes HSA Bank and Ametros. HSA Bank is one the country’s largest providers of employee benefits solutions, including being one of the leading bank administrators of HSAs, emergency savings accounts, and flexible spending accounts administration services in 50 states. Ametros, the nation’s largest professional administrator of medical insurance claim settlements, helps individuals manage their ongoing medical care through their CareGuard service and proprietary technology platform. Consumer Banking delivers customized financial solutions for individuals and families, private clients, and small business owners across 196 banking centers throughout the Northeast. Consumer Banking offers a full suite of deposit, lending, treasury management, and wealth management solutions delivered by experienced relationship managers and financial advisors. Consumer Banking also provides a fully digital banking experience through its mobile banking apps and BrioDirect. Corporate and Reconciling Category Certain Treasury activities and other corporate and functional divisions, such as information technology, human resources, risk management, bank operations, and the operations of interLINK, and amounts required to reconcile non-GAAP profitability metrics to those reported in accordance with GAAP are included in the Corporate and Reconciling category. In addition to amounts required to reconcile non-GAAP profitability metrics (i.e., estimates for FTP, allocations of equity capital) to those reported in accordance with GAAP, revenues reported in the Corporate and Reconciling category also include net losses on sale of investment securities and insignificant revenues from contracts with customers attributable to interLINK. Neither the Treasury function nor interLINK operations meet the definition of an operating segment, and therefore, are not considered for determining reportable segments. Total assets reported in the Corporate and Reconciling category primarily comprises investment securities, other assets, and FHLB and FRB stock. The ACL on loans and leases is also reported in Total assets in the Corporate and Reconciling category. A provision for credit losses is allocated from the Corporate and Reconciling category to Commercial Banking and Consumer Banking based on the expected loss content of their specific loan and lease portfolios over a 3-year period (non-GAAP). There is no provision for credit losses associated with Healthcare Financial Services since that segment does not originate nor acquire loans and leases. Business development expenses, which include merger-related expenses and other strategic initiatives and restructuring costs, are also generally included in the Corporate and Reconciling category. Change in Reportable Segments From time to time, the Company may make reclassifications among the reportable segments to more appropriately reflect management’s view of the business and/or based on changes in the Company’s organizational structure or product lines. Accordingly, the results derived are not necessarily comparable with similar financial information published by other financial institutions. Additionally, because of the interrelationships of the segments, the financial information presented is not indicative of how the segments would perform if they operated as independent entities. Effective January 1, 2024, the Company realigned certain of its Business Banking operations to better serve its customers and deliver operational efficiencies. Under this realignment, $1.5 billion of loans and $2.2 billion of deposits were reassigned, and $77.2 million of goodwill was reallocated on a relative fair value basis, from Commercial Banking to Consumer Banking. There was no goodwill impairment as a result of this realignment. Prior period amounts have been recast accordingly. With the acquisition of Ametros on January 24, 2024, the Company formed the Healthcare Financial Services reportable segment, which includes the aggregated financial information of the HSA Bank and Ametros operating segments. The financial information presented within Healthcare Financial Services for the years ended December 31, 2023, and 2022, reflects that only of the HSA Bank operating segment. Segment Reporting Methodology The Company uses an internal profitability reporting system to generate PPNR by reportable segment, which is comprised of direct revenues, direct expenses, estimates for FTP, and allocations for equity capital, net operating costs and total support costs. Since the majority of each reportable segment’s revenue is interest, each segment’s interest revenue is reported net of its interest expense (net interest income). Estimates for FTP and allocations of equity capital and non-interest expense, certain of which are subjective in nature, are periodically reviewed and refined. Equity capital is allocated using a combination of risk-weighted asset and management assessment methodologies across the differentiated lines of business. Net operating costs and total support costs, which reflect costs for shared services and back-office support areas, are allocated using an activity and driver-based costing process. The full profitability measurement reports, which are prepared for each reportable segment and reviewed by the CODM on a monthly basis, reflect non-GAAP reporting methodologies. The differences between full profitability and GAAP results are reconciled in the Corporate and Reconciling category. The goal of FTP is to encourage loan and deposit growth consistent with the Company’s overall profitability objectives. The FTP process considers the specific interest rate risk and liquidity risk of financial instruments, other assets, and other liabilities included in each reportable segment. Loans and deposits are assigned FTP rates, and segments are charged a cost to fund loans and are paid a credit for deposit funds provided. Consideration is given to the origination date and the earlier of the maturity date or the repricing date of a financial instrument to assign an FTP rate for loans and deposits originated each day. Overall, the FTP process reflects the transfer of interest rate risk exposure to the Treasury function included within the Corporate and Reconciling category, where such exposures are centrally managed. Financial Information The following table presents certain balance sheet financial information for the Company’s reportable segments:
| At December 31, 2024
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking |  |  | Corporate and Reconciling | Consolidated Total
Goodwill (1) | $ | 1,960,363 |  | $ | 285,670 |  | $ | 622,035 |  |  |  | $ | — |  | $ | 2,868,068 |
Total assets | 43,010,580 |  | 488,194 |  | 12,932,260 |  |  |  | 22,594,039 |  | 79,025,073 |
| At December 31, 2023
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking |  |  | Corporate and Reconciling | Consolidated Total
Goodwill (2) | $ | 1,951,945 |  | $ | 57,485 |  | $ | 622,035 |  |  |  | $ | — |  | $ | 2,631,465 |
Total assets | 41,843,297 |  | 122,421 |  | 12,327,403 |  |  |  | 20,652,128 |  | 74,945,249 |
(1)The allocation of the purchase price for the Ametros acquisition was considered final at December 31, 2024. The $228.2 million of goodwill recorded related to Ametros was allocated entirely to Healthcare Financial Services. (2)The allocation of the purchase price for the interLINK acquisition was considered final at June 30, 2023. The $143.2 million of goodwill recorded related to interLINK was allocated entirely to Commercial Banking. The following tables present certain income statement information for the Company’s reportable segments:
| Year ended December 31, 2024
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking |  | Totals |  |
Net interest income | $ | 1,348,346 |  | $ | 366,927 |  | $ | 812,743 |  |  | $ | 2,528,016 |  |  |
Non-interest income | 143,104 |  | 110,207 |  | 113,638 |  |  | 366,949 |  |  |
Total segment revenues | 1,491,450 |  | 477,134 |  | 926,381 |  |  | 2,894,965 |  |  |
Reconciliation of revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (304,679) |  |  |
Total consolidated revenues |  |  |  |  | 2,590,286 |  |  |
Less: |  |  |  |  |  |  |
Compensation and benefits | 199,545 |  | 90,166 |  | 146,428 |  |  |  |  |
Occupancy (1) | — |  | — |  | 56,102 |  |  |  |  |
Technology and equipment (1) | 8,153 |  | 33,010 |  | 11,087 |  |  |  |  |
Marketing | — |  | — |  | 7,835 |  |  |  |  |
Other segment items (2) (3) | 210,769 |  | 90,913 |  | 249,950 |  |  |  |  |
Segment pre-tax, pre-provision net revenue | 1,072,983 |  | 263,045 |  | 454,979 |  |  | 1,791,007 |  |  |
Reconciliation of pre-tax, pre-provision net revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (552,000) |  |  |
Total consolidated pre-tax, pre-provision net revenue |  |  |  |  | 1,239,007 |  |  |
Total consolidated provision for credit losses |  |  |  |  | 222,000 |  |  |
Total consolidated income before income taxes |  |  |  |  | 1,017,007 |  |  |
(1)Occupancy and Technology and equipment include, in aggregate, depreciation expense of $0.2 million for Commercial Banking, $5.5 million for Healthcare Financial Services, and $9.5 million for Consumer Banking. (2)Other segment items for each reportable segment includes: •Commercial Banking--occupancy, marketing, outside professional services, loan workout expense, foreclosed property expense, other non-interest expense, allocated net operating costs, and allocated total support costs. •Healthcare Financial Services--occupancy, marketing, outside professional services, other non-interest expense, allocated net operating costs, and allocated total support costs. •Consumer Banking--outside professional services, loan workout expense, foreclosed property expense, other-non interest expense, allocated net operating costs, and allocated total support costs. (3)Intangible assets amortization, which is a component of other non-interest expense presented in other segment items, was $9.3 million for Commercial Banking, $13.4 million for Healthcare Financial Services, and $8.3 million for Consumer Banking.
| Year ended December 31, 2023
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking |  | Totals |  |
Net interest income | $ | 1,436,616 |  | $ | 302,856 |  | $ | 898,898 |  |  | $ | 2,638,370 |  |  |
Non-interest income | 125,265 |  | 88,113 |  | 114,851 |  |  | 328,229 |  |  |
Total segment revenues | 1,561,881 |  | 390,969 |  | 1,013,749 |  |  | 2,966,599 |  |  |
Reconciliation of revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (314,993) |  |  |
Total consolidated revenues |  |  |  |  | 2,651,606 |  |  |
Less: |  |  |  |  |  |  |
Compensation and benefits | 178,289 |  | 84,072 |  | 139,203 |  |  |  |  |
Occupancy (1) | — |  | — |  | 57,289 |  |  |  |  |
Technology and equipment (1) | 7,944 |  | 27,860 |  | 9,998 |  |  |  |  |
Marketing | — |  | — |  | 6,736 |  |  |  |  |
Other segment items (2) (3) | 208,709 |  | 56,228 |  | 256,403 |  |  |  |  |
Segment pre-tax, pre-provision net revenue | 1,166,939 |  | 222,809 |  | 544,120 |  |  | 1,933,868 |  |  |
Reconciliation of pre-tax, pre-provision net revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (698,617) |  |  |
Total consolidated pre-tax, pre-provision net revenue |  |  |  |  | 1,235,251 |  |  |
Total consolidated provision for credit losses |  |  |  |  | 150,747 |  |  |
Total consolidated income before income taxes |  |  |  |  | 1,084,504 |  |  |
(1)Occupancy and Technology and equipment include, in aggregate, depreciation expense of $0.4 million for Commercial Banking, $4.5 million for Healthcare Financial Services, and $8.9 million for Consumer Banking. (2)Other segment items for each reportable segment includes: •Commercial Banking--occupancy, marketing, outside professional services, loan workout expense, foreclosed property expense, other non-interest expense, allocated net operating costs, and allocated total support costs. •Healthcare Financial Services--occupancy, marketing, outside professional services, other non-interest expense, allocated net operating costs, and allocated total support costs. •Consumer Banking--outside professional services, loan workout expense, foreclosed property expense, other-non interest expense, allocated net operating costs, and allocated total support costs. (3)Intangible assets amortization, which is a component of other non-interest expense presented in other segment items, was $16.0 million for Commercial Banking, $4.7 million for Healthcare Financial Services, and $9.7 million for Consumer Banking.
| Year ended December 31, 2022
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking |  | Totals |  |
Net interest income | $ | 1,252,306 |  | $ | 218,149 |  | $ | 814,867 |  |  | $ | 2,285,322 |  |  |
Non-interest income | 164,044 |  | 104,586 |  | 127,084 |  |  | 395,714 |  |  |
Total segment revenues | 1,416,350 |  | 322,735 |  | 941,951 |  |  | 2,681,036 |  |  |
Reconciliation of revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (205,967) |  |  |
Total consolidated revenues |  |  |  |  | 2,475,069 |  |  |
Less: |  |  |  |  |  |  |
Compensation and benefits | 156,818 |  | 73,764 |  | 134,284 |  |  |  |  |
Occupancy (1) | — |  | — |  | 55,393 |  |  |  |  |
Technology and equipment (1) | 6,928 |  | 23,463 |  | 8,052 |  |  |  |  |
Marketing | — |  | — |  | 3,916 |  |  |  |  |
Other segment items (2) (3) | 199,097 |  | 54,102 |  | 259,745 |  |  |  |  |
Segment pre-tax, pre-provision net revenue | 1,053,507 |  | 171,406 |  | 480,561 |  |  | 1,705,474 |  |  |
Reconciliation of pre-tax, pre-provision net revenue: |  |  |  |  |  |  |
Corporate and reconciling |  |  |  |  | (626,878) |  |  |
Total consolidated pre-tax, pre-provision net revenue |  |  |  |  | 1,078,596 |  |  |
Total consolidated provision for credit losses |  |  |  |  | 280,619 |  |  |
Total consolidated income before income taxes |  |  |  |  | 797,977 |  |  |
(1)Occupancy and Technology and equipment include, in aggregate, depreciation expense of $0.5 million for Commercial Banking, $2.9 million for Healthcare Financial Services, and $7.4 million for Consumer Banking. (2)Other segment items for each reportable segment includes: •Commercial Banking--occupancy, marketing, outside professional services, loan workout expense, foreclosed property expense, other non-interest expense, allocated net operating costs, and allocated total support costs. •Healthcare Financial Services--occupancy, marketing, outside professional services, other non-interest expense, allocated net operating costs, and allocated total support costs. •Consumer Banking--outside professional services, loan workout expense, foreclosed property expense, other-non interest expense, allocated net operating costs, and allocated total support costs. (3)Intangible assets amortization, which is a component of other non-interest expense presented in other segment items, was $16.9 million for Commercial Banking, $4.8 million for Healthcare Financial Services, and $10.3 million for Consumer Banking.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration