Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | M&T BANK CORPORATION | |
Entity Central Index Key | 0000036270 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 172,613,343 | |
Entity File Number | 1-9861 | |
Entity Tax Identification Number | 16-0968385 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | One M & T Plaza | |
Entity Address, Postal Zip Code | 14203 | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
City Area Code | 716 | |
Local Phone Number | 635-4000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | MTB | |
Title of 12(b) Security | Common Stock, $.50 par value | |
Security Exchange Name | NYSE | |
Series H Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | MTBPrH | |
Title of 12(b) Security | Perpetual Fixed-to-Floating RateNon-Cumulative Preferred Stock, Series H | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 2,255,810 | $ 1,337,577 |
Interest-bearing deposits at banks | 25,391,528 | 41,872,304 |
Trading account | 129,672 | 49,745 |
Investment securities | ||
Available for sale (cost: $11,340,155 at September 30, 2022; $3,849,347 at December 31, 2021) | 10,870,346 | 3,955,804 |
Held to maturity (fair value: $11,544,655 at September 30, 2022; $2,771,290 at December 31, 2021) | 12,898,862 | 2,734,674 |
Equity and other securities (cost: $832,604 at September 30, 2022; $461,516 at December 31, 2021) | 834,557 | 465,382 |
Total investment securities | 24,603,765 | 7,155,860 |
Loans and leases | 128,608,538 | 93,136,678 |
Unearned discount | (382,951) | (224,226) |
Loans and leases, net of unearned discount | 128,225,587 | 92,912,452 |
Allowance for credit losses | (1,875,591) | (1,469,226) |
Loans and leases, net | 126,349,996 | 91,443,226 |
Premises and equipment | 1,620,339 | 1,144,765 |
Goodwill | 8,501,357 | 4,593,112 |
Core deposit and other intangible assets | 226,974 | 3,998 |
Accrued interest and other assets | 8,876,038 | 7,506,573 |
Total assets | 197,955,479 | 155,107,160 |
Liabilities | ||
Noninterest-bearing deposits | 73,023,271 | 60,131,480 |
Savings and interest-checking deposits | 86,015,700 | 68,603,966 |
Time deposits | 4,806,417 | 2,807,963 |
Total deposits | 163,845,388 | 131,543,409 |
Short-term borrowings | 917,806 | 47,046 |
Accrued interest and other liabilities | 4,476,456 | 2,127,931 |
Long-term borrowings | 3,459,336 | 3,485,369 |
Total liabilities | 172,698,986 | 137,203,755 |
Shareholders' equity | ||
Preferred stock, $1.00 par, 20,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 350,000 shares at September 30, 2022 and December 31, 2021; Liquidation preference of $10,000 per share: 140,000 shares at September 30, 2022 and December 31, 2021; Liquidation preference of $25 per share: 10,000,000 shares at September 30, 2022 | 2,010,600 | 1,750,000 |
Common stock, $.50 par, 250,000,000 shares authorized, 179,436,779 shares issued at September 30, 2022 and 159,741,898 shares issued at December 31, 2021 | 89,718 | 79,871 |
Common stock issuable, 13,951 shares at September 30, 2022; 15,769 shares at December 31, 2021 | 1,098 | 1,212 |
Additional paid-in capital | 9,994,395 | 6,635,000 |
Retained earnings | 15,219,828 | 14,646,448 |
Accumulated other comprehensive income (loss), net | (899,993) | (127,578) |
Treasury stock - common, at cost - 6,551,133 shares at September 30, 2022; 31,052,845 shares at December 31, 2021 | (1,159,153) | (5,081,548) |
Total shareholders’ equity | 25,256,493 | 17,903,405 |
Total liabilities and shareholders’ equity | $ 197,955,479 | $ 155,107,160 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investment securities, available for sale, amortized cost | $ 11,340,155 | $ 3,849,347 |
Investment securities, held to maturity, fair value | 11,554,655 | 2,771,290 |
Equity and other securities, cost | $ 832,604 | $ 461,516 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 10,000,000 | |
Preferred stock, liquidation preference per share | $ 25 | |
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 179,436,779 | 159,741,898 |
Common stock issuable, shares | 13,951 | 15,769 |
Treasury stock, common shares | 6,551,133 | 31,052,845 |
Series A Series C Series And E Preferred Stock [Member] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series F And Series G Preferred Stock [Member] | ||
Preferred stock, shares issued | 140,000 | 140,000 |
Preferred stock, shares outstanding | 140,000 | 140,000 |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Loans and leases, including fees | $ 1,455,612 | $ 944,422 | $ 3,572,954 | $ 2,843,969 |
Investment securities | ||||
Fully taxable | 135,766 | 33,209 | 294,290 | 104,736 |
Exempt from federal taxes | 16,555 | 48 | 34,388 | 113 |
Deposits at banks | 172,956 | 14,923 | 272,009 | 30,507 |
Other | 624 | 344 | 1,270 | 941 |
Total interest income | 1,781,513 | 992,946 | 4,174,911 | 2,980,266 |
Interest expense | ||||
Savings and interest-checking deposits | 68,690 | 7,000 | 103,344 | 26,556 |
Time deposits | 1,124 | 3,573 | 3,748 | 15,667 |
Deposits at Cayman Islands office | 201 | |||
Short-term borrowings | 2,670 | 2 | 6,090 | 5 |
Long-term borrowings | 30,338 | 15,121 | 67,147 | 46,852 |
Total interest expense | 102,822 | 25,696 | 180,329 | 89,281 |
Net interest income | 1,678,691 | 967,250 | 3,994,582 | 2,890,985 |
Provision for credit losses | 115,000 | (20,000) | 427,000 | (60,000) |
Net interest income after provision for credit losses | 1,563,691 | 987,250 | 3,567,582 | 2,950,985 |
Other income | ||||
Brokerage services income | 21,086 | 20,490 | 65,414 | 43,868 |
Trading account and non-hedging derivative gains | 5,081 | 5,563 | 12,743 | 18,349 |
Gain/(loss) on bank investment securities | (1,108) | 291 | (1,913) | (22,646) |
Other revenues from operations | 153,189 | 120,485 | 436,943 | 344,114 |
Total other income | 563,079 | 569,126 | 1,675,066 | 1,588,357 |
Other expense | ||||
Salaries and employee benefits | 736,354 | 510,422 | 2,090,075 | 1,530,634 |
Equipment and net occupancy | 127,117 | 80,738 | 337,584 | 244,057 |
Outside data processing and software | 95,068 | 72,782 | 268,607 | 213,025 |
FDIC assessments | 28,105 | 18,810 | 66,266 | 50,874 |
Advertising and marketing | 21,398 | 15,208 | 58,057 | 43,200 |
Printing, postage and supplies | 14,768 | 7,917 | 40,488 | 28,367 |
Amortization of core deposit and other intangible assets | 18,384 | 2,738 | 38,024 | 8,213 |
Other costs of operations | 238,059 | 190,719 | 743,047 | 565,753 |
Total other expense | 1,279,253 | 899,334 | 3,642,148 | 2,684,123 |
Income before taxes | 847,517 | 657,042 | 1,600,500 | 1,855,219 |
Income taxes | 200,921 | 161,582 | 374,208 | 454,441 |
Net income | 646,596 | 495,460 | 1,226,292 | 1,400,778 |
Net income available to common shareholders | ||||
Basic | 620,549 | 475,958 | 1,152,400 | 1,342,805 |
Diluted | $ 620,554 | $ 475,961 | $ 1,152,406 | $ 1,342,812 |
Net income per common share | ||||
Basic | $ 3.55 | $ 3.70 | $ 7.18 | $ 10.44 |
Diluted | $ 3.53 | $ 3.69 | $ 7.14 | $ 10.43 |
Average common shares outstanding | ||||
Basic | 174,609 | 128,689 | 160,474 | 128,632 |
Diluted | 175,682 | 128,844 | 161,295 | 128,786 |
Mortgage Banking Revenues [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 83,041 | $ 159,995 | $ 275,115 | $ 432,062 |
Service Charges on Deposit Accounts [Member] | ||||
Other income | ||||
Revenue from contract with customer | 115,213 | 105,426 | 340,890 | 296,721 |
Trust Income [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 186,577 | $ 156,876 | $ 545,874 | $ 475,889 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Partners Capital [Abstract] | ||||
Net income | $ 646,596 | $ 495,460 | $ 1,226,292 | $ 1,400,778 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Net unrealized losses on investment securities | (218,852) | (9,314) | (425,770) | (39,808) |
Cash flow hedges adjustments | (172,285) | (38,038) | (344,534) | (152,175) |
Foreign currency translation adjustments | (5,359) | (1,579) | (11,271) | (886) |
Defined benefit plans liability adjustments | 2,993 | 15,486 | 9,160 | 45,482 |
Total other comprehensive income (loss) | (393,503) | (33,445) | (772,415) | (147,387) |
Total comprehensive income | $ 253,093 | $ 462,015 | $ 453,877 | $ 1,253,391 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 1,226,292 | $ 1,400,778 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 427,000 | (60,000) |
Depreciation and amortization of premises and equipment | 219,737 | 169,232 |
Amortization of capitalized servicing rights | 75,165 | 66,000 |
Amortization of core deposit and other intangible assets | 38,024 | 8,213 |
Provision for deferred income taxes | (89,413) | 70,190 |
Asset write-downs | 7,358 | 5,046 |
Net gain on sales of assets | (14,583) | (15,260) |
Net change in accrued interest receivable, payable | (58,629) | 20,395 |
Net change in other accrued income and expense | (71,004) | 50,804 |
Net change in loans originated for sale | 560,861 | (117,139) |
Net change in trading account and non-hedging derivative assets and liabilities | 1,299,313 | 419,772 |
Net cash provided by operating activities | 3,620,121 | 2,018,031 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities equity and other | 42,999 | 8,937 |
Proceeds from maturities of investment securities Available for sale | 641,573 | 1,139,203 |
Proceeds from maturities of investment securities Held to maturity | 1,053,989 | 476,352 |
Purchases of investment securities Available for sale | (7,219,785) | (5,389) |
Purchases of investment securities Held to maturity | (796,312) | (1,087,656) |
Purchases of investment securities equity and other | (155,290) | (27,270) |
Net (increase) decrease in loans and leases | (58,942) | 4,977,272 |
Net (increase) decrease in interest-bearing deposits at banks | 25,674,122 | (14,781,978) |
Capital expenditures, net | (126,810) | (87,165) |
Net (increase) decrease in loan servicing advances | 1,324,912 | (402,175) |
Acquisition, net of cash consideration, Bank and bank holding company | 393,923 | |
Other, net | (516,504) | (388,305) |
Net cash provided (used) by investing activities | 20,257,875 | (10,178,174) |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | (20,663,949) | 8,895,558 |
Net increase (decrease) in short-term borrowings | (24,111) | 44,066 |
Proceeds from long-term borrowings | 499,250 | 9,500 |
Payments on long-term borrowings | (907,191) | (853,041) |
Purchases of treasury stock | (1,200,000) | |
Dividends paid — common | (578,968) | (425,541) |
Dividends paid — preferred | (80,600) | (55,388) |
Proceeds from issuance of Series I preferred stock | 495,000 | |
Other, net | (4,194) | (23,042) |
Net cash provided (used) by financing activities | (22,959,763) | 8,087,112 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 918,233 | (73,031) |
Cash, cash equivalents and restricted cash at beginning of period | 1,337,577 | 1,552,743 |
Cash, cash equivalents and restricted cash at end of period | 2,255,810 | 1,479,712 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 4,145,231 | 2,976,574 |
Interest paid during the period | 214,552 | 116,402 |
Income taxes paid during the period | 362,866 | 278,783 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 21,017 | 6,822 |
Additions to right-of-use assets under operating leases | 99,705 | 34,404 |
Loans held for sale transferred to loans held for investment | $ 330,188 | |
Acquisition of bank and bank holding company, Common stock issued | 8,286,515 | |
Acquisition of bank and bank holding company, Common stock awards converted | 104,810 | |
Fair value of Assets acquired (noncash) | 63,757,316 | |
Fair value of Liabilities assumed | 55,499,314 | |
Fair value of Preferred stock converted | $ 260,600 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series I Preferred Stock [Member] | Series H Preferred Stocks [Member] | Preferred Stock [Member] | Preferred Stock [Member] Series I Preferred Stock [Member] | Preferred Stock [Member] Series H Preferred Stocks [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Series I Preferred Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | |
Beginning balance at Dec. 31, 2020 | $ 16,187,283 | $ 1,250,000 | $ 79,871 | $ 1,344 | $ 6,617,404 | $ 13,444,428 | $ (63,032) | $ (5,142,732) | ||||||
Total comprehensive income | 1,253,391 | 1,400,778 | (147,387) | |||||||||||
Preferred stock cash dividends | [1] | (51,150) | (51,150) | |||||||||||
Issuance of preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | |||||||||||
Stock-based compensation transactions, net | 71,774 | (148) | 12,252 | (616) | 60,286 | |||||||||
Common stock cash dividends | (427,527) | (427,527) | ||||||||||||
Ending balance at Sep. 30, 2021 | 17,528,771 | 1,750,000 | 79,871 | 1,196 | 6,624,656 | 14,365,913 | (210,419) | (5,082,446) | ||||||
Beginning balance at Jun. 30, 2021 | 16,720,304 | 1,250,000 | 79,871 | 1,179 | 6,620,528 | 14,030,215 | (176,974) | (5,084,515) | ||||||
Total comprehensive income | 462,015 | 495,460 | (33,445) | |||||||||||
Preferred stock cash dividends | [1] | (17,050) | (17,050) | |||||||||||
Issuance of preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | |||||||||||
Stock-based compensation transactions, net | 11,007 | 17 | 9,128 | (207) | 2,069 | |||||||||
Common stock cash dividends | (142,505) | (142,505) | ||||||||||||
Ending balance at Sep. 30, 2021 | 17,528,771 | 1,750,000 | 79,871 | 1,196 | 6,624,656 | 14,365,913 | (210,419) | (5,082,446) | ||||||
Beginning balance at Dec. 31, 2021 | 17,903,405 | 1,750,000 | 79,871 | 1,212 | 6,635,000 | 14,646,448 | (127,578) | (5,081,548) | ||||||
Total comprehensive income | 453,877 | 1,226,292 | (772,415) | |||||||||||
Common stock issued | 8,286,515 | 9,824 | 3,256,821 | 5,019,870 | ||||||||||
Common stock awards converted | 104,810 | 104,810 | ||||||||||||
Conversion of Series H preferred stock | $ 260,600 | $ 260,600 | ||||||||||||
Preferred stock cash dividends | [1] | (71,647) | (71,647) | |||||||||||
Purchases of treasury stock | (1,200,000) | (1,200,000) | ||||||||||||
Stock-based compensation transactions, net | 99,228 | 23 | (114) | (2,236) | (970) | 102,525 | ||||||||
Common stock cash dividends | (580,295) | (580,295) | ||||||||||||
Ending balance at Sep. 30, 2022 | 25,256,493 | 2,010,600 | 89,718 | 1,098 | 9,994,395 | 15,219,828 | (899,993) | (1,159,153) | ||||||
Beginning balance at Jun. 30, 2022 | 25,794,531 | 2,010,600 | 89,718 | 1,090 | 9,986,881 | 14,808,637 | (506,490) | (595,905) | ||||||
Total comprehensive income | 253,093 | 646,596 | (393,503) | |||||||||||
Preferred stock cash dividends | [1] | (24,941) | (24,941) | |||||||||||
Purchases of treasury stock | (600,000) | (600,000) | ||||||||||||
Stock-based compensation transactions, net | 43,947 | 8 | 7,514 | (327) | 36,752 | |||||||||
Common stock cash dividends | (210,137) | (210,137) | ||||||||||||
Ending balance at Sep. 30, 2022 | $ 25,256,493 | $ 2,010,600 | $ 89,718 | $ 1,098 | $ 9,994,395 | $ 15,219,828 | $ (899,993) | $ (1,159,153) | ||||||
[1] For the three-month and nine-month periods ended September 30, 2022 , dividends per preferred share were: Preferred Series E - $ 16.125 and $ 48.375 , respectively; Preferred Series F - $ 128.125 and $ 384.375 , respectively; Preferred Series G - $ 125.00 and $ 375.00 , respectively; Preferred Series H - $ 0.3516 and $ 0.7031 , respectively; and Preferred Series I - $ 87.50 and $ 269.31 , respectively. Dividends per preferred share for the three-month and nine-month periods ended September 30, 2021 were: Preferred Series E - $ 16.125 and $ 48.375 , respectively; Preferred Series F - $ 128.125 and $ 384.375 , respectively; and Preferred Series G - $ 125.00 and $ 375.00 , respectively. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Preferred Series E [Member] | ||||
Preferred stock per share dividend amount | $ 16.125 | $ 16.125 | $ 48.375 | $ 48.375 |
Preferred Series F [Member] | ||||
Preferred stock per share dividend amount | 128.125 | 128.125 | 384.375 | 384.375 |
Preferred Series G [Member] | ||||
Preferred stock per share dividend amount | 125 | 125 | 375 | 375 |
Preferred Series I [Member] | ||||
Preferred stock per share dividend amount | 87.50 | 269.31 | ||
Preferred Series H [Member] | ||||
Preferred stock per share dividend amount | 0.3516 | 0.7031 | ||
Retained Earnings [Member] | ||||
Common stock per share dividend amount | $ 1.20 | $ 1.10 | $ 3.60 | $ 3.30 |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies The consolidated interim financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). Following the acquisition of People's United Financial, Inc. ("People's United") on April 1, 2022 and conformance of financial statement presentation, certain reclassifications have been made to prior period amounts to conform with current period presentation. The reclassifications had no effect on previously reported total assets, total liabilities, shareholders' equity or net income. Specifically, the fair values of interest rate and foreign exchange derivative contracts not designated as hedging instruments as presented in note 11 have been included in other assets and other liabilities rather than in trading account assets and liabilities. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Acquisition and divestiture
Acquisition and divestiture | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisition and divestiture | 2. Acquisition and divestiture On April 1, 2022, M&T completed the acquisition of People's United. Through subsidiaries, People's United provided commercial banking, retail banking and wealth management services to individual, corporate and municipal customers through a network of branches located in Connecticut, southeastern New York, Massachusetts, Vermont, New Hampshire and Maine. Following the merger, People's United Bank, National Association, a national banking association and a wholly owned subsidiary of People's United, merged with and into Manufacturers and Traders Trust Company ("M&T Bank"), the principal banking subsidiary of M&T, with M&T Bank as the surviving entity. The results of operations acquired from People's United have been included in the Company's financial results since April 1, 2022. Pursuant to the terms of the merger agreement dated February 22, 2021, People’s United shareholders received consideration valued at .118 of an M&T common share in exchange for each common share of People’s United. The purchase price totaled approximately $ 8.4 billion (with the price based on M&T’s closing price of $ 164.66 per share as of April 1, 2022). M&T issued 50,325,004 common shares in completing the transaction. Additionally, People’s United outstanding preferred stock was converted into new shares of Series H Preferred Stock of M&T. The acquisition of People's United expanded the Company's geographical footprint and management expects the Company will benefit from greater geographical diversity and the advantages of scale associated with a larger company. 2. Acquisition and divestiture, continued The People’s United transaction has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and preferred stock converted were recorded at estimated fair value on the acquisition date. The consideration paid for People’s United common equity and the preliminary amounts of identifiable assets acquired, liabilities assumed and preferred stock converted as of the acquisition date follows. (In thousands) Consideration: Common stock issued ( 50,325,004 shares) $ 8,286,515 Common stock awards converted 104,810 Cash 1,824 Total consideration 8,393,149 Net assets acquired: Identifiable assets Cash and due from banks 395,747 Interest-bearing deposits at banks 9,193,346 Investment securities 11,574,689 Loans and leases 35,840,648 Core deposit and other intangible assets 261,000 Other assets 2,979,388 Total identifiable assets acquired 60,244,818 Liabilities and preferred stock Deposits 52,967,915 Borrowings 1,389,012 Other liabilities 1,142,387 Total liabilities assumed 55,499,314 Preferred stock 260,600 Total liabilities and preferred stock 55,759,914 Net assets acquired 4,484,904 Goodwill $ 3,908,245 The following is a description of the methodologies used to estimate the fair values of the significant assets acquired, liabilities assumed and preferred stock converted at the acquisition date: Cash and due from banks and interest-bearing deposits in banks: Given the short-term nature of these assets, the carrying amount was determined to be a reasonable estimate of fair value. Investment securities: Investment securities have been determined using quoted market prices, if available. If quoted market prices were not available, investment securities were valued by reference to quoted prices for similar securities or through model-based techniques. Loans and leases: The fair values of loans and leases were generally based on a discounted cash flow methodology that considered market interest rates, expected credit losses, prepayment assumptions and other market factors for loans with similar characteristics including loan type, collateral, fixed or variable interest rate and credit risk characteristics. Expected credit losses were determined based on credit characteristics and other factors such as default and recovery rates of similar products. Core deposit and other intangible assets: The core deposit intangible asset represents the value of certain customer deposit relationships. The fair value of the core deposit intangible asset was based on a discounted cash flow methodology that considered expected customer attrition rates, costs associated with maintaining the deposit relationships and alternative funding costs. Other intangible assets were also valued using expected and contractual cash flows. Deposits: The fair value of deposits with no maturity date was determined to be the amount payable on demand at the acquisition date. The fair value of time deposits was determined by discounting contractual cash flows, that considered market interest rates in relation to contractual interest rates for instruments with like remaining maturities. 2. Acquisition and divestiture, continued Borrowings: The fair value of borrowings was determined using quoted market prices for the instrument, if available. If quoted market prices for the instrument were not available, similar instruments with quoted market prices were referenced. Preferred stock: The fair value of preferred stock converted was determined using quoted market prices. GAAP requires loans and leases obtained through an acquisition that have experienced a more-than-insignificant deterioration in credit quality since origination be considered purchased credit deteriorated (“PCD”). The Company considered several factors in the determination of PCD loans, including loan grades assigned to acquired commercial loans and leases and commercial real estate loans utilizing the Company's loan grading system and delinquency status and history for acquired loans backed by residential real estate. Loans and leases acquired from People's United and identified as PCD totaled $ 3.4 billion at April 1, 2022. For those loans and leases, the initial estimate of expected credit losses of $ 99 million was established through an adjustment to increase both the initial carrying value and allowance for credit losses. GAAP also provides that an allowance for credit losses on loans acquired, but not classified as PCD, also be recognized. Accordingly, the Company recorded $ 242 million of provision for credit losses for non-PCD acquired loans and leases at the acquisition date. The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases at April 1, 2022: Total Unpaid principal balance (a) $ 3,410,506 Allowance for credit losses at acquisition (a) ( 99,000 ) Non-credit discount ( 106,814 ) Fair value $ 3,204,692 (a) The unpaid principal balance and allowance for credit losses at acquisition is net of charge-offs of $ 33 million recognized on the PCD loans. In connection with the acquisition, the Company recorded approximately $ 3.9 billion of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired, and $ 261 million of core deposit and other intangible assets. The core deposit and other intangible assets are being amortized over periods of three to seven years . The preliminary allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments is as follows: December 31, 2021 Acquisition of People's United September 30, 2022 (In thousands) Business Banking $ 864,366 $ 693,905 $ 1,558,271 Commercial Banking 1,401,873 2,686,253 4,088,126 Commercial Real Estate 654,389 291,217 945,606 Discretionary Portfolio — — — Residential Mortgage Banking — — — Retail Banking 1,309,191 221,196 1,530,387 All Other 363,293 15,674 378,967 Total $ 4,593,112 $ 3,908,245 $ 8,501,357 Due to the integration of People's United operating systems and activities with those of the Company, the Company's ability to report on the former operations of People's United is inherently limited. The Company estimates that included in the Consolidated Statement of Income from the acquisition date through September 30, 2022 are total revenues of approximately $ 1.0 billion and a net loss of approximately $ 13 million related to the acquisition of People's United. 2. Acquisition and divestiture, continued The following table presents certain pro forma information as if People’s United had been acquired on January 1, 2021. These results combine the historical results of People’s United into the Company’s consolidated statement of income and, while adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place as indicated. For example, merger-related expenses noted below are included in the periods where such expenses were incurred. Additionally, the Company expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts that follow: Pro forma Pro forma Nine Months Ended September 30, Three Months Ended September 30 2022 2021 2021 (In thousands) (In thousands) Total revenues(a) $ 6,134,400 $ 6,056,364 $ 2,054,462 Net income 1,399,913 1,769,781 664,820 (a) Represents the total of net interest income and other income. In connection with the People’s United acquisition, the Company incurred merger-related expenses related to systems conversions and other costs of integrating and conforming acquired operations with and into the Company. Those expenses consisted largely of professional services and other temporary help fees associated with preparing for systems conversions and/or integration of operations; costs related to termination of existing contractual arrangements for various services; initial marketing and promotion expenses designed to introduce M&T Bank to its new customers; severance (for former People’s United employees); travel costs; and other costs of completing the transaction and commencing operations in new markets and offices. The Company expects that there will be additional merger-related expenses in 2022. A summary of merger-related expenses included in the consolidated statement of income follows. Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands) (In thousands) Salaries and employee benefits $ 13,094 $ 60 $ 98,480 $ 64 Equipment and net occupancy 2,106 1 4,415 1 Outside data processing software 2,277 625 3,245 869 Advertising and marketing 2,177 505 4,004 529 Printing, postage and supplies 651 730 3,833 2,779 Other cost of operations 32,722 6,905 179,231 18,428 Other expense $ 53,027 $ 8,826 $ 293,208 $ 22,670 The Company also recognized a $ 242 million provision for credit losses on acquired loans that were not deemed to be PCD on April 1, 2022. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and expected credit loss assumptions to forecast estimated cash flows. GAAP also provides that an allowance for credit losses on loans acquired, but not classified as PCD also be recognized above and beyond the impact of forecasted losses used in determining the fair value of acquired loans. Accordingly, the Company recorded a $ 242 million provision for credit losses related to such loans obtained in the People's United transaction in the three months ended June 30, 2022. On September 29, 2022 M&T Bank announced it had entered into a definitive agreement to sell M&T Insurance Agency, Inc. ("MTIA"), a wholly owned insurance agency subsidiary of M&T Bank to Arthur J. Gallagher & Co. The transaction was completed on October 31, 2022. The Company expects to recognize a pre-tax gain on the sale of approximately $ 135 million. MTIA had assets of $ 25 million and shareholders' equity of $ 10 million at September 30, 2022. For the nine months ended September 30, 2022 and 2021, MTIA recorded revenues of $ 31 million and $ 29 million, respectively, and net income of $ 4 million and $ 1 million, respectively. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | 3. Investment securities The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (In thousands) September 30, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,908,153 $ 413 $ 249,838 $ 7,658,728 Mortgage-backed securities: Government issued or guaranteed Commercial 613,752 — 7,181 606,571 Residential 2,635,976 127 205,157 2,430,946 Other debt securities 182,274 311 8,484 174,101 11,340,155 851 470,660 10,870,346 Investment securities held to maturity: U.S. Treasury and federal agencies 1,199,539 — 49,633 1,149,906 Obligations of states and political subdivisions 2,663,917 6 221,631 2,442,292 Mortgage-backed securities: Government issued or guaranteed Commercial 927,503 — 106,215 821,288 Residential 8,053,619 — 967,653 7,085,966 Privately issued 52,479 9,260 8,341 53,398 Other debt securities 1,805 — — 1,805 12,898,862 9,266 1,353,473 11,554,655 Total debt securities $ 24,239,017 $ 10,117 $ 1,824,133 $ 22,425,001 Equity and other securities: Readily marketable equity — at fair value $ 192,584 $ 4,943 $ 2,990 $ 194,537 Other — at cost 640,020 — — 640,020 Total equity and other securities $ 832,604 $ 4,943 $ 2,990 $ 834,557 December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 682,267 $ 229 $ 3,806 $ 678,690 Mortgage-backed securities: Government issued or guaranteed Residential 3,042,771 113,102 561 3,155,312 Other debt securities 124,309 1,974 4,481 121,802 3,849,347 115,305 8,848 3,955,804 Investment securities held to maturity: U.S. Treasury and federal agencies 3,052 — 9 3,043 Obligations of states and political subdivisions 177 2 — 179 Mortgage-backed securities: Government issued or guaranteed Residential 2,667,328 49,221 8,376 2,708,173 Privately issued 61,555 10,520 14,742 57,333 Other debt securities 2,562 — — 2,562 2,734,674 59,743 23,127 2,771,290 Total debt securities $ 6,584,021 $ 175,048 $ 31,975 $ 6,727,094 Equity and other securities: Readily marketable equity — at fair value $ 73,774 $ 4,460 $ 594 $ 77,640 Other — at cost 387,742 — — 387,742 Total equity and other securities $ 461,516 $ 4,460 $ 594 $ 465,382 3. Investment securities, continued There were no significant gross realized gains or losses from sales of investment securities for the three-month and nine-month periods ended September 30, 2022 and 2021 . Unrealized losses on equity securities were $ 1 million and $ 2 million during the three months and nine months ended September 30, 2022 , respectively, compared with unrealized gains on equity securities of less than $ 1 million and unrealized losses of $ 23 million during the three months and nine months ended September 30, 2021, respectively. At September 30, 2022, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Estimated (In thousands) Debt securities available for sale: Due in one year or less $ 6,886 $ 6,813 Due after one year through five years 7,979,072 7,727,233 Due after five years through ten years 74,469 71,558 Due after ten years 30,000 27,225 8,090,427 7,832,829 Mortgage-backed securities available for sale 3,249,728 3,037,517 $ 11,340,155 $ 10,870,346 Debt securities held to maturity: Due in one year or less $ 292,223 $ 290,088 Due after one year through five years 1,096,658 1,045,997 Due after five years through ten years 1,045,507 992,244 Due after ten years 1,430,873 1,265,674 3,865,261 3,594,003 Mortgage-backed securities held to maturity 9,033,601 7,960,652 $ 12,898,862 $ 11,554,655 3. Investment securities, continued A summary of investment securities that as of September 30, 2022 and December 31, 2021 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized (In thousands) September 30, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,159,893 $ 224,986 $ 253,585 $ 24,852 Mortgage-backed securities: Government issued or guaranteed Commercial 606,571 7,181 — — Residential 2,401,907 204,279 18,668 878 Other debt securities 99,347 2,827 68,872 5,657 10,267,718 439,273 341,125 31,387 Investment securities held to maturity: U.S. Treasury and federal agencies 1,146,912 49,618 2,994 15 Obligations of states and political subdivisions 2,426,287 221,631 — — Mortgage-backed securities: Government issued or guaranteed Commercial 821,288 106,215 — — Residential 6,416,154 819,363 669,812 148,290 Privately issued — — 37,642 8,341 10,810,641 1,196,827 710,448 156,646 Total $ 21,078,359 $ 1,636,100 $ 1,051,573 $ 188,033 December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 598,566 $ 3,806 $ — $ — Mortgage-backed securities: Government issued or guaranteed Residential 10,111 54 20,824 507 Other debt securities 3,760 74 66,419 4,407 612,437 3,934 87,243 4,914 Investment securities held to maturity: U.S. Treasury and federal agencies 3,043 9 — — Mortgage-backed securities: Government issued or guaranteed Residential 1,372,236 8,356 1,251 20 Privately issued — — 43,692 14,742 1,375,279 8,365 44,943 14,762 Total $ 1,987,716 $ 12,299 $ 132,186 $ 19,676 The Company owned 4,330 individual debt securities with aggregate gross unrealized losses of $ 1.8 billion at September 30, 2022. Based on a review of each of the securities in the investment securities portfolio at September 30, 2022, the Company concluded that it expected to recover the amortized cost basis of its investment. As of September 30, 2022, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At September 30, 2022 , the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $ 640 million of cost method equity securities. 3. Investment securities, continued The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at September 30, 2022 or December 31, 2021. At September 30, 2022 and December 31, 2021 investment securities with carrying values of $ 10.3 billion (including $ 581 million related to repurchase transactions) and $ 5.1 billion (including $ 96 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 4. Loans and leases and the allowance for credit losses A summary of current, past due and nonaccrual loans as of September 30, 2022 and December 31, 2021 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) September 30, 2022 Commercial, financial, leasing, etc. $ 37,938,053 481,091 20,639 368,166 $ 38,807,949 Real estate: Commercial 35,880,425 227,399 38,470 1,406,200 37,552,494 Residential builder and developer 1,377,505 62 — 1,930 1,379,497 Other commercial construction 6,981,412 157,175 1,900 66,187 7,206,674 Residential 20,709,362 580,357 411,731 285,395 21,986,845 Residential — limited documentation 974,779 17,274 — 95,382 1,087,435 Consumer: Home equity lines and loans 4,959,845 25,370 — 78,208 5,063,423 Recreational finance 8,738,849 41,758 — 38,718 8,819,325 Automobile 4,282,895 35,550 — 40,318 4,358,763 Other 1,897,867 12,730 3,763 48,822 1,963,182 Total $ 123,740,992 1,578,766 476,503 2,429,326 $ 128,225,587 December 31, 2021 Commercial, financial, leasing, etc. $ 23,101,810 142,208 8,284 221,022 $ 23,473,324 Real estate: Commercial 24,712,643 319,099 31,733 1,069,280 26,132,755 Residential builder and developer 1,400,437 2,904 — 3,005 1,406,346 Other commercial construction 7,722,049 17,175 — 111,405 7,850,629 Residential 13,294,872 239,561 920,080 355,858 14,810,371 Residential — limited documentation 1,124,520 16,666 — 122,888 1,264,074 Consumer: Home equity lines and loans 3,476,617 15,486 — 70,488 3,562,591 Recreational finance 7,985,173 40,544 — 27,811 8,053,528 Automobile 4,604,772 40,064 — 34,037 4,678,873 Other 1,620,147 12,223 3,302 44,289 1,679,961 Total $ 89,043,040 845,930 963,399 2,060,083 $ 92,912,452 At September 30, 2022 and December 31, 2021 , the Company had $ 39 million and $ 1.2 billion, respectively, of outstanding loan balances, consisting predominantly of residential real estate loans, for which COVID-19 related payment deferrals were granted. Those loans met the criteria described in note 1 of Notes to Financial Statements in the 2021 Annual Report and, accordingly, are not considered past due or otherwise in default of loan terms as of the date presented. Included in those loan balances were $ 20 million and $ 974 million of government-guaranteed loans at September 30, 2022 and December 31, 2021, respectively. Payment deferrals are generally scheduled to expire in 2022 and/or are in the process of formal modification of repayment terms for previously deferred payments. One-to-four family residential mortgage loans held for sale were $ 43 million and $ 474 million at September 30, 2022 and December 31, 2021 , respectively. Commercial real estate loans held for sale were $ 300 million at September 30, 2022 and $ 425 million at December 31, 2021. 4. Loans and leases and the allowance for credit losses, continued Credit quality indicators The Company utilizes a loan grading system to differentiate risk amongst its commercial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. Line of business personnel in different geographic locations with support from and review by the Company’s credit risk personnel review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades include borrower-specific information related to expected future cash flows and operating results, collateral values, geographic location, financial condition and performance, payment status, and other information. The Company’s policy is that at least annually, updated financial information be obtained from commercial borrowers associated with pass grade loans and additional analysis performed. On a quarterly basis, the Company’s centralized credit risk department reviews all criticized commercial loans and commercial real estate loans greater than $ 1 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. The following table summarizes the loan grades applied at September 30, 2022 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2022 2021 2020 2019 2018 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 5,781,789 5,344,496 2,395,097 2,002,268 984,260 2,170,726 17,905,476 33,403 $ 36,617,515 Criticized accrual 183,126 255,935 159,898 119,906 67,885 302,787 715,190 17,541 1,822,268 Criticized nonaccrual 15,954 47,840 42,491 43,953 37,789 64,076 110,414 5,649 368,166 Total commercial, $ 5,980,869 5,648,271 2,597,486 2,166,127 1,089,934 2,537,589 18,731,080 56,593 $ 38,807,949 Real estate: Commercial: Loan grades: Pass $ 3,169,811 3,566,811 3,480,606 4,628,815 3,534,628 11,778,026 852,233 45,264 $ 31,056,194 Criticized accrual 116,303 325,114 532,354 1,028,855 1,040,898 1,987,906 58,670 — 5,090,100 Criticized nonaccrual 9,313 9,119 199,654 185,468 187,115 791,882 23,649 — 1,406,200 Total commercial real $ 3,295,427 3,901,044 4,212,614 5,843,138 4,762,641 14,557,814 934,552 45,264 $ 37,552,494 Residential builder and developer: Loan grades: Pass $ 561,314 367,867 33,935 31,596 18,574 9,878 169,941 — $ 1,193,105 Criticized accrual — 23,263 11,294 107,408 14,514 62 27,921 — 184,462 Criticized nonaccrual — 654 — 518 — 758 — — 1,930 Total residential builder $ 561,314 391,784 45,229 139,522 33,088 10,698 197,862 — $ 1,379,497 Other commercial construction: Loan grades: Pass $ 526,338 1,079,329 1,388,737 1,431,834 401,870 327,992 23,584 618 $ 5,180,302 Criticized accrual 46,282 163,004 249,622 971,447 386,480 136,358 6,992 — 1,960,185 Criticized nonaccrual — — — 25,352 10,588 27,814 2,433 — 66,187 Total other commercial $ 572,620 1,242,333 1,638,359 2,428,633 798,938 492,164 33,009 618 $ 7,206,674 4. Loans and leases and the allowance for credit losses, continued The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at September 30, 2022 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2022 2021 2020 2019 2018 Prior Loans Loans Total (In thousands) Residential: Current $ 4,057,196 4,049,835 2,734,863 1,345,076 760,442 7,731,831 30,119 — $ 20,709,362 30-89 days past due 35,387 53,249 28,996 76,049 15,744 363,807 7,125 — 580,357 Accruing loans past due 6,137 39,753 27,044 12,697 17,304 308,796 — — 411,731 Nonaccrual 2,741 7,978 2,831 7,899 2,954 260,243 749 — 285,395 Total residential $ 4,101,461 4,150,815 2,793,734 1,441,721 796,444 8,664,677 37,993 — $ 21,986,845 Residential - limited documentation: Current $ — — — — — 974,779 — — $ 974,779 30-89 days past due — — — — — 17,274 — — 17,274 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 95,382 — — 95,382 Total residential - limited $ — — — — — 1,087,435 — — $ 1,087,435 Consumer: Home equity lines and loans: Current $ 179 2,205 2,506 16,700 25,043 104,764 3,323,628 1,484,820 $ 4,959,845 30-89 days past due — — — 27 — 993 1,376 22,974 25,370 Accruing loans past due — — — — — — — — — Nonaccrual 3 15 — — — 6,311 8,748 63,131 78,208 Total home equity lines and loans $ 182 2,220 2,506 16,727 25,043 112,068 3,333,752 1,570,925 $ 5,063,423 Recreational finance: Current $ 2,270,380 2,397,260 1,673,217 1,016,693 517,571 863,728 — — $ 8,738,849 30-89 days past due 3,636 7,922 9,136 6,797 4,199 10,068 — — 41,758 Accruing loans past due — — — — — — — — — Nonaccrual 862 5,310 7,946 6,905 5,821 11,874 — — 38,718 Total recreational finance $ 2,274,878 2,410,492 1,690,299 1,030,395 527,591 885,670 — — $ 8,819,325 Automobile: Current $ 1,040,034 1,698,621 780,755 433,718 202,662 127,105 — — $ 4,282,895 30-89 days past due 3,753 9,992 6,091 6,354 4,641 4,719 — — 35,550 Accruing loans past due — — — — — — — — — Nonaccrual 557 8,573 7,837 8,418 6,710 8,223 — — 40,318 Total automobile $ 1,044,344 1,717,186 794,683 448,490 214,013 140,047 — — $ 4,358,763 Other: Current $ 210,244 192,316 66,148 42,643 11,594 25,864 1,338,436 10,622 $ 1,897,867 30-89 days past due 2,558 1,083 338 441 161 114 7,598 437 12,730 Accruing loans past due — — — — — 8 3,755 — 3,763 Nonaccrual 1,405 742 304 277 79 245 45,668 102 48,822 Total other $ 214,207 194,141 66,790 43,361 11,834 26,231 1,395,457 11,161 $ 1,963,182 Total loans and leases at $ 18,045,302 19,658,286 13,841,700 13,558,114 8,259,526 28,514,393 24,663,705 1,684,561 $ 128,225,587 4. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied at December 31, 2021 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 4,798,052 1,916,072 1,476,786 951,881 500,615 1,398,775 10,993,461 18,699 $ 22,054,341 Criticized accrual 196,680 98,595 107,010 73,126 36,232 185,935 484,755 15,628 1,197,961 Criticized nonaccrual 19,462 23,229 17,114 39,908 20,927 33,698 60,175 6,509 221,022 Total commercial, $ 5,014,194 2,037,896 1,600,910 1,064,915 557,774 1,618,408 11,538,391 40,836 $ 23,473,324 Real estate: Commercial: Loan grades: Pass $ 3,413,587 2,662,999 3,682,178 2,648,388 2,076,155 5,232,790 728,948 — $ 20,445,045 Criticized accrual 133,133 480,146 685,701 1,068,552 468,530 1,743,798 38,570 — 4,618,430 Criticized nonaccrual 21,587 133,560 195,084 83,857 76,628 520,473 38,091 — 1,069,280 Total commercial real $ 3,568,307 3,276,705 4,562,963 3,800,797 2,621,313 7,497,061 805,609 — $ 26,132,755 Residential builder and developer: Loan grades: Pass $ 786,983 106,510 75,287 47,587 4,680 12,450 230,017 — $ 1,263,514 Criticized accrual 2,055 5,356 117,258 13,637 630 — 891 — 139,827 Criticized nonaccrual — — 2,910 — — 95 — — 3,005 Total residential builder $ 789,038 111,866 195,455 61,224 5,310 12,545 230,908 — $ 1,406,346 Other commercial construction: Loan grades: Pass $ 957,947 1,781,603 2,022,276 832,547 152,669 273,556 38,781 — $ 6,059,379 Criticized accrual 24,103 54,191 675,226 583,428 228,739 114,158 — — 1,679,845 Criticized nonaccrual — — 71,613 3,303 12,263 19,970 4,256 — 111,405 Total other commercial $ 982,050 1,835,794 2,769,115 1,419,278 393,671 407,684 43,037 — $ 7,850,629 4. Loans and leases and the allowance for credit losses, continued A summary of loans in accrual and nonaccrual status at December 31, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Residential: Current $ 3,057,118 1,672,090 1,075,896 466,040 1,037,958 5,913,461 72,309 — $ 13,294,872 30-89 days past due 15,245 12,535 9,886 6,132 33,097 162,666 — — 239,561 Accruing loans past due 10,924 100,581 28,512 31,996 205,318 542,749 — — 920,080 Nonaccrual 3,359 19,858 7,119 4,577 5,890 314,792 263 — 355,858 Total residential $ 3,086,646 1,805,064 1,121,413 508,745 1,282,263 6,933,668 72,572 — $ 14,810,371 Residential - limited documentation: Current $ — — — — — 1,124,520 — — $ 1,124,520 30-89 days past due — — — — — 16,666 — — 16,666 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 122,888 — — 122,888 Total residential - limited $ — — — — — 1,264,074 — — $ 1,264,074 Consumer: Home equity lines and loans: Current $ 304 777 2,793 1,730 1,944 38,015 2,348,279 1,082,775 $ 3,476,617 30-89 days past due — — — 21 — 698 346 14,421 15,486 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 5,750 4,951 59,787 70,488 Total home equity lines and loans $ 304 777 2,793 1,751 1,944 44,463 2,353,576 1,156,983 $ 3,562,591 Recreational finance: Current $ 2,890,111 2,088,342 1,267,929 646,883 445,868 646,040 — — $ 7,985,173 30-89 days past due 5,929 8,912 8,317 5,074 5,189 7,123 — — 40,544 Accruing loans past due — — — — — — — — — Nonaccrual 1,341 4,646 4,871 4,918 4,039 7,996 — — 27,811 Total recreational finance $ 2,897,381 2,101,900 1,281,117 656,875 455,096 661,159 — — $ 8,053,528 Automobile: Current $ 2,220,061 1,097,684 662,000 341,655 211,774 71,598 — — $ 4,604,772 30-89 days past due 8,508 6,615 8,936 7,161 5,715 3,129 — — 40,064 Accruing loans past due — — — — — — — — — Nonaccrual 1,588 4,390 7,847 7,867 6,882 5,463 — — 34,037 Total automobile $ 2,230,157 1,108,689 678,783 356,683 224,371 80,190 — — $ 4,678,873 Other: Current $ 244,346 96,945 73,586 24,424 16,924 14,321 1,148,096 1,505 $ 1,620,147 30-89 days past due 2,937 404 472 255 101 5,712 1,908 434 12,223 Accruing loans past due — — — — — 3,302 — — 3,302 Nonaccrual 2,051 326 326 193 104 353 40,807 129 44,289 Total other $ 249,334 97,675 74,384 24,872 17,129 23,688 1,190,811 2,068 $ 1,679,961 Total loans and leases at $ 18,817,411 12,376,366 12,286,933 7,895,140 5,558,871 18,542,940 16,234,904 1,199,887 $ 92,912,452 4. Loans and leases and the allowance for credit losses, continued Allowance for credit losses For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by type. Changes in the allowance for credit losses for the three months ended September 30, 2022 and 2021 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2022 Beginning balance $ 414,473 708,393 124,326 576,598 $ 1,823,790 Provision for credit losses 43,343 26,949 ( 11,169 ) 55,877 115,000 Net charge-offs Charge-offs ( 37,396 ) ( 35,213 ) ( 2,572 ) ( 26,086 ) ( 101,267 ) Recoveries 22,022 401 2,234 13,411 38,068 Net charge-offs ( 15,374 ) ( 34,812 ) ( 338 ) ( 12,675 ) ( 63,199 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2021 Beginning balance $ 314,852 679,963 77,869 502,444 $ 1,575,128 Provision for credit losses ( 292 ) ( 42,016 ) ( 3,522 ) 25,830 ( 20,000 ) Net charge-offs Charge-offs ( 26,598 ) ( 14,242 ) ( 1,925 ) ( 21,508 ) ( 64,273 ) Recoveries 3,785 2,362 1,903 16,119 24,169 Net charge-offs ( 22,813 ) ( 11,880 ) ( 22 ) ( 5,389 ) ( 40,104 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 Changes in the allowance for credit losses for the nine months ended September 30, 2022 and 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2022 Beginning balance $ 283,899 557,239 71,726 556,362 $ 1,469,226 Allowance on acquired PCD loans 41,003 55,812 1,833 352 99,000 Provision for credit losses (a) 167,985 116,288 40,719 102,008 427,000 Net charge-offs Charge-offs (b) ( 94,555 ) ( 45,809 ) ( 9,407 ) ( 78,148 ) ( 227,919 ) Recoveries 44,110 17,000 7,948 39,226 108,284 Net charge-offs ( 50,445 ) ( 28,809 ) ( 1,459 ) ( 38,922 ) ( 119,635 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 4. Loans and leases and the allowance for credit losses, continued Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2021 Beginning balance $ 405,846 670,719 103,590 556,232 $ 1,736,387 Provision for credit losses ( 57,610 ) 32,650 ( 29,026 ) ( 6,014 ) ( 60,000 ) Net charge-offs Charge-offs ( 93,638 ) ( 87,417 ) ( 6,586 ) ( 79,926 ) ( 267,567 ) Recoveries 37,149 10,115 6,347 52,593 106,204 Net charge-offs ( 56,489 ) ( 77,302 ) ( 239 ) ( 27,333 ) ( 161,363 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 (a) Includes $ 242 million related to non-PCD acquired loans for the nine months ended September 30, 2022. (b) For the nine months ended September 30, 2022 , net charge-offs do not reflect $ 33 million of charge-offs related to PCD acquired loans. Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance can inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, gross domestic product and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At each of September 30, 2022 and December 31, 2021, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. 4. Loans and leases and the allowance for credit losses, continued For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge off and for purposes of estimating losses in determining the allowance for credit losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Changes in the amount of the allowance for credit losses reflect the outcome of the procedures described herein, including the impact of changes in macroeconomic forecasts as compared with previous forecasts, as well as the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that might influence the loss estimation process. The Company’s reserve for off-balance sheet credit exposures was not material at September 30, 2022 and December 31, 2021. Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three months and nine months ended September 30, 2022 and 2021 follows. September 30, 2022 June 30, 2022 January 1, 2022 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 207,841 $ 160,325 $ 368,166 $ 442,496 $ 221,022 $ 4,708 $ 20,423 Real estate: Commercial 394,502 1,011,698 1,406,200 1,476,658 1,069,280 7,059 14,944 Residential builder and developer 1,930 — 1,930 518 3,005 — 1,687 Other commercial construction 25,235 40,952 66,187 73,046 111,405 22 3,398 Residential 160,704 124,691 285,395 331,376 355,858 8,059 21,397 Residential — limited documentation 61,297 34,085 95,382 112,608 122,888 229 456 Consumer: Home equity lines and loans 38,324 39,884 78,208 79,445 70,488 669 3,291 Recreational finance 31,295 7,423 38,718 33,414 27,811 166 488 Automobile 36,075 4,243 40,318 36,266 34,037 35 110 Other 48,741 81 48,822 47,178 44,289 84 268 Total $ 1,005,944 $ 1,423,382 $ 2,429,326 $ 2,633,005 $ 2,060,083 $ 21,031 $ 66,462 4. Loans and leases and the allowance for credit losses, continued September 30, 2021 June 30, 2021 January 1, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 171,040 $ 109,149 $ 280,189 $ 330,040 $ 306,827 $ 4,646 $ 10,661 Real estate: Commercial 332,014 820,856 1,152,870 1,081,546 775,894 2,256 4,518 Residential builder and developer 594 — 594 14,552 1,094 206 239 Other commercial construction 36,750 121,949 158,699 133,758 114,039 255 570 Residential 196,918 156,508 353,426 372,144 365,729 6,809 17,603 Residential — limited documentation 81,538 44,991 126,529 136,683 147,170 100 336 Consumer: Home equity lines and loans 38,582 32,892 71,474 76,711 79,392 979 2,924 Recreational finance 18,428 5,479 23,907 23,276 25,519 164 478 Automobile 27,258 3,744 31,002 31,090 39,404 46 143 Other 43,330 243 43,573 42,257 38,231 110 433 Total $ 946,452 $ 1,295,811 $ 2,242,263 $ 2,242,057 $ 1,893,299 $ 15,571 $ 37,905 4. Loans and leases and the allowance for credit losses, continued Loan modifications During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2022 and 2021: Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended September 30, 2022 (Dollars in thousands) Commercial, financial, leasing, etc. 70 $ 32,451 $ 11,237 $ 446 $ 229 $ 21,519 $ 33,431 Real estate: Commercial 14 22,951 7,222 — 122 15,543 22,887 Residential 57 14,380 11,094 — — 3,470 14,564 Residential — limited documentation 2 155 155 — — — 155 Consumer: Home equity lines and loans 25 1,700 1,504 — — 196 1,700 Recreational finance 167 6,937 6,937 — — — 6,937 Automobile 474 9,755 9,755 — — — 9,755 Other 30 371 371 — — — 371 Total 839 $ 88,700 $ 48,275 $ 446 $ 351 $ 40,728 $ 89,800 Three Months Ended September 30, 2021 Commercial, financial, leasing, etc. 62 $ 49,884 $ 6,051 $ — $ 40,242 $ 3,479 $ 49,772 Real estate: Commercial 15 53,198 30,311 — 262 22,599 53,172 Residential 64 14,443 12,281 — — 1,984 14,265 Residential — limited documentation 4 828 828 — — — 828 Consumer: Home equity lines and loans 22 1,349 1,246 — — 103 1,349 Recreational finance 67 2,565 2,565 — — — 2,565 Automobile 146 2,711 2,711 — — — 2,711 Other 15 123 123 — — — 123 Total 395 $ 125,101 $ 56,116 $ — $ 40,504 $ 28,165 $ 124,785 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. 4. Loans and leases and the allowance for credit losses, continued Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Nine Months Ended September 30, 2022 (Dollars in thousands) Commercial, financial, leasing, etc. 147 $ 79,437 $ 49,671 $ 455 $ 983 $ 30,262 $ 81,371 Real estate: Commercial 44 33,349 13,052 — 2,223 17,728 33,003 Residential 221 56,912 40,821 — — 18,469 59,290 Residential — limited documentation 7 1,231 1,049 — — 193 1,242 Consumer: Home equity lines and loans 93 6,483 6,089 — — 461 6,550 Recreational finance 514 19,138 19,131 — — — 19,131 Automobile 1,537 29,789 29,759 — — — 29,759 Other 128 1,170 1,170 — — — 1,170 Total 2,691 $ 227,509 $ 160,742 $ 455 $ 3,206 $ 67,113 $ 231,516 Nine Months Ended September 30, 2021 Commercial, financial, leasing, etc. 244 $ 174,366 $ 42,143 $ — $ 40,464 $ 90,770 $ 173,377 Real estate: Commercial 83 223,209 48,841 — 30,832 141,456 221,129 Other commercial construction 3 542 532 — — — 532 Residential 304 88,067 80,411 — — 7,391 87,802 Residential — limited documentation 17 2,349 2,292 — — — 2,292 Consumer: Home equity lines and loans 64 5,034 4,702 — — 277 4,979 Recreational finance 173 5,896 5,896 — — — 5,896 Automobile 516 9,182 9,168 — — 14 9,182 Other 338 2,393 2,393 — — — 2,393 Total 1,742 $ 511,038 $ 196,378 $ — $ 71,296 $ 239,908 $ 507,582 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. Troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended September 30, 2022 and 2021 and for which there was a subsequent payment default during the nine-month periods ended September 30, 2022 and 2021, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $ 36 million and $ 24 million at September 30, 2022 and December 31, 2021 , respectively. There were $ 187 million and $ 151 million at September 30, 2022 and December 31, 2021, respectively, of loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at September 30, 2022 , approximately 46 % were government guaranteed. The Company pledged certain loans to secure outstanding borrowings and available lines of credit. At September 30, 2022, the Company pledged approximately $ 9.9 billion of commercial loans and leases, $ 13.9 billion of commercial real estate loans, $ 18.7 billion of one-to-four family residential real estate loans, $ 3.1 billion of home equity loans and lines of credit and $ 10.4 billion of other consumer loans. At December 31, 2021, the Company pledged approximately $ 9.5 billion of commercial loans and leases, $ 11.9 billion of commercial real estate loans, $ 11.5 billion of one-to-four family residential real estate loans, $ 1.9 billion of homes equity loans and lines of credit and $ 10.2 billion of other consumer loans. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings M&T had $ 535 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at September 30, 2022 that are held by various trusts that were issued in connection with the issuance by those trusts of preferred capital securities ("Capital Securities") and common securities ("Common Securities"). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust's securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, the securities are includable in M&T’s Tier 2 regulatory capital. Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033 ) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. On April 18, 2022, M&T Bank, the principal subsidiary of M&T, redeemed $ 650 million of fixed rate senior notes that were due to mature on May 18, 2022 . In addition, $ 250 million of variable rate senior notes of M&T Bank matured on May 18, 2022 . On August 16, 2022, M&T issued $ 500 million of 4.553 % fixed rate senior notes that mature in August 2028 . Short-term borrowings assumed in the People's United acquisition totaled $ 895 million and included $ 503 million of 3.65 % fixed-rate unsecured senior notes due to mature in December 2022, $ 390 million of agreements to repurchase securities which consisted of secured overnight transactions with commercial and municipal customers that subsequently matured and $ 2 million of Federal Home Loan Bank secured advances accruing interest at fixed-rates ranging from .01 % to .75 % and maturing at various dates through January 2023. On October 6, 2022, M&T redeemed the fixed rate senior notes assumed in the People's United acquisition. Long-term borrowings assumed in the People's United acquisition totaled $ 494 million and included $ 405 million of 4.0 % fixed-rate subordinated notes due to mature in July 2024, $ 78 million of 5.75 % fixed-rate subordinated notes due to mature in October 2024 and $ 11 million of Federal Home Loan Bank secured advances accruing interest at fixed-rates ranging from .01 % to 3.00 % and maturing at various dates through 2039. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 6. Shareholders’ Equity M&T is authorized to issue 20,000,000 shares of preferred stock with a $ 1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Issued and outstanding preferred stock of M&T as of September 30, 2022 and December 31, 2021 is presented below: September 30, 2022 December 31, 2021 Shares Carrying Value Shares Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 40,000 $ 400,000 40,000 $ 400,000 Series H (d) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 25 liquidation preference per share 10,000,000 $ 260,600 — — Series I (e) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 (a) Dividends, if declared, are paid semi-annually at a rate of 6.45 % through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points. The shares are redeemable in whole or in part on or after February 15, 2024 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (b) Dividends, if declared, are paid semi-annually at a rate of 5.125 % through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (c) Dividends, if declared, are paid semi-annually at a rate of 5.0 % through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174 %. The shares are redeemable in whole or in part on or after August 1, 2024 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (d) Dividends, if declared, are paid quarterly at a rate of 5.625 % through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR rate plus 4.02 %. The shares are redeemable in whole or in part on or after April 1, 2027 . Notwithstanding M&T's option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (e) Dividends, if declared, are paid semi-annually at a rate of 3.5 % through August 31, 2026 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 2.679 %. The shares are redeemable in whole or in part on or after September 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 7. Revenue from contracts with customers The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At September 30, 2022 and December 31, 2021 , the Company had $ 70 million and $ 68 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are classified in accrued interest and other assets in the Company’s consolidated balance sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At September 30, 2022 and December 31, 2021 , the Company had deferred revenue of $ 46 million and $ 45 million, respectively, related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the consolidated balance sheet. The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2022 and 2021 that are subject to the revenue recognition accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended September 30, 2022 (In thousands) Classification in consolidated Service charges on deposit $ 19,277 30,406 3,683 — — 61,223 624 $ 115,213 Trust income — — — — — — 186,577 186,577 Brokerage services income — — — — — — 21,086 21,086 Other revenues from operations: Merchant discount and credit 16,234 17,731 1,104 — — 6,874 561 42,504 Other — 9,878 1,961 904 558 3,980 8,767 26,048 $ 35,511 58,015 6,748 904 558 72,077 217,615 $ 391,428 Three Months Ended September 30, 2021 Classification in consolidated Service charges on deposit $ 14,205 25,054 2,977 — — 61,696 1,494 $ 105,426 Trust income — — — — — — 156,876 156,876 Brokerage services income — — — — — ( 20 ) 20,510 20,490 Other revenues from operations: Merchant discount and credit 14,376 14,970 878 — — 5,912 138 36,274 Other — 1,879 2,180 283 1,501 5,674 8,311 19,828 $ 28,581 41,903 6,035 283 1,501 73,262 187,329 $ 338,894 7. Revenue from contracts with customers, continued Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2022 (In thousands) Classification in consolidated Service charges on deposit $ 53,581 85,806 10,903 — — 185,990 4,610 $ 340,890 Trust income — — — — — — 545,874 545,874 Brokerage services income — — — — — — 65,414 65,414 Other revenues from operations: Merchant discount and credit 45,874 48,044 2,836 — — 19,408 946 117,108 Other — 13,040 8,228 2,468 3,413 16,752 33,416 77,317 $ 99,455 146,890 21,967 2,468 3,413 222,150 650,260 $ 1,146,603 Nine Months Ended September 30, 2021 Classification in consolidated Service charges on deposit $ 39,644 74,304 8,768 — — 169,734 4,271 $ 296,721 Trust income — — — — — — 475,889 475,889 Brokerage services income — — — — — — 43,868 43,868 Other revenues from operations: Merchant discount and credit 37,570 39,812 1,823 — — 15,741 ( 207 ) 94,739 Other — 3,890 5,197 1,043 4,670 17,493 30,456 62,749 $ 77,214 118,006 15,788 1,043 4,670 202,968 554,277 $ 973,966 |
Pension plans and other postret
Pension plans and other postretirement benefits | 9 Months Ended |
Sep. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 8. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Other Three Months Ended September 30 2022 2021 2022 2021 (In thousands) Service cost $ 4,423 $ 5,128 $ 689 $ 254 Interest cost on projected benefit obligation 22,060 15,468 581 328 Expected return on plan assets ( 50,188 ) ( 35,862 ) — — Amortization of prior service cost (credit) 129 139 ( 693 ) ( 1,185 ) Amortization of net actuarial loss (gain) 4,974 22,254 ( 370 ) ( 324 ) Net periodic cost (benefit) $ ( 18,602 ) $ 7,127 $ 207 $ ( 927 ) Pension Other Nine Months Ended September 30 2022 2021 2022 2021 (In thousands) Service cost $ 13,237 $ 15,385 $ 1,914 $ 760 Interest cost on projected benefit obligation 60,407 46,404 1,607 984 Expected return on plan assets ( 137,421 ) ( 107,586 ) — — Amortization of prior service cost (credit) 387 415 ( 2,079 ) ( 3,554 ) Amortization of net actuarial loss (gain) 14,921 66,763 ( 1,111 ) ( 971 ) Net periodic cost (benefit) $ ( 48,469 ) $ 21,381 $ 331 $ ( 2,781 ) Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $ 32 million and $ 23 million for the three months ended September 30, 2022 and 2021 , respectively, and $ 98 million and $ 81 million for the nine months ended September 30, 2022 and 2021, respectively, and are included in salaries and employee benefits expense. Prior to 2022, net actuarial losses were generally amortized over the average remaining service periods of active participants in the Company’s defined benefit pension plan. If substantially all of the plan’s participants are inactive, GAAP provides for the average remaining life expectancy of the participants to be used instead of average remaining service period in determining such amortization. Substantially all of the participants in the Company’s defined benefit pension plan were inactive and beginning in 2022 the average remaining life expectancy is now utilized prospectively to amortize the net unrecognized losses. The change increased the amortization period by approximately sixteen years and reduced the amount of amortization of unrecognized losses recorded for the three and nine months ended September 30, 2022 from what would have been recorded without such change in amortization period by $ 9 million and $ 27 million, respectively. |
Earnings per common share
Earnings per common share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 9. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands, except per share) Income available to common shareholders: Net income $ 646,596 $ 495,460 $ 1,226,292 $ 1,400,778 Less: Preferred stock dividends ( 24,941 ) ( 17,050 ) ( 71,647 ) ( 51,150 ) Net income available to common equity 621,655 478,410 1,154,645 1,349,628 Less: Income attributable to unvested stock-based ( 1,106 ) ( 2,452 ) ( 2,245 ) ( 6,823 ) Net income available to common shareholders $ 620,549 $ 475,958 $ 1,152,400 $ 1,342,805 Weighted-average shares outstanding: Common shares outstanding (including common 174,921 129,580 160,793 129,529 Less: Unvested stock-based compensation awards ( 312 ) ( 891 ) ( 319 ) ( 897 ) Weighted-average shares outstanding 174,609 128,689 160,474 128,632 Basic earnings per common share $ 3.55 $ 3.70 $ 7.18 $ 10.44 The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands, except per share) Net income available to common equity $ 621,655 $ 478,410 $ 1,154,645 $ 1,349,628 Less: Income attributable to unvested stock-based ( 1,101 ) ( 2,449 ) ( 2,239 ) ( 6,816 ) Net income available to common shareholders $ 620,554 $ 475,961 $ 1,152,406 $ 1,342,812 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation 174,921 129,580 160,793 129,529 Less: Unvested stock-based compensation awards ( 312 ) ( 891 ) ( 319 ) ( 897 ) Plus: Incremental shares from assumed conversion 1,073 155 821 154 Adjusted weighted-average shares outstanding 175,682 128,844 161,295 128,786 Diluted earnings per common share $ 3.53 $ 3.69 $ 7.14 $ 10.43 GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities. Stock-based compensation awards to purchase common stock of M&T representing 252,793 common shares and 314,155 common shares during the three-month and nine-month periods ended September 30, 2022 , respectively, and 460,710 common shares and 461,792 common shares during the three-month and nine-month periods ended September 30, 2021 , respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Comprehensive income
Comprehensive income | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Comprehensive income | 10. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2022 $ 104,691 ( 360,276 ) 83,531 $ ( 172,054 ) 44,476 $ ( 127,578 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 576,266 ) — — ( 576,266 ) 149,186 ( 427,080 ) Foreign currency translation adjustment — — ( 14,564 ) ( 14,564 ) 3,293 ( 11,271 ) Unrealized losses on cash flow hedges — — ( 429,310 ) ( 429,310 ) 111,150 ( 318,160 ) Total other comprehensive income (loss) before ( 576,266 ) — ( 443,874 ) ( 1,020,140 ) 263,629 ( 756,511 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 1,766 — — 1,766 (a) ( 456 ) 1,310 Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (c) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 35,500 ) ( 35,500 ) (a) 9,192 ( 26,308 ) Amortization of prior service credit — ( 1,692 ) — ( 1,692 ) (d) 413 ( 1,279 ) Amortization of actuarial losses — 13,810 — 13,810 (d) ( 3,371 ) 10,439 Total other comprehensive income (loss) ( 574,500 ) 12,118 ( 479,464 ) ( 1,041,846 ) 269,431 ( 772,415 ) Balance — September 30, 2022 $ ( 469,809 ) ( 348,158 ) ( 395,933 ) $ ( 1,213,900 ) 313,907 $ ( 899,993 ) Balance — January 1, 2021 $ 195,386 ( 650,087 ) 369,558 $ ( 85,143 ) 22,111 $ ( 63,032 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 57,388 ) — — ( 57,388 ) 15,124 ( 42,264 ) Foreign currency translation adjustment — — ( 1,246 ) ( 1,246 ) 360 ( 886 ) Unrealized gains on cash flow hedges — — 821 821 ( 214 ) 607 Total other comprehensive income (loss) before ( 57,388 ) — ( 425 ) ( 57,813 ) 15,270 ( 42,543 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 3,333 — — 3,333 (a) ( 871 ) 2,462 Gains realized in net income ( 8 ) — — ( 8 ) (b) 2 ( 6 ) Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (c) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 206,713 ) ( 206,713 ) (a) 53,997 ( 152,716 ) Amortization of prior service credit — ( 3,139 ) — ( 3,139 ) (d) 860 ( 2,279 ) Amortization of actuarial losses — 65,792 — 65,792 (d) ( 18,031 ) 47,761 Total other comprehensive income (loss) ( 54,063 ) 62,653 ( 207,228 ) ( 198,638 ) 51,251 ( 147,387 ) Balance — September 30, 2021 $ 141,323 ( 587,434 ) 162,330 $ ( 283,781 ) 73,362 $ ( 210,419 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2021 $ 77,625 $ ( 267,145 ) $ 61,942 $ ( 127,578 ) Net gain (loss) during period ( 425,770 ) 9,160 ( 355,805 ) ( 772,415 ) Balance — September 30, 2022 $ ( 348,145 ) $ ( 257,985 ) $ ( 293,863 ) $ ( 899,993 ) |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 11. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material as of September 30, 2022. The net effect of interest rate swap agreements was to decrease net interest income by $ 22 million and to increase net interest income by $ 50 million during the three-month and nine-month periods ended September 30, 2022 , respectively, and to increase net interest income by $ 67 million and $ 233 million during the three-month and nine-month periods ended September 30, 2021, respectively. Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In thousands) September 30, 2022 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,500,000 3.5 2.98 % 3.59 % $ ( 2,765 ) Cash flow hedges: Interest payments on variable rate 19,900,000 1.3 1.80 % 3.09 % ( 8,730 ) Total $ 21,400,000 1.5 $ ( 11,495 ) December 31, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.3 2.86 % 0.74 % $ 41 Cash flow hedges: Interest payments on variable rate 21,700,000 0.6 1.24 % 0.09 % ( 248 ) Total $ 23,350,000 0.7 $ ( 207 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $ 68.7 mm at September 30, 2022 and a net settlement of gains of $ 43.5 at December 31, 2021 . The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of losses of $ 368.2 million at September 30, 2022 and a net settlement of gains of $ 88.2 million at December 31, 2021. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) Includes notional amount and terms of $ 4.7 billion of forward-starting interest rate swap agreements that become effective in 2023. (d) Includes notional amount and terms of $ 8.4 billion of forward-starting interest rate swap agreements that become effective in 2022. The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale. Derivative financial instruments not designated as hedging instruments included interest rate contracts, foreign exchange and other option and futures contracts. Interest rate contracts not designated as hedging instruments had notional values of $ 45.6 billion and $ 32.6 billion at September 30, 2022 and December 31, 2021 , respectively. The notional amounts of foreign exchange and other option and futures contracts not designated as hedging instruments aggregated $ 1.9 billion and $ 1.1 billion at September 30, 2022 and December 31, 2021, respectively. 11. Derivative financial instruments, continued Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value September 30, December 31, September 30, December 31, 2022 2021 2022 2021 (In thousands) Derivatives designated and qualifying as hedging instruments (a) Interest rate swap agreements $ 228 $ 258 $ 11,723 $ 465 Commitments to sell real estate loans 18,364 4,044 4 548 18,592 4,302 11,727 1,013 Derivatives not designated and qualifying as hedging instruments (a) Mortgage banking: Mortgage-related commitments to originate real estate loans for sale 843 11,728 49,149 5,288 Commitments to sell real estate loans 56,167 8,137 — 4,108 Other: Interest rate contracts (b) 371,834 410,056 1,378,145 76,278 Foreign exchange and other option and futures contracts 44,431 8,230 42,343 7,156 473,275 438,151 1,469,637 92,830 Total derivatives $ 491,867 $ 442,453 $ 1,481,364 $ 93,843 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) The impact of variation margin payments at September 30, 2022 and December 31, 2021 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $ 1.1 billion and $ 54.4 million, respectively, and in a liability position of $ 19.6 million and $ 305.1 million, respectively. Amount of Gain (Loss) Recognized Three Months Ended September 30 2022 2021 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 50,976 ) 50,821 $ ( 9,713 ) 9,636 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 6,946 $ 2,068 Foreign exchange and other option and futures contracts (b) 4,462 3,060 Total $ 11,408 $ 5,128 Amount of Gain (Loss) Recognized Nine Months Ended September 30 2022 2021 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 114,932 ) 114,581 $ ( 42,217 ) 41,456 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 17,907 $ 8,047 Foreign exchange and other option and futures contracts (b) 10,701 6,286 Total $ 28,608 $ 14,333 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and non-hedging derivative gains. 11. Derivative financial instruments, continued Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (In thousands) Location in the Consolidated Balance Sheet Hedges Long-term debt $ 1,427,977 $ 1,692,943 $ ( 70,971 ) $ 43,610 The amount of interest income recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was a decrease of $ 22 million and an increase of $ 58 million for the three months ended September 30, 2022 and 2021 , respectively, and an increase of $ 36 million and $ 207 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 the unrealized net loss recognized in other comprehensive income related to cash flow hedges was $ 377 million, of which losses of $ 16 million, $ 75 million and $ 286 million related to interest rate swap agreements maturing in 2022, 2023, and 2025, respectively. The Company also has commitments to sell and commitments to originate residential and commercial real estate loans that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $ 12 million and $ 24 million at September 30, 2022 and December 31, 2021, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position and the net liability positions with counterparties which are subject to master netting arrangements was $ 1 million and $ 35 million at September 30, 2022 and December 31, 2021 , respectively. The Company was required to post collateral for those positions of $ 33 million at December 31, 2021. No collateral was posted for those positions at September 30, 2022. Certain of the Company’s derivative financial instruments contain provisions that require the Company to maintain specific credit ratings from credit rating agencies to avoid higher collateral posting requirements. If the Company’s debt rating were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on September 30, 2022 was not material. The aggregate fair value of derivative financial instruments in an asset position and the net asset positions with counterparties which are subject to enforceable master netting arrangements was $ 316 million at September 30, 2022 and $ 7 million at December 31, 2021 . Counterparties posted collateral relating to those positions of $ 308 million at September 30, 2022 and $ 6 million at December 31, 2021. Interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. 11. Derivative financial instruments, continued In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $ 215 million and $ 132 million at September 30, 2022 and December 31, 2021 , respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company. |
Variable interest entities and
Variable interest entities and asset securitizations | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 12. Variable interest entities and asset securitizations The Company’s securitization activity has consisted of securitizing loans originated for sale into government issued or guaranteed mortgage-backed securities. The Company has no t recognized any losses as a result of having securitized assets. As described in note 5, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of September 30, 2022 and December 31, 2021 , the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet and recognized $ 23 million in other assets for its “investment” in the common securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the junior subordinated debentures associated with preferred capital securities described in note 5. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $ 8.5 billion at September 30, 2022 and $ 3.0 billion at December 31, 2021 . Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s carrying amount of its investments in such partnerships was $ 1.4 billion, including $ 505 million of unfunded commitments, at September 30, 2022 and $ 933 million, including $ 361 million of unfunded commitments, at December 31, 2021. Contingent commitments to provide additional capital contributions to these partnerships were not material at September 30, 2022. The Company has not provided financial or other support to the partnerships that was not contractually required. The Company’s maximum exposure to loss from its investments in such partnerships as of September 30, 2022 was $ 1.6 billion, including possible recapture of certain tax credits. Management currently estimates that no material losses are probable as a result of the Company’s involvement with such entities. The Company, in its position as limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, in accordance with the accounting provisions for variable interest entities, the partnership entities are not included in the Company’s consolidated financial statements. The Company’s investment in qualified affordable housing projects is amortized to income taxes in the consolidated statement of income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company amortized $ 37 million and $ 94 million of its investments in qualified affordable housing projects to income tax expense during the three-month and nine-month periods ended September 30, 2022 , respectively, and recognized $ 44 million and $ 108 million of tax credits and other tax benefits during those respective periods. Similarly, for the three-month and nine-month periods ended September 30, 2021 , the Company amortized $ 25 million and $ 63 million of its investments in qualified affordable housing projects to income tax expense, respectively, and recognized $ 27 million and $ 70 million of tax credits and other tax benefits during those respective periods. The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions. |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 13. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at September 30, 2022. Pursuant to GAAP , fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. • Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. • Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company's assets and liabilities that are measured on a recurring basis at estimated fair value. Trading account Mutual funds held in connection with deferred compensation and other arrangements have been classified as Level 1 valuations. Valuations of investments in debt securities can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale and equity securities The majority of the Company's available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. 13. Fair value measurements, continued Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are accounted for as derivative financial instruments and, therefore, are carried at estimated fair value on the consolidated balance sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale are adjusted to reflect the Company's anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. Non-hedging derivatives Non-hedging derivatives consist primarily of interest rate contracts and foreign exchange contracts with customers who require such services with offsetting positions with third parties to minimize the Company's risk with respect to such transactions. The Company generally determines the fair value of its non-hedging derivative assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. 13. Fair value measurements, continued The following tables present assets and liabilities at September 30, 2022 and December 31, 2021 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2022 Trading account $ 129,672 $ 129,672 $ — $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,658,728 — 7,658,728 — Mortgage-backed securities: Government issued or guaranteed Commercial 606,571 — 606,571 — Residential 2,430,946 — 2,430,946 — Other debt securities 174,101 — 174,101 — 10,870,346 — 10,870,346 — Equity securities 194,537 184,811 9,726 — Real estate loans held for sale 342,720 — 342,720 — Other assets (a) 491,867 — 491,024 843 Total assets $ 12,029,142 $ 314,483 $ 11,713,816 $ 843 Other liabilities (a) 1,481,364 — 1,432,215 49,149 Total liabilities $ 1,481,364 $ — $ 1,432,215 $ 49,149 December 31, 2021 Trading account $ 49,745 $ 49,545 $ 200 $ — Investment securities available for sale: U.S. Treasury and federal agencies 678,690 — 678,690 — Mortgage-backed securities: Government issued or guaranteed Residential 3,155,312 — 3,155,312 — Other debt securities 121,802 — 121,802 — 3,955,804 — 3,955,804 — Equity securities 77,640 68,850 8,790 — Real estate loans held for sale 899,282 — 899,282 — Other assets (a) 442,453 — 430,725 11,728 Total assets $ 5,424,924 $ 118,395 $ 5,294,801 $ 11,728 Other liabilities (a) 93,843 — 88,555 5,288 Total liabilities $ 93,843 $ — $ 88,555 $ 5,288 (a) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), interest rate and foreign exchange contracts not designated as hedging instruments (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). 13. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended September 30, 2022 and 2021 were as follows: Other Assets and Other Liabilities 2022 (In thousands) Balance — June 30, 2022 $ ( 24,181 ) Total gains (losses) realized/unrealized: Included in earnings ( 9,321 ) (a) Transfers out of Level 3 ( 14,804 ) (b) Balance — September 30, 2022 $ ( 48,306 ) Changes in unrealized gains included in earnings $ ( 17,160 ) (a) 2021 Balance — June 30, 2021 $ 35,666 Total gains realized/unrealized: Included in earnings 44,152 (a) Transfers out of Level 3 ( 59,673 ) (b) Balance — September 30, 2021 $ 20,145 Changes in unrealized gains included in earnings $ 18,196 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. 13. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the nine months ended September 30, 2022 and 2021 were as follows: Investment Securities Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities 2022 (In thousands) Balance — January 1, 2022 $ — $ 6,440 Total gains (losses) realized/unrealized: Included in earnings — ( 34,630 ) (a) Transfers out of Level 3 — ( 20,116 ) (b) Balance — September 30, 2022 $ — $ ( 48,306 ) Changes in unrealized gains included in earnings $ — $ ( 48,108 ) (a) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 102,489 (a) Settlements ( 16 ) — Transfers out of Level 3 — ( 125,578 ) (b) Balance — September 30, 2021 $ — $ 20,145 Changes in unrealized gains included in earnings $ — $ 21,722 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. 13. Fair value measurements, continued The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. Loans Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectable portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were in the range of 15 % to 90 % with a weighted-average of 37 % at September 30, 2022. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles and, accordingly, the related nonrecurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans which at September 30, 2022 was 66 %. As these recovery rates are not readily observable by market participants, such valuation adjustments have been classified as Level 3. Loans subject to nonrecurring fair value measurement were $ 706 million at September 30, 2022 ($ 439 million and $ 267 million of which were classified as Level 2 and Level 3, respectively), $ 574 million at December 31, 2021 ($ 340 million and $ 234 million of which were classified as Level 2 and Level 3, respectively) and $ 591 million at September 30, 2021 ($ 330 million and $ 261 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2022 were decreases of $ 38 million and $ 128 million for the three-month and nine-month periods ended September 30, 2022, respectively. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2021 were decreases of $ 35 million and $ 125 million for the three-month and nine-month periods ended September 30, 2021, respectively. 13. Fair value measurements, continued Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken into foreclosure of defaulted loans subject to nonrecurring fair value measurement were not material at September 30, 2022 and 2021. Changes in fair value recognized for foreclosed assets held by the Company were not material during the three-month and nine-month periods ended September 30, 2022 and 2021. Capitalized servicing rights Capitalized servicing rights are initially measured at fair value in the Company’s consolidated balance sheet. The Company utilizes the amortization method to subsequently measure its capitalized servicing assets. In accordance with GAAP, the Company must record impairment charges, on a nonrecurring basis, when the carrying value of certain strata exceed their estimated fair value. To estimate the fair value of servicing rights, the Company considers market prices for similar assets, if available, and the present value of expected future cash flows associated with the servicing rights calculated using assumptions that market participants would use in estimating future servicing income and expense. Such assumptions include estimates of the cost of servicing loans, loan default rates, an appropriate discount rate, and prepayment speeds. For purposes of evaluating and measuring impairment of capitalized servicing rights, the Company stratifies such assets based on the predominant risk characteristics of the underlying financial instruments that are expected to have the most impact on projected prepayments, cost of servicing and other factors affecting future cash flows associated with the servicing rights. Such factors may include financial asset or loan type, note rate and term. The amount of impairment recognized is the amount by which the carrying value of the capitalized servicing rights for a stratum exceed estimated fair value. Impairment is recognized through a valuation allowance. The determination of fair value of capitalized servicing rights is considered a Level 3 valuation. Capitalized servicing rights related to residential mortgage loans of $ 138 million at December 31, 2021 required a valuation allowance of $ 24 million. Significant unobservable inputs used in this Level 3 valuation included a weighted-average prepayment speed of 14.64 % and a weighted-average option-adjusted spread of 900 basis points at December 31, 2021 . Changes in fair value recognized for impairment of capitalized servicing rights were decreases in the valuation allowance of $ 10 million and $2 4 million, respectively, for the three-month and nine-month periods ended September 30, 2022 and $ 1 million during the nine-month period ended September 30, 2021. Significant unobservable inputs to Level 3 measurements The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at September 30, 2022 and December 31, 2021: Fair Value Valuation Unobservable Range (In thousands) September 30, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 48,306 ) Discounted cash flow Commitment expirations 0 % - 90 % ( 4 %) December 31, 2021 Recurring fair value measurements Net other assets (liabilities) (a) $ 6,440 Discounted cash flow Commitment expirations 0 % - 80 % ( 10 %) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. 13. Fair value measurements, continued Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: September 30, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 2,255,810 2,255,810 2,115,730 140,080 — Interest-bearing deposits at banks 25,391,528 25,391,528 — 25,391,528 — Trading account 129,672 129,672 129,672 — — Investment securities 24,603,765 23,259,558 184,811 23,021,349 53,398 Loans and leases: Commercial loans and leases 38,807,949 38,230,478 — — 38,230,478 Commercial real estate loans 46,138,665 44,324,720 — 300,373 44,024,347 Residential real estate loans 23,074,280 21,173,522 — 7,262,522 13,911,000 Consumer loans 20,204,693 19,844,173 — — 19,844,173 Allowance for credit losses ( 1,875,591 ) — — — — Loans and leases, net 126,349,996 123,572,893 — 7,562,895 116,009,998 Accrued interest receivable 539,270 539,270 — 539,270 — Financial liabilities: Noninterest-bearing deposits $ ( 73,023,271 ) ( 73,023,271 ) — ( 73,023,271 ) — Savings and interest-checking deposits ( 86,015,700 ) ( 86,015,700 ) — ( 86,015,700 ) — Time deposits ( 4,806,417 ) ( 4,797,112 ) — ( 4,797,112 ) — Short-term borrowings ( 917,806 ) ( 917,806 ) — ( 917,806 ) — Long-term borrowings ( 3,459,336 ) ( 3,431,790 ) — ( 3,431,790 ) — Accrued interest payable ( 38,502 ) ( 38,502 ) — ( 38,502 ) — Other financial instruments: Commitments to originate real estate $ ( 48,306 ) ( 48,306 ) — — ( 48,306 ) Commitments to sell real estate loans 74,527 74,527 — 74,527 — Other credit-related commitments ( 135,000 ) ( 135,000 ) — — ( 135,000 ) Interest rate swap agreements used for ( 11,495 ) ( 11,495 ) — ( 11,495 ) — Interest rate and foreign exchange contracts ( 1,004,223 ) ( 1,004,223 ) — ( 1,004,223 ) — 13. Fair value measurements, continued December 31, 2021 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,337,577 1,337,577 1,205,269 132,308 — Interest-bearing deposits at banks 41,872,304 41,872,304 — 41,872,304 — Trading account 49,745 49,745 49,545 200 — Investment securities 7,155,860 7,192,476 68,850 7,066,293 57,333 Loans and leases: Commercial loans and leases 23,473,324 23,285,224 — — 23,285,224 Commercial real estate loans 35,389,730 34,730,191 — 425,010 34,305,181 Residential real estate loans 16,074,445 16,160,799 — 4,524,018 11,636,781 Consumer loans 17,974,953 18,121,363 — — 18,121,363 Allowance for credit losses ( 1,469,226 ) — — — — Loans and leases, net 91,443,226 92,297,577 — 4,949,028 87,348,549 Accrued interest receivable 335,162 335,162 — 335,162 — Financial liabilities: Noninterest-bearing deposits $ ( 60,131,480 ) ( 60,131,480 ) — ( 60,131,480 ) — Savings and interest-checking deposits ( 68,603,966 ) ( 68,603,966 ) — ( 68,603,966 ) — Time deposits ( 2,807,963 ) ( 2,810,143 ) — ( 2,810,143 ) — Short-term borrowings ( 47,046 ) ( 47,046 ) — ( 47,046 ) — Long-term borrowings ( 3,485,369 ) ( 3,562,223 ) — ( 3,562,223 ) — Accrued interest payable ( 40,866 ) ( 40,866 ) — ( 40,866 ) — Other financial instruments: Commitments to originate real estate $ 6,440 6,440 — — 6,440 Commitments to sell real estate loans 7,525 7,525 — 7,525 — Other credit-related commitments ( 123,032 ) ( 123,032 ) — — ( 123,032 ) Interest rate swap agreements used ( 207 ) ( 207 ) — ( 207 ) — Interest rate and foreign exchange contracts 334,852 334,852 — 334,852 — With the exception of marketable securities, certain off-balance sheet financial instruments and mortgage loans originated for sale, the Company’s financial instruments are not readily marketable and market prices do not exist. The Company, in attempting to comply with the provisions of GAAP that require disclosures of fair value of financial instruments, has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 14. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. September 30, December 31, 2022 2021 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,317,141 $ 5,693,045 Commercial real estate loans to be sold 401,369 324,943 Other commercial real estate 5,063,155 4,998,631 Residential real estate loans to be sold 57,155 233,257 Other residential real estate 889,013 924,211 Commercial and other 32,089,753 22,145,057 Standby letters of credit 2,393,048 2,151,595 Commercial letters of credit 28,926 31,981 Financial guarantees and indemnification contracts 3,893,455 4,211,797 Commitments to sell real estate loans 783,405 1,367,523 Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts in the preceding table, the Company had discretionary funding commitments to commercial customers of $ 15.2 billion and $ 10.8 billion at September 30, 2022 and December 31, 2021, respectively, that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management's assessment of the customer's creditworthiness. Financial guarantees and indemnification contracts are predominantly comprised of recourse obligations associated with sold loans and other guarantees and commitments. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company's involvement in the Fannie Mae Delegated Underwriting and Servicing program. The Company's maximum credit risk for recourse associated with loans sold under this program totaled approximately $ 3.7 billion at September 30, 2022 and $ 4.0 billion at December 31, 2021. There have been no material losses incurred as a result of those credit recourse arrangements. Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are accounted for as derivatives and along with commitments to originate real estate loans to be held for sale are generally recorded in the consolidated balance sheet at estimated fair market value. 14. Commitments and contingencies, continued The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At September 30, 2022, the Company believes that its obligation to loan purchasers was not material to the Company’s consolidated financial position. M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $ 0 and $ 25 million as of September 30, 2022 . Although the Company does not believe that the outcome of pending legal matters will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment information | 15. Segment information Reportable segments have been determined based upon the Company's internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 23 of Notes to Financial Statements in the 2021 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, the financial information of the reported segments is not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. Information about the Company's segments follows. 15. Segment information, continued Three Months Ended September 30 2022 2021 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 241,629 $ 663 $ 94,094 $ 181,873 $ 694 $ 72,017 Commercial Banking 510,549 802 214,063 295,209 1,009 144,367 Commercial Real Estate 234,479 249 94,937 228,317 227 84,663 Discretionary Portfolio 36,622 ( 23,044 ) 11,813 112,529 ( 14,448 ) 74,666 Residential Mortgage Banking 95,091 35,647 ( 3,283 ) 159,213 25,150 46,077 Retail Banking 650,229 ( 5 ) 181,639 357,335 ( 53 ) 88,004 All Other 473,171 ( 14,312 ) 53,333 201,900 ( 12,579 ) ( 14,334 ) Total $ 2,241,770 $ — $ 646,596 $ 1,536,376 $ — $ 495,460 Nine Months Ended September 30 2022 2021 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 586,605 $ 2,060 $ 205,741 $ 482,874 $ 2,157 $ 159,895 Commercial Banking (b) 1,239,300 2,605 521,749 865,780 2,830 378,040 Commercial Real Estate 676,176 687 314,284 629,719 679 242,625 Discretionary Portfolio 190,761 ( 74,952 ) 103,283 365,380 ( 34,554 ) 243,744 Residential Mortgage Banking 346,409 110,986 35,028 459,655 70,208 125,791 Retail Banking (b) 1,523,992 ( 12 ) 379,688 1,055,240 500 262,562 All Other (b) 1,106,405 ( 41,374 ) ( 333,481 ) 620,694 ( 41,820 ) ( 11,879 ) Total $ 5,669,648 $ — $ 1,226,292 $ 4,479,342 $ — $ 1,400,778 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $ 11,827,000 and $ 3,703,000 for the three-month periods ended September 30, 2022 and 2021 , respectively, and $ 25,787,000 and $ 11,168,000 for the nine-month periods ended September 30, 2022 and 2021, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues. (b) During the three months ended September 30, 2022, the Company transferred most financial records and processes associated with People's United to the Company's data systems and processes. Additionally during that period the Company transferred certain acquired operations to the Commercial Banking segment from other segments. Revenues and net income related to those operations were $ 96.0 million and $ 32.6 million in the three months ended June 30, 2022 and have been reclassified in the financial data presented herein for the nine months ended September 30, 2022. Average Total Assets Nine Months Ended September 30 Year Ended 31 2022 2021 2021 (In millions) Business Banking $ 7,515 $ 8,386 $ 8,007 Commercial Banking 40,464 29,109 28,559 Commercial Real Estate 28,811 25,913 25,628 Discretionary Portfolio 40,987 22,317 22,262 Residential Mortgage Banking 4,370 6,582 6,463 Retail Banking 20,063 17,701 17,897 All Other 45,185 40,959 43,853 Total $ 187,395 $ 150,967 $ 152,669 |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 16. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 20 % minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2022 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $ 30 million for the nine-month period ended September 30, 2022 . There was no similar cash distribution during the nine-month period ended September 30, 2021 or in the three-month period ended September 30, 2022. Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $ 1.4 billion and $ 1.6 billion at September 30, 2022 and December 31, 2021 , respectively. Revenues from those servicing rights were $ 3 million and $ 2 million in the three-month periods ended September 30, 2022 and 2021 , respectively, and $ 7 million for each of the nine-month periods ended September 30, 2022 and 2021 . The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $ 81.2 billion and $ 74.7 billion at September 30, 2022 and December 31, 2021 , respectively. Revenues earned for sub-servicing loans for Bayview Financial were $ 33 million and $ 39 million for the three-month periods ended September 30, 2022 and 2021 , respectively, and $ 119 million and $ 110 million in the nine-month periods ended September 30, 2022 and 2021 , respectively. In addition, the Company held $ 52 million and $ 62 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2022 and December 31, 2021, respectively, that were securitized by Bayview Financial. At September 30, 2022 , the Company held $ 298 million of Bayview Financial's $ 2.0 billion syndicated loan facility. The Company held $ 210 million of Bayview Financial's $ 1.4 billion syndicated loan facility at December 31, 2021. |
Recent accounting developments
Recent accounting developments | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 17. Recent accounting developments The following table provides a description of accounting standards that were adopted by the Company in 2022 as well as standards that are not effective that could have an impact to M&T’s consolidated financial statements upon adoption. Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2022 Changes to Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The amendments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. The amendments also reduce form-over-substance-based guidance for the derivatives scope exception for contracts in an entity’s own equity. January 1, 2022 At January 1, 2022 the Company did not have the types of instruments affected by the amended guidance and, therefore, the adoption had no impact on its consolidated financial statements. Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options The amendments clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. January 1, 2022 At January 1, 2022 the Company did not have the types of instruments affected by the amended guidance and, therefore, the adoption had no impact on its consolidated financial statements. Lessor’s Accounting for Certain Leases with Variable Lease Payments The amendments update the classification guidance for lessors. Under the amended guidance lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. January 1, 2022 The Company adopted the amended guidance effective January 1, 2022 using a prospective transition method. The adoption did not have a material impact on the Company’s consolidated financial statements. 17. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of September 30, 2022 Accounting for Contract Assets and Contract Liabilities from Contracts with Customers in a Business Combination The amendments require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with specified revenue recognition guidance. At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts and may assess how the acquiree applied the revenue guidance to determine what to record for such contracts. The guidance is generally expected to result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. January 1, 2023 Early adoption permitted The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. However, if early adoption is elected, the amendments should be applied (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The Company does not expect the guidance will have a material impact on its consolidated financial statements. Fair Value Hedging of Multiple Hedge Layers under Portfolio Layer Method The amendments allow multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If multiple hedged layers are designated, the amendments require an analysis to be performed to support the expectation that the aggregate amount of the hedged layers is anticipated to be outstanding for the designated hedge periods. Only closed portfolios may be hedged under the portfolio layer method (that is, no assets can be added to the closed portfolio once established), however designating new hedging relationships and dedesignating existing hedging relationships associated with the closed portfolio any time after the closed portfolio is established is permitted. January 1, 2023 Early adoption permitted The amendments should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. The Company does not expect the guidance will have a material impact on its consolidated financial statements. Accounting for Troubled Debt Restructurings (TDRs) and Expansion of Vintage Disclosures Applicable to Credit Losses The amendments (1) eliminate the accounting guidance for TDRs and require enhanced disclosure for certain loan refinancings by creditors when a borrower is experiencing financial difficulty and (2) require disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within credit loss disclosures. January 1, 2023 Early adoption permitted The amendments should be applied prospectively, except for the amendments related to the recognition and measurement of TDRs for which an option is permitted to apply a modified retrospective transition method. Under the amended guidance the Company will no longer be required to identify TDRs and apply specialized accounting to such loans. The Company does not expect the guidance will have a material impact on its consolidated financial statements outside of the modified disclosure requirements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: 1. The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; 2. The nature and remaining duration of the restriction(s); and 3. The circumstances that could cause a lapse in the restriction(s). January 1, 2024 Early adoption permitted The amendments should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The Company does not expect the guidance will have a material impact on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated interim financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). Following the acquisition of People's United Financial, Inc. ("People's United") on April 1, 2022 and conformance of financial statement presentation, certain reclassifications have been made to prior period amounts to conform with current period presentation. The reclassifications had no effect on previously reported total assets, total liabilities, shareholders' equity or net income. Specifically, the fair values of interest rate and foreign exchange derivative contracts not designated as hedging instruments as presented in note 11 have been included in other assets and other liabilities rather than in trading account assets and liabilities. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Acquisition and divestiture (Ta
Acquisition and divestiture (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition | The consideration paid for People’s United common equity and the preliminary amounts of identifiable assets acquired, liabilities assumed and preferred stock converted as of the acquisition date follows. (In thousands) Consideration: Common stock issued ( 50,325,004 shares) $ 8,286,515 Common stock awards converted 104,810 Cash 1,824 Total consideration 8,393,149 Net assets acquired: Identifiable assets Cash and due from banks 395,747 Interest-bearing deposits at banks 9,193,346 Investment securities 11,574,689 Loans and leases 35,840,648 Core deposit and other intangible assets 261,000 Other assets 2,979,388 Total identifiable assets acquired 60,244,818 Liabilities and preferred stock Deposits 52,967,915 Borrowings 1,389,012 Other liabilities 1,142,387 Total liabilities assumed 55,499,314 Preferred stock 260,600 Total liabilities and preferred stock 55,759,914 Net assets acquired 4,484,904 Goodwill $ 3,908,245 |
Summary of Unpaid Principal Balance to Fair Value of PCD Loans and Leases by Portfolio Segment | The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases at April 1, 2022: Total Unpaid principal balance (a) $ 3,410,506 Allowance for credit losses at acquisition (a) ( 99,000 ) Non-credit discount ( 106,814 ) Fair value $ 3,204,692 (a) The unpaid principal balance and allowance for credit losses at acquisition is net of charge-offs of $ 33 million recognized on the PCD loans. |
Summary of Allocation of Goodwill | The preliminary allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments is as follows: December 31, 2021 Acquisition of People's United September 30, 2022 (In thousands) Business Banking $ 864,366 $ 693,905 $ 1,558,271 Commercial Banking 1,401,873 2,686,253 4,088,126 Commercial Real Estate 654,389 291,217 945,606 Discretionary Portfolio — — — Residential Mortgage Banking — — — Retail Banking 1,309,191 221,196 1,530,387 All Other 363,293 15,674 378,967 Total $ 4,593,112 $ 3,908,245 $ 8,501,357 |
Summary of Acquisition, Pro Forma Information | The following table presents certain pro forma information as if People’s United had been acquired on January 1, 2021. Pro forma Pro forma Nine Months Ended September 30, Three Months Ended September 30 2022 2021 2021 (In thousands) (In thousands) Total revenues(a) $ 6,134,400 $ 6,056,364 $ 2,054,462 Net income 1,399,913 1,769,781 664,820 (a) Represents the total of net interest income and other income. |
Summary of Merger Related Expenses | A summary of merger-related expenses included in the consolidated statement of income follows. Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands) (In thousands) Salaries and employee benefits $ 13,094 $ 60 $ 98,480 $ 64 Equipment and net occupancy 2,106 1 4,415 1 Outside data processing software 2,277 625 3,245 869 Advertising and marketing 2,177 505 4,004 529 Printing, postage and supplies 651 730 3,833 2,779 Other cost of operations 32,722 6,905 179,231 18,428 Other expense $ 53,027 $ 8,826 $ 293,208 $ 22,670 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (In thousands) September 30, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,908,153 $ 413 $ 249,838 $ 7,658,728 Mortgage-backed securities: Government issued or guaranteed Commercial 613,752 — 7,181 606,571 Residential 2,635,976 127 205,157 2,430,946 Other debt securities 182,274 311 8,484 174,101 11,340,155 851 470,660 10,870,346 Investment securities held to maturity: U.S. Treasury and federal agencies 1,199,539 — 49,633 1,149,906 Obligations of states and political subdivisions 2,663,917 6 221,631 2,442,292 Mortgage-backed securities: Government issued or guaranteed Commercial 927,503 — 106,215 821,288 Residential 8,053,619 — 967,653 7,085,966 Privately issued 52,479 9,260 8,341 53,398 Other debt securities 1,805 — — 1,805 12,898,862 9,266 1,353,473 11,554,655 Total debt securities $ 24,239,017 $ 10,117 $ 1,824,133 $ 22,425,001 Equity and other securities: Readily marketable equity — at fair value $ 192,584 $ 4,943 $ 2,990 $ 194,537 Other — at cost 640,020 — — 640,020 Total equity and other securities $ 832,604 $ 4,943 $ 2,990 $ 834,557 December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 682,267 $ 229 $ 3,806 $ 678,690 Mortgage-backed securities: Government issued or guaranteed Residential 3,042,771 113,102 561 3,155,312 Other debt securities 124,309 1,974 4,481 121,802 3,849,347 115,305 8,848 3,955,804 Investment securities held to maturity: U.S. Treasury and federal agencies 3,052 — 9 3,043 Obligations of states and political subdivisions 177 2 — 179 Mortgage-backed securities: Government issued or guaranteed Residential 2,667,328 49,221 8,376 2,708,173 Privately issued 61,555 10,520 14,742 57,333 Other debt securities 2,562 — — 2,562 2,734,674 59,743 23,127 2,771,290 Total debt securities $ 6,584,021 $ 175,048 $ 31,975 $ 6,727,094 Equity and other securities: Readily marketable equity — at fair value $ 73,774 $ 4,460 $ 594 $ 77,640 Other — at cost 387,742 — — 387,742 Total equity and other securities $ 461,516 $ 4,460 $ 594 $ 465,382 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At September 30, 2022, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Estimated (In thousands) Debt securities available for sale: Due in one year or less $ 6,886 $ 6,813 Due after one year through five years 7,979,072 7,727,233 Due after five years through ten years 74,469 71,558 Due after ten years 30,000 27,225 8,090,427 7,832,829 Mortgage-backed securities available for sale 3,249,728 3,037,517 $ 11,340,155 $ 10,870,346 Debt securities held to maturity: Due in one year or less $ 292,223 $ 290,088 Due after one year through five years 1,096,658 1,045,997 Due after five years through ten years 1,045,507 992,244 Due after ten years 1,430,873 1,265,674 3,865,261 3,594,003 Mortgage-backed securities held to maturity 9,033,601 7,960,652 $ 12,898,862 $ 11,554,655 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of September 30, 2022 and December 31, 2021 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized (In thousands) September 30, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,159,893 $ 224,986 $ 253,585 $ 24,852 Mortgage-backed securities: Government issued or guaranteed Commercial 606,571 7,181 — — Residential 2,401,907 204,279 18,668 878 Other debt securities 99,347 2,827 68,872 5,657 10,267,718 439,273 341,125 31,387 Investment securities held to maturity: U.S. Treasury and federal agencies 1,146,912 49,618 2,994 15 Obligations of states and political subdivisions 2,426,287 221,631 — — Mortgage-backed securities: Government issued or guaranteed Commercial 821,288 106,215 — — Residential 6,416,154 819,363 669,812 148,290 Privately issued — — 37,642 8,341 10,810,641 1,196,827 710,448 156,646 Total $ 21,078,359 $ 1,636,100 $ 1,051,573 $ 188,033 December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 598,566 $ 3,806 $ — $ — Mortgage-backed securities: Government issued or guaranteed Residential 10,111 54 20,824 507 Other debt securities 3,760 74 66,419 4,407 612,437 3,934 87,243 4,914 Investment securities held to maturity: U.S. Treasury and federal agencies 3,043 9 — — Mortgage-backed securities: Government issued or guaranteed Residential 1,372,236 8,356 1,251 20 Privately issued — — 43,692 14,742 1,375,279 8,365 44,943 14,762 Total $ 1,987,716 $ 12,299 $ 132,186 $ 19,676 |
Loans and leases and the allo_2
Loans and leases and the allowance for credit losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of September 30, 2022 and December 31, 2021 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) September 30, 2022 Commercial, financial, leasing, etc. $ 37,938,053 481,091 20,639 368,166 $ 38,807,949 Real estate: Commercial 35,880,425 227,399 38,470 1,406,200 37,552,494 Residential builder and developer 1,377,505 62 — 1,930 1,379,497 Other commercial construction 6,981,412 157,175 1,900 66,187 7,206,674 Residential 20,709,362 580,357 411,731 285,395 21,986,845 Residential — limited documentation 974,779 17,274 — 95,382 1,087,435 Consumer: Home equity lines and loans 4,959,845 25,370 — 78,208 5,063,423 Recreational finance 8,738,849 41,758 — 38,718 8,819,325 Automobile 4,282,895 35,550 — 40,318 4,358,763 Other 1,897,867 12,730 3,763 48,822 1,963,182 Total $ 123,740,992 1,578,766 476,503 2,429,326 $ 128,225,587 December 31, 2021 Commercial, financial, leasing, etc. $ 23,101,810 142,208 8,284 221,022 $ 23,473,324 Real estate: Commercial 24,712,643 319,099 31,733 1,069,280 26,132,755 Residential builder and developer 1,400,437 2,904 — 3,005 1,406,346 Other commercial construction 7,722,049 17,175 — 111,405 7,850,629 Residential 13,294,872 239,561 920,080 355,858 14,810,371 Residential — limited documentation 1,124,520 16,666 — 122,888 1,264,074 Consumer: Home equity lines and loans 3,476,617 15,486 — 70,488 3,562,591 Recreational finance 7,985,173 40,544 — 27,811 8,053,528 Automobile 4,604,772 40,064 — 34,037 4,678,873 Other 1,620,147 12,223 3,302 44,289 1,679,961 Total $ 89,043,040 845,930 963,399 2,060,083 $ 92,912,452 |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at September 30, 2022 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2022 2021 2020 2019 2018 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 5,781,789 5,344,496 2,395,097 2,002,268 984,260 2,170,726 17,905,476 33,403 $ 36,617,515 Criticized accrual 183,126 255,935 159,898 119,906 67,885 302,787 715,190 17,541 1,822,268 Criticized nonaccrual 15,954 47,840 42,491 43,953 37,789 64,076 110,414 5,649 368,166 Total commercial, $ 5,980,869 5,648,271 2,597,486 2,166,127 1,089,934 2,537,589 18,731,080 56,593 $ 38,807,949 Real estate: Commercial: Loan grades: Pass $ 3,169,811 3,566,811 3,480,606 4,628,815 3,534,628 11,778,026 852,233 45,264 $ 31,056,194 Criticized accrual 116,303 325,114 532,354 1,028,855 1,040,898 1,987,906 58,670 — 5,090,100 Criticized nonaccrual 9,313 9,119 199,654 185,468 187,115 791,882 23,649 — 1,406,200 Total commercial real $ 3,295,427 3,901,044 4,212,614 5,843,138 4,762,641 14,557,814 934,552 45,264 $ 37,552,494 Residential builder and developer: Loan grades: Pass $ 561,314 367,867 33,935 31,596 18,574 9,878 169,941 — $ 1,193,105 Criticized accrual — 23,263 11,294 107,408 14,514 62 27,921 — 184,462 Criticized nonaccrual — 654 — 518 — 758 — — 1,930 Total residential builder $ 561,314 391,784 45,229 139,522 33,088 10,698 197,862 — $ 1,379,497 Other commercial construction: Loan grades: Pass $ 526,338 1,079,329 1,388,737 1,431,834 401,870 327,992 23,584 618 $ 5,180,302 Criticized accrual 46,282 163,004 249,622 971,447 386,480 136,358 6,992 — 1,960,185 Criticized nonaccrual — — — 25,352 10,588 27,814 2,433 — 66,187 Total other commercial $ 572,620 1,242,333 1,638,359 2,428,633 798,938 492,164 33,009 618 $ 7,206,674 The following table summarizes the loan grades applied at December 31, 2021 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 4,798,052 1,916,072 1,476,786 951,881 500,615 1,398,775 10,993,461 18,699 $ 22,054,341 Criticized accrual 196,680 98,595 107,010 73,126 36,232 185,935 484,755 15,628 1,197,961 Criticized nonaccrual 19,462 23,229 17,114 39,908 20,927 33,698 60,175 6,509 221,022 Total commercial, $ 5,014,194 2,037,896 1,600,910 1,064,915 557,774 1,618,408 11,538,391 40,836 $ 23,473,324 Real estate: Commercial: Loan grades: Pass $ 3,413,587 2,662,999 3,682,178 2,648,388 2,076,155 5,232,790 728,948 — $ 20,445,045 Criticized accrual 133,133 480,146 685,701 1,068,552 468,530 1,743,798 38,570 — 4,618,430 Criticized nonaccrual 21,587 133,560 195,084 83,857 76,628 520,473 38,091 — 1,069,280 Total commercial real $ 3,568,307 3,276,705 4,562,963 3,800,797 2,621,313 7,497,061 805,609 — $ 26,132,755 Residential builder and developer: Loan grades: Pass $ 786,983 106,510 75,287 47,587 4,680 12,450 230,017 — $ 1,263,514 Criticized accrual 2,055 5,356 117,258 13,637 630 — 891 — 139,827 Criticized nonaccrual — — 2,910 — — 95 — — 3,005 Total residential builder $ 789,038 111,866 195,455 61,224 5,310 12,545 230,908 — $ 1,406,346 Other commercial construction: Loan grades: Pass $ 957,947 1,781,603 2,022,276 832,547 152,669 273,556 38,781 — $ 6,059,379 Criticized accrual 24,103 54,191 675,226 583,428 228,739 114,158 — — 1,679,845 Criticized nonaccrual — — 71,613 3,303 12,263 19,970 4,256 — 111,405 Total other commercial $ 982,050 1,835,794 2,769,115 1,419,278 393,671 407,684 43,037 — $ 7,850,629 |
Summary of loans in Accrual and Nonaccrual Status | A summary of loans in accrual and nonaccrual status at September 30, 2022 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2022 2021 2020 2019 2018 Prior Loans Loans Total (In thousands) Residential: Current $ 4,057,196 4,049,835 2,734,863 1,345,076 760,442 7,731,831 30,119 — $ 20,709,362 30-89 days past due 35,387 53,249 28,996 76,049 15,744 363,807 7,125 — 580,357 Accruing loans past due 6,137 39,753 27,044 12,697 17,304 308,796 — — 411,731 Nonaccrual 2,741 7,978 2,831 7,899 2,954 260,243 749 — 285,395 Total residential $ 4,101,461 4,150,815 2,793,734 1,441,721 796,444 8,664,677 37,993 — $ 21,986,845 Residential - limited documentation: Current $ — — — — — 974,779 — — $ 974,779 30-89 days past due — — — — — 17,274 — — 17,274 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 95,382 — — 95,382 Total residential - limited $ — — — — — 1,087,435 — — $ 1,087,435 Consumer: Home equity lines and loans: Current $ 179 2,205 2,506 16,700 25,043 104,764 3,323,628 1,484,820 $ 4,959,845 30-89 days past due — — — 27 — 993 1,376 22,974 25,370 Accruing loans past due — — — — — — — — — Nonaccrual 3 15 — — — 6,311 8,748 63,131 78,208 Total home equity lines and loans $ 182 2,220 2,506 16,727 25,043 112,068 3,333,752 1,570,925 $ 5,063,423 Recreational finance: Current $ 2,270,380 2,397,260 1,673,217 1,016,693 517,571 863,728 — — $ 8,738,849 30-89 days past due 3,636 7,922 9,136 6,797 4,199 10,068 — — 41,758 Accruing loans past due — — — — — — — — — Nonaccrual 862 5,310 7,946 6,905 5,821 11,874 — — 38,718 Total recreational finance $ 2,274,878 2,410,492 1,690,299 1,030,395 527,591 885,670 — — $ 8,819,325 Automobile: Current $ 1,040,034 1,698,621 780,755 433,718 202,662 127,105 — — $ 4,282,895 30-89 days past due 3,753 9,992 6,091 6,354 4,641 4,719 — — 35,550 Accruing loans past due — — — — — — — — — Nonaccrual 557 8,573 7,837 8,418 6,710 8,223 — — 40,318 Total automobile $ 1,044,344 1,717,186 794,683 448,490 214,013 140,047 — — $ 4,358,763 Other: Current $ 210,244 192,316 66,148 42,643 11,594 25,864 1,338,436 10,622 $ 1,897,867 30-89 days past due 2,558 1,083 338 441 161 114 7,598 437 12,730 Accruing loans past due — — — — — 8 3,755 — 3,763 Nonaccrual 1,405 742 304 277 79 245 45,668 102 48,822 Total other $ 214,207 194,141 66,790 43,361 11,834 26,231 1,395,457 11,161 $ 1,963,182 Total loans and leases at $ 18,045,302 19,658,286 13,841,700 13,558,114 8,259,526 28,514,393 24,663,705 1,684,561 $ 128,225,587 A summary of loans in accrual and nonaccrual status at December 31, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Residential: Current $ 3,057,118 1,672,090 1,075,896 466,040 1,037,958 5,913,461 72,309 — $ 13,294,872 30-89 days past due 15,245 12,535 9,886 6,132 33,097 162,666 — — 239,561 Accruing loans past due 10,924 100,581 28,512 31,996 205,318 542,749 — — 920,080 Nonaccrual 3,359 19,858 7,119 4,577 5,890 314,792 263 — 355,858 Total residential $ 3,086,646 1,805,064 1,121,413 508,745 1,282,263 6,933,668 72,572 — $ 14,810,371 Residential - limited documentation: Current $ — — — — — 1,124,520 — — $ 1,124,520 30-89 days past due — — — — — 16,666 — — 16,666 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 122,888 — — 122,888 Total residential - limited $ — — — — — 1,264,074 — — $ 1,264,074 Consumer: Home equity lines and loans: Current $ 304 777 2,793 1,730 1,944 38,015 2,348,279 1,082,775 $ 3,476,617 30-89 days past due — — — 21 — 698 346 14,421 15,486 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 5,750 4,951 59,787 70,488 Total home equity lines and loans $ 304 777 2,793 1,751 1,944 44,463 2,353,576 1,156,983 $ 3,562,591 Recreational finance: Current $ 2,890,111 2,088,342 1,267,929 646,883 445,868 646,040 — — $ 7,985,173 30-89 days past due 5,929 8,912 8,317 5,074 5,189 7,123 — — 40,544 Accruing loans past due — — — — — — — — — Nonaccrual 1,341 4,646 4,871 4,918 4,039 7,996 — — 27,811 Total recreational finance $ 2,897,381 2,101,900 1,281,117 656,875 455,096 661,159 — — $ 8,053,528 Automobile: Current $ 2,220,061 1,097,684 662,000 341,655 211,774 71,598 — — $ 4,604,772 30-89 days past due 8,508 6,615 8,936 7,161 5,715 3,129 — — 40,064 Accruing loans past due — — — — — — — — — Nonaccrual 1,588 4,390 7,847 7,867 6,882 5,463 — — 34,037 Total automobile $ 2,230,157 1,108,689 678,783 356,683 224,371 80,190 — — $ 4,678,873 Other: Current $ 244,346 96,945 73,586 24,424 16,924 14,321 1,148,096 1,505 $ 1,620,147 30-89 days past due 2,937 404 472 255 101 5,712 1,908 434 12,223 Accruing loans past due — — — — — 3,302 — — 3,302 Nonaccrual 2,051 326 326 193 104 353 40,807 129 44,289 Total other $ 249,334 97,675 74,384 24,872 17,129 23,688 1,190,811 2,068 $ 1,679,961 Total loans and leases at $ 18,817,411 12,376,366 12,286,933 7,895,140 5,558,871 18,542,940 16,234,904 1,199,887 $ 92,912,452 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended September 30, 2022 and 2021 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2022 Beginning balance $ 414,473 708,393 124,326 576,598 $ 1,823,790 Provision for credit losses 43,343 26,949 ( 11,169 ) 55,877 115,000 Net charge-offs Charge-offs ( 37,396 ) ( 35,213 ) ( 2,572 ) ( 26,086 ) ( 101,267 ) Recoveries 22,022 401 2,234 13,411 38,068 Net charge-offs ( 15,374 ) ( 34,812 ) ( 338 ) ( 12,675 ) ( 63,199 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2021 Beginning balance $ 314,852 679,963 77,869 502,444 $ 1,575,128 Provision for credit losses ( 292 ) ( 42,016 ) ( 3,522 ) 25,830 ( 20,000 ) Net charge-offs Charge-offs ( 26,598 ) ( 14,242 ) ( 1,925 ) ( 21,508 ) ( 64,273 ) Recoveries 3,785 2,362 1,903 16,119 24,169 Net charge-offs ( 22,813 ) ( 11,880 ) ( 22 ) ( 5,389 ) ( 40,104 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 Changes in the allowance for credit losses for the nine months ended September 30, 2022 and 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2022 Beginning balance $ 283,899 557,239 71,726 556,362 $ 1,469,226 Allowance on acquired PCD loans 41,003 55,812 1,833 352 99,000 Provision for credit losses (a) 167,985 116,288 40,719 102,008 427,000 Net charge-offs Charge-offs (b) ( 94,555 ) ( 45,809 ) ( 9,407 ) ( 78,148 ) ( 227,919 ) Recoveries 44,110 17,000 7,948 39,226 108,284 Net charge-offs ( 50,445 ) ( 28,809 ) ( 1,459 ) ( 38,922 ) ( 119,635 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 4. Loans and leases and the allowance for credit losses, continued Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2021 Beginning balance $ 405,846 670,719 103,590 556,232 $ 1,736,387 Provision for credit losses ( 57,610 ) 32,650 ( 29,026 ) ( 6,014 ) ( 60,000 ) Net charge-offs Charge-offs ( 93,638 ) ( 87,417 ) ( 6,586 ) ( 79,926 ) ( 267,567 ) Recoveries 37,149 10,115 6,347 52,593 106,204 Net charge-offs ( 56,489 ) ( 77,302 ) ( 239 ) ( 27,333 ) ( 161,363 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 (a) Includes $ 242 million related to non-PCD acquired loans for the nine months ended September 30, 2022. (b) For the nine months ended September 30, 2022 , net charge-offs do not reflect $ 33 million of charge-offs related to PCD acquired loans. |
Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans | Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three months and nine months ended September 30, 2022 and 2021 follows. September 30, 2022 June 30, 2022 January 1, 2022 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 207,841 $ 160,325 $ 368,166 $ 442,496 $ 221,022 $ 4,708 $ 20,423 Real estate: Commercial 394,502 1,011,698 1,406,200 1,476,658 1,069,280 7,059 14,944 Residential builder and developer 1,930 — 1,930 518 3,005 — 1,687 Other commercial construction 25,235 40,952 66,187 73,046 111,405 22 3,398 Residential 160,704 124,691 285,395 331,376 355,858 8,059 21,397 Residential — limited documentation 61,297 34,085 95,382 112,608 122,888 229 456 Consumer: Home equity lines and loans 38,324 39,884 78,208 79,445 70,488 669 3,291 Recreational finance 31,295 7,423 38,718 33,414 27,811 166 488 Automobile 36,075 4,243 40,318 36,266 34,037 35 110 Other 48,741 81 48,822 47,178 44,289 84 268 Total $ 1,005,944 $ 1,423,382 $ 2,429,326 $ 2,633,005 $ 2,060,083 $ 21,031 $ 66,462 4. Loans and leases and the allowance for credit losses, continued September 30, 2021 June 30, 2021 January 1, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 171,040 $ 109,149 $ 280,189 $ 330,040 $ 306,827 $ 4,646 $ 10,661 Real estate: Commercial 332,014 820,856 1,152,870 1,081,546 775,894 2,256 4,518 Residential builder and developer 594 — 594 14,552 1,094 206 239 Other commercial construction 36,750 121,949 158,699 133,758 114,039 255 570 Residential 196,918 156,508 353,426 372,144 365,729 6,809 17,603 Residential — limited documentation 81,538 44,991 126,529 136,683 147,170 100 336 Consumer: Home equity lines and loans 38,582 32,892 71,474 76,711 79,392 979 2,924 Recreational finance 18,428 5,479 23,907 23,276 25,519 164 478 Automobile 27,258 3,744 31,002 31,090 39,404 46 143 Other 43,330 243 43,573 42,257 38,231 110 433 Total $ 946,452 $ 1,295,811 $ 2,242,263 $ 2,242,057 $ 1,893,299 $ 15,571 $ 37,905 |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2022 and 2021: Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended September 30, 2022 (Dollars in thousands) Commercial, financial, leasing, etc. 70 $ 32,451 $ 11,237 $ 446 $ 229 $ 21,519 $ 33,431 Real estate: Commercial 14 22,951 7,222 — 122 15,543 22,887 Residential 57 14,380 11,094 — — 3,470 14,564 Residential — limited documentation 2 155 155 — — — 155 Consumer: Home equity lines and loans 25 1,700 1,504 — — 196 1,700 Recreational finance 167 6,937 6,937 — — — 6,937 Automobile 474 9,755 9,755 — — — 9,755 Other 30 371 371 — — — 371 Total 839 $ 88,700 $ 48,275 $ 446 $ 351 $ 40,728 $ 89,800 Three Months Ended September 30, 2021 Commercial, financial, leasing, etc. 62 $ 49,884 $ 6,051 $ — $ 40,242 $ 3,479 $ 49,772 Real estate: Commercial 15 53,198 30,311 — 262 22,599 53,172 Residential 64 14,443 12,281 — — 1,984 14,265 Residential — limited documentation 4 828 828 — — — 828 Consumer: Home equity lines and loans 22 1,349 1,246 — — 103 1,349 Recreational finance 67 2,565 2,565 — — — 2,565 Automobile 146 2,711 2,711 — — — 2,711 Other 15 123 123 — — — 123 Total 395 $ 125,101 $ 56,116 $ — $ 40,504 $ 28,165 $ 124,785 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. 4. Loans and leases and the allowance for credit losses, continued Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Nine Months Ended September 30, 2022 (Dollars in thousands) Commercial, financial, leasing, etc. 147 $ 79,437 $ 49,671 $ 455 $ 983 $ 30,262 $ 81,371 Real estate: Commercial 44 33,349 13,052 — 2,223 17,728 33,003 Residential 221 56,912 40,821 — — 18,469 59,290 Residential — limited documentation 7 1,231 1,049 — — 193 1,242 Consumer: Home equity lines and loans 93 6,483 6,089 — — 461 6,550 Recreational finance 514 19,138 19,131 — — — 19,131 Automobile 1,537 29,789 29,759 — — — 29,759 Other 128 1,170 1,170 — — — 1,170 Total 2,691 $ 227,509 $ 160,742 $ 455 $ 3,206 $ 67,113 $ 231,516 Nine Months Ended September 30, 2021 Commercial, financial, leasing, etc. 244 $ 174,366 $ 42,143 $ — $ 40,464 $ 90,770 $ 173,377 Real estate: Commercial 83 223,209 48,841 — 30,832 141,456 221,129 Other commercial construction 3 542 532 — — — 532 Residential 304 88,067 80,411 — — 7,391 87,802 Residential — limited documentation 17 2,349 2,292 — — — 2,292 Consumer: Home equity lines and loans 64 5,034 4,702 — — 277 4,979 Recreational finance 173 5,896 5,896 — — — 5,896 Automobile 516 9,182 9,168 — — 14 9,182 Other 338 2,393 2,393 — — — 2,393 Total 1,742 $ 511,038 $ 196,378 $ — $ 71,296 $ 239,908 $ 507,582 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of September 30, 2022 and December 31, 2021 is presented below: September 30, 2022 December 31, 2021 Shares Carrying Value Shares Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 40,000 $ 400,000 40,000 $ 400,000 Series H (d) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock 25 liquidation preference per share 10,000,000 $ 260,600 — — Series I (e) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 (a) Dividends, if declared, are paid semi-annually at a rate of 6.45 % through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points. The shares are redeemable in whole or in part on or after February 15, 2024 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (b) Dividends, if declared, are paid semi-annually at a rate of 5.125 % through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (c) Dividends, if declared, are paid semi-annually at a rate of 5.0 % through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174 %. The shares are redeemable in whole or in part on or after August 1, 2024 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (d) Dividends, if declared, are paid quarterly at a rate of 5.625 % through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR rate plus 4.02 %. The shares are redeemable in whole or in part on or after April 1, 2027 . Notwithstanding M&T's option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. (e) Dividends, if declared, are paid semi-annually at a rate of 3.5 % through August 31, 2026 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 2.679 %. The shares are redeemable in whole or in part on or after September 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Accounting Guidance | The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2022 and 2021 that are subject to the revenue recognition accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended September 30, 2022 (In thousands) Classification in consolidated Service charges on deposit $ 19,277 30,406 3,683 — — 61,223 624 $ 115,213 Trust income — — — — — — 186,577 186,577 Brokerage services income — — — — — — 21,086 21,086 Other revenues from operations: Merchant discount and credit 16,234 17,731 1,104 — — 6,874 561 42,504 Other — 9,878 1,961 904 558 3,980 8,767 26,048 $ 35,511 58,015 6,748 904 558 72,077 217,615 $ 391,428 Three Months Ended September 30, 2021 Classification in consolidated Service charges on deposit $ 14,205 25,054 2,977 — — 61,696 1,494 $ 105,426 Trust income — — — — — — 156,876 156,876 Brokerage services income — — — — — ( 20 ) 20,510 20,490 Other revenues from operations: Merchant discount and credit 14,376 14,970 878 — — 5,912 138 36,274 Other — 1,879 2,180 283 1,501 5,674 8,311 19,828 $ 28,581 41,903 6,035 283 1,501 73,262 187,329 $ 338,894 7. Revenue from contracts with customers, continued Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2022 (In thousands) Classification in consolidated Service charges on deposit $ 53,581 85,806 10,903 — — 185,990 4,610 $ 340,890 Trust income — — — — — — 545,874 545,874 Brokerage services income — — — — — — 65,414 65,414 Other revenues from operations: Merchant discount and credit 45,874 48,044 2,836 — — 19,408 946 117,108 Other — 13,040 8,228 2,468 3,413 16,752 33,416 77,317 $ 99,455 146,890 21,967 2,468 3,413 222,150 650,260 $ 1,146,603 Nine Months Ended September 30, 2021 Classification in consolidated Service charges on deposit $ 39,644 74,304 8,768 — — 169,734 4,271 $ 296,721 Trust income — — — — — — 475,889 475,889 Brokerage services income — — — — — — 43,868 43,868 Other revenues from operations: Merchant discount and credit 37,570 39,812 1,823 — — 15,741 ( 207 ) 94,739 Other — 3,890 5,197 1,043 4,670 17,493 30,456 62,749 $ 77,214 118,006 15,788 1,043 4,670 202,968 554,277 $ 973,966 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Defined Benefit Cost for Defined Benefit Plans | The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Other Three Months Ended September 30 2022 2021 2022 2021 (In thousands) Service cost $ 4,423 $ 5,128 $ 689 $ 254 Interest cost on projected benefit obligation 22,060 15,468 581 328 Expected return on plan assets ( 50,188 ) ( 35,862 ) — — Amortization of prior service cost (credit) 129 139 ( 693 ) ( 1,185 ) Amortization of net actuarial loss (gain) 4,974 22,254 ( 370 ) ( 324 ) Net periodic cost (benefit) $ ( 18,602 ) $ 7,127 $ 207 $ ( 927 ) Pension Other Nine Months Ended September 30 2022 2021 2022 2021 (In thousands) Service cost $ 13,237 $ 15,385 $ 1,914 $ 760 Interest cost on projected benefit obligation 60,407 46,404 1,607 984 Expected return on plan assets ( 137,421 ) ( 107,586 ) — — Amortization of prior service cost (credit) 387 415 ( 2,079 ) ( 3,554 ) Amortization of net actuarial loss (gain) 14,921 66,763 ( 1,111 ) ( 971 ) Net periodic cost (benefit) $ ( 48,469 ) $ 21,381 $ 331 $ ( 2,781 ) |
Earnings per common share (Tabl
Earnings per common share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands, except per share) Income available to common shareholders: Net income $ 646,596 $ 495,460 $ 1,226,292 $ 1,400,778 Less: Preferred stock dividends ( 24,941 ) ( 17,050 ) ( 71,647 ) ( 51,150 ) Net income available to common equity 621,655 478,410 1,154,645 1,349,628 Less: Income attributable to unvested stock-based ( 1,106 ) ( 2,452 ) ( 2,245 ) ( 6,823 ) Net income available to common shareholders $ 620,549 $ 475,958 $ 1,152,400 $ 1,342,805 Weighted-average shares outstanding: Common shares outstanding (including common 174,921 129,580 160,793 129,529 Less: Unvested stock-based compensation awards ( 312 ) ( 891 ) ( 319 ) ( 897 ) Weighted-average shares outstanding 174,609 128,689 160,474 128,632 Basic earnings per common share $ 3.55 $ 3.70 $ 7.18 $ 10.44 |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 (In thousands, except per share) Net income available to common equity $ 621,655 $ 478,410 $ 1,154,645 $ 1,349,628 Less: Income attributable to unvested stock-based ( 1,101 ) ( 2,449 ) ( 2,239 ) ( 6,816 ) Net income available to common shareholders $ 620,554 $ 475,961 $ 1,152,406 $ 1,342,812 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation 174,921 129,580 160,793 129,529 Less: Unvested stock-based compensation awards ( 312 ) ( 891 ) ( 319 ) ( 897 ) Plus: Incremental shares from assumed conversion 1,073 155 821 154 Adjusted weighted-average shares outstanding 175,682 128,844 161,295 128,786 Diluted earnings per common share $ 3.53 $ 3.69 $ 7.14 $ 10.43 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2022 $ 104,691 ( 360,276 ) 83,531 $ ( 172,054 ) 44,476 $ ( 127,578 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 576,266 ) — — ( 576,266 ) 149,186 ( 427,080 ) Foreign currency translation adjustment — — ( 14,564 ) ( 14,564 ) 3,293 ( 11,271 ) Unrealized losses on cash flow hedges — — ( 429,310 ) ( 429,310 ) 111,150 ( 318,160 ) Total other comprehensive income (loss) before ( 576,266 ) — ( 443,874 ) ( 1,020,140 ) 263,629 ( 756,511 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 1,766 — — 1,766 (a) ( 456 ) 1,310 Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (c) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 35,500 ) ( 35,500 ) (a) 9,192 ( 26,308 ) Amortization of prior service credit — ( 1,692 ) — ( 1,692 ) (d) 413 ( 1,279 ) Amortization of actuarial losses — 13,810 — 13,810 (d) ( 3,371 ) 10,439 Total other comprehensive income (loss) ( 574,500 ) 12,118 ( 479,464 ) ( 1,041,846 ) 269,431 ( 772,415 ) Balance — September 30, 2022 $ ( 469,809 ) ( 348,158 ) ( 395,933 ) $ ( 1,213,900 ) 313,907 $ ( 899,993 ) Balance — January 1, 2021 $ 195,386 ( 650,087 ) 369,558 $ ( 85,143 ) 22,111 $ ( 63,032 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 57,388 ) — — ( 57,388 ) 15,124 ( 42,264 ) Foreign currency translation adjustment — — ( 1,246 ) ( 1,246 ) 360 ( 886 ) Unrealized gains on cash flow hedges — — 821 821 ( 214 ) 607 Total other comprehensive income (loss) before ( 57,388 ) — ( 425 ) ( 57,813 ) 15,270 ( 42,543 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 3,333 — — 3,333 (a) ( 871 ) 2,462 Gains realized in net income ( 8 ) — — ( 8 ) (b) 2 ( 6 ) Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (c) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 206,713 ) ( 206,713 ) (a) 53,997 ( 152,716 ) Amortization of prior service credit — ( 3,139 ) — ( 3,139 ) (d) 860 ( 2,279 ) Amortization of actuarial losses — 65,792 — 65,792 (d) ( 18,031 ) 47,761 Total other comprehensive income (loss) ( 54,063 ) 62,653 ( 207,228 ) ( 198,638 ) 51,251 ( 147,387 ) Balance — September 30, 2021 $ 141,323 ( 587,434 ) 162,330 $ ( 283,781 ) 73,362 $ ( 210,419 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2021 $ 77,625 $ ( 267,145 ) $ 61,942 $ ( 127,578 ) Net gain (loss) during period ( 425,770 ) 9,160 ( 355,805 ) ( 772,415 ) Balance — September 30, 2022 $ ( 348,145 ) $ ( 257,985 ) $ ( 293,863 ) $ ( 899,993 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Information about Interest Rate Swap Agreements | Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In thousands) September 30, 2022 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,500,000 3.5 2.98 % 3.59 % $ ( 2,765 ) Cash flow hedges: Interest payments on variable rate 19,900,000 1.3 1.80 % 3.09 % ( 8,730 ) Total $ 21,400,000 1.5 $ ( 11,495 ) December 31, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.3 2.86 % 0.74 % $ 41 Cash flow hedges: Interest payments on variable rate 21,700,000 0.6 1.24 % 0.09 % ( 248 ) Total $ 23,350,000 0.7 $ ( 207 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $ 68.7 mm at September 30, 2022 and a net settlement of gains of $ 43.5 at December 31, 2021 . The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of losses of $ 368.2 million at September 30, 2022 and a net settlement of gains of $ 88.2 million at December 31, 2021. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) Includes notional amount and terms of $ 4.7 billion of forward-starting interest rate swap agreements that become effective in 2023. (d) Includes notional amount and terms of $ 8.4 billion of forward-starting interest rate swap agreements that become effective in 2022. |
Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet | Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value September 30, December 31, September 30, December 31, 2022 2021 2022 2021 (In thousands) Derivatives designated and qualifying as hedging instruments (a) Interest rate swap agreements $ 228 $ 258 $ 11,723 $ 465 Commitments to sell real estate loans 18,364 4,044 4 548 18,592 4,302 11,727 1,013 Derivatives not designated and qualifying as hedging instruments (a) Mortgage banking: Mortgage-related commitments to originate real estate loans for sale 843 11,728 49,149 5,288 Commitments to sell real estate loans 56,167 8,137 — 4,108 Other: Interest rate contracts (b) 371,834 410,056 1,378,145 76,278 Foreign exchange and other option and futures contracts 44,431 8,230 42,343 7,156 473,275 438,151 1,469,637 92,830 Total derivatives $ 491,867 $ 442,453 $ 1,481,364 $ 93,843 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) The impact of variation margin payments at September 30, 2022 and December 31, 2021 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $ 1.1 billion and $ 54.4 million, respectively, and in a liability position of $ 19.6 million and $ 305.1 million, respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (In thousands) Location in the Consolidated Balance Sheet Hedges Long-term debt $ 1,427,977 $ 1,692,943 $ ( 70,971 ) $ 43,610 |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Three Months Ended September 30 2022 2021 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 50,976 ) 50,821 $ ( 9,713 ) 9,636 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 6,946 $ 2,068 Foreign exchange and other option and futures contracts (b) 4,462 3,060 Total $ 11,408 $ 5,128 Amount of Gain (Loss) Recognized Nine Months Ended September 30 2022 2021 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 114,932 ) 114,581 $ ( 42,217 ) 41,456 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 17,907 $ 8,047 Foreign exchange and other option and futures contracts (b) 10,701 6,286 Total $ 28,608 $ 14,333 (a) Reported as an adjustment to interest expense. Reported as trading account and non-hedging derivative gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at September 30, 2022 and December 31, 2021 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2022 Trading account $ 129,672 $ 129,672 $ — $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,658,728 — 7,658,728 — Mortgage-backed securities: Government issued or guaranteed Commercial 606,571 — 606,571 — Residential 2,430,946 — 2,430,946 — Other debt securities 174,101 — 174,101 — 10,870,346 — 10,870,346 — Equity securities 194,537 184,811 9,726 — Real estate loans held for sale 342,720 — 342,720 — Other assets (a) 491,867 — 491,024 843 Total assets $ 12,029,142 $ 314,483 $ 11,713,816 $ 843 Other liabilities (a) 1,481,364 — 1,432,215 49,149 Total liabilities $ 1,481,364 $ — $ 1,432,215 $ 49,149 December 31, 2021 Trading account $ 49,745 $ 49,545 $ 200 $ — Investment securities available for sale: U.S. Treasury and federal agencies 678,690 — 678,690 — Mortgage-backed securities: Government issued or guaranteed Residential 3,155,312 — 3,155,312 — Other debt securities 121,802 — 121,802 — 3,955,804 — 3,955,804 — Equity securities 77,640 68,850 8,790 — Real estate loans held for sale 899,282 — 899,282 — Other assets (a) 442,453 — 430,725 11,728 Total assets $ 5,424,924 $ 118,395 $ 5,294,801 $ 11,728 Other liabilities (a) 93,843 — 88,555 5,288 Total liabilities $ 93,843 $ — $ 88,555 $ 5,288 (a) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), interest rate and foreign exchange contracts not designated as hedging instruments (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). |
Changes In Level Three Assets And Liabilities Measured At Estimated Fair Value On Recurring Basis Table Text Block | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended September 30, 2022 and 2021 were as follows: Other Assets and Other Liabilities 2022 (In thousands) Balance — June 30, 2022 $ ( 24,181 ) Total gains (losses) realized/unrealized: Included in earnings ( 9,321 ) (a) Transfers out of Level 3 ( 14,804 ) (b) Balance — September 30, 2022 $ ( 48,306 ) Changes in unrealized gains included in earnings $ ( 17,160 ) (a) 2021 Balance — June 30, 2021 $ 35,666 Total gains realized/unrealized: Included in earnings 44,152 (a) Transfers out of Level 3 ( 59,673 ) (b) Balance — September 30, 2021 $ 20,145 Changes in unrealized gains included in earnings $ 18,196 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. 13. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the nine months ended September 30, 2022 and 2021 were as follows: Investment Securities Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities 2022 (In thousands) Balance — January 1, 2022 $ — $ 6,440 Total gains (losses) realized/unrealized: Included in earnings — ( 34,630 ) (a) Transfers out of Level 3 — ( 20,116 ) (b) Balance — September 30, 2022 $ — $ ( 48,306 ) Changes in unrealized gains included in earnings $ — $ ( 48,108 ) (a) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 102,489 (a) Settlements ( 16 ) — Transfers out of Level 3 — ( 125,578 ) (b) Balance — September 30, 2021 $ — $ 20,145 Changes in unrealized gains included in earnings $ — $ 21,722 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Quantitative Information Related To Significant Unobservable Inputs Table Text Block | The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at September 30, 2022 and December 31, 2021: Fair Value Valuation Unobservable Range (In thousands) September 30, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 48,306 ) Discounted cash flow Commitment expirations 0 % - 90 % ( 4 %) December 31, 2021 Recurring fair value measurements Net other assets (liabilities) (a) $ 6,440 Discounted cash flow Commitment expirations 0 % - 80 % ( 10 %) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) | The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: September 30, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 2,255,810 2,255,810 2,115,730 140,080 — Interest-bearing deposits at banks 25,391,528 25,391,528 — 25,391,528 — Trading account 129,672 129,672 129,672 — — Investment securities 24,603,765 23,259,558 184,811 23,021,349 53,398 Loans and leases: Commercial loans and leases 38,807,949 38,230,478 — — 38,230,478 Commercial real estate loans 46,138,665 44,324,720 — 300,373 44,024,347 Residential real estate loans 23,074,280 21,173,522 — 7,262,522 13,911,000 Consumer loans 20,204,693 19,844,173 — — 19,844,173 Allowance for credit losses ( 1,875,591 ) — — — — Loans and leases, net 126,349,996 123,572,893 — 7,562,895 116,009,998 Accrued interest receivable 539,270 539,270 — 539,270 — Financial liabilities: Noninterest-bearing deposits $ ( 73,023,271 ) ( 73,023,271 ) — ( 73,023,271 ) — Savings and interest-checking deposits ( 86,015,700 ) ( 86,015,700 ) — ( 86,015,700 ) — Time deposits ( 4,806,417 ) ( 4,797,112 ) — ( 4,797,112 ) — Short-term borrowings ( 917,806 ) ( 917,806 ) — ( 917,806 ) — Long-term borrowings ( 3,459,336 ) ( 3,431,790 ) — ( 3,431,790 ) — Accrued interest payable ( 38,502 ) ( 38,502 ) — ( 38,502 ) — Other financial instruments: Commitments to originate real estate $ ( 48,306 ) ( 48,306 ) — — ( 48,306 ) Commitments to sell real estate loans 74,527 74,527 — 74,527 — Other credit-related commitments ( 135,000 ) ( 135,000 ) — — ( 135,000 ) Interest rate swap agreements used for ( 11,495 ) ( 11,495 ) — ( 11,495 ) — Interest rate and foreign exchange contracts ( 1,004,223 ) ( 1,004,223 ) — ( 1,004,223 ) — 13. Fair value measurements, continued December 31, 2021 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,337,577 1,337,577 1,205,269 132,308 — Interest-bearing deposits at banks 41,872,304 41,872,304 — 41,872,304 — Trading account 49,745 49,745 49,545 200 — Investment securities 7,155,860 7,192,476 68,850 7,066,293 57,333 Loans and leases: Commercial loans and leases 23,473,324 23,285,224 — — 23,285,224 Commercial real estate loans 35,389,730 34,730,191 — 425,010 34,305,181 Residential real estate loans 16,074,445 16,160,799 — 4,524,018 11,636,781 Consumer loans 17,974,953 18,121,363 — — 18,121,363 Allowance for credit losses ( 1,469,226 ) — — — — Loans and leases, net 91,443,226 92,297,577 — 4,949,028 87,348,549 Accrued interest receivable 335,162 335,162 — 335,162 — Financial liabilities: Noninterest-bearing deposits $ ( 60,131,480 ) ( 60,131,480 ) — ( 60,131,480 ) — Savings and interest-checking deposits ( 68,603,966 ) ( 68,603,966 ) — ( 68,603,966 ) — Time deposits ( 2,807,963 ) ( 2,810,143 ) — ( 2,810,143 ) — Short-term borrowings ( 47,046 ) ( 47,046 ) — ( 47,046 ) — Long-term borrowings ( 3,485,369 ) ( 3,562,223 ) — ( 3,562,223 ) — Accrued interest payable ( 40,866 ) ( 40,866 ) — ( 40,866 ) — Other financial instruments: Commitments to originate real estate $ 6,440 6,440 — — 6,440 Commitments to sell real estate loans 7,525 7,525 — 7,525 — Other credit-related commitments ( 123,032 ) ( 123,032 ) — — ( 123,032 ) Interest rate swap agreements used ( 207 ) ( 207 ) — ( 207 ) — Interest rate and foreign exchange contracts 334,852 334,852 — 334,852 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities Outstanding | The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. September 30, December 31, 2022 2021 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,317,141 $ 5,693,045 Commercial real estate loans to be sold 401,369 324,943 Other commercial real estate 5,063,155 4,998,631 Residential real estate loans to be sold 57,155 233,257 Other residential real estate 889,013 924,211 Commercial and other 32,089,753 22,145,057 Standby letters of credit 2,393,048 2,151,595 Commercial letters of credit 28,926 31,981 Financial guarantees and indemnification contracts 3,893,455 4,211,797 Commitments to sell real estate loans 783,405 1,367,523 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company's segments follows. 15. Segment information, continued Three Months Ended September 30 2022 2021 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 241,629 $ 663 $ 94,094 $ 181,873 $ 694 $ 72,017 Commercial Banking 510,549 802 214,063 295,209 1,009 144,367 Commercial Real Estate 234,479 249 94,937 228,317 227 84,663 Discretionary Portfolio 36,622 ( 23,044 ) 11,813 112,529 ( 14,448 ) 74,666 Residential Mortgage Banking 95,091 35,647 ( 3,283 ) 159,213 25,150 46,077 Retail Banking 650,229 ( 5 ) 181,639 357,335 ( 53 ) 88,004 All Other 473,171 ( 14,312 ) 53,333 201,900 ( 12,579 ) ( 14,334 ) Total $ 2,241,770 $ — $ 646,596 $ 1,536,376 $ — $ 495,460 Nine Months Ended September 30 2022 2021 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 586,605 $ 2,060 $ 205,741 $ 482,874 $ 2,157 $ 159,895 Commercial Banking (b) 1,239,300 2,605 521,749 865,780 2,830 378,040 Commercial Real Estate 676,176 687 314,284 629,719 679 242,625 Discretionary Portfolio 190,761 ( 74,952 ) 103,283 365,380 ( 34,554 ) 243,744 Residential Mortgage Banking 346,409 110,986 35,028 459,655 70,208 125,791 Retail Banking (b) 1,523,992 ( 12 ) 379,688 1,055,240 500 262,562 All Other (b) 1,106,405 ( 41,374 ) ( 333,481 ) 620,694 ( 41,820 ) ( 11,879 ) Total $ 5,669,648 $ — $ 1,226,292 $ 4,479,342 $ — $ 1,400,778 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $ 11,827,000 and $ 3,703,000 for the three-month periods ended September 30, 2022 and 2021 , respectively, and $ 25,787,000 and $ 11,168,000 for the nine-month periods ended September 30, 2022 and 2021, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues. (b) During the three months ended September 30, 2022, the Company transferred most financial records and processes associated with People's United to the Company's data systems and processes. Additionally during that period the Company transferred certain acquired operations to the Commercial Banking segment from other segments. Revenues and net income related to those operations were $ 96.0 million and $ 32.6 million in the three months ended June 30, 2022 and have been reclassified in the financial data presented herein for the nine months ended September 30, 2022. Average Total Assets Nine Months Ended September 30 Year Ended 31 2022 2021 2021 (In millions) Business Banking $ 7,515 $ 8,386 $ 8,007 Commercial Banking 40,464 29,109 28,559 Commercial Real Estate 28,811 25,913 25,628 Discretionary Portfolio 40,987 22,317 22,262 Residential Mortgage Banking 4,370 6,582 6,463 Retail Banking 20,063 17,701 17,897 All Other 45,185 40,959 43,853 Total $ 187,395 $ 150,967 $ 152,669 |
Acquisition and Divestiture - A
Acquisition and Divestiture - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Apr. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||||||||
Carrying Value | $ 2,010,600 | $ 2,010,600 | $ 2,010,600 | $ 1,750,000 | ||||||
Goodwill | 8,501,357 | 8,501,357 | 8,501,357 | 4,593,112 | ||||||
ACL for non-PCD loan and leases | $ 242,000 | |||||||||
Initial estimate of expected credit losses | 99,000 | |||||||||
Purchase Credit-Deteriorated | 3,400,000 | |||||||||
Assets | 197,955,479 | 197,955,479 | 197,955,479 | 155,107,160 | ||||||
Shareholders' equity | 25,256,493 | $ 17,528,771 | 25,256,493 | 25,256,493 | $ 17,528,771 | $ 25,794,531 | 17,903,405 | $ 16,720,304 | $ 16,187,283 | |
Net income (loss) | 646,596 | 495,460 | 1,226,292 | 1,400,778 | ||||||
Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shareholders' equity | 89,718 | $ 79,871 | 89,718 | 89,718 | 79,871 | $ 89,718 | 79,871 | $ 79,871 | $ 79,871 | |
Peoples United Financial Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, market value | $ 8,400,000 | |||||||||
Common stock, price per share | $ 164.66 | |||||||||
Assets | $ 60,244,818 | |||||||||
Goodwill | 3,908,245 | 8,501,357 | 8,501,357 | 8,501,357 | $ 4,593,112 | |||||
Core deposits and other intangible assets | 261,000 | |||||||||
ACL for non-PCD loan and leases | $ 242,000 | |||||||||
Revenues | 1,000,000 | 96,000 | ||||||||
Net income (loss) | 13,000 | 32,600 | ||||||||
Peoples United Financial Inc [Member] | Core Deposit and Other Intangible Assets [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 3 years | |||||||||
Peoples United Financial Inc [Member] | Core Deposit and Other Intangible Assets [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 7 years | |||||||||
Peoples United Financial Inc [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock issued in transaction | 50,325,004 | |||||||||
MT [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock, price per share | $ 0.118 | |||||||||
M&T Insurance Agency, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (loss) on sale of subsidiary, pre-tax | 135,000 | |||||||||
Assets | 25,000 | 25,000 | 25,000 | |||||||
Shareholders' equity | $ 10 | $ 10 | 10 | |||||||
Revenues | 31,000 | 29,000 | ||||||||
Net income (loss) | $ 4 | $ 1 |
Acquisition and Divestiture - S
Acquisition and Divestiture - Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Liabilities and preferred stock: | |||
Total liabilities and shareholders’ equity | $ 197,955,479 | $ 155,107,160 | |
Goodwill | 8,501,357 | 4,593,112 | |
Peoples United Financial Inc [Member] | |||
Consideration: | |||
Common stock issued (50,325,004 shares) | $ 8,286,515 | ||
Common stock awards converted | 104,810 | ||
Cash | 1,824 | ||
Total consideration | 8,393,149 | ||
Identifiable assets: | |||
Cash and due from banks | 395,747 | ||
Interest-bearing deposits at banks and other short-term investments | 9,193,346 | ||
Investment securities | 11,574,689 | ||
Loans and leases | 35,840,648 | ||
Core deposit and other intangible assets | 261,000 | ||
Other assets | 2,979,388 | ||
Total identifiable assets acquired | 60,244,818 | ||
Liabilities and preferred stock: | |||
Deposits | 52,967,915 | ||
Borrowings | 1,389,012 | ||
Other liabilities | 1,142,387 | ||
Total liabilities assumed | 55,499,314 | ||
Preferred stock | 260,600 | ||
Total liabilities and shareholders’ equity | 55,759,914 | ||
Net assets acquired | 4,484,904 | ||
Goodwill | $ 3,908,245 | $ 8,501,357 | $ 4,593,112 |
Acquisition and Divestiture -_2
Acquisition and Divestiture - Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition (Parenthetical) (Details) | Apr. 01, 2022 shares |
Peoples United Financial Inc [Member] | |
Business Acquisition [Line Items] | |
Common shares issued, Shares | 50,325,004 |
Acquisition and Divestiture -_3
Acquisition and Divestiture - Summary of Unpaid Principal Balance to Fair Value of PCD Loans and Leases by Portfolio Segment (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Jan. 01, 2021 |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unpaid principal balance | $ 3,410,506 | $ 2,429,326 | $ 2,242,263 | ||||
Allowance for credit losses at acquisition | (99,000) | $ (2,633,005) | $ (2,060,083) | $ (2,242,057) | $ (1,893,299) | ||
Non-credit discount | (106,814) | ||||||
Fair value | $ 3,204,692 |
Acquisition and Divestiture -_4
Acquisition and Divestiture - Summary of Unpaid Principal Balance to Fair Value of PCD Loans and Leases by Portfolio Segment (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Charge-offs | $ (101,267) | $ (64,273) | $ (227,919) | $ (267,567) | |
PCD Acquired Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Charge-offs | $ (33,000) | $ (33,000) |
Acquisition and Divestiture -_5
Acquisition and Divestiture - Summary of Allocation of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | $ 4,593,112 |
Goodwill, Ending balance | 8,501,357 |
Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 4,593,112 |
Acquisition of People's United | 3,908,245 |
Goodwill, Ending balance | 8,501,357 |
Business Banking [Member] | Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 864,366 |
Acquisition of People's United | 693,905 |
Goodwill, Ending balance | 1,558,271 |
Commercial Banking [Member] | Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 1,401,873 |
Acquisition of People's United | 2,686,253 |
Goodwill, Ending balance | 4,088,126 |
Commercial Real Estate [Member] | Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 654,389 |
Acquisition of People's United | 291,217 |
Goodwill, Ending balance | 945,606 |
Retail Banking [Member] | Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 1,309,191 |
Acquisition of People's United | 221,196 |
Goodwill, Ending balance | 1,530,387 |
All Other [Member] | Peoples United Financial Inc [Member] | |
Business Combination Segment Allocation [Line Items] | |
Goodwill, Beginning balance | 363,293 |
Acquisition of People's United | 15,674 |
Goodwill, Ending balance | $ 378,967 |
Acquisition and Divestiture -_6
Acquisition and Divestiture - Summary of Acquisition, Pro Forma Information (Details) - Peoples United Financial Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Total revenues | $ 2,054,462 | $ 6,134,400 | $ 6,056,364 |
Net income | $ 664,820 | $ 1,399,913 | $ 1,769,781 |
Acquisition and Divestiture -_7
Acquisition and Divestiture - Summary Of Merger Related Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Outside data processing software | $ 95,068 | $ 72,782 | $ 268,607 | $ 213,025 |
Advertising and marketing | 21,398 | 15,208 | 58,057 | 43,200 |
Peoples United Financial Inc [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Salaries and employee benefits | 13,094 | 60 | 98,480 | 64 |
Equipment and net occupancy | 2,106 | 1 | 4,415 | 1 |
Outside data processing software | 2,277 | 625 | 3,245 | 869 |
Advertising and marketing | 2,177 | 505 | 4,004 | 529 |
Printing, postage and supplies | 651 | 730 | 3,833 | 2,779 |
Other cost of operations | 32,722 | 6,905 | 179,231 | 18,428 |
Other expenses | $ 53,027 | $ 8,826 | $ 293,208 | $ 22,670 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 11,340,155 | $ 3,849,347 |
Investment securities available for sale, gross unrealized gains | 851 | 115,305 |
Investment securities available for sale, gross unrealized losses | 470,660 | 8,848 |
Investment securities available for sale, estimated fair value | 10,870,346 | 3,955,804 |
Amortized cost for held to maturity | 12,898,862 | 2,734,674 |
Gross unrealized gains for held to maturity | 9,266 | 59,743 |
Gross unrealized losses for held to maturity | 1,353,473 | 23,127 |
Estimated fair value for held to maturity | 11,554,655 | 2,771,290 |
Equity and other securities, Amortized Cost | 832,604 | 461,516 |
Equity securities, Gross Unrealized Gains | 4,943 | 4,460 |
Equity securities, Gross Unrealized Losses | (2,990) | 594 |
Equity and other securities, Estimated Fair Value | 834,557 | 465,382 |
Other securities, Amortized cost | 640,020 | 387,742 |
Other securities, Estimated fair value | 640,020 | 387,742 |
Total debt securities Amortized cost | 24,239,017 | 6,584,021 |
Total debt securities Gross unrealized gains | 10,117 | 175,048 |
Total debt securities Gross unrealized losses | 1,824,133 | 31,975 |
Total debt securities Estimated fair value | 22,425,001 | 6,727,094 |
Readily marketable securities Amortized cost | 192,584 | 73,774 |
Readily marketable securities Gross unrealized gains | 4,943 | 4,460 |
Readily marketable securities Gross unrealized losses | 2,990 | 594 |
Readily marketable securities Estimated fair value | 194,537 | 77,640 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 7,908,153 | 682,267 |
Investment securities available for sale, gross unrealized gains | 413 | 229 |
Investment securities available for sale, gross unrealized losses | 249,838 | 3,806 |
Investment securities available for sale, estimated fair value | 7,658,728 | 678,690 |
Amortized cost for held to maturity | 1,199,539 | 3,052 |
Gross unrealized losses for held to maturity | 49,633 | 9 |
Estimated fair value for held to maturity | 1,149,906 | 3,043 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Amortized cost for held to maturity | 2,663,917 | 177 |
Gross unrealized gains for held to maturity | 6 | 2 |
Gross unrealized losses for held to maturity | 221,631 | |
Estimated fair value for held to maturity | 2,442,292 | 179 |
Commercial [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 613,752 | |
Investment securities available for sale, gross unrealized losses | 7,181 | |
Investment securities available for sale, estimated fair value | 606,571 | |
Amortized cost for held to maturity | 927,503 | |
Gross unrealized losses for held to maturity | 106,215 | |
Estimated fair value for held to maturity | 821,288 | |
Residential [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 2,635,976 | 3,042,771 |
Investment securities available for sale, gross unrealized gains | 127 | 113,102 |
Investment securities available for sale, gross unrealized losses | 205,157 | 561 |
Investment securities available for sale, estimated fair value | 2,430,946 | 3,155,312 |
Amortized cost for held to maturity | 8,053,619 | 2,667,328 |
Gross unrealized gains for held to maturity | 49,221 | |
Gross unrealized losses for held to maturity | 967,653 | 8,376 |
Estimated fair value for held to maturity | 7,085,966 | 2,708,173 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 182,274 | 124,309 |
Investment securities available for sale, gross unrealized gains | 311 | 1,974 |
Investment securities available for sale, gross unrealized losses | 8,484 | 4,481 |
Investment securities available for sale, estimated fair value | 174,101 | 121,802 |
Amortized cost for held to maturity | 1,805 | 2,562 |
Estimated fair value for held to maturity | 1,805 | 2,562 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Amortized cost for held to maturity | 52,479 | 61,555 |
Gross unrealized gains for held to maturity | 9,260 | 10,520 |
Gross unrealized losses for held to maturity | 8,341 | 14,742 |
Estimated fair value for held to maturity | $ 53,398 | $ 57,333 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) Security | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Security | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investment Holdings [Line Items] | |||||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Gains (losses) on equity securities | $ (1,108,000) | 291,000 | $ (1,913,000) | $ (22,646,000) | |
Number of debt securities with aggregate gross unrealized losses | Security | 4,330 | 4,330 | |||
Unrealized losses on individual debt securities | $ 1,800,000,000 | ||||
Cost method equity securities | $ 640,000,000 | 640,000,000 | |||
Investment securities pledged to secure debt carrying value | 10,300,000,000 | 10,300,000,000 | $ 5,100,000,000 | ||
Carrying value of investment securities pledged related to repurchase transactions | 581,000,000 | 581,000,000 | 96,000,000 | ||
Maximum [Member] | |||||
Investment Holdings [Line Items] | |||||
Gains (losses) on equity securities | $ 1,000,000 | ||||
Available-for-Sale Securities [Member] | |||||
Investment Holdings [Line Items] | |||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt securities available for sale: | ||
Due in one year or less | $ 6,886 | |
Due after one year through five years | 7,979,072 | |
Due after five years through ten years | 74,469 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 8,090,427 | |
Mortgage-backed securities available for sale | 3,249,728 | |
Investment securities available for sale, amortized cost | 11,340,155 | $ 3,849,347 |
Debt securities held to maturity: | ||
Due in one year or less | 292,223 | |
Due after one year through five years | 1,096,658 | |
Due after five years through ten years | 1,045,507 | |
Due after ten years | 1,430,873 | |
Total available for held to maturity (amortized cost) | 3,865,261 | |
Mortgage-backed securities held to maturity | 9,033,601 | |
Amortized cost for held to maturity | 12,898,862 | 2,734,674 |
Debt securities available for sale: | ||
Due in one year or less | 6,813 | |
Due after one year through five years | 7,727,233 | |
Due after five years through ten years | 71,558 | |
Due after ten years | 27,225 | |
Total available for sale (fair value) | 7,832,829 | |
Mortgage-backed securities available for sale | 3,037,517 | |
Total | 10,870,346 | 3,955,804 |
Debt securities held to maturity: | ||
Due in one year or less | 290,088 | |
Due after one year through five years | 1,045,997 | |
Due after five years through ten years | 992,244 | |
Due after ten years | 1,265,674 | |
Total available for held to maturity (fair value) | 3,594,003 | |
Mortgage-backed securities held to maturity | 7,960,652 | |
Total | $ 11,554,655 | $ 2,771,290 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 10,267,718 | $ 612,437 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 439,273 | 3,934 |
Estimated fair value, 12 months or more | 341,125 | 87,243 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 31,387 | 4,914 |
Held to maturity, Estimated fair value, Less than 12 months | 10,810,641 | 1,375,279 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 1,196,827 | 8,365 |
Held to maturity, Estimated fair value, 12 months or more | 710,448 | 44,943 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 156,646 | 14,762 |
Total investment securities, fair value less than 12 months | 21,078,359 | 1,987,716 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | 1,636,100 | 12,299 |
Total of investment securities, fair value, 12 Months or More | 1,051,573 | 132,186 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | 188,033 | 19,676 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 7,159,893 | 598,566 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 224,986 | 3,806 |
Estimated fair value, 12 months or more | 253,585 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 24,852 | |
Held to maturity, Estimated fair value, Less than 12 months | 1,146,912 | 3,043 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 49,618 | 9 |
Held to maturity, Estimated fair value, 12 months or more | 2,994 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 15 | |
Commercial [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 606,571 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 7,181 | |
Held to maturity, Estimated fair value, Less than 12 months | 821,288 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 106,215 | |
Residential [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 2,401,907 | 10,111 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 204,279 | 54 |
Estimated fair value, 12 months or more | 18,668 | 20,824 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 878 | 507 |
Held to maturity, Estimated fair value, Less than 12 months | 6,416,154 | 1,372,236 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 819,363 | 8,356 |
Held to maturity, Estimated fair value, 12 months or more | 669,812 | 1,251 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 148,290 | 20 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, Less than 12 months | 2,426,287 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 221,631 | |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 99,347 | 3,760 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 2,827 | 74 |
Estimated fair value, 12 months or more | 68,872 | 66,419 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 5,657 | 4,407 |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, 12 months or more | 37,642 | 43,692 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ 8,341 | $ 14,742 |
Loans and Leases and the Allo_3
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 123,740,992 | $ 89,043,040 |
30-89 Days Past Due | 1,578,766 | 845,930 |
Accruing Loans Past Due 90 Days or More | 476,503 | 963,399 |
Nonaccrual | 2,429,326 | 2,060,083 |
Loans and leases, net of unearned discount | 128,225,587 | 92,912,452 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 37,938,053 | 23,101,810 |
30-89 Days Past Due | 481,091 | 142,208 |
Accruing Loans Past Due 90 Days or More | 20,639 | 8,284 |
Nonaccrual | 368,166 | 221,022 |
Loans and leases, net of unearned discount | 38,807,949 | 23,473,324 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 35,880,425 | 24,712,643 |
30-89 Days Past Due | 227,399 | 319,099 |
Accruing Loans Past Due 90 Days or More | 38,470 | 31,733 |
Nonaccrual | 1,406,200 | 1,069,280 |
Loans and leases, net of unearned discount | 37,552,494 | 26,132,755 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,377,505 | 1,400,437 |
30-89 Days Past Due | 62 | 2,904 |
Nonaccrual | 1,930 | 3,005 |
Loans and leases, net of unearned discount | 1,379,497 | 1,406,346 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 6,981,412 | 7,722,049 |
30-89 Days Past Due | 157,175 | 17,175 |
Accruing Loans Past Due 90 Days or More | 1,900 | |
Nonaccrual | 66,187 | 111,405 |
Loans and leases, net of unearned discount | 7,206,674 | 7,850,629 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 20,709,362 | 13,294,872 |
30-89 Days Past Due | 580,357 | 239,561 |
Accruing Loans Past Due 90 Days or More | 411,731 | 920,080 |
Nonaccrual | 285,395 | 355,858 |
Loans and leases, net of unearned discount | 21,986,845 | 14,810,371 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 974,779 | 1,124,520 |
30-89 Days Past Due | 17,274 | 16,666 |
Nonaccrual | 95,382 | 122,888 |
Loans and leases, net of unearned discount | 1,087,435 | 1,264,074 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,959,845 | 3,476,617 |
30-89 Days Past Due | 25,370 | 15,486 |
Nonaccrual | 78,208 | 70,488 |
Loans and leases, net of unearned discount | 5,063,423 | 3,562,591 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 8,738,849 | 7,985,173 |
30-89 Days Past Due | 41,758 | 40,544 |
Nonaccrual | 38,718 | 27,811 |
Loans and leases, net of unearned discount | 8,819,325 | 8,053,528 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,282,895 | 4,604,772 |
30-89 Days Past Due | 35,550 | 40,064 |
Nonaccrual | 40,318 | 34,037 |
Loans and leases, net of unearned discount | 4,358,763 | 4,678,873 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,897,867 | 1,620,147 |
30-89 Days Past Due | 12,730 | 12,223 |
Accruing Loans Past Due 90 Days or More | 3,763 | 3,302 |
Nonaccrual | 48,822 | 44,289 |
Loans and leases, net of unearned discount | $ 1,963,182 | $ 1,679,961 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans And Leases Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | $ 89,800 | $ 124,785 | $ 231,516 | $ 507,582 | |
Amount of foreclosed residential real estate property held | 36,000 | 36,000 | $ 24,000 | ||
Loans secured by residential real estate that were in the process of foreclosure | $ 187,000 | $ 187,000 | 151,000 | ||
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 46% | 46% | |||
Loans pledged to secure outstanding borrowings | $ 123,740,992 | $ 123,740,992 | 89,043,040 | ||
Minimum [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loan delinquent period | 90 days | ||||
Maximum [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loan delinquent period | 150 days | ||||
Commercial Real Estate [Member] | Asset Pledged as Collateral without Right [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans pledged to secure outstanding borrowings | 13,900,000 | $ 13,900,000 | 11,900,000 | ||
Residential Mortgage Loans [Member] | Asset Pledged as Collateral without Right [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans pledged to secure outstanding borrowings | 18,700,000 | 18,700,000 | 11,500,000 | ||
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Mortgage loans held for sale | 43,000 | 43,000 | 474,000 | ||
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Mortgage loans held for sale | 300,000 | 300,000 | 425,000 | ||
Commercial Loans And Leases [Member] | Asset Pledged as Collateral without Right [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans pledged to secure outstanding borrowings | 9,900,000 | 9,900,000 | 9,500,000 | ||
Home Equity Line of Credit [Member] | Asset Pledged as Collateral without Right [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans pledged to secure outstanding borrowings | 3,100,000 | 3,100,000 | 1,900,000 | ||
Other Consumer Loans [Member] | Asset Pledged as Collateral without Right [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans pledged to secure outstanding borrowings | 10,400,000 | 10,400,000 | 10,200,000 | ||
Commercial Loans and Commercial Real Estate [Member] | Minimum [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Amount of real estate loan as reported as accruing or nonaccruing | 1,000 | 1,000 | |||
COVID-19 [Member] | Government-Guaranteed Loans [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 20,000 | 974,000 | |||
Payment Deferral [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | $ 48,275 | $ 56,116 | 160,742 | $ 196,378 | |
Payment Deferral [Member] | COVID-19 [Member] | Residential Real Estate [Member] | |||||
Loans And Leases Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | $ 39,000 | $ 1,200,000 |
Loans and Leases and the Allo_5
Loans and Leases and the Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 128,225,587 | $ 92,912,452 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,663,705 | 16,234,904 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,684,561 | 1,199,887 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 38,807,949 | 23,473,324 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,617,515 | 22,054,341 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,822,268 | 1,197,961 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 368,166 | 221,022 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,731,080 | 11,538,391 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,905,476 | 10,993,461 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 715,190 | 484,755 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 110,414 | 60,175 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 56,593 | 40,836 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,403 | 18,699 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,541 | 15,628 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,649 | 6,509 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 37,552,494 | 26,132,755 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 31,056,194 | 20,445,045 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,090,100 | 4,618,430 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,406,200 | 1,069,280 |
Commercial [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 934,552 | 805,609 |
Commercial [Member] | Revolving Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 852,233 | 728,948 |
Commercial [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 58,670 | 38,570 |
Commercial [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,649 | 38,091 |
Commercial [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 45,264 | |
Commercial [Member] | Revolving Loans Converted to Term Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 45,264 | |
Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,379,497 | 1,406,346 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,193,105 | 1,263,514 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 184,462 | 139,827 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,930 | 3,005 |
Residential Builder and Developer [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 197,862 | 230,908 |
Residential Builder and Developer [Member] | Revolving Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 169,941 | 230,017 |
Residential Builder and Developer [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 27,921 | 891 |
Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,206,674 | 7,850,629 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,180,302 | 6,059,379 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,960,185 | 1,679,845 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 66,187 | 111,405 |
Other Commercial Construction [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,009 | 43,037 |
Other Commercial Construction [Member] | Revolving Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,584 | 38,781 |
Other Commercial Construction [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,992 | |
Other Commercial Construction [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,433 | 4,256 |
Other Commercial Construction [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 618 | |
Other Commercial Construction [Member] | Revolving Loans Converted to Term Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 618 | |
Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,045,302 | |
Term Loans 2022 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,980,869 | |
Term Loans 2022 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,781,789 | |
Term Loans 2022 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 183,126 | |
Term Loans 2022 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,954 | |
Term Loans 2022 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,295,427 | |
Term Loans 2022 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,169,811 | |
Term Loans 2022 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 116,303 | |
Term Loans 2022 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,313 | |
Term Loans 2022 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 561,314 | |
Term Loans 2022 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 561,314 | |
Term Loans 2022 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 572,620 | |
Term Loans 2022 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 526,338 | |
Term Loans 2022 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 46,282 | |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 19,658,286 | 18,817,411 |
Term Loans 2021 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,648,271 | 5,014,194 |
Term Loans 2021 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,344,496 | 4,798,052 |
Term Loans 2021 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 255,935 | 196,680 |
Term Loans 2021 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 47,840 | 19,462 |
Term Loans 2021 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,901,044 | 3,568,307 |
Term Loans 2021 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,566,811 | 3,413,587 |
Term Loans 2021 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 325,114 | 133,133 |
Term Loans 2021 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,119 | 21,587 |
Term Loans 2021 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 391,784 | 789,038 |
Term Loans 2021 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 367,867 | 786,983 |
Term Loans 2021 [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,263 | 2,055 |
Term Loans 2021 [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 654 | |
Term Loans 2021 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,242,333 | 982,050 |
Term Loans 2021 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,079,329 | 957,947 |
Term Loans 2021 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 163,004 | 24,103 |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 28,514,393 | 18,542,940 |
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,537,589 | 1,618,408 |
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,170,726 | 1,398,775 |
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 302,787 | 185,935 |
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 64,076 | 33,698 |
Term Loans Prior Period [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 14,557,814 | 7,497,061 |
Term Loans Prior Period [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,778,026 | 5,232,790 |
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,987,906 | 1,743,798 |
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 791,882 | 520,473 |
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,698 | 12,545 |
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,878 | 12,450 |
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 62 | |
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 758 | 95 |
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 492,164 | 407,684 |
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 327,992 | 273,556 |
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 136,358 | 114,158 |
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 27,814 | 19,970 |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,841,700 | 12,376,366 |
Term Loans 2020 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,597,486 | 2,037,896 |
Term Loans 2020 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,395,097 | 1,916,072 |
Term Loans 2020 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 159,898 | 98,595 |
Term Loans 2020 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 42,491 | 23,229 |
Term Loans 2020 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,212,614 | 3,276,705 |
Term Loans 2020 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,480,606 | 2,662,999 |
Term Loans 2020 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 532,354 | 480,146 |
Term Loans 2020 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 199,654 | 133,560 |
Term Loans 2020 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 45,229 | 111,866 |
Term Loans 2020 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,935 | 106,510 |
Term Loans 2020 [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,294 | 5,356 |
Term Loans 2020 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,638,359 | 1,835,794 |
Term Loans 2020 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,388,737 | 1,781,603 |
Term Loans 2020 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 249,622 | 54,191 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,558,114 | 12,286,933 |
Term Loans 2019 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,166,127 | 1,600,910 |
Term Loans 2019 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,002,268 | 1,476,786 |
Term Loans 2019 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 119,906 | 107,010 |
Term Loans 2019 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 43,953 | 17,114 |
Term Loans 2019 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,843,138 | 4,562,963 |
Term Loans 2019 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,628,815 | 3,682,178 |
Term Loans 2019 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,028,855 | 685,701 |
Term Loans 2019 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 185,468 | 195,084 |
Term Loans 2019 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 139,522 | 195,455 |
Term Loans 2019 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 31,596 | 75,287 |
Term Loans 2019 [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 107,408 | 117,258 |
Term Loans 2019 [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 518 | 2,910 |
Term Loans 2019 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,428,633 | 2,769,115 |
Term Loans 2019 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,431,834 | 2,022,276 |
Term Loans 2019 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 971,447 | 675,226 |
Term Loans 2019 [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,352 | 71,613 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 8,259,526 | 7,895,140 |
Term Loans 2018 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,089,934 | 1,064,915 |
Term Loans 2018 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 984,260 | 951,881 |
Term Loans 2018 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 67,885 | 73,126 |
Term Loans 2018 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 37,789 | 39,908 |
Term Loans 2018 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,762,641 | 3,800,797 |
Term Loans 2018 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,534,628 | 2,648,388 |
Term Loans 2018 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,040,898 | 1,068,552 |
Term Loans 2018 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 187,115 | 83,857 |
Term Loans 2018 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,088 | 61,224 |
Term Loans 2018 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,574 | 47,587 |
Term Loans 2018 [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 14,514 | 13,637 |
Term Loans 2018 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 798,938 | 1,419,278 |
Term Loans 2018 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 401,870 | 832,547 |
Term Loans 2018 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 386,480 | 583,428 |
Term Loans 2018 [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 10,588 | 3,303 |
Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,558,871 | |
Term Loans 2017 [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 557,774 | |
Term Loans 2017 [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 500,615 | |
Term Loans 2017 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,232 | |
Term Loans 2017 [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,927 | |
Term Loans 2017 [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,621,313 | |
Term Loans 2017 [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,076,155 | |
Term Loans 2017 [Member] | Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 468,530 | |
Term Loans 2017 [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 76,628 | |
Term Loans 2017 [Member] | Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,310 | |
Term Loans 2017 [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,680 | |
Term Loans 2017 [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 630 | |
Term Loans 2017 [Member] | Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 393,671 | |
Term Loans 2017 [Member] | Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 152,669 | |
Term Loans 2017 [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 228,739 | |
Term Loans 2017 [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 12,263 |
Loans and Leases and the Allo_6
Loans and Leases and the Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 123,740,992 | $ 89,043,040 |
30-89 Days Past Due | 1,578,766 | 845,930 |
Accruing Loans Past Due 90 Days or More | 476,503 | 963,399 |
Nonaccrual | 2,429,326 | 2,060,083 |
Loans and leases, net of unearned discount | 128,225,587 | 92,912,452 |
Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 20,709,362 | 13,294,872 |
30-89 Days Past Due | 580,357 | 239,561 |
Accruing Loans Past Due 90 Days or More | 411,731 | 920,080 |
Nonaccrual | 285,395 | 355,858 |
Loans and leases, net of unearned discount | 21,986,845 | 14,810,371 |
Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 974,779 | 1,124,520 |
30-89 Days Past Due | 17,274 | 16,666 |
Nonaccrual | 95,382 | 122,888 |
Loans and leases, net of unearned discount | 1,087,435 | 1,264,074 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,959,845 | 3,476,617 |
30-89 Days Past Due | 25,370 | 15,486 |
Nonaccrual | 78,208 | 70,488 |
Loans and leases, net of unearned discount | 5,063,423 | 3,562,591 |
Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 8,738,849 | 7,985,173 |
30-89 Days Past Due | 41,758 | 40,544 |
Nonaccrual | 38,718 | 27,811 |
Loans and leases, net of unearned discount | 8,819,325 | 8,053,528 |
Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,282,895 | 4,604,772 |
30-89 Days Past Due | 35,550 | 40,064 |
Nonaccrual | 40,318 | 34,037 |
Loans and leases, net of unearned discount | 4,358,763 | 4,678,873 |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,897,867 | 1,620,147 |
30-89 Days Past Due | 12,730 | 12,223 |
Accruing Loans Past Due 90 Days or More | 3,763 | 3,302 |
Nonaccrual | 48,822 | 44,289 |
Loans and leases, net of unearned discount | 1,963,182 | 1,679,961 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,663,705 | 16,234,904 |
Revolving Loans [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,125 | |
Accruing Loans Past Due 90 Days or More | ||
Nonaccrual | 749 | 263 |
Loans and leases, net of unearned discount | 37,993 | 72,572 |
Revolving Loans [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 346 | |
Nonaccrual | 8,748 | 4,951 |
Loans and leases, net of unearned discount | 3,333,752 | 2,353,576 |
Revolving Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,598 | 1,908 |
Accruing Loans Past Due 90 Days or More | 3,755 | |
Nonaccrual | 45,668 | 40,807 |
Loans and leases, net of unearned discount | 1,395,457 | 1,190,811 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,684,561 | 1,199,887 |
Revolving Loans Converted to Term Loans [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 14,421 | |
Nonaccrual | 63,131 | 59,787 |
Loans and leases, net of unearned discount | 1,570,925 | 1,156,983 |
Revolving Loans Converted to Term Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 437 | 434 |
Nonaccrual | 102 | 129 |
Loans and leases, net of unearned discount | 11,161 | 2,068 |
Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 20,709,362 | 13,294,872 |
Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 974,779 | 1,124,520 |
Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,959,845 | 3,476,617 |
30-89 Days Past Due | 25,370 | |
Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 8,738,849 | 7,985,173 |
Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,282,895 | 4,604,772 |
Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,897,867 | 1,620,147 |
Current [Member] | Revolving Loans [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 30,119 | 72,309 |
Current [Member] | Revolving Loans [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 3,323,628 | 2,348,279 |
30-89 Days Past Due | 1,376 | |
Current [Member] | Revolving Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,338,436 | 1,148,096 |
Current [Member] | Revolving Loans Converted to Term Loans [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,484,820 | 1,082,775 |
30-89 Days Past Due | 22,974 | |
Current [Member] | Revolving Loans Converted to Term Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 10,622 | 1,505 |
Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,045,302 | |
Term Loans 2022 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 35,387 | |
Accruing Loans Past Due 90 Days or More | 6,137 | |
Nonaccrual | 2,741 | |
Loans and leases, net of unearned discount | 4,101,461 | |
Term Loans 2022 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual | 3 | |
Loans and leases, net of unearned discount | 182 | |
Term Loans 2022 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 3,636 | |
Nonaccrual | 862 | |
Loans and leases, net of unearned discount | 2,274,878 | |
Term Loans 2022 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 3,753 | |
Nonaccrual | 557 | |
Loans and leases, net of unearned discount | 1,044,344 | |
Term Loans 2022 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 2,558 | |
Nonaccrual | 1,405 | |
Loans and leases, net of unearned discount | 214,207 | |
Term Loans 2022 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,057,196 | |
Term Loans 2022 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 179 | |
Term Loans 2022 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,270,380 | |
Term Loans 2022 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,040,034 | |
Term Loans 2022 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 210,244 | |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 19,658,286 | 18,817,411 |
Term Loans 2021 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 53,249 | 15,245 |
Accruing Loans Past Due 90 Days or More | 39,753 | 10,924 |
Nonaccrual | 7,978 | 3,359 |
Loans and leases, net of unearned discount | 4,150,815 | 3,086,646 |
Term Loans 2021 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual | 15 | |
Loans and leases, net of unearned discount | 2,220 | 304 |
Term Loans 2021 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,922 | 5,929 |
Nonaccrual | 5,310 | 1,341 |
Loans and leases, net of unearned discount | 2,410,492 | 2,897,381 |
Term Loans 2021 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 9,992 | 8,508 |
Nonaccrual | 8,573 | 1,588 |
Loans and leases, net of unearned discount | 1,717,186 | 2,230,157 |
Term Loans 2021 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 1,083 | 2,937 |
Nonaccrual | 742 | 2,051 |
Loans and leases, net of unearned discount | 194,141 | 249,334 |
Term Loans 2021 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,049,835 | 3,057,118 |
Term Loans 2021 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,205 | 304 |
Term Loans 2021 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,397,260 | 2,890,111 |
Term Loans 2021 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,698,621 | 2,220,061 |
Term Loans 2021 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 192,316 | 244,346 |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 28,514,393 | 18,542,940 |
Term Loans Prior Period [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 363,807 | 162,666 |
Accruing Loans Past Due 90 Days or More | 308,796 | 542,749 |
Nonaccrual | 260,243 | 314,792 |
Loans and leases, net of unearned discount | 8,664,677 | 6,933,668 |
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 17,274 | 16,666 |
Nonaccrual | 95,382 | 122,888 |
Loans and leases, net of unearned discount | 1,087,435 | 1,264,074 |
Term Loans Prior Period [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 698 | |
Nonaccrual | 6,311 | 5,750 |
Loans and leases, net of unearned discount | 112,068 | 44,463 |
Term Loans Prior Period [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 10,068 | 7,123 |
Nonaccrual | 11,874 | 7,996 |
Loans and leases, net of unearned discount | 885,670 | 661,159 |
Term Loans Prior Period [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 4,719 | 3,129 |
Nonaccrual | 8,223 | 5,463 |
Loans and leases, net of unearned discount | 140,047 | 80,190 |
Term Loans Prior Period [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 114 | 5,712 |
Accruing Loans Past Due 90 Days or More | 8 | 3,302 |
Nonaccrual | 245 | 353 |
Loans and leases, net of unearned discount | 26,231 | 23,688 |
Term Loans Prior Period [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 7,731,831 | 5,913,461 |
Term Loans Prior Period [Member] | Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 974,779 | 1,124,520 |
Term Loans Prior Period [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 104,764 | 38,015 |
30-89 Days Past Due | 993 | |
Term Loans Prior Period [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 863,728 | 646,040 |
Term Loans Prior Period [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 127,105 | 71,598 |
Term Loans Prior Period [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 25,864 | 14,321 |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,841,700 | 12,376,366 |
Term Loans 2020 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 28,996 | 12,535 |
Accruing Loans Past Due 90 Days or More | 27,044 | 100,581 |
Nonaccrual | 2,831 | 19,858 |
Loans and leases, net of unearned discount | 2,793,734 | 1,805,064 |
Term Loans 2020 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,506 | 777 |
Term Loans 2020 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 9,136 | 8,912 |
Nonaccrual | 7,946 | 4,646 |
Loans and leases, net of unearned discount | 1,690,299 | 2,101,900 |
Term Loans 2020 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,091 | 6,615 |
Nonaccrual | 7,837 | 4,390 |
Loans and leases, net of unearned discount | 794,683 | 1,108,689 |
Term Loans 2020 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 338 | 404 |
Nonaccrual | 304 | 326 |
Loans and leases, net of unearned discount | 66,790 | 97,675 |
Term Loans 2020 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,734,863 | 1,672,090 |
Term Loans 2020 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,506 | 777 |
Term Loans 2020 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,673,217 | 2,088,342 |
Term Loans 2020 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 780,755 | 1,097,684 |
Term Loans 2020 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 66,148 | 96,945 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,558,114 | 12,286,933 |
Term Loans 2019 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 76,049 | 9,886 |
Accruing Loans Past Due 90 Days or More | 12,697 | 28,512 |
Nonaccrual | 7,899 | 7,119 |
Loans and leases, net of unearned discount | 1,441,721 | 1,121,413 |
Term Loans 2019 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,727 | 2,793 |
Term Loans 2019 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,797 | 8,317 |
Nonaccrual | 6,905 | 4,871 |
Loans and leases, net of unearned discount | 1,030,395 | 1,281,117 |
Term Loans 2019 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,354 | 8,936 |
Nonaccrual | 8,418 | 7,847 |
Loans and leases, net of unearned discount | 448,490 | 678,783 |
Term Loans 2019 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 441 | 472 |
Nonaccrual | 277 | 326 |
Loans and leases, net of unearned discount | 43,361 | 74,384 |
Term Loans 2019 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,345,076 | 1,075,896 |
Term Loans 2019 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 16,700 | 2,793 |
30-89 Days Past Due | 27 | |
Term Loans 2019 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,016,693 | 1,267,929 |
Term Loans 2019 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 433,718 | 662,000 |
Term Loans 2019 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 42,643 | 73,586 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 8,259,526 | 7,895,140 |
Term Loans 2018 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 15,744 | 6,132 |
Accruing Loans Past Due 90 Days or More | 17,304 | 31,996 |
Nonaccrual | 2,954 | 4,577 |
Loans and leases, net of unearned discount | 796,444 | 508,745 |
Term Loans 2018 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 21 | |
Loans and leases, net of unearned discount | 25,043 | 1,751 |
Term Loans 2018 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 4,199 | 5,074 |
Nonaccrual | 5,821 | 4,918 |
Loans and leases, net of unearned discount | 527,591 | 656,875 |
Term Loans 2018 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 4,641 | 7,161 |
Nonaccrual | 6,710 | 7,867 |
Loans and leases, net of unearned discount | 214,013 | 356,683 |
Term Loans 2018 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 161 | 255 |
Nonaccrual | 79 | 193 |
Loans and leases, net of unearned discount | 11,834 | 24,872 |
Term Loans 2018 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 760,442 | 466,040 |
Term Loans 2018 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 25,043 | 1,730 |
Term Loans 2018 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 517,571 | 646,883 |
Term Loans 2018 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 202,662 | 341,655 |
Term Loans 2018 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 11,594 | 24,424 |
Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,558,871 | |
Term Loans 2017 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 33,097 | |
Accruing Loans Past Due 90 Days or More | 205,318 | |
Nonaccrual | 5,890 | |
Loans and leases, net of unearned discount | 1,282,263 | |
Term Loans 2017 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,944 | |
Term Loans 2017 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,189 | |
Nonaccrual | 4,039 | |
Loans and leases, net of unearned discount | 455,096 | |
Term Loans 2017 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,715 | |
Nonaccrual | 6,882 | |
Loans and leases, net of unearned discount | 224,371 | |
Term Loans 2017 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 101 | |
Nonaccrual | 104 | |
Loans and leases, net of unearned discount | 17,129 | |
Term Loans 2017 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,037,958 | |
Term Loans 2017 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,944 | |
Term Loans 2017 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 445,868 | |
Term Loans 2017 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 211,774 | |
Term Loans 2017 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 16,924 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | $ 1,823,790 | $ 1,575,128 | $ 1,469,226 | $ 1,736,387 |
Allowance on acquired PCD loans | 99,000 | |||
Provision for credit losses | 115,000 | (20,000) | 427,000 | (60,000) |
Net charge-offs | ||||
Charge-offs | (101,267) | (64,273) | (227,919) | (267,567) |
Recoveries | 38,068 | 24,169 | 108,284 | 106,204 |
Net charge-offs | (63,199) | (40,104) | (119,635) | (161,363) |
Ending balance | 1,875,591 | 1,515,024 | 1,875,591 | 1,515,024 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 414,473 | 314,852 | 283,899 | 405,846 |
Allowance on acquired PCD loans | 41,003 | |||
Provision for credit losses | 43,343 | (292) | 167,985 | (57,610) |
Net charge-offs | ||||
Charge-offs | (37,396) | (26,598) | (94,555) | (93,638) |
Recoveries | 22,022 | 3,785 | 44,110 | 37,149 |
Net charge-offs | (15,374) | (22,813) | (50,445) | (56,489) |
Ending balance | 442,442 | 291,747 | 442,442 | 291,747 |
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 708,393 | 679,963 | 557,239 | 670,719 |
Allowance on acquired PCD loans | 55,812 | |||
Provision for credit losses | 26,949 | (42,016) | 116,288 | 32,650 |
Net charge-offs | ||||
Charge-offs | (35,213) | (14,242) | (45,809) | (87,417) |
Recoveries | 401 | 2,362 | 17,000 | 10,115 |
Net charge-offs | (34,812) | (11,880) | (28,809) | (77,302) |
Ending balance | 700,530 | 626,067 | 700,530 | 626,067 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 124,326 | 77,869 | 71,726 | 103,590 |
Allowance on acquired PCD loans | 1,833 | |||
Provision for credit losses | (11,169) | (3,522) | 40,719 | (29,026) |
Net charge-offs | ||||
Charge-offs | (2,572) | (1,925) | (9,407) | (6,586) |
Recoveries | 2,234 | 1,903 | 7,948 | 6,347 |
Net charge-offs | (338) | (22) | (1,459) | (239) |
Ending balance | 112,819 | 74,325 | 112,819 | 74,325 |
Consumer [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 576,598 | 502,444 | 556,362 | 556,232 |
Allowance on acquired PCD loans | 352 | |||
Provision for credit losses | 55,877 | 25,830 | 102,008 | (6,014) |
Net charge-offs | ||||
Charge-offs | (26,086) | (21,508) | (78,148) | (79,926) |
Recoveries | 13,411 | 16,119 | 39,226 | 52,593 |
Net charge-offs | (12,675) | (5,389) | (38,922) | (27,333) |
Ending balance | $ 619,800 | $ 522,885 | $ 619,800 | $ 522,885 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Provision for credit losses | $ 115,000 | $ (20,000) | $ 427,000 | $ (60,000) | |
Charge-offs | $ (101,267) | $ (64,273) | (227,919) | $ (267,567) | |
Non PCD Acquired Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Provision for credit losses | 242,000 | ||||
PCD Acquired Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Charge-offs | $ (33,000) | $ (33,000) |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Apr. 01, 2022 | Jan. 01, 2022 | Jun. 30, 2021 | Jan. 01, 2021 | |
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | $ 1,005,944 | $ 946,452 | $ 1,005,944 | $ 946,452 | |||||
Amortized Cost without Allowance | 1,423,382 | 1,295,811 | 1,423,382 | 1,295,811 | |||||
Total | 2,429,326 | 2,242,263 | 2,429,326 | 2,242,263 | $ 3,410,506 | ||||
Amortized Cost | $ 2,633,005 | $ 99,000 | $ 2,060,083 | $ 2,242,057 | $ 1,893,299 | ||||
Interest Income Recognized | 21,031 | 15,571 | 66,462 | 37,905 | |||||
Commercial, Financial, Leasing, etc. [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 207,841 | 171,040 | 207,841 | 171,040 | |||||
Amortized Cost without Allowance | 160,325 | 109,149 | 160,325 | 109,149 | |||||
Total | 368,166 | 280,189 | 368,166 | 280,189 | |||||
Amortized Cost | 442,496 | 221,022 | 330,040 | 306,827 | |||||
Interest Income Recognized | 4,708 | 4,646 | 20,423 | 10,661 | |||||
Commercial [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 394,502 | 332,014 | 394,502 | 332,014 | |||||
Amortized Cost without Allowance | 1,011,698 | 820,856 | 1,011,698 | 820,856 | |||||
Total | 1,406,200 | 1,152,870 | 1,406,200 | 1,152,870 | |||||
Amortized Cost | 1,476,658 | 1,069,280 | 1,081,546 | 775,894 | |||||
Interest Income Recognized | 7,059 | 2,256 | 14,944 | 4,518 | |||||
Residential Builder and Developer [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 1,930 | 594 | 1,930 | 594 | |||||
Total | 1,930 | 594 | 1,930 | 594 | |||||
Amortized Cost | 518 | 3,005 | 14,552 | 1,094 | |||||
Interest Income Recognized | 206 | 1,687 | 239 | ||||||
Other Commercial Construction [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 25,235 | 36,750 | 25,235 | 36,750 | |||||
Amortized Cost without Allowance | 40,952 | 121,949 | 40,952 | 121,949 | |||||
Total | 66,187 | 158,699 | 66,187 | 158,699 | |||||
Amortized Cost | 73,046 | 111,405 | 133,758 | 114,039 | |||||
Interest Income Recognized | 22 | 255 | 3,398 | 570 | |||||
Residential [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 160,704 | 196,918 | 160,704 | 196,918 | |||||
Amortized Cost without Allowance | 124,691 | 156,508 | 124,691 | 156,508 | |||||
Total | 285,395 | 353,426 | 285,395 | 353,426 | |||||
Amortized Cost | 331,376 | 355,858 | 372,144 | 365,729 | |||||
Interest Income Recognized | 8,059 | 6,809 | 21,397 | 17,603 | |||||
Residential Limited Documentation [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 61,297 | 81,538 | 61,297 | 81,538 | |||||
Amortized Cost without Allowance | 34,085 | 44,991 | 34,085 | 44,991 | |||||
Total | 95,382 | 126,529 | 95,382 | 126,529 | |||||
Amortized Cost | 112,608 | 122,888 | 136,683 | 147,170 | |||||
Interest Income Recognized | 229 | 100 | 456 | 336 | |||||
Home Equity Lines and Loans [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 38,324 | 38,582 | 38,324 | 38,582 | |||||
Amortized Cost without Allowance | 39,884 | 32,892 | 39,884 | 32,892 | |||||
Total | 78,208 | 71,474 | 78,208 | 71,474 | |||||
Amortized Cost | 79,445 | 70,488 | 76,711 | 79,392 | |||||
Interest Income Recognized | 669 | 979 | 3,291 | 2,924 | |||||
Recreational Finance [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 31,295 | 18,428 | 31,295 | 18,428 | |||||
Amortized Cost without Allowance | 7,423 | 5,479 | 7,423 | 5,479 | |||||
Total | 38,718 | 23,907 | 38,718 | 23,907 | |||||
Amortized Cost | 33,414 | 27,811 | 23,276 | 25,519 | |||||
Interest Income Recognized | 166 | 164 | 488 | 478 | |||||
Automobile [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 36,075 | 27,258 | 36,075 | 27,258 | |||||
Amortized Cost without Allowance | 4,243 | 3,744 | 4,243 | 3,744 | |||||
Total | 40,318 | 31,002 | 40,318 | 31,002 | |||||
Amortized Cost | 36,266 | 34,037 | 31,090 | 39,404 | |||||
Interest Income Recognized | 35 | 46 | 110 | 143 | |||||
Other [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Amortized Cost with Allowance | 48,741 | 43,330 | 48,741 | 43,330 | |||||
Amortized Cost without Allowance | 81 | 243 | 81 | 243 | |||||
Total | 48,822 | 43,573 | 48,822 | 43,573 | |||||
Amortized Cost | $ 47,178 | $ 44,289 | $ 42,257 | $ 38,231 | |||||
Interest Income Recognized | $ 84 | $ 110 | $ 268 | $ 433 |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Modification | Sep. 30, 2021 USD ($) Modification | Sep. 30, 2022 USD ($) Modification | Sep. 30, 2021 USD ($) Modification | |
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 839 | 395 | 2,691 | 1,742 |
Pre-modification Recorded Investment | $ 88,700 | $ 125,101 | $ 227,509 | $ 511,038 |
Loans and leases, net of unearned discount | 89,800 | 124,785 | 231,516 | 507,582 |
Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 48,275 | 56,116 | 160,742 | 196,378 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 446 | 455 | ||
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 351 | 40,504 | 3,206 | 71,296 |
Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 40,728 | $ 28,165 | $ 67,113 | $ 239,908 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 70 | 62 | 147 | 244 |
Pre-modification Recorded Investment | $ 32,451 | $ 49,884 | $ 79,437 | $ 174,366 |
Loans and leases, net of unearned discount | 33,431 | 49,772 | 81,371 | 173,377 |
Commercial, Financial, Leasing, etc. [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 11,237 | 6,051 | 49,671 | 42,143 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 446 | 455 | ||
Commercial, Financial, Leasing, etc. [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 229 | 40,242 | 983 | 40,464 |
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 21,519 | $ 3,479 | $ 30,262 | $ 90,770 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 14 | 15 | 44 | 83 |
Pre-modification Recorded Investment | $ 22,951 | $ 53,198 | $ 33,349 | $ 223,209 |
Loans and leases, net of unearned discount | 22,887 | 53,172 | 33,003 | 221,129 |
Commercial Real Estate [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 7,222 | 30,311 | 13,052 | 48,841 |
Commercial Real Estate [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 122 | 262 | 2,223 | 30,832 |
Commercial Real Estate [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 15,543 | $ 22,599 | $ 17,728 | $ 141,456 |
Other Commercial Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | |||
Pre-modification Recorded Investment | $ 542 | |||
Loans and leases, net of unearned discount | 532 | |||
Other Commercial Construction [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 532 | |||
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 57 | 64 | 221 | 304 |
Pre-modification Recorded Investment | $ 14,380 | $ 14,443 | $ 56,912 | $ 88,067 |
Loans and leases, net of unearned discount | 14,564 | 14,265 | 59,290 | 87,802 |
Residential [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 11,094 | 12,281 | 40,821 | 80,411 |
Residential [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 3,470 | $ 1,984 | $ 18,469 | $ 7,391 |
Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 2 | 4 | 7 | 17 |
Pre-modification Recorded Investment | $ 155 | $ 828 | $ 1,231 | $ 2,349 |
Loans and leases, net of unearned discount | 155 | 828 | 1,242 | 2,292 |
Residential Limited Documentation [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 155 | $ 828 | $ 1,049 | $ 2,292 |
Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 25 | 22 | 93 | 64 |
Pre-modification Recorded Investment | $ 1,700 | $ 1,349 | $ 6,483 | $ 5,034 |
Loans and leases, net of unearned discount | 1,700 | 1,349 | 6,550 | 4,979 |
Home Equity Lines and Loans [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | 1,504 | 1,246 | 6,089 | 4,702 |
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 196 | $ 103 | $ 461 | $ 277 |
Recreational Finance [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 167 | 67 | 514 | 173 |
Pre-modification Recorded Investment | $ 6,937 | $ 2,565 | $ 19,138 | $ 5,896 |
Loans and leases, net of unearned discount | 6,937 | 2,565 | 19,131 | 5,896 |
Recreational Finance [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 6,937 | $ 2,565 | $ 19,131 | $ 5,896 |
Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 474 | 146 | 1,537 | 516 |
Pre-modification Recorded Investment | $ 9,755 | $ 2,711 | $ 29,789 | $ 9,182 |
Loans and leases, net of unearned discount | 9,755 | 2,711 | 29,759 | 9,182 |
Automobile [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 9,755 | $ 2,711 | $ 29,759 | 9,168 |
Automobile [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 14 | |||
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 30 | 15 | 128 | 338 |
Pre-modification Recorded Investment | $ 371 | $ 123 | $ 1,170 | $ 2,393 |
Loans and leases, net of unearned discount | 371 | 123 | 1,170 | 2,393 |
Other [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans and leases, net of unearned discount | $ 371 | $ 123 | $ 1,170 | $ 2,393 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Aug. 16, 2022 | Apr. 18, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | $ 535,000 | |||
Debt Maturity, Start Year | Jan. 01, 2027 | |||
Debt Maturity, End Year | Dec. 31, 2033 | |||
Short-term borrowings | $ 917,806 | $ 47,046 | ||
FHLB advances, current | 2,000 | |||
Long-term borrowings | 3,459,336 | $ 3,485,369 | ||
FHLB advances, non current | 11,000 | |||
Fixed Rate Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 650,000 | |||
Senior notes maturity date | May 18, 2022 | |||
Variable Rate Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 250,000 | |||
Senior notes maturity date | May 18, 2022 | |||
4.55% Fixed Rate Senior Notes Due to Mature in August 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 500,000 | |||
Senior notes maturity date | Aug. 31, 2028 | |||
Interest rate of debt instrument | 4.553% | |||
3.65% Unsecured Senior Notes Mature in December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings | 895,000 | |||
Unsecured senior notes | $ 503,000 | |||
Short-term borrowings, fixed interest rate | 3.65% | |||
Amount of agreements to repurchase securities | $ 390,000 | |||
4.0% Fixed Rate Subordinated Notes Due Mature in July 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | 494,000 | |||
Subordinated notes non current | $ 405,000 | |||
Long-term borrowings, fixed interest rate | 4% | |||
5.75% Fixed Rate Subordinated Notes Due To Mature In October 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes non current | $ 78,000 | |||
Long-term borrowings, fixed interest rate | 5.75% | |||
Minimum [Member] | Maturing at Various Dates Through January 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings, fixed interest rate | 0.01% | |||
Minimum [Member] | Maturing at Various Dates Through 2039 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings, fixed interest rate | 0.01% | |||
Maximum [Member] | Maturing at Various Dates Through January 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings, fixed interest rate | 0.75% | |||
Maximum [Member] | Maturing at Various Dates Through 2039 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings, fixed interest rate | 3% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 10,000,000 | |
Carrying Value | $ 2,010,600 | $ 1,750,000 |
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, Shares Outstanding | 350,000 | |
Carrying Value | $ 350,000 | $ 350,000 |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, Shares Outstanding | 50,000 | 50,000 |
Carrying Value | $ 500,000 | $ 500,000 |
Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 40,000 | 40,000 |
Preferred stock, Shares Outstanding | 40,000 | 40,000 |
Carrying Value | $ 400,000 | $ 400,000 |
Series H Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 10,000,000 | |
Preferred stock, Shares Outstanding | 10,000,000 | |
Carrying Value | $ 260,600 | |
Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, Shares Outstanding | 50,000 | 50,000 |
Carrying Value | $ 500,000 | $ 500,000 |
Shareholders' Equity - Issued_2
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 25 | ||
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | |
Preferred Stock, Dividend Rate, Percentage | 6.45% | 6.45% | |
Preferred Stock Dividend Rate Modifications Date Of Change | Feb. 14, 2024 | Feb. 14, 2024 | |
London Interbank Offered Rate Plus Basis Points | 3.61% | 3.61% | |
Preferred Stock, Redemption Date | Feb. 15, 2024 | Feb. 15, 2024 | |
Preferred Stock Redemption Period After Stock Disqualifies As Tier I Capital | 90 days | 90 days | |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Preferred Stock, Dividend Rate, Percentage | 5.125% | 5.125% | |
Preferred Stock Dividend Rate Modifications Date Of Change | Oct. 31, 2026 | Oct. 31, 2026 | |
London Interbank Offered Rate Plus Basis Points | 3.52% | 3.52% | |
Preferred Stock, Redemption Date | Nov. 01, 2026 | Nov. 01, 2026 | |
Preferred Stock Redemption Period After Stock Disqualifies As Tier I Capital | 90 days | 90 days | |
Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Preferred Stock, Dividend Rate, Percentage | 5% | 5% | |
Preferred Stock Dividend Rate Modifications Date Of Change | Jul. 31, 2024 | Jul. 31, 2024 | |
Preferred Stock, Redemption Date | Aug. 01, 2024 | Aug. 01, 2024 | |
Preferred Stock Redemption Period After Stock Disqualifies As Tier I Capital | 90 days | 90 days | |
U S Treasury Rate Plus Additional Rate | 3.174% | 3.174% | |
Preferred Stock, Dividend Payment Terms | five-year | five-year | |
Series H Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 25 | $ 25 | |
Preferred Stock, Dividend Rate, Percentage | 5.625% | 5.625% | |
Preferred Stock Dividend Rate Modifications Date Of Change | Dec. 14, 2026 | Dec. 14, 2026 | |
Preferred Stock, Redemption Date | Apr. 01, 2027 | Apr. 01, 2027 | |
Preferred Stock Redemption Period After Stock Disqualifies As Tier I Capital | 90 days | 90 days | |
LIBOR Rate Plus Additional Rate | 4.02% | 4.02% | |
Preferred Stock, Dividend Payment Terms | three-month | three-month | |
Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Preferred Stock, Dividend Rate, Percentage | 3.50% | 3.50% | |
Preferred Stock Dividend Rate Modifications Date Of Change | Aug. 31, 2026 | Aug. 31, 2026 | |
Preferred Stock, Redemption Date | Sep. 01, 2026 | Sep. 01, 2026 | |
Preferred Stock Redemption Period After Stock Disqualifies As Tier I Capital | 90 days | 90 days | |
U S Treasury Rate Plus Additional Rate | 2.679% | 2.679% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Sep. 30, 2022 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Period of satisfaction of contract with customer | 1 year |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 70 | $ 68 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 46 | $ 45 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Accounting Guidance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | $ 21,086 | $ 20,490 | $ 65,414 | $ 43,868 |
Other revenues from operations: | ||||
Total other income | 563,079 | 569,126 | 1,675,066 | 1,588,357 |
Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 115,213 | 105,426 | 340,890 | 296,721 |
Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 186,577 | 156,876 | 545,874 | 475,889 |
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 21,086 | 20,490 | 65,414 | 43,868 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 42,504 | 36,274 | 117,108 | 94,739 |
Other | 26,048 | 19,828 | 77,317 | 62,749 |
Total other income | 391,428 | 338,894 | 1,146,603 | 973,966 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 115,213 | 105,426 | 340,890 | 296,721 |
ASU 2014-09 [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 186,577 | 156,876 | 545,874 | 475,889 |
ASU 2014-09 [Member] | Business Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 16,234 | 14,376 | 45,874 | 37,570 |
Total other income | 35,511 | 28,581 | 99,455 | 77,214 |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 19,277 | 14,205 | 53,581 | 39,644 |
ASU 2014-09 [Member] | Commercial Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 17,731 | 14,970 | 48,044 | 39,812 |
Other | 9,878 | 1,879 | 13,040 | 3,890 |
Total other income | 58,015 | 41,903 | 146,890 | 118,006 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 30,406 | 25,054 | 85,806 | 74,304 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 1,104 | 878 | 2,836 | 1,823 |
Other | 1,961 | 2,180 | 8,228 | 5,197 |
Total other income | 6,748 | 6,035 | 21,967 | 15,788 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,683 | 2,977 | 10,903 | 8,768 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||||
Other revenues from operations: | ||||
Other | 904 | 283 | 2,468 | 1,043 |
Total other income | 904 | 283 | 2,468 | 1,043 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||||
Other revenues from operations: | ||||
Other | 558 | 1,501 | 3,413 | 4,670 |
Total other income | 558 | 1,501 | 3,413 | 4,670 |
ASU 2014-09 [Member] | Retail Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | (20) | |||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 6,874 | 5,912 | 19,408 | 15,741 |
Other | 3,980 | 5,674 | 16,752 | 17,493 |
Total other income | 72,077 | 73,262 | 222,150 | 202,968 |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 61,223 | 61,696 | 185,990 | 169,734 |
ASU 2014-09 [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 21,086 | 20,510 | 65,414 | 43,868 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 561 | 138 | 946 | (207) |
Other | 8,767 | 8,311 | 33,416 | 30,456 |
Total other income | 217,615 | 187,329 | 650,260 | 554,277 |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 624 | 1,494 | 4,610 | 4,271 |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 186,577 | $ 156,876 | $ 545,874 | $ 475,889 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Defined Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4,423 | $ 5,128 | $ 13,237 | $ 15,385 |
Interest cost on projected benefit obligation | 22,060 | 15,468 | 60,407 | 46,404 |
Expected return on plan assets | (50,188) | (35,862) | (137,421) | (107,586) |
Amortization of prior service cost (credit) | 129 | 139 | 387 | 415 |
Amortization of net actuarial loss (gain) | 4,974 | 22,254 | 14,921 | 66,763 |
Net periodic cost (benefit) | (18,602) | 7,127 | (48,469) | 21,381 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 689 | 254 | 1,914 | 760 |
Interest cost on projected benefit obligation | 581 | 328 | 1,607 | 984 |
Amortization of prior service cost (credit) | (693) | (1,185) | (2,079) | (3,554) |
Amortization of net actuarial loss (gain) | (370) | (324) | (1,111) | (971) |
Net periodic cost (benefit) | $ 207 | $ (927) | $ 331 | $ (2,781) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 32 | $ 23 | $ 98 | $ 81 |
Defined benefit pension plan, reduction to change in amortization | $ 9 | $ 27 | ||
Increment in amortization period | 16 years |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income available to common shareholders: | ||||
Net income | $ 646,596 | $ 495,460 | $ 1,226,292 | $ 1,400,778 |
Less: Preferred stock dividends | (24,941) | (17,050) | (71,647) | (51,150) |
Net income available to common equity | 621,655 | 478,410 | 1,154,645 | 1,349,628 |
Less: Income attributable to unvested stock-based compensation awards | (1,106) | (2,452) | (2,245) | (6,823) |
Net income available to common shareholders | $ 620,549 | $ 475,958 | $ 1,152,400 | $ 1,342,805 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 174,921 | 129,580 | 160,793 | 129,529 |
Less: Unvested stock-based compensation awards | (312) | (891) | (319) | (897) |
Weighted-average shares outstanding | 174,609 | 128,689 | 160,474 | 128,632 |
Basic earnings per common share | $ 3.55 | $ 3.70 | $ 7.18 | $ 10.44 |
Earnings Per Common Share - C_2
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 621,655 | $ 478,410 | $ 1,154,645 | $ 1,349,628 |
Less: Income attributable to unvested stock-based compensation awards | (1,101) | (2,449) | (2,239) | (6,816) |
Net income available to common shareholders | $ 620,554 | $ 475,961 | $ 1,152,406 | $ 1,342,812 |
Adjusted weighted-average shares outstanding: | ||||
Common and unvested stock-based compensation awards | 174,921 | 129,580 | 160,793 | 129,529 |
Less: Unvested stock-based compensation awards | (312) | (891) | (319) | (897) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 1,073 | 155 | 821 | 154 |
Adjusted weighted-average shares outstanding | 175,682 | 128,844 | 161,295 | 128,786 |
Diluted earnings per common share | $ 3.53 | $ 3.69 | $ 7.14 | $ 10.43 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 252,793 | 460,710 | 314,155 | 461,792 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (172,054,000) | $ (85,143,000) | ||
Unrealized holding losses, net, before tax | (576,266,000) | (57,388,000) | ||
Foreign currency translation adjustment, before tax | (14,564,000) | (1,246,000) | ||
Unrealized gains (losses) on cash flow hedges | (429,310,000) | (821,000) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (1,020,140,000) | (57,813,000) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,766,000 | 3,333,000 | ||
Gains realized in net income | (8,000) | |||
Accretion of net gain on terminated cash flow hedges, before tax | (90,000) | (90,000) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | (35,500,000) | (206,713,000) | ||
Amortization of prior service credit, before tax | (1,692,000) | (3,139,000) | ||
Amortization of actuarial losses, before tax | 13,810,000 | 65,792,000 | ||
Total other comprehensive income (loss), before tax | (1,041,846,000) | (198,638,000) | ||
Ending balance, before tax | $ (1,213,900,000) | $ (283,781,000) | (1,213,900,000) | (283,781,000) |
Beginning balance, tax | 44,476,000 | 22,111,000 | ||
Unrealized holding losses, net, tax | 149,186,000 | 15,124,000 | ||
Foreign currency translation adjustment, tax | 3,293,000 | 360,000 | ||
Unrealized [losses] on cash flow hedges | 111,150,000 | (214,000) | ||
Total other comprehensive income (loss) before reclassifications, tax | 263,629,000 | 15,270,000 | ||
Amortization of unrealized holding losses on held-to-maturity securities, tax | (456,000) | (871,000) | ||
Gains realized in net income, tax | 2,000 | |||
Accretion of net gain on terminated cash flow hedges, tax | 24,000 | 24,000 | ||
Net yield adjustment from cash flow hedges currently in effect, tax | 9,192,000 | 53,997,000 | ||
Amortization of prior service credit, tax | 413,000 | 860,000 | ||
Amortization of actuarial losses, tax | (3,371,000) | (18,031,000) | ||
Total other comprehensive income (loss), tax | 269,431,000 | 51,251,000 | ||
Ending balance, tax | 313,907,000 | 73,362,000 | 313,907,000 | 73,362,000 |
Beginning balance, net of tax | (127,578,000) | (63,032,000) | ||
Unrealized holding losses, net of tax | (427,080,000) | (42,264,000) | ||
Foreign currency translation adjustments | (5,359,000) | (1,579,000) | (11,271,000) | (886,000) |
Unrealized losses on cash flow hedges, net of tax | (318,160,000) | 607,000 | ||
Total other comprehensive income (loss) before reclassifications, net of tax | (756,511,000) | (42,543,000) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,310,000 | 2,462,000 | ||
Gains realized in net income, net of tax | (6,000) | |||
Accretion of net gain on terminated cash flow hedges, net of tax | (66,000) | (66,000) | ||
Net yield adjustment from cash flow hedges currently in effect, net of tax | (26,308,000) | (152,716,000) | ||
Amortization of prior service credit, net of tax | (1,279,000) | (2,279,000) | ||
Amortization of actuarial losses, net of tax | 10,439,000 | 47,761,000 | ||
Total other comprehensive income (loss) | (393,503,000) | (33,445,000) | (772,415,000) | (147,387,000) |
Ending balance, net of tax | (899,993,000) | (210,419,000) | (899,993,000) | (210,419,000) |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 104,691,000 | 195,386,000 | ||
Unrealized holding losses, net, before tax | (576,266,000) | (57,388,000) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (576,266,000) | (57,388,000) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,766,000 | 3,333,000 | ||
Gains realized in net income | (8,000) | |||
Total other comprehensive income (loss), before tax | (574,500,000) | (54,063,000) | ||
Ending balance, before tax | (469,809,000) | 141,323,000 | (469,809,000) | 141,323,000 |
Total other comprehensive income (loss) | (425,770,000) | |||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (360,276,000) | (650,087,000) | ||
Amortization of prior service credit, before tax | (1,692,000) | (3,139,000) | ||
Amortization of actuarial losses, before tax | 13,810,000 | 65,792,000 | ||
Total other comprehensive income (loss), before tax | 12,118,000 | 62,653,000 | ||
Ending balance, before tax | (348,158,000) | (587,434,000) | (348,158,000) | (587,434,000) |
Total other comprehensive income (loss) | 9,160,000 | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 83,531,000 | 369,558,000 | ||
Foreign currency translation adjustment, before tax | (14,564,000) | (1,246,000) | ||
Unrealized gains (losses) on cash flow hedges | (429,310,000) | (821,000) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (443,874,000) | (425,000) | ||
Accretion of net gain on terminated cash flow hedges, before tax | (90,000) | (90,000) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | (35,500,000) | (206,713,000) | ||
Total other comprehensive income (loss), before tax | (479,464,000) | (207,228,000) | ||
Ending balance, before tax | $ (395,933,000) | $ 162,330,000 | $ (395,933,000) | $ 162,330,000 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 25,794,531 | $ 16,720,304 | $ 17,903,405 | $ 16,187,283 |
Net gain (loss) during period | (393,503) | (33,445) | (772,415) | (147,387) |
Ending balance | 25,256,493 | 17,528,771 | 25,256,493 | 17,528,771 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 77,625 | |||
Net gain (loss) during period | (425,770) | |||
Ending balance | (348,145) | (348,145) | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (267,145) | |||
Net gain (loss) during period | 9,160 | |||
Ending balance | (257,985) | (257,985) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 61,942 | |||
Net gain (loss) during period | (355,805) | |||
Ending balance | (293,863) | (293,863) | ||
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (506,490) | (176,974) | (127,578) | (63,032) |
Net gain (loss) during period | (772,415) | |||
Ending balance | $ (899,993) | $ (210,419) | $ (899,993) | $ (210,419) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 21,400,000,000 | $ 21,400,000,000 | $ 23,350,000,000 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 377,000,000 | ||||
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 12,000,000 | 12,000,000 | 24,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 1,000,000 | 1,000,000 | 35,000,000 | ||
Aggregate fair value of derivative financial instruments in asset position | 7,000,000 | ||||
Net fair value of derivative financial instruments in a net asset position | 316,000,000 | 316,000,000 | 7,000,000 | ||
Collateral relating to net asset positions | 308,000,000 | 308,000,000 | 6,000,000 | ||
Counterparties [Member] | |||||
Derivative [Line Items] | |||||
Post collateral requirements relating to positions | 0 | 0 | 33,000,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Amount of initial margin posted | 215,000,000 | 215,000,000 | 132,000,000 | ||
Interest Income [Member] | |||||
Derivative [Line Items] | |||||
Cash flow hedges derivative instruments income | (22,000,000) | $ 58,000,000 | 36,000,000 | $ 207,000,000 | |
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase decrease in net interest income due to interest rate swap agreements | (22,000,000) | $ 67,000,000 | 50,000,000 | $ 233,000,000 | |
Interest Rate Swap Agreements [Member] | Maturity Period 2022 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 16,000,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2023 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 75,000,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2025 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 286,000,000 | ||||
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 45,600,000,000 | 45,600,000,000 | 32,600,000,000 | ||
Foreign Exchange and Other Option and Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,100,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional amounts of derivative contracts entered into for trading account purposes | $ 21,400,000,000 | $ 23,350,000,000 |
Average Maturity (in years) | 1 year 6 months | 8 months 12 days |
Estimated Fair Value Gain (Loss) | $ (11,495,000) | $ (207,000) |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amounts of derivative contracts entered into for trading account purposes | $ 19,900,000,000 | $ 21,700,000,000 |
Average Maturity (in years) | 1 year 3 months 18 days | 7 months 6 days |
Weighted-Average Rate, Fixed | 1.80% | 1.24% |
Weighted-Average Rate, Variable | 3.09% | 0.09% |
Estimated Fair Value Gain (Loss) | $ (8,730,000) | $ (248,000) |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amounts of derivative contracts entered into for trading account purposes | $ 1,500,000,000 | $ 1,650,000,000 |
Average Maturity (in years) | 3 years 6 months | 2 years 3 months 18 days |
Weighted-Average Rate, Fixed | 2.98% | 2.86% |
Weighted-Average Rate, Variable | 3.59% | 0.74% |
Estimated Fair Value Gain (Loss) | $ (2,765,000) | $ 41,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional Amount | $ 21,400,000,000 | $ 23,350,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 4,700,000,000 | 8,400,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | (68,700,000) | 43,500,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | $ (368,200,000) | $ 88,200,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 491,867 | $ 442,453 |
Liability Derivatives, Fair Value | 1,481,364 | 93,843 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 473,275 | 438,151 |
Liability Derivatives, Fair Value | 1,469,637 | 92,830 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 18,592 | 4,302 |
Liability Derivatives, Fair Value | 11,727 | 1,013 |
Interest Rate Swap Agreements [Member] | Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 228 | 258 |
Liability Derivatives, Fair Value | 11,723 | 465 |
Commitments to Sell Real Estate Loans [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | Mortgage Banking [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 56,167 | 8,137 |
Liability Derivatives, Fair Value | 4,108 | |
Commitments to Sell Real Estate Loans [Member] | Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 18,364 | 4,044 |
Liability Derivatives, Fair Value | 4 | 548 |
Mortgage-Related Commitments to Originate Real Estate Loans for Sale [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | Mortgage Banking [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 843 | 11,728 |
Liability Derivatives, Fair Value | 49,149 | 5,288 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 371,834 | 410,056 |
Liability Derivatives, Fair Value | 1,378,145 | 76,278 |
Foreign Exchange and Other Option and Futures Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 44,431 | 8,230 |
Liability Derivatives, Fair Value | $ 42,343 | $ 7,156 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (1,100) | $ (54.4) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (19.6) | $ (305.1) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 11,408 | $ 5,128 | $ 28,608 | $ 14,333 |
Interest Rate Swap Agreements [Member] | Fixed Rate Long-Term Borrowings [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives in fair value hedging relationships, Derivative | (50,976) | (9,713) | (114,932) | (42,217) |
Derivatives in fair value hedging relationships, Hedged item | 50,821 | 9,636 | 114,581 | 41,456 |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | 6,946 | 2,068 | 17,907 | 8,047 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 4,462 | $ 3,060 | $ 10,701 | $ 6,286 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 1,427,977 | $ 1,692,943 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ (70,971) | $ 43,610 |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loss on securitization of assets | $ 0 | ||||
Other assets for its "investment" in the common securities recognized by the company of various trusts | $ 23,000,000 | 23,000,000 | $ 23,000,000 | ||
Total assets of partnerships in which the company invested | 197,955,479,000 | 197,955,479,000 | 155,107,160,000 | ||
Investment in partnership carrying amount | 1,400,000,000 | 1,400,000,000 | 933,000,000 | ||
Unfunded commitments includes carrrying amount of its investments | 505,000,000 | 505,000,000 | 361,000,000 | ||
Maximum exposure to loss of investments in real estate partnerships | 1,600,000,000 | 1,600,000,000 | |||
Investments amortized to income tax expense | 37,000,000 | $ 25,000,000 | 94,000,000 | $ 63,000,000 | |
Federal tax credits and other federal tax benefits recognized | 44,000,000 | $ 27,000,000 | 108,000,000 | $ 70,000,000 | |
Variable Interest Entity Primary Beneficiary [Member] | |||||
Total assets of partnerships in which the company invested | $ 8,500,000,000 | $ 8,500,000,000 | $ 3,000,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | $ 10,870,346 | $ 3,955,804 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 129,672 | 49,545 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 200 | |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 7,658,728 | 678,690 |
Commercial [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 606,571 | |
Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 2,430,946 | 3,155,312 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 174,101 | 121,802 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 129,672 | 49,745 |
Available For Sale Securities Debt Securities | 10,870,346 | 3,955,804 |
Equity Securities Fv Ni | 194,537 | 77,640 |
Real estate loans held for sale | 342,720 | 899,282 |
Other assets | 491,867 | 442,453 |
Total assets | 12,029,142 | 5,424,924 |
Other liabilities | 1,481,364 | 93,843 |
Total liabilities | 1,481,364 | 93,843 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 129,672 | 49,545 |
Equity Securities Fv Ni | 184,811 | 68,850 |
Total assets | 314,483 | 118,395 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 200 | |
Available For Sale Securities Debt Securities | 10,870,346 | 3,955,804 |
Equity Securities Fv Ni | 9,726 | 8,790 |
Real estate loans held for sale | 342,720 | 899,282 |
Other assets | 491,024 | 430,725 |
Total assets | 11,713,816 | 5,294,801 |
Other liabilities | 1,432,215 | 88,555 |
Total liabilities | 1,432,215 | 88,555 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 843 | 11,728 |
Total assets | 843 | 11,728 |
Other liabilities | 49,149 | 5,288 |
Total liabilities | 49,149 | 5,288 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 7,658,728 | 678,690 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 7,658,728 | 678,690 |
Fair Value Measurements, Recurring [Member] | Commercial [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 606,571 | |
Fair Value Measurements, Recurring [Member] | Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 606,571 | |
Fair Value Measurements, Recurring [Member] | Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 2,430,946 | 3,155,312 |
Fair Value Measurements, Recurring [Member] | Residential [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 2,430,946 | 3,155,312 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | 174,101 | 121,802 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available For Sale Securities Debt Securities | $ 174,101 | $ 121,802 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Privately Issued Mortgage-Backed Securities [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning Balance | $ 16 | ||||
Total gains realized/unrealized: | |||||
Settlements | (16) | ||||
Other Assets and Other Liabilities [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning Balance | $ (24,181) | $ 35,666 | $ 6,440 | 43,234 | |
Total gains realized/unrealized: | |||||
Included in earnings | [1] | (9,321) | 44,152 | (34,630) | 102,489 |
Transfers out of Level 3 | [2] | (14,804) | (59,673) | (20,116) | (125,578) |
Ending Balance | (48,306) | 20,145 | (48,306) | 20,145 | |
Changes in unrealized gains included in earnings related to assets still held at end of period | [1] | $ (17,160) | $ 18,196 | $ (48,108) | $ 21,722 |
[1] Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | |||
Weighted-average discount rates for fair value estimations | 37% | ||||
Historical recovery rate of collateral values of consumer installment loans | 66% | ||||
Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 15% | ||||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 90% | ||||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | $ 38 | $ 35 | $ 128 | $ 125 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Capitalized servicing rights | $ 138 | ||||
Capitalized servicing rights, valuation allowance | $ 24 | ||||
Increase (decrease) in valuation allowance | (10) | (4) | (1) | ||
Weighted-average prepayment speeds | 14.64% | ||||
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 900% | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | 706 | 591 | 706 | 591 | $ 574 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | 439 | 330 | 439 | 330 | 340 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | $ 267 | $ 261 | $ 267 | $ 261 | $ 234 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - Discounted Cash Flows - Other Assets and Other Liabilities [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements for certain Level 3 Assets and Liabilities | $ (48,306) | $ 6,440 |
Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 0% | 0% |
Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 90% | 80% |
Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 4% | 10% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||||||
Interest-bearing deposits at banks | $ 25,391,528 | $ 41,872,304 | ||||
Investment securities | 24,603,765 | 7,155,860 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 128,608,538 | 93,136,678 | ||||
Allowance for credit losses | (1,875,591) | $ (1,823,790) | (1,469,226) | $ (1,515,024) | $ (1,575,128) | $ (1,736,387) |
Loans and leases, net | 126,349,996 | 91,443,226 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (73,023,271) | (60,131,480) | ||||
Savings and interest-checking deposits | (86,015,700) | (68,603,966) | ||||
Time deposits | (4,806,417) | (2,807,963) | ||||
Long-term borrowings | (3,459,336) | (3,485,369) | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 2,115,730 | 1,205,269 | ||||
Trading account | 129,672 | 49,545 | ||||
Investment securities | 184,811 | 68,850 | ||||
Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 140,080 | 132,308 | ||||
Interest-bearing deposits at banks | 25,391,528 | 41,872,304 | ||||
Trading account | 200 | |||||
Investment securities | 23,021,349 | 7,066,293 | ||||
Loans and leases: | ||||||
Loans and leases, net | 7,562,895 | 4,949,028 | ||||
Accrued interest receivable | 539,270 | 335,162 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (73,023,271) | (60,131,480) | ||||
Savings and interest-checking deposits | 86,015,700 | (68,603,966) | ||||
Time deposits | (4,797,112) | (2,810,143) | ||||
Short-term borrowings | (917,806) | (47,046) | ||||
Long-term borrowings | (3,431,790) | (3,562,223) | ||||
Accrued interest payable | (38,502) | (40,866) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | 74,527 | 7,525 | ||||
Interest rate swap agreements used for interest rate risk management | (11,495) | (207) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | 1,004,223 | 334,852 | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 53,398 | 57,333 | ||||
Loans and leases: | ||||||
Consumer loans | 19,844,173 | 18,121,363 | ||||
Loans and leases, net | 116,009,998 | 87,348,549 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (48,306) | 6,440 | ||||
Other credit-related commitments | (135,000) | (123,032) | ||||
Commercial Loans And Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 38,230,478 | 23,285,224 | ||||
Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 300,373 | 425,010 | ||||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 44,024,347 | 34,305,181 | ||||
Residential Real Estate Loans [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 7,262,522 | 4,524,018 | ||||
Residential Real Estate Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 13,911,000 | 11,636,781 | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 2,255,810 | 1,337,577 | ||||
Interest-bearing deposits at banks | 25,391,528 | 41,872,304 | ||||
Trading account | 129,672 | 49,745 | ||||
Investment securities | 24,603,765 | 7,155,860 | ||||
Loans and leases: | ||||||
Consumer loans | 20,204,693 | 17,974,953 | ||||
Allowance for credit losses | 1,875,591 | (1,469,226) | ||||
Loans and leases, net | 126,349,996 | 91,443,226 | ||||
Accrued interest receivable | 539,270 | 335,162 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (73,023,271) | (60,131,480) | ||||
Savings and interest-checking deposits | 86,015,700 | (68,603,966) | ||||
Time deposits | (4,806,417) | (2,807,963) | ||||
Short-term borrowings | (917,806) | (47,046) | ||||
Long-term borrowings | (3,459,336) | (3,485,369) | ||||
Accrued interest payable | (38,502) | (40,866) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (48,306) | 6,440 | ||||
Commitments to sell real estate loans | 74,527 | 7,525 | ||||
Other credit-related commitments | (135,000) | (123,032) | ||||
Interest rate swap agreements used for interest rate risk management | (11,495) | (207) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | 1,004,223 | 334,852 | ||||
Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 38,807,949 | 23,473,324 | ||||
Carrying Amount [Member] | Commercial [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 46,138,665 | 35,389,730 | ||||
Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 23,074,280 | 16,074,445 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 2,255,810 | 1,337,577 | ||||
Interest-bearing deposits at banks | 41,872,304 | |||||
Trading account | 129,672 | 49,745 | ||||
Investment securities | 23,259,558 | 7,192,476 | ||||
Loans and leases: | ||||||
Consumer loans | 19,844,173 | 18,121,363 | ||||
Loans and leases, net | 123,572,893 | 92,297,577 | ||||
Accrued interest receivable | 539,270 | 335,162 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (73,023,271) | (60,131,480) | ||||
Savings and interest-checking deposits | 86,015,700 | (68,603,966) | ||||
Time deposits | (4,797,112) | (2,810,143) | ||||
Short-term borrowings | (917,806) | (47,046) | ||||
Long-term borrowings | (3,431,790) | (3,562,223) | ||||
Accrued interest payable | (38,502) | (40,866) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (48,306) | 6,440 | ||||
Commitments to sell real estate loans | 74,527 | 7,525 | ||||
Other credit-related commitments | (135,000) | (123,032) | ||||
Interest rate swap agreements used for interest rate risk management | (11,495) | (207) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | 1,004,223 | 334,852 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 38,230,478 | 23,285,224 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 44,324,720 | 34,730,191 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | $ 21,173,522 | $ 16,160,799 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to extend credit | ||
Home equity lines of credit | $ 8,317,141 | $ 5,693,045 |
Commercial real estate loans to be sold | 401,369 | 324,943 |
Other commercial real estate | 5,063,155 | 4,998,631 |
Residential real estate loans to be sold | 57,155 | 233,257 |
Other residential real estate | 889,013 | 924,211 |
Commercial and other | 32,089,753 | 22,145,057 |
Standby letters of credit | 2,393,048 | 2,151,595 |
Commercial letters of credit | 28,926 | 31,981 |
Financial guarantees and indemnification contracts | 3,893,455 | 4,211,797 |
Commitments to sell real estate loans | $ 783,405 | $ 1,367,523 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Commitments to extend credit to commercial customers | $ 15,200,000,000 | $ 10,800,000,000 |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,700,000,000 | $ 4,000,000,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | 0 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | $ 25,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | $ 646,596 | $ 495,460 | $ 1,226,292 | $ 1,400,778 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,241,770 | 1,536,376 | 5,669,648 | 4,479,342 |
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 94,094 | 72,017 | 205,741 | 159,895 |
Business Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 241,629 | 181,873 | 586,605 | 482,874 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 663 | 694 | 2,060 | 2,157 |
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 214,063 | 144,367 | 521,749 | 378,040 |
Commercial Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 510,549 | 295,209 | 1,239,300 | 865,780 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 802 | 1,009 | 2,605 | 2,830 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 94,937 | 84,663 | 314,284 | 242,625 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 234,479 | 228,317 | 676,176 | 629,719 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 249 | 227 | 687 | 679 |
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 11,813 | 74,666 | 103,283 | 243,744 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 36,622 | 112,529 | 190,761 | 365,380 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (23,044) | (14,448) | (74,952) | (34,554) |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (3,283) | 46,077 | 35,028 | 125,791 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 95,091 | 159,213 | 346,409 | 459,655 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 35,647 | 25,150 | 110,986 | 70,208 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 181,639 | 88,004 | 379,688 | 262,562 |
Retail Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 650,229 | 357,335 | 1,523,992 | 1,055,240 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (5) | (53) | (12) | 500 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 53,333 | 14,334 | (333,481) | 11,879 |
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 473,171 | 201,900 | 1,106,405 | 620,694 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (14,312) | $ (12,579) | $ (41,374) | $ (41,820) |
Segment Information - Informa_2
Segment Information - Information about Company's Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||||
Taxable-equivalent adjustment | $ 11,827,000 | $ 3,703,000 | $ 25,787,000 | $ 11,168,000 | |
Net income | 646,596 | 495,460 | 1,226,292 | 1,400,778 | |
Commercial Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income | $ 214,063 | $ 144,367 | 521,749 | $ 378,040 | |
Peoples United Financial Inc [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,000,000 | 96,000 | |||
Net income | $ 13,000 | $ 32,600 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 187,395 | $ 152,669 | $ 150,967 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 7,515 | 8,007 | 8,386 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 40,464 | 28,559 | 29,109 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 28,811 | 25,628 | 25,913 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 40,987 | 22,262 | 22,317 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 4,370 | 6,463 | 6,582 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 20,063 | 17,897 | 17,701 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 45,185 | $ 43,853 | $ 40,959 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 3,459,336,000 | $ 3,459,336,000 | $ 3,485,369,000 | ||
Bayview Lending Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | $ 0 | |||
Minority interest in Bayview Lending Group LLC | 20% | 20% | |||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (loss) from equity method investments | $ 0 | $ 30,000,000 | $ 0 | ||
Bayview Lending Group and Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of mortgage servicing rights | 1,400,000,000 | 1,400,000,000 | 1,600,000,000 | ||
Revenue from contract with customer | 3,000,000 | $ 2,000,000 | 7,000,000 | 7,000,000 | |
Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 81,200,000,000 | 81,200,000,000 | 74,700,000,000 | ||
Revenues from sub-servicing | 33,000,000 | $ 39,000,000 | 119,000,000 | $ 110,000,000 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 52,000,000 | 52,000,000 | 62,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | 2,000,000,000 | 2,000,000,000 | 1,400,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 298,000,000 | $ 298,000,000 | $ 210,000,000 |