☑ | ||||||||
☐ | ||||||||
Virginia (State or other jurisdiction of incorporation or organization) | 23-2453088 (I.R.S. Employer Identification No.) | |||||||
75 State Street, Boston, Massachusetts (Address of principal executive offices) | 02109 (Zip Code) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Not Applicable | Not Applicable | Not Applicable |
Large accelerated filer | Accelerated filer | Emerging growth company ☐ | ||||||||||||
Non-accelerated | ||||||||||||||
Smaller reporting company | ||||||||||||||
☐ | ||||||||||||||
Page | ||||||
Condensed Consolidated Statements of Operations for the | ||||||
Condensed Consolidated Statements of Comprehensive Income for the | ||||||
Condensed Consolidated Statements of Stockholder's Equity for the | ||||||
Condensed Consolidated Statements of Cash Flows for the | ||||||
Ex-31.1 Certification | ||||||
Ex-31.2 Certification | ||||||
EX-101 INSTANCE DOCUMENT | ||||||
EX-101 SCHEMA DOCUMENT | ||||||
EX-101 CALCULATION LINKBASE DOCUMENT | ||||||
EX-101 LABELS LINKBASE DOCUMENT | ||||||
EX-101 PRESENTATION LINKBASE DOCUMENT | ||||||
EX-101 DEFINITION LINKBASE DOCUMENT |
ABS: Asset-backed securities | Early stage delinquency: loans that are greater than 30 DPD, but less than 90 DPD | |||||||
AFS: Available-for-sale | ||||||||
ALLL: Allowance for loan and lease losses | ||||||||
ETR: Effective tax rate | ||||||||
Evaluation Date: March 31, 2024 | ||||||||
ASU: Accounting Standards Update | Exchange Act: Securities Exchange Act of 1934, as amended | |||||||
Expanded Risk-Based Approach: New approach for calculating risk-weighted assets proposed by the federal banking agencies | ||||||||
BHC: Bank holding company | FASB: Financial Accounting Standards Board | |||||||
FBO: Foreign banking organization | ||||||||
FDIC: Federal Deposit Insurance Corporation | ||||||||
BSI: Banco Santander International | Federal Reserve: Board of Governors of the Federal Reserve System | |||||||
FHLB: Federal Home Loan Bank | ||||||||
FHLMC: Federal Home Loan Mortgage Corporation | ||||||||
FNMA: Federal National Mortgage Association | ||||||||
FOMC: Federal Open Market Committee | ||||||||
CCAP: Chrysler Capital; trade name used in providing services under the MPLFA | FRB: Federal Reserve Bank | |||||||
CD: Certificate of deposit | FTP: Funds transfer pricing | |||||||
CECL: Current expected credit losses as defined by FASB ASC Topic 326 | FVO: Fair value option | |||||||
CEO: Chief Executive Officer | ||||||||
GAAP: Accounting principles generally accepted in the United States of America | ||||||||
GSIB: Globally systemically important bank | ||||||||
CFO: Chief Financial Officer | HFI: Held-for-investment | |||||||
CFTC: Commodity Futures Trading Commission | HFS: Held-for-sale | |||||||
CIB: Corporate and Investment Banking | HPI: Housing Price Index | |||||||
CID: Civil investigative demand | HTM: Held-to-maturity | |||||||
CLTV: Combined loan-to-value | IBOR: Inter-bank offered rate | |||||||
CME: Chicago Mercantile Exchange | IDI: Insured depository institution | |||||||
Company: Santander Holdings USA, Inc. | IHC: U.S. intermediate holding company | |||||||
Covered Fund: a hedge fund or a private equity fund | ||||||||
CPR: Constant prepayment rate | IT: Information technology | |||||||
CRA: Community Reinvestment Act | Large Banking Organization: Large banking organizations with assets of $100 billion or more | |||||||
CRE: Commercial Real Estate | LCR: Liquidity coverage ratio | |||||||
DCF: Discounted cash flow | LGD: Loss given default | |||||||
DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act | LHFI: Loans held for investment | |||||||
DIF: Deposit Insurance Fund | LHFS: Loans held for sale | |||||||
DOJ: Department of Justice | LIBOR: London Interbank Offered Rate | |||||||
LIHTC: Low income housing tax credit | ||||||||
LTD: Long-term debt | ||||||||
DTI: Debt-to-income | LTV: Loan-to-value | |||||||
MBS: Mortgage-backed securities | SBALT: SBNA Auto Lease Trust | |||||||||
MD&A: Management's Discussion and Analysis of Financial Condition and Results of Operations | SBAT: SBNA Auto Receivable Trust | |||||||||
MMNA: Mitsubishi Motors North America, Inc. | SBNA or the Bank: Santander Bank, National Association | |||||||||
Moody’s: Moody's Investors Service, Inc. | SC: Santander Consumer USA Holdings Inc. and its subsidiaries | |||||||||
MPLFA: Ten-year master private-label financing agreement with Stellantis | SCARF: Santander Consumer Auto Receivables Funding | |||||||||
MSR: Mortgage servicing right | ||||||||||
MVE: Market value of equity | SCB: Stress capital buffer | |||||||||
NCI: Non-controlling interest | ||||||||||
SCH: Santander Capital Holdings LLC | ||||||||||
NFA: National Futures Association | SDART: Santander Drive Auto Receivables Trust | |||||||||
Securities Act: Securities Act of 1933, as amended | ||||||||||
NPR: Notice of proposed rule-making | Securities Financing Activities: Resale, repurchase securities borrowed and securities lending agreements | |||||||||
OCC: Office of the Comptroller of the Currency | ||||||||||
OEM: Original equipment manufacturer | SPAIN: Santander Private Auto Issuing Note | |||||||||
OIS: Overnight indexed swap | SPE: Special purpose entity | |||||||||
OREO: Other real estate owned | ||||||||||
Parent Company: | ||||||||||
Subvention: Reimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to | ||||||||||
TDR: Troubled debt restructuring | ||||||||||
RIC: Retail installment contract | TLAC: Total loss-absorbing capacity | |||||||||
TLAC Rule: The Federal Reserve's total loss-absorbing capacity rule | ||||||||||
RV: Recreational vehicle | Trusts: Securitization trusts | |||||||||
UPB: Unpaid principal balance | ||||||||||
S | VIE: Variable interest entity | |||||||||
SanCap: Santander | VOE: Voting rights entity | |||||||||
Santander: Banco Santander, S.A. | ||||||||||
Santander UK plc | ||||||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 7,909,625 | $ | 10,035,859 | |||
Investment securities: | |||||||
Available-for-sale ("AFS") at fair value | 17,233,046 | 17,024,225 | |||||
Held-to-maturity (fair value of $1,542,093 and $1,635,413 as of September 30, 2017 and December 31, 2016, respectively) | 1,560,850 | 1,658,644 | |||||
Trading securities | 9,098 | 1,630 | |||||
Other investments | 708,294 | 730,831 | |||||
Loans held-for-investment (1) (5) | 81,548,699 | 85,819,785 | |||||
Allowance for loan and lease losses ("ALLL") (5) | (3,956,145 | ) | (3,814,464 | ) | |||
Net loans held-for-investment | 77,592,554 | 82,005,321 | |||||
Loans held-for-sale (2) | 1,988,097 | 2,586,308 | |||||
Premises and equipment, net (3) | 883,186 | 996,498 | |||||
Operating lease assets, net (5)(6) | 10,400,560 | 9,747,223 | |||||
Accrued interest receivable (5) | 555,407 | 599,321 | |||||
Equity method investments | 223,380 | 255,344 | |||||
Goodwill | 4,454,925 | 4,454,925 | |||||
Intangible assets, net | 551,041 | 597,244 | |||||
Bank-owned life insurance | 1,790,201 | 1,767,101 | |||||
Restricted cash (5) | 3,033,587 | 3,016,948 | |||||
Other assets (4) (5) | 3,092,266 | 2,882,868 | |||||
TOTAL ASSETS | $ | 131,986,117 | $ | 138,360,290 | |||
LIABILITIES | |||||||
Accrued expenses and payables | $ | 2,591,266 | $ | 2,821,712 | |||
Deposits and other customer accounts | 61,877,808 | 67,240,690 | |||||
Borrowings and other debt obligations (5) | 41,351,374 | 43,524,445 | |||||
Advance payments by borrowers for taxes and insurance | 181,903 | 163,498 | |||||
Deferred tax liabilities, net | 1,642,549 | 1,420,315 | |||||
Other liabilities (5) | 871,417 | 810,872 | |||||
TOTAL LIABILITIES | 108,516,317 | 115,981,532 | |||||
STOCKHOLDER'S EQUITY | |||||||
Preferred stock (no par value; $25,000 liquidation preference; 7,500,000 shares authorized; 8,000 shares outstanding at both September 30, 2017 and December 31, 2016) | 195,445 | 195,445 | |||||
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both September 30, 2017 and December 31, 2016) | 17,012,660 | 16,599,497 | |||||
Accumulated other comprehensive loss | (145,210 | ) | (193,208 | ) | |||
Retained earnings | 3,368,210 | 3,020,149 | |||||
TOTAL SHUSA STOCKHOLDER'S EQUITY | 20,431,105 | 19,621,883 | |||||
Noncontrolling interest | 3,038,695 | 2,756,875 | |||||
TOTAL STOCKHOLDER'S EQUITY | 23,469,800 | 22,378,758 | |||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ | 131,986,117 | $ | 138,360,290 |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 14,413,097 | $ | 13,118,428 | |||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements (1) | 9,465,807 | 10,238,714 | |||||||||
Investment securities: | |||||||||||
AFS at fair value (amortized cost of $7,957,514 and $7,925,890 as of March 31, 2024 and December 31, 2023, respectively) | 7,091,513 | 7,039,537 | |||||||||
Trading securities | 9,003,612 | 7,967,875 | |||||||||
HTM (fair value of $7,410,927 and $7,562,523 as of March 31, 2024 and December 31, 2023, respectively) | 8,969,064 | 9,039,704 | |||||||||
Other investments | 1,346,020 | 1,353,278 | |||||||||
LHFI (2) (6) | 91,679,788 | 93,047,209 | |||||||||
ALLL (6) | (6,742,124) | (6,932,053) | |||||||||
Net LHFI | 84,937,664 | 86,115,156 | |||||||||
LHFS (3) | 596,351 | 160,118 | |||||||||
Premises and equipment, net (4) | 1,015,255 | 987,088 | |||||||||
Operating lease assets, net (6)(7) | 13,642,137 | 13,782,840 | |||||||||
Goodwill | 2,766,665 | 2,766,665 | |||||||||
Intangible assets, net | 277,577 | 287,159 | |||||||||
BOLI | 1,987,439 | 1,982,428 | |||||||||
Restricted cash (6) | 5,365,963 | 5,549,701 | |||||||||
Other assets (5) (6) | 4,887,576 | 4,583,884 | |||||||||
TOTAL ASSETS | $ | 165,765,740 | $ | 164,972,575 | |||||||
LIABILITIES | |||||||||||
Accounts payables and accrued expenses | $ | 5,172,139 | $ | 5,165,566 | |||||||
Deposits and other customer accounts | 77,684,470 | 77,073,176 | |||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements (8) | 16,164,451 | 16,290,786 | |||||||||
Trading liabilities | 2,960,617 | 2,699,500 | |||||||||
Borrowings and other debt obligations (6) | 43,911,347 | 44,144,051 | |||||||||
Advance payments by borrowers for taxes and insurance | 191,260 | 165,843 | |||||||||
Deferred tax liabilities, net | 39,262 | 84,187 | |||||||||
Other liabilities (6) | 1,779,359 | 1,848,557 | |||||||||
TOTAL LIABILITIES | 147,902,905 | 147,471,666 | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
MEZZANINE EQUITY | |||||||||||
Preferred stock (no par value; 7,500,000 shares authorized; 2,000,000 shares outstanding at March 31, 2024 and December 31, 2023, respectively) | 2,000,000 | 2,000,000 | |||||||||
STOCKHOLDER'S EQUITY | |||||||||||
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both March 31, 2024 and December 31, 2023, respectively) | 17,284,611 | 17,284,611 | |||||||||
Accumulated other comprehensive loss, net of taxes | (1,002,447) | (1,065,568) | |||||||||
Retained earnings / (accumulated deficit) | (419,329) | (718,134) | |||||||||
TOTAL STOCKHOLDER'S EQUITY | 15,862,835 | 15,500,909 | |||||||||
TOTAL LIABILITIES, MEZZANINE AND STOCKHOLDER'S EQUITY | $ | 165,765,740 | $ | 164,972,575 |
Three months ended March 31, | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||||||||
Loans | $ | 2,115,019 | $ | 1,981,351 | |||||||||||||||||||||||||
Interest-earning deposits | 217,053 | 154,365 | |||||||||||||||||||||||||||
Interest and fees on federal funds sold and securities purchased under resale agreements or similar arrangements | 637,711 | 522,390 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
AFS | 97,892 | 66,071 | |||||||||||||||||||||||||||
HTM | 44,829 | 47,257 | |||||||||||||||||||||||||||
Trading securities | 128,691 | 72,462 | |||||||||||||||||||||||||||
Other investments | 12,691 | 8,253 | |||||||||||||||||||||||||||
TOTAL INTEREST INCOME | 3,253,886 | 2,852,149 | |||||||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||
Deposits and other customer accounts | 498,920 | 288,837 | |||||||||||||||||||||||||||
Interest expense on federal funds purchased and securities loaned or sold under repurchase agreements | 763,840 | 570,275 | |||||||||||||||||||||||||||
Interest expense on trading liabilities | 39,078 | 31,856 | |||||||||||||||||||||||||||
Borrowings and other debt obligations | 574,539 | 450,787 | |||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 1,876,377 | 1,341,755 | |||||||||||||||||||||||||||
NET INTEREST INCOME | 1,377,509 | 1,510,394 | |||||||||||||||||||||||||||
Credit loss expense | 404,998 | 542,401 | |||||||||||||||||||||||||||
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | 972,511 | 967,993 | |||||||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||||||||
Consumer and commercial fees | 84,217 | 90,329 | |||||||||||||||||||||||||||
Capital markets and foreign exchange income | 115,970 | 37,082 | |||||||||||||||||||||||||||
Lease income | 593,447 | 628,424 | |||||||||||||||||||||||||||
Miscellaneous income, net (1) | 78,931 | 107,472 | |||||||||||||||||||||||||||
TOTAL FEES AND OTHER INCOME | 872,565 | 863,307 | |||||||||||||||||||||||||||
Net gain on sale of investment securities | 65,166 | 36,960 | |||||||||||||||||||||||||||
TOTAL NON-INTEREST INCOME | 937,731 | 900,267 | |||||||||||||||||||||||||||
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES: | |||||||||||||||||||||||||||||
Compensation and benefits | 533,780 | 491,751 | |||||||||||||||||||||||||||
Occupancy and equipment expenses | 157,550 | 169,740 | |||||||||||||||||||||||||||
Technology, outside service, and marketing expense | 184,310 | 169,293 | |||||||||||||||||||||||||||
Loan expense | 83,575 | 104,444 | |||||||||||||||||||||||||||
Lease expense | 461,521 | 486,967 | |||||||||||||||||||||||||||
Other expenses | 138,545 | 120,979 | |||||||||||||||||||||||||||
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES | 1,559,281 | 1,543,174 | |||||||||||||||||||||||||||
INCOME BEFORE INCOME TAX | 350,961 | 325,086 | |||||||||||||||||||||||||||
Income tax provision | 7,754 | 28,205 | |||||||||||||||||||||||||||
NET INCOME | $ | 343,207 | $ | 296,881 | |||||||||||||||||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans | $ | 1,822,384 | $ | 1,889,077 | $ | 5,530,239 | $ | 5,755,173 | |||||||
Interest-earning deposits | 24,370 | 13,400 | 63,279 | 41,890 | |||||||||||
Investment securities: | |||||||||||||||
Available-for-sale | 93,599 | 60,844 | 270,041 | 235,851 | |||||||||||
Held-to-maturity | 8,859 | — | 29,502 | — | |||||||||||
Other investments | 4,688 | 7,641 | 15,876 | 25,224 | |||||||||||
TOTAL INTEREST INCOME | 1,953,900 | 1,970,962 | 5,908,937 | 6,058,138 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits and other customer accounts | 56,707 | 64,288 | 177,524 | 213,135 | |||||||||||
Borrowings and other debt obligations | 323,133 | 285,544 | 913,040 | 863,186 | |||||||||||
TOTAL INTEREST EXPENSE | 379,840 | 349,832 | 1,090,564 | 1,076,321 | |||||||||||
NET INTEREST INCOME | 1,574,060 | 1,621,130 | 4,818,373 | 4,981,817 | |||||||||||
Provision for credit losses | 652,120 | 687,912 | 1,992,334 | 2,200,154 | |||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 921,940 | 933,218 | 2,826,039 | 2,781,663 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Consumer and Commercial fees | 151,906 | 171,684 | 468,609 | 535,583 | |||||||||||
Mortgage banking income, net | 14,783 | 22,537 | 43,049 | 50,005 | |||||||||||
Bank-owned life insurance ("BOLI") | 17,807 | 14,150 | 49,159 | 44,315 | |||||||||||
Lease income | 509,714 | 483,929 | 1,494,801 | 1,365,519 | |||||||||||
Miscellaneous income, net | 93,805 | 35,637 | 180,217 | 94,842 | |||||||||||
TOTAL FEES AND OTHER INCOME | 788,015 | 727,937 | 2,235,835 | 2,090,264 | |||||||||||
Other-than-temporary impairment ("OTTI") recognized in earnings | — | — | — | (44 | ) | ||||||||||
Net gains/(losses) on sale of investment securities | 6,707 | (364 | ) | 16,276 | 58,595 | ||||||||||
Net gains/(losses) recognized in earnings | 6,707 | (364 | ) | 16,276 | 58,551 | ||||||||||
TOTAL NON-INTEREST INCOME | 794,722 | 727,573 | 2,252,111 | 2,148,815 | |||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES: | |||||||||||||||
Compensation and benefits | 452,587 | 426,162 | 1,360,444 | 1,282,094 | |||||||||||
Occupancy and equipment expenses | 165,201 | 156,611 | 491,465 | 453,687 | |||||||||||
Technology expense | 59,056 | 56,449 | 181,331 | 183,039 | |||||||||||
Outside services | 46,994 | 57,742 | 154,272 | 207,472 | |||||||||||
Marketing expense | 23,424 | 35,944 | 91,641 | 77,986 | |||||||||||
Loan expense | 91,147 | 101,101 | 285,364 | 307,992 | |||||||||||
Lease expense | 409,424 | 338,077 | 1,137,456 | 953,142 | |||||||||||
Other administrative expenses | 95,712 | 109,189 | 293,046 | 310,078 | |||||||||||
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES | 1,343,545 | 1,281,275 | 3,995,019 | 3,775,490 | |||||||||||
OTHER EXPENSES: | |||||||||||||||
Amortization of intangibles | 15,288 | 17,174 | 46,204 | 52,860 | |||||||||||
Deposit insurance premiums and other expenses | 19,792 | 17,950 | 55,218 | 56,966 | |||||||||||
Loss on debt extinguishment | 5,582 | 10,228 | 16,321 | 88,672 | |||||||||||
Other miscellaneous expenses | 1,980 | 198 | 12,521 | 5,779 | |||||||||||
TOTAL OTHER EXPENSES | 42,642 | 45,550 | 130,264 | 204,277 | |||||||||||
INCOME BEFORE INCOME TAX PROVISION | 330,475 | 333,966 | 952,867 | 950,711 | |||||||||||
Income tax provision | 93,448 | 108,320 | 264,368 | 339,968 | |||||||||||
NET INCOME INCLUDING NONCONTROLLING INTEREST | 237,027 | 225,646 | 688,499 | 610,743 | |||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 75,195 | 77,672 | 230,547 | 257,419 | |||||||||||
NET INCOME ATTRIBUTABLE TO SANTANDER HOLDINGS USA, INC. | $ | 161,832 | $ | 147,974 | $ | 457,952 | $ | 353,324 |
Three months ended March 31, | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
NET INCOME | $ | 343,207 | $ | 296,881 | |||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX | |||||||||||||||||||||||||||||
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax | 51,299 | 88,969 | |||||||||||||||||||||||||||
Net unrealized gains on investment in debt securities, net of tax | 11,639 | 31,235 | |||||||||||||||||||||||||||
Pension and post-retirement actuarial gains, net of tax | 183 | 485 | |||||||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 63,121 | 120,689 | |||||||||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 406,328 | $ | 417,570 | |||||||||||||||||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
NET INCOME INCLUDING NONCONTROLLING INTEREST | $ | 237,027 | $ | 225,646 | $ | 688,499 | $ | 610,743 | |||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX | |||||||||||||||
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments, net of tax (1) | (492 | ) | 53,828 | 3,544 | 6,528 | ||||||||||
Net unrealized gains/(losses) on available-for-sale investment securities, net of tax | 6,538 | (66,418 | ) | 42,856 | 112,786 | ||||||||||
Pension and post-retirement actuarial gains/(losses), net of tax | 557 | (4,449 | ) | 1,598 | (3,319 | ) | |||||||||
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 6,603 | (17,039 | ) | 47,998 | 115,995 | ||||||||||
COMPREHENSIVE INCOME | 243,630 | 208,607 | 736,497 | 726,738 | |||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 75,195 | 77,672 | 230,547 | 257,419 | |||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA | $ | 168,435 | $ | 130,935 | $ | 505,950 | $ | 469,319 |
Common Shares Outstanding | Preferred Stock | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||
Balance, January 1, 2016 | 530,391 | $ | 270,445 | $ | 16,629,822 | $ | (170,530 | ) | $ | 2,672,393 | $ | 2,444,970 | $ | 21,847,100 | ||||||||||||
Comprehensive income attributable to Santander Holdings USA, Inc. | — | — | — | 115,995 | 353,324 | — | 469,319 | |||||||||||||||||||
Other comprehensive loss attributable to noncontrolling interest ("NCI") | — | — | — | — | — | (11,790 | ) | (11,790 | ) | |||||||||||||||||
Net income attributable to NCI | — | — | — | — | — | 257,419 | 257,419 | |||||||||||||||||||
Impact of Santander Consumer USA Holdings Inc. stock option activity | — | — | 69 | — | — | 16,308 | 16,377 | |||||||||||||||||||
Redemption of preferred stock | (75,000 | ) | — | — | — | — | (75,000 | ) | ||||||||||||||||||
Capital distribution to shareholder | — | — | (29,090 | ) | — | — | — | (29,090 | ) | |||||||||||||||||
Stock issued in connection with employee benefit and incentive compensation plans | — | — | 395 | — | — | — | 395 | |||||||||||||||||||
Dividends paid on preferred stock | — | — | — | — | (11,478 | ) | — | (11,478 | ) | |||||||||||||||||
Balance, September 30, 2016 | 530,391 | $ | 195,445 | $ | 16,601,196 | $ | (54,535 | ) | $ | 3,014,239 | $ | 2,706,907 | $ | 22,463,252 |
Common Shares Outstanding | Common Stock and Paid-in Capital | Accumulated Other Comprehensive Income / (Loss), Net of Tax | Retained Earnings / (Accumulated Deficit) | Total Stockholder's Equity | Preferred Stock Mezzanine | ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | 530,391 | $ | 17,284,611 | $ | (1,336,023) | $ | 1,481,134 | $ | 17,429,722 | $ | 500,000 | ||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment upon adoption of new accounting standards (Note 1) | — | — | — | (41,396) | (41,396) | — | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 120,689 | 296,881 | 417,570 | — | |||||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock | — | — | — | (250,000) | (250,000) | — | |||||||||||||||||||||||||||||||||||||||||
Dividends paid on preferred stock | — | — | — | (10,513) | (10,513) | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 530,391 | $ | 17,284,611 | $ | (1,215,334) | $ | 1,476,106 | $ | 17,545,383 | $ | 500,000 | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2024 | 530,391 | $ | 17,284,611 | $ | (1,065,568) | $ | (718,134) | $ | 15,500,909 | $ | 2,000,000 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 63,121 | 343,207 | 406,328 | — | |||||||||||||||||||||||||||||||||||||||||
Dividends paid on preferred stock | — | — | — | (44,402) | (44,402) | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | 530,391 | $ | 17,284,611 | $ | (1,002,447) | $ | (419,329) | $ | 15,862,835 | $ | 2,000,000 | ||||||||||||||||||||||||||||||||||||
Common Shares Outstanding | Preferred Stock | Common Stock and Paid-in Capital | Accumulated Other Comprehensive (Loss)/Income | Retained Earnings | Noncontrolling Interest | Total Stockholder's Equity | ||||||||||||||||||||
Balance, January 1, 2017 | 530,391 | $ | 195,445 | $ | 16,599,497 | $ | (193,208 | ) | $ | 3,020,149 | $ | 2,756,875 | $ | 22,378,758 | ||||||||||||
Cumulative-effect adjustment upon adoption of ASU 2016-09 (Note 1) | — | — | (26,456 | ) | — | 14,764 | 37,401 | 25,709 | ||||||||||||||||||
Comprehensive income attributable to Santander Holdings USA, Inc. | — | — | — | 47,998 | 457,952 | — | 505,950 | |||||||||||||||||||
Other comprehensive loss attributable to NCI | — | — | — | — | — | (321 | ) | (321 | ) | |||||||||||||||||
Net income attributable to NCI | — | — | — | — | — | 230,547 | 230,547 | |||||||||||||||||||
Impact of Santander Consumer USA Holdings Inc. stock option activity | — | — | — | — | — | 14,193 | 14,193 | |||||||||||||||||||
Contribution of SFS from shareholder(1) | — | — | 430,783 | — | (108,705 | ) | — | 322,078 | ||||||||||||||||||
Capital contribution from shareholder | — | — | 9,000 | — | — | — | 9,000 | |||||||||||||||||||
Stock issued in connection with employee benefit and incentive compensation plans | — | — | (164 | ) | — | — | — | (164 | ) | |||||||||||||||||
Dividends paid on common stock | — | — | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||
Dividends paid on preferred stock | — | — | — | — | (10,950 | ) | — | (10,950 | ) | |||||||||||||||||
Balance, September 30, 2017 | 530,391 | $ | 195,445 | $ | 17,012,660 | $ | (145,210 | ) | $ | 3,368,210 | $ | 3,038,695 | $ | 23,469,800 |
Nine-Month Period Ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income including NCI | $ | 688,499 | $ | 610,743 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for credit losses | 1,992,334 | 2,200,154 | |||||
Deferred tax expense | 256,111 | 271,057 | |||||
Depreciation, amortization and accretion | 758,926 | 746,607 | |||||
Net loss on sale of loans | 256,072 | 295,883 | |||||
Net gain on sale of investment securities | (16,276 | ) | (58,595 | ) | |||
Net gain on sale of operating leases | (288 | ) | (248 | ) | |||
OTTI recognized in earnings | — | 44 | |||||
Loss on debt extinguishment | 16,321 | 88,672 | |||||
Net (gain)/loss on real estate owned and premises and equipment | (23,395 | ) | 8,382 | ||||
Stock-based compensation | 940 | 13,360 | |||||
Equity loss on equity method investments | 747 | 4,719 | |||||
Originations of loans held-for-sale ("LHFS"), net of repayments | (3,805,625 | ) | (4,570,257 | ) | |||
Purchases of LHFS | (4,021 | ) | (3,677 | ) | |||
Proceeds from sales of LHFS | 4,272,628 | 3,859,060 | |||||
Purchases of trading securities | (9,734 | ) | (505,254 | ) | |||
Proceeds from sales of trading securities | 18,074 | 525,660 | |||||
Net change in: | |||||||
Revolving personal loans | (139,360 | ) | (471,061 | ) | |||
Other assets and BOLI (1) | (200,691 | ) | (120,709 | ) | |||
Other liabilities (1) | (49,535 | ) | 240,917 | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,011,727 | 3,135,457 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sales of available-for-sale investment securities | 1,763,305 | 6,755,298 | |||||
Proceeds from prepayments and maturities of available-for-sale investment securities | 3,791,545 | 7,897,204 | |||||
Purchases of available-for-sale investment securities | (6,088,005 | ) | (9,427,160 | ) | |||
Proceeds from repayments and maturities of held to maturity investment securities | 140,992 | — | |||||
Purchases of held to maturity investment securities | (51,506 | ) | — | ||||
Proceeds from sales of other investments | 205,445 | 443,715 | |||||
Proceeds from maturities of other investments | 560 | 45 | |||||
Purchases of other investments | (154,928 | ) | (151,011 | ) | |||
Net change in restricted cash | (22,760 | ) | (626,970 | ) | |||
Proceeds from sales of LHFI | 1,085,985 | 1,447,704 | |||||
Proceeds from the sales of equity method investments | 17,717 | — | |||||
Distributions from equity method investments | 7,572 | 4,244 | |||||
Contributions to equity method and other investments | (55,236 | ) | (24,057 | ) | |||
Purchases of LHFI | (517,844 | ) | (162,154 | ) | |||
Net change in loans other than purchases and sales | 2,299,699 | (1,729,419 | ) | ||||
Purchases and originations of operating leases | (4,739,735 | ) | (4,624,096 | ) | |||
Proceeds from the sale and termination of operating leases | 2,911,643 | 1,740,389 | |||||
Manufacturer incentives | 778,748 | 1,076,593 | |||||
Proceeds from sales of real estate owned and premises and equipment | 97,976 | 54,205 | |||||
Purchases of premises and equipment | (103,695 | ) | (159,608 | ) | |||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 1,367,478 | 2,514,922 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net change in deposits and other customer accounts | (5,171,305 | ) | 2,120,695 | ||||
Net change in short-term borrowings | 2,105,048 | (418,856 | ) | ||||
Net proceeds from long-term borrowings | 35,094,920 | 35,337,224 | |||||
Repayments of long-term borrowings | (36,051,143 | ) | (32,824,455 | ) | |||
Proceeds from Federal Home Loan Bank ("FHLB") advances (with terms greater than 3 months) | 1,000,000 | 4,700,000 | |||||
Repayments of FHLB advances (with terms greater than 3 months) | (4,500,000 | ) | (12,123,672 | ) | |||
Net change in advance payments by borrowers for taxes and insurance | 18,405 | 25,271 | |||||
Cash dividends paid to preferred stockholders | (10,950 | ) | (11,478 | ) | |||
Dividends paid on common stock | (5,000 | ) | — | ||||
Proceeds from the issuance of common stock | 5,586 | 2,635 | |||||
Capital contribution from shareholder | 9,000 | — | |||||
Redemption of preferred stock | — | (75,000 | ) | ||||
NET CASH USED IN FINANCING ACTIVITIES | (7,505,439 | ) | (3,267,636 | ) | |||
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (2,126,234 | ) | 2,382,743 | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,035,859 | 9,447,003 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 7,909,625 | $ | 11,829,746 | |||
NON-CASH TRANSACTIONS | |||||||
Loans transferred to other real estate owned | 9,536 | 61,186 | |||||
Loans transferred from held-for-investment to held-for-sale, net | 4,899 | 41,803 | |||||
Unsettled purchases of investment securities | — | 4,613 | |||||
Unsettled sales of investment securities | 109,106 | — | |||||
Residential loan securitizations | 17,945 | 19,585 | |||||
Contribution of SFS from shareholder (2) | 322,078 | — |
Three months ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income | $ | 343,207 | $ | 296,881 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Credit loss expense/(benefit) | 404,998 | 542,401 | |||||||||||||||
Deferred tax (benefit) / expense | (68,629) | (114,938) | |||||||||||||||
Depreciation, amortization and accretion | 681,435 | 651,303 | |||||||||||||||
Net (gain)/loss on sale or disposal of loans, investment securities, and other assets | (19,152) | (40,210) | |||||||||||||||
Originations and purchases of LHFS | (875,053) | — | |||||||||||||||
Proceeds from sales of and collections on LHFS | 336,574 | 838 | |||||||||||||||
Net change in: | |||||||||||||||||
Trading securities and trading liabilities, net | (708,493) | (1,134,765) | |||||||||||||||
Other assets and BOLI | (268,747) | (110,767) | |||||||||||||||
Other liabilities | (14,603) | (339,685) | |||||||||||||||
Other operating activities, net | 1,211 | (1,640) | |||||||||||||||
NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES | (187,252) | (250,582) | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Proceeds from sales of AFS investment securities | — | 211,171 | |||||||||||||||
Proceeds from prepayments and maturities of AFS investment securities | 192,297 | 386,921 | |||||||||||||||
Purchases of AFS investment securities | (275,114) | (220,619) | |||||||||||||||
Proceeds from prepayments and maturities of HTM investment securities | 129,400 | 116,961 | |||||||||||||||
Proceeds from sales of equity method and other investments | 105,630 | 109,000 | |||||||||||||||
Purchases of and contributions to equity method and other investments | (160,473) | (602,316) | |||||||||||||||
Distributions from equity method investments | 1,409 | 2,247 | |||||||||||||||
Net change in federal funds sold and securities purchased under resale agreements | 772,907 | (3,054,777) | |||||||||||||||
Proceeds from sales of LHFI | 893,523 | 29,152 | |||||||||||||||
Purchases of LHFI | — | (46,343) | |||||||||||||||
Proceeds from settlements of BOLI policies | 13,183 | 10,106 | |||||||||||||||
Net change in loans other than purchases and sales | (156,718) | (2,048,986) | |||||||||||||||
Purchases and originations of operating leases | (1,830,352) | (1,428,681) | |||||||||||||||
Proceeds from the sale and termination of operating leases | 1,445,119 | 1,056,302 | |||||||||||||||
Purchases and sales of premises and equipment, net | (52,024) | (35,899) | |||||||||||||||
NET CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES | 1,078,787 | (5,515,761) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Net change in deposits and other customer accounts | 611,294 | 166,318 | |||||||||||||||
Net change in short-term borrowings | (166,745) | 851,462 | |||||||||||||||
Net proceeds from long-term borrowings | 8,011,174 | 7,314,681 | |||||||||||||||
Repayments of long-term borrowings | (8,091,007) | (5,846,658) | |||||||||||||||
Net change in federal funds purchased and securities loaned or sold under repurchase agreements | (126,335) | 5,651,253 | |||||||||||||||
Dividends paid on preferred stock | (44,402) | (10,513) | |||||||||||||||
Other financing activities, net | 25,417 | 39,669 | |||||||||||||||
NET CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES | 219,396 | 8,166,212 | |||||||||||||||
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,110,931 | 2,399,869 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 18,668,129 | 16,564,314 | |||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $ | 19,779,060 | $ | 18,964,183 | |||||||||||||
NON-CASH TRANSACTIONS | |||||||||||||||||
Loans transferred from/(to) LHFI (from)/to LHFS, net | 117 | 120,425 | |||||||||||||||
Non-cash transfer of financial assets in an off-balance sheet securitization transaction | 53,050 | — | |||||||||||||||
Dividends declared and payable to Shareholder | — | 250,000 | |||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 226,294 | $ | 80 | $ | (15) | $ | 226,359 | $ | 25,391 | $ | 18 | $ | — | $ | 25,409 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 2,128 | 2 | — | 2,130 | 31,584 | 7 | (1) | 31,590 | ||||||||||||||||||||||||||||||||||||||||||
ABS | 550,506 | 232 | (999) | 549,739 | 512,553 | 29 | (1,919) | 510,663 | ||||||||||||||||||||||||||||||||||||||||||
Beneficial interest in Structured LLC (2) | 1,105,817 | — | (23,469) | 1,082,348 | 1,122,510 | — | — | 1,122,510 | ||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | 3,123,600 | — | (383,366) | 2,740,234 | 3,187,600 | — | (394,756) | 2,792,844 | ||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | 655,566 | 4 | (144,425) | 511,145 | 659,882 | 4 | (141,672) | 518,214 | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | 2,283,311 | 1 | (392,303) | 1,891,009 | 2,330,558 | 3 | (381,142) | 1,949,419 | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Commercial | 91,689 | — | (3,140) | 88,549 | 91,821 | — | (2,933) | 88,888 | ||||||||||||||||||||||||||||||||||||||||||
Unallocated fair value hedge basis adjustment (1) | (81,397) | — | 81,397 | — | (36,009) | — | 36,009 | — | ||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities AFS | $ | 7,957,514 | $ | 319 | $ | (866,320) | $ | 7,091,513 | $ | 7,925,890 | $ | 61 | $ | (886,414) | $ | 7,039,537 | ||||||||||||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
U.S. Treasury securities | $ | 1,669,963 | $ | 524 | $ | (2,380 | ) | $ | 1,668,107 | ||||||
Corporate debt securities | 43,798 | 97 | — | 43,895 | |||||||||||
Asset-backed securities (“ABS”) | 524,503 | 12,315 | (985 | ) | 535,833 | ||||||||||
Equity securities | 11,364 | 1 | (538 | ) | 10,827 | ||||||||||
State and municipal securities | 25 | — | — | 25 | |||||||||||
Mortgage-backed securities (“MBS”): | |||||||||||||||
U.S. government agencies - Residential | 5,243,543 | 7,268 | (44,468 | ) | 5,206,343 | ||||||||||
U.S. government agencies - Commercial | 1,375,787 | 1,888 | (9,440 | ) | 1,368,235 | ||||||||||
Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association ("FNMA") - Residential debt securities | 8,482,935 | 11,540 | (117,466 | ) | 8,377,009 | ||||||||||
FHLMC and FNMA - Commercial debt securities | 23,163 | — | (392 | ) | 22,771 | ||||||||||
Non-agency securities | 1 | — | — | 1 | |||||||||||
Total investment securities AFS | $ | 17,375,082 | $ | 33,633 | $ | (175,669 | ) | $ | 17,233,046 |
December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
U.S. Treasury securities | $ | 1,857,357 | $ | 1,826 | $ | (2,326 | ) | $ | 1,856,857 | ||||||
ABS | 1,196,702 | 16,410 | (2,388 | ) | 1,210,724 | ||||||||||
Equity securities | 11,716 | — | (565 | ) | 11,151 | ||||||||||
State and municipal securities | 30 | — | — | 30 | |||||||||||
MBS: | |||||||||||||||
U.S. government agencies - Residential | 5,424,412 | 3,253 | (64,537 | ) | 5,363,128 | ||||||||||
U.S. government agencies - Commercial | 948,696 | 1,998 | (8,196 | ) | 942,498 | ||||||||||
FHLMC and FNMA - Residential debt securities | 7,765,003 | 6,712 | (154,858 | ) | 7,616,857 | ||||||||||
FHLMC and FNMA - Commercial debt securities | 23,636 | — | (670 | ) | 22,966 | ||||||||||
Non-agency securities | 14 | — | — | 14 | |||||||||||
Total investment securities AFS | $ | 17,227,566 | $ | 30,199 | $ | (233,540 | ) | $ | 17,024,225 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABS and other interests in structured securities | $ | 82,024 | $ | — | $ | (283) | $ | 81,741 | $ | 29,701 | $ | — | $ | (363) | $ | 29,338 | ||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | 2,705,439 | 177 | (501,124) | 2,204,492 | 2,752,158 | 724 | (469,929) | 2,282,953 | ||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | 4,793,728 | — | (924,608) | 3,869,120 | 4,843,478 | 492 | (894,635) | 3,949,335 | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | 1,387,873 | — | (132,299) | 1,255,574 | 1,414,367 | — | (113,470) | 1,300,897 | ||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities HTM | $ | 8,969,064 | $ | 177 | $ | (1,558,314) | $ | 7,410,927 | $ | 9,039,704 | $ | 1,216 | $ | (1,478,397) | $ | 7,562,523 |
September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
MBS: | |||||||||||||||
U.S. government agencies - Residential | $ | 1,509,428 | $ | 2,207 | $ | (21,100 | ) | $ | 1,490,535 | ||||||
U.S. government agencies - Commercial | 51,422 | 136 | — | 51,558 | |||||||||||
Total investment securities held-to-maturity | $ | 1,560,850 | $ | 2,343 | $ | (21,100 | ) | $ | 1,542,093 |
December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
MBS: | |||||||||||||||
U.S. government agencies - Residential | $ | 1,658,644 | $ | 2,195 | $ | (25,426 | ) | $ | 1,635,413 | ||||||
Total investment securities held-to-maturity | $ | 1,658,644 | $ | 2,195 | $ | (25,426 | ) | $ | 1,635,413 |
Amortized Cost | Fair Value | ||||||
(in thousands) | |||||||
Due within one year | $ | 875,069 | $ | 875,216 | |||
Due after 1 year but within 5 years | 1,221,182 | 1,231,546 | |||||
Due after 5 years but within 10 years | 210,785 | 210,395 | |||||
Due after 10 years | 15,056,682 | 14,905,062 | |||||
Total | $ | 17,363,718 | $ | 17,222,219 | |||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
(in thousands) | Amortized Cost(1) | Fair Value | |||||||||||||||||||||||||
Due within one year | |||||||||||||||||||||||||||
Due after 1 year but within 5 years | |||||||||||||||||||||||||||
Due after 5 years but within 10 years | |||||||||||||||||||||||||||
Due after 10 years | $ | 1,560,850 | $ | 1,542,093 | |||||||||||||||||||||||
Total | $ | 1,560,850 | $ | 1,542,093 | |||||||||||||||||||||||
(1) Does not include unallocated fair value hedge basis adjustment. |
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | — | $ | — | ||||||||||
Due after 1 year but within 5 years | 28,974 | 28,690 | ||||||||||||
Due after 5 years but within 10 years | 57,618 | 57,369 | ||||||||||||
Due after 10 years | 8,882,472 | 7,324,868 | ||||||||||||
Total | $ | 8,969,064 | $ | 7,410,927 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 6,954 | $ | (15) | $ | — | $ | — | $ | 6,992 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 72 | — | 13 | — | 7,325 | (1) | 13 | — | ||||||||||||||||||||||||||||||||||||||||||
ABS | 84,402 | (79) | 131,838 | (920) | 6,749 | (168) | 402,325 | (1,751) | ||||||||||||||||||||||||||||||||||||||||||
Beneficial Interest in Structured Entities | 1,046,284 | (23,469) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | — | — | 2,739,232 | (383,366) | — | — | 2,792,843 | (394,756) | ||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | — | — | 511,142 | (144,425) | — | — | 518,210 | (141,672) | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | — | — | 1,890,924 | (392,303) | — | — | 1,949,320 | (381,142) | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Commercial | — | — | 88,549 | (3,140) | — | — | 88,888 | (2,933) | ||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities AFS (1) | $ | 1,137,712 | $ | (23,563) | $ | 5,361,698 | $ | (924,154) | $ | 21,066 | $ | (169) | $ | 5,751,599 | $ | (922,254) |
September 30, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
U.S. Treasury securities | $ | 1,028,957 | $ | (2,380 | ) | $ | — | $ | — | $ | 1,028,957 | $ | (2,380 | ) | |||||||||
ABS | 28,047 | (280 | ) | 99,474 | (705 | ) | 127,521 | (985 | ) | ||||||||||||||
Equity securities | 666 | (11 | ) | 9,981 | (527 | ) | 10,647 | (538 | ) | ||||||||||||||
MBS: | |||||||||||||||||||||||
U.S. government agencies - Residential | 2,706,703 | (34,342 | ) | 887,686 | (10,126 | ) | 3,594,389 | (44,468 | ) | ||||||||||||||
U.S. government agencies - Commercial | 905,790 | (5,797 | ) | 77,367 | (3,643 | ) | 983,157 | (9,440 | ) | ||||||||||||||
FHLMC and FNMA - Residential debt securities | 4,382,804 | (54,005 | ) | 1,587,768 | (63,461 | ) | 5,970,572 | (117,466 | ) | ||||||||||||||
FHLMC and FNMA - Commercial debt securities | 22,316 | (382 | ) | 455 | (10 | ) | 22,771 | (392 | ) | ||||||||||||||
Total investment securities AFS | $ | 9,075,283 | $ | (97,197 | ) | $ | 2,662,731 | $ | (78,472 | ) | $ | 11,738,014 | $ | (175,669 | ) |
December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
U.S. Treasury securities | $ | 1,016,654 | $ | (2,326 | ) | $ | — | $ | — | $ | 1,016,654 | $ | (2,326 | ) | |||||||||
ABS | 76,552 | (1,021 | ) | 111,758 | (1,367 | ) | 188,310 | (2,388 | ) | ||||||||||||||
Equity securities | 770 | (16 | ) | 9,800 | (549 | ) | 10,570 | (565 | ) | ||||||||||||||
MBS: | |||||||||||||||||||||||
U.S. government agencies - Residential | 3,831,354 | (46,846 | ) | 1,027,609 | (17,691 | ) | 4,858,963 | (64,537 | ) | ||||||||||||||
U.S. government agencies - Commercial | 532,334 | (4,451 | ) | 98,918 | (3,745 | ) | 631,252 | (8,196 | ) | ||||||||||||||
FHLMC and FNMA - Residential debt securities | 4,740,824 | (58,514 | ) | 1,981,886 | (96,344 | ) | 6,722,710 | (154,858 | ) | ||||||||||||||
FHLMC and FNMA - Commercial debt securities | 22,504 | (659 | ) | 462 | (11 | ) | 22,966 | (670 | ) | ||||||||||||||
Total investment securities AFS | $ | 10,220,992 | $ | (113,833 | ) | $ | 3,230,433 | $ | (119,707 | ) | $ | 13,451,425 | $ | (233,540 | ) |
September 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||
U.S. government agencies - Residential | $ | 1,198,222 | $ | (21,100 | ) | $ | — | $ | — | $ | 1,198,222 | $ | (21,100 | ) | ||||||||||
Total investment securities held-to-maturity | $ | 1,198,222 | $ | (21,100 | ) | $ | — | $ | — | $ | 1,198,222 | $ | (21,100 | ) |
December 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||
U.S. government agencies - Residential | $ | 1,311,390 | $ | (25,426 | ) | $ | — | $ | — | $ | 1,311,390 | $ | (25,426 | ) | ||||||||||
Total investment securities held-to-maturity | $ | 1,311,390 | $ | (25,426 | ) | $ | — | $ | — | $ | 1,311,390 | $ | (25,426 | ) |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
ABS and other interests in structured securities | $ | 3,537 | $ | — | $ | 25,155 | $ | (283) | $ | 22,461 | $ | (313) | $ | 6,878 | $ | (50) | ||||||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA - Residential | 66,910 | (429) | 2,091,347 | (500,695) | — | — | 2,166,032 | (469,929) | ||||||||||||||||||||||||||||||||||||||||||
GNMA - Commercial | 69,063 | (1,130) | 3,800,058 | (923,478) | 45,983 | (1,610) | 3,856,536 | (893,025) | ||||||||||||||||||||||||||||||||||||||||||
FHLMC and FNMA - Residential | 56,350 | (827) | 1,199,224 | (131,472) | 57,955 | (528) | 1,242,941 | (112,942) | ||||||||||||||||||||||||||||||||||||||||||
Total investments in debt securities HTM | $ | 195,860 | $ | (2,386) | $ | 7,115,784 | $ | (1,555,928) | $ | 126,399 | $ | (2,451) | $ | 7,272,387 | $ | (1,475,946) |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
AFS debt and other securities: | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | — | $ | 192 | ||||||||||||||||||||||||||||
Gross realized losses | — | (4,690) | ||||||||||||||||||||||||||||||
Net realized gains/(losses) on AFS and other securities | $ | — | $ | (4,498) | ||||||||||||||||||||||||||||
Total trading securities gains/(losses) | 65,166 | 41,458 | ||||||||||||||||||||||||||||||
Total realized gains/(losses) in income from investments | $ | 65,166 | $ | 36,960 | ||||||||||||||||||||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | (in thousands) | ||||||||||||||
Proceeds from the sales of AFS securities | $ | 566,286 | $ | — | $ | 1,872,411 | $ | 6,755,298 | |||||||
Gross realized gains | $ | 7,123 | $ | — | $ | 18,247 | $ | 60,328 | |||||||
Gross realized losses | — | — | — | (2,558 | ) | ||||||||||
OTTI | — | — | — | (44 | ) | ||||||||||
Net realized gains (1) | $ | 7,123 | $ | — | $ | 18,247 | $ | 57,726 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
FHLB of Pittsburgh and FRB stock | $ | 571,981 | $ | 631,394 | ||||||||||
LIHTC investments | 721,298 | 660,694 | ||||||||||||
Equity securities not held for trading (1) | 52,741 | 61,190 | ||||||||||||
Total | $ | 1,346,020 | $ | 1,353,278 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
Commercial LHFI: | ||||||||||||||||||||||||||
CRE loans | $ | 9,073,614 | 9.9 | % | $ | 8,747,544 | 9.4 | % | ||||||||||||||||||
C&I loans | 10,825,263 | 11.8 | % | 11,181,962 | 12.0 | % | ||||||||||||||||||||
Multifamily loans | 10,232,335 | 11.2 | % | 10,548,905 | 11.3 | % | ||||||||||||||||||||
Other commercial (2) | 7,484,125 | 8.2 | % | 7,476,113 | 8.0 | % | ||||||||||||||||||||
Total commercial LHFI | $ | 37,615,337 | 41.1 | % | $ | 37,954,524 | 40.7 | % | ||||||||||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||||||||
Residential mortgages | 4,726,561 | 5.2 | % | 4,816,218 | 5.2 | % | ||||||||||||||||||||
Home equity loans and lines of credit | 2,335,081 | 2.5 | % | 2,448,454 | 2.6 | % | ||||||||||||||||||||
Total consumer loans secured by real estate | $ | 7,061,642 | 7.7 | % | $ | 7,264,672 | 7.8 | % | ||||||||||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||||||||
RICs and auto loans | 43,238,767 | 47.1 | % | 43,705,359 | 47.0 | % | ||||||||||||||||||||
Personal unsecured loans | 3,711,491 | 4.0 | % | 4,062,700 | 4.4 | % | ||||||||||||||||||||
Other consumer (3) | 52,551 | 0.1 | % | 59,954 | 0.1 | % | ||||||||||||||||||||
Total consumer loans | $ | 54,064,451 | 58.9 | % | $ | 55,092,685 | 59.3 | % | ||||||||||||||||||
Total LHFI (1) | $ | 91,679,788 | 100.0 | % | $ | 93,047,209 | 100.0 | % | ||||||||||||||||||
Total LHFI: | ||||||||||||||||||||||||||
Fixed rate | $ | 63,946,587 | 69.7 | % | $ | 65,960,370 | 70.9 | % | ||||||||||||||||||
Variable rate | 27,733,201 | 30.3 | % | 27,086,839 | 29.1 | % | ||||||||||||||||||||
Total LHFI (1) | $ | 91,679,788 | 100.0 | % | $ | 93,047,209 | 100.0 | % |
September 30, 2017 | December 31, 2016 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
(dollars in thousands) | |||||||||||||
Commercial LHFI: | |||||||||||||
Commercial real estate loans | $ | 9,690,850 | 11.9 | % | $ | 10,112,043 | 11.8 | % | |||||
Commercial and industrial loans | 15,196,539 | 18.6 | % | 18,812,002 | 21.9 | % | |||||||
Multifamily loans | 8,293,232 | 10.2 | % | 8,683,680 | 10.1 | % | |||||||
Other commercial(2) | 6,876,521 | 8.4 | % | 6,832,403 | 8.0 | % | |||||||
Total commercial LHFI | 40,057,142 | 49.1 | % | 44,440,128 | 51.8 | % | |||||||
Consumer loans secured by real estate: | |||||||||||||
Residential mortgages | 8,476,935 | 10.4 | % | 7,775,272 | 9.1 | % | |||||||
Home equity loans and lines of credit | 5,855,086 | 7.2 | % | 6,001,192 | 7.0 | % | |||||||
Total consumer loans secured by real estate | 14,332,021 | 17.6 | % | 13,776,464 | 16.1 | % | |||||||
Consumer loans not secured by real estate: | |||||||||||||
RICs and auto loans - originated | 23,074,936 | 28.3 | % | 22,104,918 | 25.8 | % | |||||||
RICs and auto loans - purchased | 2,162,540 | 2.7 | % | 3,468,803 | 4.0 | % | |||||||
Personal unsecured loans | 1,262,591 | 1.5 | % | 1,234,094 | 1.4 | % | |||||||
Other consumer(3) | 659,469 | 0.8 | % | 795,378 | 0.9 | % | |||||||
Total consumer loans | 41,491,557 | 50.9 | % | 41,379,657 | 48.2 | % | |||||||
Total LHFI(1) | $ | 81,548,699 | 100.0 | % | $ | 85,819,785 | 100.0 | % | |||||
Total LHFI: | |||||||||||||
Fixed rate | $ | 49,274,614 | 60.4 | % | $ | 51,752,761 | 60.3 | % | |||||
Variable rate | 32,274,085 | 39.6 | % | 34,067,024 | 39.7 | % | |||||||
Total LHFI(1) | $ | 81,548,699 | 100.0 | % | $ | 85,819,785 | 100.0 | % |
Commercial Portfolio Segment(2) | ||||||||
Major Loan Classifications(1) | September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | ||||||||
Commercial LHFI: | ||||||||
Commercial real estate: | ||||||||
Corporate Banking | $ | 3,467,935 | $ | 3,693,109 | ||||
Middle Market Real Estate | 5,188,460 | 5,180,572 | ||||||
Santander Real Estate Capital | 1,034,455 | 1,238,362 | ||||||
Total commercial real estate | 9,690,850 | 10,112,043 | ||||||
Commercial and industrial (3) | 15,196,539 | 18,812,002 | ||||||
Multifamily | 8,293,232 | 8,683,680 | ||||||
Other commercial | 6,876,521 | 6,832,403 | ||||||
Total commercial LHFI | $ | 40,057,142 | $ | 44,440,128 |
Consumer Portfolio Segment(2) | ||||||||
Major Loan Classifications(1) | September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | ||||||||
Consumer loans secured by real estate: | ||||||||
Residential mortgages(3) | $ | 8,476,935 | $ | 7,775,272 | ||||
Home equity loans and lines of credit | 5,855,086 | 6,001,192 | ||||||
Total consumer loans secured by real estate | 14,332,021 | 13,776,464 | ||||||
Consumer loans not secured by real estate: | ||||||||
RICs and auto loans - originated (4) | 23,074,936 | 22,104,918 | ||||||
RICs and auto loans - purchased (4) | 2,162,540 | 3,468,803 | ||||||
Personal unsecured loans(5) | 1,262,591 | 1,234,094 | ||||||
Other consumer | 659,469 | 795,378 | ||||||
Total consumer LHFI | $ | 41,491,557 | $ | 41,379,657 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
RICs - Purchased: | ||||||||
Unpaid principal balance ("UPB") (1) | $ | 2,289,692 | $ | 3,765,714 | ||||
UPB - FVO (2) | 31,003 | 29,481 | ||||||
Total UPB | 2,320,695 | 3,795,195 | ||||||
Purchase marks (3) | (158,155 | ) | (326,392 | ) | ||||
Total RICs - Purchased | 2,162,540 | 3,468,803 | ||||||
RICs - Originated: | ||||||||
UPB (1) | 23,391,153 | 22,527,753 | ||||||
Net discount | (335,015 | ) | (441,131 | ) | ||||
Total RICs - Originated | 23,056,138 | 22,086,622 | ||||||
SBNA auto loans | 18,798 | 18,296 | ||||||
Total RICs - originated post change in control | 23,074,936 | 22,104,918 | ||||||
Total RICs and auto loans | $ | 25,237,476 | $ | 25,573,721 |
Three months ended March 31, 2024 | ||||||||||||||||||||
(in thousands) | Commercial | Consumer | Total | |||||||||||||||||
ALLL, beginning of period | $ | 616,788 | $ | 6,315,265 | $ | 6,932,053 | ||||||||||||||
Credit loss (benefit) / expense | (15,855) | 424,389 | 408,534 | |||||||||||||||||
Charge-offs | (23,776) | (1,244,661) | (1,268,437) | |||||||||||||||||
Recoveries | 12,790 | 657,184 | 669,974 | |||||||||||||||||
Charge-offs, net of recoveries | $ | (10,986) | $ | (587,477) | $ | (598,463) | ||||||||||||||
ALLL, end of period | $ | 589,947 | $ | 6,152,177 | $ | 6,742,124 | ||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | 55,846 | $ | 4,916 | $ | 60,762 | ||||||||||||||
Credit loss (benefit) on unfunded lending commitments | (2,979) | (557) | (3,536) | |||||||||||||||||
Reserve for unfunded lending commitments, end of period | $ | 52,867 | $ | 4,359 | $ | 57,226 | ||||||||||||||
Total ACL, end of period | $ | 642,814 | $ | 6,156,536 | $ | 6,799,350 | ||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||
(in thousands) | Commercial | Consumer | Total | |||||||||||||||||
ALLL, beginning of period | $ | 562,216 | $ | 6,217,783 | $ | 6,779,999 | ||||||||||||||
Day 1: Adjustment to allowance for adoption of ASU 2022-02 | 4,986 | 50,254 | 55,240 | |||||||||||||||||
Credit loss expense | 21,478 | 520,771 | 542,249 | |||||||||||||||||
Charge-offs | (26,866) | (1,119,100) | (1,145,966) | |||||||||||||||||
Recoveries | 19,281 | 664,489 | 683,770 | |||||||||||||||||
Charge-offs, net of recoveries | $ | (7,585) | $ | (454,611) | $ | (462,196) | ||||||||||||||
ALLL, end of period | $ | 581,095 | $ | 6,334,197 | $ | 6,915,292 | ||||||||||||||
Reserve for unfunded lending commitments, beginning of period | $ | 77,709 | $ | 7,873 | $ | 85,582 | ||||||||||||||
Credit loss (benefit) on unfunded lending commitments | 166 | (14) | 152 | |||||||||||||||||
Reserve for unfunded lending commitments, end of period | $ | 77,875 | $ | 7,859 | $ | 85,734 | ||||||||||||||
Total ACL, end of period | $ | 658,970 | $ | 6,342,056 | $ | 7,001,026 |
Three-Month Period Ended September 30, 2017 | |||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||
(in thousands) | |||||||||||||||
ALLL, beginning of period | $ | 428,247 | $ | 3,478,337 | $ | 47,023 | $ | 3,953,607 | |||||||
Provision for loan and lease losses | 17,129 | 630,048 | — | 647,177 | |||||||||||
Other(1) | 356 | 5,283 | — | 5,639 | |||||||||||
Charge-offs | (30,576 | ) | (1,224,296 | ) | — | (1,254,872 | ) | ||||||||
Recoveries | 9,635 | 594,959 | — | 604,594 | |||||||||||
Charge-offs, net of recoveries | (20,941 | ) | (629,337 | ) | — | (650,278 | ) | ||||||||
ALLL, end of period | $ | 424,791 | $ | 3,484,331 | $ | 47,023 | $ | 3,956,145 | |||||||
Reserve for unfunded lending commitments, beginning of period | $ | 111,015 | $ | 796 | $ | — | $ | 111,811 | |||||||
Release of reserve for unfunded lending commitments | 5,241 | (298 | ) | — | 4,943 | ||||||||||
Loss on unfunded lending commitments | (668 | ) | — | — | (668 | ) | |||||||||
Reserve for unfunded lending commitments, end of period | 115,588 | 498 | — | 116,086 | |||||||||||
Total ACL, end of period | $ | 540,379 | $ | 3,484,829 | $ | 47,023 | $ | 4,072,231 | |||||||
Nine-Month Period Ended September 30, 2017 | |||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||
(in thousands) | |||||||||||||||
ALLL, beginning of period | $ | 449,835 | $ | 3,317,606 | $ | 47,023 | $ | 3,814,464 | |||||||
Provision for loan and lease losses | 62,597 | 1,933,602 | — | 1,996,199 | |||||||||||
Other(1) | 356 | 5,283 | — | 5,639 | |||||||||||
Charge-offs | (117,263 | ) | (3,590,495 | ) | — | (3,707,758 | ) | ||||||||
Recoveries | 29,266 | 1,818,335 | — | 1,847,601 | |||||||||||
Charge-offs, net of recoveries | (87,997 | ) | (1,772,160 | ) | — | (1,860,157 | ) | ||||||||
ALLL, end of period | $ | 424,791 | $ | 3,484,331 | $ | 47,023 | $ | 3,956,145 | |||||||
Reserve for unfunded lending commitments, beginning of period | $ | 121,613 | $ | 806 | $ | — | $ | 122,419 | |||||||
Release of reserve for unfunded lending commitments | (3,557 | ) | (308 | ) | — | (3,865 | ) | ||||||||
Loss on unfunded lending commitments | (2,468 | ) | — | — | (2,468 | ) | |||||||||
Reserve for unfunded lending commitments, end of period | 115,588 | 498 | — | 116,086 | |||||||||||
Total ACL, end of period | $ | 540,379 | $ | 3,484,829 | $ | 47,023 | $ | 4,072,231 | |||||||
Ending balance, individually evaluated for impairment(2) | $ | 60,492 | $ | 1,765,790 | $ | — | $ | 1,826,282 | |||||||
Ending balance, collectively evaluated for impairment | 364,299 | 1,718,541 | 47,023 | 2,129,863 | |||||||||||
Financing receivables: | |||||||||||||||
Ending balance | $ | 40,140,421 | $ | 43,396,375 | $ | — | $ | 83,536,796 | |||||||
Ending balance, evaluated under the FVO or lower of cost or fair value | 83,279 | 1,959,926 | — | 2,043,205 | |||||||||||
Ending balance, individually evaluated for impairment(1) | 514,846 | 6,650,254 | — | 7,165,100 | |||||||||||
Ending balance, collectively evaluated for impairment | 39,542,296 | 34,786,195 | — | 74,328,491 |
Three-Month Period Ended September 30, 2016 | |||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||
(in thousands) | |||||||||||||||
ALLL, beginning of period | $ | 528,858 | $ | 3,189,784 | $ | 47,245 | $ | 3,765,887 | |||||||
(Release of) / Provision for loan and lease losses | 21,454 | 687,697 | — | 709,151 | |||||||||||
Charge-offs | (41,660 | ) | (1,249,370 | ) | — | (1,291,030 | ) | ||||||||
Recoveries | 21,359 | 608,915 | — | 630,274 | |||||||||||
Charge-offs, net of recoveries | (20,301 | ) | (640,455 | ) | — | (660,756 | ) | ||||||||
ALLL, end of period | $ | 530,011 | $ | 3,237,026 | $ | 47,245 | $ | 3,814,282 | |||||||
Reserve for unfunded lending commitments, beginning of period | $ | 156,155 | $ | 743 | $ | — | $ | 156,898 | |||||||
(Release of) / Provision for unfunded lending commitments | (21,244 | ) | 5 | — | (21,239 | ) | |||||||||
Loss on unfunded lending commitments | (1,094 | ) | — | — | (1,094 | ) | |||||||||
Reserve for unfunded lending commitments, end of period | 133,817 | 748 | — | 134,565 | |||||||||||
Total ACL, end of period | $ | 663,828 | $ | 3,237,774 | $ | 47,245 | $ | 3,948,847 | |||||||
Nine-Month Period Ended September 30, 2016 | |||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||
(in thousands) | |||||||||||||||
ALLL, beginning of period | $ | 456,812 | $ | 2,742,088 | $ | 47,245 | $ | 3,246,145 | |||||||
Provision for loan and lease losses | 122,832 | 2,090,516 | — | 2,213,348 | |||||||||||
Charge-offs | (118,273 | ) | (3,424,199 | ) | — | (3,542,472 | ) | ||||||||
Recoveries | 68,640 | 1,828,621 | — | 1,897,261 | |||||||||||
Charge-offs, net of recoveries | (49,633 | ) | (1,595,578 | ) | — | (1,645,211 | ) | ||||||||
ALLL, end of period | $ | 530,011 | $ | 3,237,026 | $ | 47,245 | $ | 3,814,282 | |||||||
Reserve for unfunded lending commitments, beginning of period | $ | 148,207 | $ | 814 | $ | — | $ | 149,021 | |||||||
Provision for / (Release of) unfunded lending commitments | (13,128 | ) | (66 | ) | — | (13,194 | ) | ||||||||
Loss on unfunded lending commitments | (1,262 | ) | — | — | (1,262 | ) | |||||||||
Reserve for unfunded lending commitments, end of period | 133,817 | 748 | — | 134,565 | |||||||||||
Total ACL, end of period | $ | 663,828 | $ | 3,237,774 | $ | 47,245 | $ | 3,948,847 | |||||||
Ending balance, individually evaluated for impairment(1) | $ | 146,458 | $ | 1,376,942 | $ | — | $ | 1,523,400 | |||||||
Ending balance, collectively evaluated for impairment | 383,553 | 1,860,084 | 47,245 | 2,290,882 | |||||||||||
Financing receivables: | |||||||||||||||
Ending balance | $ | 45,812,581 | $ | 44,091,345 | $ | — | $ | 89,903,926 | |||||||
Ending balance, evaluated under the fair value option or lower of cost or fair value(1) | 224,524 | 3,027,806 | — | 3,252,330 | |||||||||||
Ending balance, individually evaluated for impairment(1) | 693,317 | 5,465,762 | — | 6,159,079 | |||||||||||
Ending balance, collectively evaluated for impairment | 44,894,740 | 35,597,777 | — | 80,492,517 |
Three-Month Period Ended | Nine-Month Period Ended | ||||||||||||||||||||||
September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||
Purchased | Originated | Total | Purchased | Originated | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
ALLL, beginning of period | $ | 468,671 | $ | 2,792,666 | $ | 3,261,337 | $ | 559,092 | $ | 2,538,127 | $ | 3,097,219 | |||||||||||
Provision for loan and lease losses | 47,106 | 523,832 | 570,938 | 128,372 | 1,686,611 | 1,814,983 | |||||||||||||||||
Charge-offs | (142,561 | ) | (1,043,732 | ) | (1,186,293 | ) | (481,389 | ) | (2,991,112 | ) | (3,472,501 | ) | |||||||||||
Recoveries | 52,406 | 535,677 | 588,083 | 219,547 | 1,574,817 | 1,794,364 | |||||||||||||||||
Charge-offs, net of recoveries | (90,155 | ) | (508,055 | ) | (598,210 | ) | (261,842 | ) | (1,416,295 | ) | (1,678,137 | ) | |||||||||||
ALLL, end of period | $ | 425,622 | $ | 2,808,443 | $ | 3,234,065 | $ | 425,622 | $ | 2,808,443 | $ | 3,234,065 |
Three-Month Period Ended | Nine-Month Period Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2016 | ||||||||||||||||||||||
Purchased | Originated | Total | Purchased | Originated | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
ALLL, beginning of period | $ | 615,623 | $ | 2,342,440 | $ | 2,958,063 | $ | 590,807 | $ | 1,891,989 | $ | 2,482,796 | |||||||||||
Provision for loan and lease losses | 29,406 | 630,962 | 660,368 | 150,658 | 1,877,527 | 2,028,185 | |||||||||||||||||
Charge-offs | (207,662 | ) | (996,395 | ) | (1,204,057 | ) | (666,623 | ) | (2,611,263 | ) | (3,277,886 | ) | |||||||||||
Recoveries | 155,673 | 442,543 | 598,216 | 518,198 | 1,261,297 | 1,779,495 | |||||||||||||||||
Charge-offs, net of recoveries | (51,989 | ) | (553,852 | ) | (605,841 | ) | (148,425 | ) | (1,349,966 | ) | (1,498,391 | ) | |||||||||||
ALLL, end of period | $ | 593,040 | $ | 2,419,550 | $ | 3,012,590 | $ | 593,040 | $ | 2,419,550 | $ | 3,012,590 |
Non-accrual loans and other non-performing assets as of:(1) | Non-accrual loans with no related allowance | |||||||||||||||||||||||||
(in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
CRE | $ | 257,807 | $ | 267,537 | $ | 131,601 | $ | 64,383 | ||||||||||||||||||
C&I | 159,037 | 143,504 | 847 | 2,230 | ||||||||||||||||||||||
Multifamily | 102,024 | 97,228 | 17,684 | 17,801 | ||||||||||||||||||||||
Other commercial | 7,320 | 5,621 | — | — | ||||||||||||||||||||||
Total commercial loans | $ | 526,188 | $ | 513,890 | $ | 150,132 | $ | 84,414 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Residential mortgages | 51,648 | 52,718 | 5,720 | 5,898 | ||||||||||||||||||||||
Home equity loans and lines of credit | 79,499 | 86,332 | 14,111 | 15,241 | ||||||||||||||||||||||
RICs and auto loans | 1,829,983 | 2,194,509 | 139,077 | 153,850 | ||||||||||||||||||||||
Personal unsecured loans | 20,302 | 21,267 | 1,844 | 1,776 | ||||||||||||||||||||||
Other consumer | 13,598 | 15,733 | 49 | 152 | ||||||||||||||||||||||
Total consumer loans | $ | 1,995,030 | $ | 2,370,559 | $ | 160,801 | $ | 176,917 | ||||||||||||||||||
Total non-accrual loans | $ | 2,521,218 | $ | 2,884,449 | $ | 310,933 | $ | 261,331 | ||||||||||||||||||
OREO | 19,422 | 24,246 | — | — | ||||||||||||||||||||||
Repossessed vehicles | 267,545 | 265,368 | — | — | ||||||||||||||||||||||
Foreclosed and other repossessed assets | 2,030 | 1,666 | — | — | ||||||||||||||||||||||
Total OREO and other repossessed assets | $ | 288,997 | $ | 291,280 | $ | — | $ | — | ||||||||||||||||||
Total non-performing assets | $ | 2,810,215 | $ | 3,175,729 | $ | 310,933 | $ | 261,331 | ||||||||||||||||||
(1) Interest income recognized on nonaccrual loans was $61.0 million and $49.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. | ||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Non-accrual loans: | |||||||
Commercial: | |||||||
Commercial real estate: | |||||||
Corporate banking | $ | 88,459 | $ | 104,879 | |||
Middle market commercial real estate | 57,536 | 71,264 | |||||
Santander real estate capital | 921 | 3,077 | |||||
Commercial and industrial | 184,089 | 182,368 | |||||
Multifamily | 10,715 | 8,196 | |||||
Other commercial | 20,767 | 11,097 | |||||
Total commercial loans | 362,487 | 380,881 | |||||
Consumer: | |||||||
Residential mortgages | 284,415 | 287,140 | |||||
Home equity loans and lines of credit | 116,482 | 120,065 | |||||
RICs and auto loans - originated | 1,553,954 | 1,045,587 | |||||
RICs - purchased | 274,374 | 284,486 | |||||
Personal unsecured loans | 5,412 | 5,201 | |||||
Other consumer | 10,393 | 12,694 | |||||
Total consumer loans | 2,245,030 | 1,755,173 | |||||
Total non-accrual loans | 2,607,517 | 2,136,054 | |||||
Other real estate owned ("OREO") | 146,362 | 116,705 | |||||
Repossessed vehicles | 157,757 | 173,754 | |||||
Foreclosed and other repossessed assets | 1,711 | 3,838 | |||||
Total OREO and other repossessed assets | 305,830 | 294,297 | |||||
Total non-performing assets | $ | 2,913,347 | $ | 2,430,351 |
As of: | March 31, 2024 | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivables | Amortized Cost > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
CRE (2) | $ | 51,411 | $ | 136,449 | $ | 187,860 | $ | 9,281,429 | $ | 9,469,289 | $ | — | ||||||||||||||||||||||||||
C&I (1) | 53,974 | 11,687 | 65,661 | 10,811,315 | 10,876,976 | — | ||||||||||||||||||||||||||||||||
Multifamily (4) | 44,139 | 63,265 | 107,404 | 10,134,195 | 10,241,599 | — | ||||||||||||||||||||||||||||||||
Other commercial | 28,392 | 3,295 | 31,687 | 7,452,439 | 7,484,126 | — | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgages (3) | 89,074 | 46,739 | 135,813 | 4,730,446 | 4,866,259 | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 38,869 | 65,321 | 104,190 | 2,230,891 | 2,335,081 | — | ||||||||||||||||||||||||||||||||
RICs and auto loans | 4,596,175 | 447,075 | 5,043,250 | 38,195,517 | 43,238,767 | — | ||||||||||||||||||||||||||||||||
Personal unsecured loans | 78,384 | 41,283 | 119,667 | 3,591,824 | 3,711,491 | 7,917 | ||||||||||||||||||||||||||||||||
Other consumer | 1,492 | 257 | 1,749 | 50,802 | 52,551 | — | ||||||||||||||||||||||||||||||||
Total | $ | 4,981,910 | $ | 815,371 | $ | 5,797,281 | $ | 86,478,858 | $ | 92,276,139 | $ | 7,917 |
As of: | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
CRE (2) | $ | 98,799 | $ | 62,645 | $ | 161,444 | $ | 8,586,100 | $ | 8,747,544 | $ | — | ||||||||||||||||||||||||||
C&I (1) | 54,367 | 12,260 | 66,627 | 11,246,726 | 11,313,353 | — | ||||||||||||||||||||||||||||||||
Multifamily (4) | — | 62,391 | 62,391 | 10,495,778 | 10,558,169 | — | ||||||||||||||||||||||||||||||||
Other commercial | 48,075 | 3,260 | 51,335 | 7,424,778 | 7,476,113 | — | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgages (3) | 99,171 | 47,019 | 146,190 | 4,689,491 | 4,835,681 | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 36,297 | 71,936 | 108,233 | 2,340,221 | 2,448,454 | — | ||||||||||||||||||||||||||||||||
RICs and auto loans | 5,393,627 | 558,208 | 5,951,835 | 37,753,524 | 43,705,359 | — | ||||||||||||||||||||||||||||||||
Personal unsecured loans | 84,379 | 44,389 | 128,768 | 3,933,932 | 4,062,700 | 7,947 | ||||||||||||||||||||||||||||||||
Other consumer | 2,213 | 345 | 2,558 | 57,396 | 59,954 | — | ||||||||||||||||||||||||||||||||
Total | $ | 5,816,928 | $ | 862,453 | $ | 6,679,381 | $ | 86,527,946 | $ | 93,207,327 | $ | 7,947 |
As of: | ||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivables(1) | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Corporate banking | $ | 21,114 | $ | 49,274 | $ | 70,388 | $ | 3,397,547 | $ | 3,467,935 | $ | — | ||||||||||||
Middle market commercial real estate | 67,854 | 33,344 | 101,198 | 5,087,262 | 5,188,460 | — | ||||||||||||||||||
Santander real estate capital | — | 525 | 525 | 1,033,930 | 1,034,455 | — | ||||||||||||||||||
Commercial and industrial | 80,116 | 52,117 | 132,233 | 15,147,585 | 15,279,818 | — | ||||||||||||||||||
Multifamily | 59 | 1,837 | 1,896 | 8,291,336 | 8,293,232 | — | ||||||||||||||||||
Other commercial | 72,944 | 4,614 | 77,558 | 6,798,963 | 6,876,521 | 10 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgages | 282,297 | 217,899 | 500,196 | 8,189,377 | 8,689,573 | — | ||||||||||||||||||
Home equity loans and lines of credit | 41,210 | 77,589 | 118,799 | 5,736,287 | 5,855,086 | — | ||||||||||||||||||
RICs and auto loans - originated | 3,381,392 | 331,033 | 3,712,425 | 20,125,142 | 23,837,567 | — | ||||||||||||||||||
RICs and auto loans - purchased | 551,123 | 51,261 | 602,384 | 1,560,156 | 2,162,540 | — | ||||||||||||||||||
Personal unsecured loans | 104,796 | 107,060 | 211,856 | 1,980,284 | 2,192,140 | 96,246 | ||||||||||||||||||
Other consumer | 14,978 | 15,774 | 30,752 | 628,717 | 659,469 | — | ||||||||||||||||||
Total | $ | 4,617,883 | $ | 942,327 | $ | 5,560,210 | $ | 77,976,586 | $ | 83,536,796 | $ | 96,256 |
As of | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or Greater | Total Past Due | Current | Total Financing Receivable(1) | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Corporate banking | $ | 14,973 | $ | 40,170 | $ | 55,143 | $ | 3,637,966 | $ | 3,693,109 | $ | — | ||||||||||||
Middle market commercial real estate | 6,967 | 57,520 | 64,487 | 5,116,085 | 5,180,572 | — | ||||||||||||||||||
Santander real estate capital | 177 | — | 177 | 1,238,185 | 1,238,362 | — | ||||||||||||||||||
Commercial and industrial | 46,104 | 33,800 | 79,904 | 18,853,163 | 18,933,067 | — | ||||||||||||||||||
Multifamily | 7,133 | 2,339 | 9,472 | 8,674,208 | 8,683,680 | — | ||||||||||||||||||
Other commercial | 45,379 | 2,590 | 47,969 | 6,784,434 | 6,832,403 | 1 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgages | 230,850 | 224,790 | 455,640 | 7,782,525 | 8,238,165 | — | ||||||||||||||||||
Home equity loans and lines of credit | 37,209 | 75,668 | 112,877 | 5,888,315 | 6,001,192 | — | ||||||||||||||||||
RICs and auto loans - originated | 3,092,841 | 296,085 | 3,388,926 | 19,640,740 | 23,029,666 | — | ||||||||||||||||||
RICs and auto loans - purchased | 800,993 | 71,273 | 872,266 | 2,596,537 | 3,468,803 | — | ||||||||||||||||||
Personal unsecured loans | 89,524 | 103,698 | 193,222 | 2,118,474 | 2,311,696 | 93,845 | ||||||||||||||||||
Other consumer | 31,980 | 20,386 | 52,366 | 743,012 | 795,378 | — | ||||||||||||||||||
Total | $ | 4,404,130 | $ | 928,319 | $ | 5,332,449 | $ | 83,073,644 | $ | 88,406,093 | $ | 93,846 |
September 30, 2017 | ||||||||||||||||
Recorded Investment(1) | UPB | Related Specific Reserves | Average Recorded Investment | |||||||||||||
(in thousands) | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Corporate banking | $ | 90,335 | $ | 118,315 | $ | — | $ | 89,675 | ||||||||
Middle market commercial real estate | 49,207 | 72,294 | — | 54,647 | ||||||||||||
Santander real estate capital | — | — | — | 1,309 | ||||||||||||
Commercial and industrial | 86,831 | 90,543 | — | 77,483 | ||||||||||||
Multifamily | 8,980 | 9,939 | — | 9,675 | ||||||||||||
Other commercial | 884 | 1,029 | — | 961 | ||||||||||||
Consumer: | ||||||||||||||||
Residential mortgages | 172,400 | 222,662 | — | 173,735 | ||||||||||||
Home equity loans and lines of credit | 42,483 | 42,483 | — | 45,678 | ||||||||||||
RICs and auto loans - originated | — | — | — | — | ||||||||||||
RICs and auto loans - purchased | 19,395 | 24,883 | — | 26,884 | ||||||||||||
Personal unsecured loans(2) | 30,459 | 30,459 | — | 28,234 | ||||||||||||
Other consumer | 10,335 | 14,183 | — | 14,835 | ||||||||||||
With an allowance recorded: | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Corporate banking | 61,629 | 73,893 | 15,488 | 71,035 | ||||||||||||
Middle market commercial real estate | 26,179 | 32,368 | 6,090 | 38,225 | ||||||||||||
Santander real estate capital | 8,405 | 8,405 | 1,135 | 8,498 | ||||||||||||
Commercial and industrial | 144,503 | 175,042 | 35,138 | 180,541 | ||||||||||||
Multifamily | 6,242 | 6,242 | 354 | 4,586 | ||||||||||||
Other commercial | 15,717 | 15,783 | 2,287 | 11,468 | ||||||||||||
Consumer: | ||||||||||||||||
Residential mortgages | 292,426 | 334,044 | 41,218 | 288,528 | ||||||||||||
Home equity loans and lines of credit | 49,808 | 62,042 | 1,704 | 49,835 | ||||||||||||
RICs and auto loans - originated | 4,679,505 | 4,742,581 | 1,334,552 | 3,975,411 | ||||||||||||
RICs and auto loans - purchased | 1,324,976 | 1,497,436 | 379,300 | 1,590,462 | ||||||||||||
Personal unsecured loans | 16,710 | 16,904 | 6,835 | 16,784 | ||||||||||||
Other consumer | 11,758 | 15,640 | 2,181 | 12,426 | ||||||||||||
Total: | ||||||||||||||||
Commercial | $ | 498,912 | $ | 603,853 | $ | 60,492 | $ | 548,103 | ||||||||
Consumer | 6,650,255 | 7,003,317 | 1,765,790 | 6,222,812 | ||||||||||||
Total | $ | 7,149,167 | $ | 7,607,170 | $ | 1,826,282 | $ | 6,770,915 |
December 31, 2016 | ||||||||||||||||
Recorded Investment(1) | UPB | Related Specific Reserves | Average Recorded Investment | |||||||||||||
(in thousands) | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Corporate banking | $ | 89,014 | $ | 106,212 | $ | — | $ | 93,495 | ||||||||
Middle market commercial real estate | 60,086 | 83,173 | — | 69,206 | ||||||||||||
Santander real estate capital | 2,618 | 2,618 | — | 2,717 | ||||||||||||
Commercial and industrial | 68,135 | 74,034 | — | 40,163 | ||||||||||||
Multifamily | 10,370 | 11,127 | — | 9,919 | ||||||||||||
Other commercial | 1,038 | 1,038 | — | 639 | ||||||||||||
Consumer: | ||||||||||||||||
Residential mortgages | 175,070 | 222,142 | — | 160,373 | ||||||||||||
Home equity loans and lines of credit | 48,872 | 48,872 | — | 39,976 | ||||||||||||
RICs and auto loans - originated | — | — | — | 8 | ||||||||||||
RICs and auto loans - purchased | 34,373 | 44,296 | — | 55,036 | ||||||||||||
Personal unsecured loans(2) | 26,008 | 26,008 | — | 19,437 | ||||||||||||
Other consumer | 19,335 | 23,864 | — | 15,915 | ||||||||||||
With an allowance recorded: | ||||||||||||||||
Commercial: | ||||||||||||||||
Corporate banking | 80,440 | 85,309 | 21,202 | 71,667 | ||||||||||||
Middle market commercial real estate | 50,270 | 66,059 | 12,575 | 44,158 | ||||||||||||
Santander real estate capital | 8,591 | 8,591 | 890 | 4,623 | ||||||||||||
Commercial and industrial | 216,578 | 232,204 | 57,855 | 166,999 | ||||||||||||
Multifamily | 2,930 | 2,930 | 876 | 4,292 | ||||||||||||
Other commercial | 7,218 | 7,218 | 5,198 | 5,217 | ||||||||||||
Consumer: | ||||||||||||||||
Residential mortgages | 284,630 | 324,188 | 38,764 | 303,845 | ||||||||||||
Home equity loans and lines of credit | 49,862 | 63,775 | 3,467 | 60,855 | ||||||||||||
RICs and auto loans - originated | 3,271,316 | 3,332,297 | 997,169 | 2,298,646 | ||||||||||||
RICs and auto loans - purchased | 1,855,948 | 2,097,520 | 471,687 | 2,155,028 | ||||||||||||
Personal unsecured loans | 16,858 | 17,126 | 6,846 | 9,349 | ||||||||||||
Other consumer | 13,093 | 17,253 | 2,442 | 15,878 | ||||||||||||
Total: | ||||||||||||||||
Commercial | $ | 597,288 | $ | 680,513 | $ | 98,596 | $ | 513,095 | ||||||||
Consumer | 5,795,365 | 6,217,341 | 1,520,375 | 5,134,346 | ||||||||||||
Total | $ | 6,392,653 | $ | 6,897,854 | $ | 1,618,971 | $ | 5,647,441 |
September 30, 2017 | Corporate banking | Middle market commercial real estate | Santander real estate capital | Commercial and industrial | Multifamily | Remaining commercial | Total(1) | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Rating: | ||||||||||||||||||||||||||||
Pass | $ | 2,893,695 | $ | 4,814,655 | $ | 997,914 | $ | 14,183,443 | $ | 8,162,600 | $ | 6,747,806 | $ | 37,800,113 | ||||||||||||||
Special mention | 361,652 | 234,793 | 18,173 | 553,863 | 82,209 | 39,160 | 1,289,850 | |||||||||||||||||||||
Substandard | 199,883 | 115,409 | 18,368 | 490,616 | 48,423 | 89,555 | 962,254 | |||||||||||||||||||||
Doubtful | 12,705 | 23,603 | — | 51,896 | — | — | 88,204 | |||||||||||||||||||||
Total commercial loans | $ | 3,467,935 | $ | 5,188,460 | $ | 1,034,455 | $ | 15,279,818 | $ | 8,293,232 | $ | 6,876,521 | $ | 40,140,421 |
December 31, 2016 | Corporate banking | Middle market commercial real estate | Santander real estate capital | Commercial and industrial | Multifamily | Remaining commercial | Total(1) | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Rating: | ||||||||||||||||||||||||||||
Pass | $ | 3,303,428 | $ | 4,843,468 | $ | 1,170,259 | $ | 17,865,871 | $ | 8,515,866 | $ | 6,804,184 | $ | 42,503,076 | ||||||||||||||
Special mention | 144,125 | 136,989 | 44,281 | 541,828 | 120,731 | 10,651 | 998,605 | |||||||||||||||||||||
Substandard | 226,206 | 161,962 | 23,822 | 503,185 | 47,083 | 11,932 | 974,190 | |||||||||||||||||||||
Doubtful | 19,350 | 38,153 | — | 22,183 | — | 5,636 | 85,322 | |||||||||||||||||||||
Total commercial loans | $ | 3,693,109 | $ | 5,180,572 | $ | 1,238,362 | $ | 18,933,067 | $ | 8,683,680 | $ | 6,832,403 | $ | 44,561,193 |
March 31, 2024 | Commercial Loan Portfolio (2) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Rating: | 2024(1) | 2023 | 2022 | 2021 | 2020 | Prior | Total (3) | |||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 426,558 | $ | 411,544 | $ | 2,317,656 | $ | 1,777,346 | $ | 1,027,695 | $ | 1,868,070 | $ | 7,828,869 | ||||||||||||||||||||||||||||||||||||
Special mention | — | 7,138 | 245,356 | 259,279 | 99,610 | 333,010 | 944,393 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 129,599 | 180,066 | 63,802 | 274,071 | 647,538 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 48,489 | 48,489 | |||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | 426,558 | $ | 418,682 | $ | 2,692,611 | $ | 2,216,691 | $ | 1,191,107 | $ | 2,523,640 | $ | 9,469,289 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - CRE | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 662 | $ | 663 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 106,439 | $ | 1,060,293 | $ | 2,630,707 | $ | 1,763,078 | $ | 833,338 | $ | 3,101,853 | $ | 9,495,708 | ||||||||||||||||||||||||||||||||||||
Special mention | 48 | 8,998 | 50,709 | 12,777 | — | 102,473 | 175,005 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 20 | 58,887 | 73,349 | 62,858 | 283,880 | 478,994 | |||||||||||||||||||||||||||||||||||||||||||
N/A | 73,316 | 247,843 | 232,808 | 109,823 | 34,316 | 29,163 | 727,269 | |||||||||||||||||||||||||||||||||||||||||||
Total C&I | $ | 179,803 | $ | 1,317,154 | $ | 2,973,111 | $ | 1,959,027 | $ | 930,512 | $ | 3,517,369 | $ | 10,876,976 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - C&I | $ | — | $ | 2,582 | $ | 5,464 | $ | 2,502 | $ | 896 | $ | 6,568 | $ | 18,012 | ||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 40,964 | $ | 1,130,377 | $ | 2,899,579 | $ | 1,278,138 | $ | 942,397 | $ | 2,464,286 | $ | 8,755,741 | ||||||||||||||||||||||||||||||||||||
Special mention | — | 123,607 | 131,695 | 143,150 | — | 214,976 | 613,428 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 300,955 | 127,419 | 70,700 | 373,356 | 872,430 | |||||||||||||||||||||||||||||||||||||||||||
Total multifamily | $ | 40,964 | $ | 1,253,984 | $ | 3,332,229 | $ | 1,548,707 | $ | 1,013,097 | $ | 3,052,618 | $ | 10,241,599 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Multifamily | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,102 | $ | 1,102 | ||||||||||||||||||||||||||||||||||||
Remaining commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,373,608 | $ | 2,185,241 | $ | 1,474,652 | $ | 1,008,566 | $ | 383,680 | $ | 1,043,265 | $ | 7,469,012 | ||||||||||||||||||||||||||||||||||||
Special mention | — | — | 325 | 3,289 | — | 1,194 | 4,808 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 758 | 2,299 | 1,648 | 656 | 4,945 | 10,306 | |||||||||||||||||||||||||||||||||||||||||||
Total remaining commercial | $ | 1,373,608 | $ | 2,185,999 | $ | 1,477,276 | $ | 1,013,503 | $ | 384,336 | $ | 1,049,404 | $ | 7,484,126 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Remaining commercial | $ | — | $ | 280 | $ | 13 | $ | 21 | $ | — | $ | 3,685 | $ | 3,999 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,947,569 | $ | 4,787,455 | $ | 9,322,594 | $ | 5,827,128 | $ | 3,187,110 | $ | 8,477,474 | $ | 33,549,330 | ||||||||||||||||||||||||||||||||||||
Special mention | 48 | 139,743 | 428,085 | 418,495 | 99,610 | 651,653 | 1,737,634 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 778 | 491,740 | 382,482 | 198,016 | 936,252 | 2,009,268 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 48,489 | 48,489 | |||||||||||||||||||||||||||||||||||||||||||
N/A | 73,316 | 247,843 | 232,808 | 109,823 | 34,316 | 29,163 | 727,269 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 2,020,933 | $ | 5,175,819 | $ | 10,475,227 | $ | 6,737,928 | $ | 3,519,052 | $ | 10,143,031 | $ | 38,071,990 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Total commercial | $ | — | $ | 2,862 | $ | 5,477 | $ | 2,524 | $ | 896 | $ | 12,017 | $ | 23,776 |
December 31, 2023 | Commercial Loan Portfolio (2) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Rating: | 2023(1) | 2022 | 2021 | 2020 | 2019 | Prior | Total (3) | |||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 353,350 | $ | 1,947,060 | $ | 1,800,140 | $ | 1,108,882 | $ | 674,347 | $ | 1,343,095 | $ | 7,226,874 | ||||||||||||||||||||||||||||||||||||
Special mention | 3,747 | 178,287 | 145,212 | 102,550 | 245,385 | 114,666 | 789,847 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 112,872 | 188,061 | 63,806 | 85,138 | 232,168 | 682,045 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | 48,778 | — | 48,778 | |||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | 357,097 | $ | 2,238,219 | $ | 2,133,413 | $ | 1,275,238 | $ | 1,053,648 | $ | 1,689,929 | $ | 8,747,544 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - CRE | $ | — | $ | — | $ | 37,982 | $ | — | $ | 28,626 | $ | 8,637 | $ | 75,245 | ||||||||||||||||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,073,864 | $ | 2,930,616 | $ | 1,941,561 | $ | 1,002,562 | $ | 993,395 | $ | 1,923,607 | $ | 9,865,605 | ||||||||||||||||||||||||||||||||||||
Special mention | 6,256 | 96,218 | 4,695 | 2,668 | 10,686 | 139,360 | 259,883 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 100 | 14,786 | 82,563 | 70,458 | 50,881 | 230,798 | 449,586 | |||||||||||||||||||||||||||||||||||||||||||
N/A | 272,220 | 259,671 | 126,449 | 41,229 | 32,916 | 5,794 | 738,279 | |||||||||||||||||||||||||||||||||||||||||||
Total C&I | $ | 1,352,440 | $ | 3,301,291 | $ | 2,155,268 | $ | 1,116,917 | $ | 1,087,878 | $ | 2,299,559 | $ | 11,313,353 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - C&I | $ | 3,440 | $ | 20,806 | $ | 12,749 | $ | 5,012 | $ | 11,287 | $ | 19,224 | $ | 72,518 | ||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,147,959 | $ | 3,000,968 | $ | 1,358,513 | $ | 949,385 | $ | 1,422,205 | $ | 1,289,127 | $ | 9,168,157 | ||||||||||||||||||||||||||||||||||||
Special mention | 116,789 | 107,137 | 101,850 | — | 160,535 | 72,513 | 558,824 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 302,057 | 128,023 | 61,041 | 172,983 | 167,084 | 831,188 | |||||||||||||||||||||||||||||||||||||||||||
Total multifamily | $ | 1,264,748 | $ | 3,410,162 | $ | 1,588,386 | $ | 1,010,426 | $ | 1,755,723 | $ | 1,528,724 | $ | 10,558,169 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Multifamily | $ | — | $ | — | $ | — | $ | — | $ | 1,267 | $ | 2,684 | $ | 3,951 | ||||||||||||||||||||||||||||||||||||
Remaining commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,154,497 | $ | 1,598,202 | $ | 1,157,726 | $ | 491,229 | $ | 248,309 | $ | 811,827 | $ | 7,461,790 | ||||||||||||||||||||||||||||||||||||
Special mention | — | 355 | 3,624 | — | — | 1,410 | 5,389 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 283 | 2,262 | 1,524 | 765 | 311 | 3,789 | 8,934 | |||||||||||||||||||||||||||||||||||||||||||
Total remaining commercial | $ | 3,154,780 | $ | 1,600,819 | $ | 1,162,874 | $ | 491,994 | $ | 248,620 | $ | 817,026 | $ | 7,476,113 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Remaining commercial | $ | 205 | $ | — | $ | 27 | $ | — | $ | — | $ | 6,211 | $ | 6,443 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,729,670 | $ | 9,476,846 | $ | 6,257,940 | $ | 3,552,058 | $ | 3,338,256 | $ | 5,367,656 | $ | 33,722,426 | ||||||||||||||||||||||||||||||||||||
Special mention | 126,792 | 381,997 | 255,381 | 105,218 | 416,606 | 327,949 | 1,613,943 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 383 | 431,977 | 400,171 | 196,070 | 309,313 | 633,839 | 1,971,753 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | 48,778 | — | 48,778 | |||||||||||||||||||||||||||||||||||||||||||
N/A | 272,220 | 259,671 | 126,449 | 41,229 | 32,916 | 5,794 | 738,279 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 6,129,065 | $ | 10,550,491 | $ | 7,039,941 | $ | 3,894,575 | $ | 4,145,869 | $ | 6,335,238 | $ | 38,095,179 | ||||||||||||||||||||||||||||||||||||
Current period gross write-offs - Total commercial | $ | 3,645 | $ | 20,806 | $ | 50,758 | $ | 5,012 | $ | 41,180 | $ | 36,756 | $ | 158,157 |
September 30, 2017 | December 31, 2016 | |||||||||||||
Credit Score Range(2) | RICs and auto loans(3) | Percent | RICs and auto loans(3) | Percent | ||||||||||
(dollars in thousands) | ||||||||||||||
No FICO®(1) | $ | 4,312,044 | 16.5 | % | $ | 4,154,228 | 15.7 | % | ||||||
<600 | 13,819,835 | 53.2 | % | 14,100,215 | 53.2 | % | ||||||||
600-639 | 4,413,269 | 17.0 | % | 4,597,541 | 17.4 | % | ||||||||
>=640 | 3,454,959 | 13.3 | % | 3,646,485 | 13.7 | % | ||||||||
Total | $ | 26,000,107 | 100.0 | % | $ | 26,498,469 | 100.0 | % |
As of March 31, 2024 | RICs and auto loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2024(1) | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO (2) | $ | 351,986 | $ | 951,574 | $ | 663,701 | $ | 386,928 | $ | 164,092 | $ | 140,861 | $ | 2,659,142 | 6.1 | % | |||||||||||||||||||||||||||||||
<600 | 1,717,899 | 5,123,759 | 3,787,821 | 2,460,390 | 945,612 | 994,526 | 15,030,007 | 34.8 | % | ||||||||||||||||||||||||||||||||||||||
600-639 | 1,012,644 | 3,010,813 | 2,226,481 | 1,166,610 | 379,354 | 351,803 | 8,147,705 | 18.8 | % | ||||||||||||||||||||||||||||||||||||||
640-679 | 658,565 | 1,884,000 | 1,407,548 | 635,691 | 202,476 | 186,407 | 4,974,687 | 11.5 | % | ||||||||||||||||||||||||||||||||||||||
680-719 | 463,654 | 1,396,779 | 981,350 | 545,012 | 234,360 | 158,661 | 3,779,816 | 8.7 | % | ||||||||||||||||||||||||||||||||||||||
720-759 | 294,537 | 901,701 | 748,759 | 517,135 | 224,668 | 115,983 | 2,802,783 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||
>=760 | 546,536 | 1,395,386 | 1,664,572 | 1,442,340 | 569,317 | 226,476 | 5,844,627 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5,045,821 | $ | 14,664,012 | $ | 11,480,232 | $ | 7,154,106 | $ | 2,719,879 | $ | 2,174,717 | $ | 43,238,767 | 100.0 | % | |||||||||||||||||||||||||||||||
Current period gross write-offs - RICs and auto loans | $ | 1,094 | $ | 423,021 | $ | 379,004 | $ | 195,396 | $ | 59,777 | $ | 73,251 | $ | 1,131,543 |
As of December 31, 2023 | RICs and auto loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2023(1) | 2022 | 2021 | 2020 | 2019 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO (2) | $ | 1,075,125 | $ | 763,677 | $ | 445,542 | $ | 193,922 | $ | 120,752 | $ | 61,909 | $ | 2,660,927 | 6.1 | % | |||||||||||||||||||||||||||||||
<600 | 5,578,707 | 4,219,184 | 2,791,141 | 1,093,652 | 778,438 | 458,350 | 14,919,472 | 34.1 | % | ||||||||||||||||||||||||||||||||||||||
600-639 | 3,324,732 | 2,483,763 | 1,324,435 | 439,996 | 303,441 | 138,715 | 8,015,082 | 18.3 | % | ||||||||||||||||||||||||||||||||||||||
640-679 | 2,535,908 | 1,567,064 | 718,649 | 234,883 | 169,431 | 69,668 | 5,295,603 | 12.1 | % | ||||||||||||||||||||||||||||||||||||||
680-719 | 1,754,195 | 1,092,896 | 612,871 | 268,978 | 159,209 | 39,934 | 3,928,083 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||
720-759 | 1,052,128 | 830,476 | 583,392 | 256,724 | 122,537 | 24,692 | 2,869,949 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||
>=760 | 1,574,026 | 1,847,059 | 1,644,605 | 654,214 | 267,443 | 28,896 | 6,016,243 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 16,894,821 | $ | 12,804,119 | $ | 8,120,635 | $ | 3,142,369 | $ | 1,921,251 | $ | 822,164 | $ | 43,705,359 | 100.0 | % | |||||||||||||||||||||||||||||||
Current period gross write-offs - RICs and auto loans | $ | 479,992 | $ | 1,943,905 | $ | 1,052,016 | $ | 366,896 | $ | 245,621 | $ | 194,308 | $ | 4,282,738 |
As of March 31, 2024 | Personal Unsecured loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2024(1) | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO (2) | $ | 7,351 | $ | — | $ | — | $ | — | $ | — | $ | 48 | $ | 7,399 | 0.2 | % | |||||||||||||||||||||||||||||||
<600 | 3 | 53 | 41 | 105 | 21 | 2,882 | 3,105 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
600-639 | 72 | 6,739 | 9,648 | 1,038 | 352 | 5,640 | 23,489 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
640-679 | 8,481 | 156,270 | 194,299 | 24,571 | 2,961 | 32,020 | 418,602 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||
680-719 | 50,350 | 548,420 | 541,476 | 95,491 | 7,564 | 69,186 | 1,312,487 | 35.4 | % | ||||||||||||||||||||||||||||||||||||||
720-759 | 60,304 | 459,873 | 426,872 | 105,254 | 7,367 | 69,117 | 1,128,787 | 30.4 | % | ||||||||||||||||||||||||||||||||||||||
>=760 | 59,595 | 314,592 | 277,828 | 85,337 | 8,427 | 71,843 | 817,622 | 22.0 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 186,156 | $ | 1,485,947 | $ | 1,450,164 | $ | 311,796 | $ | 26,692 | $ | 250,736 | $ | 3,711,491 | 100.0 | % | |||||||||||||||||||||||||||||||
Current period gross write-offs - Personal unsecured loans | $ | — | $ | 34,328 | $ | 56,646 | $ | 16,118 | $ | 667 | $ | 2,064 | $ | 109,823 |
As of December 31, 2023 | Personal Unsecured loans | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||
Credit Score Range | 2023(1) | 2022 | 2021 | 2020 | 2019 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||
No FICO (2) | $ | 8,080 | $ | — | $ | — | $ | — | $ | — | $ | 49 | $ | 8,129 | 0.2 | % | |||||||||||||||||||||||||||||||
<600 | 40 | 62 | 57 | 35 | 32 | 2,883 | 3,109 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
600-639 | 7,634 | 11,300 | 1,205 | 418 | 390 | 5,752 | 26,699 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
640-679 | 175,427 | 228,631 | 30,445 | 3,442 | 2,479 | 31,341 | 471,765 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||
680-719 | 610,259 | 599,431 | 154,687 | 10,264 | 5,721 | 69,897 | 1,450,259 | 35.6 | % | ||||||||||||||||||||||||||||||||||||||
720-759 | 511,424 | 444,493 | 181,398 | 15,625 | 5,847 | 70,518 | 1,229,305 | 30.3 | % | ||||||||||||||||||||||||||||||||||||||
>=760 | 350,721 | 274,043 | 148,550 | 20,357 | 6,020 | 73,743 | 873,434 | 21.5 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,663,585 | $ | 1,557,960 | $ | 516,342 | $ | 50,141 | $ | 20,489 | $ | 254,183 | $ | 4,062,700 | 100.0 | % | |||||||||||||||||||||||||||||||
Current period gross write-offs - Personal unsecured loans | $ | 30,001 | $ | 179,550 | $ | 75,237 | $ | 4,837 | $ | 2,205 | $ | 5,621 | $ | 297,451 |
Residential Mortgages(1)(3) | ||||||||||||||||||||||||||||||||
September 30, 2017 | N/A(2) | LTV<=70% | 70.01-80% | 80.01-90% | 90.01-100% | 100.01-110% | LTV>110% | Grand Total | ||||||||||||||||||||||||
FICO Score | (dollars in thousands) | |||||||||||||||||||||||||||||||
N/A(2) | $ | 332,686 | $ | 10,295 | $ | 1,220 | $ | — | $ | — | $ | — | $ | — | $ | 344,201 | ||||||||||||||||
<600 | 27 | 223,552 | 64,225 | 53,315 | 29,774 | 4,664 | 24,310 | 399,867 | ||||||||||||||||||||||||
600-639 | 39 | 153,329 | 47,086 | 37,683 | 35,296 | 2,361 | 5,797 | 281,591 | ||||||||||||||||||||||||
640-679 | 102 | 288,451 | 104,426 | 87,570 | 93,608 | 4,322 | 11,046 | 589,525 | ||||||||||||||||||||||||
680-719 | 53 | 521,023 | 235,751 | 138,110 | 152,743 | 4,896 | 10,144 | 1,062,720 | ||||||||||||||||||||||||
720-759 | 95 | 895,781 | 468,835 | 177,903 | 173,269 | 6,896 | 12,500 | 1,735,279 | ||||||||||||||||||||||||
>=760 | 552 | 2,686,523 | 1,099,436 | 270,981 | 192,950 | 8,726 | 17,222 | 4,276,390 | ||||||||||||||||||||||||
Grand Total | $ | 333,554 | $ | 4,778,954 | $ | 2,020,979 | $ | 765,562 | $ | 677,640 | $ | 31,865 | $ | 81,019 | $ | 8,689,573 |
As of March 31, 2024 | Amortized Cost by Origination Year (4) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Residential mortgages | 2024(1) | 2023(1) | 2022 | 2021 | 2020 | Prior | Grand Total | Revolving Loans | |||||||||||||||||||||||||||
LTV ratios (3) | |||||||||||||||||||||||||||||||||||
No LTV available (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,747 | $ | 2,747 | $ | — | |||||||||||||||||||
<= 70% | — | — | 189,887 | 1,019,015 | 867,980 | 2,504,019 | 4,580,901 | — | |||||||||||||||||||||||||||
70.01% - 110% | — | — | 81,541 | 55,319 | — | 5,681 | 142,541 | — | |||||||||||||||||||||||||||
Greater than 110% | — | — | — | — | — | 372 | 372 | — | |||||||||||||||||||||||||||
Total residential mortgages | $ | — | $ | — | $ | 271,428 | $ | 1,074,334 | $ | 867,980 | $ | 2,512,819 | $ | 4,726,561 | $ | — | |||||||||||||||||||
FICO scores | |||||||||||||||||||||||||||||||||||
No FICO score available | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,507 | $ | 3,507 | $ | — | |||||||||||||||||||
<600 | — | — | 12,524 | 20,550 | 15,271 | 145,170 | 193,515 | — | |||||||||||||||||||||||||||
600-679 | — | — | 21,964 | 47,937 | 31,063 | 220,680 | 321,644 | — | |||||||||||||||||||||||||||
680-759 | — | — | 70,445 | 220,738 | 192,388 | 661,083 | 1,144,654 | — | |||||||||||||||||||||||||||
>=760 | — | — | 166,495 | 785,109 | 629,258 | 1,482,379 | 3,063,241 | — | |||||||||||||||||||||||||||
Total residential mortgages | $ | — | $ | — | $ | 271,428 | $ | 1,074,334 | $ | 867,980 | $ | 2,512,819 | $ | 4,726,561 | $ | — | |||||||||||||||||||
Current period gross write-offs - Residential mortgages | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12 | $ | 12 | |||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
LTV ratios | |||||||||||||||||||||||||||||||||||
No LTV available (2) | $ | — | $ | — | $ | 1,714 | $ | 4,591 | $ | 4,418 | $ | 56,733 | $ | 67,456 | $ | 43,745 | |||||||||||||||||||
<= 70% | — | — | 42,007 | 160,111 | 170,856 | 1,875,850 | 2,248,824 | 2,174,539 | |||||||||||||||||||||||||||
70.01% - 110% | — | — | 3,883 | 1,409 | — | 11,602 | 16,894 | 14,133 | |||||||||||||||||||||||||||
Greater than 110% | — | — | 621 | 154 | — | 1,132 | 1,907 | 1,907 | |||||||||||||||||||||||||||
Total home equity | $ | — | $ | — | $ | 48,225 | $ | 166,265 | $ | 175,274 | $ | 1,945,317 | $ | 2,335,081 | $ | 2,234,324 | |||||||||||||||||||
FICO scores | |||||||||||||||||||||||||||||||||||
No FICO score available | $ | — | $ | — | $ | 724 | $ | 2,495 | $ | 2,631 | $ | 54,444 | $ | 60,294 | $ | 36,587 | |||||||||||||||||||
<600 | — | — | 697 | 2,913 | 5,403 | 135,875 | 144,888 | 126,879 | |||||||||||||||||||||||||||
600-679 | — | — | 1,915 | 9,421 | 9,460 | 227,775 | 248,571 | 231,058 | |||||||||||||||||||||||||||
680-759 | — | — | 17,432 | 52,431 | 58,706 | 622,422 | 750,991 | 733,658 | |||||||||||||||||||||||||||
>=760 | — | — | 27,457 | 99,005 | 99,074 | 904,801 | 1,130,337 | 1,106,142 | |||||||||||||||||||||||||||
Total home equity | $ | — | $ | — | $ | 48,225 | $ | 166,265 | $ | 175,274 | $ | 1,945,317 | $ | 2,335,081 | $ | 2,234,324 | |||||||||||||||||||
Current period gross write-offs - home equity | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,507 | $ | 2,507 |
Home Equity Loans and Lines of Credit(2) | ||||||||||||||||||||||||
September 30, 2017 | N/A(1) | LTV<=70% | 70.01-90% | 90.01-110% | LTV>110% | Grand Total | ||||||||||||||||||
FICO Score | (dollars in thousands) | |||||||||||||||||||||||
N/A(1) | $ | 153,230 | $ | 620 | $ | 564 | $ | — | $ | — | $ | 154,414 | ||||||||||||
<600 | 8,561 | 166,488 | 64,193 | 13,307 | 10,019 | 262,568 | ||||||||||||||||||
600-639 | 5,960 | 143,081 | 70,451 | 10,181 | 10,789 | 240,462 | ||||||||||||||||||
640-679 | 7,960 | 265,434 | 145,426 | 22,790 | 13,371 | 454,981 | ||||||||||||||||||
680-719 | 8,035 | 452,532 | 281,087 | 32,697 | 18,979 | 793,330 | ||||||||||||||||||
720-759 | 7,699 | 654,371 | 389,602 | 43,180 | 22,235 | 1,117,087 | ||||||||||||||||||
>=760 | 18,516 | 1,758,747 | 923,209 | 84,817 | 46,955 | 2,832,244 | ||||||||||||||||||
Grand Total | $ | 209,961 | $ | 3,441,273 | $ | 1,874,532 | $ | 206,972 | $ | 122,348 | $ | 5,855,086 |
Residential Mortgages(1)(3) | ||||||||||||||||||||||||||||||||
December 31, 2016 | N/A (2) | LTV<=70% | 70.01-80% | 80.01-90% | 90.01-100% | 100.01-110% | LTV>110% | Grand Total | ||||||||||||||||||||||||
FICO Score | (dollars in thousands) | |||||||||||||||||||||||||||||||
N/A(2) | $ | 696,730 | $ | 102,911 | $ | 4,635 | $ | 2,327 | $ | 196 | $ | 150 | $ | — | $ | 806,949 | ||||||||||||||||
<600 | 80 | 228,794 | 70,793 | 49,253 | 30,720 | 6,622 | 5,885 | 392,147 | ||||||||||||||||||||||||
600-639 | 147 | 152,728 | 48,006 | 42,443 | 42,356 | 4,538 | 6,675 | 296,893 | ||||||||||||||||||||||||
640-679 | 98 | 283,054 | 101,495 | 81,669 | 93,552 | 5,287 | 4,189 | 569,344 | ||||||||||||||||||||||||
680-719 | 112 | 487,257 | 193,351 | 136,937 | 146,090 | 6,766 | 11,795 | 982,308 | ||||||||||||||||||||||||
720-759 | 56 | 767,192 | 348,524 | 163,163 | 178,264 | 8,473 | 16,504 | 1,482,176 | ||||||||||||||||||||||||
>=760 | 495 | 2,415,542 | 860,582 | 219,014 | 180,841 | 11,134 | 20,740 | 3,708,348 | ||||||||||||||||||||||||
Grand Total | $ | 697,718 | $ | 4,437,478 | $ | 1,627,386 | $ | 694,806 | $ | 672,019 | $ | 42,970 | $ | 65,788 | $ | 8,238,165 |
As of December 31, 2023 | Amortized Cost by Origination Year (4) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Residential mortgages | 2023(1) | 2022 | 2021 | 2020 | 2019 | Prior | Grand Total | Revolving Loans | |||||||||||||||||||||||||||
LTV ratios (3) | |||||||||||||||||||||||||||||||||||
No LTV available (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,156 | $ | 2,156 | $ | — | |||||||||||||||||||
<= 70% | — | 190,214 | 1,024,024 | 880,476 | 590,828 | 1,977,309 | 4,662,851 | — | |||||||||||||||||||||||||||
70.01% - 110% | — | 83,925 | 61,624 | — | — | 5,287 | 150,836 | — | |||||||||||||||||||||||||||
Greater than 110% | — | — | — | — | — | 375 | 375 | — | |||||||||||||||||||||||||||
Total residential mortgages | $ | — | $ | 274,139 | $ | 1,085,648 | $ | 880,476 | $ | 590,828 | $ | 1,985,127 | $ | 4,816,218 | $ | — | |||||||||||||||||||
FICO scores | |||||||||||||||||||||||||||||||||||
No FICO score available | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,926 | $ | 2,926 | $ | — | |||||||||||||||||||
<600 | — | 9,909 | 15,601 | 13,053 | 30,094 | 109,302 | 177,959 | — | |||||||||||||||||||||||||||
600-679 | — | 20,516 | 43,327 | 32,157 | 51,103 | 189,585 | 336,688 | — | |||||||||||||||||||||||||||
680-759 | — | 83,098 | 256,737 | 202,173 | 160,961 | 517,085 | 1,220,054 | — | |||||||||||||||||||||||||||
>=760 | — | 160,616 | 769,983 | 633,093 | 348,670 | 1,166,229 | 3,078,591 | — | |||||||||||||||||||||||||||
Total residential mortgages | $ | — | $ | 274,139 | $ | 1,085,648 | $ | 880,476 | $ | 590,828 | $ | 1,985,127 | $ | 4,816,218 | $ | — | |||||||||||||||||||
Current period gross write-offs - Residential mortgages | $ | — | $ | 33 | $ | 22 | $ | — | $ | 16 | $ | 182 | $ | 253 | |||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
LTV ratios | |||||||||||||||||||||||||||||||||||
No LTV available (2) | $ | — | $ | 1,577 | $ | 3,904 | $ | 3,848 | $ | 3,747 | $ | 53,593 | $ | 66,669 | $ | 42,375 | |||||||||||||||||||
<= 70% | — | 43,661 | 168,205 | 179,258 | 230,879 | 1,737,887 | 2,359,890 | 2,285,157 | |||||||||||||||||||||||||||
70.01% - 110% | — | 3,742 | 1,968 | — | 23 | 13,630 | 19,363 | 16,576 | |||||||||||||||||||||||||||
Greater than 110% | — | 607 | 156 | — | — | 1,769 | 2,532 | 2,532 | |||||||||||||||||||||||||||
Total home equity | $ | — | $ | 49,587 | $ | 174,233 | $ | 183,106 | $ | 234,649 | $ | 1,806,879 | $ | 2,448,454 | $ | 2,346,640 | |||||||||||||||||||
FICO scores | |||||||||||||||||||||||||||||||||||
No FICO score available | $ | — | $ | 703 | $ | 2,471 | $ | 2,597 | $ | 3,328 | $ | 52,044 | $ | 61,143 | $ | 36,854 | |||||||||||||||||||
<600 | — | 430 | 2,774 | 3,942 | 6,652 | 126,607 | 140,405 | 123,232 | |||||||||||||||||||||||||||
600-679 | — | 3,325 | 8,624 | 9,080 | 24,357 | 215,826 | 261,212 | 242,747 | |||||||||||||||||||||||||||
680-759 | — | 16,781 | 60,151 | 61,256 | 73,166 | 576,663 | 788,017 | 771,495 | |||||||||||||||||||||||||||
>=760 | — | 28,348 | 100,213 | 106,231 | 127,146 | 835,739 | 1,197,677 | 1,172,312 | |||||||||||||||||||||||||||
Total home equity | $ | — | $ | 49,587 | $ | 174,233 | $ | 183,106 | $ | 234,649 | $ | 1,806,879 | $ | 2,448,454 | $ | 2,346,640 | |||||||||||||||||||
Current period gross write-offs - home equity | $ | — | $ | — | $ | — | $ | 253 | $ | 17 | $ | 1,330 | $ | 1,600 |
Home Equity Loans and Lines of Credit(2) | ||||||||||||||||||||||||
December 31, 2016 | N/A(1) | LTV<=70% | 70.01-90% | 90.01-110% | LTV>110% | Grand Total | ||||||||||||||||||
FICO Score | (dollars in thousands) | |||||||||||||||||||||||
N/A(1) | $ | 172,836 | $ | 530 | $ | 157 | $ | — | $ | — | $ | 173,523 | ||||||||||||
<600 | 10,198 | 166,702 | 64,446 | 14,474 | 12,684 | 268,504 | ||||||||||||||||||
600-639 | 7,323 | 143,666 | 68,415 | 16,680 | 8,873 | 244,957 | ||||||||||||||||||
640-679 | 10,225 | 278,913 | 139,940 | 27,823 | 14,127 | 471,028 | ||||||||||||||||||
680-719 | 11,507 | 461,285 | 271,264 | 39,668 | 25,158 | 808,882 | ||||||||||||||||||
720-759 | 12,640 | 662,217 | 383,186 | 45,496 | 28,608 | 1,132,147 | ||||||||||||||||||
>=760 | 25,425 | 1,814,060 | 919,295 | 94,522 | 48,849 | 2,902,151 | ||||||||||||||||||
Grand Total | $ | 250,154 | $ | 3,527,373 | $ | 1,846,703 | $ | 238,663 | $ | 138,299 | $ | 6,001,192 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Performing | $ | 5,959,537 | $ | 5,169,788 | |||
Non-performing | 941,936 | 937,127 | |||||
Total | $ | 6,901,473 | $ | 6,106,915 |
Payment Deferral Only | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | % of Total Class of Financing Receivable | Amortized Cost | % of Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
CRE | $ | 98,453 | 1.04 | % | $ | 190 | — | % | |||||||||||||||||||||||||||||||||||||||
C&I | 1,910 | 0.02 | % | 1,926 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Other commercial | 51 | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | 245,019 | 0.57 | % | 240,897 | 0.56 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 345,433 | 0.37 | % | $ | 243,013 | 0.25 | % |
All Other Modifications | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | % of Total Class of Financing Receivable | Amortized Cost | % of Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
C&I | $ | 948 | 0.01 | % | $ | 798 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 290 | 0.01 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2,134 | 0.09 | % | 653 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | 33,567 | 0.08 | % | 193,357 | 0.44 | % | |||||||||||||||||||||||||||||||||||||||||
Other consumer | 43 | 0.08 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 36,982 | 0.04 | % | $ | 194,808 | 0.20 | % |
Three-Month Period Ended September 30, 2017 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment(1) | Term Extension | Capitalized(4) | Rate Reduction | Principal Forbearance | Fee Waiver | Other(4) | Post-TDR Recorded Investment(2) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Corporate Banking | 18 | $ | 4,632 | $ | — | $ | — | $ | — | $ | (2 | ) | $ | — | $ | (125 | ) | $ | 4,505 | |||||||||
Commercial and industrial | 252 | 3,079 | (3 | ) | — | — | — | — | (31 | ) | 3,045 | |||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Residential mortgages(3) | 38 | 7,750 | — | 357 | — | — | — | (769 | ) | 7,338 | ||||||||||||||||||
Home equity loans and lines of credit | 9 | 995 | — | — | — | — | — | (29 | ) | 966 | ||||||||||||||||||
RICs and auto loans - originated | 67,044 | 1,166,434 | (1,228 | ) | — | — | — | — | 65 | 1,165,271 | ||||||||||||||||||
RICs - purchased | 19 | 1,057 | 4 | — | — | — | — | 2 | 1,063 | |||||||||||||||||||
Personal unsecured loans | 3,109 | 5,330 | — | — | — | — | — | (106 | ) | 5,224 | ||||||||||||||||||
Other consumer | 35 | 581 | — | 1 | — | — | — | (1 | ) | 581 | ||||||||||||||||||
Total | 70,524 | $ | 1,189,858 | $ | (1,227 | ) | $ | 358 | $ | — | $ | (2 | ) | $ | — | $ | (994 | ) | $ | 1,187,993 | ||||||||
Nine-Month Period Ended September 30, 2017 | ||||||||||||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment(1) | Term Extension | Capitalized(4) | Rate Reduction | Principal Forbearance | Fee Waiver | Other(4) | Post-TDR Recorded Investment(2) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Corporate Banking | 72 | $ | 143,976 | $ | (13,676 | ) | $ | — | $ | 127 | $ | (13,483 | ) | $ | (38 | ) | $ | (416 | ) | $ | 116,490 | |||||||
Middle market commercial real estate | 1 | 19,979 | (595 | ) | — | — | — | — | — | 19,384 | ||||||||||||||||||
Commercial and industrial | 639 | 15,486 | (10 | ) | — | — | — | — | (35 | ) | 15,441 | |||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Residential mortgages(3) | 187 | 36,724 | 6 | 698 | 133 | — | — | (1,310 | ) | 36,251 | ||||||||||||||||||
Home equity loans and lines of credit | 45 | 3,838 | — | — | — | — | — | 509 | 4,347 | |||||||||||||||||||
RICs and auto loans - originated | 163,797 | 2,870,605 | (2,949 | ) | — | — | — | — | (82 | ) | 2,867,574 | |||||||||||||||||
RICs - purchased | 98 | 1,447 | (2 | ) | — | — | 1,445 | |||||||||||||||||||||
Personal unsecured loans | 10,999 | 18,470 | — | — | — | — | — | (219 | ) | 18,251 | ||||||||||||||||||
Other consumer | 97 | 2,385 | — | 1 | — | — | — | (1 | ) | 2,385 | ||||||||||||||||||
Total | 175,935 | $ | 3,112,910 | $ | (17,226 | ) | $ | 699 | $ | 260 | $ | (13,483 | ) | $ | (38 | ) | $ | (1,554 | ) | $ | 3,081,568 |
Three-Month Period Ended September 30, 2016 | |||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment(1) | Term Extension | Principal Forbearance | Other(4) | Post-TDR Recorded Investment(2) | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Corporate Banking | 21 | $ | 53,849 | $ | 10 | $ | (1,342 | ) | $ | (2,927 | ) | $ | 49,590 | ||||||
Middle market commercial real estate | 1 | 500 | — | — | 14,607 | 15,107 | |||||||||||||
Santander real estate capital | — | — | — | — | — | — | |||||||||||||
Commercial and industrial | 249 | 6,475 | — | — | (113 | ) | 6,362 | ||||||||||||
Consumer: | |||||||||||||||||||
Residential mortgages(3) | 68 | 10,917 | — | — | (408 | ) | 10,509 | ||||||||||||
Home equity loans and lines of credit | 39 | 2,637 | (132 | ) | — | 59 | 2,564 | ||||||||||||
RICs and auto loans - originated | 43,632 | 798,710 | (122 | ) | — | (119 | ) | 798,469 | |||||||||||
RICs - purchased | 10,227 | 108,855 | (657 | ) | — | (22 | ) | 108,176 | |||||||||||
Personal unsecured loans | 756 | 2,014 | — | — | (90 | ) | 1,924 | ||||||||||||
Other consumer | 255 | 5,636 | (2 | ) | — | 29 | 5,663 | ||||||||||||
Total | 55,248 | $ | 989,593 | $ | (903 | ) | $ | (1,342 | ) | $ | 11,016 | $ | 998,364 | ||||||
Nine-Month Period Ended September 30, 2016 | |||||||||||||||||||
Number of Contracts | Pre-TDR Recorded Investment(1) | Term Extension | Principal Forbearance | Other(4) | Post-TDR Recorded Investment(2) | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Corporate Banking | 81 | $ | 213,688 | $ | (22 | ) | $ | (27,198 | ) | $ | (3,438 | ) | $ | 183,030 | |||||
Middle market commercial real estate | 5 | 11,326 | — | — | 44,483 | 55,809 | |||||||||||||
Santander real estate capital | 1 | 8,729 | — | — | (18 | ) | 8,711 | ||||||||||||
Commercial and industrial | 815 | 26,601 | — | — | (79 | ) | 26,522 | ||||||||||||
Consumer: | |||||||||||||||||||
Residential mortgages(3) | 237 | 36,354 | (1 | ) | — | (3 | ) | 36,350 | |||||||||||
Home equity loans and lines of credit | 141 | 9,680 | — | — | (226 | ) | 9,454 | ||||||||||||
RICs and auto loans - originated | 109,896 | 2,023,661 | (369 | ) | — | (227 | ) | 2,023,065 | |||||||||||
RICs - purchased | 35,072 | 407,562 | (1,799 | ) | — | (63 | ) | 405,700 | |||||||||||
Personal unsecured loans | 18,264 | 27,639 | — | — | (270 | ) | 27,369 | ||||||||||||
Other consumer | 285 | 6,726 | (2 | ) | — | (150 | ) | 6,574 | |||||||||||
Total | 164,797 | $ | 2,771,966 | $ | (2,193 | ) | $ | (27,198 | ) | $ | 40,009 | $ | 2,782,584 |
Loan Type | Modification Type | Financial Effect | ||||||
RICs and auto loans | Payment deferral | Provide payment deferrals to borrowers through our deferral program, which allows a customer to defer payments for a maximum of up to eight months over the life of the loan. The deferred payments are added to the end of the original loan term. | ||||||
Commercial loans | Payment deferral | Provide payment deferrals to commercial borrowers through our deferral program. The deferred payments are added to the end of the original loan term. | ||||||
Consumer secured by real estate | All other modification types | Provide modifications consisting of a combination of term extension, interest rate reduction, and/or deferment of principal on a case-by-case basis to determine which benefit or combination of benefits will be offered to achieve the target DTI range. | ||||||
RICs and auto loans | All other modification types | Provides reduction in interest rate and maturity date extension of up to 36 months beyond the current maturity date resulting in reduction to monthly payment. |
Amortized Cost | |||||||||||||||||
As of March 31, 2024 | |||||||||||||||||
(in thousands) | Current | 30-89 DPD | 90+ DPD | ||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | 256,931 | $ | 13,083 | $ | 7,144 | |||||||||||
C&I | 47,701 | 6,661 | 378 | ||||||||||||||
Multifamily | 8,885 | 15,348 | 8,536 | ||||||||||||||
Other commercial | 318 | — | 51 | ||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgages | 4,568 | 104 | — | ||||||||||||||
Home equity loans and lines of credit | 6,297 | 509 | 146 | ||||||||||||||
RICs and auto loans | 725,914 | 271,635 | 21,709 | ||||||||||||||
Other consumer | 30 | — | 13 | ||||||||||||||
Total | $ | 1,050,644 | $ | 307,340 | $ | 37,977 |
Amortized Cost (1) | |||||||||||||||||
As of March 31, 2023 | |||||||||||||||||
(in thousands) | Current | 30-89 DPD | 90+ DPD | ||||||||||||||
Commercial: | |||||||||||||||||
CRE | $ | 190 | $ | — | $ | — | |||||||||||
C&I | 2,452 | 272 | — | ||||||||||||||
Consumer: | |||||||||||||||||
Home equity loans and lines of credit | 631 | 22 | — | ||||||||||||||
RICs and auto loans | 395,337 | 38,570 | 347 | ||||||||||||||
Total | $ | 398,610 | $ | 38,864 | $ | 347 |
Amortized Cost | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||
Payment deferral | All other modification types | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
C&I | 90 | 68 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||
RICs and auto loans | 28,428 | 8,913 | ||||||||||||||||||
Total | $ | 28,518 | $ | 8,981 |
Amortized Cost (1) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
Payment deferral | All other modification types | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||
RICs and auto loans | 313 | 494 | ||||||||||||||||||
Total | $ | 313 | $ | 494 |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | Number of Contracts | Recorded Investment(1) | ||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Middle Market Commercial Real Estate | 5 | 6,386 | — | — | 10 | 6,825 | — | — | |||||||||||||||||||
Commercial and industrial | 61 | 2,210 | 76 | 2,838 | 163 | 5,842 | 194 | 14,223 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Residential mortgages | 55 | 8,594 | 5 | 579 | 175 | 23,659 | 22 | 3,171 | |||||||||||||||||||
Home equity loans and lines of credit | 2 | 47 | 19 | 2,991 | 6 | 257 | 54 | 8,457 | |||||||||||||||||||
RICs and auto loans | 11,275 | 199,045 | 12,112 | 208,762 | 34,496 | 606,327 | 35,299 | 588,127 | |||||||||||||||||||
Unsecured loans | 731 | 2,029 | 719 | 1,676 | 2,667 | 6,769 | 3,594 | 5,048 | |||||||||||||||||||
Other consumer | 7 | 58 | 263 | 766 | 29 | 334 | 263 | 766 | |||||||||||||||||||
Total | 12,136 | $ | 218,369 | 13,194 | $ | 217,612 | 37,546 | $ | 650,013 | 39,426 | $ | 619,792 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Leased vehicles | $ | 17,064,556 | $ | 17,548,952 | ||||||||||
Less: accumulated depreciation | (3,255,044) | (3,546,875) | ||||||||||||
Depreciated net capitalized cost | $ | 13,809,512 | $ | 14,002,077 | ||||||||||
Manufacturer subvention payments, net of accretion | (636,292) | (593,004) | ||||||||||||
Unamortized origination fees and other costs | 468,917 | 373,767 | ||||||||||||
Leased vehicles, net | $ | 13,642,137 | $ | 13,782,840 | ||||||||||
Commercial equipment vehicles and aircraft, gross | $ | — | $ | — | ||||||||||
Less: accumulated depreciation | — | — | ||||||||||||
Commercial equipment vehicles and aircraft, net | $ | — | $ | — | ||||||||||
Total operating lease assets, net | $ | 13,642,137 | $ | 13,782,840 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
Leased vehicles | $ | 14,391,725 | $ | 13,603,494 | ||||
Origination fees and other costs | 28,507 | 23,141 | ||||||
Manufacturer subvention payments | (1,112,522 | ) | (1,126,323 | ) | ||||
Leased vehicles, gross | 13,307,710 | 12,500,312 | ||||||
Less: accumulated depreciation | (2,979,073 | ) | (2,811,855 | ) | ||||
Leased vehicles, net | 10,328,637 | 9,688,457 | ||||||
Commercial equipment vehicles and aircraft, gross | 86,910 | 65,401 | ||||||
Less: accumulated depreciation | (14,987 | ) | (6,635 | ) | ||||
Commercial equipment vehicles and aircraft, net | 71,923 | 58,766 | ||||||
Total operating lease assets, net | $ | 10,400,560 | $ | 9,747,223 |
2024 | $ | 1,629,446 | ||||||
2025 | 1,552,937 | |||||||
2026 | 810,714 | |||||||
2027 | 73,060 | |||||||
2028 | 74 | |||||||
Thereafter | — | |||||||
Total | $ | 4,066,231 |
2017 | $ | 496,600 | ||
2018 | 1,516,400 | |||
2019 | 859,503 | |||
2020 | 219,541 | |||
2021 | 4,282 | |||
Thereafter | — | |||
Total | $ | 3,096,326 |
(in thousands) | Auto | CBB | C&I | CRE | CIB | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 and March 31, 2024 | $ | 1,238,676 | $ | 159,027 | $ | 52,198 | $ | 1,015,130 | $ | 301,634 | $ | 2,766,665 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||||||||||||
Dealer networks | $ | 231,083 | $ | (238,917) | $ | 236,958 | $ | (233,042) | ||||||||||||||||||
Stellantis relationship | 4,515 | (134,235) | 5,436 | (133,314) | ||||||||||||||||||||||
Other intangibles | 41,979 | (50,325) | 44,765 | (47,539) | ||||||||||||||||||||||
Total intangibles subject to amortization | $ | 277,577 | $ | (423,477) | $ | 287,159 | $ | (413,895) |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2024 | $ | 37,900 | $ | 9,581 | $ | 28,319 | ||||||||||||||
2025 | 34,783 | — | 34,783 | |||||||||||||||||
2026 | 32,492 | — | 32,492 | |||||||||||||||||
2027 | 28,646 | — | 28,646 | |||||||||||||||||
2028 | 26,340 | — | 26,340 | |||||||||||||||||
Thereafter | 126,997 | — | 126,997 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $ | 397,251 | $ | 435,633 | ||||||||||
Deferred tax assets | 235,025 | 234,309 | ||||||||||||
Accrued interest receivable | 823,415 | 827,704 | ||||||||||||
Derivative assets at fair value | 1,160,331 | 1,090,194 | ||||||||||||
Other real estate owned and other repossessed assets | 288,997 | 291,280 | ||||||||||||
Equity method investments | 321,078 | 306,313 | ||||||||||||
MSRs | 95,776 | 94,266 | ||||||||||||
Income tax receivables | 428,316 | 478,305 | ||||||||||||
Prepaid expense | 257,089 | 242,273 | ||||||||||||
Miscellaneous assets and receivables | 880,298 | 583,607 | ||||||||||||
Total Other assets | $ | 4,887,576 | $ | 4,583,884 |
For the three months ended March 31, 2024 and 2023, operating lease expenses were $34.1 million and $43.0 million, respectively. Sublease income was $0.9 million and $1.0 million respectively, for the three months ended March 31, 2024 and 2023. These are reported within Occupancy and equipment expenses in the Company’s Condensed Consolidated Statements of Operations. | ||
Maturity of Lease Liabilities at March 31, 2024 | Total Operating leases | |||||||
(in thousands) | ||||||||
2024 | $ | 103,668 | ||||||
2025 | 117,580 | |||||||
2026 | 89,377 | |||||||
2027 | 77,253 | |||||||
2028 | 43,490 | |||||||
Thereafter | 95,084 | |||||||
Total lease liabilities | $ | 526,452 | ||||||
Less: Interest | (42,083) | |||||||
Present value of lease liabilities | $ | 484,369 |
Supplemental Balance Sheet Information | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $397,251 | $435,633 | ||||||||||||
Other liabilities | $484,369 | $511,400 | ||||||||||||
Weighted-average remaining lease term (years) | 5.6 | 5.6 | ||||||||||||
Weighted-average discount rate | 3.1% | 3.1% |
Three months ended March 31, | ||||||||||||||
Other Information | 2024 | 2023 | ||||||||||||
(in thousands) | ||||||||||||||
Operating cash flows from operating leases (1) | $ | (35,699) | $ | (38,391) | ||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 6,286 | $ | 14,257 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||||||||||||
Dealer networks | $ | 231,083 | $ | (238,917) | $ | 236,958 | $ | (233,042) | ||||||||||||||||||
Stellantis relationship | 4,515 | (134,235) | 5,436 | (133,314) | ||||||||||||||||||||||
Other intangibles | 41,979 | (50,325) | 44,765 | (47,539) | ||||||||||||||||||||||
Total intangibles subject to amortization | $ | 277,577 | $ | (423,477) | $ | 287,159 | $ | (413,895) |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2024 | $ | 37,900 | $ | 9,581 | $ | 28,319 | ||||||||||||||
2025 | 34,783 | — | 34,783 | |||||||||||||||||
2026 | 32,492 | — | 32,492 | |||||||||||||||||
2027 | 28,646 | — | 28,646 | |||||||||||||||||
2028 | 26,340 | — | 26,340 | |||||||||||||||||
Thereafter | 126,997 | — | 126,997 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $ | 397,251 | $ | 435,633 | ||||||||||
Deferred tax assets | 235,025 | 234,309 | ||||||||||||
Accrued interest receivable | 823,415 | 827,704 | ||||||||||||
Derivative assets at fair value | 1,160,331 | 1,090,194 | ||||||||||||
Other real estate owned and other repossessed assets | 288,997 | 291,280 | ||||||||||||
Equity method investments | 321,078 | 306,313 | ||||||||||||
MSRs | 95,776 | 94,266 | ||||||||||||
Income tax receivables | 428,316 | 478,305 | ||||||||||||
Prepaid expense | 257,089 | 242,273 | ||||||||||||
Miscellaneous assets and receivables | 880,298 | 583,607 | ||||||||||||
Total Other assets | $ | 4,887,576 | $ | 4,583,884 |
For the three months ended March 31, 2024 and 2023, operating lease expenses were $34.1 million and $43.0 million, respectively. Sublease income was $0.9 million and $1.0 million respectively, for the three months ended March 31, 2024 and 2023. These are reported within Occupancy and equipment expenses in the Company’s Condensed Consolidated Statements of Operations. | ||
Maturity of Lease Liabilities at March 31, 2024 | Total Operating leases | |||||||
(in thousands) | ||||||||
2024 | $ | 103,668 | ||||||
2025 | 117,580 | |||||||
2026 | 89,377 | |||||||
2027 | 77,253 | |||||||
2028 | 43,490 | |||||||
Thereafter | 95,084 | |||||||
Total lease liabilities | $ | 526,452 | ||||||
Less: Interest | (42,083) | |||||||
Present value of lease liabilities | $ | 484,369 |
Supplemental Balance Sheet Information | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $397,251 | $435,633 | ||||||||||||
Other liabilities | $484,369 | $511,400 | ||||||||||||
Weighted-average remaining lease term (years) | 5.6 | 5.6 | ||||||||||||
Weighted-average discount rate | 3.1% | 3.1% |
Three months ended March 31, | ||||||||||||||
Other Information | 2024 | 2023 | ||||||||||||
(in thousands) | ||||||||||||||
Operating cash flows from operating leases (1) | $ | (35,699) | $ | (38,391) | ||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 6,286 | $ | 14,257 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
Assets | ||||||||
Restricted cash | $ | 1,969,094 | $ | 2,087,177 | ||||
Loans(1)(2) | 22,592,031 | 23,568,066 | ||||||
Operating lease assets, net | 9,931,283 | 8,564,628 | ||||||
Various other assets | 634,338 | 686,253 | ||||||
Total Assets | $ | 35,126,746 | $ | 34,906,124 | ||||
Liabilities | ||||||||
Notes payable(2) | $ | 28,654,850 | $ | 31,667,976 | ||||
Various other liabilities | 153,942 | 91,234 | ||||||
Total Liabilities | $ | 28,808,792 | $ | 31,759,210 |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets securitized | $ | 2,998,430 | $ | 2,043,114 | $ | 15,395,158 | $ | 12,026,706 | ||||||||
Net proceeds from new securitizations (1) | $ | 2,936,719 | $ | 1,688,822 | $ | 11,998,611 | $ | 9,509,135 | ||||||||
Net proceeds from sale of retained bonds | — | — | 273,733 | 128,798 | ||||||||||||
Cash received for servicing fees (2) | 228,131 | 200,634 | 653,048 | 595,070 | ||||||||||||
Net distributions from Trusts (2) | 666,179 | 776,306 | 2,073,965 | 2,167,512 | ||||||||||||
Total cash received from Trusts | $ | 3,831,029 | $ | 2,665,762 | $ | 14,999,357 | $ | 12,400,515 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
SPAIN | $ | 2,265,206 | $ | — | ||||
Total serviced for related parties | 2,265,206 | — | ||||||
Chrysler Capital securitizations | 1,690,729 | 2,472,756 | ||||||
Other third parties | — | 268,345 | ||||||
Total serviced for third parties | 1,690,729 | 2,741,101 | ||||||
Total serviced for other portfolio | $ | 3,955,935 | $ | 2,741,101 |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets securitized (1) | $ | 1,347,010 | $ | — | $ | 2,583,341 | $ | — | ||||||||
Net proceeds from new securitizations | $ | 1,347,430 | $ | — | $ | 2,588,227 | $ | — | ||||||||
Cash received for servicing fees | 12,309 | 10,027 | 25,677 | 38,885 | ||||||||||||
Total cash received from Trusts | $ | 1,359,739 | $ | 10,027 | $ | 2,613,904 | $ | 38,885 |
Consumer and Business Banking | Commercial Real Estate | Commercial Banking | Global Corporate Banking | SC | Santander BanCorp | Total | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Goodwill at September 30, 2017 | $ | 1,880,303 | $ | 870,411 | $ | 542,584 | $ | 131,130 | $ | 1,019,960 | $ | 10,537 | $ | 4,454,925 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||||||||||||
Dealer networks | $ | 231,083 | $ | (238,917) | $ | 236,958 | $ | (233,042) | ||||||||||||||||||
Stellantis relationship | 4,515 | (134,235) | 5,436 | (133,314) | ||||||||||||||||||||||
Other intangibles | 41,979 | (50,325) | 44,765 | (47,539) | ||||||||||||||||||||||
Total intangibles subject to amortization | $ | 277,577 | $ | (423,477) | $ | 287,159 | $ | (413,895) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Net Carrying Amount | Accumulated Amortization | Net Carrying Amount | Accumulated Amortization | ||||||||||||
(in thousands) | |||||||||||||||
Intangibles subject to amortization: | |||||||||||||||
Dealer networks | $ | 436,214 | $ | (143,786 | ) | $ | 465,625 | $ | (114,375 | ) | |||||
Chrysler relationship | 83,750 | (55,000 | ) | 95,000 | (43,750 | ) | |||||||||
Core deposit intangibles | — | — | — | (295,842 | ) | ||||||||||
Trade name | 16,200 | (1,800 | ) | 17,100 | (900 | ) | |||||||||
Other intangibles | 14,877 | (54,654 | ) | 19,519 | (98,492 | ) | |||||||||
Total intangibles subject to amortization | $ | 551,041 | $ | (255,240 | ) | $ | 597,244 | $ | (553,359 | ) |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2024 | $ | 37,900 | $ | 9,581 | $ | 28,319 | ||||||||||||||
2025 | 34,783 | — | 34,783 | |||||||||||||||||
2026 | 32,492 | — | 32,492 | |||||||||||||||||
2027 | 28,646 | — | 28,646 | |||||||||||||||||
2028 | 26,340 | — | 26,340 | |||||||||||||||||
Thereafter | 126,997 | — | 126,997 |
Year | Calendar Year Amount | Recorded To Date | Remaining Amount To Record | |||||||||
(in thousands) | ||||||||||||
2017 | $ | 61,491 | $ | 46,204 | $ | 15,287 | ||||||
2018 | 60,644 | — | 60,644 | |||||||||
2019 | 58,975 | — | 58,975 | |||||||||
2020 | 58,642 | — | 58,642 | |||||||||
2021 | 55,603 | — | 55,603 | |||||||||
Thereafter | 301,890 | — | 301,890 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $ | 397,251 | $ | 435,633 | ||||||||||
Deferred tax assets | 235,025 | 234,309 | ||||||||||||
Accrued interest receivable | 823,415 | 827,704 | ||||||||||||
Derivative assets at fair value | 1,160,331 | 1,090,194 | ||||||||||||
Other real estate owned and other repossessed assets | 288,997 | 291,280 | ||||||||||||
Equity method investments | 321,078 | 306,313 | ||||||||||||
MSRs | 95,776 | 94,266 | ||||||||||||
Income tax receivables | 428,316 | 478,305 | ||||||||||||
Prepaid expense | 257,089 | 242,273 | ||||||||||||
Miscellaneous assets and receivables | 880,298 | 583,607 | ||||||||||||
Total Other assets | $ | 4,887,576 | $ | 4,583,884 |
For the three months ended March 31, 2024 and 2023, operating lease expenses were $34.1 million and $43.0 million, respectively. Sublease income was $0.9 million and $1.0 million respectively, for the three months ended March 31, 2024 and 2023. These are reported within Occupancy and equipment expenses in the Company’s Condensed Consolidated Statements of Operations. | ||
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
Income tax receivables | $ | 319,045 | $ | 294,796 | ||||
Derivative assets at fair value | 431,267 | 413,779 | ||||||
Other repossessed assets | 159,468 | 177,592 | ||||||
MSRs | 146,958 | 150,343 | ||||||
Prepaid expenses | 160,222 | 172,559 | ||||||
Other real estate owned ("OREO") | 146,362 | 116,705 | ||||||
Deferred tax asset, net | 958,214 | 989,767 | ||||||
Miscellaneous assets and receivables | 770,730 | 567,327 | ||||||
Total other assets | $ | 3,092,266 | $ | 2,882,868 |
Maturity of Lease Liabilities at March 31, 2024 | Total Operating leases | |||||||
(in thousands) | ||||||||
2024 | $ | 103,668 | ||||||
2025 | 117,580 | |||||||
2026 | 89,377 | |||||||
2027 | 77,253 | |||||||
2028 | 43,490 | |||||||
Thereafter | 95,084 | |||||||
Total lease liabilities | $ | 526,452 | ||||||
Less: Interest | (42,083) | |||||||
Present value of lease liabilities | $ | 484,369 |
Supplemental Balance Sheet Information | March 31, 2024 | December 31, 2023 | ||||||||||||
Operating lease ROU assets | $397,251 | $435,633 | ||||||||||||
Other liabilities | $484,369 | $511,400 | ||||||||||||
Weighted-average remaining lease term (years) | 5.6 | 5.6 | ||||||||||||
Weighted-average discount rate | 3.1% | 3.1% |
Three months ended March 31, | ||||||||||||||
Other Information | 2024 | 2023 | ||||||||||||
(in thousands) | ||||||||||||||
Operating cash flows from operating leases (1) | $ | (35,699) | $ | (38,391) | ||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 6,286 | $ | 14,257 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Assets | ||||||||||||||
Restricted cash | $ | 1,003,547 | $ | 864,464 | ||||||||||
LHFI | 25,065,413 | 25,144,797 | ||||||||||||
Operating lease assets, net (1) | 13,642,137 | 13,782,840 | ||||||||||||
Various other assets | 701,005 | 637,987 | ||||||||||||
Total Assets | $ | 40,412,102 | $ | 40,430,088 | ||||||||||
Liabilities | ||||||||||||||
Notes payable | $ | 25,699,422 | $ | 25,087,655 | ||||||||||
Various other liabilities | 111,313 | 119,280 | ||||||||||||
Total Liabilities | $ | 25,810,735 | $ | 25,206,935 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
Assets securitized | $ | 5,234,923 | $ | 1,382,583 | ||||||||||||||||||||||||||||
Net proceeds from new securitizations (1) | $ | 4,011,360 | $ | 792,050 | ||||||||||||||||||||||||||||
Net proceeds on retained bonds from new securitizations | 733,880 | 255,669 | ||||||||||||||||||||||||||||||
Cash received for servicing fees (2) | 222,352 | 240,381 | ||||||||||||||||||||||||||||||
Net distributions from Trusts (2) | 1,038,012 | 572,348 | ||||||||||||||||||||||||||||||
Total cash received from Trusts | $ | 6,005,604 | $ | 1,860,448 |
Three-Month Period Ended | Nine-Month Period Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fair value at beginning of period(1) | $ | 146,091 | $ | 117,792 | $ | 146,589 | $ | 147,233 | |||||||
Mortgage servicing assets recognized | 4,099 | 6,057 | 12,696 | 14,450 | |||||||||||
Principal reductions | (5,088 | ) | (5,446 | ) | (14,446 | ) | (17,456 | ) | |||||||
Change in fair value due to valuation assumptions | (1,578 | ) | 7,711 | (1,315 | ) | (18,113 | ) | ||||||||
Fair value at end of period(1) | $ | 143,524 | $ | 126,114 | $ | 143,524 | $ | 126,114 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
Receivables securitized (1) | 1,060,931 | — | ||||||||||||||||||||||||||||||
Net proceeds from new securitizations | 1,003,695 | — | ||||||||||||||||||||||||||||||
Cash received for servicing fees | $ | 1,344 | $ | 2,060 | ||||||||||||||||||||||||||||
Total cash received from Trusts | $ | 1,005,039 | $ | 2,060 | ||||||||||||||||||||||||||||
(1) Represents the UPB at the time of original securitization. | ||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Percent of total deposits | Balance | Percent of total deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Balance | Percent of total deposits | Balance | Percent of total deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,635,650 | 14.0 | % | $ | 11,284,881 | 16.8 | % | Interest-bearing demand deposits | $ | 12,251,256 | 15.8 | 15.8 | % | $ | 11,591,982 | 15.0 | 15.0 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 15,950,662 | 25.8 | % | 15,413,609 | 22.9 | % | Non-interest-bearing demand deposits | 15,177,900 | 19.5 | 19.5 | % | 15,504,947 | 20.1 | 20.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Savings | 6,012,896 | 9.7 | % | 5,988,852 | 8.9 | % | Savings | 4,213,934 | 5.4 | 5.4 | % | 4,428,281 | 5.7 | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Customer repurchase accounts | 918,033 | 1.5 | % | 868,544 | 1.3 | % | Customer repurchase accounts | 240,728 | 0.3 | 0.3 | % | 238,523 | 0.3 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Money market | 24,625,925 | 39.8 | % | 24,511,906 | 36.5 | % | Money market | 25,037,492 | 32.3 | 32.3 | % | 25,361,575 | 33.0 | 33.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit ("CDs") | 5,734,642 | 9.2 | % | 9,172,898 | 13.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits (1) | $ | 61,877,808 | 100.0 | % | $ | 67,240,690 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
CDs | CDs | 20,763,160 | 26.7 | % | 19,947,868 | 25.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits (1) | Total deposits (1) | $ | 77,684,470 | 100.0 | % | $ | 77,073,176 | 100.0 | % |
September 30, 2017 | December 31, 2016 | ||||||||||||
Balance | Effective Rate | Balance | Effective Rate | ||||||||||
(dollars in thousands) | |||||||||||||
Parent Company | |||||||||||||
Senior notes, due November 2017 (1) | $ | 599,861 | 2.93 | % | $ | 599,206 | 2.67 | % | |||||
3.45% senior notes, due August 2018 | 244,213 | 3.62 | % | 498,604 | 3.62 | % | |||||||
2.70% senior notes, due May 2019 | 998,060 | 2.82 | % | 997,207 | 2.82 | % | |||||||
2.65% senior notes, due April 2020 | 995,842 | 2.82 | % | 994,672 | 2.82 | % | |||||||
3.70% senior notes, due March 2022 (2) | 1,440,039 | 3.74 | % | — | — | % | |||||||
4.50% senior notes, due July 2025 | 1,095,324 | 4.56 | % | 1,094,955 | 4.56 | % | |||||||
4.40% senior notes, due July 2027 | 794,838 | 4.48 | % | — | — | % | |||||||
Junior subordinated debentures - Capital Trust VI , due June 2036 (3) | — | — | % | 69,798 | 7.91 | % | |||||||
Common securities - Capital Trust VI (3) | — | — | % | 10,000 | 7.91 | % | |||||||
Junior subordinated debentures - Capital Trust IX, due July 2036 | 149,455 | 3.13 | % | 149,434 | 2.49 | % | |||||||
Common securities - Capital Trust IX | 4,640 | 3.13 | % | 4,640 | 2.49 | % | |||||||
Senior notes, due July 2019 (4) | 388,532 | 2.27 | % | — | — | % | |||||||
Senior notes, due September 2019 (4) | 370,730 | 2.30 | % | — | — | % | |||||||
Other IHC Entities | |||||||||||||
Overnight Funds Purchase, due within one year, due October 2017 | 580 | 1.05 | % | 830 | 0.50 | % | |||||||
2.00% subordinated debt, maturing through 2042 | 40,793 | 2.00 | % | 40,457 | 2.00 | % | |||||||
Short-term borrowings, due within one year, due October 2017 | 194,000 | 1.13 | % | 54,000 | 0.63 | % | |||||||
Total due to others overnight, due within one year, due October 2017 | 15,000 | 1.13 | % | 17,000 | 0.63 | % | |||||||
Short-term borrowings, due within one year, October 2017 | 54,471 | 0.25 | % | 207,173 | 0.25 | % | |||||||
Total Parent Company and other subsidiaries' borrowings and other debt obligations | $ | 7,386,378 | 3.35 | % | $ | 4,737,976 | 3.21 | % |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Effective Rate | Balance | Effective Rate | ||||||||||||||||||||||
Parent Company | ||||||||||||||||||||||||||
3.50% senior notes due June 2024 (1) | $ | 999,813 | 3.50 | % | $ | 999,559 | 3.50 | % | ||||||||||||||||||
3.45% senior notes due June 2025 | 998,634 | 3.45 | % | 998,329 | 3.45 | % | ||||||||||||||||||||
4.26% senior notes due June 2025 | 499,842 | 4.43 | % | 499,634 | 4.43 | % | ||||||||||||||||||||
4.50% senior notes due July 2025 | 1,099,104 | 4.50 | % | 1,098,937 | 4.50 | % | ||||||||||||||||||||
Senior notes due April 2026 (2) | 433,464 | 6.01 | % | 433,450 | 6.02 | % | ||||||||||||||||||||
5.81% senior sustainability notes due September 2026 | 499,212 | 5.92 | % | 499,082 | 5.92 | % | ||||||||||||||||||||
3.24% senior notes due October 2026 | 932,325 | 3.24 | % | 930,768 | 3.24 | % | ||||||||||||||||||||
6.89% senior notes due June 2027 (1) | 750,000 | 6.89 | % | 750,000 | 6.89 | % | ||||||||||||||||||||
4.40% senior notes due July 2027 | 1,049,651 | 4.40 | % | 1,049,641 | 4.40 | % | ||||||||||||||||||||
2.49% senior notes due January 2028 | 997,776 | 2.57 | % | 997,582 | 2.57 | % | ||||||||||||||||||||
6.50% senior notes due March 2029 | 996,758 | 6.59 | % | 996,580 | 6.59 | % | ||||||||||||||||||||
6.57% senior notes due June 2029 | 498,130 | 6.67 | % | 498,034 | 6.67 | % | ||||||||||||||||||||
6.17% senior notes due January 2030 | 996,259 | 6.26 | % | — | — | % | ||||||||||||||||||||
7.66% senior notes due November 2031 | 497,847 | 7.73 | % | 497,797 | 7.73 | % | ||||||||||||||||||||
2.88% subordinated notes, due November 2031 (1) | 500,000 | 2.88 | % | 500,000 | 2.88 | % | ||||||||||||||||||||
7.18% subordinated notes due December 2032 (1) | 500,000 | 7.18 | % | 500,000 | 7.18 | % | ||||||||||||||||||||
Total Parent Company borrowings | 12,248,815 | 11,249,393 | ||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||
Short-term borrowing due within one year, maturing thru March 2024 | $ | — | — | % | $ | 427,531 | 4.66 | % | ||||||||||||||||||
Short-term borrowing due within one year, maturing thru June 2024 | 260,786 | 4.19 | % | — | — | % | ||||||||||||||||||||
FHLB advances, maturing through April 2027 | 4,951,510 | 4.93 | % | 6,584,791 | 5.04 | % | ||||||||||||||||||||
Credit-linked notes due December 2031 (3) | 74,156 | 3.81 | % | 89,812 | 3.51 | % | ||||||||||||||||||||
Credit-linked notes due May 2032 (4) | 181,549 | 7.56 | % | 214,941 | 7.25 | % | ||||||||||||||||||||
Credit-linked notes due August 2032 (5) | 160,484 | 9.60 | % | 188,282 | 9.12 | % | ||||||||||||||||||||
Credit-linked notes due December 2032 (6) | 218,327 | 10.51 | % | 246,497 | 10.16 | % | ||||||||||||||||||||
Credit-linked notes due June 2033 (7) | 80,822 | 10.59 | % | 89,787 | 10.26 | % | ||||||||||||||||||||
Credit Linked notes due December 2033 (8) | 205,108 | 9.25 | % | 206,033 | 9.24 | % | ||||||||||||||||||||
Credit-linked notes due February 2052 (9) (11) | 115,520 | 11.92 | % | 118,246 | 11.92 | % | ||||||||||||||||||||
6.98% senior notes due October 2025 (1) | 2,000,000 | 6.98 | % | 2,000,000 | 6.98 | % | ||||||||||||||||||||
Warehouse lines maturing through February 2026(10) | 3,371,578 | 7.61 | % | 3,618,378 | 6.93 | % | ||||||||||||||||||||
Secured structured financings maturing through December 2031 | 20,042,692 | 0.48% - 7.69% | 19,110,360 | 0.48% - 7.69% | ||||||||||||||||||||||
Total subsidiary borrowings and other debt obligations | 31,662,532 | 32,894,658 | ||||||||||||||||||||||||
Total Parent Company and subsidiaries' borrowings and other debt obligations | $ | 43,911,347 | $ | 44,144,051 |
September 30, 2017 | December 31, 2016 | ||||||||||||
Balance | Effective Rate | Balance | Effective Rate | ||||||||||
(dollars in thousands) | |||||||||||||
2.00% senior notes, due January 2018 | $ | 77,001 | 2.24 | % | $ | 748,143 | 2.24 | % | |||||
Senior notes, due January 2018(1) | 41,900 | 2.35 | % | 249,705 | 1.99 | % | |||||||
8.750% subordinated debentures, due May 2018 (2) | 499,456 | 8.92 | % | 498,882 | 8.92 | % | |||||||
Subordinated term loan, due February 2019 | 111,697 | 7.12 | % | 122,313 | 6.78 | % | |||||||
FHLB advances, maturing through July 2019 | 4,550,000 | 1.41 | % | 5,950,000 | 0.85 | % | |||||||
Securities sold under repurchase agreements | 20,000 | 1.35 | % | — | — | % | |||||||
REIT preferred, due May 2020 (3) | 143,814 | 13.30 | % | 156,457 | 13.46 | % | |||||||
Subordinated term loan, due August 2022 | 28,524 | 8.89 | % | 29,202 | 8.35 | % | |||||||
Total Bank borrowings and other debt obligations | $ | 5,472,392 | 2.58 | % | $ | 7,754,702 | 1.92 | % |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | |||||||||||||||||||||||||||||||||
Warehouse line due April 2025 | $ | 250,700 | $ | 1,000,000 | 8.25 | % | $ | 396,342 | $ | — | ||||||||||||||||||||||||||||
Warehouse line due July 2025 | 273,000 | 600,000 | 7.07 | % | 326,067 | 3,236 | ||||||||||||||||||||||||||||||||
Warehouse line due July 2025 | 26,200 | 500,000 | 12.41 | % | 38,594 | — | ||||||||||||||||||||||||||||||||
Warehouse line due October 2025 | 927,100 | 2,100,000 | 6.26 | % | 1,332,501 | 64 | ||||||||||||||||||||||||||||||||
Warehouse line due November 2025 | 483,000 | 500,000 | 4.09 | % | 677,604 | — | ||||||||||||||||||||||||||||||||
Warehouse line due January 2026 | 999,500 | 1,000,000 | 10.82 | % | 1,450,629 | 2,598 | ||||||||||||||||||||||||||||||||
Warehouse line due February 2026 | 412,078 | 700,000 | 6.59 | % | 611,351 | 506 | ||||||||||||||||||||||||||||||||
Total credit facilities | $ | 3,371,578 | $ | 6,400,000 | 7.61 | % | $ | 4,833,088 | $ | 6,404 |
September 30, 2017 | ||||||||||||||||||
Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Warehouse line, maturing on various dates(1) | $ | 258,545 | $ | 1,250,000 | 1.21 | % | $ | 387,668 | $ | 11,554 | ||||||||
Warehouse line, due November 2018 | 57,820 | 500,000 | 4.54 | % | 63,712 | 2,215 | ||||||||||||
Warehouse line, due August 2018(2) | — | 780,000 | 1.39 | % | 2,329 | 121 | ||||||||||||
Warehouse line, due August 2018(3) | 2,766,543 | 3,120,000 | 2.22 | % | 3,724,088 | 61,367 | ||||||||||||
Warehouse line, due October 2018 | 445,277 | 1,800,000 | 3.45 | % | 661,090 | 12,644 | ||||||||||||
Warehouse line, due October 2018 | 87,965 | 400,000 | 3.72 | % | 132,197 | 2,852 | ||||||||||||
Warehouse line, due January 2018 | 181,083 | 500,000 | 2.96 | % | 276,519 | — | ||||||||||||
Warehouse line, due November 2018 | 274,499 | 1,000,000 | 3.44 | % | 401,219 | 7,920 | ||||||||||||
Warehouse line, due October 2017(4) | 235,700 | 300,000 | 2.67 | % | 276,521 | 9,278 | ||||||||||||
Repurchase facility, due December 2017(5) | 254,120 | 254,120 | 3.35 | % | — | 13,708 | ||||||||||||
Repurchase facility, due April 2018(5) | 202,311 | 202,311 | 2.62 | % | — | — | ||||||||||||
Repurchase facility, due March 2018(5) | 148,690 | 148,690 | 3.88 | % | — | — | ||||||||||||
Repurchase facility, due November 2017(5) | 53,335 | 53,335 | 2.43 | % | — | — | ||||||||||||
Line of credit with related party, due December 2017(6) | — | 1,000,000 | 3.04 | % | — | — | ||||||||||||
Line of credit with related party, due December 2018(6) | — | 1,000,000 | 3.09 | % | — | — | ||||||||||||
Line of credit with related party, due December 2018(6) | 265,400 | 750,000 | 3.77 | % | — | — | ||||||||||||
Total SC revolving credit facilities | $ | 5,231,288 | $ | 13,058,456 | 2.63 | % | $ | 5,925,343 | $ | 121,659 |
December 31, 2016 | ||||||||||||||||||
Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Warehouse line, maturing on various dates(1) | $ | 462,085 | $ | 1,250,000 | 2.52 | % | $ | 653,014 | $ | 14,916 | ||||||||
Warehouse line, due August 2018(2) | 534,220 | 780,000 | 1.98 | % | 608,025 | 24,520 | ||||||||||||
Warehouse line, due August 2018(3) | 3,119,943 | 3,120,000 | 1.91 | % | 4,700,774 | 70,991 | ||||||||||||
Warehouse line, due October 2018(5) | 702,377 | 1,800,000 | 2.51 | % | 994,684 | 23,378 | ||||||||||||
Warehouse line, due October 2018 | 202,000 | 400,000 | 2.22 | % | 290,867 | 5,435 | ||||||||||||
Warehouse line, due January 2018 | 153,784 | 500,000 | 3.17 | % | 213,578 | — | ||||||||||||
Warehouse line, due November 2018 | 578,999 | 1,000,000 | 1.56 | % | 850,758 | 17,642 | ||||||||||||
Warehouse line, due October 2017 | 243,100 | 300,000 | 2.38 | % | 295,045 | 9,235 | ||||||||||||
Warehouse line, due November 2018 | — | 500,000 | 2.07 | % | — | — | ||||||||||||
Repurchase facility, due December 2017(4) | 507,800 | 507,800 | 2.83 | % | — | 22,613 | ||||||||||||
Repurchase facility, due April 2017(4) | 235,509 | 235,509 | 2.04 | % | — | — | ||||||||||||
Line of credit with related party, due December 2017(5) | 1,000,000 | 1,000,000 | 2.86 | % | — | — | ||||||||||||
Line of credit with related party, due December 2017(5) | 500,000 | 500,000 | 3.04 | % | — | — | ||||||||||||
Line of credit with related party, due December 2018(5) | 175,000 | 500,000 | 3.87 | % | — | — | ||||||||||||
Line of credit with related party, due December 2018(5) | 1,000,000 | 1,000,000 | 2.88 | % | — | — | ||||||||||||
Total SC revolving credit facilities | $ | 9,414,817 | $ | 13,393,309 | 2.36 | % | $ | 8,606,745 | $ | 188,730 |
September 30, 2017 | |||||||||||||||||
Balance | Initial Note Amounts Issued | Initial Weighted Average Interest Rate Range | Collateral | Restricted Cash | |||||||||||||
(dollars in thousands) | |||||||||||||||||
SC public securitizations, maturing on various dates(1,2) | $ | 14,930,690 | $ | 35,870,432 | 0.90% - 2.80% | $ | 19,625,345 | $ | 1,487,227 | ||||||||
SC privately issued amortizing notes, maturing on various dates(1) | 8,330,626 | 12,229,241 | 0.88% - 2.86% | 9,923,095 | 371,117 | ||||||||||||
Total SC secured structured financings | $ | 23,261,316 | $ | 48,099,673 | 0.88% - 2.86% | $ | 29,548,440 | $ | 1,858,344 |
March 31, 2024 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Initial Note Amounts Issued (3) | Initial Weighted Average Interest Rate Range | Collateral (2) | Restricted Cash | |||||||||||||||||||||||||||
Public securitizations maturing on various dates through December 2031(1) | $ | 17,109,213 | $ | 45,365,875 | 0.48% - 7.69% | $ | 26,620,341 | $ | 994,399 | |||||||||||||||||||||||
Privately issued amortizing notes maturing on various dates through August 2030 (3) | 2,933,479 | 7,350,027 | 2.17% - 6.73% | 4,827,740 | 2,742 | |||||||||||||||||||||||||||
Total secured structured financings | $ | 20,042,692 | $ | 52,715,902 | 0.48% - 7.69% | $ | 31,448,081 | $ | 997,141 |
December 31, 2016 | |||||||||||||||||
Balance | Initial Note Amounts Issued | Initial Weighted Average Interest Rate Range | Collateral | Restricted Cash | |||||||||||||
(dollars in thousands) | |||||||||||||||||
SC public securitizations, maturing on various dates(1,2) | $ | 13,444,543 | $ | 32,386,082 | 0.89% - 2.46% | $ | 17,474,524 | $ | 1,423,599 | ||||||||
SC privately issued amortizing notes, maturing on various dates(1) | 8,172,407 | 14,085,991 | 0.88% - 2.86% | 12,021,887 | 500,868 | ||||||||||||
Total SC secured structured financings | $ | 21,616,950 | $ | 46,472,073 | 0.88% - 2.86% | $ | 29,496,411 | $ | 1,924,467 |
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2024 | December 31, 2023 | March 31, 2024 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Pre-tax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | |||||||||||||||||||||||||||||||||||
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments | 67,037 | (15,738) | 51,299 | $ | (254,519) | $ | 51,299 | $ | (203,220) | ||||||||||||||||||||||||||||||||
Net unrealized (losses)/gains on investments in debt securities | 18,594 | (6,955) | 11,639 | (790,551) | 11,639 | (778,912) | |||||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain / (loss)(3) | 247 | (64) | 183 | (20,498) | 183 | (20,315) | |||||||||||||||||||||||||||||||||||
As of March 31, 2024 | $ | 85,878 | $ | (22,757) | $ | 63,121 | $ | (1,065,568) | $ | 63,121 | $ | (1,002,447) |
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | December 31, 2022 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Pre-tax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||||||||||
Change in AOCI on cash flow hedge derivative financial instruments | $ | 120,728 | $ | (34,858) | $ | 85,870 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments (1) | 3,856 | (757) | 3,099 | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | 124,584 | (35,615) | 88,969 | $ | (515,664) | $ | 88,969 | $ | (426,695) | |||||||||||||||||||||||||||||
Change in unrealized (losses)/gains on investments in debt securities | 25,602 | (24,072) | 1,530 | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) | 36,960 | (7,255) | 29,705 | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) on investments in debt securities | 62,562 | (31,327) | 31,235 | (796,572) | 31,235 | (765,337) | ||||||||||||||||||||||||||||||||
Pension and post-retirement actuarial gain / (loss) (3) | 655 | (170) | 485 | (23,787) | 485 | (23,302) | ||||||||||||||||||||||||||||||||
As of March 31, 2023 | $ | 187,801 | $ | (67,112) | $ | 120,689 | $ | (1,336,023) | $ | 120,689 | $ | (1,215,334) |
(in thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Securities purchased under agreements to resell | $ | 7,628,806 | $ | 8,617,309 | |||||||
Securities borrowed | 1,837,001 | 1,621,405 | |||||||||
Total | $ | 9,465,807 | $ | 10,238,714 | |||||||
(in thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Securities sold under agreements to repurchase | $ | 16,164,434 | $ | 16,290,761 | |||||||
Securities lending | 17 | 25 | |||||||||
Total | $ | 16,164,451 | $ | 16,290,786 |
March 31, 2024 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross amounts of recognized assets | Gross amounts offset on the Condensed Consolidated Balance Sheets (1) | Net amounts of assets included on the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 53,209,700 | $ | (45,580,894) | $ | 7,628,806 | ||||||||||||||||||||||||||
Securities borrowed | 1,837,001 | — | 1,837,001 | |||||||||||||||||||||||||||||
Total | $ | 55,046,701 | $ | (45,580,894) | $ | 9,465,807 | ||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross amounts of recognized liabilities | Gross amounts offset on the Condensed Consolidated Balance Sheets (1) | Net amounts of liabilities included on the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 61,745,328 | $ | (45,580,894) | $ | 16,164,434 | ||||||||||||||||||||||||||
Securities lending | 17 | — | 17 | |||||||||||||||||||||||||||||
Total | $ | 61,745,345 | $ | (45,580,894) | $ | 16,164,451 | ||||||||||||||||||||||||||
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. |
December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross amounts of recognized assets | Gross amounts offset on the Condensed Consolidated Balance Sheets (1) | Net amounts of assets included on the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 41,237,731 | $ | (32,620,422) | $ | 8,617,309 | ||||||||||||||||||||||||||
Securities borrowed | 1,621,405 | — | 1,621,405 | |||||||||||||||||||||||||||||
Total | $ | 42,859,136 | $ | (32,620,422) | $ | 10,238,714 | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross amounts of recognized liabilities | Gross amounts offset on the Condensed Consolidated Balance Sheets (1) | Net amounts of liabilities included on the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 48,911,183 | $ | (32,620,422) | $ | 16,290,761 | ||||||||||||||||||||||||||
Securities lending | 25 | — | 25 | |||||||||||||||||||||||||||||
Total | 48,911,208 | (32,620,422) | 16,290,786 | |||||||||||||||||||||||||||||
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. |
March 31, 2024 | ||||||||||||||||||||||||||||||||
(in thousands) | Open and overnight | Up to 30 days | 31-90 days | Greater than 90 days | Total | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 28,748,667 | $ | 10,211,955 | $ | 13,625,513 | $ | 9,159,193 | $ | 61,745,328 | ||||||||||||||||||||||
Securities lending | 17 | — | — | — | 17 | |||||||||||||||||||||||||||
Total | $ | 28,748,684 | $ | 10,211,955 | $ | 13,625,513 | $ | 9,159,193 | $ | 61,745,345 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Repurchase agreements | Securities lending | Total | Repurchase agreements | Securities lending | Total | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 35,424,614 | $ | — | $ | 35,424,614 | $ | 29,251,978 | $ | — | $ | 29,251,978 | |||||||||||||||||||||||
Residential agency MBS | 24,267,322 | — | 24,267,322 | 17,532,972 | — | 17,532,972 | |||||||||||||||||||||||||||||
Corporate and other securities | 2,053,392 | 17 | 2,053,409 | 2,126,233 | 25 | 2,126,258 | |||||||||||||||||||||||||||||
Total | $ | 61,745,328 | $ | 17 | $ | 61,745,345 | $ | 48,911,183 | $ | 25 | $ | 48,911,208 |
Carrying Amount of Hedged Assets | Amount of Fair Value Hedge Adjustment Included in the Carrying Amount | ||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||
Debt securities AFS (Note 2) | $ | 2,243,603 | $ | 2,463,991 | $ | 81,397 | $ | 36,009 | |||||||||||||||
Notional Amount | Asset | Liability | Weighted Average Receive Rate | Weighted Average Pay Rate | Weighted Average Life (Years) | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||
September 30, 2017 | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Pay fixed — receive floating interest rate swaps | 5,235,818 | 40,173 | 5,304 | 1.27 | % | 1.25 | % | 2.26 | |||||||||||
Pay variable - receive fixed interest rate swaps | 4,000,000 | 467 | 51,508 | 1.41 | % | 1.24 | % | 3.23 | |||||||||||
Total | $ | 9,235,818 | $ | 40,640 | $ | 56,812 | 1.33 | % | 1.24 | % | 2.68 | ||||||||
December 31, 2016 | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||
Pay fixed — receive floating interest rate swaps (1) | $ | 8,124,172 | $ | 45,681 | $ | 5,083 | 0.83 | % | 1.13 | % | 2.57 | ||||||||
Pay variable - receive fixed interest rate swaps (1) | 2,000,000 | — | 54,729 | 1.19 | % | 0.62 | % | 4.79 | |||||||||||
Total | $ | 10,124,172 | $ | 45,681 | $ | 59,812 | 0.91 | % | 1.03 | % | 3.01 |
(dollars in thousands) | Notional Amount | Asset | Liability | Weighted Average Receive Rate | Weighted Average Pay Rate | Weighted Average Life (Years) | ||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | $ | 18,766 | $ | 170 | $ | 2,475 | 5.91 | % | 9.90 | % | 3.58 | |||||||||||||||||||||||||||
Interest rate swaps | 6,475,000 | 66,761 | — | 2.75 | % | 3.48 | % | 2.77 | ||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Pay fixed - receive variable interest rate swaps | $ | 5,559,350 | $ | 60,926 | $ | — | 3.24 | % | 3.81 | % | 2.52 | |||||||||||||||||||||||||||
Pay variable - receive fixed interest rate swaps | 11,075,000 | 4,245 | 333,523 | 1.96 | % | 1.84 | % | 1.21 | ||||||||||||||||||||||||||||||
Foreign exchange | 20,000 | — | 226 | — | % | — | % | 0.08 | ||||||||||||||||||||||||||||||
Total | $ | 23,148,116 | $ | 132,102 | $ | 336,224 | 2.49 | % | 2.78 | % | 1.96 | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | $ | 18,766 | $ | 192 | $ | 2,235 | 5.91 | % | 9.90 | % | 3.83 | |||||||||||||||||||||||||||
Interest rate swaps | 6,650,000 | 38,712 | 7,716 | 2.02 | % | 3.46 | % | 3.01 | ||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Pay fixed — receive variable interest rate swaps | $ | 3,422,700 | $ | 22,935 | $ | 120 | 5.38 | % | 3.82 | % | 2.53 | |||||||||||||||||||||||||||
Pay variable - receive fixed interest rate swaps | 11,925,000 | 13,575 | 362,018 | 1.83 | % | 1.64 | % | 1.30 | ||||||||||||||||||||||||||||||
Interest rate floor | 250,000 | — | — | — | % | — | % | 0.04 | ||||||||||||||||||||||||||||||
Total | $ | 22,266,466 | $ | 75,414 | $ | 372,089 | 2.41 | % | 2.51 | % | 1.99 |
Notional | Asset derivatives Fair value | Liability derivatives Fair value | ||||||||||||||||||||||||||||||||||||
(in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||
Mortgage banking derivatives: | ||||||||||||||||||||||||||||||||||||||
Total mortgage banking risk management | 662,000 | 662,000 | 16,454 | 14,634 | 35,429 | 31,304 | ||||||||||||||||||||||||||||||||
Customer-related derivatives: | ||||||||||||||||||||||||||||||||||||||
Swaps receive fixed | 14,931,634 | 15,017,998 | 2,903 | 26,731 | 793,390 | 687,505 | ||||||||||||||||||||||||||||||||
Swaps pay fixed | 14,984,936 | 15,005,503 | 812,882 | 708,642 | 3,876 | 26,366 | ||||||||||||||||||||||||||||||||
Other | 7,942,342 | 8,691,978 | 58,425 | 93,439 | 56,824 | 91,602 | ||||||||||||||||||||||||||||||||
Total customer-related derivatives | 37,858,912 | 38,715,479 | 874,210 | 828,812 | 854,090 | 805,473 | ||||||||||||||||||||||||||||||||
Other derivative activities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 10,244,954 | 11,518,594 | 50,793 | 54,722 | 50,381 | 62,842 | ||||||||||||||||||||||||||||||||
Interest rate swap agreements | 100 | 2,400,100 | 7 | — | — | 2 | ||||||||||||||||||||||||||||||||
Interest rate cap agreements | 1,814,427 | 2,313,672 | 67,732 | 76,019 | — | — | ||||||||||||||||||||||||||||||||
Options for interest rate cap agreements | 1,814,427 | 2,313,672 | — | — | 67,732 | 76,019 | ||||||||||||||||||||||||||||||||
Other | 54,709,920 | 48,543,537 | 51,216 | 42,657 | 71,136 | 126,968 | ||||||||||||||||||||||||||||||||
Total | $ | 107,104,740 | $ | 106,467,054 | $ | 1,060,412 | $ | 1,016,844 | $ | 1,078,768 | $ | 1,102,608 |
Notional | Asset derivatives Fair value | Liability derivatives Fair value | |||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Mortgage banking derivatives: | |||||||||||||||||||||||
Forward commitments to sell loans | $ | 354,698 | $ | 693,137 | $ | 586 | $ | 8,577 | $ | — | $ | — | |||||||||||
Interest rate lock commitments | 181,810 | 253,568 | 2,564 | 2,316 | — | — | |||||||||||||||||
Mortgage servicing | 330,000 | 295,000 | 3,334 | 838 | 605 | 1,635 | |||||||||||||||||
Total mortgage banking risk management | 866,508 | 1,241,705 | 6,484 | 11,731 | 605 | 1,635 | |||||||||||||||||
Customer related derivatives: | |||||||||||||||||||||||
Swaps receive fixed | 9,175,060 | 9,646,151 | 106,446 | 127,123 | 42,410 | 49,642 | |||||||||||||||||
Swaps pay fixed | 9,441,107 | 9,785,170 | 74,067 | 85,877 | 74,939 | 97,759 | |||||||||||||||||
Other | 2,214,898 | 1,611,342 | 15,507 | 3,421 | 13,891 | 1,989 | |||||||||||||||||
Total customer related derivatives | 20,831,065 | 21,042,663 | 196,020 | 216,421 | 131,240 | 149,390 | |||||||||||||||||
Other derivative activities: | |||||||||||||||||||||||
Foreign exchange contracts | 3,056,076 | 3,366,483 | 33,767 | 56,742 | 35,550 | 46,430 | |||||||||||||||||
Interest rate swap agreements | 1,507,232 | 1,064,289 | 8,801 | 2,075 | 1,884 | 2,647 | |||||||||||||||||
Interest rate cap agreements | 11,927,449 | 9,491,468 | 116,646 | 76,387 | 26,255 | — | |||||||||||||||||
Options for interest rate cap agreements | 11,900,578 | 9,463,935 | 26,304 | — | 116,563 | 76,281 | |||||||||||||||||
Total return settlement | — | 658,471 | — | — | — | 30,618 | |||||||||||||||||
Other | 1,239,201 | 1,265,583 | 9,307 | 12,293 | 14,292 | 16,325 | |||||||||||||||||
Total | $ | 51,328,109 | $ | 47,594,597 | $ | 397,329 | $ | 375,649 | $ | 326,389 | $ | 323,326 |
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line Item | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Activity(1) | Line Item | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (2) | Miscellaneous income | $ | — | $ | — | $ | — | $ | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Miscellaneous income | (235 | ) | 190 | (2,397 | ) | 1,959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Activity (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Activity (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay fixed-receive variable interest rate swaps | Net interest income | (1,846 | ) | (254 | ) | (8,317 | ) | (4,379 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pay fixed-receive variable interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay fixed-receive variable interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay variable receive-fixed interest rate swap | Net interest income | (1,668 | ) | — | (7,955 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay variable receive-fixed interest rate swap | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay variable receive-fixed interest rate swap | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments to sell loans | Mortgage banking income | (667 | ) | 4,128 | (7,991 | ) | (4,348 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | (332 | ) | (793 | ) | 248 | 6,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing | Mortgage banking income | 1,525 | (2,803 | ) | 3,525 | 21,024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer related derivatives | Miscellaneous income | 627 | 24,108 | (2,385 | ) | 18,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-related derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-related derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-related derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | Miscellaneous income | 1,951 | 967 | 5,097 | 4,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, caps, and options | Miscellaneous income | 1,918 | 4,329 | 3,429 | (1,790 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | (552 | ) | 12,391 | 3,110 | 42,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, caps, and options | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return settlement | Other administrative expenses | — | 343 | (505 | ) | (2,337 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Miscellaneous income | (303 | ) | (765 | ) | (1,247 | ) | 974 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
Offsetting of Financial Assets | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Cash flow hedges | 40,640 | — | 40,640 | — | 22,524 | 18,116 | ||||||||||||||||||
Other derivative activities(1) | 394,520 | 6,702 | 387,818 | 4,940 | 90,510 | 292,368 | ||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | 435,160 | 6,702 | 428,458 | 4,940 | 113,034 | 310,484 | ||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | 2,809 | — | 2,809 | — | — | 2,809 | ||||||||||||||||||
Total Derivative Assets | $ | 437,969 | $ | 6,702 | $ | 431,267 | $ | 4,940 | $ | 113,034 | $ | 313,293 | ||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Cash flow hedges | $ | 45,681 | $ | — | $ | 45,681 | $ | — | $ | 21,690 | $ | 23,991 | ||||||||||||
Other derivative activities(1) | 374,052 | 7,551 | 366,501 | 4,484 | 39,474 | 322,543 | ||||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | 419,733 | 7,551 | 412,182 | 4,484 | 61,164 | 346,534 | ||||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | 1,597 | — | 1,597 | — | — | 1,597 | ||||||||||||||||||
Total Derivative Assets | $ | 421,330 | $ | 7,551 | $ | 413,779 | $ | 4,484 | $ | 61,164 | $ | 348,131 |
Offsetting of Financial Liabilities | |||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | Cash Collateral Pledged | Net Amount | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||
Cash flow hedges (3) | 56,812 | — | 56,812 | 150,150 | — | ||||||||||||||||
Other derivative activities(1) | 326,389 | 21,503 | 304,886 | 68,896 | 235,990 | ||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | 383,201 | 21,503 | 361,698 | 219,046 | 235,990 | ||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangement | 20,000 | — | 20,000 | — | 20,000 | ||||||||||||||||
Total Financial Liabilities | $ | 403,201 | $ | 21,503 | $ | 381,698 | $ | 219,046 | $ | 255,990 | |||||||||||
December 31, 2016 | |||||||||||||||||||||
Cash flow hedges (3) | $ | 59,812 | $ | — | $ | 59,812 | $ | 110,856 | $ | — | |||||||||||
Other derivative activities(1) | 292,708 | 34,197 | 258,511 | 95,138 | 163,373 | ||||||||||||||||
Total derivatives subject to a master netting arrangement or similar arrangement | 352,520 | 34,197 | 318,323 | 205,994 | 163,373 | ||||||||||||||||
Total derivatives not subject to a master netting arrangement or similar arrangement(2) | 30,618 | — | 30,618 | — | 30,618 | ||||||||||||||||
Total Derivative Liabilities | $ | 383,138 | $ | 34,197 | $ | 348,941 | $ | 205,994 | $ | 193,991 |
Offsetting of Financial Assets | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | Collateral Received (2) | Net Amount | |||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | $ | 66,931 | $ | — | $ | 66,931 | $ | (32,121) | $ | 34,810 | ||||||||||||||||||||||||||||
Cash flow hedges | 65,171 | — | 65,171 | (62,168) | 3,003 | |||||||||||||||||||||||||||||||||
Other derivative activities (1) | 1,060,412 | (32,183) | 1,028,229 | (290,159) | 738,070 | |||||||||||||||||||||||||||||||||
Total Derivative Assets | $ | 1,192,514 | $ | (32,183) | $ | 1,160,331 | $ | (384,448) | $ | 775,883 | ||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | $ | 38,904 | $ | — | $ | 38,904 | $ | (11,300) | $ | 27,604 | ||||||||||||||||||||||||||||
Cash flow hedges | 36,510 | — | 36,510 | (22,935) | 13,575 | |||||||||||||||||||||||||||||||||
Other derivative activities (1) | 1,016,844 | (2,064) | 1,014,780 | (170,835) | 843,945 | |||||||||||||||||||||||||||||||||
Total Derivative Assets | $ | 1,092,258 | $ | (2,064) | $ | 1,090,194 | $ | (205,070) | $ | 885,124 | ||||||||||||||||||||||||||||
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | ||||||||||||||||||||||
Three-Month Period Ended September 30, 2017 | June 30, 2017 | September 30, 2017 | |||||||||||||||||||||
Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Change in accumulated gains/(losses) on cash flow hedge derivative financial instruments | $ | 5,298 | $ | (955 | ) | $ | 4,343 | ||||||||||||||||
Reclassification adjustment for net (losses)/gains on cash flow hedge derivative financial instruments (1) | (6,837 | ) | 2,002 | (4,835 | ) | ||||||||||||||||||
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments | (1,539 | ) | 1,047 | (492 | ) | $ | (2,689 | ) | $ | (492 | ) | $ | (3,181 | ) | |||||||||
Change in unrealized gains/(losses) on investment securities available-for-sale | 16,795 | (5,910 | ) | 10,885 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on non-OTTI securities (2) | (6,707 | ) | 2,360 | (4,347 | ) | ||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on OTTI securities | — | — | — | ||||||||||||||||||||
Net unrealized gains/(losses) on investment securities available-for-sale | 10,088 | (3,550 | ) | 6,538 | (94,436 | ) | 6,538 | (87,898 | ) | ||||||||||||||
Pension and post-retirement actuarial gains/(losses)(3) | 912 | (355 | ) | 557 | (54,688 | ) | 557 | (54,131 | ) | ||||||||||||||
As of September 30, 2017 | $ | 9,461 | $ | (2,858 | ) | $ | 6,603 | $ | (151,813 | ) | $ | 6,603 | $ | (145,210 | ) | ||||||||
Offsetting of Financial Liabilities | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | Collateral Pledged (2) | Net Amount | |||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | $ | 2,475 | $ | — | $ | 2,475 | $ | (1,171) | $ | 1,304 | ||||||||||||||||||||||||||||
Cash flow hedges | 333,749 | — | 333,749 | (139,635) | 194,114 | |||||||||||||||||||||||||||||||||
Other derivative activities (1) | 1,078,768 | (32,133) | 1,046,635 | (94,057) | 952,578 | |||||||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | 1,414,992 | $ | (32,133) | $ | 1,382,859 | $ | (234,863) | $ | 1,147,996 | ||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | $ | 9,951 | $ | — | $ | 9,951 | (1,064) | $ | 8,887 | |||||||||||||||||||||||||||||
Cash flow hedges | 362,138 | — | 362,138 | $ | (140,968) | 221,170 | ||||||||||||||||||||||||||||||||
Other derivative activities (1) | 1,102,608 | (2,014) | 1,100,594 | (129,722) | 970,872 | |||||||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | 1,474,697 | $ | (2,014) | $ | 1,472,683 | $ | (271,754) | $ | 1,200,929 | ||||||||||||||||||||||||||||
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | ||||||||||||||||||||||
Nine-Month Period Ended September 30, 2017 | December 31, 2016 | September 30, 2017 | |||||||||||||||||||||
Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Change in accumulated gains/(losses) on cash flow hedge derivative financial instruments | $ | 12,469 | $ | (2,950 | ) | $ | 9,519 | ||||||||||||||||
Reclassification adjustment for net (losses)/gains on cash flow hedge derivative financial instruments (1) | (8,315 | ) | 2,340 | (5,975 | ) | ||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | 4,154 | (610 | ) | 3,544 | $ | (6,725 | ) | $ | 3,544 | $ | (3,181 | ) | |||||||||||
Change in unrealized gains/(losses) on investment securities available-for-sale | 83,175 | (29,892 | ) | 53,283 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on non-OTTI securities (2) | (16,276 | ) | 5,849 | (10,427 | ) | ||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on OTTI securities | — | — | — | ||||||||||||||||||||
Net unrealized gains/(losses) on investment securities available-for-sale | 66,899 | (24,043 | ) | 42,856 | (130,754 | ) | 42,856 | (87,898 | ) | ||||||||||||||
Pension and post-retirement actuarial gains/(losses)(3) | 2,736 | (1,138 | ) | 1,598 | (55,729 | ) | 1,598 | (54,131 | ) | ||||||||||||||
As of September 30, 2017 | $ | 73,789 | $ | (25,791 | ) | $ | 47,998 | $ | (193,208 | ) | $ | 47,998 | $ | (145,210 | ) | ||||||||
Total Other Comprehensive (Loss)/Income | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Three-Month Period Ended September 30, 2016 | June 30, 2016 | September 30, 2016 | |||||||||||||||||||||
Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Change in accumulated gains/(losses) on cash flow hedge derivative financial instruments | $ | 69,464 | $ | (15,775 | ) | $ | 53,689 | ||||||||||||||||
Reclassification adjustment for net gains/(losses) on cash flow hedge derivative financial instruments (1) | 254 | (115 | ) | 139 | |||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | 69,718 | (15,890 | ) | 53,828 | $ | (63,881 | ) | $ | 53,828 | $ | (10,053 | ) | |||||||||||
Change in unrealized (losses)/gains on investment securities available-for-sale | (105,270 | ) | 38,852 | (66,418 | ) | ||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on non-OTTI securities (2) | — | — | — | ||||||||||||||||||||
Reclassification adjustment for net losses/(gains) included in net income/(expense) on OTTI securities (3) | — | — | — | ||||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income | — | — | — | ||||||||||||||||||||
Net unrealized (losses)/gains on investment securities available-for-sale | (105,270 | ) | 38,852 | (66,418 | ) | 83,262 | (66,418 | ) | 16,844 | ||||||||||||||
Pension and post-retirement actuarial losses(4) | (4,085 | ) | (364 | ) | (4,449 | ) | (56,877 | ) | (4,449 | ) | (61,326 | ) | |||||||||||
As of September 30, 2016 | $ | (39,637 | ) | $ | 22,598 | $ | (17,039 | ) | $ | (37,496 | ) | $ | (17,039 | ) | $ | (54,535 | ) | ||||||
Total Other Comprehensive Income/(Loss) | Total Accumulated Other Comprehensive (Loss)/Income | ||||||||||||||||||||||
Nine-Month Period Ended September 30, 2016 | December 31, 2015 | September 30, 2016 | |||||||||||||||||||||
Pretax Activity | Tax Effect | Net Activity | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Change in accumulated (losses)/gains on cash flow hedge derivative financial instruments | $ | (11,538 | ) | $ | 15,117 | $ | 3,579 | ||||||||||||||||
Reclassification adjustment for net gains/(losses) on cash flow hedge derivative financial instruments(1) | 4,379 | (1,430 | ) | 2,949 | |||||||||||||||||||
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments | (7,159 | ) | 13,687 | 6,528 | $ | (16,581 | ) | $ | 6,528 | $ | (10,053 | ) | |||||||||||
Change in unrealized gains/(losses) on investment securities available-for-sale | 246,508 | (99,376 | ) | 147,132 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income/(expense) on non-OTTI securities (2) | (57,770 | ) | 23,398 | (34,372 | ) | ||||||||||||||||||
Reclassification adjustment for net losses/(gains) included in net income/(expense) on OTTI securities (3) | 44 | (18 | ) | 26 | |||||||||||||||||||
Reclassification adjustment for net (gains)/losses included in net income | (57,726 | ) | 23,380 | (34,346 | ) | ||||||||||||||||||
Net unrealized gains/(losses) on investment securities available-for-sale | 188,782 | (75,996 | ) | 112,786 | (95,942 | ) | 112,786 | 16,844 | |||||||||||||||
Pension and post-retirement actuarial losses(4) | (2,227 | ) | (1,092 | ) | (3,319 | ) | (58,007 | ) | (3,319 | ) | (61,326 | ) | |||||||||||
As of September 30, 2016 | $ | 179,396 | $ | (63,401 | ) | $ | 115,995 | $ | (170,530 | ) | $ | 115,995 | $ | (54,535 | ) |
Other Commitments | September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | ||||||||
Commitments to extend credit | $ | 29,128,608 | $ | 28,889,904 | ||||
Letters of credit | 1,608,257 | 2,071,089 | ||||||
Unsecured revolving lines of credit | 27,126 | 30,547 | ||||||
Recourse exposure on sold loans | 70,036 | 69,877 | ||||||
Commitments to sell loans | 29,010 | 49,121 | ||||||
Total commitments | $ | 30,863,037 | $ | 31,110,538 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
1 year or less | $ | 5,223,450 | $ | 5,656,552 | ||||
Over 1 year to 3 years | 5,226,031 | 5,265,685 | ||||||
Over 3 years to 5 years | 3,909,397 | 4,680,057 | ||||||
Over 5 years (1) | 14,769,730 | 13,287,610 | ||||||
Total | $ | 29,128,608 | $ | 28,889,904 |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
1 year or less | $ | 1,047,330 | $ | 1,360,495 | ||||
Over 1 year to 3 years | 463,334 | 399,866 | ||||||
Over 3 years to 5 years | 68,451 | 283,975 | ||||||
Over 5 years | 29,142 | 26,753 | ||||||
Total | $ | 1,608,257 | $ | 2,071,089 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Financial assets: | |||||||||||||||
U.S. Treasury securities | $ | 179,473 | $ | 1,488,634 | $ | — | $ | 1,668,107 | |||||||
Corporate debt | — | 43,895 | — | 43,895 | |||||||||||
ABS | — | 165,649 | 370,184 | 535,833 | |||||||||||
Equity securities(1) | — | — | — | — | |||||||||||
State and municipal securities | — | 25 | — | 25 | |||||||||||
MBS | — | 14,974,359 | — | 14,974,359 | |||||||||||
Total investment securities AFS(1) | 179,473 | 16,672,562 | 370,184 | 17,222,219 | |||||||||||
Trading securities | 1 | 9,097 | — | 9,098 | |||||||||||
RICs held-for-investment | — | — | 204,694 | 204,694 | |||||||||||
LHFS (2) | — | 198,254 | — | 198,254 | |||||||||||
MSRs (3) | — | — | 143,524 | 143,524 | |||||||||||
Derivatives: | |||||||||||||||
Cash flow | — | 40,640 | — | 40,640 | |||||||||||
Mortgage banking interest rate lock commitments | — | — | 2,564 | 2,564 | |||||||||||
Mortgage banking forward sell commitments | — | 577 | 9 | 586 | |||||||||||
Customer related | — | 196,020 | — | 196,020 | |||||||||||
Foreign exchange | — | 33,767 | — | 33,767 | |||||||||||
Mortgage servicing | — | 3,334 | — | 3,334 | |||||||||||
Interest rate swap agreements | — | 8,801 | — | 8,801 | |||||||||||
Interest rate cap agreements | — | 142,950 | — | 142,950 | |||||||||||
Other | — | 9,307 | — | 9,307 | |||||||||||
Total financial assets | $ | 179,474 | $ | 17,315,309 | $ | 720,975 | $ | 18,215,758 | |||||||
Financial liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Cash flow | $ | — | $ | 56,812 | $ | — | $ | 56,812 | |||||||
Customer related | — | 131,240 | — | 131,240 | |||||||||||
Foreign exchange | — | 35,550 | — | 35,550 | |||||||||||
Mortgage servicing | — | 605 | — | 605 | |||||||||||
Interest rate swaps | — | 1,884 | — | 1,884 | |||||||||||
Interest rate cap agreements | — | 26,255 | — | 26,255 | |||||||||||
Option for interest rate cap | — | 116,563 | — | 116,563 | |||||||||||
Total return settlement | — | — | — | — | |||||||||||
Other | — | 13,597 | 695 | 14,292 | |||||||||||
Total financial liabilities | $ | — | $ | 382,506 | $ | 695 | $ | 383,201 |
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at March 31, 2024 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 226,359 | $ | — | $ | — | $ | 226,359 | $ | 25,409 | $ | — | $ | — | $ | 25,409 | ||||||||||||||||||||||||||||||||||
Corporate debt | — | 2,130 | — | 2,130 | — | 31,590 | — | 31,590 | ||||||||||||||||||||||||||||||||||||||||||
ABS | — | 549,739 | — | 549,739 | — | 510,663 | — | 510,663 | ||||||||||||||||||||||||||||||||||||||||||
Beneficial interest in Structured LLC | — | — | 1,082,349 | 1,082,349 | — | 1,122,510 | — | 1,122,510 | ||||||||||||||||||||||||||||||||||||||||||
MBS | — | 5,230,937 | — | 5,230,937 | — | 5,349,365 | — | 5,349,365 | ||||||||||||||||||||||||||||||||||||||||||
Investment in debt securities AFS (2) | $ | 226,359 | $ | 5,782,806 | $ | 1,082,349 | $ | 7,091,514 | $ | 25,409 | $ | 7,014,128 | $ | — | $ | 7,039,537 | ||||||||||||||||||||||||||||||||||
Trading securities | 1,593,249 | 7,404,215 | 6,148 | 9,003,612 | 1,637,908 | 6,329,031 | 936 | 7,967,875 | ||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | — | 604,292 | — | 604,292 | — | 2,112,292 | — | 2,112,292 | ||||||||||||||||||||||||||||||||||||||||||
RICs HFI (3) | — | — | 12,494 | 12,494 | — | — | 13,888 | 13,888 | ||||||||||||||||||||||||||||||||||||||||||
LHFS (1)(4) | — | 535,373 | — | 535,373 | — | 19,464 | — | 19,464 | ||||||||||||||||||||||||||||||||||||||||||
MSRs | — | — | 95,776 | 95,776 | — | — | 94,266 | 94,266 | ||||||||||||||||||||||||||||||||||||||||||
Other assets - derivatives (2) | 586 | 1,159,713 | 32 | 1,160,331 | 4,807 | 1,085,333 | 54 | 1,090,194 | ||||||||||||||||||||||||||||||||||||||||||
Total financial assets (5) | $ | 1,820,194 | $ | 15,486,399 | $ | 1,196,799 | $ | 18,503,392 | $ | 1,668,124 | $ | 16,560,248 | $ | 109,144 | $ | 18,337,516 | ||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | $ | — | $ | 362,103 | $ | — | $ | 362,103 | $ | — | $ | 595,414 | $ | — | $ | 595,414 | ||||||||||||||||||||||||||||||||||
Trading liabilities | 2,665,439 | 295,178 | — | 2,960,617 | 2,371,823 | 327,293 | 384 | 2,699,500 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities - derivatives (2) | 134 | 1,382,360 | 365 | 1,382,859 | 5,914 | 1,466,119 | 650 | 1,472,683 | ||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 2,665,573 | $ | 2,039,641 | $ | 365 | $ | 4,705,579 | $ | 2,377,737 | $ | 2,388,826 | $ | 1,034 | $ | 4,767,597 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Financial assets: | |||||||||||||||
U.S. Treasury securities | $ | 224,506 | $ | 1,632,351 | $ | — | $ | 1,856,857 | |||||||
ABS | — | 396,157 | 814,567 | 1,210,724 | |||||||||||
Equity securities(1) | 544 | — | — | 544 | |||||||||||
State and municipal securities | — | 30 | — | 30 | |||||||||||
MBS | — | 13,945,463 | — | 13,945,463 | |||||||||||
Total investment securities AFS(1) | 225,050 | 15,974,001 | 814,567 | 17,013,618 | |||||||||||
Trading securities | 214 | 1,416 | — | 1,630 | |||||||||||
RICs held-for-investment | — | — | 217,170 | 217,170 | |||||||||||
LHFS (2) | — | 453,293 | — | 453,293 | |||||||||||
MSRs (3) | — | — | 146,589 | 146,589 | |||||||||||
Derivatives: | |||||||||||||||
Cash flow | — | 45,681 | — | 45,681 | |||||||||||
Mortgage banking interest rate lock commitments | — | — | 2,316 | 2,316 | |||||||||||
Mortgage banking forward sell commitments | — | 8,575 | 2 | 8,577 | |||||||||||
Customer related | — | 216,421 | — | 216,421 | |||||||||||
Foreign exchange | — | 56,742 | — | 56,742 | |||||||||||
Mortgage servicing | — | 838 | — | 838 | |||||||||||
Interest rate swap agreements | — | 2,075 | — | 2,075 | |||||||||||
Interest rate cap agreements | — | 76,387 | — | 76,387 | |||||||||||
Other | — | 12,293 | — | 12,293 | |||||||||||
Total financial assets | $ | 225,264 | $ | 16,847,722 | $ | 1,180,644 | $ | 18,253,630 | |||||||
Financial liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Cash flow | $ | — | $ | 59,812 | $ | — | $ | 59,812 | |||||||
Customer related | — | 149,390 | — | 149,390 | |||||||||||
Foreign exchange | — | 46,430 | — | 46,430 | |||||||||||
Mortgage servicing | — | 1,635 | — | 1,635 | |||||||||||
Interest rate swaps | — | 2,647 | — | 2,647 | |||||||||||
Option for interest rate cap | — | 76,281 | — | 76,281 | |||||||||||
Total return settlement | — | — | 30,618 | 30,618 | |||||||||||
Other | — | 15,625 | 700 | 16,325 | |||||||||||
Total financial liabilities | $ | — | $ | 351,820 | $ | 31,318 | $ | 383,138 |
Three months ended March 31, 2024 | Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Beneficial interest in Structured, LLC | RICs HFI | MSRs | Derivatives, net | Other | Total | RICs HFI | MSRs | Derivatives, net | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, beginning of period | $ | — | $ | 13,888 | $ | 94,266 | $ | (596) | $ | 552 | $ | 108,110 | $ | 20,924 | $ | 107,383 | $ | (2,210) | $ | 139 | $ | 126,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain / (losses) in OCI | (23,469) | — | — | — | — | (23,469) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) in earnings | — | — | 3,848 | 263 | (9) | 4,102 | — | (2,539) | (169) | (2) | (2,710) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions/Issuances | — | — | — | — | 465 | 465 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer from Level 2 | 1,122,510 | — | — | — | 5,576 | 1,128,086 | — | — | — | 2,219 | 2,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements (1) | (16,692) | (1,394) | (2,338) | — | (436) | (20,860) | (2,100) | (2,534) | — | — | (4,634) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, end of period | $ | 1,082,349 | $ | 12,494 | $ | 95,776 | $ | (333) | $ | 6,148 | $ | 1,196,434 | $ | 18,824 | $ | 102,310 | $ | (2,379) | $ | 2,356 | $ | 121,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ | — | $ | — | $ | 3,848 | $ | 263 | $ | (9) | $ | 4,102 | $ | — | $ | (2,539) | $ | (169) | $ | (2) | $ | (2,710) |
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at March 31, 2024 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Impaired commercial LHFI | $ | — | $ | 137,370 | $ | 96,774 | $ | 234,144 | $ | — | $ | 230,443 | $ | 41,432 | $ | 271,875 | ||||||||||||||||||||||||||||||||||
Foreclosed assets | — | 20,922 | — | 20,922 | — | 24,588 | — | 24,588 | ||||||||||||||||||||||||||||||||||||||||||
Vehicle inventory | — | 356,793 | — | 356,793 | — | 311,321 | — | 311,321 | ||||||||||||||||||||||||||||||||||||||||||
LHFS | — | — | 60,978 | 60,978 | — | — | 140,655 | 140,655 | ||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | — | 139,709 | — | 139,709 | — | 154,684 | — | 154,684 | ||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
September 30, 2017 | |||||||||||||||
Impaired LHFI | $ | — | $ | 201,030 | $ | 303,996 | $ | 505,026 | |||||||
Foreclosed assets | — | 21,875 | 117,124 | 138,999 | |||||||||||
Vehicle inventory | — | 206,076 | — | 206,076 | |||||||||||
LHFS(1) | — | — | 1,789,860 | 1,789,860 | |||||||||||
Auto loans impaired due to bankruptcy | — | 101,990 | — | 101,990 | |||||||||||
MSRs | — | — | 9,276 | 9,276 | |||||||||||
December 31, 2016 | |||||||||||||||
Impaired LHFI | $ | 13,147 | $ | 244,986 | $ | 265,664 | $ | 523,797 | |||||||
Foreclosed assets | — | 30,792 | 79,721 | 110,513 | |||||||||||
Vehicle inventory | — | 257,659 | — | 257,659 | |||||||||||
LHFS(1) | — | — | 2,133,040 | 2,133,040 | |||||||||||
MSRs | — | — | 10,287 | 10,287 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired LHFI | |||||||||||||||||||||||||||||||||||||||||||
Impaired LHFI | |||||||||||||||||||||||||||||||||||||||||||
Impaired LHFI | |||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||||||||||||||||||||||
LHFS | |||||||||||||||||||||||||||||||||||||||||||
LHFS | |||||||||||||||||||||||||||||||||||||||||||
LHFS | |||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | |||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | |||||||||||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | |||||||||||||||||||||||||||||||||||||||||||
Statement of Operations Location | Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans held-for-investment | Provision for credit losses | $ | 617 | $ | (14,033 | ) | $ | (26,070 | ) | $ | (127,144 | ) | |||||||||||||||||||||||||||||||
Foreclosed assets | Miscellaneous income(1) | (777 | ) | (1,604 | ) | (5,448 | ) | (6,346 | ) | ||||||||||||||||||||||||||||||||||
LHFS | Provision for credit losses | — | — | (13,200 | ) | — | |||||||||||||||||||||||||||||||||||||
LHFS | Miscellaneous income(1) | (84,840 | ) | (107,526 | ) | (246,882 | ) | (266,506 | ) | ||||||||||||||||||||||||||||||||||
Auto loans impaired due to bankruptcy | Provision for credit losses | (17,471 | ) | — | (65,584 | ) | — | ||||||||||||||||||||||||||||||||||||
MSRs | Mortgage banking income, net | 123 | 301 | 320 | 962 | ||||||||||||||||||||||||||||||||||||||
$ | (102,348 | ) | $ | (122,862 | ) | $ | (356,864 | ) | $ | (399,034 | ) |
Three-Month Period Ended September 30, 2017 | |||||||||||||||||||
Investments AFS | RICs Held for Investment | MSRs | Derivatives | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, June 30, 2017 | $ | 587,571 | $ | 207,216 | $ | 146,091 | $ | (29,020 | ) | $ | 911,858 | ||||||||
Losses in other comprehensive income | (1,506 | ) | — | — | — | (1,506 | ) | ||||||||||||
Gains/(losses) in earnings | — | 27,759 | (1,578 | ) | (324 | ) | 25,857 | ||||||||||||
Additions/Issuances | — | — | 4,099 | — | 4,099 | ||||||||||||||
Settlements(1) | (215,881 | ) | (30,281 | ) | (5,088 | ) | 31,222 | (220,028 | ) | ||||||||||
Balance, September 30, 2017 | $ | 370,184 | $ | 204,694 | $ | 143,524 | $ | 1,878 | $ | 720,280 | |||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at September 30, 2017 | $ | — | $ | 27,759 | $ | (1,578 | ) | $ | 8 | $ | 26,189 | ||||||||
Nine-Month Period Ended September 30, 2017 | |||||||||||||||||||
Investments AFS | RICs Held for Investment | MSRs | Derivatives | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, December 31, 2016 | $ | 814,567 | $ | 217,170 | $ | 146,589 | $ | (29,000 | ) | $ | 1,149,326 | ||||||||
Losses in other comprehensive income | (4,184 | ) | — | — | — | (4,184 | ) | ||||||||||||
Gains/(losses) in earnings | — | 49,392 | (1,315 | ) | (539 | ) | 47,538 | ||||||||||||
Additions/Issuances | — | 19,727 | 12,696 | — | 32,423 | ||||||||||||||
Settlements(1) | (440,199 | ) | (81,595 | ) | (14,446 | ) | 31,417 | (504,823 | ) | ||||||||||
Balance, September 30, 2017 | $ | 370,184 | $ | 204,694 | $ | 143,524 | $ | 1,878 | $ | 720,280 | |||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at September 30, 2017 | $ | — | $ | 49,392 | $ | (1,315 | ) | $ | (787 | ) | $ | 47,290 |
Three-Month Period Ended September 30, 2016 | |||||||||||||||||||
Investments AFS | RICs Held for Investment | MSRs | Derivatives | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, June 30, 2016 | $ | 1,526,691 | $ | 250,703 | $ | 117,792 | $ | (44,378 | ) | $ | 1,850,808 | ||||||||
Gains in other comprehensive income | 3,879 | — | — | — | 3,879 | ||||||||||||||
Gains/(losses) in earnings | — | 31,814 | 7,711 | (478 | ) | 39,047 | |||||||||||||
Additions/Issuances | 9,479 | — | 6,058 | — | 15,537 | ||||||||||||||
Settlements(1) | (217,870 | ) | (64,974 | ) | (5,447 | ) | 23,434 | (264,857 | ) | ||||||||||
Balance, September 30, 2016 | $ | 1,322,179 | $ | 217,543 | $ | 126,114 | $ | (21,422 | ) | $ | 1,644,414 | ||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at September 30, 2016 | $ | — | $ | 31,814 | $ | 7,711 | $ | 315 | $ | 39,840 | |||||||||
Nine-Month Period Ended September 30, 2016 | |||||||||||||||||||
Investments AFS | RICs Held for Investment | MSRs | Derivatives | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance, December 31, 2015 | $ | 1,360,240 | $ | 328,655 | $ | 147,233 | $ | (51,278 | ) | $ | 1,784,850 | ||||||||
Gains in other comprehensive income | 6,088 | — | — | — | 6,088 | ||||||||||||||
Gains/(losses) in earnings | — | 85,169 | (18,113 | ) | 3,657 | 70,713 | |||||||||||||
Additions/Issuances | 509,006 | — | 14,450 | — | 523,456 | ||||||||||||||
Settlements(1) | (553,155 | ) | (196,281 | ) | (17,456 | ) | 26,199 | (740,693 | ) | ||||||||||
Balance, September 30, 2016 | $ | 1,322,179 | $ | 217,543 | $ | 126,114 | $ | (21,422 | ) | $ | 1,644,414 | ||||||||
Changes in unrealized gains (losses) included in earnings related to balances still held at September 30, 2016 | $ | — | $ | 85,169 | $ | (18,113 | ) | $ | (2,988 | ) | $ | 64,068 |
Fair Value at September 30, 2017 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | |||||||
(in thousands) | ||||||||||
Financial Assets: | ||||||||||
ABS | ||||||||||
Financing bonds | $ | 323,583 | DCF | Discount Rate (1) | 1.52% - 2.37% (2.01% ) | |||||
Sale-leaseback securities | $ | 46,601 | Consensus Pricing (2) | Offered quotes (3) | 123.03 | % | ||||
RICs held for investment | $ | 204,694 | DCF | Prepayment rate (CPR) (4) | 6.66 | % | ||||
Discount Rate (5) | 9.5% - 14.5% (10.75% ) | |||||||||
Recovery Rate (6) | 25% - 43% (36.65% ) | |||||||||
MSRs | $ | 143,524 | DCF | Prepayment rate (CPR) (7) | [0.20% - 55.47%] (9.63% ) | |||||
Discount Rate (8) | 9.90 | % | ||||||||
Mortgage banking interest rate lock commitments | $ | 2,564 | DCF | Pull through percentage (9) | 77.00 | % | ||||
MSR value (10) | [0.733% - 1.032]% (0.97%) |
(dollars in thousands) | Fair Value at March 31, 2024 (3) | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||
Beneficial interest in Structured LLC | $ | 1,082,349 | DCF | Discount rate (1) | 11.50% | |||||||||||||||||||||
Loss severity rate | 0.00% -100.00% | |||||||||||||||||||||||||
Extension of Loan | 0 to 60 months | |||||||||||||||||||||||||
MSRs | $ | 95,776 | DCF | CPR (2) | 0.00% - 100.00% (7.48%) | |||||||||||||||||||||
Discount rate (1) | 9.81 | % | ||||||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2023 (3) | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | |||||||||||||||||||
MSRs | $ | 94,266 | DCF | CPR (2) | 0.00% - 100.00% (7.53%) | ||||||||||||||||||
Discount rate (3) | 9.81 | % | |||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and amounts due from depository institutions | $ | 7,909,625 | $ | 7,909,625 | $ | 7,909,625 | $ | — | $ | — | |||||||||
AFS investment securities(1) | 17,222,219 | 17,222,219 | 179,473 | 16,672,562 | 370,184 | ||||||||||||||
Held to maturity investment securities | 1,560,850 | 1,542,093 | — | 1,542,093 | — | ||||||||||||||
Trading securities | 9,098 | 9,098 | 1 | 9,097 | — | ||||||||||||||
LHFI, net | 77,592,554 | 78,414,389 | — | 111,030 | 78,303,359 | ||||||||||||||
LHFS | 1,988,097 | 1,988,114 | — | 198,254 | 1,789,860 | ||||||||||||||
Restricted cash | 3,033,587 | 3,033,587 | 3,033,587 | — | — | ||||||||||||||
MSRs(2) | 146,958 | 152,800 | — | — | 152,800 | ||||||||||||||
Derivatives | 437,969 | 437,969 | — | 435,396 | 2,573 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | 61,877,808 | 61,856,395 | 56,143,166 | 5,713,229 | — | ||||||||||||||
Borrowings and other debt obligations | 41,351,374 | 41,630,193 | 579 | 26,969,565 | 14,660,049 | ||||||||||||||
Derivatives | 383,201 | 383,201 | — | 382,506 | 695 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and amounts due from depository institutions | $ | 10,035,859 | $ | 10,035,859 | $ | 10,035,859 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS investment securities(1) | 17,013,618 | 17,013,618 | 225,050 | 15,974,001 | 814,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity investment securities | 1,658,644 | 1,635,413 | — | 1,635,413 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 1,630 | 1,630 | 214 | 1,416 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities HTM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities and other investments (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFI, net | 82,005,321 | 81,955,122 | 13,147 | 244,986 | 81,696,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS | 2,586,308 | 2,586,333 | — | 453,293 | 2,133,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 3,016,948 | 3,016,948 | 3,016,948 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs(2) | 150,343 | 156,876 | — | — | 156,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 421,330 | 421,330 | — | 419,012 | 2,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 67,240,690 | 67,141,041 | 58,067,792 | 9,073,249 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and other debt obligations | 43,524,445 | 43,770,267 | 830 | 26,132,197 | 17,637,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 383,138 | 383,138 | — | 351,820 | 31,318 |
March 31, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Fair Value | Principal Balance | Difference | Fair Value | Principal Balance | Difference | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LHFS(1) | $ | 198,254 | $ | 194,099 | $ | 4,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RICs held-for-investment | 204,694 | 233,734 | (29,040 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RICs HFI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RICs HFI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RICs HFI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | 17,686 | 23,476 | (5,790 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Financing Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements or similar arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||
Consumer and commercial fees | $ | 84,217 | $ | 90,329 | ||||||||||||||||||||||||||||
Lease income | 593,447 | 628,424 | ||||||||||||||||||||||||||||||
Capital market revenue | 115,970 | 37,082 | ||||||||||||||||||||||||||||||
Miscellaneous income, net | ||||||||||||||||||||||||||||||||
Mortgage banking income, net | 13,750 | 4,184 | ||||||||||||||||||||||||||||||
BOLI | 18,194 | 15,570 | ||||||||||||||||||||||||||||||
Net gain on sale of operating leases | 22,759 | 22,383 | ||||||||||||||||||||||||||||||
Asset and wealth management fees | 80,603 | 61,133 | ||||||||||||||||||||||||||||||
(Loss) / gain on non-mortgage loans | (740) | (4,701) | ||||||||||||||||||||||||||||||
Other miscellaneous income, net | (55,635) | 8,903 | ||||||||||||||||||||||||||||||
Net gain / (loss) on sale of investment securities | 65,166 | 36,960 | ||||||||||||||||||||||||||||||
Total Non-interest income | $ | 937,731 | $ | 900,267 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||
In-scope of revenue from contracts with customers: | ||||||||||||||||||||||||||||||||
Depository services (1) | $ | 31,048 | $ | 31,695 | ||||||||||||||||||||||||||||
Commission and trailer fees (2) | 77,063 | 57,626 | ||||||||||||||||||||||||||||||
Interchange income, net (2) | 19,116 | 17,525 | ||||||||||||||||||||||||||||||
Underwriting service fees (2) | 73,492 | 27,961 | ||||||||||||||||||||||||||||||
Asset and wealth management fees (2) | 47,821 | 30,105 | ||||||||||||||||||||||||||||||
Other revenue from contracts with customers (2) | 2,122 | 11,948 | ||||||||||||||||||||||||||||||
Total in-scope of revenue from contracts with customers | 250,662 | 176,860 | ||||||||||||||||||||||||||||||
Out-of-scope of revenue from contracts with customers: | ||||||||||||||||||||||||||||||||
Consumer and commercial fees (3) | 34,952 | 41,626 | ||||||||||||||||||||||||||||||
Lease income | 593,447 | 628,424 | ||||||||||||||||||||||||||||||
Other miscellaneous income, net (3) | (6,496) | 16,397 | ||||||||||||||||||||||||||||||
Net gain / (loss) on sale of investment securities | 65,166 | 36,960 | ||||||||||||||||||||||||||||||
Total out-of-scope of revenue from contracts with customers | 687,069 | 723,407 | ||||||||||||||||||||||||||||||
Total non-interest income | $ | 937,731 | $ | 900,267 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||
Amortization of intangibles | $ | 9,581 | $ | 10,446 | ||||||||||||||||||||||||||||
Deposit insurance premiums and other expenses | 16,604 | 18,757 | ||||||||||||||||||||||||||||||
Other administrative expenses | 94,975 | 86,578 | ||||||||||||||||||||||||||||||
Other miscellaneous expenses | 17,385 | 5,198 | ||||||||||||||||||||||||||||||
Total Other expenses | $ | 138,545 | $ | 120,979 |
Other Commitments | March 31, 2024 | December 31, 2023 | ||||||||||||
(in thousands) | ||||||||||||||
Commitments to extend credit | $ | 24,846,809 | $ | 25,239,691 | ||||||||||
Letters of credit | 1,084,701 | 1,168,681 | ||||||||||||
Recourse exposure on sold loans | 18,157 | 18,546 | ||||||||||||
Total commitments | $ | 25,949,667 | $ | 26,426,918 |
Agreement or Legal Matter | Commitment or Contingency | March 31, 2024 | December 31, 2023 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
MPLFA | Revenue-sharing and gain/(loss), net-sharing payments | $ | 11,129 | $ | 10,302 | |||||||||||||||
Three months ended | SHUSA Reportable Segments | |||||||||||||||||||||||||||||||
Consumer Activities | Commercial Activities | |||||||||||||||||||||||||||||||
March 31, 2024 | Auto | CBB | C&I | CRE | CIB | Wealth Management | Other(1) | Total | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net interest income / (expense) | $ | 885,622 | $ | 377,814 | $ | 86,401 | $ | 124,191 | $ | 26,911 | $ | 60,684 | $ | (184,114) | $ | 1,377,509 | ||||||||||||||||
Non-interest income | 571,158 | 61,348 | 14,070 | 8,953 | 164,850 | 83,732 | 33,620 | 937,731 | ||||||||||||||||||||||||
Credit loss expense / (benefit) | 379,652 | 52,034 | (21,395) | 8,737 | (12,743) | — | (1,287) | 404,998 | ||||||||||||||||||||||||
Total expenses | 807,303 | 353,005 | 52,986 | 32,366 | 195,479 | 66,870 | 51,272 | 1,559,281 | ||||||||||||||||||||||||
Income/(loss) before income taxes | 269,825 | 34,123 | 68,880 | 92,041 | 9,025 | 77,546 | (200,479) | 350,961 | ||||||||||||||||||||||||
Total assets | 61,259,798 | 11,747,388 | 4,080,901 | 23,845,435 | 26,842,241 | 7,322,916 | 30,667,061 | 165,765,740 | ||||||||||||||||||||||||
(1) Other includes the results of the immaterial entities, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and the Company's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. | ||||||||||||||||||||||||||||||||
Three months ended | SHUSA Reportable Segments | |||||||||||||||||||||||||||||||
Consumer Activities | Commercial Activities | |||||||||||||||||||||||||||||||
March 31, 2023 | Auto | CBB | C&I | CRE | CIB | Wealth Management | Other(1) | Total | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net interest income / (expense) | $ | 920,272 | $ | 400,246 | $ | 82,942 | $ | 105,132 | $ | 59,789 | $ | 70,019 | $ | (128,006) | $ | 1,510,394 | ||||||||||||||||
Non-interest income | 650,683 | 65,974 | 10,929 | 4,997 | 89,735 | 57,655 | 20,294 | 900,267 | ||||||||||||||||||||||||
Credit loss expense / (benefit) | 417,766 | 109,095 | 2,094 | 30,383 | (11,122) | — | (5,815) | 542,401 | ||||||||||||||||||||||||
Total expenses | 824,726 | 368,348 | 59,023 | 31,781 | 120,139 | 68,522 | 70,635 | 1,543,174 | ||||||||||||||||||||||||
Income/(loss) before income taxes | 328,463 | (11,223) | 32,754 | 47,965 | 40,507 | 59,152 | (172,532) | 325,086 | ||||||||||||||||||||||||
Total assets | 62,163,190 | 13,174,180 | 6,021,239 | 21,921,029 | 36,282,779 | 8,267,535 | 29,727,891 | 177,557,843 | ||||||||||||||||||||||||
(1) Refer to corresponding notes above. | ||||||||||||||||||||||||||||||||
For the Three-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||
September 30, 2017 | Consumer & Business Banking | Commercial Banking | Commercial Real Estate | GCB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 324,539 | $ | 87,176 | $ | 72,870 | $ | 35,494 | $ | 27,665 | $ | 989,140 | $ | 31,731 | $ | 5,445 | $ | 1,574,060 | |||||||||||
Total non-interest income | 100,583 | 15,837 | 2,855 | 23,205 | 181,047 | 496,728 | (13,779 | ) | (11,754 | ) | 794,722 | ||||||||||||||||||
Provision for credit losses | 20,716 | 5,857 | (2,824 | ) | 11,599 | 48,812 | 536,447 | 31,513 | — | 652,120 | |||||||||||||||||||
Total expenses | 379,299 | 51,677 | 17,530 | 24,615 | 234,270 | 671,648 | 10,946 | (3,798 | ) | 1,386,187 | |||||||||||||||||||
Income/(loss) before income taxes | 25,107 | 45,479 | 61,019 | 22,485 | (74,370 | ) | 277,773 | (24,507 | ) | (2,511 | ) | 330,475 | |||||||||||||||||
Intersegment revenue/(expense)(1) | 3,076 | 1,619 | 500 | (1,823 | ) | (3,372 | ) | — | — | — | — | ||||||||||||||||||
Total assets | 19,716,199 | 11,606,759 | 14,073,894 | 6,109,131 | 41,714,577 | 38,765,557 | — | — | 131,986,117 |
For the Nine-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||
September 30, 2017 | Consumer & Business Banking | Commercial Banking | Commercial Real Estate | GCB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 945,102 | $ | 259,502 | $ | 220,580 | $ | 119,968 | $ | 62,738 | $ | 3,085,739 | $ | 103,132 | $ | 21,612 | $ | 4,818,373 | |||||||||||
Total non-interest income | 282,360 | 45,729 | 8,121 | 48,808 | 548,945 | 1,363,948 | (12,044 | ) | (33,756 | ) | 2,252,111 | ||||||||||||||||||
Provision for credit losses | 64,577 | 16,115 | (8,784 | ) | 23,871 | 80,472 | 1,692,015 | 124,068 | — | 1,992,334 | |||||||||||||||||||
Total expenses | 1,169,247 | 154,587 | 57,162 | 75,945 | 739,912 | 1,910,365 | 34,326 | (16,261 | ) | 4,125,283 | |||||||||||||||||||
Income/(loss) before income taxes | (6,362 | ) | 134,529 | 180,323 | 68,960 | (208,701 | ) | 847,307 | (67,306 | ) | 4,117 | 952,867 | |||||||||||||||||
Intersegment revenue/(expense)(1) | 9,226 | 4,553 | 1,997 | (5,867 | ) | (9,909 | ) | — | — | — | — | ||||||||||||||||||
Total assets | 19,716,199 | 11,606,759 | 14,073,894 | 6,109,131 | 41,714,577 | 38,765,557 | — | — | 131,986,117 |
For the Three-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||
September 30, 2016 | Consumer & Business Banking | Commercial Banking | Commercial Real Estate | GCB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 297,952 | $ | 91,259 | $ | 74,992 | $ | 60,436 | $ | (45,680 | ) | $ | 1,095,060 | $ | 42,566 | $ | 4,545 | $ | 1,621,130 | ||||||||||
Total non-interest income | 104,736 | 16,947 | 5,124 | 26,319 | 189,825 | 389,375 | 9,071 | (13,824 | ) | 727,573 | |||||||||||||||||||
Provision for credit losses | 19,872 | (20,162 | ) | 2,945 | (2,487 | ) | 4,426 | 610,398 | 72,920 | — | 687,912 | ||||||||||||||||||
Total expenses | 395,759 | 51,156 | 20,556 | 26,830 | 260,723 | 570,017 | 13,956 | (12,172 | ) | 1,326,825 | |||||||||||||||||||
Income/(loss) before income taxes | (12,943 | ) | 77,212 | 56,615 | 62,412 | (121,004 | ) | 304,020 | (35,239 | ) | 2,893 | 333,966 | |||||||||||||||||
Intersegment revenue/(expense)(1) | 9,656 | 3,616 | 2,523 | (702 | ) | (15,093 | ) | — | — | — | — | ||||||||||||||||||
Total assets | 19,735,459 | 12,174,784 | 15,005,335 | 10,551,939 | 43,782,904 | 38,771,636 | — | — | 140,022,057 |
For the Nine-Month Period Ended | SHUSA Reportable Segments | ||||||||||||||||||||||||||||
September 30, 2016 | Consumer & Business Banking | Commercial Banking | Commercial Real Estate | GCB | Other(2) | SC(3) | SC Purchase Price Adjustments(4) | Eliminations(4) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 793,345 | $ | 257,421 | $ | 212,035 | $ | 182,024 | $ | (8,180 | ) | $ | 3,388,276 | $ | 146,419 | $ | 10,477 | $ | 4,981,817 | ||||||||||
Total non-interest income | 297,311 | 51,094 | 16,445 | 65,818 | 608,810 | 1,109,894 | 38,340 | (38,897 | ) | 2,148,815 | |||||||||||||||||||
Provision for credit losses | 40,215 | 32,686 | 23,905 | 28,889 | 31,247 | 1,782,489 | 260,723 | — | 2,200,154 | ||||||||||||||||||||
Total expenses | 1,162,090 | 157,672 | 66,819 | 89,952 | 852,990 | 1,645,156 | 42,585 | (37,497 | ) | 3,979,767 | |||||||||||||||||||
Income/(loss) before income taxes | (111,649 | ) | 118,157 | 137,756 | 129,001 | (283,607 | ) | 1,070,525 | (118,549 | ) | 9,077 | 950,711 | |||||||||||||||||
Intersegment revenue/(expense)(1) | 34,111 | 12,927 | 9,940 | (780 | ) | (56,198 | ) | — | — | — | — | ||||||||||||||||||
Total assets | 19,735,459 | 12,174,784 | 15,005,335 | 10,551,939 | 43,782,904 | 38,771,636 | — | — | 140,022,057 |
Program Year (a) | ||||||||||
1 | 2 | 3 | 4 | 5-10 | ||||||
Retail | 20% | 30% | 40% | 50% | 50% | |||||
Lease | 11% | 14% | 14% | 14% | 15% | |||||
Total | 31% | 44% | 54% | 64% | 65% | |||||
Actual Penetration (b) | 30% | 29% | 26% | 19% | 21% |
March 31, 2024 | ||||||||||||||
Dow Jones Industrial Average | 5.6% | |||||||||||||
S&P 500 | 10.2% | |||||||||||||
NASDAQ Composite | 9.1% |
SANTANDER (1) | SHUSA | SBNA (2) | Overall Outlook | ||||||||||||||||||||||||||||||
Fitch | A / A- | BBB+ | BBB+ | Stable | |||||||||||||||||||||||||||||
Moody's | A2 / Baa1 | Baa2 | Baa1 | ||||||||||||||||||||||||||||||
S&P | A+ / A- | BBB+ | A- | ||||||||||||||||||||||||||||||
Stable |
Three months ended March 31, 2024 and 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 (1) | 2023 (1) | Interest | Change due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate(2) | Average Balance | Interest | Yield/ Rate(2) | Increase/(Decrease) | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 12,168,993 | $ | 217,053 | 7.13 | % | $ | 8,816,468 | $ | 154,365 | 7.00 | % | $ | 62,688 | $ | 59,767 | $ | 2,921 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale or similar agreements, gross (3) | 47,513,633 | 637,711 | 5.37 | % | 48,073,553 | 522,390 | 4.35 | % | 115,321 | (6,031) | 121,352 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale or similar agreements, netting | (37,076,262) | (32,441,091) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale or similar agreements, net | 10,437,371 | 15,632,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS | 7,053,412 | 97,892 | 5.55 | % | 6,942,199 | 66,071 | 3.81 | % | 31,821 | 1,079 | 30,742 | |||||||||||||||||||||||||||||||||||||||||||||||||||
HTM | 8,980,796 | 44,829 | 2.00 | % | 9,489,199 | 47,257 | 1.99 | % | (2,428) | (2,679) | 251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 10,999,523 | 128,691 | 4.68 | % | 7,053,159 | 72,462 | 4.11 | % | 56,229 | 45,062 | 11,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 1,324,375 | 12,691 | 3.83 | % | 1,186,714 | 8,253 | 2.78 | % | 4,438 | 1,043 | 3,395 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL SECURITIES FINANCING ACTIVITIES, INVESTMENTS AND INTEREST-EARNING DEPOSITS | $ | 50,964,470 | $ | 1,138,867 | 8.94 | % | $ | 49,120,201 | $ | 870,798 | 7.09 | % | $ | 268,069 | $ | 98,241 | $ | 169,828 | ||||||||||||||||||||||||||||||||||||||||||||
LOANS (4): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C&I | 12,279,841 | 109,888 | 3.58 | % | 15,815,717 | 137,397 | 3.47 | % | (27,509) | (32,053) | 4,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | 8,941,695 | 169,865 | 7.60 | % | 8,211,846 | 140,480 | 6.84 | % | 29,385 | 13,059 | 16,326 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 7,173,824 | 96,312 | 5.37 | % | 7,550,347 | 82,748 | 4.38 | % | 13,564 | (3,840) | 17,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 10,386,730 | 126,986 | 4.89 | % | 10,080,259 | 112,821 | 4.48 | % | 14,165 | 3,533 | 10,632 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 38,782,090 | 503,051 | 5.19 | % | 41,658,169 | 473,446 | 4.55 | % | 29,605 | (19,301) | 48,906 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 4,770,498 | 41,762 | 3.50 | % | 5,163,843 | 44,553 | 3.45 | % | (2,791) | (3,447) | 656 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2,391,357 | 47,229 | 7.90 | % | 2,923,800 | 49,863 | 6.82 | % | (2,634) | (20,198) | 17,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 7,161,855 | 88,991 | 4.97 | % | 8,087,643 | 94,416 | 4.67 | % | (5,425) | (23,645) | 18,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | 44,068,394 | 1,406,627 | 12.77 | % | 44,542,246 | 1,297,064 | 11.65 | % | 109,563 | (13,630) | 123,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal unsecured | 3,913,665 | 111,906 | 11.44 | % | 4,156,799 | 116,032 | 11.17 | % | (4,126) | (6,654) | 2,528 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 56,315 | 4,444 | 31.57 | % | 88,044 | 393 | 1.79 | % | 4,051 | (90) | 4,141 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 55,200,229 | 1,611,968 | 11.68 | % | 56,874,732 | 1,507,905 | 10.61 | % | 104,063 | (44,019) | 148,082 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 93,982,319 | 2,115,019 | 9.00 | % | 98,532,901 | 1,981,351 | 8.04 | % | 133,668 | (63,320) | 196,988 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL EARNING ASSETS | 144,946,789 | 3,253,886 | 8.98 | % | 147,653,102 | 2,852,149 | 7.73 | % | 401,737 | 34,921 | 366,816 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing assets (5) | 24,114,745 | 26,528,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 169,061,534 | $ | 174,181,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING FUNDING LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 12,086,681 | $ | 45,425 | 1.50 | % | $ | 12,670,006 | $ | 23,651 | 0.75 | % | $ | 21,774 | $ | (1,052) | $ | 22,826 | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 4,253,400 | 2,438 | 0.23 | % | 5,173,298 | 931 | 0.07 | % | 1,507 | (127) | 1,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 25,481,449 | 203,631 | 3.20 | % | 28,149,230 | 127,441 | 1.81 | % | 76,190 | (10,728) | 86,918 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CDs | 19,939,334 | 247,426 | 4.96 | % | 14,667,982 | 136,814 | 3.73 | % | 110,612 | 57,684 | 52,928 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 61,760,864 | 498,920 | 3.23 | % | 60,660,516 | 288,837 | 1.90 | % | 210,083 | 45,777 | 164,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase, gross (3) | 56,519,516 | 763,840 | 5.41 | % | 50,865,267 | 570,275 | 4.48 | % | 193,565 | 67,496 | 126,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase, netting | (37,076,262) | (31,012,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase, net | 19,443,254 | 19,852,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liabilities | 3,434,353 | 39,078 | 4.55 | % | 3,268,665 | 31,856 | 3.90 | % | 7,222 | 1,684 | 5,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 4,961,019 | 62,438 | 5.03 | % | 5,299,833 | 65,421 | 4.94 | % | (2,983) | (4,172) | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 39,246,873 | 512,101 | 5.22 | % | 38,846,370 | 385,366 | 3.97 | % | 126,735 | 4,017 | 122,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL SECURITIES FINANCING ACTIVITIES AND BORROWED FUNDS | 67,085,499 | 1,377,457 | 8.21 | % | 67,267,159 | 1,052,918 | 6.26 | % | 324,539 | 69,025 | 255,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 128,846,363 | 1,876,377 | 5.83 | % | 127,927,675 | 1,341,755 | 4.20 | % | 534,622 | 114,802 | 419,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities (6) | 23,065,692 | 27,963,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 151,912,055 | 155,891,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine equity | 2,000,000 | 498,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 15,149,479 | 17,791,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 169,061,534 | $ | 174,181,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST SPREAD (7) | 3.15 | % | 3.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN (8) | 3.80 | % | 4.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 1,377,509 | $ | 1,510,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 1,574,060 | $ | 1,621,130 | $ | 4,818,373 | $ | 4,981,817 | $ | (47,070 | ) | (2.9 | )% | $ | (163,444 | ) | (3.3 | )% | |||||||||||
Provision for credit losses | (652,120 | ) | (687,912 | ) | (1,992,334 | ) | (2,200,154 | ) | (35,792 | ) | (5.2 | )% | (207,820 | ) | (9.4 | )% | |||||||||||||
Total non-interest income | 794,722 | 727,573 | 2,252,111 | 2,148,815 | 67,149 | 9.2 | % | 103,296 | 4.8 | % | |||||||||||||||||||
General and administrative expenses | (1,343,545 | ) | (1,281,275 | ) | (3,995,019 | ) | (3,775,490 | ) | 62,270 | 4.9 | % | 219,529 | 5.8 | % | |||||||||||||||
Other expenses | (42,642 | ) | (45,550 | ) | (130,264 | ) | (204,277 | ) | (2,908 | ) | (6.4 | )% | (74,013 | ) | (36.2 | )% | |||||||||||||
Income before income taxes | 330,475 | 333,966 | 952,867 | 950,711 | (3,491 | ) | (1.0 | )% | 2,156 | 0.2 | % | ||||||||||||||||||
Income tax provision | (93,448 | ) | (108,320 | ) | (264,368 | ) | (339,968 | ) | (14,872 | ) | (13.7 | )% | (75,600 | ) | (22.2 | )% | |||||||||||||
Net income(1) | $ | 237,027 | $ | 225,646 | $ | 688,499 | $ | 610,743 | $ | 11,381 | 5.0 | % | $ | 77,756 | 12.7 | % |
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||
THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2017 AND 2016 | |||||||||||||||||||||||||||||||
2017 (1) | 2016 (1) | Interest | Change due to | ||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate(2) | Average Balance | Interest | Yield/ Rate(2) | Increase/(Decrease) | Volume | Rate | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
EARNING ASSETS | |||||||||||||||||||||||||||||||
INVESTMENTS AND INTEREST EARNING DEPOSITS | $ | 26,528,717 | $ | 131,516 | 1.98 | % | $ | 23,417,007 | $ | 81,885 | 1.39 | % | $ | 49,631 | $ | 11,832 | $ | 37,799 | |||||||||||||
LOANS(3): | |||||||||||||||||||||||||||||||
Commercial loans | 32,319,061 | 307,933 | 3.81 | % | 37,164,361 | 332,340 | 3.56 | % | (24,407 | ) | (52,902 | ) | 28,495 | ||||||||||||||||||
Multifamily | 8,220,959 | 76,413 | 3.72 | % | 9,110,535 | 82,610 | 3.61 | % | (6,197 | ) | (9,008 | ) | 2,811 | ||||||||||||||||||
Total commercial loans | 40,540,020 | 384,346 | 3.79 | % | 46,274,896 | 414,950 | 3.57 | % | (30,604 | ) | (61,910 | ) | 31,306 | ||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgages | 8,540,609 | 85,956 | 4.03 | % | 7,888,262 | 62,882 | 3.17 | % | 23,074 | 5,390 | 17,684 | ||||||||||||||||||||
Home equity loans and lines of credit | 5,881,885 | 60,736 | 4.13 | % | 6,055,344 | 54,888 | 3.61 | % | 5,848 | (1,451 | ) | 7,299 | |||||||||||||||||||
Total consumer loans secured by real estate | 14,422,494 | 146,692 | 4.07 | % | 13,943,606 | 117,770 | 3.36 | % | 28,922 | 3,939 | 24,983 | ||||||||||||||||||||
RICs and auto loans | 27,381,594 | 1,126,517 | 16.46 | % | 26,922,199 | 1,198,698 | 17.71 | % | (72,181 | ) | 23,011 | (95,192 | ) | ||||||||||||||||||
Personal unsecured | 2,355,848 | 150,951 | 25.63 | % | 2,179,968 | 137,764 | 25.14 | % | 13,187 | 10,621 | 2,566 | ||||||||||||||||||||
Other consumer(4) | 670,318 | 13,878 | 8.28 | % | 879,136 | 19,895 | 9.00 | % | (6,017 | ) | (4,501 | ) | (1,516 | ) | |||||||||||||||||
Total consumer | 44,830,254 | 1,438,038 | 12.83 | % | 43,924,909 | 1,474,127 | 13.35 | % | (36,089 | ) | 33,070 | (69,159 | ) | ||||||||||||||||||
Total loans | 85,370,274 | 1,822,384 | 8.54 | % | 90,199,805 | 1,889,077 | 8.33 | % | (66,693 | ) | (28,840 | ) | (37,853 | ) | |||||||||||||||||
Allowance for loan and lease losses (5) | (3,971,133 | ) | — | — | % | (3,784,242 | ) | — | — | % | |||||||||||||||||||||
NET LOANS | 81,399,141 | 1,822,384 | 8.96 | % | 86,415,563 | 1,889,077 | 8.70 | % | (66,693 | ) | (28,840 | ) | (37,853 | ) | |||||||||||||||||
Intercompany investments | 9,531 | 133 | 5.58 | % | 14,640 | 226 | 6.14 | % | (93 | ) | (74 | ) | (19 | ) | |||||||||||||||||
TOTAL EARNING ASSETS | 107,937,389 | 1,954,033 | 7.24 | % | 109,847,210 | 1,971,188 | 7.14 | % | (17,155 | ) | (17,082 | ) | (73 | ) | |||||||||||||||||
Other assets(6) | 26,566,056 | 29,935,299 | |||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 134,503,445 | $ | 139,782,509 | |||||||||||||||||||||||||||
INTEREST BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 9,851,544 | $ | 6,227 | 0.25 | % | $ | 10,977,842 | $ | 6,384 | 0.23 | % | $ | (157 | ) | $ | (1,030 | ) | $ | 873 | |||||||||||
Savings | 5,967,134 | 2,531 | 0.17 | % | 6,001,890 | 3,299 | 0.22 | % | (768 | ) | (19 | ) | (749 | ) | |||||||||||||||||
Money market | 24,718,439 | 31,977 | 0.52 | % | 25,199,241 | 31,383 | 0.50 | % | 594 | (542 | ) | 1,136 | |||||||||||||||||||
Certificates of deposit ("CDs") | 5,744,488 | 15,972 | 1.11 | % | 9,515,447 | 23,222 | 0.97 | % | (7,250 | ) | (11,403 | ) | 4,153 | ||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 46,281,605 | 56,707 | 0.49 | % | 51,694,420 | 64,288 | 0.49 | % | (7,581 | ) | (12,994 | ) | 5,413 | ||||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||
Federal Home Loan Bank ("FHLB") advances, federal funds, and repurchase agreements | 4,868,414 | 18,973 | 1.56 | % | 7,633,696 | 24,783 | 1.29 | % | (5,810 | ) | (13,761 | ) | 7,951 | ||||||||||||||||||
Other borrowings | 38,570,714 | 304,160 | 3.15 | % | 38,314,163 | 260,761 | 2.71 | % | 43,399 | 1,719 | 41,680 | ||||||||||||||||||||
TOTAL BORROWED FUNDS (7) | 43,439,128 | 323,133 | 2.98 | % | 45,947,859 | 285,544 | 2.47 | % | 37,589 | (12,042 | ) | 49,631 | |||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 89,720,733 | 379,840 | 1.69 | % | 97,642,279 | 349,832 | 1.43 | % | 30,008 | (25,036 | ) | 55,044 | |||||||||||||||||||
Noninterest bearing demand deposits | 15,862,813 | 15,107,001 | |||||||||||||||||||||||||||||
Other liabilities(8) | 5,339,995 | 4,614,098 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES | 110,923,541 | 117,363,378 | |||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 23,579,904 | 22,419,131 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 134,503,445 | $ | 139,782,509 | |||||||||||||||||||||||||||
NET INTEREST SPREAD (9) | 5.55 | % | 5.71 | % | |||||||||||||||||||||||||||
NET INTEREST MARGIN (10) | 5.83 | % | 5.87 | % | |||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 1,574,060 | $ | 1,621,130 |
CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2017 AND 2016 | |||||||||||||||||||||||||||||||
2017 (1) | 2016 (1) | Interest | Change due to | ||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate(2) | Average Balance | Interest | Yield/ Rate(2) | Increase/(Decrease) | Volume | Rate | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
EARNING ASSETS | |||||||||||||||||||||||||||||||
INVESTMENTS AND INTEREST EARNING DEPOSITS | $ | 27,141,702 | $ | 378,698 | 1.86 | % | $ | 25,581,579 | $ | 302,965 | 1.58 | % | $ | 75,733 | $ | 19,388 | $ | 56,345 | |||||||||||||
LOANS(3): | |||||||||||||||||||||||||||||||
Commercial loans | 33,400,685 | 913,332 | 3.65 | % | 37,472,514 | 993,965 | 3.54 | % | (80,633 | ) | (112,927 | ) | 32,294 | ||||||||||||||||||
Multifamily | 8,367,176 | 234,418 | 3.74 | % | 9,223,167 | 250,375 | 3.63 | % | (15,957 | ) | (23,693 | ) | 7,736 | ||||||||||||||||||
Total commercial loans | 41,767,861 | 1,147,750 | 3.66 | % | 46,695,681 | 1,244,340 | 3.56 | % | (96,590 | ) | (136,620 | ) | 40,030 | ||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgages | 8,341,638 | 248,210 | 3.97 | % | 7,816,089 | 187,430 | 3.20 | % | 60,780 | 13,274 | 47,506 | ||||||||||||||||||||
Home equity loans and lines of credit | 5,926,996 | 172,634 | 3.88 | % | 6,095,190 | 165,639 | 3.63 | % | 6,995 | (4,676 | ) | 11,671 | |||||||||||||||||||
Total consumer loans secured by real estate | 14,268,634 | 420,844 | 3.93 | % | 13,911,279 | 353,069 | 3.39 | % | 67,775 | 8,598 | 59,177 | ||||||||||||||||||||
RICs and auto loans | 27,100,719 | 3,444,811 | 16.95 | % | 26,597,271 | 3,657,493 | 18.37 | % | (212,682 | ) | 68,973 | (281,655 | ) | ||||||||||||||||||
Personal unsecured | 2,570,206 | 469,517 | 24.36 | % | 2,341,387 | 436,724 | 24.92 | % | 32,793 | 42,585 | (9,792 | ) | |||||||||||||||||||
Other consumer(4) | 718,719 | 47,317 | 8.78 | % | 940,577 | 63,547 | 9.02 | % | (16,230 | ) | (14,584 | ) | (1,646 | ) | |||||||||||||||||
Total consumer | 44,658,278 | 4,382,489 | 13.08 | % | 43,790,514 | 4,510,833 | 13.76 | % | (128,344 | ) | 105,572 | (233,916 | ) | ||||||||||||||||||
Total loans | 86,426,139 | 5,530,239 | 8.53 | % | 90,486,195 | 5,755,173 | 8.50 | % | (224,934 | ) | (31,048 | ) | (193,886 | ) | |||||||||||||||||
Allowance for loan and lease losses (5) | (3,919,362 | ) | — | — | % | (3,609,242 | ) | — | — | % | |||||||||||||||||||||
NET LOANS | 82,506,777 | 5,530,239 | 8.94 | % | 86,876,953 | 5,755,173 | 8.85 | % | (224,934 | ) | (31,048 | ) | (193,886 | ) | |||||||||||||||||
Intercompany investments | 12,918 | 596 | 6.15 | % | 14,640 | 677 | 6.18 | % | (81 | ) | (78 | ) | (3 | ) | |||||||||||||||||
TOTAL EARNING ASSETS | 109,661,397 | 5,909,533 | 7.19 | % | 112,473,172 | 6,058,815 | 7.20 | % | (149,282 | ) | (11,738 | ) | (137,544 | ) | |||||||||||||||||
Other assets(6) | 26,432,133 | 30,212,877 | |||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 136,093,530 | $ | 142,686,049 | �� | ||||||||||||||||||||||||||
INTEREST BEARING FUNDING LIABILITIES | |||||||||||||||||||||||||||||||
Deposits and other customer related accounts: | |||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 10,269,643 | $ | 16,299 | 0.21 | % | $ | 11,788,832 | $ | 35,809 | 0.41 | % | $ | (19,510 | ) | $ | (4,078 | ) | $ | (15,432 | ) | ||||||||||
Savings | 5,998,369 | 8,250 | 0.18 | % | 6,012,640 | 9,425 | 0.21 | % | (1,175 | ) | (19 | ) | (1,156 | ) | |||||||||||||||||
Money market | 25,488,561 | 96,061 | 0.50 | % | 24,836,343 | 95,377 | 0.51 | % | 684 | 2,700 | (2,016 | ) | |||||||||||||||||||
Certificates of deposit ("CDs") | 7,040,527 | 56,914 | 1.08 | % | 9,875,505 | 72,524 | 0.98 | % | (15,610 | ) | (24,219 | ) | 8,609 | ||||||||||||||||||
TOTAL INTEREST-BEARING DEPOSITS | 48,797,100 | 177,524 | 0.49 | % | 52,513,320 | 213,135 | 0.54 | % | (35,611 | ) | (25,616 | ) | (9,995 | ) | |||||||||||||||||
BORROWED FUNDS: | |||||||||||||||||||||||||||||||
Federal Home Loan Bank ("FHLB") advances, federal funds, and repurchase agreements | 4,761,700 | 53,028 | 1.48 | % | 10,517,500 | 108,061 | 1.37 | % | (55,033 | ) | (64,493 | ) | 9,460 | ||||||||||||||||||
Other borrowings | 38,389,955 | 860,012 | 2.99 | % | 38,193,757 | 755,125 | 2.64 | % | 104,887 | 3,912 | 100,975 | ||||||||||||||||||||
TOTAL BORROWED FUNDS (7) | 43,151,655 | 913,040 | 2.82 | % | 48,711,257 | 863,186 | 2.37 | % | 49,854 | (60,581 | ) | 110,435 | |||||||||||||||||||
TOTAL INTEREST-BEARING FUNDING LIABILITIES | 91,948,755 | 1,090,564 | 1.58 | % | 101,224,577 | 1,076,321 | 1.42 | % | 14,243 | (86,197 | ) | 100,440 | |||||||||||||||||||
Noninterest bearing demand deposits | 15,625,300 | 13,899,407 | |||||||||||||||||||||||||||||
Other liabilities(8) | 5,207,748 | 5,408,527 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES | 112,781,803 | 120,532,511 | |||||||||||||||||||||||||||||
STOCKHOLDER’S EQUITY | 23,311,727 | 22,153,538 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | 136,093,530 | $ | 142,686,049 | |||||||||||||||||||||||||||
NET INTEREST SPREAD (9) | 5.61 | % | 5.78 | % | |||||||||||||||||||||||||||
NET INTEREST MARGIN (10) | 5.86 | % | 5.92 | % | |||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 4,818,373 | $ | 4,981,817 |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||||||||
Interest-earning deposits | $ | 24,370 | $ | 13,400 | $ | 63,279 | $ | 41,890 | $ | 10,970 | 81.9 | % | $ | 21,389 | 51.1 | % | |||||||||||||
Investments available-for-sale | 93,599 | 60,844 | 270,041 | 235,851 | 32,755 | 53.8 | % | 34,190 | 14.5 | % | |||||||||||||||||||
Investments held-to-maturity | 8,859 | — | 29,502 | — | 8,859 | 100% | 29,502 | 100% | |||||||||||||||||||||
Other investments | 4,688 | 7,641 | 15,876 | 25,224 | (2,953 | ) | (38.6 | )% | (9,348 | ) | (37.1 | )% | |||||||||||||||||
Total interest income on investment securities and interest-earning deposits | 131,516 | 81,885 | 378,698 | 302,965 | 49,631 | 60.6 | % | 75,733 | 25.0 | % | |||||||||||||||||||
Interest on loans | 1,822,384 | 1,889,077 | 5,530,239 | 5,755,173 | (66,693 | ) | (3.5 | )% | (224,934 | ) | (3.9 | )% | |||||||||||||||||
Total Interest Income | 1,953,900 | 1,970,962 | 5,908,937 | 6,058,138 | (17,062 | ) | (0.9 | )% | (149,201 | ) | (2.5 | )% | |||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||
Deposits and customer accounts | 56,707 | 64,288 | 177,524 | 213,135 | (7,581 | ) | (11.8 | )% | (35,611 | ) | (16.7 | )% | |||||||||||||||||
Borrowings and other debt obligations | 323,133 | 285,544 | 913,040 | 863,186 | 37,589 | 13.2 | % | 49,854 | 5.8 | % | |||||||||||||||||||
Total Interest Expense | 379,840 | 349,832 | 1,090,564 | 1,076,321 | 30,008 | 8.6 | % | 14,243 | 1.3 | % | |||||||||||||||||||
NET INTEREST INCOME | $ | 1,574,060 | $ | 1,621,130 | $ | 4,818,373 | $ | 4,981,817 | $ | (47,070 | ) | (2.9 | )% | $ | (163,444 | ) | (3.3 | )% | |||||||||||
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
ALLL, beginning of period | $ | 3,953,607 | $ | 3,765,887 | $ | 3,814,464 | $ | 3,246,145 | |||||||
Charge-offs: | |||||||||||||||
Commercial | (30,576 | ) | (41,660 | ) | (117,263 | ) | (118,273 | ) | |||||||
Consumer | (1,224,296 | ) | (1,249,370 | ) | (3,590,495 | ) | (3,424,199 | ) | |||||||
Total charge-offs | (1,254,872 | ) | (1,291,030 | ) | (3,707,758 | ) | (3,542,472 | ) | |||||||
Recoveries: | |||||||||||||||
Commercial | 9,635 | 21,359 | 29,266 | 68,640 | |||||||||||
Consumer | 594,959 | 608,915 | 1,818,335 | 1,828,621 | |||||||||||
Total recoveries | 604,594 | 630,274 | 1,847,601 | 1,897,261 | |||||||||||
Charge-offs, net of recoveries | (650,278 | ) | (660,756 | ) | (1,860,157 | ) | (1,645,211 | ) | |||||||
Provision for loan and lease losses (1) | 647,177 | 709,151 | 1,996,199 | 2,213,348 | |||||||||||
Other(2): | |||||||||||||||
Commercial | 356 | — | 356 | — | |||||||||||
Consumer | 5,283 | — | 5,283 | — | |||||||||||
ALLL, end of period | $ | 3,956,145 | $ | 3,814,282 | $ | 3,956,145 | $ | 3,814,282 | |||||||
Reserve for unfunded lending commitments, beginning of period | $ | 111,811 | $ | 156,898 | $ | 122,419 | $ | 149,021 | |||||||
Provision for unfunded lending commitments (1) | 4,943 | (21,239 | ) | (3,865 | ) | (13,194 | ) | ||||||||
Loss on unfunded lending commitments | (668 | ) | (1,094 | ) | (2,468 | ) | (1,262 | ) | |||||||
Reserve for unfunded lending commitments, end of period | 116,086 | 134,565 | 116,086 | 134,565 | |||||||||||
Total allowance for credit losses ("ACL"), end of period | $ | 4,072,231 | $ | 3,948,847 | $ | 4,072,231 | $ | 3,948,847 |
Three months ended March 31, | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer fees | $ | 54,486 | $ | 52,066 | $ | 2,420 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial fees | 29,731 | 38,263 | (8,532) | (22.3) | % | |||||||||||||||||||||||||||||||||||||||||||||
Lease income | 593,447 | 628,424 | (34,977) | (5.6) | % | |||||||||||||||||||||||||||||||||||||||||||||
Capital market revenue | 115,970 | 37,082 | 78,888 | 212.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous income, net | 78,931 | 107,472 | (28,541) | (26.6) | % | |||||||||||||||||||||||||||||||||||||||||||||
Net gains recognized in earnings | 65,166 | 36,960 | 28,206 | 76.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 937,731 | $ | 900,267 | $ | 37,464 | 4.2 | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Consumer fees | $ | 105,624 | $ | 120,956 | $ | 337,738 | $ | 381,943 | $ | (15,332 | ) | (12.7 | )% | $ | (44,205 | ) | (11.6 | )% | |||||||||||
Commercial fees | 46,282 | 50,728 | 130,871 | 153,640 | (4,446 | ) | (8.8 | )% | (22,769 | ) | (14.8 | )% | |||||||||||||||||
Mortgage banking income, net | 14,783 | 22,537 | 43,049 | 50,005 | (7,754 | ) | (34.4 | )% | (6,956 | ) | (13.9 | )% | |||||||||||||||||
Bank-owned life insurance | 17,807 | 14,150 | 49,159 | 44,315 | 3,657 | 25.8 | % | 4,844 | 10.9 | % | |||||||||||||||||||
Lease income | 509,714 | 483,929 | 1,494,801 | 1,365,519 | 25,785 | 5.3 | % | 129,282 | 9.5 | % | |||||||||||||||||||
Miscellaneous income | 93,805 | 35,637 | 180,217 | 94,842 | 58,168 | 163.2 | % | 85,375 | 90.0 | % | |||||||||||||||||||
Net gains recognized in earnings | 6,707 | (364 | ) | 16,276 | 58,551 | 7,071 | (1,942.6 | )% | (42,275 | ) | (72.2 | )% | |||||||||||||||||
Total non-interest income | $ | 794,722 | $ | 727,573 | $ | 2,252,111 | $ | 2,148,815 | $ | 67,149 | 9.2 | % | $ | 103,296 | 4.8 | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Mortgage and multifamily servicing fees | $ | 10,244 | $ | 10,772 | $ | 31,320 | $ | 32,387 | $ | (528 | ) | (4.9 | )% | $ | (1,067 | ) | (3.3 | )% | |||||||||||
Net gains on sales of residential mortgage loans and related securities | 13,582 | 8,049 | 19,258 | 18,127 | 5,533 | 68.7 | % | 1,131 | 6.2 | % | |||||||||||||||||||
Net gains on sales of multifamily mortgage loans | 1,000 | 1,097 | 2,200 | 2,397 | (97 | ) | (8.8 | )% | (197 | ) | (8.2 | )% | |||||||||||||||||
Net gains (losses) on hedging activities | (3,134 | ) | 655 | 6,812 | 33,624 | (3,789 | ) | (578.5 | )% | (26,812 | ) | (79.7 | )% | ||||||||||||||||
Net gains/(losses) from changes in MSR fair value | (1,578 | ) | 7,711 | (1,315 | ) | (18,113 | ) | (9,289 | ) | (120.5 | )% | 16,798 | (92.7 | )% | |||||||||||||||
MSR principal reductions | (5,331 | ) | (5,747 | ) | (15,226 | ) | (18,417 | ) | 416 | (7.2 | )% | 3,191 | (17.3 | )% | |||||||||||||||
Total mortgage banking income, net | $ | 14,783 | $ | 22,537 | $ | 43,049 | $ | 50,005 | $ | (7,754 | ) | (34.4 | )% | $ | (6,956 | ) | (13.9 | )% |
30-Year Fixed | 15-Year Fixed | ||||
December 31, 2015 | 4.13 | % | 3.38 | % | |
March 31, 2016 | 3.63 | % | 2.88 | % | |
June 30, 2016 | 3.50 | % | 2.75 | % | |
September 30, 2016 | 3.50 | % | 2.88 | % | |
December 31, 2016 | 4.38 | % | 3.63 | % | |
March 31, 2017 | 4.25 | % | 3.50 | % | |
June 30, 2017 | 4.13 | % | 3.38 | % | |
September 30, 2017 | 4.13 | % | 3.75 | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Compensation and benefits | $ | 452,587 | $ | 426,162 | $ | 1,360,444 | $ | 1,282,094 | $ | 26,425 | 6.2 | % | $ | 78,350 | 6.1 | % | |||||||||||
Occupancy and equipment expenses | 165,201 | 156,611 | 491,465 | 453,687 | 8,590 | 5.5 | % | 37,778 | 8.3 | % | |||||||||||||||||
Technology expense | 59,056 | 56,449 | 181,331 | 183,039 | 2,607 | 4.6 | % | (1,708 | ) | (0.9 | )% | ||||||||||||||||
Outside services | 46,994 | 57,742 | 154,272 | 207,472 | (10,748 | ) | (18.6 | )% | (53,200 | ) | (25.6 | )% | |||||||||||||||
Marketing expense | 23,424 | 35,944 | 91,641 | 77,986 | (12,520 | ) | (34.8 | )% | 13,655 | 17.5 | % | ||||||||||||||||
Loan expense | 91,147 | 101,101 | 285,364 | 307,992 | (9,954 | ) | (9.8 | )% | (22,628 | ) | (7.3 | )% | |||||||||||||||
Lease expense | 409,424 | 338,077 | 1,137,456 | 953,142 | 71,347 | 21.1 | % | 184,314 | 19.3 | % | |||||||||||||||||
Other administrative expenses | 95,712 | 109,189 | 293,046 | 310,078 | (13,477 | ) | (12.3 | )% | (17,032 | ) | (5.5 | )% | |||||||||||||||
Total general and administrative expenses | $ | 1,343,545 | $ | 1,281,275 | $ | 3,995,019 | $ | 3,775,490 | $ | 62,270 | 4.9 | % | $ | 219,529 | 5.8 | % |
Three months ended March 31, | YTD Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income, net | $ | 13,750 | $ | 4,184 | $ | 9,566 | 228.6 | % | ||||||||||||||||||||||||||||||||||||||||||
BOLI | 18,194 | 15,570 | 2,624 | 16.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of operating leases | 22,759 | 22,383 | 376 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asset and wealth management fees | 80,603 | 61,133 | 19,470 | 31.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) on sale of non-mortgage loans | (740) | (4,701) | 3,961 | 84.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other miscellaneous income / (loss), net | (55,635) | 8,903 | (64,538) | (724.9) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total miscellaneous income | $ | 78,931 | $ | 107,472 | $ | (28,541) | (26.6) | % |
Three months ended March 31, | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 533,780 | $ | 491,751 | $ | 42,029 | 8.5 | % | |||||||||||||||||||||||||||||||||||||||
Occupancy and equipment expenses | 157,550 | 169,740 | (12,190) | (7.2) | % | ||||||||||||||||||||||||||||||||||||||||||
Technology, outside services, and marketing expense | 184,310 | 169,293 | 15,017 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Loan expense | 83,575 | 104,444 | (20,869) | (20.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Lease expense | 461,521 | 486,967 | (25,446) | (5.2) | % | ||||||||||||||||||||||||||||||||||||||||||
Other expenses | 138,545 | 120,979 | 17,566 | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Total general, administrative and other expenses | $ | 1,559,281 | $ | 1,543,174 | $ | 16,107 | 1.0 | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar (decrease)/increase | Percentage | Dollar (decrease)/increase | Percentage | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Amortization of intangibles | $ | 15,288 | $ | 17,174 | $ | 46,204 | $ | 52,860 | $ | (1,886 | ) | (11.0 | )% | $ | (6,656 | ) | (12.6 | )% | |||||||||||
Deposit insurance premiums and other expenses | 19,792 | 17,950 | 55,218 | 56,966 | 1,842 | 10.3 | % | (1,748 | ) | (3.1 | )% | ||||||||||||||||||
Loss on debt extinguishment | 5,582 | 10,228 | 16,321 | 88,672 | (4,646 | ) | (45.4 | )% | (72,351 | ) | (81.6 | )% | |||||||||||||||||
Other miscellaneous expenses | 1,980 | 198 | 12,521 | 5,779 | 1,782 | 900.0 | % | 6,742 | 116.7 | % | |||||||||||||||||||
Total other expenses | $ | 42,642 | $ | 45,550 | $ | 130,264 | $ | 204,277 | $ | (2,908 | ) | (6.4 | )% | $ | (74,013 | ) | (36.2 | )% |
Three months ended March 31, | 2024 | 2023 | Total Consumer Activities | ||||||||||||||||||||||||||
Auto | CBB | Total Consumer activities | Auto | CBB | Total Consumer Activities | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
Net interest income | $ | 885,622 | $ | 377,814 | $ | 1,263,436 | $ | 920,272 | $ | 400,246 | $ | 1,320,518 | $ | (57,082) | (4.3) | % | |||||||||||||
Total non-interest income | 571,158 | 61,348 | $ | 632,506 | 650,683 | 65,974 | $ | 716,657 | $ | (84,151) | (11.7) | % | |||||||||||||||||
Credit loss expense | 379,652 | 52,034 | $ | 431,686 | 417,766 | 109,095 | $ | 526,861 | $ | (95,175) | (18.1) | % | |||||||||||||||||
Total expenses | 807,303 | 353,005 | $ | 1,160,308 | 824,726 | 368,348 | $ | 1,193,074 | $ | (32,766) | (2.7) | % | |||||||||||||||||
Income/(loss) before income taxes | 269,825 | 34,123 | $ | 303,948 | 328,463 | (11,223) | $ | 317,240 | $ | (13,292) | (4.2) | % | |||||||||||||||||
Total assets | 61,259,798 | 11,747,388 | $ | 73,007,186 | 62,163,190 | 13,174,180 | $ | 75,337,370 | $ | (2,330,184) | (3.1) | % |
Three months ended March 31, | 2024 | 2023 | Total Commercial Activities | ||||||||||||||||||||||||||||||||
C&I | CRE | Total Commercial Activities | C&I | CRE | Total Commercial Activities | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||||||||
Net interest income | $ | 86,401 | $ | 124,191 | $ | 210,592 | $ | 82,942 | $ | 105,132 | $ | 188,074 | $ | 22,518 | 12.0 | % | |||||||||||||||||||
Total non-interest income | 14,070 | 8,953 | $ | 23,023 | 10,929 | 4,997 | $ | 15,926 | $ | 7,097 | 44.6 | % | |||||||||||||||||||||||
Credit loss expense / (benefit) | (21,395) | 8,737 | $ | (12,658) | 2,094 | 30,383 | $ | 32,477 | $ | (45,135) | (139.0) | % | |||||||||||||||||||||||
Total expenses | 52,986 | 32,366 | $ | 85,352 | 59,023 | 31,781 | $ | 90,804 | $ | (5,452) | (6.0) | % | |||||||||||||||||||||||
Income before income taxes | 68,880 | 92,041 | $ | 160,921 | 32,754 | 47,965 | $ | 80,719 | $ | 80,202 | 99.4 | % | |||||||||||||||||||||||
Total assets | 4,080,901 | 23,845,435 | $ | 27,926,336 | 6,021,239 | 21,921,029 | $ | 27,942,268 | $ | (15,932) | (0.1) | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 324,539 | $ | 297,952 | $ | 945,102 | $ | 793,345 | $ | 26,587 | 8.9 | % | $ | 151,757 | 19.1 | % | |||||||||||||
Total non-interest income | 100,583 | 104,736 | 282,360 | 297,311 | (4,153 | ) | (4.0 | )% | (14,951 | ) | (5.0 | )% | |||||||||||||||||
Provision for credit losses | 20,716 | 19,872 | 64,577 | 40,215 | 844 | 4.2 | % | 24,362 | 60.6 | % | |||||||||||||||||||
Total expenses | 379,299 | 395,759 | 1,169,247 | 1,162,090 | (16,460 | ) | (4.2 | )% | 7,157 | 0.6 | % | ||||||||||||||||||
Income/(loss) before income taxes | 25,107 | (12,943 | ) | (6,362 | ) | (111,649 | ) | 38,050 | 294.0 | % | 105,287 | 94.3 | % | ||||||||||||||||
Intersegment revenue/(expense)(1) | 3,076 | 9,656 | 9,226 | 34,111 | (6,580 | ) | (68.1 | )% | (24,885 | ) | (73.0 | )% | |||||||||||||||||
Total assets | 19,716,199 | 19,735,459 | 19,716,199 | 19,735,459 | (19,260 | ) | (0.1 | )% | (19,260 | ) | (0.1 | )% |
Three months ended March 31 | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 26,911 | $ | 59,789 | $ | (32,878) | (55.0) | % | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 164,850 | 89,735 | 75,115 | 83.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Credit loss expense / (benefit) | (12,743) | (11,122) | (1,621) | (14.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Total expenses | 195,479 | 120,139 | 75,340 | 62.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 9,025 | 40,507 | (31,482) | (77.7) | % | ||||||||||||||||||||||||||||||||||||||||||
Total assets | 26,842,241 | 36,282,779 | (9,440,538) | (26.0) | % |
Three months ended March 31 | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 60,684 | $ | 70,019 | $ | (9,335) | (13.3) | % | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 83,732 | 57,655 | 26,077 | 45.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total expenses | 66,870 | 68,522 | (1,652) | (2.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 77,546 | 59,152 | 18,394 | 31.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Total assets | 7,322,916 | 8,267,535 | (944,619) | (11.4) | % |
Three months ended March 31 | YTD Change | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Dollar increase/(decrease) | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | (184,114) | $ | (128,006) | $ | (56,108) | (43.8) | % | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 33,620 | 20,294 | 13,326 | 65.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Credit loss expense / (benefit) | (1,287) | (5,815) | 4,528 | 77.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Total expenses | 51,272 | 70,635 | (19,363) | (27.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (200,479) | (172,532) | (27,947) | (16.2) | % | ||||||||||||||||||||||||||||||||||||||||||
Total assets | 30,667,061 | 29,727,891 | 939,170 | 3.2 | % |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 87,176 | $ | 91,259 | $ | 259,502 | $ | 257,421 | $ | (4,083 | ) | (4.5 | )% | $ | 2,081 | 0.8 | % | ||||||||||||
Total non-interest income | 15,837 | 16,947 | 45,729 | 51,094 | (1,110 | ) | (6.5 | )% | (5,365 | ) | (10.5 | )% | |||||||||||||||||
Provision for credit losses | 5,857 | (20,162 | ) | 16,115 | 32,686 | 26,019 | 129.0 | % | (16,571 | ) | (50.7 | )% | |||||||||||||||||
Total expenses | 51,677 | 51,156 | 154,587 | 157,672 | 521 | 1.0 | % | (3,085 | ) | (2.0 | )% | ||||||||||||||||||
Income/(loss) before income taxes | 45,479 | 77,212 | 134,529 | 118,157 | (31,733 | ) | (41.1 | )% | 16,372 | 13.9 | % | ||||||||||||||||||
Intersegment revenue/(expense)(1) | 1,619 | 3,616 | 4,553 | 12,927 | (1,997 | ) | (55.2 | )% | (8,374 | ) | (64.8 | )% | |||||||||||||||||
Total assets | 11,606,759 | 12,174,784 | 11,606,759 | 12,174,784 | (568,025 | ) | (4.7 | )% | (568,025 | ) | (4.7 | )% |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 72,870 | $ | 74,992 | $ | 220,580 | $ | 212,035 | $ | (2,122 | ) | (2.8 | )% | $ | 8,545 | 4.0 | % | ||||||||||||
Total non-interest income | 2,855 | 5,124 | 8,121 | 16,445 | (2,269 | ) | (44.3 | )% | (8,324 | ) | (50.6 | )% | |||||||||||||||||
Provision for credit losses | (2,824 | ) | 2,945 | (8,784 | ) | 23,905 | (5,769 | ) | (195.9 | )% | (32,689 | ) | (136.7 | )% | |||||||||||||||
Total expenses | 17,530 | 20,556 | 57,162 | 66,819 | (3,026 | ) | (14.7 | )% | (9,657 | ) | (14.5 | )% | |||||||||||||||||
Income/(loss) before income taxes | 61,019 | 56,615 | 180,323 | 137,756 | 4,404 | 7.8 | % | 42,567 | 30.9 | % | |||||||||||||||||||
Intersegment revenue/(expense)(1) | 500 | 2,523 | 1,997 | 9,940 | (2,023 | ) | (80.2 | )% | (7,943 | ) | (79.9 | )% | |||||||||||||||||
Total assets | $ | 14,073,894 | $ | 15,005,335 | $ | 14,073,894 | $ | 15,005,335 | $ | (931,441 | ) | (6.2 | )% | $ | (931,441 | ) | (6.2 | )% |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 35,494 | $ | 60,436 | $ | 119,968 | $ | 182,024 | $ | (24,942 | ) | (41.3 | )% | $ | (62,056 | ) | (34.1 | )% | |||||||||||
Total non-interest income | 23,205 | 26,319 | 48,808 | 65,818 | (3,114 | ) | (11.8 | )% | (17,010 | ) | (25.8 | )% | |||||||||||||||||
Provision for credit losses | 11,599 | (2,487 | ) | 23,871 | 28,889 | 14,086 | 566.4 | % | (5,018 | ) | (17.4 | )% | |||||||||||||||||
Total expenses | 24,615 | 26,830 | 75,945 | 89,952 | (2,215 | ) | (8.3 | )% | (14,007 | ) | (15.6 | )% | |||||||||||||||||
Income/(loss) before income taxes | 22,485 | 62,412 | 68,960 | 129,001 | (39,927 | ) | (64.0 | )% | (60,041 | ) | (46.5 | )% | |||||||||||||||||
Intersegment revenue/(expense)(1) | (1,823 | ) | (702 | ) | (5,867 | ) | (780 | ) | (1,121 | ) | (159.7 | )% | (5,087 | ) | (652.2 | )% | |||||||||||||
Total assets | $ | 6,109,131 | $ | 10,551,939 | $ | 6,109,131 | $ | 10,551,939 | $ | (4,442,808 | ) | (42.1 | )% | $ | (4,442,808 | ) | (42.1 | )% |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 27,665 | $ | (45,680 | ) | $ | 62,738 | $ | (8,180 | ) | $ | 73,345 | 160.6 | % | $ | 70,918 | 867.0 | % | |||||||||||
Total non-interest income | 181,047 | 189,825 | 548,945 | 608,810 | (8,778 | ) | (4.6 | )% | (59,865 | ) | (9.8 | )% | |||||||||||||||||
Provision for credit losses | 48,812 | 4,426 | 80,472 | 31,247 | 44,386 | 1,002.8 | % | 49,225 | 157.5 | % | |||||||||||||||||||
Total expenses | 234,270 | 260,723 | 739,912 | 852,990 | (26,453 | ) | (10.1 | )% | (113,078 | ) | (13.3 | )% | |||||||||||||||||
Income/(loss) before income taxes | (74,370 | ) | (121,004 | ) | (208,701 | ) | (283,607 | ) | 46,634 | 38.5 | % | 74,906 | 26.4 | % | |||||||||||||||
Intersegment revenue/(expense)(1) | (3,372 | ) | (15,093 | ) | (9,909 | ) | (56,198 | ) | 11,721 | 77.7 | % | 46,289 | 82.4 | % | |||||||||||||||
Total assets | $ | 41,714,577 | $ | 43,782,904 | $ | 41,714,577 | $ | 43,782,904 | $ | (2,068,327 | ) | (4.7 | )% | $ | (2,068,327 | ) | (4.7 | )% |
Three-Month Period Ended September 30, | Nine-Month Period Ended September 30, | QTD Change | YTD Change | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Dollar increase/(decrease) | Percentage | Dollar increase/(decrease) | Percentage | ||||||||||||||||||||||
(in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||
Net interest income | $ | 989,140 | $ | 1,095,060 | $ | 3,085,739 | $ | 3,388,276 | $ | (105,920 | ) | (9.7 | )% | $ | (302,537 | ) | (8.9 | )% | |||||||||||
Total non-interest income | 496,728 | 389,375 | 1,363,948 | 1,109,894 | 107,353 | 27.6 | % | 254,054 | 22.9 | % | |||||||||||||||||||
Provision for credit losses | 536,447 | 610,398 | 1,692,015 | 1,782,489 | (73,951 | ) | (12.1 | )% | (90,474 | ) | (5.1 | )% | |||||||||||||||||
Total expenses | 671,648 | 570,017 | 1,910,365 | 1,645,156 | 101,631 | 17.8 | % | 265,209 | 16.1 | % | |||||||||||||||||||
Income/(loss) before income taxes | 277,773 | 304,020 | 847,307 | 1,070,525 | (26,247 | ) | (8.6 | )% | (223,218 | ) | (20.9 | )% | |||||||||||||||||
Intersegment revenue/(expense)(1) | — | — | — | — | — | 0% | — | 0% | |||||||||||||||||||||
Total assets | $ | 38,765,557 | $ | 38,771,636 | $ | 38,765,557 | $ | 38,771,636 | $ | (6,079 | ) | — | % | $ | (6,079 | ) | — | % |
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Commercial LHFI: | ||||||||||||||||||||
Commercial real estate loans | $ | 9,690,850 | 11.9 | % | $ | 10,112,043 | 11.8 | % | $ | 10,165,990 | 11.7 | % | ||||||||
Commercial and industrial loans and other commercial | 22,073,060 | 27.1 | % | 25,644,405 | 29.9 | % | 26,400,792 | 30.4 | % | |||||||||||
Multifamily | 8,293,232 | 10.1 | % | 8,683,680 | 10.1 | % | 9,021,275 | 10.4 | % | |||||||||||
Total Commercial Loans (1) | 40,057,142 | 49.1 | % | 44,440,128 | 51.8 | % | 45,588,057 | 52.5 | % | |||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||
Residential mortgages | 8,476,935 | 10.4 | % | 7,775,272 | 9.1 | % | 7,588,663 | 8.7 | % | |||||||||||
Home equity loans and lines of credit | 5,855,086 | 7.2 | % | 6,001,192 | 7.0 | % | 6,041,629 | 7.0 | % | |||||||||||
Total consumer loans secured by real estate | 14,332,021 | 17.6 | % | 13,776,464 | 16.1 | % | 13,630,292 | 15.7 | % | |||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||
RICs and auto loans - originated | 23,074,936 | 28.3 | % | 22,104,918 | 25.8 | % | 21,602,717 | 24.9 | % | |||||||||||
RICs and auto loans - purchased | 2,162,540 | 2.7 | % | 3,468,803 | 4.0 | % | 4,005,079 | 4.6 | % | |||||||||||
Personal unsecured loans | 1,262,591 | 1.5 | % | 1,234,094 | 1.4 | % | 1,219,942 | 1.4 | % | |||||||||||
Other consumer | 659,469 | 0.8 | % | 795,378 | 0.9 | % | 848,252 | 0.9 | % | |||||||||||
Total consumer loans | 41,491,557 | 50.9 | % | 41,379,657 | 48.2 | % | 41,306,282 | 47.5 | % | |||||||||||
Total LHFI | $ | 81,548,699 | 100.0 | % | $ | 85,819,785 | 100.0 | % | $ | 86,894,339 | 100.0 | % | ||||||||
Total LHFI with: | ||||||||||||||||||||
Fixed | $ | 49,274,614 | 60.4 | % | $ | 51,752,761 | 60.3 | % | $ | 53,357,078 | 61.4 | % | ||||||||
Variable | 32,274,085 | 39.6 | % | 34,067,024 | 39.7 | % | 33,537,261 | 38.6 | % | |||||||||||
Total LHFI | $ | 81,548,699 | 100.0 | % | $ | 85,819,785 | 100.0 | % | $ | 86,894,339 | 100.0 | % |
March 31, 2024 | December 31, 2023 | Dollar Increase / (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial LHFI: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | $ | 9,073,614 | 9.9 | % | $ | 8,747,544 | 9.4 | % | $ | 326,070 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C&I | 10,825,263 | 11.8 | % | 11,181,962 | 12.0 | % | (356,699) | (3.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 10,232,335 | 11.2 | % | 10,548,905 | 11.3 | % | (316,570) | (3.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial | 7,484,125 | 8.2 | % | 7,476,113 | 8.0 | % | 8,012 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans (1) | 37,615,337 | 41.1 | % | 37,954,524 | 40.7 | % | (339,187) | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans secured by real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 4,726,561 | 5.2 | % | 4,816,218 | 5.2 | % | (89,657) | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2,335,081 | 2.5 | % | 2,448,454 | 2.6 | % | (113,373) | (4.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans secured by real estate | 7,061,642 | 7.7 | % | 7,264,672 | 7.8 | % | (203,030) | (2.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans not secured by real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | 43,238,767 | 47.1 | % | 43,705,359 | 47.0 | % | (466,592) | (1.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal unsecured loans | 3,711,491 | 4.0 | % | 4,062,700 | 4.4 | % | (351,209) | (8.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 52,551 | 0.1 | % | 59,954 | 0.1 | % | (7,403) | (12.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 54,064,451 | 58.9 | % | 55,092,685 | 59.3 | % | (1,028,234) | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total LHFI | $ | 91,679,788 | 100.0 | % | $ | 93,047,209 | 100.0 | % | $ | (1,367,421) | (1.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total LHFI with: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed | $ | 63,946,587 | 69.7 | % | $ | 65,960,370 | 70.9 | % | $ | (2,013,783) | (3.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable | 27,733,201 | 30.3 | % | 27,086,839 | 29.1 | % | 646,362 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total LHFI | $ | 91,679,788 | 100.0 | % | $ | 93,047,209 | 100.0 | % | $ | (1,367,421) | (1.5) | % |
At March 31, 2024, Maturing | ||||||||||||||||||||||||||||||||
(in thousands) | In One Year Or Less | One to Five Years | Five to 15 Years | After 15 Years | Total | |||||||||||||||||||||||||||
Fixed Rates: | ||||||||||||||||||||||||||||||||
CRE loans | $ | 106,787 | $ | 185,691 | $ | 150,470 | $ | 6,977 | $ | 449,925 | ||||||||||||||||||||||
C&I | 115,476 | 669,349 | 394,754 | 7,729 | 1,187,308 | |||||||||||||||||||||||||||
Multifamily loans | 566,051 | 3,937,321 | 2,972,892 | — | 7,476,264 | |||||||||||||||||||||||||||
Other commercial | 824,725 | 2,142,278 | 1,071,295 | — | 4,038,298 | |||||||||||||||||||||||||||
Total Commercial | $ | 1,613,039 | $ | 6,934,639 | $ | 4,589,411 | $ | 14,706 | $ | 13,151,795 | ||||||||||||||||||||||
Residential mortgages | 798 | 30,945 | 558,913 | 3,651,758 | 4,242,414 | |||||||||||||||||||||||||||
Home equity loans and lines of credit | 18,002 | 11,028 | 46,852 | 24,876 | 100,758 | |||||||||||||||||||||||||||
RICs and auto loans | 558,313 | 26,177,727 | 16,502,694 | 33 | 43,238,767 | |||||||||||||||||||||||||||
Personal unsecured loans | 111,212 | 2,857,177 | 344,568 | — | 3,312,957 | |||||||||||||||||||||||||||
Other consumer | 1,062 | 42,945 | 3,890 | 4,654 | 52,551 | |||||||||||||||||||||||||||
Total Fixed Rates | $ | 2,302,426 | $ | 36,054,461 | $ | 22,046,328 | $ | 3,696,027 | $ | 64,099,242 | ||||||||||||||||||||||
Variable Rates: | ||||||||||||||||||||||||||||||||
CRE loans | $ | 3,143,060 | $ | 5,349,457 | $ | 423,019 | $ | 103,828 | $ | 9,019,364 | ||||||||||||||||||||||
C&I | 1,667,531 | 7,699,003 | 296,638 | 26,496 | 9,689,668 | |||||||||||||||||||||||||||
Multifamily loans | 709,603 | 1,347,483 | 706,502 | 1,747 | 2,765,335 | |||||||||||||||||||||||||||
Other commercial | 3,214,276 | 231,552 | — | — | 3,445,828 | |||||||||||||||||||||||||||
Total Commercial | $ | 8,734,470 | $ | 14,627,495 | $ | 1,426,159 | $ | 132,071 | $ | 24,920,195 | ||||||||||||||||||||||
Residential mortgages | 276 | 3,970 | 115,510 | 504,089 | 623,845 | |||||||||||||||||||||||||||
Home equity loans and lines of credit | 789 | 1,643 | 552,882 | 1,679,009 | 2,234,323 | |||||||||||||||||||||||||||
Personal unsecured loans | 3,130 | 154,163 | 239,973 | 1,268 | 398,534 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Total Variable Rates | $ | 8,738,665 | $ | 14,787,271 | $ | 2,334,524 | $ | 2,316,437 | $ | 28,176,897 | ||||||||||||||||||||||
Total | $ | 11,041,091 | $ | 50,841,732 | $ | 24,380,852 | $ | 6,012,464 | $ | 92,276,139 |
At September 30, 2017, Maturing | |||||||||||||||
In One Year Or Less | One to Five Years | After Five Years | Total(1) | ||||||||||||
(in thousands) | |||||||||||||||
Commercial real estate loans | $ | 2,374,562 | $ | 5,734,318 | $ | 1,581,970 | $ | 9,690,850 | |||||||
Commercial and industrial loans and other | 8,971,086 | 11,299,673 | 1,885,580 | 22,156,339 | |||||||||||
Multi-family loans | 869,308 | 6,358,473 | 1,065,451 | 8,293,232 | |||||||||||
Total | $ | 12,214,956 | $ | 23,392,464 | $ | 4,533,001 | $ | 40,140,421 | |||||||
Loans with: | |||||||||||||||
Fixed rates | $ | 3,750,183 | $ | 10,359,663 | $ | 1,638,295 | $ | 15,748,141 | |||||||
Variable rates | 8,464,773 | 13,032,801 | 2,894,706 | 24,392,280 | |||||||||||
Total | $ | 12,214,956 | $ | 23,392,464 | $ | 4,533,001 | $ | 40,140,421 |
September 30, 2017 | December 31, 2016 | |||||||||||
Credit Score Range(2) | RICs and auto loans(3) | RICs and auto loans(3) | ||||||||||
Standard file(4) | Non-Standard file(5) | Standard file(4) | Non-Standard file(5) | |||||||||
No FICO(1) | 5.0 | % | 59.6 | % | 5.5 | % | 61.7 | % | ||||
<600 | 61.4 | % | 20.5 | % | 60.1 | % | 20.6 | % | ||||
600-639 | 19.0 | % | 9.5 | % | 19.4 | % | 7.9 | % | ||||
>=640 | 14.6 | % | 10.4 | % | 15.0 | % | 9.8 | % | ||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
As of March 31, 2024 | ||||||||||||||||||||||||||
(in thousands) | Balance | Percentage of Total CRE and Multifamily | ||||||||||||||||||||||||
CRE loans | $ | 9,073,614 | 47.0 | % | ||||||||||||||||||||||
Multifamily loans (1) | 10,232,335 | 53.0 | % | |||||||||||||||||||||||
Total CRE and multifamily loans | $ | 19,305,949 | 100.0 | % | ||||||||||||||||||||||
CRE loans by type | ||||||||||||||||||||||||||
Multifamily construction | $ | 3,193,947 | 16.5 | % | ||||||||||||||||||||||
Office | 1,850,690 | 9.6 | % | |||||||||||||||||||||||
Retail | 1,183,373 | 6.1 | % | |||||||||||||||||||||||
Industrial | 2,036,569 | 10.5 | % | |||||||||||||||||||||||
Other | 809,035 | 4.2 | % | |||||||||||||||||||||||
Total | $ | 9,073,614 | ||||||||||||||||||||||||
(1) Occupied properties |
As of March 31, 2024 | ||||||||||||||
(dollars in thousands) | Balance | Percentage of Total CRE and Multifamily | ||||||||||||
State | ||||||||||||||
New York | $ | 6,210,779 | 32.2 | % | ||||||||||
New Jersey | 2,370,949 | 12.3 | % | |||||||||||
Massachusetts | 1,759,631 | 9.1 | % | |||||||||||
Texas | 1,754,542 | 9.1 | % | |||||||||||
All other states | 7,210,048 | 37.3 | % | |||||||||||
Total | $ | 19,305,949 | 100.0 | % |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Period Ended | Change | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2024 | December 31, 2023 | Dollar | Percentage | ||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
CRE | $ | 257,807 | $ | 267,537 | $ | (9,730) | (3.6) | % | ||||||||||||||||||||||||||||||||||||
C&I | 159,037 | 143,504 | 15,533 | 10.8 | % | |||||||||||||||||||||||||||||||||||||||
Multifamily | 102,024 | 97,228 | 4,796 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||
Other commercial | 7,320 | 5,621 | 1,699 | 30.2 | % | |||||||||||||||||||||||||||||||||||||||
Total commercial loans | 526,188 | 513,890 | 12,298 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||
Consumer loans secured by real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 51,648 | 52,718 | (1,070) | (2.0) | % | |||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 79,499 | 86,332 | (6,833) | (7.9) | % | |||||||||||||||||||||||||||||||||||||||
Consumer loans not secured by real estate: | ||||||||||||||||||||||||||||||||||||||||||||
RICs and auto loans | 1,829,983 | 2,194,509 | (364,526) | (16.6) | % | |||||||||||||||||||||||||||||||||||||||
Personal unsecured loans | 20,302 | 21,267 | (965) | (4.5) | % | |||||||||||||||||||||||||||||||||||||||
Other consumer | 13,598 | 15,733 | (2,135) | (13.6) | % | |||||||||||||||||||||||||||||||||||||||
Total consumer loans | 1,995,030 | 2,370,559 | (375,529) | (15.8) | % | |||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | 2,521,218 | 2,884,449 | (363,231) | (12.6) | % | |||||||||||||||||||||||||||||||||||||||
OREO | 19,422 | 24,246 | (4,824) | (19.9) | % | |||||||||||||||||||||||||||||||||||||||
Repossessed vehicles | 267,545 | 265,368 | 2,177 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||
Other repossessed assets | 2,030 | 1,666 | 364 | 21.8 | % | |||||||||||||||||||||||||||||||||||||||
Total OREO and other repossessed assets | 288,997 | 291,280 | (2,283) | (0.8) | % | |||||||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 2,810,215 | $ | 3,175,729 | $ | (365,514) | (11.5) | % | ||||||||||||||||||||||||||||||||||||
Past due 90 days or more as to interest or principal and accruing interest | $ | 7,917 | $ | 7,947 | $ | (30) | (0.4)% | |||||||||||||||||||||||||||||||||||||
Non-performing assets as a percentage of total assets | 1.7 | % | 1.9 | % | n/a | n/a | ||||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||
(dollars in thousands) | |||||||
Non-accrual loans: | |||||||
Commercial: | |||||||
Commercial real estate | $ | 146,916 | $ | 179,220 | |||
Commercial and industrial loans and other commercial | 204,856 | 193,465 | |||||
Multifamily | 10,715 | 8,196 | |||||
Total commercial loans | 362,487 | 380,881 | |||||
Consumer: | |||||||
Residential mortgages | 284,415 | 287,140 | |||||
Consumer loans secured by real estate | 116,482 | 120,065 | |||||
RICs and auto loans - originated | 1,553,954 | 1,045,587 | |||||
RICs - purchased | 274,374 | 284,486 | |||||
Personal unsecured and other consumer | 15,805 | 17,895 | |||||
Total consumer loans | 2,245,030 | 1,755,173 | |||||
Total non-accrual loans | 2,607,517 | 2,136,054 | |||||
Other real estate owned | 146,362 | 116,705 | |||||
Repossessed vehicles | 157,757 | 173,754 | |||||
Other repossessed assets | 1,711 | 3,838 | |||||
Total other real estate owned and other repossessed assets | 305,830 | 294,297 | |||||
Total non-performing assets | $ | 2,913,347 | $ | 2,430,351 | |||
Past due 90 days or more as to interest or principal and accruing interest | $ | 96,256 | $ | 93,846 | |||
Annualized net loan charge-offs to average loans (1) | 2.9 | % | 2.7 | % | |||
Non-performing assets as a percentage of total assets | 2.2 | % | 1.8 | % | |||
Non-performing loans ("NPLs") as a percentage of total loans | 3.1 | % | 2.4 | % | |||
ALLL as a percentage of total NPLs | 151.7 | % | 178.6 | % |
As of and for the year ended | ||||||||||||||||||||
(dollars in thousands) | March 31, 2024 | March 31, 2023 | December 31, 2023 | |||||||||||||||||
ACL to total loan outstanding | 7.4% | 7.07% | 7.5% | |||||||||||||||||
ACL | $6,799,350 | $7,001,026 | $6,992,815 | |||||||||||||||||
Total loans outstanding | 92,276,139 | 98,958,242 | 93,207,327 | |||||||||||||||||
NPL to total loans outstanding | 2.7% | 1.8% | 3.1% | |||||||||||||||||
NPL | $2,521,218 | $1,787,988 | $2,884,449 | |||||||||||||||||
Total loans outstanding | 92,276,139 | 98,958,242 | 93,207,327 | |||||||||||||||||
ACL to NPL | 269.7% | 391.6% | 242.4% | |||||||||||||||||
ACL | $6,799,350 | $7,001,026 | $6,992,815 | |||||||||||||||||
NPL | 2,521,218 | 1,787,988 | 2,884,449 | |||||||||||||||||
Net charge-offs during the period to average loans outstanding: | ||||||||||||||||||||
Commercial | 0.03% | 0.02% | 0.2% | |||||||||||||||||
Net charge-offs / (recoveries) during the period (1) | $10,986 | $7,585 | $91,924 | |||||||||||||||||
Average amount outstanding | 38,782,090 | 41,658,169 | 40,904,656 | |||||||||||||||||
Consumer | 1.06% | 0.80% | 3.63% | |||||||||||||||||
Net charge-offs / (recoveries) during the period (1) | $587,477 | $454,611 | $2,062,520 | |||||||||||||||||
Average amount outstanding | 55,200,229 | 56,874,732 | 56,837,616 | |||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Residential mortgages | Home equity loans and lines of credit | Residential mortgages | Home equity loans and lines of credit | ||||||||||||
(dollars in thousands) | |||||||||||||||
NPLs | $ | 284,415 | $ | 116,482 | $ | 287,140 | $ | 120,065 | |||||||
Total LHFI | 8,476,935 | 5,855,086 | 7,775,272 | 6,001,192 | |||||||||||
NPLs as a percentage of total LHFI | 3.4 | % | 2.0 | % | 3.7 | % | 2.0 | % | |||||||
NPLs in foreclosure status | 50.8 | % | 32.9 | % | 58.6 | % | 38.4 | % |
September 30, 2017 | December 31, 2016 | ||
Puerto Rico | 60.6% | 60.0% | |
New York | 6.7% | 10.7% | |
Massachusetts | 3.4% | 7.0% | |
All other states(1) | 29.3% | 22.3% |
September 30, 2017 | December 31, 2016 | ||||||
(dollars in thousands) | |||||||
Alt-A loans | $ | 408,735 | $ | 476,229 | |||
Alt-A loans as a percentage of the residential mortgage portfolio(1) | 4.7 | % | 5.8 | % | |||
Alt-A loans in NPL status | $ | 39,413 | $ | 48,189 | |||
Alt-A loans in NPL status as a percentage of residential mortgage NPLs | 13.9 | % | 16.8 | % |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Performing | |||||||
Commercial | $ | 162,147 | $ | 214,474 | |||
Residential mortgage | 282,646 | 268,777 | |||||
RICs and auto loans | 5,385,839 | 4,556,770 | |||||
Other consumer | 128,905 | 129,767 | |||||
Total performing | 5,959,537 | 5,169,788 | |||||
Non-performing | |||||||
Commercial | 137,596 | 148,038 | |||||
Residential mortgage | 124,346 | 139,274 | |||||
RICs and auto loans | 638,036 | 604,864 | |||||
Other consumer | 41,958 | 44,951 | |||||
Total non-performing | 941,936 | 937,127 | |||||
Total | $ | 6,901,473 | $ | 6,106,915 |
Nine-Month Period Ended September 30, 2017 | Nine-Month Period Ended September 30, 2016 | |||||||||||||||
RICs and auto loans | All other loans | RICs and auto loans | All other loans(1) | |||||||||||||
(in thousands) | ||||||||||||||||
TDRs, beginning of period | $ | 5,161,935 | $ | 944,981 | $ | 3,877,660 | $ | 923,857 | ||||||||
New TDRs(1) | 3,175,818 | 209,551 | 2,654,582 | 63,137 | ||||||||||||
Charged-Off TDRs | (1,538,242 | ) | (230,672 | ) | (1,167,132 | ) | (16,609 | ) | ||||||||
Sold TDRs | (8,092 | ) | (9,239 | ) | 5,351 | (7,452 | ) | |||||||||
Payments on TDRs | (767,544 | ) | (37,023 | ) | (516,270 | ) | (97,521 | ) | ||||||||
TDRs, end of period | $ | 6,023,875 | $ | 877,598 | $ | 4,854,191 | $ | 865,412 |
September 30, 2017 | December 31, 2016 | ||||||||||
Consumer Loans Secured by Real Estate | RICs and auto loans | Other Consumer Loans | Commercial Loans | Total | Consumer Loans Secured by Real Estate | RICs and auto loans | Other Consumer Loans | Commercial Loans | Total | ||
(dollars in thousands) | |||||||||||
Total Delinquencies | $618,995 | $4,314,809 | $242,608 | $383,798 | $5,560,210 | $568,517 | $4,261,192 | $245,588 | $257,152 | $5,332,449 | |
Total Loans(1) | $14,544,659 | $26,000,107 | $2,851,609 | $40,140,421 | $83,536,796 | $14,239,357 | $26,498,469 | $3,107,074 | $44,561,193 | $88,406,093 | |
Delinquencies as a % of Loans | 4.3% | 16.6% | 8.5% | 1.0% | 6.7% | 4.0% | 16.1% | 7.9% | 0.6% | 6.0% |
September 30, 2017 | December 31, 2016 | ||||||||||||
Amount | % of Loans to Total LHFI | Amount | % of Loans to Total LHFI | ||||||||||
(dollars in thousands) | |||||||||||||
Allocated allowance: | |||||||||||||
Commercial loans | $ | 424,791 | 49.1 | % | $ | 449,837 | 51.8 | % | |||||
Consumer loans | 3,484,331 | 50.9 | % | 3,317,604 | 48.2 | % | |||||||
Unallocated allowance | 47,023 | n/a | 47,023 | n/a | |||||||||
Total ALLL | 3,956,145 | 100.0 | % | 3,814,464 | 100.0 | % | |||||||
Reserve for unfunded lending commitments | 116,086 | 122,418 | |||||||||||
Total ACL | $ | 4,072,231 | $ | 3,936,882 |
(in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Investment securities AFS: | ||||||||||||||
U.S. Treasury securities and government agencies | $ | 3,477,738 | $ | 3,336,467 | ||||||||||
FNMA and FHLMC securities | 1,979,558 | 2,038,307 | ||||||||||||
Beneficial interest in Structured LLC | 1,082,348 | 1,122,510 | ||||||||||||
Other securities (1) | 551,869 | 542,253 | ||||||||||||
Total investment securities AFS | 7,091,513 | 7,039,537 | ||||||||||||
Investment securities HTM: | ||||||||||||||
U.S. government agencies | 7,581,191 | 7,625,337 | ||||||||||||
FNMA and FHLMC securities | 1,387,873 | 1,414,367 | ||||||||||||
Total investment securities HTM | 8,969,064 | 9,039,704 | ||||||||||||
Trading securities | 9,003,612 | 7,967,875 | ||||||||||||
Other investments | 1,346,020 | 1,353,278 | ||||||||||||
Total investment portfolio | $ | 26,410,209 | $ | 25,400,394 |
March 31, 2024 | December 31, 2023 | Change | Percent | |||||||||||||||||||||||
(in thousands) | Fair Value | Fair Value | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 226,359 | $ | 25,409 | $ | 200,950 | 790.9 | % | ||||||||||||||||||
Corporate debt securities | 2,130 | 31,590 | (29,460) | (93.3) | % | |||||||||||||||||||||
ABS | 549,739 | 510,663 | 39,076 | 7.7 | % | |||||||||||||||||||||
Beneficial interest in Structured LLC | 1,082,348 | 1,122,510 | $ | (40,162) | (3.6) | % | ||||||||||||||||||||
MBS(1): | ||||||||||||||||||||||||||
GNMA - Residential | 2,740,234 | 2,792,844 | (52,610) | (1.9) | % | |||||||||||||||||||||
GNMA - Commercial | 511,145 | 518,214 | (7,069) | (1.4) | % | |||||||||||||||||||||
FHLMC and FNMA - Residential | 1,891,009 | 1,949,419 | (58,410) | (3.0) | % | |||||||||||||||||||||
FHLMC and FNMA - Commercial | 88,549 | 88,888 | (339) | (0.4) | % | |||||||||||||||||||||
Total investments in debt securities AFS | $ | 7,091,513 | $ | 7,039,537 | $ | 51,976 | 0.7 | % |
(in thousands) | March 31, 2024 | December 31, 2023 | Change in unrealized gain/(loss) | Percent | ||||||||||||||||||||||
Total unrealized loss | $ | (866,320) | $ | (886,414) | $ | 20,094 | (2.3) | % | ||||||||||||||||||
Total unrealized gain | 319 | 61 | 258 | 423.0 | % | |||||||||||||||||||||
Total unrealized gain/(loss) position | $ | (866,001) | $ | (886,353) | $ | 20,352 | (2.3) | % |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Investment securities AFS: | |||||||
U.S. Treasury securities and government agencies | $ | 8,242,685 | $ | 8,163,027 | |||
FNMA and FHLMC securities | 8,399,780 | 7,639,823 | |||||
State and municipal securities | 25 | 30 | |||||
Other securities (1) | 590,556 | 1,221,345 | |||||
Total investment securities AFS | 17,233,046 | 17,024,225 | |||||
Investment securities held-to-maturity: | |||||||
U.S. government agencies | 1,560,850 | 1,658,644 | |||||
Total investment securities held-to-maturity (2) | 1,560,850 | 1,658,644 | |||||
Trading securities | 9,098 | 1,630 | |||||
Other investments | 708,294 | 730,831 | |||||
Total investment portfolio | $ | 19,511,288 | $ | 19,415,330 |
September 30, 2017 | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||
FNMA | $ | 4,333,536 | $ | 4,280,822 | |||||||||||||||||||||||||||||||||
FHLMC | 4,172,562 | 4,118,958 | |||||||||||||||||||||||||||||||||||
Government National Mortgage Association (1) | 8,180,180 | 8,116,671 | |||||||||||||||||||||||||||||||||||
Government - Treasuries | 1,669,963 | 1,668,107 | |||||||||||||||||||||||||||||||||||
GNMA (1) | |||||||||||||||||||||||||||||||||||||
Total | $ | 18,356,241 | $ | 18,184,558 | |||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Total |
Consumer and Business Banking | Commercial Real Estate | Commercial Banking | Global Corporate Banking | SC | Santander BanCorp | Total | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Goodwill at September 30, 2017 | $ | 1,880,303 | $ | 870,411 | $ | 542,584 | $ | 131,130 | $ | 1,019,960 | $ | 10,537 | $ | 4,454,925 |
SHUSA | ||||||||||||||||||||
March 31, 2024 | Well-capitalized Requirement | Minimum Requirement | ||||||||||||||||||
CET1 capital ratio | 12.53 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 14.40 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 16.52 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 9.75 | % | 5.00 | % | 4.00 | % |
SBNA | ||||||||||||||||||||
March 31, 2024 | Well-capitalized Requirement | Minimum Requirement | ||||||||||||||||||
CET1 capital ratio | 16.00 | % | 6.50 | % | 4.50 | % | ||||||||||||||
Tier 1 capital ratio | 16.00 | % | 8.00 | % | 6.00 | % | ||||||||||||||
Total capital ratio | 17.26 | % | 10.00 | % | 8.00 | % | ||||||||||||||
Leverage ratio | 11.50 | % | 5.00 | % | 4.00 | % |
SHUSA | |||||||||
September 30, 2017 | Well-capitalized Requirement(1) | Minimum Requirement(1) | |||||||
CET1 capital ratio | 15.66 | % | 6.50 | % | 4.50 | % | |||
Tier 1 capital ratio | 17.39 | % | 8.00 | % | 6.00 | % | |||
Total capital ratio | 19.10 | % | 10.00 | % | 8.00 | % | |||
Leverage ratio | 13.40 | % | 5.00 | % | 4.00 | % |
Consumer (1) | Commercial (2) | CIB | Wealth Management | Other and eliminations (3) | Total | ||||||||||||||||||
(dollars in thousands) | Balance | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | 39,407,202 | $ | 9,518,961 | $ | 3,763,810 | $ | 2,973,269 | $ | 6,843,328 | $ | 62,506,570 | |||||||||||
Non-interest-bearing demand deposits | 9,284,154 | 3,270,669 | 115,498 | 2,496,954 | 10,625 | 15,177,900 | |||||||||||||||||
Total deposits (1) | $ | 48,691,356 | $ | 12,789,630 | $ | 3,879,308 | $ | 5,470,223 | $ | 6,853,953 | $ | 77,684,470 |
BANK | |||||||||
September 30, 2017 | Well-capitalized Requirement(2) | Minimum Requirement(2) | |||||||
CET1 capital ratio | 18.08 | % | 6.50 | % | 4.50 | % | |||
Tier 1 capital ratio | 18.08 | % | 8.00 | % | 6.00 | % | |||
Total capital ratio | 19.20 | % | 10.00 | % | 8.00 | % | |||
Leverage ratio | 13.69 | % | 5.00 | % | 4.00 | % |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capacity | Used | Available | Total Capacity | Used | Available | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash on deposit at FRB | $ | 12,068,490 | $ | 10,101,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidity from released government deposit collateral (1) | 3,231,593 | — | 3,231,593 | 3,241,729 | — | 3,241,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidity from unencumbered securities | 4,577,238 | — | 4,577,238 | 2,856,561 | — | 2,856,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB | 13,920,497 | $ | 4,451,510 | 9,468,987 | 13,435,777 | 6,624,791 | 6,810,986 | |||||||||||||||||||||||||||||||||||||||||||||||||
FRB: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount window | 12,043,121 | — | 12,043,121 | 9,085,296 | — | 9,085,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BTFP | — | — | — | 7,302,070 | — | 7,302,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total FRB | $ | 12,043,121 | — | $ | 12,043,121 | $ | 16,387,366 | — | $ | 16,387,366 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available liquidity | $ | 41,389,429 | $ | 39,398,104 |
Nine-Month Period Ended September 30, | ||||||||
2017 | 2016 | |||||||
(in thousands) | ||||||||
Net cash provided by operating activities | $ | 4,011,727 | $ | 3,135,457 | ||||
Net cash provided by investing activities | 1,367,478 | 2,514,922 | ||||||
Net cash used in financing activities | (7,505,439 | ) | (3,267,636 | ) |
Three months ended March 31, | YTD Change | |||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Increase/(Decrease) | |||||||||||||||||||||||
Net cash flows from operating activities | $ | (187,252) | $ | (250,582) | $ | 63,330 | ||||||||||||||||||||
Net cash flows from investing activities | 1,078,787 | (5,515,761) | 6,594,548 | |||||||||||||||||||||||
Net cash flows from financing activities | 219,396 | 8,166,212 | (7,946,816) |
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 year | Over 1 yr to 3 yrs | Over 3 yrs to 5 yrs | Over 5 yrs | |||||||||||||||
(in thousands) | |||||||||||||||||||
FHLB advances (1) | $ | 4,590,010 | $ | 4,032,940 | $ | 557,070 | $ | — | $ | — | |||||||||
Notes payable - revolving facilities | 5,231,289 | 3,971,055 | 1,260,234 | — | — | ||||||||||||||
Notes payable - secured structured financings | 23,310,484 | 1,619,104 | 5,219,206 | 12,065,609 | 4,406,565 | ||||||||||||||
Other debt obligations (1) (2) | 11,352,184 | 2,971,398 | 4,177,059 | 1,939,251 | 2,264,476 | ||||||||||||||
Junior subordinated debentures due to capital trust entities (1) (2) | 151,746 | 151,746 | — | — | — | ||||||||||||||
CDs (1) | 5,865,838 | 2,924,011 | 1,902,414 | 1,031,681 | 7,732 | ||||||||||||||
Non-qualified pension and post-retirement benefits | 128,328 | 12,903 | 26,203 | 25,396 | 63,826 | ||||||||||||||
Operating leases(3) | 735,481 | 124,166 | 237,167 | 157,472 | 216,676 | ||||||||||||||
Total contractual cash obligations | $ | 51,365,360 | $ | 15,807,323 | $ | 13,379,353 | $ | 15,219,409 | $ | 6,959,275 |
The following estimated percentage increase/(decrease) to net interest income would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | March 31, 2024 | December 31, 2023 | ||||||||||||
Down 200 basis points | (6.05) | % | (4.14) | % | ||||||||||
Down 100 basis points | (2.90) | % | (1.94) | % | ||||||||||
Up 100 basis points | 2.83 | % | 1.82 | % | ||||||||||
Up 200 basis points | 5.65 | % | 3.63 | % |
The following estimated percentage increase/(decrease) to net interest income would result | ||||||
If interest rates changed in parallel by the amounts below | September 30, 2017 | December 31, 2016 | ||||
Down 100 basis points | (2.70 | )% | (2.14 | )% | ||
Up 100 basis points | 2.38 | % | 2.36 | % | ||
Up 200 basis points | 4.49 | % | 4.36 | % |
The following estimated percentage increase/(decrease) to MVE would result | ||||||||||||||
If interest rates changed in parallel by the amounts below | March 31, 2024 | December 31, 2023 | ||||||||||||
Down 200 basis points | 6.73 | % | 6.68 | % | ||||||||||
Down 100 basis points | 4.12 | % | 4.05 | % | ||||||||||
Up 100 basis points | (4.45) | % | (4.49) | % | ||||||||||
Up 200 basis points | (8.65) | % | (8.76) | % |
The following estimated percentage increase/(decrease) to MVE would result | ||||||
If interest rates changed in parallel by the amounts below | September 30, 2017 | December 31, 2016 | ||||
Down 100 basis points | (2.39 | )% | (1.23 | )% | ||
Up 100 basis points | (0.36 | )% | (0.76 | )% | ||
Up 200 basis points | (2.43 | )% | (2.50 | )% |
(3.1) | |||||
(3.2) | |||||
(3.3) | |||||
(3.4) | |||||
(4.1) | Santander Holdings USA, Inc. has certain debt obligations outstanding. None of the instruments evidencing such debt authorizes an amount of securities in excess of 10% of the total assets of Santander Holdings USA, Inc. and its subsidiaries on a consolidated basis; therefore, copies of such instruments are not included as exhibits to this Quarterly Report on Form 10-Q. Santander Holdings USA, Inc. agrees to furnish copies to the SEC on request. | ||||
(31.2) | ||||||
(101.INS) | Inline XBRL Instance Document (Filed herewith) | |||||
(101.SCH) | ||||||
(101.CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase (Filed herewith) | |||||
(101.DEF) | Inline XBRL Taxonomy Extension Definition Linkbase (Filed herewith) | |||||
(101.LAB) | Inline XBRL Taxonomy Extension Label Linkbase (Filed herewith) | |||||
(101.PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase (Filed herewith) |
SANTANDER HOLDINGS USA, INC. (Registrant) | ||||||||||||
Date: | May 6, 2024 | /s/ Juan Carlos Alvarez de Soto | ||||||||||
Chief Financial Officer and Senior Executive Vice President | ||||||||||||
Date: | /s/ David L. Cornish | |||||||||||
David L. Cornish | ||||||||||||
Chief Accounting Officer, Corporate Controller and Executive Vice President |