Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | M&T BANK CORPORATION | ||
Entity Central Index Key | 0000036270 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 27,304,085,267 | ||
Entity Common Stock, Shares Outstanding | 167,792,740 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 1-9861 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 16-0968385 | ||
Entity Address, City or Town | Buffalo | ||
Entity Address, Address Line One | One M&T Plaza | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14203 | ||
City Area Code | 716 | ||
Local Phone Number | 635-4000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Buffalo, NY, United States | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement for the 2023 Annual Meeting of Shareholders of M&T Bank Corporation in Parts II and III. | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.50 par value | ||
Trading Symbol | MTB | ||
Security Exchange Name | NYSE | ||
Series H Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H | ||
Trading Symbol | MTBPrH | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 1,517,244 | $ 1,337,577 |
Interest-bearing deposits at banks | 24,958,719 | 41,872,304 |
Federal funds sold | 3,000 | |
Trading account | 117,847 | 49,745 |
Investment securities | ||
Available for sale (cost: $11,193,152 at December 31, 2022; $3,849,347 at December 31, 2021) | 10,748,961 | 3,955,804 |
Held to maturity (fair value: $12,375,420 at December 31, 2022; $2,771,290 at December 31, 2021) | 13,529,969 | 2,734,674 |
Equity and other securities (cost: $933,766 at December 31, 2022; $461,516 at December 31, 2021) | 931,941 | 465,382 |
Total investment securities | 25,210,871 | 7,155,860 |
Loans and leases | 132,074,156 | 93,136,678 |
Unearned discount | (509,993) | (224,226) |
Loans and leases, net of unearned discount | 131,564,163 | 92,912,452 |
Allowance for credit losses | (1,925,331) | (1,469,226) |
Loans and leases, net | 129,638,832 | 91,443,226 |
Premises and equipment | 1,653,628 | 1,144,765 |
Goodwill | 8,490,089 | 4,593,112 |
Core deposit and other intangible assets | 209,374 | 3,998 |
Accrued interest and other assets | 8,930,237 | 7,506,573 |
Total assets | 200,729,841 | 155,107,160 |
Liabilities | ||
Noninterest-bearing deposits | 65,501,860 | 60,131,480 |
Savings and interest-checking deposits | 87,911,463 | 68,603,966 |
Time deposits | 10,101,545 | 2,807,963 |
Total deposits | 163,514,868 | 131,543,409 |
Short-term borrowings | 3,554,951 | 47,046 |
Accrued interest and other liabilities | 4,377,495 | 2,127,931 |
Long-term borrowings | 3,964,537 | 3,485,369 |
Total liabilities | 175,411,851 | 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 December 31, 2022 and December 31, 2021; Liquidation preference of $10,000 per share: 140,000 shares at December 31, 2022 and 2021; Liquidation preference of $25 per share: 10,000,000 shares at December 31, 2022 | 2,010,600 | 1,750,000 |
Common stock, $.50 par, 250,000,000 shares authorized, 179,436,779 shares issued at December 31, 2022 and 159,741,898 shares issued at December 31, 2021 | 89,718 | 79,871 |
Common stock issuable, 14,031 shares at December 31, 2022; 15,769 shares at December 31, 2021 | 1,112 | 1,212 |
Additional paid-in capital | 10,002,891 | 6,635,000 |
Retained earnings | 15,753,978 | 14,646,448 |
Accumulated other comprehensive income (loss), net | (790,030) | (127,578) |
Treasury stock - common, at cost - 10,165,419 shares at December 31, 2022; 31,052,845 shares at December 31, 2021 | (1,750,279) | (5,081,548) |
Total shareholders’ equity | 25,317,990 | 17,903,405 |
Total liabilities and shareholders’ equity | $ 200,729,841 | $ 155,107,160 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities, available for sale, amortized cost | $ 11,193,152 | $ 3,849,347 |
Investment securities, held to maturity, fair value | 12,375,420 | 2,771,290 |
Equity and other securities, cost | $ 933,766 | $ 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 | $ 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 | 14,031 | 15,769 |
Treasury stock, common shares | 10,165,419 | 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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | |||
Loans and leases, including fees | $ 5,237,405 | $ 3,748,988 | $ 3,975,053 |
Investment securities | |||
Fully taxable | 447,646 | 141,046 | 176,469 |
Exempt from federal taxes | 51,113 | 116 | 183 |
Deposits at banks | 509,030 | 47,491 | 32,956 |
Other | 1,926 | 1,143 | 8,051 |
Total interest income | 6,247,120 | 3,938,784 | 4,192,712 |
Interest expense | |||
Savings and interest-checking deposits | 270,765 | 32,998 | 146,701 |
Time deposits | 23,867 | 18,635 | 66,280 |
Deposits at Cayman Islands office | 201 | 4,054 | |
Short-term borrowings | 19,426 | 7 | 28 |
Long-term borrowings | 111,106 | 62,165 | 109,332 |
Total interest expense | 425,164 | 114,006 | 326,395 |
Net interest income | 5,821,956 | 3,824,778 | 3,866,317 |
Provision for credit losses | 517,000 | (75,000) | 800,000 |
Net interest income after provision for credit losses | 5,304,956 | 3,899,778 | 3,066,317 |
Other income | |||
Brokerage services income | 87,877 | 62,791 | 47,428 |
Trading account and non-hedging derivative gains | 26,786 | 24,376 | 40,536 |
Gain (loss) on bank investment securities | (5,686) | (21,220) | (9,421) |
Other revenues from operations | 703,669 | 482,889 | 470,588 |
Total other income | 2,356,603 | 2,166,994 | 2,088,444 |
Other expense | |||
Salaries and employee benefits | 2,787,351 | 2,045,677 | 1,950,692 |
Equipment and net occupancy | 474,316 | 326,698 | 322,037 |
Outside data processing and software | 376,493 | 291,839 | 258,480 |
FDIC assessments | 90,274 | 69,704 | 53,803 |
Advertising and marketing | 90,748 | 64,428 | 61,904 |
Printing, postage and supplies | 55,570 | 36,507 | 39,869 |
Amortization of core deposit and other intangible assets | 55,624 | 10,167 | 14,869 |
Other costs of operations | 1,120,060 | 766,603 | 683,586 |
Total other expense | 5,050,436 | 3,611,623 | 3,385,240 |
Income before taxes | 2,611,123 | 2,455,149 | 1,769,521 |
Income taxes | 619,460 | 596,403 | 416,369 |
Net income (loss) | 1,991,663 | 1,858,746 | 1,353,152 |
Net income available to common shareholders | |||
Basic | 1,891,469 | 1,776,977 | 1,279,066 |
Diluted | $ 1,891,480 | $ 1,776,987 | $ 1,279,068 |
Net income per common share | |||
Basic | $ 11.59 | $ 13.81 | $ 9.94 |
Diluted | $ 11.53 | $ 13.80 | $ 9.94 |
Mortgage Banking Revenues [Member] | |||
Other income | |||
Revenue from contract with customer | $ 356,636 | $ 571,329 | $ 566,641 |
Service Charges on Deposit Accounts [Member] | |||
Other income | |||
Revenue from contract with customer | 446,604 | 402,113 | 370,788 |
Trust Income [Member] | |||
Other income | |||
Revenue from contract with customer | $ 740,717 | $ 644,716 | $ 601,884 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Partners' Capital [Abstract] | |||
Net income | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | |||
Net unrealized gains (losses) on investment securities | (406,793) | (66,977) | 107,222 |
Cash flow hedges adjustments | (314,831) | (210,626) | 172,787 |
Foreign currency translation adjustments | (5,787) | (862) | 2,284 |
Defined benefit plans liability adjustments | 64,959 | 213,919 | (138,645) |
Total other comprehensive income (loss) | (662,452) | (64,546) | 143,648 |
Total comprehensive income | $ 1,329,211 | $ 1,794,200 | $ 1,496,800 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 517,000 | (75,000) | 800,000 |
Depreciation and amortization of premises and equipment | 282,056 | 224,274 | 220,598 |
Amortization of capitalized servicing rights | 96,463 | 89,767 | 84,821 |
Amortization of core deposit and other intangible assets | 55,624 | 10,167 | 14,869 |
Provision for deferred income taxes | (29,987) | 87,159 | (31,291) |
Asset write-downs | 8,471 | 8,431 | 21,014 |
Net gain on sales of assets | (153,491) | (10,308) | (19,441) |
Net change in accrued interest receivable, payable | (122,755) | 65,724 | (132,252) |
Net change in other accrued income and expense | (69,993) | 52,540 | (418,752) |
Net change in loans originated for sale | 771,458 | (163,623) | (542,078) |
Net change in trading account and non-hedging derivative assets and liabilities | 1,227,231 | 567,082 | (561,453) |
Net cash provided by operating activities | 4,573,740 | 2,714,959 | 789,187 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities equity and other | 242,596 | 17,654 | 67,036 |
Proceeds from maturities of investment securities Available for sale | 795,157 | 1,433,793 | 1,614,557 |
Proceeds from maturities of investment securities Held to maturity | 1,515,623 | 615,201 | 911,555 |
Purchases of investment securities Available for sale | (7,221,885) | (677,916) | (7,581) |
Purchases of investment securities Held to maturity | (1,889,954) | (1,601,698) | (11,993) |
Purchases of investment securities equity and other | (456,024) | (30,153) | (29,004) |
Net (increase) decrease in loans and leases | (3,639,040) | 5,676,670 | (7,231,694) |
Net (increase) decrease in interest-bearing deposits at banks | 26,106,931 | (18,208,494) | (16,473,656) |
Capital expenditures, net | (214,388) | (149,213) | (172,289) |
Net (increase) decrease in loan servicing advances | 1,578,825 | (197,141) | (754,823) |
Acquisition, net of cash consideration, Bank and bank holding company | 393,923 | ||
Other, net | (619,028) | (510,302) | 67,411 |
Net cash provided (used) by investing activities | 16,592,736 | (13,631,599) | (22,020,481) |
Cash flows from financing activities | |||
Net increase (decrease) in deposits | (20,993,952) | 11,737,671 | 25,037,167 |
Net increase (decrease) in short-term borrowings | 2,613,036 | (12,436) | (2,881) |
Proceeds from long-term borrowings | 998,540 | 9,500 | |
Payments on long-term borrowings | (907,240) | (853,091) | (2,665,023) |
Purchases of treasury stock | (1,800,000) | (373,750) | |
Dividends paid — common | (784,089) | (580,260) | (568,112) |
Dividends paid — preferred | (96,927) | (68,200) | (68,256) |
Proceeds from issuance of Series I preferred stock | 495,000 | ||
Other, net | (13,177) | (26,710) | (11,413) |
Net cash provided (used) by financing activities | (20,983,809) | 10,701,474 | 21,347,732 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 182,667 | (215,166) | 116,438 |
Cash, cash equivalents and restricted cash at beginning of period | 1,337,577 | 1,552,743 | 1,436,305 |
Cash, cash equivalents and restricted cash at end of period | 1,520,244 | 1,337,577 | 1,552,743 |
Supplemental disclosure of cash flow information | |||
Interest received during the period | 6,134,684 | 3,976,804 | 4,135,990 |
Interest paid during the period | 428,772 | 139,164 | 372,291 |
Income taxes paid during the period | 487,618 | 314,295 | 275,558 |
Supplemental schedule of noncash investing and financing activities | |||
Real estate acquired in settlement of loans | 31,376 | 8,851 | 20,646 |
Additions to right-of-use assets under operating leases | 137,998 | 57,760 | $ 70,754 |
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 | ASU 2016-13 [Member] | Series I Preferred Stock [Member] | Series H Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] Series I Preferred Stock [Member] | Preferred Stock [Member] Series H Preferred Stock [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] | Retained Earnings [Member] ASU 2016-13 [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2019 | $ 15,716,649 | $ 1,250,000 | $ 79,871 | $ 1,566 | $ 6,593,539 | $ 12,820,916 | $ (206,680) | $ (4,822,563) | |||||||
Cumulative effect of change in accounting principle — credit losses | $ (91,925) | $ (91,925) | |||||||||||||
Total comprehensive income | 1,496,800 | 1,353,152 | 143,648 | ||||||||||||
Preferred stock cash dividends | (68,228) | (68,228) | |||||||||||||
Purchases of treasury stock | (373,750) | (373,750) | |||||||||||||
Stock-based compensation transactions, net | 76,813 | (222) | 23,865 | (411) | 53,581 | ||||||||||
Common stock cash dividends | (569,076) | (569,076) | |||||||||||||
Ending 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 | 1,794,200 | 1,858,746 | (64,546) | ||||||||||||
Preferred stock cash dividends | (72,915) | (72,915) | |||||||||||||
Issuance of preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | ||||||||||||
Stock-based compensation transactions, net | 82,804 | (132) | 22,596 | (844) | 61,184 | ||||||||||
Common stock cash dividends | (582,967) | (582,967) | |||||||||||||
Ending 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 | 1,329,211 | 1,991,663 | (662,452) | ||||||||||||
Common stock issued | 8,286,515 | 9,824 | 3,256,821 | 5,019,870 | |||||||||||
Common stock awards converted | 104,810 | 104,810 | |||||||||||||
Preferred stock cash dividends | (96,587) | (96,587) | |||||||||||||
Issuance of preferred stock | $ 260,600 | $ 260,600 | |||||||||||||
Purchases of treasury stock | (1,800,000) | (1,800,000) | |||||||||||||
Stock-based compensation transactions, net | 116,281 | 23 | (100) | 6,260 | (1,301) | 111,399 | |||||||||
Common stock cash dividends | (786,245) | (786,245) | |||||||||||||
Ending balance at Dec. 31, 2022 | $ 25,317,990 | $ 2,010,600 | $ 89,718 | $ 1,112 | $ 10,002,891 | $ 15,753,978 | $ (790,030) | $ (1,750,279) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings [Member] | |||
Common stock per share dividend amount | $ 4.50 | $ 4.40 | $ 4.80 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements 1. Significant accounting policies M&T Bank Corporation (“M&T”) is a bank holding company headquartered in Buffalo, New York. Through subsidiaries, M&T provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. Banking activities are largely focused on consumers residing in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia, and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas. The accounting and reporting policies of M&T and subsidiaries (“the Company”) are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. 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 the 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 19 have been included in other assets and other liabilities rather than in trading account assets and liabilities. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant accounting policies are as follows: Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 26 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 20. Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and non-hedging derivative gains” in the consolidated statement of income. Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. GAAP requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present the net carrying value at the amount that is expected to be collected over the contractual term. In cases where fair value of an available-for-sale debt security is less than its amortized cost basis and the Company does not intend to sell the available-for-sale debt security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the difference between the fair value and the amortized cost basis is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount related to the credit loss is recognized as an allowance for credit losses while the amount related to other factors is recognized in other comprehensive income, net of applicable income taxes. If the Company intends to sell the security or it is more likely than not to be required to sell the security before recovery of the amortized cost basis, the security is written down to fair value with the entire amount recognized in earnings. Subsequently, the Company accounts for the debt security as if the security had been purchased on the measurement date of the write down at an amortized cost basis equal to the previous amortized cost basis less the amount of the write down recognized in earnings. Realized gains and losses on the sales of investment securities are determined using the specific identification method. Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated or acquired by the Company. Originated loans and leases Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income when it is probable that the Company will be unable to collect all amounts according to the contractual terms of the loan agreement or when principal or interest is delinquent 90 days. Certain loans greater than 90 days delinquent continue to accrue interest if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and generally continue to accrue interest . Interest received on loans placed on nonaccrual status is generally applied to reduce the carrying value of the loan or, if principal is considered fully collectable, recognized as interest income. Nonaccrual commercial loans and commercial real estate loans are returned to accrual status when borrowers have demonstrated an ability to repay their loans and there are no delinquent principal and interest payments. Loans secured by residential real estate are returned to accrual status when they are deemed to have an insignificant delay in payments of 90 days or less. Consumer loans not secured by residential real estate are returned to accrual status when all past due principal and interest payments have been paid by the borrower. Loan balances are charged off when it becomes evident that such balances are not fully collectable. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectable. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. During the normal course of business, the Company modifies loans to maximize recovery efforts. If a borrower is experiencing financial difficulty and a concession to the terms of the loan agreement is granted that the Company would not otherwise consider, the modification is considered a troubled debt restructuring and such loans are classified as either nonaccrual or renegotiated loans. Due to the direct and indirect effects of the Coronavirus Disease 2019 (“COVID-19”) pandemic, a dramatic reduction in economic activity severely hampered the ability for businesses and consumers to meet their repayment obligations. The Coronavirus Aid, Relief, and Economic Security Act and the Consolidated Appropriations Act, 2021 (collectively “CARES Act”), in addition to providing financial assistance to both businesses and consumers, created a forbearance program for federally-backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the pandemic, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings to account for the effects of COVID-19. The bank regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were unable to meet their contractual payment obligations because of the effects of COVID-19. The guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allowed modifications made on a good faith basis in response to COVID-19 to borrowers who were current with their payments prior to any relief, to not be treated as troubled debt restructurings nor be reported as past due. Modifications included payment deferrals (including maturity extensions), covenant waivers and fee waivers. The Company worked with its customers affected by COVID-19 and granted modifications across many of its loan portfolios. To the extent that such modifications met the criteria described, the modified loans were not classified as troubled debt restructurings nor reported as past due. Commitments to sell real estate loans are utilized by the Company 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 recorded in the consolidated balance sheet includes changes in estimated fair value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Acquired loans and leases Expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent changes in the amount of expected credit losses on such loans are recognized in the allowance for credit losses in the same manner as originated loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. Allowance for credit losses On January 1, 2020, the Company adopted amended accounting guidance which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay obligations. Subsequent to the forecast period, the Company utilizes longer-term historical loss experience to estimate losses over the remaining contractual life of the loans. 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 included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a mortgage loan upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets 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 exceeds estimated fair value. Impairment is recognized through a valuation allowance. Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives, which are generally three to seven years . The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (i) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (ii) a hedge of the exposure to variable cash flows of a forecasted transaction or (iii) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. 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. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Valuation adjustments made on these commitments are included in “mortgage banking revenues.” Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as other assets or other liabilities with resultant changes in fair value being recognized in “trading account and non-hedging derivative gains” in the consolidated statement of income. Revenue from contracts with customers A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and non-hedging derivative gains, investment securities gains, loan and letter of credit fees, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of accounting guidance for revenue from contracts with customers. For other noninterest income revenue streams, the Company generally recognizes the expected amount of consideration as revenue when the performance obligations related to the services under the terms of a contract are satisfied. The Company’s contracts generally do not contain terms that necessitate significant judgment to determine the amount of revenue to recognize. Stock-based compensation Compensation expense is recognized over the vesting period of stock-based awards based on estimated grant date value, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and 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 that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Acquisition and divestitures
Acquisition and divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisition and divestitures | 2. Acquisition and divestitures Acquisition 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. 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 using market interest rates for instruments with like remaining maturities. 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. For PCD 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 above and beyond the impact of forecasted losses used in determining fair value. 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 loans and leases at April 1, 2022: PCD Non-PCD (in thousands) Unpaid principal balance $ 3,410,506 (a) $ 32,896,454 Allowance for credit losses at acquisition ( 99,000 ) (a) — Other discount ( 106,814 ) ( 260,498 ) (b) Fair value $ 3,204,692 $ 32,635,956 (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. (b) Includes approximately $ 242 million of principal balances not expected to be collected. 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 . Information regarding the allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments, as well as the carrying amounts and amortization of core deposit and other intangible assets, is provided in note 8. 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 December 31, 2022 are total revenues of approximately $ 1.6 billion and net income of approximately $ 165 million related to the acquisition of People's United. 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 2022 2021 (In thousands) Total revenues (a) $ 8,631,283 $ 8,075,955 Net income 2,158,047 2,391,034 (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, temporary help fees and other costs associated with actual or planned systems conversions and/or integration of operations and the introduction of the Company to its new customers; 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; legal expenses; printing costs associated with communications with shareholders and customers; and other costs of completing the transaction and commencing operations in new markets and offices. The Company does not expect to incur any material People's United merger-related expenses during 2023. A summary of merger-related expenses included in the consolidated statement of income follows. 2022 2021 (In thousands) Salaries and employee benefits $ 102,150 $ 176 Equipment and net occupancy 6,709 341 Outside data processing software 5,438 1,119 Advertising and marketing 9,262 866 Printing, postage and supplies 6,786 2,965 Other cost of operations 207,976 38,393 Other expense $ 338,321 $ 43,860 The Company also recognized a $ 242 million provision for cred it 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. Divestitures 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 recognized a pre-tax gain on the sale of $ 136 million ($ 98 million after-tax). MTIA had assets of $ 18 million and shareholders' equity of $ 6 million at the time of the divestiture. Prior to the sale, MTIA recorded revenues of $ 34 million in 2022 and $ 37 million in each of 2021 and 2020. After considering expenses, the results of operations from MTIA were not material to the Company's consolidated results of operations in any of 2022, 2021 and 2020. On December 19, 2022 Wilmington Trust, National Association, a wholly owned subsidiary of M&T, announced that it had entered into a definitive agreement to sell its Collective Investment Trust ("CIT") business to a private equity firm. That sale is expected to close in the first half of 2023 and result in recognition of a gain at that time. The Company estimated that the CIT business contributed approximately $ 165 million, $ 151 million and $ 105 million to trust income in 2022, 2021 and 2020, respectively. After considering expenses, the results of operations from the CIT business were not material to the Company's consolidated results of operations in any of 2022, 2021 and 2020. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 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) December 31, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,913,932 $ 200 $ 243,172 $ 7,670,960 Mortgage-backed securities: Government issued or guaranteed: Commercial 594,779 — 20,480 574,299 Residential 2,501,334 65 171,281 2,330,118 Other debt securities 183,107 250 9,773 173,584 11,193,152 515 444,706 10,748,961 Investment securities held to maturity: U.S. Treasury and federal agencies 1,054,035 — 45,747 1,008,288 Obligations of states and political subdivisions 2,577,078 4 116,512 2,460,570 Mortgage-backed securities: Government issued or guaranteed: Commercial 912,431 — 103,528 808,903 Residential 8,934,918 1,451 891,063 8,045,306 Privately issued 49,742 8,833 7,987 50,588 Other debt securities 1,765 — — 1,765 13,529,969 10,288 1,164,837 12,375,420 Total debt securities $ 24,723,121 $ 10,803 $ 1,609,543 $ 23,124,381 Equity and other securities: Readily marketable equity — at fair value $ 153,283 $ 2,120 $ 3,945 $ 151,458 Other — at cost 780,483 — — 780,483 Total equity and other securities $ 933,766 $ 2,120 $ 3,945 $ 931,941 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 No investment in securities of a single non-U.S. Government, government agency or government guaranteed issuer exceeded ten percent of shareholders’ equity at December 31, 2022. As of December 31, 2022, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Estimated A or BBB BB B or Less Not (In thousands) Obligations of states and $ 2,577,078 $ 2,460,570 $ 2,450,795 $ — $ — $ — $ 9,775 Privately issued mortgage- 49,742 50,588 — — — 379 50,209 Other debt securities 184,872 175,349 15,044 63,361 35,741 — 61,203 The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2022 2021 (In thousands) Collateralized mortgage obligations: Amortized cost $ 372,373 $ 61,980 Estimated fair value 327,981 57,763 There were no significant gross realized gains or losses from sales of investment securities in 2022, 2021 or 2020. At December 31, 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 $ 131,291 $ 126,611 Due after one year through five years 7,870,319 7,628,579 Due after five years through ten years 65,429 61,938 Due after ten years 30,000 27,416 8,097,039 7,844,544 Mortgage-backed securities available for sale 3,096,113 2,904,417 $ 11,193,152 $ 10,748,961 Debt securities held to maturity: Due in one year or less $ 137,854 $ 136,564 Due after one year through five years 1,057,311 1,011,114 Due after five years through ten years 1,092,875 1,068,369 Due after ten years 1,344,838 1,254,576 3,632,878 3,470,623 Mortgage-backed securities held to maturity 9,897,091 8,904,797 $ 13,529,969 $ 12,375,420 A summary of investment securities that as of December 31, 2022 and 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) December 31, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 6,706,413 $ 183,760 $ 841,945 $ 59,412 Mortgage-backed securities: Government issued or guaranteed: Commercial 574,299 20,480 — — Residential 2,295,873 169,489 28,305 1,792 Other debt securities 93,458 3,604 73,280 6,169 9,670,043 377,333 943,530 67,373 Investment securities held to maturity: U.S. Treasury and federal agencies 1,008,288 45,747 — — Obligations of states and political subdivisions 2,449,420 116,512 — — Mortgage-backed securities: Government issued or guaranteed: Commercial 808,903 103,528 — — Residential 6,292,462 619,403 1,319,300 271,660 Privately issued — — 35,661 7,987 10,559,073 885,190 1,354,961 279,647 Total $ 20,229,116 $ 1,262,523 $ 2,298,491 $ 347,020 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 4,273 individual debt securities with aggregate gross unrealized losses of $ 1.6 billion at December 31, 2022. Based on a review of each of the securities in the investment securities portfolio at December 31, 2022, the Company concluded that it expected to recover the amortized cost basis of its investment. As of December 31, 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 December 31, 2022 , the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $ 780 million of cost method investment securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at December 31, 2022 or December 31, 2021. At December 31, 2022 and 2021 , investment securities with carrying values of $ 7.9 billion (including $ 567 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 as described in note 9. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans and leases | 4. Loans and leases Total loans and leases outstanding were comprised of the following: December 31 2022 2021 (In thousands) Loans Commercial, financial, etc. $ 39,695,189 $ 22,524,542 Commercial real estate 45,444,010 35,473,884 Residential real estate 23,773,842 16,077,275 Consumer 20,579,263 17,964,331 Total loans 129,492,304 92,040,032 Leases Commercial 2,581,852 1,096,646 Total loans and leases 132,074,156 93,136,678 Less: unearned discount ( 509,993 ) ( 224,226 ) Total loans and leases, net of unearned discount $ 131,564,163 $ 92,912,452 One-to-four family residential mortgage loans held for sale were $ 32 million at December 31, 2022 and $ 474 million at December 31, 2021 . Commercial real estate loans held for sale were $ 131 million at December 31, 2022 and $ 425 million at December 31, 2021. The amount of foreclosed property held by the Company, predominantly consisting of residential real estate, was $ 41 million and $ 24 million at December 31, 2022 and 2021 , respectively. There were $ 201 million and $ 151 million at December 31, 2022 and 2021, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at December 31, 2022 , approximately 42 % were government guaranteed. Borrowings by directors and certain officers of M&T and its banking subsidiaries, and by associates of such persons, exclusive of loans aggregating less than $60,000 , amounted to $ 102 million and $ 113 million at December 31, 2022 and 2021, respectively. During 2022 , new borrowings by such persons amounted to $ 7 million (including any borrowings of new directors or officers that were outstanding at the time of their election) and repayments and other reductions (including reductions resulting from individuals ceasing to be directors or officers) were $ 18 million. At December 31, 2022 , approximately $ 10.5 billion of commercial loans and leases, $ 16.3 billion of commercial real estate loans, $ 19.5 billion of one-to-four family residential real estate loans, $ 2.4 billion of home equity loans and lines of credit and $ 10.7 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the Federal Reserve Bank of New York as described in note 9. A summary of current, past due and nonaccrual loans as of December 31, 2022 and 2021 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) December 31, 2022 Commercial, financial, $ 40,982,398 $ 448,462 $ 72,502 $ 347,204 $ 41,850,566 Real estate: Commercial 34,972,627 311,188 67,696 1,396,662 36,748,173 Residential builder and 1,304,798 8,703 — 1,229 1,314,730 Other commercial 6,936,661 239,521 549 124,937 7,301,668 Residential 21,491,506 595,897 345,402 272,090 22,704,895 Residential — limited 950,782 22,456 — 77,814 1,051,052 Consumer: Home equity lines and loans 4,891,311 30,787 — 84,788 5,006,886 Recreational finance 8,974,171 54,593 — 44,630 9,073,394 Automobile 4,393,206 44,486 — 39,584 4,477,276 Other 1,958,196 22,961 4,869 49,497 2,035,523 Total $ 126,855,656 $ 1,779,054 $ 491,018 $ 2,438,435 $ 131,564,163 December 31, 2021 Commercial, financial, $ 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 1,400,437 2,904 — 3,005 1,406,346 Other commercial 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 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 December 31, 2022 and 2021 , the Company had $ 19 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 meet the criteria described in note 1 and, as such, are not considered past due or otherwise in default of loan terms as of the dates presented. Included in those loan balances were $ 8 million and $ 974 million of government-guaranteed loans at December 31, 2022 and 2021, respectively. 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 years ended December 31, 2022, 2021 and 2020: Post-modification (a) Year Ended December 31, 2022 Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 193 $ 87,873 $ 53,219 $ 455 $ 983 $ 34,791 89,448 Real estate: Commercial 50 34,972 14,037 — 2,223 18,358 34,618 Residential builder and developer 1 60 57 — — — 57 Other commercial construction 1 100 — — — 100 100 Residential 274 71,165 54,519 — — 19,022 73,541 Residential — limited 8 1,398 1,216 — — 193 1,409 Consumer: Home equity lines and loans 144 10,146 9,372 — — 841 10,213 Recreational finance 729 27,517 27,510 — — — 27,510 Automobile 2,092 41,540 41,510 — — — 41,510 Other 149 1,426 1,426 — — — 1,426 Total 3,641 $ 276,197 $ 202,866 $ 455 $ 3,206 $ 73,305 $ 279,832 Year Ended December 31, 2021 Commercial, financial, leasing, etc. 284 $ 185,458 $ 46,806 $ — $ 40,558 $ 95,516 $ 182,880 Real estate: Commercial 99 202,878 67,387 — 31,202 102,248 200,837 Residential builder and developer 1 3 3 — — — 3 Other commercial construction 3 542 532 — — — 532 Residential 373 108,325 95,769 — — 12,866 108,635 Residential — limited 21 2,920 2,865 — — — 2,865 Consumer: Home equity lines and loans 89 6,430 6,054 — — 321 6,375 Recreational finance 281 9,931 9,931 — — — 9,931 Automobile 807 14,668 14,654 — — 14 14,668 Other 362 2,597 2,597 — — — 2,597 Total 2,320 $ 533,752 $ 246,598 $ — $ 71,760 $ 210,965 $ 529,323 Year Ended December 31, 2020 Commercial, financial, leasing, etc. 394 $ 246,479 $ 70,671 $ 298 $ 31,605 $ 97,344 $ 199,918 Real estate: Commercial 161 310,578 204,591 505 4,874 85,261 295,231 Residential builder and developer 1 91 — — — 90 90 Other commercial construction 2 13,602 13,573 — — — 13,573 Residential 631 202,985 183,878 — — 23,639 207,517 Residential — limited 30 7,413 7,100 — — 1,232 8,332 Consumer: Home equity lines and loans 259 17,228 5,882 — — 11,372 17,254 Recreational finance 428 16,392 16,388 — — 4 16,392 Automobile 2,249 39,951 39,949 — — 2 39,951 Other 1,095 7,788 3,383 — — 4,405 7,788 Total 5,250 $ 862,507 $ 545,415 $ 803 $ 36,479 $ 223,349 $ 806,046 (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. Loans that were modified as troubled debt restructurings during the years ended December 31, 2022, 2021 and 2020 and for which there was a subsequent payment default during the respective year were not material. The Company’s loan and lease portfolio includes commercial lease financing receivables consisting of direct financing and leveraged leases for machinery and equipment, railroad equipment, commercial trucks and trailers, and aircraft. Certain leases contain payment schedules that are tied to variable interest rate indices. In general, early termination options are provided if the lessee is not in default, returns the leased equipment and pays an early termination fee. Additionally, options to purchase the underlying asset by the lessee are generally at the fair market value of the equipment. A summary of lease financing receivables follows: December 31, 2022 2021 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 2,174,730 $ 873,089 Estimated residual value of leased assets 262,354 75,140 Unearned income ( 144,916 ) ( 68,456 ) Investment in direct financings 2,292,168 879,773 Leveraged leases: Lease payments receivable 71,371 75,003 Estimated residual value of leased assets 73,397 73,414 Unearned income ( 21,689 ) ( 25,374 ) Investment in leveraged leases 123,079 123,043 Total investment in leases $ 2,415,247 $ 1,002,816 Deferred taxes payable arising from leveraged leases $ 51,974 $ 56,759 Included within the estimated residual value of leased assets at December 31, 2022 and 2021 were $ 93 million and $ 29 million, respectively, in residual value associated with direct financing leases that are guaranteed by the lessees or others. At December 31, 2022, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2023 $ 756,544 2024 621,629 2025 410,540 2026 255,292 2027 129,624 Later years 72,472 $ 2,246,101 |
Allowance for credit losses
Allowance for credit losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Allowance for credit losses | 5. Allowance for credit losses Effective January 1, 2020 the Company adopted amended accounting guidance which requires an allowance for credit losses be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new guidance replaced the previous incurred loss model for determining the allowance for credit losses. Changes in the allowance for credit losses for the years ended December 31, 2022, 2021 and 2020 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 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) 235,702 100,445 43,574 137,279 — 517,000 Net charge-offs Charge-offs (b) ( 117,223 ) ( 61,641 ) ( 11,783 ) ( 112,310 ) — ( 302,957 ) Recoveries 58,772 24,829 9,742 49,719 — 143,062 Net charge-offs ( 58,451 ) ( 36,812 ) ( 2,041 ) ( 62,591 ) — ( 159,895 ) Ending balance $ 502,153 $ 676,684 $ 115,092 $ 631,402 $ — $ 1,925,331 2021 Beginning balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 Provision for credit losses ( 40,378 ) ( 42,825 ) ( 29,817 ) 38,020 — ( 75,000 ) Net charge-offs Charge-offs ( 122,651 ) ( 101,306 ) ( 10,904 ) ( 103,293 ) — ( 338,154 ) Recoveries 41,082 30,651 8,857 65,403 — 145,993 Net charge-offs ( 81,569 ) ( 70,655 ) ( 2,047 ) ( 37,890 ) — ( 192,161 ) Ending balance $ 283,899 $ 557,239 $ 71,726 $ 556,362 $ — $ 1,469,226 2020 Beginning balance $ 366,094 $ 322,201 $ 56,033 $ 229,118 $ 77,625 $ 1,051,071 Adoption of new accounting standard ( 61,474 ) 23,656 53,896 194,004 ( 77,625 ) 132,457 Provision for credit losses 220,544 356,203 ( 3,172 ) 226,425 — 800,000 Net charge-offs Charge-offs ( 135,083 ) ( 35,891 ) ( 10,283 ) ( 152,250 ) — ( 333,507 ) Recoveries 15,765 4,550 7,116 58,935 — 86,366 Net charge-offs ( 119,318 ) ( 31,341 ) ( 3,167 ) ( 93,315 ) — ( 247,141 ) Ending balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 ________________________________________________ (a) Includes $ 242 million related to non-PCD acquired loans recorded on April 1, 2022. (b) For the year ended December 31, 2022, net charge-offs do not reflect $ 33 million of charge-offs related to PCD loans acquired on April 1, 2022. 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 December 31, 2022, 2021 and 2020, 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 considered the impact of portfolio concentrations, changes in underwriting practices, product expansions into new markets, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process. 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. 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. 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 years ended December 31, 2022, 2021 and 2020 follows. Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized December 31, 2022 January 1, 2022 Year Ended December 31, 2022 (In thousands) Commercial, financial, leasing, etc. $ 173,350 $ 173,854 $ 347,204 $ 221,022 $ 22,336 Real estate: Commercial 404,661 992,001 1,396,662 1,069,280 18,117 Residential builder and developer 1,229 — 1,229 3,005 2,195 Other commercial construction 58,834 66,103 124,937 111,405 3,411 Residential 147,461 124,629 272,090 355,858 25,146 Residential — limited documentation 47,711 30,103 77,814 122,888 557 Consumer: Home equity lines and loans 42,699 42,089 84,788 70,488 4,333 Recreational finance 36,256 8,374 44,630 27,811 657 Automobile 35,139 4,445 39,584 34,037 144 Other 49,389 108 49,497 44,289 354 Total $ 996,729 $ 1,441,706 $ 2,438,435 $ 2,060,083 $ 77,250 December 31, 2021 January 1, 2021 Year Ended December 31, 2021 Commercial, financial, leasing, etc. $ 110,790 $ 110,232 $ 221,022 $ 306,827 $ 11,865 Real estate: Commercial 242,078 827,202 1,069,280 775,894 15,872 Residential builder and developer 613 2,392 3,005 1,094 973 Other commercial construction 30,229 81,176 111,405 114,039 596 Residential 198,560 157,298 355,858 365,729 23,772 Residential — limited documentation 79,777 43,111 122,888 147,170 528 Consumer: Home equity lines and loans 32,269 38,219 70,488 79,392 3,780 Recreational finance 21,476 6,335 27,811 25,519 637 Automobile 29,314 4,723 34,037 39,404 186 Other 44,122 167 44,289 38,231 531 Total $ 789,228 $ 1,270,855 $ 2,060,083 $ 1,893,299 $ 58,740 December 31, 2020 January 1, 2020 Year Ended December 31, Commercial, financial, leasing, etc. $ 226,897 $ 79,930 $ 306,827 $ 346,743 $ 11,269 Real estate: Commercial 364,110 411,784 775,894 173,796 7,821 Residential builder and developer 1,094 — 1,094 4,708 1,694 Other commercial construction 20,992 93,047 114,039 35,881 8,457 Residential 159,006 206,723 365,729 322,504 18,069 Residential — limited documentation 84,568 62,602 147,170 114,667 634 Consumer: Home equity lines and loans 61,031 18,361 79,392 65,039 4,092 Recreational finance 19,434 6,085 25,519 14,308 626 Automobile 34,044 5,360 39,404 21,293 186 Other 3,606 34,625 38,231 35,394 1,369 Total $ 974,782 $ 918,517 $ 1,893,299 $ 1,134,333 $ 54,217 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 December 31, 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 $ 8,575,130 4,952,758 2,024,603 1,796,047 817,569 1,970,947 19,444,247 40,471 $ 39,621,772 Criticized accrual 247,626 222,861 190,368 116,881 71,485 246,846 768,497 17,026 1,881,590 Criticized nonaccrual 18,379 52,067 37,608 36,241 35,689 59,146 100,972 7,102 347,204 Total commercial, $ 8,841,135 5,227,686 2,252,579 1,949,169 924,743 2,276,939 20,313,716 64,599 $ 41,850,566 Real estate: Commercial: Loan grades: Pass $ 4,136,890 3,379,900 3,388,590 4,557,065 3,293,380 10,905,956 869,981 — $ 30,531,762 Criticized accrual 324,652 463,484 467,557 688,239 937,421 1,890,297 48,099 — 4,819,749 Criticized nonaccrual 11,541 22,459 183,986 297,106 170,382 688,079 23,109 — 1,396,662 Total commercial real $ 4,473,083 3,865,843 4,040,133 5,542,410 4,401,183 13,484,332 941,189 — $ 36,748,173 Residential builder and developer: Loan grades: Pass $ 680,705 230,079 11,280 22,111 12,812 9,865 150,404 — $ 1,117,256 Criticized accrual 2,969 28,472 9,952 108,968 15,069 — 30,815 — 196,245 Criticized nonaccrual 57 654 — 518 — — — — 1,229 Total residential builder $ 683,731 259,205 21,232 131,597 27,881 9,865 181,219 — $ 1,314,730 Other commercial construction: Loan grades: Pass $ 1,032,774 1,080,141 1,225,845 1,185,685 366,686 297,355 15,575 — $ 5,204,061 Criticized accrual 37,893 145,199 320,463 1,025,371 299,350 144,394 — — 1,972,670 Criticized nonaccrual — 9,992 44,037 35,841 10,542 22,099 2,426 — 124,937 Total other commercial $ 1,070,667 1,235,332 1,590,345 2,246,897 676,578 463,848 18,001 — $ 7,301,668 Increases to criticized commercial and commercial real estate loans since December 31, 2021 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 December 31, 2022 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as 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 $ 5,071,379 4,001,652 2,717,371 1,392,866 753,908 7,523,890 30,440 — $ 21,491,506 30-89 days past due 59,477 51,308 40,337 21,849 23,126 399,301 499 — 595,897 Accruing loans past due 12,012 39,934 20,067 14,050 14,007 245,332 — — 345,402 Nonaccrual 5,686 10,865 2,583 9,860 4,650 231,093 7,353 — 272,090 Total residential $ 5,148,554 4,103,759 2,780,358 1,438,625 795,691 8,399,616 38,292 — $ 22,704,895 Residential - limited documentation: Current $ — — — — — 950,782 — — $ 950,782 30-89 days past due — — — — — 22,456 — — 22,456 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 77,814 — — 77,814 Total residential - limited $ — — — — — 1,051,052 — — $ 1,051,052 Consumer: Home equity lines and Current $ 930 2,109 2,441 15,361 23,321 97,282 3,262,533 1,487,334 $ 4,891,311 30-89 days past due — — — 171 126 2,030 — 28,460 30,787 Accruing loans past due — — — — — — — — — Nonaccrual — 15 — 536 334 6,458 2,799 74,646 84,788 Total home equity lines and $ 930 2,124 2,441 16,068 23,781 105,770 3,265,332 1,590,440 $ 5,006,886 Recreational finance: Current $ 2,842,091 2,280,627 1,587,629 963,907 486,964 812,953 — — $ 8,974,171 30-89 days past due 8,648 9,525 12,412 8,387 5,202 10,419 — — 54,593 Accruing loans past due — — — — — — — — — Nonaccrual 3,533 7,440 9,427 7,625 5,344 11,261 — — 44,630 Total recreational finance $ 2,854,272 2,297,592 1,609,468 979,919 497,510 834,633 — — $ 9,073,394 Automobile: Current $ 1,491,076 1,557,676 702,711 378,962 167,438 95,343 — — $ 4,393,206 30-89 days past due 6,926 13,324 7,284 7,239 5,464 4,249 — — 44,486 Accruing loans past due — — — — — — — — — Nonaccrual 2,493 10,698 7,372 7,520 5,620 5,881 — — 39,584 Total automobile $ 1,500,495 1,581,698 717,367 393,721 178,522 105,473 — — $ 4,477,276 Other: Current 274,530 172,238 58,339 38,439 8,217 23,163 1,375,049 8,221 1,958,196 30-89 days past due $ 3,783 1,450 326 386 141 569 15,655 651 $ 22,961 Accruing loans past due — — — — — 226 4,643 — 4,869 Nonaccrual 2,745 830 332 371 120 465 44,449 185 49,497 Total other $ 281,058 174,518 58,997 39,196 8,478 24,423 1,439,796 9,057 $ 2,035,523 Total loans and leases at $ 24,853,925 18,747,757 13,072,920 12,737,602 7,534,367 26,755,951 26,197,545 1,664,096 $ 131,564,163 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 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 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 $ 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 The Company’s reserve for off-balance sheet credit exposures was not material at December 31, 2022 and December 31, 2021 . |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment | 6. Premises and equipment The detail of premises and equipment was as follows: December 31 2022 2021 (In thousands) Land $ 148,905 $ 93,862 Buildings 653,983 512,988 Leasehold improvements 386,303 304,825 Furniture and equipment — owned 1,004,127 880,153 Furniture and equipment — capital leases 115 115 2,193,433 1,791,943 Less: accumulated depreciation and amortization Owned assets 1,155,811 1,026,842 Capital leases 76 38 1,155,887 1,026,880 Right of use assets — operating leases 616,082 379,702 Premises and equipment, net $ 1,653,628 $ 1,144,765 The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements. As of December 31, 2022 and 2021 , the Company recognized $ 709 million and $ 431 million respectively, of operating lease liabilities as a component of “ accrued interest and other liabilities ” in the consolidated balance sheet. In calculating the present value of lease payments, the Company utilized its incremental secured borrowing rate based on lease term. The Company’s noncancelable operating lease agreements expire at various dates over the next 19 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a landlord's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense when incurred. The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2022 2021 2020 Lease cost Operating lease cost $ 138,836 $ 101,353 $ 104,158 Short-term lease cost 8,269 111 198 Variable lease cost 3,743 4,103 1,565 Total lease cost $ 150,848 $ 105,567 $ 105,921 Other information Right-of-use assets: Obtained in exchange for $ 137,998 $ 57,760 $ 70,754 Acquired in business combination 226,037 — — Cash paid toward lease liabilities 143,029 106,586 104,396 Weighted-average remaining lease term 7 years 6 years 7 years Weighted-average discount rate 2.97 % 2.51 % 2.74 % Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2023 $ 149,061 2024 139,820 2025 118,110 2026 97,979 2027 75,220 Later years 212,036 Total lease payments 792,226 Less: imputed interest 83,025 Total $ 709,201 All other operating leasing activities were not material to the Company’s consolidated results of operations. Minimum lease payments required under capital leases are not material. |
Capitalized servicing assets
Capitalized servicing assets | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Capitalized servicing assets | 7. Capitalized servicing assets Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2022 2021 2020 2022 2021 2020 (In thousands) Beginning balance $ 241,053 $ 231,204 $ 244,411 $ 132,604 $ 133,429 $ 130,636 Originations 6,998 65,723 45,101 24,401 33,068 29,306 Acquired in business 12,133 — — — — — Amortization ( 65,849 ) ( 55,874 ) ( 58,308 ) ( 30,614 ) ( 33,893 ) ( 26,513 ) 194,335 241,053 231,204 126,391 132,604 133,429 Valuation allowance — ( 24,000 ) ( 30,000 ) — — — Ending balance, net $ 194,335 $ 217,053 $ 201,204 $ 126,391 $ 132,604 $ 133,429 Residential mortgage loans serviced for others were $ 22.4 billion at December 31, 2022 , $ 23.2 billion at December 31, 2021 and $ 26.3 billion at December 31, 2020 . Excluded from residential mortgage loans serviced for others were loans sub-serviced for others of $ 96.0 billion, $ 74.7 billion and $ 68.1 billion at December 31, 2022, 2021, and 2020 , respectively. In conjunction with the acquisition of People's United on April 1, 2022, the Company acquired servicing rights for residential real estate loans that had outstanding principal balances at that date of $ 1.1 billion. The fair value of such servicing rights at that date was $ 12 million. Commercial mortgage loans serviced for others were $ 22.2 billion at December 31, 2022 , $ 20.2 billion at December 31, 2021 and $ 18.9 billion at December 31, 2020 . Excluded from commercial mortgage loans serviced for others were loans sub-serviced for others of $ 3.8 billion at December 31, 2022 , $ 3.5 billion at December 31, 2021 and $ 3.3 billion at December 31, 2020. The estimated fair value of capitalized residential mortgage loan servicing assets was approximately $ 336 million at December 31, 2022 and $ 257 million at December 31, 2021 . The fair value of capitalized residential mortgage loan servicing assets was estimated using weighted-average discount rates of 12.29 % and 9.8 % at December 31, 2022 and 2021, respectively, and contemporaneous prepayment assumptions that vary by loan type. At December 31, 2022 and 2021 , the discount rate represented a weighted-average option-adjusted spread (“OAS”) of 881 basis points (hundredths of one percent) and 894 basis points, respectively, over market implied forward London Interbank Offered Rates (“LIBOR”). The estimated fair value of capitalized residential mortgage loan servicing rights may vary significantly in subsequent periods due to changing interest rates and the effect thereof on prepayment speeds. The estimated fair value of capitalized commercial mortgage loan servicing assets was approximately $ 156 million at December 31, 2022 and $ 160 million at December 31, 2021 . An 18 % discount rate was used to estimate the fair value of capitalized commercial mortgage loan servicing rights at December 31, 2022 and 2021 with no prepayment assumptions because, in general, the servicing agreements allow the Company to share in customer loan prepayment fees and thereby recover the remaining carrying value of the capitalized servicing rights associated with such loan. The Company’s ability to realize the carrying value of capitalized commercial mortgage servicing rights is more dependent on the borrowers’ abilities to repay the underlying loans than on prepayments or changes in interest rates. The key economic assumptions used to determine the fair value of significant portfolios of capitalized servicing rights at December 31, 2022 and the sensitivity of such value to changes in those assumptions are summarized in the table that follows. Those calculated sensitivities are hypothetical and actual changes in the fair value of capitalized servicing rights may differ significantly from the amounts presented herein. The effect of a variation in a particular assumption on the fair value of the servicing rights is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities. The changes in assumptions are presumed to be instantaneous. Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 7.27 % Impact on fair value of 10% adverse change $ ( 8,471 ) Impact on fair value of 20% adverse change ( 16,417 ) Weighted-average OAS 8.81 % Impact on fair value of 10% adverse change $ ( 10,226 ) Impact on fair value of 20% adverse change ( 19,830 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ ( 6,467 ) Impact on fair value of 20% adverse change ( 12,498 ) |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | 8. Goodwill and other intangible assets The Company does not amortize goodwill, however, core deposit and other intangible assets are amortized over the estimated life of each respective asset. A summary of total amortizing intangible assets follows. Gross Carrying Accumulated Net Carrying (In thousands) December 31, 2022 Core deposit $ 218,000 $ 40,875 $ 177,125 Other 43,000 10,751 32,249 Total $ 261,000 $ 51,626 $ 209,374 December 31, 2021 Core deposit $ 131,664 $ 127,746 $ 3,918 Other 6,757 6,677 80 Total $ 138,421 $ 134,423 $ 3,998 Amortization of core deposit and other intangible assets was generally computed using accelerated methods over original amortization periods of three to seven years . The weighted-average original amortization period was approximately six years . Amortization expense for core deposit and other intangible assets was $ 56 million, $ 10 million and $ 15 million for the years ended December 31, 2022, 2021 and 2020 , respectively. Estimated amortization expense in future years for such intangible assets is as follows: (In thousands) Year ending December 31: 2023 $ 62,044 2024 52,992 2025 37,939 2026 26,887 2027 17,835 Later years 11,677 $ 209,374 The Company completed annual goodwill impairment tests as of October 1, 2022, 2021 and 2020. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations, which has historically been the Company’s core relationship business reporting units. Goodwill was generally assigned based on the implied fair value of the acquired goodwill applicable to the benefited reporting units at the time of each respective acquisition. The implied fair value of the goodwill was determined as the difference between the estimated incremental overall fair value of the reporting unit and the estimated fair value of the net assets assigned to the reporting unit as of each respective acquisition date. To test for goodwill impairment at each evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. The methodologies used to estimate fair values of reporting units as of the acquisition dates and as of the evaluation dates were similar. For the Company’s core customer relationship business reporting units, fair value was estimated as the present value of the expected future cash flows of the reporting unit. Based on the results of the goodwill impairment tests, the Company concluded that the amount of recorded goodwill was not impaired at the respective testing dates. A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2022 and 2021 for purposes of testing for impairment is as follows: December 31, 2021 2022 Transactions (a) December 31, 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 4,406 367,699 Total $ 4,593,112 $ 3,896,977 $ 8,490,089 (a) All increases relate to the acquisition of People's United on April 1, 2022. The increase in "All Other" was partially offset by an $ 11 million decrease representing goodwill allocated to the M&T Insurance Agency sold in October 2022. Further information regarding those transactions is provided in note 2. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 9. Borrowings The amounts and interest rates of short-term borrowings were as follows: Federal Funds Other Total (Dollars in thousands) At December 31, 2022 Amount outstanding $ 354,670 $ 3,200,281 $ 3,554,951 Weighted-average interest rate 1.01 % 4.59 % 4.24 % For the year ended December 31, 2022 Highest amount at a month-end $ 633,684 $ 3,200,283 Daily-average amount outstanding 368,326 567,654 $ 935,980 Weighted-average interest rate 0.20 % 3.29 % 2.08 % At December 31, 2021 Amount outstanding $ 47,046 $ — $ 47,046 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2021 Highest amount at a month-end $ 103,548 $ — Daily-average amount outstanding 68,073 — $ 68,073 Weighted-average interest rate 0.01 % — 0.01 % At December 31, 2020 Amount outstanding $ 59,482 $ — $ 59,482 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2020 Highest amount at a month-end $ 82,893 $ — Daily-average amount outstanding 61,551 — $ 61,551 Weighted-average interest rate 0.05 % — 0.05 % Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, federal funds and repurchase agreements mature on the next business day and other short-term borrowings are set to mature in February 2023. At December 31, 2022, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 3,205,807 Unused 34,250,872 At December 31, 2022 , M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $ 23.1 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately $ 14.3 billion at December 31, 2022. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities. Long-term borrowings were as follows: December 31, 2022 2021 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,961 $ 249,893 3.55 % due 2023 493,960 516,173 4.55 % fixed/variable due 2028 477,044 — Senior notes of M&T Bank: Variable rate due 2022 — 249,961 2.50 % due 2022 — 653,903 5.40 % due 2025 499,317 — 2.90 % due 2025 749,824 749,740 Advances from FHLB: Fixed rates 5,183 1,578 Subordinated notes of M&T: 5.75 % due 2024 77,337 — Subordinated notes of M&T Bank: 4.00 % due 2024 403,569 — 3.40 % due 2027 462,727 522,867 Junior subordinated debentures of M&T associated with Fixed rates: BSB Capital Trust I — 8.125 %, due 2028 15,798 15,775 Provident Trust I — 8.29 %, due 2028 31,267 30,103 Southern Financial Statutory Trust I — 10.60 %, due 2030 6,999 6,912 Variable rates: First Maryland Capital I — due 2027 149,479 148,945 First Maryland Capital II — due 2027 151,932 151,270 Allfirst Asset Trust — due 2029 97,365 97,220 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 59,132 57,547 Southern Financial Capital Trust III — due 2033 8,644 8,448 Other 9,535 9,570 $ 3,964,537 $ 3,485,369 The variable rate senior notes of M&T pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rates for those notes were 5.00 % at December 31, 2022 and .81 % at December 31, 2021. The variable rate senior notes of M&T Bank were repaid in 2022 and paid interest quarterly at a rate that was indexed to the three-month LIBOR. The contractual interest rate was .61 % at December 31, 2021. Long-term fixed rate advances from the FHLB had weighted-average contractual interest rates of 2.34 % at December 31, 2022 and 5.82 % at December 31, 2021. Advances from the FHLB outstanding at December 31, 2022 have maturity dates that range from 2023 to 2039 and are secured by residential real estate loans, commercial real estate loans and investment securities. The fixed and variable rate junior subordinated deferrable interest debentures of M&T (“Junior Subordinated Debentures”) are held by various trusts and 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 Capital Securities qualify for inclusion in Tier 2 regulatory capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR or, upon the expected cessation of LIBOR after June 30, 2023, at rates that are indexed to the three-month Secured Overnight Financing Rate ("SOFR"). Those rates ranged from 5.08 % to 7.69 % at December 31, 2022 and from .98 % to 3.47 % at December 31, 2021 . The weighted-average variable rates payable on those Junior Subordinated Debentures were 5.66 % at December 31, 2022 and 1.53 % at December 31, 2021. 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. Long-term borrowings at December 31, 2022 mature as follows: (In thousands) Year ending December 31: 2023 $ 744,127 2024 490,411 2025 1,250,599 2026 628 2027 764,246 Later years 714,526 $ 3,964,537 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' equity | 10. Shareholders’ equity M&T is authorized to issue 20,000,000 shares of preferred stock. 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 December 31, 2022 and 2021 is presented below: December 31, 2022 December 31, 2021 Shares Carrying Value Shares Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred 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 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred 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 25 liquidation preference per share 10,000,000 $ 260,600 — — Series I (e) Fixed-Rate Reset Non-cumulative Perpetual Preferred 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. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 387 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. Declared dividends per share were $ 64.50 in each of 2022, 2021 and 2020. (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. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 378 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. Declared dividends per share were $ 512.50 in each of 2022, 2021 and 2020. (c) Dividends, if declared, are paid semi-annually at a rate of 5.0 % through July 31, 2024 and thereafter will be paid semi-annually 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. Declared dividends per share were $ 500.00 in each of 2022 and 2021, and $ 500.694 in 2020. (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 plus 402 basis points. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 428 basis points. 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. Dividends declared per share were $ 1.0547 in 2022. (e) Dividends, if declared, are paid semi-annually at a rate of 3.5 % through August 31, 2026 and thereafter will be paid semi-annually 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. Dividends declared per share were $ 356.806 in 2022 and $ 94.306 in 2021. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 11. 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 service s is received at least annually, but oftentimes more frequently as services are provided. At December 31, 2022 and 2021 , the Company had $ 74 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 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 December 31, 2022 and 2021 , the Company had deferred revenue of $ 48 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 2022, 2021 and 2020 that are subject to the revenue recognition guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2022 (In thousands) Classification in consolidated Service charges on deposit accounts $ 71,057 111,238 14,569 — — 243,871 5,869 $ 446,604 Trust income 6 — — — — — 740,711 740,717 Brokerage services income — — — — — — 87,877 87,877 Other revenues from operations: Merchant discount and 62,040 67,433 3,924 — — 24,454 1,405 159,256 Other — 14,358 10,183 91 3,401 23,796 38,118 89,947 $ 133,103 193,029 28,676 91 3,401 292,121 873,980 $ 1,524,401 Year Ended December 31, 2021 Classification in consolidated Service charges on deposit accounts $ 53,816 98,880 11,853 — — 232,279 5,285 $ 402,113 Trust income — — — — — — 644,716 644,716 Brokerage services income — — — — — — 62,791 62,791 Other revenues from operations: Merchant discount and 52,343 55,164 2,661 — — 20,850 387 131,405 Other — 5,968 7,304 1,359 6,166 22,878 39,973 83,648 $ 106,159 160,012 21,818 1,359 6,166 276,007 753,152 $ 1,324,673 Year Ended December 31, 2020 Classification in consolidated Service charges on deposit accounts $ 50,119 92,720 10,252 — — 211,858 5,839 $ 370,788 Trust income 18 442 — — — — 601,424 601,884 Brokerage services income — — — — — — 47,428 47,428 Other revenues from operations: Merchant discount and 40,475 45,528 2,221 — — 13,481 767 102,472 Other — 9,408 6,218 1,625 4,732 20,813 41,815 84,611 $ 90,612 148,098 18,691 1,625 4,732 246,152 697,273 $ 1,207,183 Service charges on deposit accounts include fees deducted directly from customer account balances, such as account maintenance, insufficient funds and other transactional service charges, and also include debit card interchange revenue resulting from customer initiated transactions. Account maintenance charges are generally recognized as revenue on a monthly basis, whereas other fees are recognized after the respective service is provided. Trust income includes fees related to the Institutional Client Services (“ICS”) business and the Wealth Advisory Services (“WAS”) business. Revenues from the ICS business are largely derived from a variety of trustee, agency, investment, cash management and administrative services, whereas revenues from the WAS business are mainly derived from asset management, fiduciary services, and family office services. Trust fees may be billed in arrears or in advance and are recognized as revenues as the Company’s performance obligations are satisfied. Certain fees are based on a percentage of assets invested or under management and are recognized as the service is performed and constraints regarding the uncertainty of the amount of fees are resolved. Brokerage services income includes revenues from the sale of mutual funds and annuities and securities brokerage fees. Such revenues are generally recognized at the time of transaction execution. Mutual fund and other distribution fees are recognized upon initial placement of customer funds as well as in future periods as such customers continue to hold amounts in those mutual funds. Other revenues from operations include merchant discount and credit card fees that are generally recognized when the cardholder’s transaction is approved and settled. Also included in other revenues from operations are insurance commissions, ATM surcharge fees, and advisory fees. Insurance commissions are recognized at the time the insurance policy is executed with the customer. Insurance renewal commissions are recognized upon subsequent renewal of the policy. ATM surcharge fees are included in revenue at the time of the respective ATM transaction. Advisory fees are generally recognized at the conclusion of the advisory engagement when the Company has satisfied its service obligation. |
Stock-based compensation plans
Stock-based compensation plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation plans | 12. Stock-based compensation plans Stock-based compensation expense was $ 111 million in 2022, $ 85 million in 2021 and $ 80 million in 2020 . The Company recognized income tax benefits related to stock-based compensation of $ 26 million in 2022, $ 16 million in 2021 and $ 17 million in 2020. The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. At December 31, 2022 and 2021 , respectively, there were 1,650,696 and 2,299,502 shares available for future grant under the Company’s equity incentive compensation plan. Stock awards Stock awards granted to employees are comprised of restricted stock and restricted stock units. Stock awards generally vest over three years . The Company may issue shares from treasury stock to the extent available or issue new shares. There were no restricted shares issued in 2022, 2021 or 2020 . The number of restricted stock units issued was 548,926 in 2022 , 636,956 in 2021 and 480,949 in 2020 , with a weighted-average grant date fair value of $ 93 million, $ 84 million and $ 81 million, respectively. Unrecognized compensation expense associated with restricted stock and restricted stock units, inclusive of those awards assumed in the acquisition of People's United, was $ 38 million as of December 31, 2022 and is expected to be recognized over a weighted-average period of approximately one year . A summary of restricted stock and restricted stock unit activity follows: Restricted Weighted- Restricted Weighted- Unvested at January 1, 2022 1,038,692 $ 147.32 4,076 $ 162.35 Granted 548,926 169.13 — — Assumed in business combination 252,820 164.66 173,204 164.66 Vested ( 628,130 ) 156.21 ( 100,017 ) 164.57 Cancelled ( 44,726 ) 155.72 ( 2,257 ) 164.66 Unvested at December 31, 2022 1,167,582 156.23 75,006 $ 164.65 Stock option awards Stock options granted to employees generally vest over three years and are exercisable over terms not exceeding ten years and one day. The Company granted 138,825 , 178,441 and 187,088 stock options in 2022, 2021 and 2020 , respectively. The weighted-average grant date fair value of options granted was $ 6 million in 2022 and $ 5 million in each of 2021 and 2020. The Company used an option pricing model to estimate the grant date present value of stock options granted. A summary of stock option activity follows: Weighted-Average Stock Exercise Life Aggregate Outstanding at January 1, 2022 635,864 $ 162.73 Granted 138,825 169.38 Assumed in business combination 1,857,739 141.58 Exercised ( 278,336 ) 142.36 Expired ( 14,030 ) 157.47 Outstanding at December 31, 2022 2,340,062 $ 148.78 5.9 $ 18,797 Exercisable at December 31, 2022 1,840,243 $ 147.61 5.2 $ 15,797 For 2022, 2021 and 2020 M&T received $ 37 million, $ 305,000 and $ 3 million, respectively, in cash from the exercise of stock options. The intrinsic value of stock options exercised and the related tax benefit realized by the Company were not material in any of those three years. As of December 31, 2022, the amount of unrecognized compensation cost related to non-vested stock options was not material. The total grant date fair value of stock options vested during 2022, 2021 and 2020 was not material. Upon the exercise of stock options, the Company may issue shares from treasury stock to the extent available or issue new shares. Stock purchase plan The stock purchase plan provides eligible employees of the Company with the right to purchase shares of M&T common stock at a discount through accumulated payroll deductions. In connection with the employee stock purchase plan, shares of M&T common stock issued were 75,232 in 2022 , 95,147 in 2021 and 77,170 in 2020. As of December 31, 2022 , there were 2,063,202 shares available for issuance under the plan. M&T received cash for shares purchased through the employee stock purchase plan of $ 11 million in each of 2022 and 2021 , and $ 12 million in 2020. Compensation expense recognized for the stock purchase plan was not material in 2022, 2021 or 2020. Deferred bonus plan The Company provided a deferred bonus plan pursuant to which eligible employees could elect to defer all or a portion of their annual incentive compensation awards and allocate such awards to several investment options, including M&T common stock. Participants could elect the timing of distributions from the plan. Such distributions are payable in cash with the exception of balances allocated to M&T common stock which are distributable in the form of M&T common stock. Shares of M&T common stock distributable pursuant to the terms of the deferred bonus plan were 11,725 and 13,319 at December 31, 2022 and 2021, respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. Directors’ stock compensation programs The Company maintains compensation programs for members of the Company’s boards of directors and its regional director advisory councils that provides for a portion of their compensation to be received in shares or restricted stock units. In 2022 and 2021 , 22,068 and 28,646 shares, respectively, were granted under such programs. Through acquisitions, the Company assumed obligations to issue shares of M&T common stock related to deferred directors' compensation plans. Shares of common stock issuable under such plans were 2,306 and 2,450 at December 31, 2022 and 2021 , respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. |
Pension plans and other postret
Pension plans and other postretirement benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension plans and other postretirement benefits | 13. Pension plans and other postretirement benefits The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. The Company uses a December 31 measurement date for all of its plans. Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2022 2021 2020 (In thousands) Service cost $ 17,660 $ 20,513 $ 19,944 Interest cost on benefit obligation 82,467 61,873 71,421 Expected return on plan assets ( 187,609 ) ( 143,448 ) ( 125,512 ) Amortization of prior service cost 516 553 557 Recognized net actuarial loss 19,895 89,017 58,096 Net periodic pension cost (benefit) $ ( 67,071 ) $ 28,508 $ 24,506 Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2022 2021 2020 (In thousands) Service cost $ 2,604 $ 1,014 $ 970 Interest cost on benefit obligation 2,188 1,311 1,741 Amortization of prior service credit ( 2,772 ) ( 4,738 ) ( 4,738 ) Recognized net actuarial gain ( 1,481 ) ( 1,295 ) ( 1,236 ) Net other postretirement benefits $ 539 $ ( 3,708 ) $ ( 3,263 ) Service cost is reflected in salaries and employee benefits expense. The other components of net periodic benefit expense are reflected in other costs of operations. 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 all or 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 year ended December 31, 2022 from what would have been recorded without such change in amortization period by $ 36 million. Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other 2022 2021 2022 2021 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 2,420,213 $ 2,521,292 $ 51,846 $ 55,281 Service cost 17,660 20,513 2,604 1,014 Interest cost 82,467 61,873 2,188 1,311 Plan participants’ contributions — — 2,433 2,553 Actuarial (gain) loss ( 636,220 ) ( 69,230 ) ( 21,735 ) ( 2,232 ) Plan amendment — — 13,260 — Business combinations 632,855 — 14,859 — Medicare Part D reimbursement — — 506 540 Benefits paid ( 137,987 ) ( 114,235 ) ( 5,600 ) ( 6,621 ) Benefit obligation at end of year 2,378,988 2,420,213 60,361 51,846 Change in plan assets: Fair value of plan assets at 2,595,838 2,420,582 — — Actual return on plan assets ( 385,823 ) 278,260 — — Employer contributions 14,397 11,231 2,661 3,528 Business combinations 855,555 — — — Plan participants’ contributions — — 2,433 2,553 Medicare Part D reimbursement — — 506 540 Benefits paid ( 137,987 ) ( 114,235 ) ( 5,600 ) ( 6,621 ) Fair value of plan assets at end of year 2,941,980 2,595,838 — — Funded status $ 562,992 $ 175,625 $ ( 60,361 ) $ ( 51,846 ) Prepaid asset recognized in the 715,418 332,197 — — Accrued liability recognized in the ( 152,426 ) ( 156,572 ) ( 60,361 ) ( 51,846 ) Net accrued asset (liability) $ 562,992 $ 175,625 $ ( 60,361 ) $ ( 51,846 ) Amounts recognized in accumulated other Net loss (gain) $ 309,039 $ 391,721 $ ( 34,892 ) $ ( 14,638 ) Net prior service cost (credit) 208 724 ( 1,499 ) ( 17,531 ) Pre-tax adjustment to AOCI 309,247 392,445 ( 36,391 ) ( 32,169 ) Taxes ( 80,095 ) ( 101,447 ) 9,425 8,316 Net adjustment to AOCI $ 229,152 $ 290,998 $ ( 26,966 ) $ ( 23,853 ) The Company has an unfunded supplemental pension plan for certain key executives and others. The projected benefit obligation and accumulated benefit obligation included in the preceding data related to such plan were $ 152 million as of December 31, 2022 and $ 157 million as of December 31, 2021. The accumulated benefit obligation for all defined benefit pension plans was $ 2.4 billion at each of December 31, 2022 and 2021. GAAP requires an employer to recognize in its balance sheet as an asset or liability the overfunded or underfunded status of a defined benefit postretirement plan, measured as the difference between the fair value of plan assets and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit expense, are recognized as a component of other comprehensive income. Amortization of net gains and losses is included in annual net periodic benefit expense if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the benefit obligation or the market-related fair value of the plan assets. As indicated in the preceding table, as of December 31, 2022 the Company recorded a minimum liability adjustment of $ 273 million ($ 309 million related to pension plans and ($ 36 million) related to other postretirement benefits) with a corresponding reduction of shareholders’ equity, net of applicable deferred taxes, of $ 202 million. In aggregate, the benefit plans realized a net gain during 2022 that resulted in a decrease to the minimum liability adjustment from that which was recorded at December 31, 2021 of $ 87 million. The net gain in 2022 was mainly the result of increasing the discount rate used to measure the benefit obligation of all plans to 5.00 % at December 31, 2022 from 2.75 % used at the prior year-end offset, in part, by a return on plan assets that was lower than the assumed expected return and by the amortization of actuarial losses. The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans. Pension Plans Other Total (In thousands) 2022 Net loss (gain) $ ( 62,787 ) $ ( 21,735 ) $ ( 84,522 ) Net prior service cost — 13,260 13,260 Amortization of prior service (cost) credit ( 516 ) 2,772 2,256 Amortization of actuarial (loss) gain ( 19,895 ) 1,481 ( 18,414 ) Total recognized in other comprehensive income, $ ( 83,198 ) $ ( 4,222 ) $ ( 87,420 ) 2021 Net loss (gain) $ ( 204,042 ) $ ( 2,232 ) $ ( 206,274 ) Amortization of prior service (cost) credit ( 553 ) 4,738 4,185 Amortization of actuarial (loss) gain ( 89,017 ) 1,295 ( 87,722 ) Total recognized in other comprehensive income, $ ( 293,612 ) $ 3,801 $ ( 289,811 ) The Company also provides a qualified defined contribution pension plan to eligible employees who were not participants in the defined benefit pension plan as of December 31, 2005 and to other employees who have elected to participate in the defined contribution plan. The Company makes contributions to the defined contribution plan each year in an amount that is based on an individual participant’s total compensation (generally defined as total wages, incentive compensation, commissions and bonuses) and years of service. Company contributions to the plan are discretionary for participants for which eligibility occurred after January 1, 2020. Participants do not contribute to the defined contribution pension plan. Pension expense recorded in 2022, 2021 and 2020 associated with the defined contribution pension plan was $ 45 million, $ 40 million and $ 35 million, respectively. Assumptions The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Other 2022 2021 2022 2021 Discount rate 5.00 % 2.75 % 5.00 % 2.75 % Rate of increase in future compensation levels 3.33 % 3.35 % — — The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other 2022 2021 2020 2022 2021 2020 Discount rate 2.75 % 2.50 % 3.25 % 2.75 % 2.50 % 3.25 % Long-term rate of return on plan assets 6.25 % 6.25 % 6.50 % — — — Rate of increase in future compensation 3.35 % 3.37 % 4.29 % — — — The discount rate used by the Company to determine the present value of the Company’s future benefit obligations reflects specific market yields for a hypothetical portfolio of highly rated corporate bonds that would produce cash flows similar to the Company’s benefit plan obligations and the level of market interest rates in general as of the year-end. The expected long-term rate of return assumption as of each measurement date was developed through analysis of historical market returns, current market conditions, anticipated future asset allocations, the funds’ past experience, and expectations on potential future market returns. The expected rate of return assumption represents a long-term average view of the performance of the plan assets, a return that may or may not be achieved during any one calendar year. The Company’s defined benefit pension plan is sensitive to the long-term rate of return on plan assets and the discount rate. To demonstrate the sensitivity of pension expense to changes in these assumptions, with all other assumptions held constant, 25 basis point increases in: the rate of return on plan assets would have resulted in a decrease in pension expense of approximately $ 6 million; and the discount rate would have resulted in a decrease in pension expense of approximately $ 2 million. Decreases of 25 basis points in those assumptions would have resulted in similar changes in amount, but in the opposite direction from the changes presented in the preceding sentence. Additionally, an increase of 25 basis points in the discount rate would have decreased the benefit obligation by $ 64 million and a decrease of 25 basis points in the discount rate would have increased the benefit obligation by $ 67 million at December 31, 2022. For measurement of other postretirement benefits, a 6.50 % annual rate of increase in the per capita cost of covered health care benefits was assumed for 2022 . The rate was assumed to decrease to 5.00 % over six years . Plan assets The Company’s policy is to invest the pension plan assets in a prudent manner for the purpose of providing benefit payments to participants and mitigating reasonable expenses of administration. The Company’s investment strategy is designed to provide a total return that, over the long-term, places an emphasis on the preservation of capital. The strategy attempts to maximize investment returns on assets at a level of risk deemed appropriate by the Company while complying with applicable regulations and laws. The investment strategy utilizes asset diversification as a principal determinant for establishing an appropriate risk profile while emphasizing total return realized from capital appreciation, dividends and interest income. The target allocations for plan assets are generally 25 to 60 percent equity securities, 10 to 65 percent debt securities, and 5 to 60 percent money-market investments/cash equivalents and other investments, although holdings could be more or less than these general guidelines based on market conditions at the time and actions taken or recommended by the investment managers providing advice to the Company. Assets are managed by a combination of internal and external investment managers. Equity securities may include investments in domestic and international equities, through individual securities, mutual funds and exchange-traded funds. Debt securities may include investments in corporate bonds of companies from diversified industries, mortgage-backed securities guaranteed by government agencies and U.S. Treasury securities through individual securities and mutual funds. Additionally, the Company’s defined benefit pension plan held $ 633 million ( 22 % of total assets) of real estate funds, private investments, hedge funds and other investments at December 31, 2022. Returns on invested assets are periodically compared with target market indices for each asset type to aid management in evaluating such returns. Furthermore, management regularly reviews the investment policy and may, if deemed appropriate, make changes to the target allocations noted above. The fair values of the Company’s pension plan assets at December 31, 2022 and 2021, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 89,829 $ 52,005 $ 37,824 $ — Equity securities: M&T 118,285 118,285 — — Domestic (a) 449,466 449,466 — — International (b) 18,510 18,510 — — Mutual funds: Domestic (a) 279,299 279,299 — — International (b) 477,194 477,194 — — 1,342,754 1,342,754 — — Debt securities: Corporate (c) 199,728 — 199,728 — Government 236,199 — 236,199 — International 14,777 — 14,777 — Mutual funds: Domestic (d) 422,615 422,615 — — 873,319 422,615 450,704 — Other: Diversified mutual fund 108,483 108,483 — — Real estate partnerships 26,953 6,651 — 20,302 Private equity / debt 211,098 — — 211,098 Hedge funds 276,367 108,957 — 167,410 Guaranteed deposit fund 9,601 — — 9,601 632,502 224,091 — 408,411 Total (e) $ 2,938,404 $ 2,041,465 $ 488,528 $ 408,411 Fair Value Measurement of Plan Assets At December 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 82,751 $ 43,616 $ 39,135 $ — Equity securities: M&T 134,447 134,447 — — Domestic (a) 369,283 369,283 — — International (b) 14,835 14,835 — — Mutual funds: Domestic (a) 280,347 280,347 — — International (b) 461,304 461,304 — — 1,260,216 1,260,216 — — Debt securities: Corporate (c) 178,528 — 178,528 — Government 206,540 — 206,540 — International 12,933 — 12,933 — Mutual funds: Domestic (d) 315,424 315,424 — — 713,425 315,424 398,001 — Other: Diversified mutual fund 108,239 108,239 — — Real estate partnerships 16,620 5,264 — 11,356 Private equity / debt 151,550 — — 151,550 Hedge funds 250,691 74,599 — 176,092 Guaranteed deposit fund 10,041 — — 10,041 537,141 188,102 — 349,039 Total (e) $ 2,593,533 $ 1,807,358 $ 437,136 $ 349,039 (a) This category is mainly comprised of equities of companies primarily within the small-cap, mid-cap and large-cap sectors of the U.S. economy and range across diverse industries. (b) This category is comprised of equities in companies primarily within the mid-cap and large-cap sectors of international markets mainly in developed and emerging markets in Europe and the Pacific Rim. (c) This category represents investment grade bonds of U.S. issuers from diverse industries. (d) Approximately 73 % of the mutual funds were invested in investment grade bonds and 27 % in high-yielding bonds at December 31, 2022 . Approximately 72 % of the mutual funds were invested in investment grade bonds and 28 % in high-yielding bonds at December 31, 2021. The holdings within the funds were spread across diverse industries. (e) Excludes dividends and interest receivable totaling $ 4 million and $ 2 million at December 31, 2022 and 2021 , respectively. Pension plan assets included common stock of M&T with a fair value of $ 118 million ( 4 % of total plan assets) at December 31, 2022 and $ 134 million ( 5 % of total plan assets) at December 31, 2021 . No investment in securities of a non-U.S. Government or government agency issuer exceeded ten percent of plan assets at December 31, 2022. The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2022 were as follows: Balance – Net Purchases Total Balance – (In thousands) Other Real estate partnerships $ 11,356 $ 6,062 $ 2,884 $ 20,302 Private equity/debt 151,550 66,393 ( 6,845 ) 211,098 Hedge funds 176,092 ( 2,714 ) ( 5,968 ) 167,410 Guaranteed deposit fund 10,041 819 ( 1,259 ) 9,601 Total $ 349,039 $ 70,560 $ ( 11,188 ) $ 408,411 The Company makes contributions to its funded qualified defined benefit pension plan as required by government regulation or as deemed appropriate by management after considering factors such as the fair value of plan assets, expected returns on such assets and the present value of benefit obligations of the plan. The Company is not required to make contributions to the qualified defined benefit plan in 2023, however, subject to the impact of actual events and circumstances that may occur in 2023, the Company may make contributions, but the amount of any such contributions has not been determined. The Company regularly funds the payment of benefit obligations for the supplemental defined benefit pension and postretirement benefit plans because such plans do not hold assets for investment. Payments made by the Company for supplemental pension benefits were $ 14 million and $ 11 million in 2022 and 2021 , respectively. Payments made by the Company for postretirement benefits were $ 3 million and $ 4 million in 2022 and 2021, respectively. Payments for supplemental pension and other postretirement benefits for 2023 are not expected to differ from those made in 2022 by an amount that will be material to the Company’s consolidated financial position. Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Other (In thousands) Year ending December 31: 2023 $ 145,705 $ 3,910 2024 150,676 3,925 2025 155,164 4,342 2026 158,433 4,278 2027 163,737 4,226 2028 through 2032 833,186 19,943 The Company has a retirement savings plan (“RSP”) that is a defined contribution plan in which eligible employees of the Company may defer up to 50 % of qualified compensation via contributions to the plan. The RSP provides for employer matching contributions of 100 % of an employee's qualified compensation up to 5 %. Employees’ accounts, including employee contributions, employer matching contributions and accumulated earnings thereon, are at all times fully vested and nonforfeitable. Employee benefits expense resulting from the Company’s contributions to the RSP totaled $ 84 million, $ 63 million and $ 62 million in 2022, 2021 and 2020 , respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 14. Income taxes The components of income tax expense were as follows: Year Ended December 31 2022 2021 2020 (In thousands) Current Federal $ 367,028 $ 331,714 $ 267,550 State and local 143,012 85,354 98,431 Total current 510,040 417,068 365,981 Deferred Federal ( 18,444 ) 71,880 ( 22,894 ) State and local ( 11,543 ) 15,279 ( 8,397 ) Total deferred ( 29,987 ) 87,159 ( 31,291 ) Amortization of investments in qualified affordable housing projects 139,407 92,176 81,679 Total income taxes applicable to pre-tax income $ 619,460 $ 596,403 $ 416,369 The Company files a consolidated federal income tax return reflecting taxable income earned by all domestic subsidiaries. In prior years, applicable federal tax law allowed certain financial institutions the option of deducting as bad debt expense for tax purposes amounts in excess of actual losses. In accordance with GAAP, such financial institutions were not required to provide deferred income taxes on such excess. Recapture of the excess tax bad debt reserve established under the previously allowed method will result in taxable income if M&T Bank fails to maintain bank status as defined in the Internal Revenue Code or charges are made to the reserve for other than bad debt losses. At December 31, 2022 , M&T Bank’s tax bad debt reserve for which no federal income taxes have been provided was $ 137 million. No actions are planned that would cause this reserve to become wholly or partially taxable. Income taxes attributable to gains or losses on bank investment securities were not material in any of 2022, 2021 and 2020. Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2022 2021 2020 (In thousands) Income taxes at statutory federal income tax rate $ 548,336 $ 515,581 $ 371,599 Increase (decrease) in taxes: Tax-exempt income ( 37,170 ) ( 20,605 ) ( 22,806 ) State and local income taxes, net of federal income tax effect 109,903 101,046 71,127 Qualified affordable housing project tax credits, net ( 22,524 ) ( 14,542 ) ( 14,826 ) Other 20,915 14,923 11,275 $ 619,460 $ 596,403 $ 416,369 Deferred tax assets (liabilities) were comprised of the following at December 31: 2022 2021 2020 (In thousands) Losses on loans and other assets $ 640,520 $ 395,784 $ 471,767 Operating lease liabilities 182,638 110,023 121,216 Retirement benefits — — 26,185 Postretirement and other employee benefits — 31,760 28,004 Incentive and other compensation plans 33,936 24,713 18,984 Unrealized losses 115,024 — — Interest on loans 53,792 — — Losses on cash flow hedges 87,164 — — Stock-based compensation 51,366 32,675 29,507 Other 81,498 52,351 66,763 Gross deferred tax assets 1,245,938 647,306 762,426 Right of use assets and other leasing transactions ( 367,137 ) ( 249,209 ) ( 285,311 ) Unrealized gains — ( 27,066 ) ( 50,785 ) Retirement benefits ( 87,486 ) ( 45,402 ) — Capitalized servicing rights ( 51,273 ) ( 53,219 ) ( 50,235 ) Postretirement and other employee benefits ( 29,230 ) — — Depreciation and amortization ( 155,048 ) ( 93,103 ) ( 95,684 ) Interest on loans — ( 6,690 ) ( 8,113 ) Gains on cash flow hedges — ( 22,820 ) ( 97,004 ) Other ( 69,314 ) ( 88,053 ) ( 62,581 ) Gross deferred tax liabilities ( 759,488 ) ( 585,562 ) ( 649,713 ) Net deferred tax asset $ 486,450 $ 61,744 $ 112,713 The Company believes that it is more likely than not that the deferred tax assets will be r ealized through taxable earnings or alternative tax strategies. The income tax credits shown in the statement of income of M&T in note 26 arise principally from operating losses before dividends from subsidiaries. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, Accrued Unrecognized (In thousands) Gross unrecognized tax benefits at January 1, 2020 $ 58,969 $ 7,199 $ 66,168 Increases as a result of tax positions taken in prior years — 2,800 2,800 Decreases as a result of tax positions taken in prior years ( 10,107 ) ( 2,384 ) ( 12,491 ) Gross unrecognized tax benefits at December 31, 2020 48,862 7,615 56,477 Increases as a result of tax positions taken in prior years — 2,560 2,560 Decreases as a result of tax positions taken in prior years ( 11,351 ) ( 2,766 ) ( 14,117 ) Gross unrecognized tax benefits at December 31, 2021 37,511 7,409 44,920 Increases as a result of tax positions taken in prior years — 3,090 3,090 Unrecognized tax benefits assumed in a business combination 3,788 1,205 4,993 Decreases as a result of tax positions taken in prior years ( 11,090 ) ( 3,958 ) ( 15,048 ) Gross unrecognized tax benefits at December 31, 2022 $ 30,209 $ 7,746 37,955 Less: Federal, state and local income tax benefits ( 7,285 ) Net unrecognized tax benefits at December 31, 2022 that, $ 30,670 The Company’s policy is to recognize interest and penalties, if any, related to unrecognized tax benefits in income taxes in the consolidated statement of income. The balance of accrued interest at December 31, 2022 is included in the table above. The Company’s federal, state and local income tax returns are routinely subject to examinations from various governmental taxing authorities. Such examinations may result in challenges to the tax return treatment applied by the Company to specific transactions. Management believes that the assumptions and judgment used to record tax-related assets or liabilities have been appropriate. Should determinations rendered by tax authorities ultimately indicate that management’s assumptions were inappropriate, the result and adjustments required could have a material effect on the Company’s results of operations. Examinations by the Internal Revenue Service of the Company’s federal income tax returns have been largely concluded through 2021, although under statute the income tax returns from 2018 through 2021 could be adjusted. The Company also files income tax returns in over forty states and numerous local jurisdictions. Substantially all material state and local matters have been concluded for years through 2014. It is not reasonably possible to estimate when examinations for any subsequent years will be completed. |
Earnings per common share
Earnings per common share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 15. Earnings per common share The computations of basic earnings per common share follow: Year Ended December 31 2022 2021 2020 (In thousands, except per share) Income available to common shareholders: Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Less: Preferred stock dividends ( 96,587 ) ( 72,915 ) ( 68,228 ) Net income available to common equity 1,895,076 1,785,831 1,284,924 Less: Income attributable to unvested stock-based ( 3,607 ) ( 8,854 ) ( 5,858 ) Net income available to common shareholders $ 1,891,469 $ 1,776,977 $ 1,279,066 Weighted-average shares outstanding: Common shares outstanding (including common stock 163,489 129,539 129,404 Less: Unvested stock-based compensation awards ( 315 ) ( 890 ) ( 766 ) Weighted-average shares outstanding 163,174 128,649 128,638 Basic earnings per common share $ 11.59 $ 13.81 $ 9.94 The computations of diluted earnings per common share follow: Year Ended December 31 2022 2021 2020 (In thousands, except per share) Net income available to common equity $ 1,895,076 $ 1,785,831 $ 1,284,924 Less: Income attributable to unvested stock-based ( 3,596 ) ( 8,844 ) ( 5,856 ) Net income available to common shareholders $ 1,891,480 $ 1,776,987 $ 1,279,068 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 163,489 129,539 129,404 Less: Unvested stock-based compensation awards ( 315 ) ( 890 ) ( 766 ) Plus: Incremental shares from assumed conversion of 856 163 66 Adjusted weighted-average shares outstanding 164,030 128,812 128,704 Diluted earnings per common share $ 11.53 $ 13.80 $ 9.94 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 and warrants to purchase common stock of M&T representing common shares of 453,000 in 2022 , 461,000 in 2021 and 474,000 in 2020 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive. |
Comprehensive income
Comprehensive income | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Comprehensive income | 16. 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 before reclassifications: Unrealized holding losses, net ( 550,648 ) — — ( 550,648 ) 142,546 ( 408,102 ) Foreign currency translation adjustment — — ( 7,845 ) ( 7,845 ) 2,058 ( 5,787 ) Unrealized losses on cash flow hedges — — ( 461,033 ) ( 461,033 ) 119,360 ( 341,673 ) Current year benefit plans gains — 71,262 — 71,262 ( 18,309 ) 52,953 Total other comprehensive income (loss) before ( 550,648 ) 71,262 ( 468,878 ) ( 948,264 ) 245,655 ( 702,609 ) Amounts reclassified from accumulated other Amortization of unrealized holding 1,765 — — 1,765 (a) ( 456 ) 1,309 Accretion of net gain on terminated cash — — ( 120 ) ( 120 ) (c) 31 ( 89 ) Net yield adjustment from cash flow hedges — — 36,338 36,338 (a) ( 9,407 ) 26,931 Amortization of prior service credit — ( 2,256 ) — ( 2,256 ) (d) 579 ( 1,677 ) Amortization of actuarial losses — 18,414 — 18,414 (d) ( 4,731 ) 13,683 Total other comprehensive income (loss) ( 548,883 ) 87,420 ( 432,660 ) ( 894,123 ) 231,671 ( 662,452 ) Balance — December 31, 2022 $ ( 444,192 ) $ ( 272,856 ) $ ( 349,129 ) $ ( 1,066,177 ) $ 276,147 $ ( 790,030 ) Balance — January 1, 2021 $ 195,386 $ ( 650,087 ) $ 369,558 $ ( 85,143 ) $ 22,111 $ ( 63,032 ) Other comprehensive income before reclassifications: Unrealized holding losses, net ( 95,114 ) — — ( 95,114 ) 24,870 ( 70,244 ) Foreign currency translation adjustment — — ( 1,218 ) ( 1,218 ) 356 ( 862 ) Unrealized losses on cash flow hedges — — ( 32,292 ) ( 32,292 ) 8,410 ( 23,882 ) Current year benefit plans gains — 206,274 — 206,274 ( 54,016 ) 152,258 Total other comprehensive income (loss) before ( 95,114 ) 206,274 ( 33,510 ) 77,650 ( 20,380 ) 57,270 Amounts reclassified from accumulated other Amortization of unrealized holding 4,427 — — 4,427 (a) ( 1,154 ) 3,273 Gains realized in net income ( 8 ) — — ( 8 ) (b) 2 ( 6 ) Accretion of net gain on terminated cash — — ( 120 ) ( 120 ) (c) 32 ( 88 ) Net yield adjustment from cash flow hedges — — ( 252,397 ) ( 252,397 ) (a) 65,741 ( 186,656 ) Amortization of prior service credit — ( 4,185 ) — ( 4,185 ) (d) 1,095 ( 3,090 ) Amortization of actuarial losses — 87,722 — 87,722 (d) ( 22,971 ) 64,751 Total other comprehensive income (loss) ( 90,695 ) 289,811 ( 286,027 ) ( 86,911 ) 22,365 ( 64,546 ) Balance — December 31, 2021 $ 104,691 $ ( 360,276 ) $ 83,531 $ ( 172,054 ) $ 44,476 $ ( 127,578 ) Investment Defined Benefit Total Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2020 $ 50,701 $ ( 464,548 ) $ 133,888 $ ( 279,959 ) $ 73,279 $ ( 206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 141,081 — — 141,081 ( 36,498 ) 104,583 Foreign currency translation adjustment — — 2,724 2,724 ( 440 ) 2,284 Unrealized gains on cash flow hedges — — 505,042 505,042 ( 130,432 ) 374,610 Current year benefit plans losses — ( 238,218 ) — ( 238,218 ) 60,208 ( 178,010 ) Total other comprehensive income (loss) before 141,081 ( 238,218 ) 507,766 410,629 ( 107,162 ) 303,467 Amounts reclassified from accumulated other Amortization of unrealized holding 3,606 — — 3,606 (a) ( 966 ) 2,640 Gains realized in net income ( 2 ) — — ( 2 ) (b) 1 ( 1 ) Accretion of net gain on terminated cash — — ( 125 ) ( 125 ) (c) 34 ( 91 ) Net yield adjustment from cash flow hedges — — ( 271,971 ) ( 271,971 ) (a) 70,239 ( 201,732 ) Amortization of prior service credit — ( 4,181 ) — ( 4,181 ) (d) 1,057 ( 3,124 ) Amortization of actuarial losses — 56,860 — 56,860 (d) ( 14,371 ) 42,489 Total other comprehensive income (loss) 144,685 ( 185,539 ) 235,670 194,816 ( 51,168 ) 143,648 Balance — December 31, 2020 $ 195,386 $ ( 650,087 ) $ 369,558 $ ( 85,143 ) $ 22,111 $ ( 63,032 ) (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: Investment Defined Other Total (In thousands) Balance at January 1, 2020 $ 37,380 $ ( 342,419 ) $ 98,359 $ ( 206,680 ) Net gain (loss) during 2020 107,222 ( 138,645 ) 175,071 143,648 Balance at December 31, 2020 144,602 ( 481,064 ) 273,430 ( 63,032 ) Net gain (loss) during 2021 ( 66,977 ) 213,919 ( 211,488 ) ( 64,546 ) Balance at December 31, 2021 77,625 ( 267,145 ) 61,942 ( 127,578 ) Net gain (loss) during 2022 ( 406,793 ) 64,959 ( 320,618 ) ( 662,452 ) Balance at December 31, 2022 $ ( 329,168 ) $ ( 202,186 ) $ ( 258,676 ) $ ( 790,030 ) |
Other income and other expense
Other income and other expense | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other income and other expense | 17. Other income and other expense The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2022 2021 2020 (In thousands) Other income: Gain on MTIA divestiture $ 136,331 Credit-related fee income 129,833 $ 90,816 $ 70,387 Credit card interchange fee income 69,963 Merchant discount fee income 61,442 Other expense: Professional services 469,776 348,360 240,047 Charitable contributions 178,137 Amortization of capitalized mortgage servicing rights 96,463 89,767 84,821 |
International activities
International activities | 12 Months Ended |
Dec. 31, 2022 | |
International Activities [Abstract] | |
International Activities | 18. International activities The Company engages in limited international activities including certain trust-related services in Europe, foreign currency transactions associated with customer activity, providing credit to support the international activities of domestic companies, holding certain loans to foreign borrowers and, prior to June 2021, collecting Eurodollar deposits for a Cayman Islands office. Assets and revenues associated with international activities represent less than 1 % of the Company’s consolidated assets and revenues. International assets included $ 319 million and $ 197 million of loans to foreign borrowers at December 31, 2022 and 2021 , respectively. Deposits at M&T Bank’s office in Ontario, Canada were $ 34 million at December 31, 2022 and $ 32 million at December 31, 2021 . Revenues from providing international trust-related services were approximately $ 36 million in each of 2022 and 2020, compared with $ 38 million in 2021 . |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 19. 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 December 31, 2022. The net effect of interest rate swap agreements was to decrease net interest income by $ 26 million in 2022 and to increase net interest income by $ 287 million in 2021 and $ 312 millio n in 2020. 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) December 31, 2022 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,500,000 3.3 2.98 % 4.52 % $ ( 833 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b) (c) 15,900,000 1.4 1.91 % 4.38 % ( 7,059 ) Total $ 17,400,000 1.6 $ ( 7,892 ) 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 commercial real estate loans (b) (d) 21,700,000 0.6 1.24 % 0.09 % ( 248 ) Total $ 23,350,000 0.7 $ ( 207 ) (a) C ertain 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 $ 65.0 million at December 31, 2022 and a net settlement of gains of $ 43.5 million 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 $ 329.7 million at December 31, 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 became effective in 2022. The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2022 mature as follows: (In thousands) Year ending December 31: 2023 $ 7,350,000 2025 9,050,000 2027 1,000,000 $ 17,400,000 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. Other 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 $ 45.1 billion and $ 32.6 billion at December 31, 2022 and 2021 , respectively. The notional amounts of foreign currency and other option and futures contracts not designated as hedging instruments aggregated $ 1.7 billion and $ 1.1 billion at December 31, 2022 and 2021, respectively. 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 December 31, December 31, December 31, December 31, 2022 2021 2022 2021 (In thousands) Derivatives designated and qualifying as Interest rate swap agreements $ 1,202 $ 258 $ 9,094 $ 465 Commitments to sell real estate loans 3,037 4,044 9 548 4,239 4,302 9,103 1,013 Derivatives not designated and qualifying as Mortgage banking: Mortgage-related commitments to originate real estate loans 452 11,728 46,025 5,288 Commitments to sell real estate loans 51,410 8,137 14 4,108 Other: Interest rate contracts (b) 355,806 410,056 1,278,180 76,278 Foreign exchange and other option and futures contracts 24,062 8,230 22,004 7,156 431,730 438,151 1,346,223 92,830 Total derivatives $ 435,969 $ 442,453 $ 1,355,326 $ 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 December 31, 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 $ 29.2 million and $ 305.1 million, respectively. Amount of Gain (Loss) Recognized Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 109,319 ) $ 108,920 $ ( 58,599 ) $ 57,716 $ 57,611 $ ( 57,686 ) Derivatives not designated as instruments Interest rate contracts (b) $ 27,391 $ 11,486 $ 27,734 Foreign exchange and other option and 14,284 9,064 7,363 Total $ 41,675 $ 20,550 $ 35,097 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and non-hedging derivative gains. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (In thousands) Location in the Consolidated Balance Sheet Hedges Long-term debt $ 1,433,731 $ 1,692,943 $ ( 65,310 ) $ 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 $ 36 million for 2022 and an increase of $ 252 million for 2021. As of December 31, 2022 , the unrealized loss recognized in other comprehensive income related to cash flow hedges was $ 337 million, of which $ 33 million and $ 304 million relate to interest rate swap agreements maturing in 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 $ 8 million and $ 24 million at December 31, 2022 and 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, which are subject to enforceable master netting arrangements, was less than $ 1 million and $ 35 million at December 31, 2022 and 2021 , respectively. The Company was required to post $ 33 million as collateral as of December 31, 2021. No collateral was posted for those positions at December 31, 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 ratings 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 December 31, 2022 was not material. The aggregate fair value of derivative financial instruments in an asset position with counterparties, which are subject to enforceable master netting arrangements, was $ 314 million and $ 7 million at December 31, 2022 and 2021 , respectively. Counterparties posted collateral relating to those positions of $ 312 million and $ 6 million at December 31, 2022 and 2021, respectively. Interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. 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 $ 205 million and $ 132 million at December 31, 2022 and 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 | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 20. 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 9, 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 December 31, 2022 and 2021, the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet and recognized $ 22 million and $ 23 million, respectively, 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 9. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $ 9.2 billion at December 31, 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 $ 1.5 billion, including $ 545 million of unfunded commitments, at December 31, 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 December 31, 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 December 31, 2022 was $ 1.9 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 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 | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 21. 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 December 31, 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 municipal and other bonds 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. 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 is 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 . Other non-hedging derivatives Other 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 other non-hedging derivative assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The following tables present assets and liabilities at December 31, 2022 and 2021 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) December 31, 2022 Trading account $ 117,847 $ 117,847 $ — $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,670,960 — 7,670,960 — Mortgage-backed securities: Government issued or guaranteed Commercial 574,299 — 574,299 — Residential 2,330,118 — 2,330,118 — Other debt securities 173,584 — 173,584 — 10,748,961 — 10,748,961 — Equity securities 151,458 145,289 6,169 — Real estate loans held for sale 162,393 — 162,393 — Other assets (a) 435,969 — 435,517 452 Total assets $ 11,616,628 $ 263,136 $ 11,353,040 $ 452 Other liabilities (a) 1,355,326 — 1,309,301 46,025 Total liabilities $ 1,355,326 $ — $ 1,309,301 $ 46,025 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). The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2022, 2021 and 2020 were as follows: Investment Privately Issued Securities Other Assets and Liabilities (In thousands) 2022 Balance — January 1, 2022 $ — $ 6,440 Total gains realized/unrealized: Included in earnings — ( 34,396 ) (a) Transfers out of Level 3 — ( 17,617 ) (b) Balance — December 31, 2022 $ — $ ( 45,573 ) Changes in unrealized gains included in earnings $ — $ ( 45,758 ) (a) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 126,223 (a) Settlements ( 16 ) — Transfers out of Level 3 — ( 163,017 ) (b) Balance — December 31, 2021 $ — $ 6,440 Changes in unrealized gains included in earnings $ — $ 8,619 (a) 2020 Balance — January 1, 2020 $ 16 $ 10,740 Total gains realized/unrealized: Included in earnings — 194,469 (a) Transfers out of Level 3 — ( 161,975 ) (b) Balance — December 31, 2020 $ 16 $ 43,234 Changes in unrealized gains included in earnings $ — $ 42,597 (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. 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 generally 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 generally in the range of 15 % to 90 % with a weighted-average of 39 % at December 31, 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 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 December 31, 2022 was 62 %. 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 $ 853 million at December 31, 2022 ($ 329 million and $ 524 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 $ 652 million at December 31, 2020 ($ 339 million and $ 313 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized during the years ended December 31, 2022, 2021 and 2020 for partial charge-offs of loans and loan impairment reserves on loans held by the Company at the end of each of those years were decreases of $ 191 million, $ 53 million and $ 222 million, respectively. 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 in foreclosure of defaulted loans subject to nonrecurring fair value measurement were not material at December 31, 2022 and December 31, 2021. Changes in fair value recognized during the years ended December 31, 2022, 2021 and 2020 for foreclosed assets held by the Company at the end of each of those years were not material. 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 required a valuation allowance of $ 24 million at December 31, 2021 . There was no valuation allowance required at December 31, 2022 . Significant unobservable inputs used in this Level 3 valuation included weighted-average prepayment speeds 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 $ 24 million in 2022 and $ 6 million in 2021, compared with an increase of $ 23 million in 2020. Significant unobservable inputs to Level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2022 and 2021: Fair Value Valuation Unobservable Range (In thousands) December 31, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 45,573 ) Discounted cash flow Commitment expirations 0 % - 97 % ( 3 %) 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. 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: December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,517,244 1,517,244 1,371,688 145,556 — Interest-bearing deposits at banks 24,958,719 24,958,719 — 24,958,719 — Federal funds sold 3,000 3,000 — 3,000 — Trading account 117,847 117,847 117,847 — — Investment securities 25,210,871 24,056,322 145,289 23,860,445 50,588 Loans and leases: Commercial loans and leases 41,850,566 41,139,985 — — 41,139,985 Commercial real estate loans 45,364,571 43,214,646 — 130,652 43,083,994 Residential real estate loans 23,755,947 21,780,214 — 7,049,540 14,730,674 Consumer loans 20,593,079 20,093,523 — — 20,093,523 Allowance for credit losses ( 1,925,331 ) — — — — Loans and leases, net 129,638,832 126,228,368 — 7,180,192 119,048,176 Accrued interest receivable 646,250 646,250 — 646,250 — Financial liabilities: Noninterest-bearing deposits $ ( 65,501,860 ) ( 65,501,860 ) — ( 65,501,860 ) — Savings and interest-checking deposits ( 87,911,463 ) ( 87,911,463 ) — ( 87,911,463 ) — Time deposits ( 10,101,545 ) ( 10,143,110 ) — ( 10,143,110 ) — Short-term borrowings ( 3,554,951 ) ( 3,554,951 ) — ( 3,554,951 ) — Long-term borrowings ( 3,964,537 ) ( 3,926,489 ) — ( 3,926,489 ) — Accrued interest payable ( 81,356 ) ( 81,356 ) — ( 81,356 ) — Other financial instruments: Commitments to originate real estate $ ( 45,573 ) ( 45,573 ) — — ( 45,573 ) Commitments to sell real estate loans 54,424 54,424 — 54,424 — Other credit-related commitments ( 148,772 ) ( 148,772 ) — — ( 148,772 ) Interest rate swap agreements used ( 7,892 ) ( 7,892 ) — ( 7,892 ) — Interest rate and foreign exchange ( 920,316 ) ( 920,316 ) — ( 920,316 ) — 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 | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 22. 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. December 31, December 31, 2022 2021 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,261,560 $ 5,693,045 Commercial real estate loans to be sold 348,701 324,943 Other commercial real estate 5,776,116 4,998,631 Residential real estate loans to be sold 31,208 233,257 Other residential real estate 505,121 924,211 Commercial and other 32,625,840 22,145,057 Standby letters of credit 2,376,644 2,151,595 Commercial letters of credit 65,066 31,981 Financial guarantees and indemnification contracts 4,022,432 4,211,797 Commitments to sell real estate loans 533,458 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 presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $ 11.7 billion and $ 10.8 billion at December 31, 2022 and 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 $ 3.9 billion and $ 4.0 billion at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, the Company estimated that the recourse obligations described above were not material to the Company’s consolidated financial position. 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 recorded in the consolidated balance sheet at estimated fair market value. 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 December 31, 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 other 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 the 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 at December 31, 2022. Although the Company does not believe that the outcome of pending litigations 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 | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment information | 23. 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 1 with certain exceptions. The more significant of these exceptions are described herein. The Company allocates interest income or interest expense using a methodology that charges users of funds (assets) interest expense and credits providers of funds (liabilities) with income based on the maturity, prepayment and/or repricing characteristics of the assets and liabilities. A provision for credit losses is allocated to segments in an amount based largely on actual net charge-offs incurred by the segment during the period plus or minus an amount necessary to adjust the segment’s allowance for credit losses due to changes in loan balances. In contrast, the level of the consolidated provision for credit losses is determined using the methodologies described in notes 1 and 5. The net effects of these allocations are recorded in the “All Other” category. Indirect fixed and variable expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expenses and bankwide expense accruals (including amortization of core deposit and other intangible assets associated with acquisitions of financial institutions) are generally not allocated to segments. Income taxes are allocated to segments based on the Company’s marginal statutory tax rate adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk). 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, reported segment results are 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. The Company continues to evaluate its indirect fixed and variable expenses included within the “All Other” category to determine if the expenses may be allocated to the Company’s various segments to support strategic business decisions by the Company’s executive leadership. As a result, in 2022 the Company performed the following: an allocation of incentive compensation; a refinement of consumption-driven services allocations including cybersecurity and modeling functions; an expanded allocation of franchise-type services such as risk management, data services and legal services; and a refinement in allocation of technology application costs in support of business activities. Additionally, certain lending relationships within the hospitality sector that had previously received oversight within the Commercial Banking segment were realigned to the Commercial Real Estate segment. Accordingly, financial information presented herein for 2021 and 2020 has been reclassified to provide segment information on a comparable basis, as noted in the following tables. For the Year Ended December 31, 2021 Net Interest Income as Previously Reported Impact of Changes Net Interest Income as Reclassified Provision for Credit Losses as Previously Reported Impact of Changes Provision for Credit Losses as Reclassified Other Noninterest Expense as Previously Reported Impact of Changes Other Noninterest Expense as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 518,940 — 518,940 $ 10,928 — 10,928 $ 341,751 8,514 350,265 $ 213,464 ( 6,316 ) 207,148 Commercial 854,264 ( 21,605 ) 832,659 101,060 ( 42,996 ) 58,064 384,505 7,063 391,568 493,723 5,279 499,002 Commercial Real 643,415 21,605 665,020 67,405 42,996 110,401 276,791 12,235 289,026 372,326 ( 18,684 ) 353,642 Discretionary 483,624 — 483,624 3,622 — 3,622 64,122 2,368 66,490 288,766 ( 1,757 ) 287,009 Residential 92,706 — 92,706 ( 562 ) — ( 562 ) 332,491 5,907 338,398 172,960 ( 4,292 ) 168,668 Retail Banking 1,125,953 — 1,125,953 55,692 — 55,692 804,762 24,120 828,882 341,486 ( 17,893 ) 323,593 All Other 105,876 — 105,876 ( 313,145 ) — ( 313,145 ) 1,082,993 ( 60,207 ) 1,022,786 ( 23,979 ) 43,663 19,684 Total $ 3,824,778 — 3,824,778 $ ( 75,000 ) — ( 75,000 ) $ 3,287,415 — 3,287,415 $ 1,858,746 — 1,858,746 For the Year Ended December 31, 2020 Net Interest Income as Previously Reported Impact of Changes Net Interest Income as Reclassified Provision for Credit Losses as Previously Reported Impact of Changes Provision for Credit Losses as Reclassified Other Noninterest Expense as Previously Reported Impact of Changes Other Noninterest Expense as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 462,614 — 462,614 $ 25,928 — 25,928 $ 322,868 6,455 329,323 $ 159,220 ( 4,765 ) 154,455 Commercial 864,149 ( 36,509 ) 827,640 73,099 ( 4,867 ) 68,232 375,769 7,053 382,822 508,472 ( 32,799 ) 475,673 Commercial Real 673,894 36,509 710,403 107,210 4,867 112,077 256,428 12,099 268,527 381,828 18,625 400,453 Discretionary 486,831 — 486,831 1,508 — 1,508 54,339 8,516 62,855 327,291 ( 6,290 ) 321,001 Residential 52,712 — 52,712 1,785 — 1,785 332,028 6,361 338,389 133,652 ( 4,700 ) 128,952 Retail Banking 1,204,309 — 1,204,309 108,268 — 108,268 764,262 45,407 809,669 365,261 ( 33,531 ) 331,730 All Other 121,808 — 121,808 482,202 — 482,202 959,258 ( 85,891 ) 873,367 ( 522,572 ) 63,460 ( 459,112 ) Total $ 3,866,317 — 3,866,317 $ 800,000 — 800,000 $ 3,064,952 — 3,064,952 $ 1,353,152 — 1,353,152 Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2022, 2021 and 2020 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income (a) $ 712,207 $ 518,940 $ 462,614 $ 1,338,552 $ 832,659 $ 827,640 $ 736,791 $ 665,020 $ 710,403 $ 163,695 $ 483,624 $ 486,831 Noninterest income (b) 150,298 123,854 103,837 406,708 294,172 270,772 207,280 226,991 214,386 ( 69,077 ) ( 38,638 ) ( 1,735 ) 862,505 642,794 566,451 1,745,260 1,126,831 1,098,412 944,071 892,011 924,789 94,618 444,986 485,096 Provision for credit losses 17,154 10,928 25,928 72,200 58,064 68,232 ( 5,621 ) 110,401 112,077 5,156 3,622 1,508 Amortization of core deposit — — — — — — — 1,060 1,060 — — — Depreciation and other 1,097 1,106 1,482 5,638 2,362 2,421 32,900 35,623 28,187 111 194 285 Other noninterest expense 421,052 350,265 329,323 667,282 391,568 382,822 343,205 289,026 268,527 77,996 66,490 62,855 Income (loss) before taxes 423,202 280,495 209,718 1,000,140 674,837 644,937 573,587 455,901 514,938 11,355 374,680 420,448 Income tax expense (benefit) 110,575 73,347 55,263 270,323 175,835 169,264 127,604 102,259 114,485 ( 5,181 ) 87,671 99,447 Net income (loss) $ 312,627 $ 207,148 $ 154,455 $ 729,817 $ 499,002 $ 475,673 $ 445,983 $ 353,642 $ 400,453 $ 16,536 $ 287,009 $ 321,001 Average total assets $ 7,597 $ 8,007 $ 8,152 $ 40,930 $ 27,096 $ 28,958 $ 30,599 $ 27,091 $ 27,172 $ 42,657 $ 22,262 $ 27,726 Capital expenditures $ — $ 1 $ — $ 1 $ 1 $ — $ — $ — $ — $ — $ — $ — Residential Mortgage Retail Banking All Other Total 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income (a) $ 41,137 $ 92,706 $ 52,712 $ 1,998,501 $ 1,125,953 $ 1,204,309 $ 831,073 $ 105,876 $ 121,808 $ 5,821,956 $ 3,824,778 $ 3,866,317 Noninterest income (b) 391,127 523,765 515,549 307,178 290,610 260,163 963,089 746,240 725,472 2,356,603 2,166,994 2,088,444 432,264 616,471 568,261 2,305,679 1,416,563 1,464,472 1,794,162 852,116 847,280 8,178,559 5,991,772 5,954,761 Provision for credit losses ( 1,569 ) ( 562 ) 1,785 79,921 55,692 108,268 349,759 ( 313,145 ) 482,202 517,000 ( 75,000 ) 800,000 Amortization of core deposit — — — — — — 55,624 9,107 13,809 55,624 10,167 14,869 Depreciation and other 67,994 57,716 60,129 130,407 93,159 95,936 140,372 123,881 116,979 378,519 314,041 305,419 Other noninterest expense 343,947 338,398 338,389 1,240,805 828,882 809,669 1,522,006 1,022,786 873,367 4,616,293 3,287,415 3,064,952 Income (loss) before taxes 21,892 220,919 167,958 854,546 438,830 450,599 ( 273,599 ) 9,487 ( 639,077 ) 2,611,123 2,455,149 1,769,521 Income tax expense (benefit) 964 52,251 39,006 223,722 115,237 118,869 ( 108,547 ) ( 10,197 ) ( 179,965 ) 619,460 596,403 416,369 Net income (loss) $ 20,928 $ 168,668 $ 128,952 $ 630,824 $ 323,593 $ 331,730 $ ( 165,052 ) $ 19,684 $ ( 459,112 ) $ 1,991,663 $ 1,858,746 $ 1,353,152 Average total assets $ 3,986 $ 6,463 $ 4,038 $ 20,312 $ 17,897 $ 16,438 $ 44,171 $ 43,853 $ 22,996 $ 190,252 $ 152,669 $ 135,480 Capital expenditures $ — $ 1 $ — $ 122 $ 53 $ 34 $ 91 $ 93 $ 138 $ 214 $ 149 $ 172 (a) Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company’s internal funds transfer prici ng 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 $ 39,172,000 in 2022 , $ 14,731,000 in 2021 and $ 17,288,000 in 2020 and is eliminated in “All Other” net interest income and income tax expense (benefit). (b) Alignment of segment business activity also resulted in a reclassification of noninterest income from the Commercial Banking segment to the Commercial Real Estate segment of $ 8.8 million in 2021 and $ 6.0 million in 2020. Average total assets reclassified from the Commercial Banking segment to the Commercial Real Estate segment relating to lending relationships in the hospitality sector totaled $ 1.46 billion and $ 1.38 billion in 2021 and 2020, respectively. The Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals through the Company’s banking office network and several other delivery channels, including business banking centers, telephone banking, Internet banking and automated teller machines. The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets the Company serves. Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services. The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers. Activities of this segment include the origination, sales and servicing of commercial real estate loans. Commercial real estate loans held for sale are included in the Commercial Real Estate Segment. The Discretionary Portfolio segment includes securities; residential real estate loans and other assets; short-term and long-term borrowed funds; brokered deposits; and, through June 2021, Cayman Islands branch deposits. This segment also provides foreign exchange services to customers. The Residential Mortgage Banking segment originates and services residential real estate loans for consumers and sells substantially all originated loans in the secondary market to investors or to the Discretionary Portfolio segment. The segment periodically purchases servicing rights to loans that have been originated by other entities. Residential real estate loans held for sale are included in the Residential Mortgage Banking segment. The Retail Banking segment offers a variety of services to consumers through several delivery channels that include banking offices, automated teller machines, and telephone, mobile and Internet banking. The “All Other” category includes other operating activities of the Company that are not directly attributable to the reported segments; the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions; merger-related gains and expenses resulting from acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain nonrecurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2022 2021 2020 (In thousands) Revenues $ ( 52,865 ) $ ( 55,556 ) $ ( 47,604 ) Expenses ( 15,273 ) ( 13,599 ) ( 14,038 ) Income taxes ( 9,736 ) ( 10,846 ) ( 8,824 ) Net income ( 27,856 ) ( 31,111 ) ( 24,742 ) The Company conducts substantially all of its operations in the United States. There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues. |
Regulatory matters
Regulatory matters | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory matters | 24. Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations. Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years. For purposes of this test, at December 31, 2022 , approximately $ 1.07 billion was available for payment of dividends to M&T from banking subsidiaries. M&T may pay dividends and repurchase stock only in accordance with a capital plan that the Federal Reserve Board has not objected to. Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets. Securities of affiliates are not eligible as collateral for this purpose. M&T and its subsidiary banks are required to comply with applicable capital adequacy regulations established by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company’s financial statements. Pursuant to the rules in effect as of December 31, 2022, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized M&T (Consolidated) Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % Tier 1 capital to risk-weighted assets 6.0 % 6.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % Well Minimum Capitalized Bank Subsidiaries CET1 to risk-weighted assets 4.5 % 6.5 % Tier 1 capital to risk-weighted assets 6.0 % 8.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % Capital regulations require buffers in addition to the minimum risk-based capital ratios noted above. M&T is subject to a stress capital buffer requirement that is determined through the Federal Reserve’s supervisory stress tests and M&T’s bank subsidiaries are subject to a 2.5 % capital conservation buffer requirement. The buffer requirement must be composed entirely of CET1 and for each entity was 2.5 % of risk-weighted assets through September 30, 2022. In June 2022, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, on October 1, 2022, M&T's stress capital buffer of 4.7 % became effective. The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2022 and 2021 are presented below: M&T M&T Bank Wilmington (Dollars in thousands) December 31, 2022: CET1 capital Amount $ 15,562,037 $ 16,673,578 $ 585,968 Ratio(a) 10.44 % 11.23 % 254.50 % Tier 1 capital Amount 17,572,586 16,673,578 585,968 Ratio(a) 11.79 % 11.23 % 254.50 % Total capital Amount 20,259,735 18,887,691 586,879 Ratio(a) 13.60 % 12.72 % 254.90 % Leverage Amount 17,572,586 16,673,578 585,968 Ratio(b) 9.23 % 8.77 % 85.73 % December 31, 2021: CET1 capital Amount $ 11,844,833 $ 12,378,354 $ 779,521 Ratio(a) 11.42 % 11.98 % 31.22 % Tier 1 capital Amount 13,594,782 12,378,354 779,521 Ratio(a) 13.11 % 11.98 % 31.22 % Total capital Amount 15,902,833 14,170,434 780,791 Ratio(a) 15.33 % 13.71 % 31.27 % Leverage Amount 13,594,782 12,378,354 779,521 Ratio(b) 8.87 % 8.11 % 6.23 % (a) The ratio of capital to risk-weighted assets, as defined by regulation. (b) The ratio of capital to average assets, as defined by regulation. |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 25. 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 December 31, 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 in each of 2022 and 2021 , compared with $ 53 million in 2020. Bayview Financial Holdings, L.P. (together with its affiliates, “Bayview Financial”), a privately-held specialty financial 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 December 31, 2022 and 2021 , respectively. Revenues from those servicing rights were $ 8 million, $ 9 million and $ 10 million during 2022, 2021 and 2020 , respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $ 96.0 billion and $ 74.7 billion at December 31, 2022 and 2021 , respectively. Revenues earned for sub-servicing loans for Bayview Financial were $ 154 million, $ 153 million and $ 129 million in 2022, 2021 and 2020 , respectively. In addition, the Company held $ 50 million and $ 62 million of mortgage-backed securities in its held-to-maturity portfolio at December 31, 2022 and 2021, respectively, that were securitized by Bayview Financial. At December 31, 2022 , the Company held $ 368 million of Bayview Financial’s $ 2.3 billion syndicated loan facility. In 2021 the Company purchased $ 965 million of delinquent FHA guaranteed mortgage loans, including past due accrued interest, from Bayview Financial for $ 1.0 billion. The servicing rights for such loans were retained by Bayview Financial, but the Company continues to sub-service the loans. |
Parent company financial statem
Parent company financial statements | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent company financial statements | 26. Parent company financial statements Condensed Balance Sheet December 31 2022 2021 (In thousands) Assets Cash in subsidiary bank $ 130,311 $ 92,836 Due from consolidated bank subsidiaries: Money-market savings 1,690,157 1,335,857 Current income tax receivable 3,501 754 Total due from consolidated bank subsidiaries 1,693,658 1,336,611 Investments in consolidated subsidiaries: Banks 25,005,239 17,533,772 Other 379,906 220,496 Investments in trust preferred entities (note 20) 22,457 22,672 Other assets 92,802 98,010 Total assets $ 27,324,373 $ 19,304,397 Liabilities Accrued expenses and other liabilities $ 172,001 $ 103,242 Long-term borrowings 1,834,382 1,297,750 Total liabilities 2,006,383 1,400,992 Shareholders’ equity 25,317,990 17,903,405 Total liabilities and shareholders’ equity $ 27,324,373 $ 19,304,397 Condensed Statement of Income Year Ended December 31 2022 2021 2020 (In thousands, except per share) Income Dividends from consolidated subsidiaries $ 2,508,083 $ 1,025,000 $ 708,500 Income from Bayview Lending Group LLC 30,000 30,000 52,940 Other income ( 6,952 ) 2,530 5,110 Total income 2,531,131 1,057,530 766,550 Expense Interest on short-term borrowings 6,024 - - Interest on long-term borrowings 57,565 24,073 31,924 Other expense 50,016 35,406 33,704 Total expense 113,605 59,479 65,628 Income before income taxes and equity in undistributed 2,417,526 998,051 700,922 Income tax credits 22,477 6,052 1,984 Income before equity in undistributed income of 2,440,003 1,004,103 702,906 Equity in undistributed income of subsidiaries Net income of subsidiaries 2,059,743 1,879,643 1,358,746 Less: dividends received ( 2,508,083 ) ( 1,025,000 ) ( 708,500 ) Equity in undistributed income of subsidiaries ( 448,340 ) 854,643 650,246 Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Net income per common share Basic $ 11.59 $ 13.81 $ 9.94 Diluted 11.53 13.80 9.94 Condensed Statement of Cash Flows Year Ended December 31 2022 2021 2020 (In thousands) Cash flows from operating activities Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Adjustments to reconcile net income to net cash provided Equity in undistributed income of subsidiaries 448,340 ( 854,643 ) ( 650,246 ) Provision for deferred income taxes 7,487 10,356 1,079 Net change in accrued income and expense 7,742 ( 23,047 ) ( 24,206 ) Net cash provided by operating activities 2,455,232 991,412 679,779 Cash flows from investing activities Net investment in consolidated subsidiaries 53,958 ( 199,000 ) 125,654 Acquisition, net of cash consideration 537,978 — — Other, net 24,401 ( 2,777 ) 50,396 Net cash provided (used) by investing activities 616,337 ( 201,777 ) 176,050 Cash flows from financing activities Repayment of short-term borrowings assumed in acquisition ( 500,000 ) — — Proceeds from long-term borrowings 499,250 — — Purchases of treasury stock ( 1,800,000 ) — ( 373,750 ) Dividends paid — common ( 784,089 ) ( 580,260 ) ( 568,112 ) Dividends paid — preferred ( 96,927 ) ( 68,200 ) ( 68,256 ) Proceeds from issuance of Series I — 495,000 — Other, net 1,972 ( 7,551 ) ( 5,992 ) Net cash used by financing activities ( 2,679,794 ) ( 161,011 ) ( 1,016,110 ) Net increase (decrease) in cash and cash equivalents 391,775 628,624 ( 160,281 ) Cash and cash equivalents at beginning of year 1,428,693 800,069 960,350 Cash and cash equivalents at end of year $ 1,820,468 $ 1,428,693 $ 800,069 Supplemental disclosure of cash flow information Interest received during the year $ 1,332 $ 1,165 $ 1,493 Interest paid during the year 49,419 20,457 30,913 Income taxes received during the year 28,153 53,067 11,528 |
Recent accounting developments
Recent accounting developments | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent accounting developments | 27. 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. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 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) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 26 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 20. |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. |
Trading account | Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and non-hedging derivative gains” in the consolidated statement of income. |
Investment securities | Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. GAAP requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present the net carrying value at the amount that is expected to be collected over the contractual term. In cases where fair value of an available-for-sale debt security is less than its amortized cost basis and the Company does not intend to sell the available-for-sale debt security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the difference between the fair value and the amortized cost basis is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount related to the credit loss is recognized as an allowance for credit losses while the amount related to other factors is recognized in other comprehensive income, net of applicable income taxes. If the Company intends to sell the security or it is more likely than not to be required to sell the security before recovery of the amortized cost basis, the security is written down to fair value with the entire amount recognized in earnings. Subsequently, the Company accounts for the debt security as if the security had been purchased on the measurement date of the write down at an amortized cost basis equal to the previous amortized cost basis less the amount of the write down recognized in earnings. Realized gains and losses on the sales of investment securities are determined using the specific identification method. |
Loans and leases | Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated or acquired by the Company. Originated loans and leases Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income when it is probable that the Company will be unable to collect all amounts according to the contractual terms of the loan agreement or when principal or interest is delinquent 90 days. Certain loans greater than 90 days delinquent continue to accrue interest if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and generally continue to accrue interest . Interest received on loans placed on nonaccrual status is generally applied to reduce the carrying value of the loan or, if principal is considered fully collectable, recognized as interest income. Nonaccrual commercial loans and commercial real estate loans are returned to accrual status when borrowers have demonstrated an ability to repay their loans and there are no delinquent principal and interest payments. Loans secured by residential real estate are returned to accrual status when they are deemed to have an insignificant delay in payments of 90 days or less. Consumer loans not secured by residential real estate are returned to accrual status when all past due principal and interest payments have been paid by the borrower. Loan balances are charged off when it becomes evident that such balances are not fully collectable. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectable. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. During the normal course of business, the Company modifies loans to maximize recovery efforts. If a borrower is experiencing financial difficulty and a concession to the terms of the loan agreement is granted that the Company would not otherwise consider, the modification is considered a troubled debt restructuring and such loans are classified as either nonaccrual or renegotiated loans. Due to the direct and indirect effects of the Coronavirus Disease 2019 (“COVID-19”) pandemic, a dramatic reduction in economic activity severely hampered the ability for businesses and consumers to meet their repayment obligations. The Coronavirus Aid, Relief, and Economic Security Act and the Consolidated Appropriations Act, 2021 (collectively “CARES Act”), in addition to providing financial assistance to both businesses and consumers, created a forbearance program for federally-backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the pandemic, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings to account for the effects of COVID-19. The bank regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were unable to meet their contractual payment obligations because of the effects of COVID-19. The guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allowed modifications made on a good faith basis in response to COVID-19 to borrowers who were current with their payments prior to any relief, to not be treated as troubled debt restructurings nor be reported as past due. Modifications included payment deferrals (including maturity extensions), covenant waivers and fee waivers. The Company worked with its customers affected by COVID-19 and granted modifications across many of its loan portfolios. To the extent that such modifications met the criteria described, the modified loans were not classified as troubled debt restructurings nor reported as past due. Commitments to sell real estate loans are utilized by the Company 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 recorded in the consolidated balance sheet includes changes in estimated fair value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Acquired loans and leases Expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent changes in the amount of expected credit losses on such loans are recognized in the allowance for credit losses in the same manner as originated loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. |
Allowance for credit losses | Allowance for credit losses On January 1, 2020, the Company adopted amended accounting guidance which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay obligations. Subsequent to the forecast period, the Company utilizes longer-term historical loss experience to estimate losses over the remaining contractual life of the loans. |
Assets taken in foreclosure of defaulted loans | 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 included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a mortgage loan upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. |
Premises and equipment | Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. |
Capitalized servicing rights | Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets 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 exceeds estimated fair value. Impairment is recognized through a valuation allowance. |
Sales and securitizations of financial assets | Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. |
Goodwill and core deposit and other intangible assets | Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives, which are generally three to seven years . The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. |
Derivative financial instruments | Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (i) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (ii) a hedge of the exposure to variable cash flows of a forecasted transaction or (iii) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. 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. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Valuation adjustments made on these commitments are included in “mortgage banking revenues.” Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as other assets or other liabilities with resultant changes in fair value being recognized in “trading account and non-hedging derivative gains” in the consolidated statement of income. |
Revenue from contracts with customers | Revenue from contracts with customers A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and non-hedging derivative gains, investment securities gains, loan and letter of credit fees, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of accounting guidance for revenue from contracts with customers. For other noninterest income revenue streams, the Company generally recognizes the expected amount of consideration as revenue when the performance obligations related to the services under the terms of a contract are satisfied. The Company’s contracts generally do not contain terms that necessitate significant judgment to determine the amount of revenue to recognize. |
Stock-based compensation | Stock-based compensation Compensation expense is recognized over the vesting period of stock-based awards based on estimated grant date value, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. |
Income taxes | Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. |
Earnings per common share | Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and 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 that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. |
Treasury stock | Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Acquisition and divestitures (T
Acquisition and divestitures (Tables) | 12 Months Ended |
Dec. 31, 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 Loans and Leases by Portfolio Segment | The following table reconciles the unpaid principal balance to the fair value of loans and leases at April 1, 2022: PCD Non-PCD (in thousands) Unpaid principal balance $ 3,410,506 (a) $ 32,896,454 Allowance for credit losses at acquisition ( 99,000 ) (a) — Other discount ( 106,814 ) ( 260,498 ) (b) Fair value $ 3,204,692 $ 32,635,956 (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. (b) Includes approximately $ 242 million of principal balances not expected to be collected. |
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 2022 2021 (In thousands) Total revenues (a) $ 8,631,283 $ 8,075,955 Net income 2,158,047 2,391,034 (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. 2022 2021 (In thousands) Salaries and employee benefits $ 102,150 $ 176 Equipment and net occupancy 6,709 341 Outside data processing software 5,438 1,119 Advertising and marketing 9,262 866 Printing, postage and supplies 6,786 2,965 Other cost of operations 207,976 38,393 Other expense $ 338,321 $ 43,860 |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,913,932 $ 200 $ 243,172 $ 7,670,960 Mortgage-backed securities: Government issued or guaranteed: Commercial 594,779 — 20,480 574,299 Residential 2,501,334 65 171,281 2,330,118 Other debt securities 183,107 250 9,773 173,584 11,193,152 515 444,706 10,748,961 Investment securities held to maturity: U.S. Treasury and federal agencies 1,054,035 — 45,747 1,008,288 Obligations of states and political subdivisions 2,577,078 4 116,512 2,460,570 Mortgage-backed securities: Government issued or guaranteed: Commercial 912,431 — 103,528 808,903 Residential 8,934,918 1,451 891,063 8,045,306 Privately issued 49,742 8,833 7,987 50,588 Other debt securities 1,765 — — 1,765 13,529,969 10,288 1,164,837 12,375,420 Total debt securities $ 24,723,121 $ 10,803 $ 1,609,543 $ 23,124,381 Equity and other securities: Readily marketable equity — at fair value $ 153,283 $ 2,120 $ 3,945 $ 151,458 Other — at cost 780,483 — — 780,483 Total equity and other securities $ 933,766 $ 2,120 $ 3,945 $ 931,941 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 |
Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities | As of December 31, 2022, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Estimated A or BBB BB B or Less Not (In thousands) Obligations of states and $ 2,577,078 $ 2,460,570 $ 2,450,795 $ — $ — $ — $ 9,775 Privately issued mortgage- 49,742 50,588 — — — 379 50,209 Other debt securities 184,872 175,349 15,044 63,361 35,741 — 61,203 |
Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations | The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2022 2021 (In thousands) Collateralized mortgage obligations: Amortized cost $ 372,373 $ 61,980 Estimated fair value 327,981 57,763 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At December 31, 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 $ 131,291 $ 126,611 Due after one year through five years 7,870,319 7,628,579 Due after five years through ten years 65,429 61,938 Due after ten years 30,000 27,416 8,097,039 7,844,544 Mortgage-backed securities available for sale 3,096,113 2,904,417 $ 11,193,152 $ 10,748,961 Debt securities held to maturity: Due in one year or less $ 137,854 $ 136,564 Due after one year through five years 1,057,311 1,011,114 Due after five years through ten years 1,092,875 1,068,369 Due after ten years 1,344,838 1,254,576 3,632,878 3,470,623 Mortgage-backed securities held to maturity 9,897,091 8,904,797 $ 13,529,969 $ 12,375,420 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of December 31, 2022 and 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) December 31, 2022 Investment securities available for sale: U.S. Treasury and federal agencies $ 6,706,413 $ 183,760 $ 841,945 $ 59,412 Mortgage-backed securities: Government issued or guaranteed: Commercial 574,299 20,480 — — Residential 2,295,873 169,489 28,305 1,792 Other debt securities 93,458 3,604 73,280 6,169 9,670,043 377,333 943,530 67,373 Investment securities held to maturity: U.S. Treasury and federal agencies 1,008,288 45,747 — — Obligations of states and political subdivisions 2,449,420 116,512 — — Mortgage-backed securities: Government issued or guaranteed: Commercial 808,903 103,528 — — Residential 6,292,462 619,403 1,319,300 271,660 Privately issued — — 35,661 7,987 10,559,073 885,190 1,354,961 279,647 Total $ 20,229,116 $ 1,262,523 $ 2,298,491 $ 347,020 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 (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Total Loans and Leases Outstanding | Total loans and leases outstanding were comprised of the following: December 31 2022 2021 (In thousands) Loans Commercial, financial, etc. $ 39,695,189 $ 22,524,542 Commercial real estate 45,444,010 35,473,884 Residential real estate 23,773,842 16,077,275 Consumer 20,579,263 17,964,331 Total loans 129,492,304 92,040,032 Leases Commercial 2,581,852 1,096,646 Total loans and leases 132,074,156 93,136,678 Less: unearned discount ( 509,993 ) ( 224,226 ) Total loans and leases, net of unearned discount $ 131,564,163 $ 92,912,452 |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of December 31, 2022 and 2021 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) December 31, 2022 Commercial, financial, $ 40,982,398 $ 448,462 $ 72,502 $ 347,204 $ 41,850,566 Real estate: Commercial 34,972,627 311,188 67,696 1,396,662 36,748,173 Residential builder and 1,304,798 8,703 — 1,229 1,314,730 Other commercial 6,936,661 239,521 549 124,937 7,301,668 Residential 21,491,506 595,897 345,402 272,090 22,704,895 Residential — limited 950,782 22,456 — 77,814 1,051,052 Consumer: Home equity lines and loans 4,891,311 30,787 — 84,788 5,006,886 Recreational finance 8,974,171 54,593 — 44,630 9,073,394 Automobile 4,393,206 44,486 — 39,584 4,477,276 Other 1,958,196 22,961 4,869 49,497 2,035,523 Total $ 126,855,656 $ 1,779,054 $ 491,018 $ 2,438,435 $ 131,564,163 December 31, 2021 Commercial, financial, $ 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 1,400,437 2,904 — 3,005 1,406,346 Other commercial 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 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 |
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 years ended December 31, 2022, 2021 and 2020: Post-modification (a) Year Ended December 31, 2022 Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 193 $ 87,873 $ 53,219 $ 455 $ 983 $ 34,791 89,448 Real estate: Commercial 50 34,972 14,037 — 2,223 18,358 34,618 Residential builder and developer 1 60 57 — — — 57 Other commercial construction 1 100 — — — 100 100 Residential 274 71,165 54,519 — — 19,022 73,541 Residential — limited 8 1,398 1,216 — — 193 1,409 Consumer: Home equity lines and loans 144 10,146 9,372 — — 841 10,213 Recreational finance 729 27,517 27,510 — — — 27,510 Automobile 2,092 41,540 41,510 — — — 41,510 Other 149 1,426 1,426 — — — 1,426 Total 3,641 $ 276,197 $ 202,866 $ 455 $ 3,206 $ 73,305 $ 279,832 Year Ended December 31, 2021 Commercial, financial, leasing, etc. 284 $ 185,458 $ 46,806 $ — $ 40,558 $ 95,516 $ 182,880 Real estate: Commercial 99 202,878 67,387 — 31,202 102,248 200,837 Residential builder and developer 1 3 3 — — — 3 Other commercial construction 3 542 532 — — — 532 Residential 373 108,325 95,769 — — 12,866 108,635 Residential — limited 21 2,920 2,865 — — — 2,865 Consumer: Home equity lines and loans 89 6,430 6,054 — — 321 6,375 Recreational finance 281 9,931 9,931 — — — 9,931 Automobile 807 14,668 14,654 — — 14 14,668 Other 362 2,597 2,597 — — — 2,597 Total 2,320 $ 533,752 $ 246,598 $ — $ 71,760 $ 210,965 $ 529,323 Year Ended December 31, 2020 Commercial, financial, leasing, etc. 394 $ 246,479 $ 70,671 $ 298 $ 31,605 $ 97,344 $ 199,918 Real estate: Commercial 161 310,578 204,591 505 4,874 85,261 295,231 Residential builder and developer 1 91 — — — 90 90 Other commercial construction 2 13,602 13,573 — — — 13,573 Residential 631 202,985 183,878 — — 23,639 207,517 Residential — limited 30 7,413 7,100 — — 1,232 8,332 Consumer: Home equity lines and loans 259 17,228 5,882 — — 11,372 17,254 Recreational finance 428 16,392 16,388 — — 4 16,392 Automobile 2,249 39,951 39,949 — — 2 39,951 Other 1,095 7,788 3,383 — — 4,405 7,788 Total 5,250 $ 862,507 $ 545,415 $ 803 $ 36,479 $ 223,349 $ 806,046 (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. |
Summary of Lease Financing Receivables | A summary of lease financing receivables follows: December 31, 2022 2021 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 2,174,730 $ 873,089 Estimated residual value of leased assets 262,354 75,140 Unearned income ( 144,916 ) ( 68,456 ) Investment in direct financings 2,292,168 879,773 Leveraged leases: Lease payments receivable 71,371 75,003 Estimated residual value of leased assets 73,397 73,414 Unearned income ( 21,689 ) ( 25,374 ) Investment in leveraged leases 123,079 123,043 Total investment in leases $ 2,415,247 $ 1,002,816 Deferred taxes payable arising from leveraged leases $ 51,974 $ 56,759 |
Minimum Future Lease Payments to be Received from Lease Financings | At December 31, 2022, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2023 $ 756,544 2024 621,629 2025 410,540 2026 255,292 2027 129,624 Later years 72,472 $ 2,246,101 |
Allowance for credit losses (Ta
Allowance for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the years ended December 31, 2022, 2021 and 2020 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 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) 235,702 100,445 43,574 137,279 — 517,000 Net charge-offs Charge-offs (b) ( 117,223 ) ( 61,641 ) ( 11,783 ) ( 112,310 ) — ( 302,957 ) Recoveries 58,772 24,829 9,742 49,719 — 143,062 Net charge-offs ( 58,451 ) ( 36,812 ) ( 2,041 ) ( 62,591 ) — ( 159,895 ) Ending balance $ 502,153 $ 676,684 $ 115,092 $ 631,402 $ — $ 1,925,331 2021 Beginning balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 Provision for credit losses ( 40,378 ) ( 42,825 ) ( 29,817 ) 38,020 — ( 75,000 ) Net charge-offs Charge-offs ( 122,651 ) ( 101,306 ) ( 10,904 ) ( 103,293 ) — ( 338,154 ) Recoveries 41,082 30,651 8,857 65,403 — 145,993 Net charge-offs ( 81,569 ) ( 70,655 ) ( 2,047 ) ( 37,890 ) — ( 192,161 ) Ending balance $ 283,899 $ 557,239 $ 71,726 $ 556,362 $ — $ 1,469,226 2020 Beginning balance $ 366,094 $ 322,201 $ 56,033 $ 229,118 $ 77,625 $ 1,051,071 Adoption of new accounting standard ( 61,474 ) 23,656 53,896 194,004 ( 77,625 ) 132,457 Provision for credit losses 220,544 356,203 ( 3,172 ) 226,425 — 800,000 Net charge-offs Charge-offs ( 135,083 ) ( 35,891 ) ( 10,283 ) ( 152,250 ) — ( 333,507 ) Recoveries 15,765 4,550 7,116 58,935 — 86,366 Net charge-offs ( 119,318 ) ( 31,341 ) ( 3,167 ) ( 93,315 ) — ( 247,141 ) Ending balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 ________________________________________________ (a) Includes $ 242 million related to non-PCD acquired loans recorded on April 1, 2022. (b) For the year ended December 31, 2022, net charge-offs do not reflect $ 33 million of charge-offs related to PCD loans acquired on April 1, 2022. |
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 years ended December 31, 2022, 2021 and 2020 follows. Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized December 31, 2022 January 1, 2022 Year Ended December 31, 2022 (In thousands) Commercial, financial, leasing, etc. $ 173,350 $ 173,854 $ 347,204 $ 221,022 $ 22,336 Real estate: Commercial 404,661 992,001 1,396,662 1,069,280 18,117 Residential builder and developer 1,229 — 1,229 3,005 2,195 Other commercial construction 58,834 66,103 124,937 111,405 3,411 Residential 147,461 124,629 272,090 355,858 25,146 Residential — limited documentation 47,711 30,103 77,814 122,888 557 Consumer: Home equity lines and loans 42,699 42,089 84,788 70,488 4,333 Recreational finance 36,256 8,374 44,630 27,811 657 Automobile 35,139 4,445 39,584 34,037 144 Other 49,389 108 49,497 44,289 354 Total $ 996,729 $ 1,441,706 $ 2,438,435 $ 2,060,083 $ 77,250 December 31, 2021 January 1, 2021 Year Ended December 31, 2021 Commercial, financial, leasing, etc. $ 110,790 $ 110,232 $ 221,022 $ 306,827 $ 11,865 Real estate: Commercial 242,078 827,202 1,069,280 775,894 15,872 Residential builder and developer 613 2,392 3,005 1,094 973 Other commercial construction 30,229 81,176 111,405 114,039 596 Residential 198,560 157,298 355,858 365,729 23,772 Residential — limited documentation 79,777 43,111 122,888 147,170 528 Consumer: Home equity lines and loans 32,269 38,219 70,488 79,392 3,780 Recreational finance 21,476 6,335 27,811 25,519 637 Automobile 29,314 4,723 34,037 39,404 186 Other 44,122 167 44,289 38,231 531 Total $ 789,228 $ 1,270,855 $ 2,060,083 $ 1,893,299 $ 58,740 December 31, 2020 January 1, 2020 Year Ended December 31, Commercial, financial, leasing, etc. $ 226,897 $ 79,930 $ 306,827 $ 346,743 $ 11,269 Real estate: Commercial 364,110 411,784 775,894 173,796 7,821 Residential builder and developer 1,094 — 1,094 4,708 1,694 Other commercial construction 20,992 93,047 114,039 35,881 8,457 Residential 159,006 206,723 365,729 322,504 18,069 Residential — limited documentation 84,568 62,602 147,170 114,667 634 Consumer: Home equity lines and loans 61,031 18,361 79,392 65,039 4,092 Recreational finance 19,434 6,085 25,519 14,308 626 Automobile 34,044 5,360 39,404 21,293 186 Other 3,606 34,625 38,231 35,394 1,369 Total $ 974,782 $ 918,517 $ 1,893,299 $ 1,134,333 $ 54,217 |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at December 31, 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 $ 8,575,130 4,952,758 2,024,603 1,796,047 817,569 1,970,947 19,444,247 40,471 $ 39,621,772 Criticized accrual 247,626 222,861 190,368 116,881 71,485 246,846 768,497 17,026 1,881,590 Criticized nonaccrual 18,379 52,067 37,608 36,241 35,689 59,146 100,972 7,102 347,204 Total commercial, $ 8,841,135 5,227,686 2,252,579 1,949,169 924,743 2,276,939 20,313,716 64,599 $ 41,850,566 Real estate: Commercial: Loan grades: Pass $ 4,136,890 3,379,900 3,388,590 4,557,065 3,293,380 10,905,956 869,981 — $ 30,531,762 Criticized accrual 324,652 463,484 467,557 688,239 937,421 1,890,297 48,099 — 4,819,749 Criticized nonaccrual 11,541 22,459 183,986 297,106 170,382 688,079 23,109 — 1,396,662 Total commercial real $ 4,473,083 3,865,843 4,040,133 5,542,410 4,401,183 13,484,332 941,189 — $ 36,748,173 Residential builder and developer: Loan grades: Pass $ 680,705 230,079 11,280 22,111 12,812 9,865 150,404 — $ 1,117,256 Criticized accrual 2,969 28,472 9,952 108,968 15,069 — 30,815 — 196,245 Criticized nonaccrual 57 654 — 518 — — — — 1,229 Total residential builder $ 683,731 259,205 21,232 131,597 27,881 9,865 181,219 — $ 1,314,730 Other commercial construction: Loan grades: Pass $ 1,032,774 1,080,141 1,225,845 1,185,685 366,686 297,355 15,575 — $ 5,204,061 Criticized accrual 37,893 145,199 320,463 1,025,371 299,350 144,394 — — 1,972,670 Criticized nonaccrual — 9,992 44,037 35,841 10,542 22,099 2,426 — 124,937 Total other commercial $ 1,070,667 1,235,332 1,590,345 2,246,897 676,578 463,848 18,001 — $ 7,301,668 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 December 31, 2022 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as 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 $ 5,071,379 4,001,652 2,717,371 1,392,866 753,908 7,523,890 30,440 — $ 21,491,506 30-89 days past due 59,477 51,308 40,337 21,849 23,126 399,301 499 — 595,897 Accruing loans past due 12,012 39,934 20,067 14,050 14,007 245,332 — — 345,402 Nonaccrual 5,686 10,865 2,583 9,860 4,650 231,093 7,353 — 272,090 Total residential $ 5,148,554 4,103,759 2,780,358 1,438,625 795,691 8,399,616 38,292 — $ 22,704,895 Residential - limited documentation: Current $ — — — — — 950,782 — — $ 950,782 30-89 days past due — — — — — 22,456 — — 22,456 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 77,814 — — 77,814 Total residential - limited $ — — — — — 1,051,052 — — $ 1,051,052 Consumer: Home equity lines and Current $ 930 2,109 2,441 15,361 23,321 97,282 3,262,533 1,487,334 $ 4,891,311 30-89 days past due — — — 171 126 2,030 — 28,460 30,787 Accruing loans past due — — — — — — — — — Nonaccrual — 15 — 536 334 6,458 2,799 74,646 84,788 Total home equity lines and $ 930 2,124 2,441 16,068 23,781 105,770 3,265,332 1,590,440 $ 5,006,886 Recreational finance: Current $ 2,842,091 2,280,627 1,587,629 963,907 486,964 812,953 — — $ 8,974,171 30-89 days past due 8,648 9,525 12,412 8,387 5,202 10,419 — — 54,593 Accruing loans past due — — — — — — — — — Nonaccrual 3,533 7,440 9,427 7,625 5,344 11,261 — — 44,630 Total recreational finance $ 2,854,272 2,297,592 1,609,468 979,919 497,510 834,633 — — $ 9,073,394 Automobile: Current $ 1,491,076 1,557,676 702,711 378,962 167,438 95,343 — — $ 4,393,206 30-89 days past due 6,926 13,324 7,284 7,239 5,464 4,249 — — 44,486 Accruing loans past due — — — — — — — — — Nonaccrual 2,493 10,698 7,372 7,520 5,620 5,881 — — 39,584 Total automobile $ 1,500,495 1,581,698 717,367 393,721 178,522 105,473 — — $ 4,477,276 Other: Current 274,530 172,238 58,339 38,439 8,217 23,163 1,375,049 8,221 1,958,196 30-89 days past due $ 3,783 1,450 326 386 141 569 15,655 651 $ 22,961 Accruing loans past due — — — — — 226 4,643 — 4,869 Nonaccrual 2,745 830 332 371 120 465 44,449 185 49,497 Total other $ 281,058 174,518 58,997 39,196 8,478 24,423 1,439,796 9,057 $ 2,035,523 Total loans and leases at $ 24,853,925 18,747,757 13,072,920 12,737,602 7,534,367 26,755,951 26,197,545 1,664,096 $ 131,564,163 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 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 $ 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 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The detail of premises and equipment was as follows: December 31 2022 2021 (In thousands) Land $ 148,905 $ 93,862 Buildings 653,983 512,988 Leasehold improvements 386,303 304,825 Furniture and equipment — owned 1,004,127 880,153 Furniture and equipment — capital leases 115 115 2,193,433 1,791,943 Less: accumulated depreciation and amortization Owned assets 1,155,811 1,026,842 Capital leases 76 38 1,155,887 1,026,880 Right of use assets — operating leases 616,082 379,702 Premises and equipment, net $ 1,653,628 $ 1,144,765 |
Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases | The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2022 2021 2020 Lease cost Operating lease cost $ 138,836 $ 101,353 $ 104,158 Short-term lease cost 8,269 111 198 Variable lease cost 3,743 4,103 1,565 Total lease cost $ 150,848 $ 105,567 $ 105,921 Other information Right-of-use assets: Obtained in exchange for $ 137,998 $ 57,760 $ 70,754 Acquired in business combination 226,037 — — Cash paid toward lease liabilities 143,029 106,586 104,396 Weighted-average remaining lease term 7 years 6 years 7 years Weighted-average discount rate 2.97 % 2.51 % 2.74 % |
Summary of Minimum Lease Payments Under Noncancelable Operating Leases | Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2023 $ 149,061 2024 139,820 2025 118,110 2026 97,979 2027 75,220 Later years 212,036 Total lease payments 792,226 Less: imputed interest 83,025 Total $ 709,201 |
Capitalized servicing assets (T
Capitalized servicing assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Servicing Asset at Amortized Cost | Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2022 2021 2020 2022 2021 2020 (In thousands) Beginning balance $ 241,053 $ 231,204 $ 244,411 $ 132,604 $ 133,429 $ 130,636 Originations 6,998 65,723 45,101 24,401 33,068 29,306 Acquired in business 12,133 — — — — — Amortization ( 65,849 ) ( 55,874 ) ( 58,308 ) ( 30,614 ) ( 33,893 ) ( 26,513 ) 194,335 241,053 231,204 126,391 132,604 133,429 Valuation allowance — ( 24,000 ) ( 30,000 ) — — — Ending balance, net $ 194,335 $ 217,053 $ 201,204 $ 126,391 $ 132,604 $ 133,429 |
Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions | Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 7.27 % Impact on fair value of 10% adverse change $ ( 8,471 ) Impact on fair value of 20% adverse change ( 16,417 ) Weighted-average OAS 8.81 % Impact on fair value of 10% adverse change $ ( 10,226 ) Impact on fair value of 20% adverse change ( 19,830 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ ( 6,467 ) Impact on fair value of 20% adverse change ( 12,498 ) |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of total amortizing intangible assets follows. Gross Carrying Accumulated Net Carrying (In thousands) December 31, 2022 Core deposit $ 218,000 $ 40,875 $ 177,125 Other 43,000 10,751 32,249 Total $ 261,000 $ 51,626 $ 209,374 December 31, 2021 Core deposit $ 131,664 $ 127,746 $ 3,918 Other 6,757 6,677 80 Total $ 138,421 $ 134,423 $ 3,998 |
Summary of Estimated Amortization Expense | Estimated amortization expense in future years for such intangible assets is as follows: (In thousands) Year ending December 31: 2023 $ 62,044 2024 52,992 2025 37,939 2026 26,887 2027 17,835 Later years 11,677 $ 209,374 |
Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment | A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2022 and 2021 for purposes of testing for impairment is as follows: December 31, 2021 2022 Transactions (a) December 31, 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 4,406 367,699 Total $ 4,593,112 $ 3,896,977 $ 8,490,089 (a) All increases relate to the acquisition of People's United on April 1, 2022. The increase in "All Other" was partially offset by an $ 11 million decrease representing goodwill allocated to the M&T Insurance Agency sold in October 2022. Further information regarding those transactions is provided in note 2. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Amounts and Interest Rates of Short-term Borrowings | The amounts and interest rates of short-term borrowings were as follows: Federal Funds Other Total (Dollars in thousands) At December 31, 2022 Amount outstanding $ 354,670 $ 3,200,281 $ 3,554,951 Weighted-average interest rate 1.01 % 4.59 % 4.24 % For the year ended December 31, 2022 Highest amount at a month-end $ 633,684 $ 3,200,283 Daily-average amount outstanding 368,326 567,654 $ 935,980 Weighted-average interest rate 0.20 % 3.29 % 2.08 % At December 31, 2021 Amount outstanding $ 47,046 $ — $ 47,046 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2021 Highest amount at a month-end $ 103,548 $ — Daily-average amount outstanding 68,073 — $ 68,073 Weighted-average interest rate 0.01 % — 0.01 % At December 31, 2020 Amount outstanding $ 59,482 $ — $ 59,482 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2020 Highest amount at a month-end $ 82,893 $ — Daily-average amount outstanding 61,551 — $ 61,551 Weighted-average interest rate 0.05 % — 0.05 % |
Lines of Credit Under Formal Agreements | At December 31, 2022, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 3,205,807 Unused 34,250,872 |
Long-term Borrowings | Long-term borrowings were as follows: December 31, 2022 2021 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,961 $ 249,893 3.55 % due 2023 493,960 516,173 4.55 % fixed/variable due 2028 477,044 — Senior notes of M&T Bank: Variable rate due 2022 — 249,961 2.50 % due 2022 — 653,903 5.40 % due 2025 499,317 — 2.90 % due 2025 749,824 749,740 Advances from FHLB: Fixed rates 5,183 1,578 Subordinated notes of M&T: 5.75 % due 2024 77,337 — Subordinated notes of M&T Bank: 4.00 % due 2024 403,569 — 3.40 % due 2027 462,727 522,867 Junior subordinated debentures of M&T associated with Fixed rates: BSB Capital Trust I — 8.125 %, due 2028 15,798 15,775 Provident Trust I — 8.29 %, due 2028 31,267 30,103 Southern Financial Statutory Trust I — 10.60 %, due 2030 6,999 6,912 Variable rates: First Maryland Capital I — due 2027 149,479 148,945 First Maryland Capital II — due 2027 151,932 151,270 Allfirst Asset Trust — due 2029 97,365 97,220 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 59,132 57,547 Southern Financial Capital Trust III — due 2033 8,644 8,448 Other 9,535 9,570 $ 3,964,537 $ 3,485,369 |
Maturity of Long-term Borrowings | Long-term borrowings at December 31, 2022 mature as follows: (In thousands) Year ending December 31: 2023 $ 744,127 2024 490,411 2025 1,250,599 2026 628 2027 764,246 Later years 714,526 $ 3,964,537 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of December 31, 2022 and 2021 is presented below: December 31, 2022 December 31, 2021 Shares Carrying Value Shares Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred 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 10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred 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 25 liquidation preference per share 10,000,000 $ 260,600 — — Series I (e) Fixed-Rate Reset Non-cumulative Perpetual Preferred 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. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 387 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. Declared dividends per share were $ 64.50 in each of 2022, 2021 and 2020. (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. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 378 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. Declared dividends per share were $ 512.50 in each of 2022, 2021 and 2020. (c) Dividends, if declared, are paid semi-annually at a rate of 5.0 % through July 31, 2024 and thereafter will be paid semi-annually 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. Declared dividends per share were $ 500.00 in each of 2022 and 2021, and $ 500.694 in 2020. (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 plus 402 basis points. Upon the expected cessation of LIBOR after June 30, 2023 dividends are estimated to be paid quarterly at a rate of three-month SOFR plus 428 basis points. 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. Dividends declared per share were $ 1.0547 in 2022. (e) Dividends, if declared, are paid semi-annually at a rate of 3.5 % through August 31, 2026 and thereafter will be paid semi-annually 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. Dividends declared per share were $ 356.806 in 2022 and $ 94.306 in 2021. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Guidance | The following tables summarize sources of the Company’s noninterest income during 2022, 2021 and 2020 that are subject to the revenue recognition guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2022 (In thousands) Classification in consolidated Service charges on deposit accounts $ 71,057 111,238 14,569 — — 243,871 5,869 $ 446,604 Trust income 6 — — — — — 740,711 740,717 Brokerage services income — — — — — — 87,877 87,877 Other revenues from operations: Merchant discount and 62,040 67,433 3,924 — — 24,454 1,405 159,256 Other — 14,358 10,183 91 3,401 23,796 38,118 89,947 $ 133,103 193,029 28,676 91 3,401 292,121 873,980 $ 1,524,401 Year Ended December 31, 2021 Classification in consolidated Service charges on deposit accounts $ 53,816 98,880 11,853 — — 232,279 5,285 $ 402,113 Trust income — — — — — — 644,716 644,716 Brokerage services income — — — — — — 62,791 62,791 Other revenues from operations: Merchant discount and 52,343 55,164 2,661 — — 20,850 387 131,405 Other — 5,968 7,304 1,359 6,166 22,878 39,973 83,648 $ 106,159 160,012 21,818 1,359 6,166 276,007 753,152 $ 1,324,673 Year Ended December 31, 2020 Classification in consolidated Service charges on deposit accounts $ 50,119 92,720 10,252 — — 211,858 5,839 $ 370,788 Trust income 18 442 — — — — 601,424 601,884 Brokerage services income — — — — — — 47,428 47,428 Other revenues from operations: Merchant discount and 40,475 45,528 2,221 — — 13,481 767 102,472 Other — 9,408 6,218 1,625 4,732 20,813 41,815 84,611 $ 90,612 148,098 18,691 1,625 4,732 246,152 697,273 $ 1,207,183 |
Stock-based compensation plans
Stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock and Restricted Stock Unit Activity | A summary of restricted stock and restricted stock unit activity follows: Restricted Weighted- Restricted Weighted- Unvested at January 1, 2022 1,038,692 $ 147.32 4,076 $ 162.35 Granted 548,926 169.13 — — Assumed in business combination 252,820 164.66 173,204 164.66 Vested ( 628,130 ) 156.21 ( 100,017 ) 164.57 Cancelled ( 44,726 ) 155.72 ( 2,257 ) 164.66 Unvested at December 31, 2022 1,167,582 156.23 75,006 $ 164.65 |
Summary of Stock Option Activity | A summary of stock option activity follows: Weighted-Average Stock Exercise Life Aggregate Outstanding at January 1, 2022 635,864 $ 162.73 Granted 138,825 169.38 Assumed in business combination 1,857,739 141.58 Exercised ( 278,336 ) 142.36 Expired ( 14,030 ) 157.47 Outstanding at December 31, 2022 2,340,062 $ 148.78 5.9 $ 18,797 Exercisable at December 31, 2022 1,840,243 $ 147.61 5.2 $ 15,797 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Expense for Defined Benefit Plans | Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2022 2021 2020 (In thousands) Service cost $ 17,660 $ 20,513 $ 19,944 Interest cost on benefit obligation 82,467 61,873 71,421 Expected return on plan assets ( 187,609 ) ( 143,448 ) ( 125,512 ) Amortization of prior service cost 516 553 557 Recognized net actuarial loss 19,895 89,017 58,096 Net periodic pension cost (benefit) $ ( 67,071 ) $ 28,508 $ 24,506 Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2022 2021 2020 (In thousands) Service cost $ 2,604 $ 1,014 $ 970 Interest cost on benefit obligation 2,188 1,311 1,741 Amortization of prior service credit ( 2,772 ) ( 4,738 ) ( 4,738 ) Recognized net actuarial gain ( 1,481 ) ( 1,295 ) ( 1,236 ) Net other postretirement benefits $ 539 $ ( 3,708 ) $ ( 3,263 ) |
Data Relating to Funding Position of Defined Benefit Plans | Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other 2022 2021 2022 2021 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 2,420,213 $ 2,521,292 $ 51,846 $ 55,281 Service cost 17,660 20,513 2,604 1,014 Interest cost 82,467 61,873 2,188 1,311 Plan participants’ contributions — — 2,433 2,553 Actuarial (gain) loss ( 636,220 ) ( 69,230 ) ( 21,735 ) ( 2,232 ) Plan amendment — — 13,260 — Business combinations 632,855 — 14,859 — Medicare Part D reimbursement — — 506 540 Benefits paid ( 137,987 ) ( 114,235 ) ( 5,600 ) ( 6,621 ) Benefit obligation at end of year 2,378,988 2,420,213 60,361 51,846 Change in plan assets: Fair value of plan assets at 2,595,838 2,420,582 — — Actual return on plan assets ( 385,823 ) 278,260 — — Employer contributions 14,397 11,231 2,661 3,528 Business combinations 855,555 — — — Plan participants’ contributions — — 2,433 2,553 Medicare Part D reimbursement — — 506 540 Benefits paid ( 137,987 ) ( 114,235 ) ( 5,600 ) ( 6,621 ) Fair value of plan assets at end of year 2,941,980 2,595,838 — — Funded status $ 562,992 $ 175,625 $ ( 60,361 ) $ ( 51,846 ) Prepaid asset recognized in the 715,418 332,197 — — Accrued liability recognized in the ( 152,426 ) ( 156,572 ) ( 60,361 ) ( 51,846 ) Net accrued asset (liability) $ 562,992 $ 175,625 $ ( 60,361 ) $ ( 51,846 ) Amounts recognized in accumulated other Net loss (gain) $ 309,039 $ 391,721 $ ( 34,892 ) $ ( 14,638 ) Net prior service cost (credit) 208 724 ( 1,499 ) ( 17,531 ) Pre-tax adjustment to AOCI 309,247 392,445 ( 36,391 ) ( 32,169 ) Taxes ( 80,095 ) ( 101,447 ) 9,425 8,316 Net adjustment to AOCI $ 229,152 $ 290,998 $ ( 26,966 ) $ ( 23,853 ) |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans. Pension Plans Other Total (In thousands) 2022 Net loss (gain) $ ( 62,787 ) $ ( 21,735 ) $ ( 84,522 ) Net prior service cost — 13,260 13,260 Amortization of prior service (cost) credit ( 516 ) 2,772 2,256 Amortization of actuarial (loss) gain ( 19,895 ) 1,481 ( 18,414 ) Total recognized in other comprehensive income, $ ( 83,198 ) $ ( 4,222 ) $ ( 87,420 ) 2021 Net loss (gain) $ ( 204,042 ) $ ( 2,232 ) $ ( 206,274 ) Amortization of prior service (cost) credit ( 553 ) 4,738 4,185 Amortization of actuarial (loss) gain ( 89,017 ) 1,295 ( 87,722 ) Total recognized in other comprehensive income, $ ( 293,612 ) $ 3,801 $ ( 289,811 ) |
Assumed Weighted-Average Rates Used to Determine Benefit Obligations | The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Other 2022 2021 2022 2021 Discount rate 5.00 % 2.75 % 5.00 % 2.75 % Rate of increase in future compensation levels 3.33 % 3.35 % — — |
Assumed Weighted-Average Rates Used to Determine Net Benefit Expense | The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other 2022 2021 2020 2022 2021 2020 Discount rate 2.75 % 2.50 % 3.25 % 2.75 % 2.50 % 3.25 % Long-term rate of return on plan assets 6.25 % 6.25 % 6.50 % — — — Rate of increase in future compensation 3.35 % 3.37 % 4.29 % — — — |
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company’s pension plan assets at December 31, 2022 and 2021, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 89,829 $ 52,005 $ 37,824 $ — Equity securities: M&T 118,285 118,285 — — Domestic (a) 449,466 449,466 — — International (b) 18,510 18,510 — — Mutual funds: Domestic (a) 279,299 279,299 — — International (b) 477,194 477,194 — — 1,342,754 1,342,754 — — Debt securities: Corporate (c) 199,728 — 199,728 — Government 236,199 — 236,199 — International 14,777 — 14,777 — Mutual funds: Domestic (d) 422,615 422,615 — — 873,319 422,615 450,704 — Other: Diversified mutual fund 108,483 108,483 — — Real estate partnerships 26,953 6,651 — 20,302 Private equity / debt 211,098 — — 211,098 Hedge funds 276,367 108,957 — 167,410 Guaranteed deposit fund 9,601 — — 9,601 632,502 224,091 — 408,411 Total (e) $ 2,938,404 $ 2,041,465 $ 488,528 $ 408,411 Fair Value Measurement of Plan Assets At December 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 82,751 $ 43,616 $ 39,135 $ — Equity securities: M&T 134,447 134,447 — — Domestic (a) 369,283 369,283 — — International (b) 14,835 14,835 — — Mutual funds: Domestic (a) 280,347 280,347 — — International (b) 461,304 461,304 — — 1,260,216 1,260,216 — — Debt securities: Corporate (c) 178,528 — 178,528 — Government 206,540 — 206,540 — International 12,933 — 12,933 — Mutual funds: Domestic (d) 315,424 315,424 — — 713,425 315,424 398,001 — Other: Diversified mutual fund 108,239 108,239 — — Real estate partnerships 16,620 5,264 — 11,356 Private equity / debt 151,550 — — 151,550 Hedge funds 250,691 74,599 — 176,092 Guaranteed deposit fund 10,041 — — 10,041 537,141 188,102 — 349,039 Total (e) $ 2,593,533 $ 1,807,358 $ 437,136 $ 349,039 (a) This category is mainly comprised of equities of companies primarily within the small-cap, mid-cap and large-cap sectors of the U.S. economy and range across diverse industries. (b) This category is comprised of equities in companies primarily within the mid-cap and large-cap sectors of international markets mainly in developed and emerging markets in Europe and the Pacific Rim. (c) This category represents investment grade bonds of U.S. issuers from diverse industries. (d) Approximately 73 % of the mutual funds were invested in investment grade bonds and 27 % in high-yielding bonds at December 31, 2022 . Approximately 72 % of the mutual funds were invested in investment grade bonds and 28 % in high-yielding bonds at December 31, 2021. The holdings within the funds were spread across diverse industries. (e) Excludes dividends and interest receivable totaling $ 4 million and $ 2 million at December 31, 2022 and 2021 , respectively. |
Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis | The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2022 were as follows: Balance – Net Purchases Total Balance – (In thousands) Other Real estate partnerships $ 11,356 $ 6,062 $ 2,884 $ 20,302 Private equity/debt 151,550 66,393 ( 6,845 ) 211,098 Hedge funds 176,092 ( 2,714 ) ( 5,968 ) 167,410 Guaranteed deposit fund 10,041 819 ( 1,259 ) 9,601 Total $ 349,039 $ 70,560 $ ( 11,188 ) $ 408,411 |
Defined Benefit Plan Estimated Future Benefit Payments | Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Other (In thousands) Year ending December 31: 2023 $ 145,705 $ 3,910 2024 150,676 3,925 2025 155,164 4,342 2026 158,433 4,278 2027 163,737 4,226 2028 through 2032 833,186 19,943 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Year Ended December 31 2022 2021 2020 (In thousands) Current Federal $ 367,028 $ 331,714 $ 267,550 State and local 143,012 85,354 98,431 Total current 510,040 417,068 365,981 Deferred Federal ( 18,444 ) 71,880 ( 22,894 ) State and local ( 11,543 ) 15,279 ( 8,397 ) Total deferred ( 29,987 ) 87,159 ( 31,291 ) Amortization of investments in qualified affordable housing projects 139,407 92,176 81,679 Total income taxes applicable to pre-tax income $ 619,460 $ 596,403 $ 416,369 |
Schedule of Income Tax Expense Benefit Reconciliation | Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2022 2021 2020 (In thousands) Income taxes at statutory federal income tax rate $ 548,336 $ 515,581 $ 371,599 Increase (decrease) in taxes: Tax-exempt income ( 37,170 ) ( 20,605 ) ( 22,806 ) State and local income taxes, net of federal income tax effect 109,903 101,046 71,127 Qualified affordable housing project tax credits, net ( 22,524 ) ( 14,542 ) ( 14,826 ) Other 20,915 14,923 11,275 $ 619,460 $ 596,403 $ 416,369 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) were comprised of the following at December 31: 2022 2021 2020 (In thousands) Losses on loans and other assets $ 640,520 $ 395,784 $ 471,767 Operating lease liabilities 182,638 110,023 121,216 Retirement benefits — — 26,185 Postretirement and other employee benefits — 31,760 28,004 Incentive and other compensation plans 33,936 24,713 18,984 Unrealized losses 115,024 — — Interest on loans 53,792 — — Losses on cash flow hedges 87,164 — — Stock-based compensation 51,366 32,675 29,507 Other 81,498 52,351 66,763 Gross deferred tax assets 1,245,938 647,306 762,426 Right of use assets and other leasing transactions ( 367,137 ) ( 249,209 ) ( 285,311 ) Unrealized gains — ( 27,066 ) ( 50,785 ) Retirement benefits ( 87,486 ) ( 45,402 ) — Capitalized servicing rights ( 51,273 ) ( 53,219 ) ( 50,235 ) Postretirement and other employee benefits ( 29,230 ) — — Depreciation and amortization ( 155,048 ) ( 93,103 ) ( 95,684 ) Interest on loans — ( 6,690 ) ( 8,113 ) Gains on cash flow hedges — ( 22,820 ) ( 97,004 ) Other ( 69,314 ) ( 88,053 ) ( 62,581 ) Gross deferred tax liabilities ( 759,488 ) ( 585,562 ) ( 649,713 ) Net deferred tax asset $ 486,450 $ 61,744 $ 112,713 The Company believes that it is more likely than not that the deferred tax assets will be r |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, Accrued Unrecognized (In thousands) Gross unrecognized tax benefits at January 1, 2020 $ 58,969 $ 7,199 $ 66,168 Increases as a result of tax positions taken in prior years — 2,800 2,800 Decreases as a result of tax positions taken in prior years ( 10,107 ) ( 2,384 ) ( 12,491 ) Gross unrecognized tax benefits at December 31, 2020 48,862 7,615 56,477 Increases as a result of tax positions taken in prior years — 2,560 2,560 Decreases as a result of tax positions taken in prior years ( 11,351 ) ( 2,766 ) ( 14,117 ) Gross unrecognized tax benefits at December 31, 2021 37,511 7,409 44,920 Increases as a result of tax positions taken in prior years — 3,090 3,090 Unrecognized tax benefits assumed in a business combination 3,788 1,205 4,993 Decreases as a result of tax positions taken in prior years ( 11,090 ) ( 3,958 ) ( 15,048 ) Gross unrecognized tax benefits at December 31, 2022 $ 30,209 $ 7,746 37,955 Less: Federal, state and local income tax benefits ( 7,285 ) Net unrecognized tax benefits at December 31, 2022 that, $ 30,670 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Year Ended December 31 2022 2021 2020 (In thousands, except per share) Income available to common shareholders: Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Less: Preferred stock dividends ( 96,587 ) ( 72,915 ) ( 68,228 ) Net income available to common equity 1,895,076 1,785,831 1,284,924 Less: Income attributable to unvested stock-based ( 3,607 ) ( 8,854 ) ( 5,858 ) Net income available to common shareholders $ 1,891,469 $ 1,776,977 $ 1,279,066 Weighted-average shares outstanding: Common shares outstanding (including common stock 163,489 129,539 129,404 Less: Unvested stock-based compensation awards ( 315 ) ( 890 ) ( 766 ) Weighted-average shares outstanding 163,174 128,649 128,638 Basic earnings per common share $ 11.59 $ 13.81 $ 9.94 |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Year Ended December 31 2022 2021 2020 (In thousands, except per share) Net income available to common equity $ 1,895,076 $ 1,785,831 $ 1,284,924 Less: Income attributable to unvested stock-based ( 3,596 ) ( 8,844 ) ( 5,856 ) Net income available to common shareholders $ 1,891,480 $ 1,776,987 $ 1,279,068 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 163,489 129,539 129,404 Less: Unvested stock-based compensation awards ( 315 ) ( 890 ) ( 766 ) Plus: Incremental shares from assumed conversion of 856 163 66 Adjusted weighted-average shares outstanding 164,030 128,812 128,704 Diluted earnings per common share $ 11.53 $ 13.80 $ 9.94 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 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 before reclassifications: Unrealized holding losses, net ( 550,648 ) — — ( 550,648 ) 142,546 ( 408,102 ) Foreign currency translation adjustment — — ( 7,845 ) ( 7,845 ) 2,058 ( 5,787 ) Unrealized losses on cash flow hedges — — ( 461,033 ) ( 461,033 ) 119,360 ( 341,673 ) Current year benefit plans gains — 71,262 — 71,262 ( 18,309 ) 52,953 Total other comprehensive income (loss) before ( 550,648 ) 71,262 ( 468,878 ) ( 948,264 ) 245,655 ( 702,609 ) Amounts reclassified from accumulated other Amortization of unrealized holding 1,765 — — 1,765 (a) ( 456 ) 1,309 Accretion of net gain on terminated cash — — ( 120 ) ( 120 ) (c) 31 ( 89 ) Net yield adjustment from cash flow hedges — — 36,338 36,338 (a) ( 9,407 ) 26,931 Amortization of prior service credit — ( 2,256 ) — ( 2,256 ) (d) 579 ( 1,677 ) Amortization of actuarial losses — 18,414 — 18,414 (d) ( 4,731 ) 13,683 Total other comprehensive income (loss) ( 548,883 ) 87,420 ( 432,660 ) ( 894,123 ) 231,671 ( 662,452 ) Balance — December 31, 2022 $ ( 444,192 ) $ ( 272,856 ) $ ( 349,129 ) $ ( 1,066,177 ) $ 276,147 $ ( 790,030 ) Balance — January 1, 2021 $ 195,386 $ ( 650,087 ) $ 369,558 $ ( 85,143 ) $ 22,111 $ ( 63,032 ) Other comprehensive income before reclassifications: Unrealized holding losses, net ( 95,114 ) — — ( 95,114 ) 24,870 ( 70,244 ) Foreign currency translation adjustment — — ( 1,218 ) ( 1,218 ) 356 ( 862 ) Unrealized losses on cash flow hedges — — ( 32,292 ) ( 32,292 ) 8,410 ( 23,882 ) Current year benefit plans gains — 206,274 — 206,274 ( 54,016 ) 152,258 Total other comprehensive income (loss) before ( 95,114 ) 206,274 ( 33,510 ) 77,650 ( 20,380 ) 57,270 Amounts reclassified from accumulated other Amortization of unrealized holding 4,427 — — 4,427 (a) ( 1,154 ) 3,273 Gains realized in net income ( 8 ) — — ( 8 ) (b) 2 ( 6 ) Accretion of net gain on terminated cash — — ( 120 ) ( 120 ) (c) 32 ( 88 ) Net yield adjustment from cash flow hedges — — ( 252,397 ) ( 252,397 ) (a) 65,741 ( 186,656 ) Amortization of prior service credit — ( 4,185 ) — ( 4,185 ) (d) 1,095 ( 3,090 ) Amortization of actuarial losses — 87,722 — 87,722 (d) ( 22,971 ) 64,751 Total other comprehensive income (loss) ( 90,695 ) 289,811 ( 286,027 ) ( 86,911 ) 22,365 ( 64,546 ) Balance — December 31, 2021 $ 104,691 $ ( 360,276 ) $ 83,531 $ ( 172,054 ) $ 44,476 $ ( 127,578 ) Investment Defined Benefit Total Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2020 $ 50,701 $ ( 464,548 ) $ 133,888 $ ( 279,959 ) $ 73,279 $ ( 206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 141,081 — — 141,081 ( 36,498 ) 104,583 Foreign currency translation adjustment — — 2,724 2,724 ( 440 ) 2,284 Unrealized gains on cash flow hedges — — 505,042 505,042 ( 130,432 ) 374,610 Current year benefit plans losses — ( 238,218 ) — ( 238,218 ) 60,208 ( 178,010 ) Total other comprehensive income (loss) before 141,081 ( 238,218 ) 507,766 410,629 ( 107,162 ) 303,467 Amounts reclassified from accumulated other Amortization of unrealized holding 3,606 — — 3,606 (a) ( 966 ) 2,640 Gains realized in net income ( 2 ) — — ( 2 ) (b) 1 ( 1 ) Accretion of net gain on terminated cash — — ( 125 ) ( 125 ) (c) 34 ( 91 ) Net yield adjustment from cash flow hedges — — ( 271,971 ) ( 271,971 ) (a) 70,239 ( 201,732 ) Amortization of prior service credit — ( 4,181 ) — ( 4,181 ) (d) 1,057 ( 3,124 ) Amortization of actuarial losses — 56,860 — 56,860 (d) ( 14,371 ) 42,489 Total other comprehensive income (loss) 144,685 ( 185,539 ) 235,670 194,816 ( 51,168 ) 143,648 Balance — December 31, 2020 $ 195,386 $ ( 650,087 ) $ 369,558 $ ( 85,143 ) $ 22,111 $ ( 63,032 ) (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: Investment Defined Other Total (In thousands) Balance at January 1, 2020 $ 37,380 $ ( 342,419 ) $ 98,359 $ ( 206,680 ) Net gain (loss) during 2020 107,222 ( 138,645 ) 175,071 143,648 Balance at December 31, 2020 144,602 ( 481,064 ) 273,430 ( 63,032 ) Net gain (loss) during 2021 ( 66,977 ) 213,919 ( 211,488 ) ( 64,546 ) Balance at December 31, 2021 77,625 ( 267,145 ) 61,942 ( 127,578 ) Net gain (loss) during 2022 ( 406,793 ) 64,959 ( 320,618 ) ( 662,452 ) Balance at December 31, 2022 $ ( 329,168 ) $ ( 202,186 ) $ ( 258,676 ) $ ( 790,030 ) |
Other income and other expense
Other income and other expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense | The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2022 2021 2020 (In thousands) Other income: Gain on MTIA divestiture $ 136,331 Credit-related fee income 129,833 $ 90,816 $ 70,387 Credit card interchange fee income 69,963 Merchant discount fee income 61,442 Other expense: Professional services 469,776 348,360 240,047 Charitable contributions 178,137 Amortization of capitalized mortgage servicing rights 96,463 89,767 84,821 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2022 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,500,000 3.3 2.98 % 4.52 % $ ( 833 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b) (c) 15,900,000 1.4 1.91 % 4.38 % ( 7,059 ) Total $ 17,400,000 1.6 $ ( 7,892 ) 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 commercial real estate loans (b) (d) 21,700,000 0.6 1.24 % 0.09 % ( 248 ) Total $ 23,350,000 0.7 $ ( 207 ) (a) C ertain 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 $ 65.0 million at December 31, 2022 and a net settlement of gains of $ 43.5 million 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 $ 329.7 million at December 31, 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 became effective in 2022. |
Notional Amount of Interest Rate Swap Agreements Outstanding Maturity | The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2022 mature as follows: (In thousands) Year ending December 31: 2023 $ 7,350,000 2025 9,050,000 2027 1,000,000 $ 17,400,000 |
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 December 31, December 31, December 31, December 31, 2022 2021 2022 2021 (In thousands) Derivatives designated and qualifying as Interest rate swap agreements $ 1,202 $ 258 $ 9,094 $ 465 Commitments to sell real estate loans 3,037 4,044 9 548 4,239 4,302 9,103 1,013 Derivatives not designated and qualifying as Mortgage banking: Mortgage-related commitments to originate real estate loans 452 11,728 46,025 5,288 Commitments to sell real estate loans 51,410 8,137 14 4,108 Other: Interest rate contracts (b) 355,806 410,056 1,278,180 76,278 Foreign exchange and other option and futures contracts 24,062 8,230 22,004 7,156 431,730 438,151 1,346,223 92,830 Total derivatives $ 435,969 $ 442,453 $ 1,355,326 $ 93,843 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. The impact of variation margin payments at December 31, 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 $ 29.2 million and $ 305.1 million, respectively. |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 109,319 ) $ 108,920 $ ( 58,599 ) $ 57,716 $ 57,611 $ ( 57,686 ) Derivatives not designated as instruments Interest rate contracts (b) $ 27,391 $ 11,486 $ 27,734 Foreign exchange and other option and 14,284 9,064 7,363 Total $ 41,675 $ 20,550 $ 35,097 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and non-hedging derivative gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at December 31, 2022 and 2021 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) December 31, 2022 Trading account $ 117,847 $ 117,847 $ — $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,670,960 — 7,670,960 — Mortgage-backed securities: Government issued or guaranteed Commercial 574,299 — 574,299 — Residential 2,330,118 — 2,330,118 — Other debt securities 173,584 — 173,584 — 10,748,961 — 10,748,961 — Equity securities 151,458 145,289 6,169 — Real estate loans held for sale 162,393 — 162,393 — Other assets (a) 435,969 — 435,517 452 Total assets $ 11,616,628 $ 263,136 $ 11,353,040 $ 452 Other liabilities (a) 1,355,326 — 1,309,301 46,025 Total liabilities $ 1,355,326 $ — $ 1,309,301 $ 46,025 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 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2022, 2021 and 2020 were as follows: Investment Privately Issued Securities Other Assets and Liabilities (In thousands) 2022 Balance — January 1, 2022 $ — $ 6,440 Total gains realized/unrealized: Included in earnings — ( 34,396 ) (a) Transfers out of Level 3 — ( 17,617 ) (b) Balance — December 31, 2022 $ — $ ( 45,573 ) Changes in unrealized gains included in earnings $ — $ ( 45,758 ) (a) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 126,223 (a) Settlements ( 16 ) — Transfers out of Level 3 — ( 163,017 ) (b) Balance — December 31, 2021 $ — $ 6,440 Changes in unrealized gains included in earnings $ — $ 8,619 (a) 2020 Balance — January 1, 2020 $ 16 $ 10,740 Total gains realized/unrealized: Included in earnings — 194,469 (a) Transfers out of Level 3 — ( 161,975 ) (b) Balance — December 31, 2020 $ 16 $ 43,234 Changes in unrealized gains included in earnings $ — $ 42,597 (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 | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2022 and 2021: Fair Value Valuation Unobservable Range (In thousands) December 31, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 45,573 ) Discounted cash flow Commitment expirations 0 % - 97 % ( 3 %) 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: December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,517,244 1,517,244 1,371,688 145,556 — Interest-bearing deposits at banks 24,958,719 24,958,719 — 24,958,719 — Federal funds sold 3,000 3,000 — 3,000 — Trading account 117,847 117,847 117,847 — — Investment securities 25,210,871 24,056,322 145,289 23,860,445 50,588 Loans and leases: Commercial loans and leases 41,850,566 41,139,985 — — 41,139,985 Commercial real estate loans 45,364,571 43,214,646 — 130,652 43,083,994 Residential real estate loans 23,755,947 21,780,214 — 7,049,540 14,730,674 Consumer loans 20,593,079 20,093,523 — — 20,093,523 Allowance for credit losses ( 1,925,331 ) — — — — Loans and leases, net 129,638,832 126,228,368 — 7,180,192 119,048,176 Accrued interest receivable 646,250 646,250 — 646,250 — Financial liabilities: Noninterest-bearing deposits $ ( 65,501,860 ) ( 65,501,860 ) — ( 65,501,860 ) — Savings and interest-checking deposits ( 87,911,463 ) ( 87,911,463 ) — ( 87,911,463 ) — Time deposits ( 10,101,545 ) ( 10,143,110 ) — ( 10,143,110 ) — Short-term borrowings ( 3,554,951 ) ( 3,554,951 ) — ( 3,554,951 ) — Long-term borrowings ( 3,964,537 ) ( 3,926,489 ) — ( 3,926,489 ) — Accrued interest payable ( 81,356 ) ( 81,356 ) — ( 81,356 ) — Other financial instruments: Commitments to originate real estate $ ( 45,573 ) ( 45,573 ) — — ( 45,573 ) Commitments to sell real estate loans 54,424 54,424 — 54,424 — Other credit-related commitments ( 148,772 ) ( 148,772 ) — — ( 148,772 ) Interest rate swap agreements used ( 7,892 ) ( 7,892 ) — ( 7,892 ) — Interest rate and foreign exchange ( 920,316 ) ( 920,316 ) — ( 920,316 ) — 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) | 12 Months Ended |
Dec. 31, 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. December 31, December 31, 2022 2021 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,261,560 $ 5,693,045 Commercial real estate loans to be sold 348,701 324,943 Other commercial real estate 5,776,116 4,998,631 Residential real estate loans to be sold 31,208 233,257 Other residential real estate 505,121 924,211 Commercial and other 32,625,840 22,145,057 Standby letters of credit 2,376,644 2,151,595 Commercial letters of credit 65,066 31,981 Financial guarantees and indemnification contracts 4,022,432 4,211,797 Commitments to sell real estate loans 533,458 1,367,523 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Accordingly, financial information presented herein for 2021 and 2020 has been reclassified to provide segment information on a comparable basis, as noted in the following tables. For the Year Ended December 31, 2021 Net Interest Income as Previously Reported Impact of Changes Net Interest Income as Reclassified Provision for Credit Losses as Previously Reported Impact of Changes Provision for Credit Losses as Reclassified Other Noninterest Expense as Previously Reported Impact of Changes Other Noninterest Expense as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 518,940 — 518,940 $ 10,928 — 10,928 $ 341,751 8,514 350,265 $ 213,464 ( 6,316 ) 207,148 Commercial 854,264 ( 21,605 ) 832,659 101,060 ( 42,996 ) 58,064 384,505 7,063 391,568 493,723 5,279 499,002 Commercial Real 643,415 21,605 665,020 67,405 42,996 110,401 276,791 12,235 289,026 372,326 ( 18,684 ) 353,642 Discretionary 483,624 — 483,624 3,622 — 3,622 64,122 2,368 66,490 288,766 ( 1,757 ) 287,009 Residential 92,706 — 92,706 ( 562 ) — ( 562 ) 332,491 5,907 338,398 172,960 ( 4,292 ) 168,668 Retail Banking 1,125,953 — 1,125,953 55,692 — 55,692 804,762 24,120 828,882 341,486 ( 17,893 ) 323,593 All Other 105,876 — 105,876 ( 313,145 ) — ( 313,145 ) 1,082,993 ( 60,207 ) 1,022,786 ( 23,979 ) 43,663 19,684 Total $ 3,824,778 — 3,824,778 $ ( 75,000 ) — ( 75,000 ) $ 3,287,415 — 3,287,415 $ 1,858,746 — 1,858,746 For the Year Ended December 31, 2020 Net Interest Income as Previously Reported Impact of Changes Net Interest Income as Reclassified Provision for Credit Losses as Previously Reported Impact of Changes Provision for Credit Losses as Reclassified Other Noninterest Expense as Previously Reported Impact of Changes Other Noninterest Expense as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 462,614 — 462,614 $ 25,928 — 25,928 $ 322,868 6,455 329,323 $ 159,220 ( 4,765 ) 154,455 Commercial 864,149 ( 36,509 ) 827,640 73,099 ( 4,867 ) 68,232 375,769 7,053 382,822 508,472 ( 32,799 ) 475,673 Commercial Real 673,894 36,509 710,403 107,210 4,867 112,077 256,428 12,099 268,527 381,828 18,625 400,453 Discretionary 486,831 — 486,831 1,508 — 1,508 54,339 8,516 62,855 327,291 ( 6,290 ) 321,001 Residential 52,712 — 52,712 1,785 — 1,785 332,028 6,361 338,389 133,652 ( 4,700 ) 128,952 Retail Banking 1,204,309 — 1,204,309 108,268 — 108,268 764,262 45,407 809,669 365,261 ( 33,531 ) 331,730 All Other 121,808 — 121,808 482,202 — 482,202 959,258 ( 85,891 ) 873,367 ( 522,572 ) 63,460 ( 459,112 ) Total $ 3,866,317 — 3,866,317 $ 800,000 — 800,000 $ 3,064,952 — 3,064,952 $ 1,353,152 — 1,353,152 Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2022, 2021 and 2020 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income (a) $ 712,207 $ 518,940 $ 462,614 $ 1,338,552 $ 832,659 $ 827,640 $ 736,791 $ 665,020 $ 710,403 $ 163,695 $ 483,624 $ 486,831 Noninterest income (b) 150,298 123,854 103,837 406,708 294,172 270,772 207,280 226,991 214,386 ( 69,077 ) ( 38,638 ) ( 1,735 ) 862,505 642,794 566,451 1,745,260 1,126,831 1,098,412 944,071 892,011 924,789 94,618 444,986 485,096 Provision for credit losses 17,154 10,928 25,928 72,200 58,064 68,232 ( 5,621 ) 110,401 112,077 5,156 3,622 1,508 Amortization of core deposit — — — — — — — 1,060 1,060 — — — Depreciation and other 1,097 1,106 1,482 5,638 2,362 2,421 32,900 35,623 28,187 111 194 285 Other noninterest expense 421,052 350,265 329,323 667,282 391,568 382,822 343,205 289,026 268,527 77,996 66,490 62,855 Income (loss) before taxes 423,202 280,495 209,718 1,000,140 674,837 644,937 573,587 455,901 514,938 11,355 374,680 420,448 Income tax expense (benefit) 110,575 73,347 55,263 270,323 175,835 169,264 127,604 102,259 114,485 ( 5,181 ) 87,671 99,447 Net income (loss) $ 312,627 $ 207,148 $ 154,455 $ 729,817 $ 499,002 $ 475,673 $ 445,983 $ 353,642 $ 400,453 $ 16,536 $ 287,009 $ 321,001 Average total assets $ 7,597 $ 8,007 $ 8,152 $ 40,930 $ 27,096 $ 28,958 $ 30,599 $ 27,091 $ 27,172 $ 42,657 $ 22,262 $ 27,726 Capital expenditures $ — $ 1 $ — $ 1 $ 1 $ — $ — $ — $ — $ — $ — $ — Residential Mortgage Retail Banking All Other Total 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income (a) $ 41,137 $ 92,706 $ 52,712 $ 1,998,501 $ 1,125,953 $ 1,204,309 $ 831,073 $ 105,876 $ 121,808 $ 5,821,956 $ 3,824,778 $ 3,866,317 Noninterest income (b) 391,127 523,765 515,549 307,178 290,610 260,163 963,089 746,240 725,472 2,356,603 2,166,994 2,088,444 432,264 616,471 568,261 2,305,679 1,416,563 1,464,472 1,794,162 852,116 847,280 8,178,559 5,991,772 5,954,761 Provision for credit losses ( 1,569 ) ( 562 ) 1,785 79,921 55,692 108,268 349,759 ( 313,145 ) 482,202 517,000 ( 75,000 ) 800,000 Amortization of core deposit — — — — — — 55,624 9,107 13,809 55,624 10,167 14,869 Depreciation and other 67,994 57,716 60,129 130,407 93,159 95,936 140,372 123,881 116,979 378,519 314,041 305,419 Other noninterest expense 343,947 338,398 338,389 1,240,805 828,882 809,669 1,522,006 1,022,786 873,367 4,616,293 3,287,415 3,064,952 Income (loss) before taxes 21,892 220,919 167,958 854,546 438,830 450,599 ( 273,599 ) 9,487 ( 639,077 ) 2,611,123 2,455,149 1,769,521 Income tax expense (benefit) 964 52,251 39,006 223,722 115,237 118,869 ( 108,547 ) ( 10,197 ) ( 179,965 ) 619,460 596,403 416,369 Net income (loss) $ 20,928 $ 168,668 $ 128,952 $ 630,824 $ 323,593 $ 331,730 $ ( 165,052 ) $ 19,684 $ ( 459,112 ) $ 1,991,663 $ 1,858,746 $ 1,353,152 Average total assets $ 3,986 $ 6,463 $ 4,038 $ 20,312 $ 17,897 $ 16,438 $ 44,171 $ 43,853 $ 22,996 $ 190,252 $ 152,669 $ 135,480 Capital expenditures $ — $ 1 $ — $ 122 $ 53 $ 34 $ 91 $ 93 $ 138 $ 214 $ 149 $ 172 (a) Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company’s internal funds transfer prici ng 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 $ 39,172,000 in 2022 , $ 14,731,000 in 2021 and $ 17,288,000 in 2020 and is eliminated in “All Other” net interest income and income tax expense (benefit). (b) Alignment of segment business activity also resulted in a reclassification of noninterest income from the Commercial Banking segment to the Commercial Real Estate segment of $ 8.8 million in 2021 and $ 6.0 million in 2020. Average total assets reclassified from the Commercial Banking segment to the Commercial Real Estate segment relating to lending relationships in the hospitality sector totaled $ 1.46 billion and $ 1.38 billion in 2021 and 2020, respectively. |
Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category | The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2022 2021 2020 (In thousands) Revenues $ ( 52,865 ) $ ( 55,556 ) $ ( 47,604 ) Expenses ( 15,273 ) ( 13,599 ) ( 14,038 ) Income taxes ( 9,736 ) ( 10,846 ) ( 8,824 ) Net income ( 27,856 ) ( 31,111 ) ( 24,742 ) |
Regulatory matters (Tables)
Regulatory matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Summary of Required Minimum and Well Capitalized Capital Ratios | Pursuant to the rules in effect as of December 31, 2022, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized M&T (Consolidated) Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % Tier 1 capital to risk-weighted assets 6.0 % 6.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % Well Minimum Capitalized Bank Subsidiaries CET1 to risk-weighted assets 4.5 % 6.5 % Tier 1 capital to risk-weighted assets 6.0 % 8.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % |
Capital Ratios and Amounts of Company and its Banking Subsidiaries | The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2022 and 2021 are presented below: M&T M&T Bank Wilmington (Dollars in thousands) December 31, 2022: CET1 capital Amount $ 15,562,037 $ 16,673,578 $ 585,968 Ratio(a) 10.44 % 11.23 % 254.50 % Tier 1 capital Amount 17,572,586 16,673,578 585,968 Ratio(a) 11.79 % 11.23 % 254.50 % Total capital Amount 20,259,735 18,887,691 586,879 Ratio(a) 13.60 % 12.72 % 254.90 % Leverage Amount 17,572,586 16,673,578 585,968 Ratio(b) 9.23 % 8.77 % 85.73 % December 31, 2021: CET1 capital Amount $ 11,844,833 $ 12,378,354 $ 779,521 Ratio(a) 11.42 % 11.98 % 31.22 % Tier 1 capital Amount 13,594,782 12,378,354 779,521 Ratio(a) 13.11 % 11.98 % 31.22 % Total capital Amount 15,902,833 14,170,434 780,791 Ratio(a) 15.33 % 13.71 % 31.27 % Leverage Amount 13,594,782 12,378,354 779,521 Ratio(b) 8.87 % 8.11 % 6.23 % (a) The ratio of capital to risk-weighted assets, as defined by regulation. (b) The ratio of capital to average assets, as defined by regulation. |
Parent company financial stat_2
Parent company financial statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed Balance Sheet December 31 2022 2021 (In thousands) Assets Cash in subsidiary bank $ 130,311 $ 92,836 Due from consolidated bank subsidiaries: Money-market savings 1,690,157 1,335,857 Current income tax receivable 3,501 754 Total due from consolidated bank subsidiaries 1,693,658 1,336,611 Investments in consolidated subsidiaries: Banks 25,005,239 17,533,772 Other 379,906 220,496 Investments in trust preferred entities (note 20) 22,457 22,672 Other assets 92,802 98,010 Total assets $ 27,324,373 $ 19,304,397 Liabilities Accrued expenses and other liabilities $ 172,001 $ 103,242 Long-term borrowings 1,834,382 1,297,750 Total liabilities 2,006,383 1,400,992 Shareholders’ equity 25,317,990 17,903,405 Total liabilities and shareholders’ equity $ 27,324,373 $ 19,304,397 |
Condensed Statement of Income | Condensed Statement of Income Year Ended December 31 2022 2021 2020 (In thousands, except per share) Income Dividends from consolidated subsidiaries $ 2,508,083 $ 1,025,000 $ 708,500 Income from Bayview Lending Group LLC 30,000 30,000 52,940 Other income ( 6,952 ) 2,530 5,110 Total income 2,531,131 1,057,530 766,550 Expense Interest on short-term borrowings 6,024 - - Interest on long-term borrowings 57,565 24,073 31,924 Other expense 50,016 35,406 33,704 Total expense 113,605 59,479 65,628 Income before income taxes and equity in undistributed 2,417,526 998,051 700,922 Income tax credits 22,477 6,052 1,984 Income before equity in undistributed income of 2,440,003 1,004,103 702,906 Equity in undistributed income of subsidiaries Net income of subsidiaries 2,059,743 1,879,643 1,358,746 Less: dividends received ( 2,508,083 ) ( 1,025,000 ) ( 708,500 ) Equity in undistributed income of subsidiaries ( 448,340 ) 854,643 650,246 Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Net income per common share Basic $ 11.59 $ 13.81 $ 9.94 Diluted 11.53 13.80 9.94 |
Condensed Statement of Cash Flow | Condensed Statement of Cash Flows Year Ended December 31 2022 2021 2020 (In thousands) Cash flows from operating activities Net income $ 1,991,663 $ 1,858,746 $ 1,353,152 Adjustments to reconcile net income to net cash provided Equity in undistributed income of subsidiaries 448,340 ( 854,643 ) ( 650,246 ) Provision for deferred income taxes 7,487 10,356 1,079 Net change in accrued income and expense 7,742 ( 23,047 ) ( 24,206 ) Net cash provided by operating activities 2,455,232 991,412 679,779 Cash flows from investing activities Net investment in consolidated subsidiaries 53,958 ( 199,000 ) 125,654 Acquisition, net of cash consideration 537,978 — — Other, net 24,401 ( 2,777 ) 50,396 Net cash provided (used) by investing activities 616,337 ( 201,777 ) 176,050 Cash flows from financing activities Repayment of short-term borrowings assumed in acquisition ( 500,000 ) — — Proceeds from long-term borrowings 499,250 — — Purchases of treasury stock ( 1,800,000 ) — ( 373,750 ) Dividends paid — common ( 784,089 ) ( 580,260 ) ( 568,112 ) Dividends paid — preferred ( 96,927 ) ( 68,200 ) ( 68,256 ) Proceeds from issuance of Series I — 495,000 — Other, net 1,972 ( 7,551 ) ( 5,992 ) Net cash used by financing activities ( 2,679,794 ) ( 161,011 ) ( 1,016,110 ) Net increase (decrease) in cash and cash equivalents 391,775 628,624 ( 160,281 ) Cash and cash equivalents at beginning of year 1,428,693 800,069 960,350 Cash and cash equivalents at end of year $ 1,820,468 $ 1,428,693 $ 800,069 Supplemental disclosure of cash flow information Interest received during the year $ 1,332 $ 1,165 $ 1,493 Interest paid during the year 49,419 20,457 30,913 Income taxes received during the year 28,153 53,067 11,528 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Line Items] | |
Delinquent period of loans resulting in accrued interest being charged against income | 90 days |
Delinquent period of loans secured by real estate resulting in charge off | 150 days |
Delinquent period of loans resulting in accrued interest being charged against income description | Certain loans greater than 90 days delinquent continue to accrue interest if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and generally continue to accrue interest |
Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Consumer loan delinquent period threshold for consideration for charge off | 180 days |
Estimated useful lives | 7 years |
Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Consumer loan delinquent period threshold for consideration for charge off | 91 days |
Estimated useful lives | 3 years |
Income tax benefit recognition criteria percentage threshold | 50% |
Acquisition and Divestitures -
Acquisition and Divestitures - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||
Oct. 30, 2022 | Apr. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2022 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||||
ACL for non-PCD loan and leases | $ 242,000 | |||||||
Initial estimate of expected credit losses | 99,000 | |||||||
Goodwill | $ 8,490,089 | $ 8,490,089 | $ 4,593,112 | |||||
Revenues | 8,178,559 | 5,991,772 | $ 5,954,761 | |||||
Net income (loss) | 1,991,663 | 1,858,746 | 1,353,152 | |||||
Assets | 200,729,841 | 200,729,841 | 155,107,160 | |||||
Shareholders’ equity | 25,317,990 | 25,317,990 | 17,903,405 | 16,187,283 | $ 15,716,649 | |||
Trust Income [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue from contract with customer | 740,717 | 644,716 | 601,884 | |||||
Collective Investment Trust [Member] | Trust Income [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue from contract with customer | 165,000 | 151,000 | 105,000 | |||||
Common Stock [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Shareholders’ equity | 89,718 | $ 89,718 | 79,871 | 79,871 | $ 79,871 | |||
Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization period | 3 years | |||||||
Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization period | 7 years | |||||||
Peoples United Financial Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, market value | $ 8,400,000 | |||||||
Common stock, price per share | $ 164.66 | |||||||
ACL for non-PCD loan and leases | $ 242,000 | |||||||
Goodwill | 3,908,245 | |||||||
Core deposit and other intangible assets | $ 261,000 | |||||||
Revenues | 1,600,000 | |||||||
Net income (loss) | $ 165,000 | |||||||
Peoples United Financial Inc [Member] | Common Stock [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock issued in transaction | 50,325,004 | |||||||
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 | |||||||
M T [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock, price per share | $ 0.118 | |||||||
M&T Insurance Agency, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues | $ 34,000 | $ 37,000 | $ 37,000 | |||||
Gain (loss) on sale of subsidiary, pre-tax | $ 136,000 | |||||||
Gain (loss) on sale of subsidiary after-tax | $ 98,000 | |||||||
Assets | $ 18,000 | |||||||
Shareholders’ equity | $ 6,000 |
Acquisition and Divestitures _2
Acquisition and Divestitures - Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities and preferred stock: | |||
Total liabilities and shareholders’ equity | $ 200,729,841 | $ 155,107,160 | |
Goodwill | $ 8,490,089 | $ 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 | 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 |
Acquisition and Divestitures _3
Acquisition and Divestitures - 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 Divestitures _4
Acquisition and Divestitures - Summary of Unpaid Principal Balance to Fair Value of Loans and Leases by Portfolio Segment (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | $ 2,438,435 | $ 2,060,083 | $ 1,893,299 | |||||
Allowance for credit losses at acquisition | $ (2,060,083) | $ (1,893,299) | $ (1,134,333) | |||||
Non PCD Acquired Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | $ 32,896,454 | |||||||
Other discount | [1] | (260,498) | ||||||
Fair value | 32,635,956 | |||||||
PCD Acquired Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | [2] | 3,410,506 | ||||||
Allowance for credit losses at acquisition | [2] | (99,000) | ||||||
Other discount | (106,814) | |||||||
Fair value | $ 3,204,692 | |||||||
[1] Includes approximately $ 242 million of principal balances not expected to be collected. The unpaid principal balance and allowance for credit losses at acquisition is net of charge-offs of $ 33 million recognized on the PCD loans. |
Acquisition and Divestitures _5
Acquisition and Divestitures - Summary of Unpaid Principal Balance to Fair Value of PCD Loans and Leases by Portfolio Segment (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Charge-offs | $ (302,957) | $ (338,154) | $ (333,507) | |
PCD Acquired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Charge-offs | $ (33,000) | |||
Non PCD Acquired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Charge-offs | $ (242,000) |
Acquisition and Divestitures _6
Acquisition and Divestitures - Summary of Acquisition, Pro Forma Information (Details) - Peoples United Financial Inc [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total revenues | $ 8,631,283 | $ 8,075,955 |
Net income | $ 2,158,047 | $ 2,391,034 |
Acquisition and Divestitures _7
Acquisition and Divestitures - Summary of Merger Related Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outside data processing and software | $ 376,493 | $ 291,839 | $ 258,480 |
Advertising and marketing | 90,748 | 64,428 | $ 61,904 |
Peoples United Financial Inc [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Salaries and employee benefits | 102,150 | 176 | |
Equipment and net occupancy | 6,709 | 341 | |
Outside data processing and software | 5,438 | 1,119 | |
Advertising and marketing | 9,262 | 866 | |
Printing, postage and supplies | 6,786 | 2,965 | |
Other cost of operations | 207,976 | 38,393 | |
Other Expenses | $ 338,321 | $ 43,860 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 11,193,152 | $ 3,849,347 |
Investment securities available for sale, gross unrealized gains | 515 | 115,305 |
Investment securities available for sale, gross unrealized losses | 444,706 | 8,848 |
Investment securities available for sale, estimated fair value | 10,748,961 | 3,955,804 |
Amortized cost for held to maturity | 13,529,969 | 2,734,674 |
Gross unrealized gains for held to maturity | 10,288 | 59,743 |
Gross unrealized losses for held to maturity | 1,164,837 | 23,127 |
Estimated fair value for held to maturity | 12,375,420 | 2,771,290 |
Equity and other securities, Amortized Cost | 933,766 | 461,516 |
Equity securities, Gross Unrealized Gains | 2,120 | 4,460 |
Equity securities, Gross Unrealized Losses | 3,945 | 594 |
Equity and other securities, Estimated Fair Value | 931,941 | 465,382 |
Other securities, Amortized cost | 780,483 | 387,742 |
Other securities, Estimated fair value | 780,483 | 387,742 |
Total debt securities Amortized cost | 24,723,121 | 6,584,021 |
Total debt securities Gross unrealized gains | 10,803 | 175,048 |
Total debt securities Gross unrealized losses | 1,609,543 | 31,975 |
Total debt securities Estimated fair value | 23,124,381 | 6,727,094 |
Readily marketable securities Amortized cost | 153,283 | 73,774 |
Readily marketable securities Gross unrealized gains | 2,120 | 4,460 |
Readily marketable securities Gross unrealized losses | 3,945 | 594 |
Readily marketable securities Estimated fair value | 151,458 | 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 | 7,913,932 | 682,267 |
Investment securities available for sale, gross unrealized gains | 200 | 229 |
Investment securities available for sale, gross unrealized losses | 243,172 | 3,806 |
Investment securities available for sale, estimated fair value | 7,670,960 | 678,690 |
Amortized cost for held to maturity | 1,054,035 | 3,052 |
Gross unrealized losses for held to maturity | 45,747 | 9 |
Estimated fair value for held to maturity | 1,008,288 | 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 | 2,577,078 | 177 |
Gross unrealized gains for held to maturity | 4 | 2 |
Gross unrealized losses for held to maturity | 116,512 | |
Estimated fair value for held to maturity | 2,460,570 | 179 |
Commercial [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 594,779 | |
Investment securities available for sale, gross unrealized losses | 20,480 | |
Investment securities available for sale, estimated fair value | 574,299 | |
Amortized cost for held to maturity | 912,431 | |
Gross unrealized losses for held to maturity | 103,528 | |
Estimated fair value for held to maturity | 808,903 | |
Residential [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 2,501,334 | 3,042,771 |
Investment securities available for sale, gross unrealized gains | 65 | 113,102 |
Investment securities available for sale, gross unrealized losses | 171,281 | 561 |
Investment securities available for sale, estimated fair value | 2,330,118 | 3,155,312 |
Amortized cost for held to maturity | 8,934,918 | 2,667,328 |
Gross unrealized gains for held to maturity | 1,451 | 49,221 |
Gross unrealized losses for held to maturity | 891,063 | 8,376 |
Estimated fair value for held to maturity | 8,045,306 | 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 | 183,107 | 124,309 |
Investment securities available for sale, gross unrealized gains | 250 | 1,974 |
Investment securities available for sale, gross unrealized losses | 9,773 | 4,481 |
Investment securities available for sale, estimated fair value | 173,584 | 121,802 |
Amortized cost for held to maturity | 1,765 | 2,562 |
Estimated fair value for held to maturity | 1,765 | 2,562 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Amortized cost for held to maturity | 49,742 | 61,555 |
Gross unrealized gains for held to maturity | 8,833 | 10,520 |
Gross unrealized losses for held to maturity | 7,987 | 14,742 |
Estimated fair value for held to maturity | $ 50,588 | $ 57,333 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Investment | Dec. 31, 2020 USD ($) | |
Investment Holdings [Line Items] | |||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 |
Number of investment securities with aggregate gross unrealized losses | Security | 4,273 | ||
Unrealized losses on individual debt securities | $ (1,600,000,000) | ||
Cost method equity securities | 780,000,000 | ||
Investment securities pledged to secure debt carrying value | 7,900,000,000 | 5,100,000,000 | |
Carrying value of investment securities pledged related to repurchase transactions | 567,000,000 | 96,000,000 | |
Available-for-Sale Securities [Member] | |||
Investment Holdings [Line Items] | |||
Allowance for credit losses | $ 0 | $ 0 | |
Government Issued or Guaranteed [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 |
Investment Securities - Investm
Investment Securities - Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Obligations of States and Political Subdivisions [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | $ 2,577,078 |
Total securities with disclosed rating, Estimated Fair Value | 2,460,570 |
Obligations of States and Political Subdivisions [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 2,450,795 |
Obligations of States and Political Subdivisions [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 9,775 |
Privately Issued [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 49,742 |
Total securities with disclosed rating, Estimated Fair Value | 50,588 |
Privately Issued [Member] | B or Less [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 379 |
Privately Issued [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 50,209 |
Other Debt Securities [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 184,872 |
Total securities with disclosed rating, Estimated Fair Value | 175,349 |
Other Debt Securities [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 15,044 |
Other Debt Securities [Member] | BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 63,361 |
Other Debt Securities [Member] | BB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 35,741 |
Other Debt Securities [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | $ 61,203 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Collateralized mortgage obligations, Amortized cost | $ 372,373 | $ 61,980 |
Collateralized mortgage obligations, Estimated fair value | $ 327,981 | $ 57,763 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt securities available for sale: | ||
Due in one year or less | $ 131,291 | |
Due after one year through five years | 7,870,319 | |
Due after five years through ten years | 65,429 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 8,097,039 | |
Mortgage-backed securities available for sale | 3,096,113 | |
Investment securities available for sale, amortized cost | 11,193,152 | $ 3,849,347 |
Debt securities held to maturity: | ||
Due in one year or less | 137,854 | |
Due after one year through five years | 1,057,311 | |
Due after five years through ten years | 1,092,875 | |
Due after ten years | 1,344,838 | |
Total available for held to maturity (amortized cost) | 3,632,878 | |
Mortgage-backed securities held to maturity | 9,897,091 | |
Amortized cost for held to maturity | 13,529,969 | 2,734,674 |
Debt securities available for sale: | ||
Due in one year or less | 126,611 | |
Due after one year through five years | 7,628,579 | |
Due after five years through ten years | 61,938 | |
Due after ten years | 27,416 | |
Total available for sale (fair value) | 7,844,544 | |
Mortgage-backed securities available for sale | 2,904,417 | |
Total | 10,748,961 | 3,955,804 |
Debt securities held to maturity: | ||
Due in one year or less | 136,564 | |
Due after one year through five years | 1,011,114 | |
Due after five years through ten years | 1,068,369 | |
Due after ten years | 1,254,576 | |
Total available for held to maturity (fair value) | 3,470,623 | |
Mortgage-backed securities held to maturity | 8,904,797 | |
Total | $ 12,375,420 | $ 2,771,290 |
Investment Securities - Inves_2
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 9,670,043 | $ 612,437 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 377,333 | 3,934 |
Estimated fair value, 12 months or more | 943,530 | 87,243 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 67,373 | 4,914 |
Held to maturity, Estimated fair value, Less than 12 months | 10,559,073 | 1,375,279 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 885,190 | 8,365 |
Held to maturity, Estimated fair value, 12 months or more | 1,354,961 | 44,943 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 279,647 | 14,762 |
Total investment securities, fair value less than 12 months | 20,229,116 | 1,987,716 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | 1,262,523 | 12,299 |
Total of investment securities, fair value, 12 Months or More | 2,298,491 | 132,186 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | 347,020 | 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 | 6,706,413 | 598,566 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 183,760 | 3,806 |
Estimated fair value, 12 months or more | 841,945 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 59,412 | |
Held to maturity, Estimated fair value, Less than 12 months | 1,008,288 | 3,043 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 45,747 | 9 |
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 | 2,449,420 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 116,512 | |
Commercial [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 574,299 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 20,480 | |
Held to maturity, Estimated fair value, Less than 12 months | 808,903 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 103,528 | |
Residential [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 2,295,873 | 10,111 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 169,489 | 54 |
Estimated fair value, 12 months or more | 28,305 | 20,824 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 1,792 | 507 |
Held to maturity, Estimated fair value, Less than 12 months | 6,292,462 | 1,372,236 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 619,403 | 8,356 |
Held to maturity, Estimated fair value, 12 months or more | 1,319,300 | 1,251 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 271,660 | 20 |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 93,458 | 3,760 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 3,604 | 74 |
Estimated fair value, 12 months or more | 73,280 | 66,419 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 6,169 | 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 | 35,661 | 43,692 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ 7,987 | $ 14,742 |
Loans and Leases - Total Loans
Loans and Leases - Total Loans and Leases Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | ||
Total loans | $ 129,492,304 | $ 92,040,032 |
Leases | ||
Total loans and leases | 132,074,156 | 93,136,678 |
Unearned discount | (509,993) | (224,226) |
Loans and leases, net of unearned discount | 131,564,163 | 92,912,452 |
Commercial Financial Loan [Member] | ||
Loans | ||
Total loans | 39,695,189 | 22,524,542 |
Commercial Real Estate [Member] | ||
Loans | ||
Total loans | 45,444,010 | 35,473,884 |
Residential Real Estate [Member] | ||
Loans | ||
Total loans | 23,773,842 | 16,077,275 |
Consumer Real Estate [Member] | ||
Loans | ||
Total loans | 20,579,263 | 17,964,331 |
Commercial Lease [Member] | ||
Loans | ||
Total loans | $ 2,581,852 | $ 1,096,646 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans And Leases Receivable [Line Items] | |||
Amount of foreclosed residential real estate property held | $ 41,000 | $ 24,000 | |
Loans secured by residential real estate that were in the process of foreclosure | $ 201,000 | 151,000 | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 42% | ||
Guaranteed amount included in the estimated residual value of leased assets associated with direct financing leases | $ 93,000 | 29,000 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 279,832 | 529,323 | $ 806,046 |
Payment Deferral [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 202,866 | 246,598 | $ 545,415 |
COVID-19 [Member] | Government-Guaranteed Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 8,000 | 974,000 | |
Residential Real Estate [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 19,000 | 1,200,000 | |
Director and Certain Officers [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Exclusion limit of loans from related party disclosure | less than $60,000 | ||
Borrowing by directors and certain officers of M&T and its banking subsidiaries and their associates | $ 102,000 | 113,000 | |
New borrowings by directors, certain officers and their associates | 7,000 | ||
Repayments and other reductions of borrowings by directors, certain officers and their associates | 18,000 | ||
Commercial Real Estate [Member] | Asset Pledged as Collateral without Right [Member] | FHLBs Facility [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Pledged financial instruments | 16,300,000 | ||
Residential Mortgage Loans [Member] | Asset Pledged as Collateral without Right [Member] | FHLBs Facility [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Pledged financial instruments | 19,500,000 | ||
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 32,000 | 474,000 | |
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 131,000 | $ 425,000 | |
Commercial Loans and Leases [Member] | Asset Pledged as Collateral without Right [Member] | FHLBs Facility [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Pledged financial instruments | 10,500,000 | ||
Home Equity Loans and Lines of Credit [Member] | Asset Pledged as Collateral without Right [Member] | FHLBs Facility [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Pledged financial instruments | 2,400,000 | ||
Other Consumer Loans [Member] | Asset Pledged as Collateral without Right [Member] | FHLBs Facility [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Pledged financial instruments | $ 10,700,000 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 129,492,304 | $ 92,040,032 |
30-89 Days Past Due | 1,779,054 | 845,930 |
Accruing Loans Past Due 90 Days or More | 491,018 | 963,399 |
Nonaccrual | 2,438,435 | 2,060,083 |
Loans and leases, net of unearned discount | 131,564,163 | 92,912,452 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 126,855,656 | 89,043,040 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 448,462 | 142,208 |
Accruing Loans Past Due 90 Days or More | 72,502 | 8,284 |
Nonaccrual | 347,204 | 221,022 |
Loans and leases, net of unearned discount | 41,850,566 | 23,473,324 |
Commercial, Financial, Leasing, etc. [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,982,398 | 23,101,810 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 311,188 | 319,099 |
Accruing Loans Past Due 90 Days or More | 67,696 | 31,733 |
Nonaccrual | 1,396,662 | 1,069,280 |
Loans and leases, net of unearned discount | 36,748,173 | 26,132,755 |
Commercial [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 34,972,627 | 24,712,643 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 8,703 | 2,904 |
Nonaccrual | 1,229 | 3,005 |
Loans and leases, net of unearned discount | 1,314,730 | 1,406,346 |
Residential Builder and Developer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,304,798 | 1,400,437 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 239,521 | 17,175 |
Accruing Loans Past Due 90 Days or More | 549 | |
Nonaccrual | 124,937 | 111,405 |
Loans and leases, net of unearned discount | 7,301,668 | 7,850,629 |
Other Commercial Construction [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,936,661 | 7,722,049 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 595,897 | 239,561 |
Accruing Loans Past Due 90 Days or More | 345,402 | 920,080 |
Nonaccrual | 272,090 | 355,858 |
Loans and leases, net of unearned discount | 22,704,895 | 14,810,371 |
Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21,491,506 | 13,294,872 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 22,456 | 16,666 |
Nonaccrual | 77,814 | 122,888 |
Loans and leases, net of unearned discount | 1,051,052 | 1,264,074 |
Residential Limited Documentation [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 950,782 | 1,124,520 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 30,787 | 15,486 |
Nonaccrual | 84,788 | 70,488 |
Loans and leases, net of unearned discount | 5,006,886 | 3,562,591 |
Home Equity Lines and Loans [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,891,311 | 3,476,617 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 54,593 | 40,544 |
Nonaccrual | 44,630 | 27,811 |
Loans and leases, net of unearned discount | 9,073,394 | 8,053,528 |
Recreational Finance [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,974,171 | 7,985,173 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 44,486 | 40,064 |
Nonaccrual | 39,584 | 34,037 |
Loans and leases, net of unearned discount | 4,477,276 | 4,678,873 |
Automobile [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,393,206 | 4,604,772 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 22,961 | 12,223 |
Accruing Loans Past Due 90 Days or More | 4,869 | 3,302 |
Nonaccrual | 49,497 | 44,289 |
Loans and leases, net of unearned discount | 2,035,523 | 1,679,961 |
Other [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,958,196 | $ 1,620,147 |
Loans and Leases - Loan Modific
Loans and Leases - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Modification | Dec. 31, 2021 USD ($) Modification | Dec. 31, 2020 USD ($) Modification | |
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 3,641 | 2,320 | 5,250 |
Pre-modification Recorded Investment | $ 276,197 | $ 533,752 | $ 862,507 |
Loans and leases, net of unearned discount | $ 279,832 | $ 529,323 | $ 806,046 |
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 193 | 284 | 394 |
Pre-modification Recorded Investment | $ 87,873 | $ 185,458 | $ 246,479 |
Loans and leases, net of unearned discount | $ 89,448 | $ 182,880 | $ 199,918 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 50 | 99 | 161 |
Pre-modification Recorded Investment | $ 34,972 | $ 202,878 | $ 310,578 |
Loans and leases, net of unearned discount | $ 34,618 | $ 200,837 | $ 295,231 |
Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 1 | 3 | 2 |
Pre-modification Recorded Investment | $ 100 | $ 542 | $ 13,602 |
Loans and leases, net of unearned discount | $ 100 | $ 532 | $ 13,573 |
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 274 | 373 | 631 |
Pre-modification Recorded Investment | $ 71,165 | $ 108,325 | $ 202,985 |
Loans and leases, net of unearned discount | $ 73,541 | $ 108,635 | $ 207,517 |
Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 8 | 21 | 30 |
Pre-modification Recorded Investment | $ 1,398 | $ 2,920 | $ 7,413 |
Loans and leases, net of unearned discount | $ 1,409 | $ 2,865 | $ 8,332 |
Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 144 | 89 | 259 |
Pre-modification Recorded Investment | $ 10,146 | $ 6,430 | $ 17,228 |
Loans and leases, net of unearned discount | $ 10,213 | $ 6,375 | $ 17,254 |
Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 729 | 281 | 428 |
Pre-modification Recorded Investment | $ 27,517 | $ 9,931 | $ 16,392 |
Loans and leases, net of unearned discount | $ 27,510 | $ 9,931 | $ 16,392 |
Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 2,092 | 807 | 2,249 |
Pre-modification Recorded Investment | $ 41,540 | $ 14,668 | $ 39,951 |
Loans and leases, net of unearned discount | $ 41,510 | $ 14,668 | $ 39,951 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 149 | 362 | 1,095 |
Pre-modification Recorded Investment | $ 1,426 | $ 2,597 | $ 7,788 |
Loans and leases, net of unearned discount | $ 1,426 | $ 2,597 | $ 7,788 |
Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 1 | 1 | 1 |
Pre-modification Recorded Investment | $ 60 | $ 3 | $ 91 |
Loans and leases, net of unearned discount | 57 | 3 | 90 |
Principal Deferral [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 202,866 | 246,598 | 545,415 |
Principal Deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 53,219 | 46,806 | 70,671 |
Principal Deferral [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 14,037 | 67,387 | 204,591 |
Principal Deferral [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 532 | 13,573 | |
Principal Deferral [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 54,519 | 95,769 | 183,878 |
Principal Deferral [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 1,216 | 2,865 | 7,100 |
Principal Deferral [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 9,372 | 6,054 | 5,882 |
Principal Deferral [Member] | Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 27,510 | 9,931 | 16,388 |
Principal Deferral [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 41,510 | 14,654 | 39,949 |
Principal Deferral [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 1,426 | 2,597 | 3,383 |
Principal Deferral [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 57 | 3 | |
Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 455 | 803 | |
Interest Rate Reduction [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 455 | 298 | |
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 505 | ||
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 3,206 | 71,760 | 36,479 |
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 983 | 40,558 | 31,605 |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 2,223 | 31,202 | 4,874 |
Combination of Concession Types [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 73,305 | 210,965 | 223,349 |
Combination of Concession Types [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 34,791 | 95,516 | 97,344 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 18,358 | 102,248 | 85,261 |
Combination of Concession Types [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 100 | ||
Combination of Concession Types [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 19,022 | 12,866 | 23,639 |
Combination of Concession Types [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 193 | 1,232 | |
Combination of Concession Types [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | $ 841 | 321 | 11,372 |
Combination of Concession Types [Member] | Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 4 | ||
Combination of Concession Types [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | $ 14 | 2 | |
Combination of Concession Types [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 4,405 | ||
Combination of Concession Types [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | $ 90 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Lease Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Direct financings: | ||
Lease payments receivable | $ 2,174,730 | $ 873,089 |
Estimated residual value of leased assets | 262,354 | 75,140 |
Unearned income | (144,916) | (68,456) |
Investment in direct financings | 2,292,168 | 879,773 |
Leveraged leases: | ||
Lease payments receivable | 71,371 | 75,003 |
Estimated residual value of leased assets | 73,397 | 73,414 |
Unearned income | (21,689) | (25,374) |
Investment in leveraged leases | 123,079 | 123,043 |
Total investment in leases | 2,415,247 | 1,002,816 |
Deferred taxes payable arising from leveraged leases | $ 51,974 | $ 56,759 |
Loans and Leases - Minimum Futu
Loans and Leases - Minimum Future Lease Payments to be Received from Lease Financings (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Receivables [Abstract] | |
2023 | $ 756,544 |
2024 | 621,629 |
2025 | 410,540 |
2026 | 255,292 |
2027 | 129,624 |
Later years | 72,472 |
Total | $ 2,246,101 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 1,469,226 | $ 1,736,387 | $ 1,051,071 |
Allowance on acquired PCD loans | 99,000 | ||
Provision for credit losses | 517,000 | (75,000) | 800,000 |
Net charge-offs | |||
Charge-offs | (302,957) | (338,154) | (333,507) |
Recoveries | 143,062 | 145,993 | 86,366 |
Net charge-offs | (159,895) | (192,161) | (247,141) |
Ending balance | 1,925,331 | 1,469,226 | 1,736,387 |
Adoption of new accounting standard | 132,457 | ||
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 283,899 | 405,846 | 366,094 |
Allowance on acquired PCD loans | 41,003 | ||
Provision for credit losses | 235,702 | (40,378) | 220,544 |
Net charge-offs | |||
Charge-offs | (117,223) | (122,651) | (135,083) |
Recoveries | 58,772 | 41,082 | 15,765 |
Net charge-offs | 58,451 | 81,569 | 119,318 |
Ending balance | 502,153 | 283,899 | 405,846 |
Adoption of new accounting standard | (61,474) | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 557,239 | 670,719 | 322,201 |
Allowance on acquired PCD loans | 55,812 | ||
Provision for credit losses | 100,445 | (42,825) | 356,203 |
Net charge-offs | |||
Charge-offs | (61,641) | (101,306) | (35,891) |
Recoveries | 24,829 | 30,651 | 4,550 |
Net charge-offs | 36,812 | 70,655 | 31,341 |
Ending balance | 676,684 | 557,239 | 670,719 |
Adoption of new accounting standard | 23,656 | ||
One-to-Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 71,726 | 103,590 | 56,033 |
Allowance on acquired PCD loans | 1,833 | ||
Provision for credit losses | 43,574 | (29,817) | (3,172) |
Net charge-offs | |||
Charge-offs | (11,783) | (10,904) | (10,283) |
Recoveries | 9,742 | 8,857 | 7,116 |
Net charge-offs | 2,041 | 2,047 | 3,167 |
Ending balance | 115,092 | 71,726 | 103,590 |
Adoption of new accounting standard | 53,896 | ||
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 556,362 | 556,232 | 229,118 |
Allowance on acquired PCD loans | 352 | ||
Provision for credit losses | 137,279 | 38,020 | 226,425 |
Net charge-offs | |||
Charge-offs | (112,310) | (103,293) | (152,250) |
Recoveries | 49,719 | 65,403 | 58,935 |
Net charge-offs | 62,591 | 37,890 | 93,315 |
Ending balance | $ 631,402 | $ 556,362 | 556,232 |
Adoption of new accounting standard | 194,004 | ||
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 77,625 | ||
Net charge-offs | |||
Adoption of new accounting standard | $ (77,625) |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Changes in Allowance for Credit Losses (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | $ 517,000 | $ (75,000) | $ 800,000 | |
Charge-offs | $ (302,957) | $ (338,154) | $ (333,507) | |
Non PCD Acquired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | $ 242,000 | |||
Charge-offs | (242,000) | |||
PCD Acquired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Charge-offs | $ (33,000) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Maximum [Member] | |
Loans And Leases Receivable [Line Items] | |
Loan delinquent period | 150 days |
Minimum [Member] | |
Loans And Leases Receivable [Line Items] | |
Loan delinquent period | 90 days |
Minimum [Member] | Commercial Loans and Commercial Real Estate [Member] | |
Loans And Leases Receivable [Line Items] | |
Amount of real estate loan as reported as accruing or nonaccruing | $ 1 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | $ 996,729 | $ 789,228 | $ 974,782 | |||
Amortized Cost without Allowance | 1,441,706 | 1,270,855 | 918,517 | |||
Total | 2,438,435 | 2,060,083 | 1,893,299 | |||
Amortized Cost | $ 2,060,083 | $ 1,893,299 | $ 1,134,333 | |||
Interest Income Recognized | 77,250 | 58,740 | 54,217 | |||
Commercial, Financial, Leasing, etc. [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 173,350 | 110,790 | 226,897 | |||
Amortized Cost without Allowance | 173,854 | 110,232 | 79,930 | |||
Total | 347,204 | 221,022 | 306,827 | |||
Amortized Cost | 221,022 | 306,827 | 346,743 | |||
Interest Income Recognized | 22,336 | 11,865 | 11,269 | |||
Commercial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 404,661 | 242,078 | 364,110 | |||
Amortized Cost without Allowance | 992,001 | 827,202 | 411,784 | |||
Total | 1,396,662 | 1,069,280 | 775,894 | |||
Amortized Cost | 1,069,280 | 775,894 | 173,796 | |||
Interest Income Recognized | 18,117 | 15,872 | 7,821 | |||
Residential Builder and Developer [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 1,229 | 613 | 1,094 | |||
Amortized Cost without Allowance | 2,392 | |||||
Total | 1,229 | 3,005 | 1,094 | |||
Amortized Cost | 3,005 | 1,094 | 4,708 | |||
Interest Income Recognized | 2,195 | 973 | 1,694 | |||
Other Commercial Construction [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 58,834 | 30,229 | 20,992 | |||
Amortized Cost without Allowance | 66,103 | 81,176 | 93,047 | |||
Total | 124,937 | 111,405 | 114,039 | |||
Amortized Cost | 111,405 | 114,039 | 35,881 | |||
Interest Income Recognized | 3,411 | 596 | 8,457 | |||
Residential [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 147,461 | 198,560 | 159,006 | |||
Amortized Cost without Allowance | 124,629 | 157,298 | 206,723 | |||
Total | 272,090 | 355,858 | 365,729 | |||
Amortized Cost | 355,858 | 365,729 | 322,504 | |||
Interest Income Recognized | 25,146 | 23,772 | 18,069 | |||
Residential Limited Documentation [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 47,711 | 79,777 | 84,568 | |||
Amortized Cost without Allowance | 30,103 | 43,111 | 62,602 | |||
Total | 77,814 | 122,888 | 147,170 | |||
Amortized Cost | 122,888 | 147,170 | 114,667 | |||
Interest Income Recognized | 557 | 528 | 634 | |||
Home Equity Lines and Loans [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 42,699 | 32,269 | 61,031 | |||
Amortized Cost without Allowance | 42,089 | 38,219 | 18,361 | |||
Total | 84,788 | 70,488 | 79,392 | |||
Amortized Cost | 70,488 | 79,392 | 65,039 | |||
Interest Income Recognized | 4,333 | 3,780 | 4,092 | |||
Recreational Finance [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 36,256 | 21,476 | 19,434 | |||
Amortized Cost without Allowance | 8,374 | 6,335 | 6,085 | |||
Total | 44,630 | 27,811 | 25,519 | |||
Amortized Cost | 27,811 | 25,519 | 14,308 | |||
Interest Income Recognized | 657 | 637 | 626 | |||
Automobile [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 35,139 | 29,314 | 34,044 | |||
Amortized Cost without Allowance | 4,445 | 4,723 | 5,360 | |||
Total | 39,584 | 34,037 | 39,404 | |||
Amortized Cost | 34,037 | 39,404 | 21,293 | |||
Interest Income Recognized | 144 | 186 | 186 | |||
Other [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 49,389 | 44,122 | 3,606 | |||
Amortized Cost without Allowance | 108 | 167 | 34,625 | |||
Total | 49,497 | 44,289 | 38,231 | |||
Amortized Cost | $ 44,289 | $ 38,231 | $ 35,394 | |||
Interest Income Recognized | $ 354 | $ 531 | $ 1,369 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 131,564,163 | $ 92,912,452 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,197,545 | 16,234,904 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,664,096 | 1,199,887 |
Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,853,925 | |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,747,757 | 18,817,411 |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,072,920 | 12,376,366 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,737,602 | 12,286,933 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,534,367 | 7,895,140 |
Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,558,871 | |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,755,951 | 18,542,940 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 41,850,566 | 23,473,324 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,313,716 | 11,538,391 |
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 | 64,599 | 40,836 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 39,621,772 | 22,054,341 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 19,444,247 | 10,993,461 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 40,471 | 18,699 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,881,590 | 1,197,961 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 768,497 | 484,755 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,026 | 15,628 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 347,204 | 221,022 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 100,972 | 60,175 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,102 | 6,509 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 8,841,135 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 8,575,130 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 247,626 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,379 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,227,686 | 5,014,194 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,952,758 | 4,798,052 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 222,861 | 196,680 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 52,067 | 19,462 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,252,579 | 2,037,896 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,024,603 | 1,916,072 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 190,368 | 98,595 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 37,608 | 23,229 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,949,169 | 1,600,910 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,796,047 | 1,476,786 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 116,881 | 107,010 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,241 | 17,114 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 924,743 | 1,064,915 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 817,569 | 951,881 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 71,485 | 73,126 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 35,689 | 39,908 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 557,774 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 500,615 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,232 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,927 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,276,939 | 1,618,408 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,970,947 | 1,398,775 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 246,846 | 185,935 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 59,146 | 33,698 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,748,173 | 26,132,755 |
Commercial [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 941,189 | 805,609 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 30,531,762 | 20,445,045 |
Commercial [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 869,981 | 728,948 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,819,749 | 4,618,430 |
Commercial [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 48,099 | 38,570 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,396,662 | 1,069,280 |
Commercial [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,109 | 38,091 |
Commercial [Member] | Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,473,083 | |
Commercial [Member] | Term Loans 2022 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,136,890 | |
Commercial [Member] | Term Loans 2022 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 324,652 | |
Commercial [Member] | Term Loans 2022 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,541 | |
Commercial [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,865,843 | 3,568,307 |
Commercial [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,379,900 | 3,413,587 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 463,484 | 133,133 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,459 | |
Commercial [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,040,133 | 3,276,705 |
Commercial [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,388,590 | 2,662,999 |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 467,557 | 480,146 |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 183,986 | 133,560 |
Commercial [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,542,410 | 4,562,963 |
Commercial [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,557,065 | 3,682,178 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 688,239 | 685,701 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 297,106 | 195,084 |
Commercial [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,401,183 | 3,800,797 |
Commercial [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,293,380 | 2,648,388 |
Commercial [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 937,421 | 1,068,552 |
Commercial [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 170,382 | 83,857 |
Commercial [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,621,313 | |
Commercial [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,076,155 | |
Commercial [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 468,530 | |
Commercial [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 76,628 | |
Commercial [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,484,332 | 7,497,061 |
Commercial [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,905,956 | 5,232,790 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,890,297 | 1,743,798 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 688,079 | 520,473 |
Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,314,730 | 1,406,346 |
Residential Builder and Developer [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 181,219 | 230,908 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,117,256 | 1,263,514 |
Residential Builder and Developer [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 150,404 | 230,017 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 196,245 | 139,827 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 30,815 | 891 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,229 | 3,005 |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 683,731 | |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 680,705 | |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,969 | |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 57 | |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 259,205 | 789,038 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 230,079 | 786,983 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 28,472 | 2,055 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 654 | |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,232 | 111,866 |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,280 | 106,510 |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,952 | 5,356 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 131,597 | 195,455 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,111 | 75,287 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 108,968 | 117,258 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 518 | 2,910 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 27,881 | 61,224 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,812 | 47,587 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,069 | 13,637 |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,310 | |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,680 | |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 630 | |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,865 | 12,545 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,865 | 12,450 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 95 | |
Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,301,668 | 7,850,629 |
Other Commercial Construction [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,001 | 43,037 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,204,061 | 6,059,379 |
Other Commercial Construction [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,575 | 38,781 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,972,670 | 1,679,845 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 124,937 | 111,405 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,426 | 4,256 |
Other Commercial Construction [Member] | Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,070,667 | |
Other Commercial Construction [Member] | Term Loans 2022 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,032,774 | |
Other Commercial Construction [Member] | Term Loans 2022 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 37,893 | |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,235,332 | 982,050 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,080,141 | 957,947 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 145,199 | 24,103 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 9,992 | 21,587 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,590,345 | 1,835,794 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,225,845 | 1,781,603 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 320,463 | 54,191 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 44,037 | |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,246,897 | 2,769,115 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,185,685 | 2,022,276 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,025,371 | 675,226 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 35,841 | 71,613 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 676,578 | 1,419,278 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 366,686 | 832,547 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 299,350 | 583,428 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,542 | 3,303 |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 393,671 | |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 152,669 | |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 228,739 | |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,263 | |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 463,848 | 407,684 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 297,355 | 273,556 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 144,394 | 114,158 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 22,099 | $ 19,970 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 129,492,304 | $ 92,040,032 |
30-89 Days Past Due | 1,779,054 | 845,930 |
Accruing Loans Past Due 90 Days or More | 491,018 | 963,399 |
Nonaccrual | 2,438,435 | 2,060,083 |
Loans and leases, net of unearned discount | 131,564,163 | 92,912,452 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,197,545 | 16,234,904 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,664,096 | 1,199,887 |
Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 595,897 | 239,561 |
Accruing Loans Past Due 90 Days or More | 345,402 | 920,080 |
Nonaccrual | 272,090 | 355,858 |
Loans and leases, net of unearned discount | 22,704,895 | 14,810,371 |
Residential [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 499 | |
Nonaccrual | 7,353 | 263 |
Loans and leases, net of unearned discount | 38,292 | 72,572 |
Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 22,456 | 16,666 |
Nonaccrual | 77,814 | 122,888 |
Loans and leases, net of unearned discount | 1,051,052 | 1,264,074 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 30,787 | 15,486 |
Nonaccrual | 84,788 | 70,488 |
Loans and leases, net of unearned discount | 5,006,886 | 3,562,591 |
Home Equity Lines and Loans [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 346 | |
Nonaccrual | 2,799 | 4,951 |
Loans and leases, net of unearned discount | 3,265,332 | 2,353,576 |
Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 28,460 | 14,421 |
Nonaccrual | 74,646 | 59,787 |
Loans and leases, net of unearned discount | 1,590,440 | 1,156,983 |
Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 54,593 | 40,544 |
Nonaccrual | 44,630 | 27,811 |
Loans and leases, net of unearned discount | 9,073,394 | 8,053,528 |
Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 44,486 | 40,064 |
Nonaccrual | 39,584 | 34,037 |
Loans and leases, net of unearned discount | 4,477,276 | 4,678,873 |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 22,961 | 12,223 |
Accruing Loans Past Due 90 Days or More | 4,869 | 3,302 |
Nonaccrual | 49,497 | 44,289 |
Loans and leases, net of unearned discount | 2,035,523 | 1,679,961 |
Other [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 15,655 | 1,908 |
Accruing Loans Past Due 90 Days or More | 4,643 | |
Nonaccrual | 44,449 | 40,807 |
Loans and leases, net of unearned discount | 1,439,796 | 1,190,811 |
Other [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 651 | 434 |
Nonaccrual | 185 | 129 |
Loans and leases, net of unearned discount | 9,057 | 2,068 |
Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 126,855,656 | 89,043,040 |
Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 21,491,506 | 13,294,872 |
Current [Member] | Residential [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 30,440 | 72,309 |
Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 950,782 | 1,124,520 |
Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,891,311 | 3,476,617 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,262,533 | 2,348,279 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,487,334 | 1,082,775 |
Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,974,171 | 7,985,173 |
Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,393,206 | 4,604,772 |
Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,958,196 | 1,620,147 |
Current [Member] | Other [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,375,049 | 1,148,096 |
Current [Member] | Other [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,221 | 1,505 |
Term Loans 2022 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,853,925 | |
Term Loans 2022 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 59,477 | |
Accruing Loans Past Due 90 Days or More | 12,012 | |
Nonaccrual | 5,686 | |
Loans and leases, net of unearned discount | 5,148,554 | |
Term Loans 2022 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 930 | |
Term Loans 2022 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,648 | |
Nonaccrual | 3,533 | |
Loans and leases, net of unearned discount | 2,854,272 | |
Term Loans 2022 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,926 | |
Nonaccrual | 2,493 | |
Loans and leases, net of unearned discount | 1,500,495 | |
Term Loans 2022 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 3,783 | |
Nonaccrual | 2,745 | |
Loans and leases, net of unearned discount | 281,058 | |
Term Loans 2022 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,071,379 | |
Term Loans 2022 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 930 | |
Term Loans 2022 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,842,091 | |
Term Loans 2022 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,491,076 | |
Term Loans 2022 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 274,530 | |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,747,757 | 18,817,411 |
Term Loans 2021 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 51,308 | 15,245 |
Accruing Loans Past Due 90 Days or More | 39,934 | 10,924 |
Nonaccrual | 10,865 | 3,359 |
Loans and leases, net of unearned discount | 4,103,759 | 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 | 2,124 | 304 |
Term Loans 2021 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 9,525 | 5,929 |
Nonaccrual | 7,440 | 1,341 |
Loans and leases, net of unearned discount | 2,297,592 | 2,897,381 |
Term Loans 2021 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 13,324 | 8,508 |
Nonaccrual | 10,698 | 1,588 |
Loans and leases, net of unearned discount | 1,581,698 | 2,230,157 |
Term Loans 2021 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 1,450 | 2,937 |
Nonaccrual | 830 | 2,051 |
Loans and leases, net of unearned discount | 174,518 | 249,334 |
Term Loans 2021 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,001,652 | 3,057,118 |
Term Loans 2021 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,109 | 304 |
Term Loans 2021 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,280,627 | 2,890,111 |
Term Loans 2021 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,557,676 | 2,220,061 |
Term Loans 2021 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 172,238 | 244,346 |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,072,920 | 12,376,366 |
Term Loans 2020 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 40,337 | 12,535 |
Accruing Loans Past Due 90 Days or More | 20,067 | 100,581 |
Nonaccrual | 2,583 | 19,858 |
Loans and leases, net of unearned discount | 2,780,358 | 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 | 2,441 | 777 |
Term Loans 2020 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 12,412 | 8,912 |
Nonaccrual | 9,427 | 4,646 |
Loans and leases, net of unearned discount | 1,609,468 | 2,101,900 |
Term Loans 2020 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,284 | 6,615 |
Nonaccrual | 7,372 | 4,390 |
Loans and leases, net of unearned discount | 717,367 | 1,108,689 |
Term Loans 2020 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 326 | 404 |
Nonaccrual | 332 | 326 |
Loans and leases, net of unearned discount | 58,997 | 97,675 |
Term Loans 2020 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,717,371 | 1,672,090 |
Term Loans 2020 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,441 | 777 |
Term Loans 2020 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,587,629 | 2,088,342 |
Term Loans 2020 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 702,711 | 1,097,684 |
Term Loans 2020 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 58,339 | 96,945 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,737,602 | 12,286,933 |
Term Loans 2019 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 21,849 | 9,886 |
Accruing Loans Past Due 90 Days or More | 14,050 | 28,512 |
Nonaccrual | 9,860 | 7,119 |
Loans and leases, net of unearned discount | 1,438,625 | 1,121,413 |
Term Loans 2019 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 171 | |
Nonaccrual | 536 | |
Loans and leases, net of unearned discount | 16,068 | 2,793 |
Term Loans 2019 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,387 | 8,317 |
Nonaccrual | 7,625 | 4,871 |
Loans and leases, net of unearned discount | 979,919 | 1,281,117 |
Term Loans 2019 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,239 | 8,936 |
Nonaccrual | 7,520 | 7,847 |
Loans and leases, net of unearned discount | 393,721 | 678,783 |
Term Loans 2019 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 386 | 472 |
Nonaccrual | 371 | 326 |
Loans and leases, net of unearned discount | 39,196 | 74,384 |
Term Loans 2019 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,392,866 | 1,075,896 |
Term Loans 2019 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 15,361 | 2,793 |
Term Loans 2019 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 963,907 | 1,267,929 |
Term Loans 2019 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 378,962 | 662,000 |
Term Loans 2019 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 38,439 | 73,586 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,534,367 | 7,895,140 |
Term Loans 2018 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 23,126 | 6,132 |
Accruing Loans Past Due 90 Days or More | 14,007 | 31,996 |
Nonaccrual | 4,650 | 4,577 |
Loans and leases, net of unearned discount | 795,691 | 508,745 |
Term Loans 2018 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 126 | 21 |
Nonaccrual | 334 | |
Loans and leases, net of unearned discount | 23,781 | 1,751 |
Term Loans 2018 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,202 | 5,074 |
Nonaccrual | 5,344 | 4,918 |
Loans and leases, net of unearned discount | 497,510 | 656,875 |
Term Loans 2018 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,464 | 7,161 |
Nonaccrual | 5,620 | 7,867 |
Loans and leases, net of unearned discount | 178,522 | 356,683 |
Term Loans 2018 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 141 | 255 |
Nonaccrual | 120 | 193 |
Loans and leases, net of unearned discount | 8,478 | 24,872 |
Term Loans 2018 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 753,908 | 466,040 |
Term Loans 2018 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 23,321 | 1,730 |
Term Loans 2018 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 486,964 | 646,883 |
Term Loans 2018 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 167,438 | 341,655 |
Term Loans 2018 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,217 | 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 | |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,755,951 | 18,542,940 |
Term Loans Prior Period [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 399,301 | 162,666 |
Accruing Loans Past Due 90 Days or More | 245,332 | 542,749 |
Nonaccrual | 231,093 | 314,792 |
Loans and leases, net of unearned discount | 8,399,616 | 6,933,668 |
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 22,456 | 16,666 |
Nonaccrual | 77,814 | 122,888 |
Loans and leases, net of unearned discount | 1,051,052 | 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 | 2,030 | 698 |
Nonaccrual | 6,458 | 5,750 |
Loans and leases, net of unearned discount | 105,770 | 44,463 |
Term Loans Prior Period [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 10,419 | 7,123 |
Nonaccrual | 11,261 | 7,996 |
Loans and leases, net of unearned discount | 834,633 | 661,159 |
Term Loans Prior Period [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 4,249 | 3,129 |
Nonaccrual | 5,881 | 5,463 |
Loans and leases, net of unearned discount | 105,473 | 80,190 |
Term Loans Prior Period [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 569 | 5,712 |
Accruing Loans Past Due 90 Days or More | 226 | 3,302 |
Nonaccrual | 465 | 353 |
Loans and leases, net of unearned discount | 24,423 | 23,688 |
Term Loans Prior Period [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,523,890 | 5,913,461 |
Term Loans Prior Period [Member] | Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 950,782 | 1,124,520 |
Term Loans Prior Period [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 97,282 | 38,015 |
Term Loans Prior Period [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 812,953 | 646,040 |
Term Loans Prior Period [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 95,343 | 71,598 |
Term Loans Prior Period [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 23,163 | $ 14,321 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 148,905 | $ 93,862 |
Buildings | 653,983 | 512,988 |
Leasehold improvements | 386,303 | 304,825 |
Premises and equipment, gross | 1,155,887 | 1,026,880 |
Less: accumulated depreciation and amortization | 2,193,433 | 1,791,943 |
Right of use assets — operating leases | $ 616,082 | $ 379,702 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment, net | Premises and equipment, net |
Premises and equipment, net | $ 1,653,628 | $ 1,144,765 |
Owned Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 1,004,127 | 880,153 |
Less: accumulated depreciation and amortization | 1,155,811 | 1,026,842 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 115 | 115 |
Less: accumulated depreciation and amortization | $ 76 | $ 38 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||
Operating lease liabilities | $ 709,201 | $ 431,000 |
Operating Lease Liability Statement Of Financial Position Extensible List | Accrued interest and other liabilities | Accrued interest and other liabilities |
Period of noncancelable operating lease in years | 19 years |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease cost | |||
Operating lease cost | $ 138,836 | $ 101,353 | $ 104,158 |
Short-term lease cost | 8,269 | 111 | 198 |
Variable lease cost | 3,743 | 4,103 | 1,565 |
Total lease cost | 150,848 | 105,567 | 105,921 |
Other information | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 137,998 | 57,760 | 70,754 |
Right-of-use assets acquired in business combination | 226,037 | ||
Cash paid toward lease liabilities | $ 143,029 | $ 106,586 | $ 104,396 |
Weighted-average remaining lease term | 7 years | 6 years | 7 years |
Weighted-average discount rate | 2.97% | 2.51% | 2.74% |
Premises and Equipment - Summ_3
Premises and Equipment - Summary of Minimum Lease Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||
2023 | $ 149,061 | |
2024 | 139,820 | |
2025 | 118,110 | |
2026 | 97,979 | |
2027 | 75,220 | |
Later years | 212,036 | |
Total lease payments | 792,226 | |
Less: imputed interest | 83,025 | |
Operating lease liabilities | $ 709,201 | $ 431,000 |
Capitalized Servicing Assets -
Capitalized Servicing Assets - Changes in Capitalized Servicing Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | $ 241,053 | $ 231,204 | $ 244,411 |
Originations | 6,998 | 65,723 | 45,101 |
Acquired in business combination | 12,133 | ||
Amortization | (65,849) | (55,874) | (58,308) |
Amortized value, ending balance | 194,335 | 241,053 | 231,204 |
Valuation allowance | (24,000) | (30,000) | |
Ending balance, net | 194,335 | 217,053 | 201,204 |
Commercial Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | 132,604 | 133,429 | 130,636 |
Originations | 24,401 | 33,068 | 29,306 |
Amortization | (30,614) | (33,893) | (26,513) |
Amortized value, ending balance | 126,391 | 132,604 | 133,429 |
Ending balance, net | $ 126,391 | $ 132,604 | $ 133,429 |
Capitalized Servicing Assets _2
Capitalized Servicing Assets - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential Mortgage Loans [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans serviced for others | $ 22,400 | $ 23,200 | $ 26,300 | |
Fair value of residential loan servicing assets | $ 336 | $ 257 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 12.29% | 9.80% | ||
Residential Mortgage Loans [Member] | LIBOR [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 8.81% | 8.94% | ||
Residential Mortgage Sub Servicing Loan [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans serviced for others | $ 96,000 | $ 74,700 | 68,100 | |
Residential Real Estate [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of residential loan servicing assets | $ 1,100 | |||
Purchase price of servicing rights | $ 12 | |||
Commercial Mortgage Loans [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans serviced for others | 22,200 | 20,200 | 18,900 | |
Fair value of residential loan servicing assets | $ 156 | $ 160 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 18% | 18% | ||
Commercial Mortgage Sub Servicing Loan [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans serviced for others | $ 3,800 | $ 3,500 | $ 3,300 |
Capitalized Servicing Assets _3
Capitalized Servicing Assets - Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Residential Mortgage Loans [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Weighted-average prepayment speeds | 7.27% | |
Impact on fair value of 10% adverse change | $ 8,471 | |
Impact on fair value of 20% adverse change | $ (16,417) | |
Weighted-average OAS | 8.81% | |
Impact on fair value of 10% adverse change | $ 10,226 | |
Impact on fair value of 20% adverse change | $ (19,830) | |
Weighted-average discount rate | 12.29% | 9.80% |
Commercial Mortgage Loans [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Weighted-average discount rate | 18% | 18% |
Impact on fair value of 10% adverse change | $ (6,467) | |
Impact on fair value of 20% adverse change | $ (12,498) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Total Amortizing Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 261,000 | $ 138,421 |
Accumulated Amortization | 51,626 | 134,423 |
Net Carrying Amount | 209,374 | 3,998 |
Core Deposit [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 218,000 | 131,664 |
Accumulated Amortization | 40,875 | 127,746 |
Net Carrying Amount | 177,125 | 3,918 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,000 | 6,757 |
Accumulated Amortization | 10,751 | 6,677 |
Net Carrying Amount | $ 32,249 | $ 80 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization of core deposit and other intangible assets | $ 55,624 | $ 10,167 | $ 14,869 |
Estimated amortization expense in 2022 | $ 62,044 | ||
Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 7 years | ||
Core Deposit and Other Intangible Assets [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 6 years | ||
Amortization of core deposit and other intangible assets | $ 56,000 | $ 10,000 | $ 15,000 |
Core Deposit and Other Intangible Assets [Member] | Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Core Deposit and Other Intangible Assets [Member] | Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 7 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract] | ||
2023 | $ 62,044 | |
2024 | 52,992 | |
2025 | 37,939 | |
2026 | 26,887 | |
2027 | 17,835 | |
Later years | 11,677 | |
Net Carrying Amount | $ 209,374 | $ 3,998 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 8,490,089 | $ 4,593,112 |
2022 Transactions | 3,896,977 | |
Business Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,558,271 | 864,366 |
2022 Transactions | 693,905 | |
Commercial Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 4,088,126 | 1,401,873 |
2022 Transactions | 2,686,253 | |
Commercial Real Estate [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 945,606 | 654,389 |
2022 Transactions | 291,217 | |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,530,387 | 1,309,191 |
2022 Transactions | 221,196 | |
All Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 367,699 | $ 363,293 |
2022 Transactions | $ 4,406 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment (Parenthetical) (Detail) $ in Millions | Oct. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract] | |
Decrease in goodwill | $ 11 |
Borrowings - Amounts and Intere
Borrowings - Amounts and Interest Rates of Short-term Borrowings (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 4.24% | 0.01% | 0.01% |
Daily-average amount outstanding | $ 935,980,000 | $ 68,073,000 | $ 61,551,000 |
Weighted-average interest rate | 2.08% | 0.01% | 0.05% |
Federal funds purchased and short term borrowings | $ 3,554,951,000 | $ 47,046,000 | $ 59,482,000 |
Federal Funds Purchased and Repurchase Agreements [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 1.01% | 0.01% | 0.01% |
Highest amount at a month-end | $ 633,684,000 | $ 103,548,000 | $ 82,893,000 |
Daily-average amount outstanding | $ 368,326,000 | $ 68,073,000 | $ 61,551,000 |
Weighted-average interest rate | 0.20% | 0.01% | 0.05% |
Federal Funds Purchased and Repurchase Agreements | $ 354,670,000 | $ 47,046,000 | $ 59,482,000 |
Other Short-term Borrowings [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 4.59% | ||
Highest amount at a month-end | $ 3,200,283,000 | ||
Daily-average amount outstanding | $ 567,654,000 | ||
Weighted-average interest rate | 3.29% | ||
Other Short-Term Borrowings | $ 3,200,281,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt Maturity, Start Year | Jan. 01, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 5.08% | 0.98% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 7.69% | 3.47% |
FHLBs Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing facilities available with FHLB's amount | $ 23,100,000,000 | |
Federal Reserve Bank of New York [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility | $ 14,300,000,000 | |
Senior Notes Issued in July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 5% | 0.81% |
Variable Rate Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 0.61% | |
Long Term Fixed Rate Advances From Fhlb | ||
Debt Instrument [Line Items] | ||
Advances from the FHLB earliest maturity date | 2023 | |
Advances from the FHLB latest maturity date, | 2039 | |
Long Term Fixed Rate Advances From Fhlb | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Variable contractual interest rate of long-term debt | 2.34% | 5.82% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average variable rates payable | 5.66% | 1.53% |
Short-term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Stated maturity | 1 year |
Borrowings - Lines of Credit Un
Borrowings - Lines of Credit Under Formal Agreements (Detail) - M&T Bank [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule Of Borrowings [Line Items] | |
Outstanding borrowings | $ 3,205,807 |
Unused | $ 34,250,872 |
Borrowings - Long-term Borrowin
Borrowings - Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Borrowings [Line Items] | ||
Fixed rates advances from FHLB | $ 5,183 | $ 1,578 |
Other | 9,535 | 9,570 |
Long-term borrowings | 3,964,537 | 3,485,369 |
Variable Rate Term Loans Due 2023 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,961 | 249,893 |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 493,960 | 516,173 |
4.55% fixed/variable due 2028 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 477,044 | |
Variable Rate Term Loans Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,961 | |
Fixed Rate Term Loans 2.50% Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 653,903 | |
Fixed Rate Term Loans 5.75% due 2024 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 77,337 | |
4.00% due 2024 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 403,569 | |
Fixed Rate Term Loans 5.40% due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 499,317 | |
Fixed Rate Term Loans 2.90% Due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 749,824 | 749,740 |
3.40% due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 462,727 | 522,867 |
BSB Capital Trust I - 8.125%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,798 | 15,775 |
Provident Trust I - 8.29%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 31,267 | 30,103 |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 6,999 | 6,912 |
First Maryland Capital I - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 149,479 | 148,945 |
First Maryland Capital II - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 151,932 | 151,270 |
Allfirst Asset Trust - due 2029 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 97,365 | 97,220 |
BSB Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,464 | 15,464 |
Provident Statutory Trust III - Due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 59,132 | 57,547 |
Southern Financial Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | $ 8,644 | $ 8,448 |
Borrowings - Long-term Borrow_2
Borrowings - Long-term Borrowings (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Rate Term Loans Due 2023 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2023 | 2023 | |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2023 | 2023 | |
Interest rate of debt instrument | 3.55% | 3.55% | |
4.55% fixed/variable due 2028 [Member] | M&T Bank Corporation [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2028 | ||
Interest rate of debt instrument | 4.55% | ||
Variable Rate Term Loans Due 2022 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2022 | ||
Fixed Rate Term Loans 2.90% Due 2025 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2025 | 2025 | |
Interest rate of debt instrument | 2.90% | 2.90% | |
Fixed Rate Term Loans 5.75% due 2024 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2024 | ||
Interest rate of debt instrument | 5.75% | ||
Fixed Rate Term Loans 2.50% Due 2022 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2022 | ||
Interest rate of debt instrument | 2.50% | ||
Fixed Rate Term Loans 5.40% due 2025 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2025 | ||
Interest rate of debt instrument | 5.40% | ||
4.00% due 2024 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2024 | ||
Interest rate of debt instrument | 4% | ||
3.40% due 2027 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2027 | 2027 | |
Interest rate of debt instrument | 3.40% | 3.40% | |
BSB Capital Trust I - 8.125%, due 2028 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2028 | 2028 | |
Interest rate of debt instrument | 8.125% | 8.125% | |
Provident Trust I - 8.29%, due 2028 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2028 | 2028 | |
Interest rate of debt instrument | 8.29% | 8.29% | |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2030 | 2030 | |
Interest rate of debt instrument | 10.60% | 10.60% | |
First Maryland Capital I - due 2027 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2027 | 2027 | |
First Maryland Capital II - due 2027 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2027 | 2027 | |
Allfirst Asset Trust - due 2029 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2029 | 2029 | |
BSB Capital Trust III - due 2033 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2033 | 2033 | |
Provident Statutory Trust III - Due 2033 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2033 | 2033 | |
Southern Financial Capital Trust III - due 2033 [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Debt maturity date | 2033 | 2033 |
Borrowings - Maturity of Long-t
Borrowings - Maturity of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 744,127 | |
2024 | 490,411 | |
2025 | 1,250,599 | |
2026 | 628 | |
2027 | 764,246 | |
Later years | 714,526 | |
Long-term borrowings | $ 3,964,537 | $ 3,485,369 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 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 | Dec. 31, 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 | 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 25 | $ 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 | 6.45% | 6.45% | |
Date of change in the dividend rate | Feb. 14, 2024 | Feb. 14, 2024 | |
London Interbank offered rate plus basis points | 3.61% | 3.61% | |
Secured overnight financing rate plus basis points | 3.87% | 3.87% | |
Preferred shares redemption date | Feb. 15, 2024 | Feb. 15, 2024 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Preferred stock, dividend declared per share | $ 64.50 | $ 64.50 | $ 64.50 |
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 | 5.125% | 5.125% | |
Date of change in the dividend rate | Oct. 31, 2026 | Oct. 31, 2026 | |
London Interbank offered rate plus basis points | 3.52% | 3.52% | |
Secured overnight financing rate plus basis points | 3.78% | 3.78% | |
Preferred shares redemption date | Nov. 01, 2026 | Nov. 01, 2026 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Preferred stock, dividend declared per share | $ 512.50 | $ 512.50 | 512.50 |
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 | 5% | 5% | |
Date of change in the dividend rate | Jul. 31, 2024 | Jul. 31, 2024 | |
Preferred shares redemption date | Aug. 01, 2024 | Aug. 01, 2024 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Preferred stock, dividend declared per share | $ 500 | $ 500 | $ 500.694 |
U S treasury rate plus additional rate | 3.174% | 3.174% | |
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 | ||
Preferred stock dividend rate | 5.625% | ||
Date of change in the dividend rate | Dec. 14, 2026 | ||
London Interbank offered rate plus basis points | 4.02% | ||
Secured overnight financing rate plus basis points | 4.28% | ||
Preferred shares redemption date | Apr. 01, 2027 | ||
Preferred Stock, Redemption Feature, Redemption Term | 90 days | ||
Preferred stock, dividend declared per share | $ 1.0547 | ||
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 | 3.50% | 3.50% | |
Date of change in the dividend rate | Aug. 31, 2026 | Aug. 31, 2026 | |
Preferred shares redemption date | Sep. 01, 2026 | Sep. 01, 2026 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Preferred stock, dividend declared per share | $ 356.806 | $ 94.306 | |
U S treasury rate plus additional rate | 2.679% | 2.679% | |
Dividend payment terms | five-year | five-year |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Dec. 31, 2022 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 74 | $ 68 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 48 | $ 45 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Guidance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | $ 87,877 | $ 62,791 | $ 47,428 |
Other revenues from operations: | |||
Total other income | 2,356,603 | 2,166,994 | 2,088,444 |
Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 446,604 | 402,113 | 370,788 |
Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 740,717 | 644,716 | 601,884 |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 87,877 | 62,791 | 47,428 |
Other revenues from operations: | |||
Merchant discount and credit card fees | 159,256 | 131,405 | 102,472 |
Other | 89,947 | 83,648 | 84,611 |
Total other income | 1,524,401 | 1,324,673 | 1,207,183 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 446,604 | 402,113 | 370,788 |
ASU 2014-09 [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 740,717 | 644,716 | 601,884 |
ASU 2014-09 [Member] | Business Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 62,040 | 52,343 | 40,475 |
Total other income | 133,103 | 106,159 | 90,612 |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 71,057 | 53,816 | 50,119 |
ASU 2014-09 [Member] | Business Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 6 | 18 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 67,433 | 55,164 | 45,528 |
Other | 14,358 | 5,968 | 9,408 |
Total other income | 193,029 | 160,012 | 148,098 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 111,238 | 98,880 | 92,720 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 442 | ||
ASU 2014-09 [Member] | Commercial Real Estate [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 3,924 | 2,661 | 2,221 |
Other | 10,183 | 7,304 | 6,218 |
Total other income | 28,676 | 21,818 | 18,691 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 14,569 | 11,853 | 10,252 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | |||
Other revenues from operations: | |||
Other | 91 | 1,359 | 1,625 |
Total other income | 91 | 1,359 | 1,625 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | |||
Other revenues from operations: | |||
Other | 3,401 | 6,166 | 4,732 |
Total other income | 3,401 | 6,166 | 4,732 |
ASU 2014-09 [Member] | Retail Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 24,454 | 20,850 | 13,481 |
Other | 23,796 | 22,878 | 20,813 |
Total other income | 292,121 | 276,007 | 246,152 |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 243,871 | 232,279 | 211,858 |
ASU 2014-09 [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 87,877 | 62,791 | 47,428 |
Other revenues from operations: | |||
Merchant discount and credit card fees | 1,405 | 387 | 767 |
Other | 38,118 | 39,973 | 41,815 |
Total other income | 873,980 | 753,152 | 697,273 |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 5,869 | 5,285 | 5,839 |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | $ 740,711 | $ 644,716 | $ 601,424 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 111,000 | $ 85,000 | $ 80,000 |
Recognized income tax benefits related to stock-based compensation | $ 26,000 | $ 16,000 | $ 17,000 |
Shares under equity incentive compensation plan for future grant | 1,650,696 | 2,299,502 | |
Stock Options Outstanding, Granted | 138,825 | 178,441 | 187,088 |
Weighted average grant date fair value of options granted | $ 6,000 | $ 5,000 | $ 5,000 |
Directors’ Stock Compensation Programs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issuable under deferred compensation plans | 2,306 | 2,450 | |
Shares issued in connection with deferred compensation plans | 22,068 | 28,646 | |
Deferred Bonus Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issuable under deferred compensation plans | 11,725 | 13,319 | |
Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares under equity incentive compensation plan for future grant | 2,063,202 | ||
Shares issued | 75,232 | 95,147 | 77,170 |
Cash received from exercise of stock options | $ 11,000 | $ 11,000 | $ 12,000 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years | 3 years |
Shares issued | 0 | 0 | 0 |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 1 year | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issued | 548,926 | 636,956 | 480,949 |
Weighted-average grant date fair value | $ 93,000 | $ 84,000 | $ 81,000 |
Unrecognized compensation cost related to non-vested awards | $ 38,000 | ||
Stock Option Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock options exercisable period, maximum | 10 years | ||
Cash realized from exercise of stock options | $ 37,000 | $ 305,000 | $ 3,000 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of Restricted Stock and Restricted Stock Unit Activity (Detail) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 1,038,692 |
Restricted Stock Outstanding, Granted | shares | 548,926 |
Restricted Stock Outstanding, Assumed in business combination | shares | 252,820 |
Restricted Stock Outstanding, Vested | shares | (628,130) |
Restricted Stock Outstanding, Cancelled | shares | (44,726) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 1,167,582 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 147.32 |
Weighted-Average Grant Price, Granted | $ / shares | 169.13 |
Weighted Average Grant Price, Assumed in business combination | $ / shares | 164.66 |
Weighted-Average Grant Price, Vested | $ / shares | 156.21 |
Weighted-Average Grant Price, Cancelled | $ / shares | 155.72 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 156.23 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 4,076 |
Restricted Stock Outstanding, Assumed in business combination | shares | 173,204 |
Restricted Stock Outstanding, Vested | shares | (100,017) |
Restricted Stock Outstanding, Cancelled | shares | (2,257) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 75,006 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 162.35 |
Weighted Average Grant Price, Assumed in business combination | $ / shares | 164.66 |
Weighted-Average Grant Price, Vested | $ / shares | 164.57 |
Weighted-Average Grant Price, Cancelled | $ / shares | 164.66 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 164.65 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock Options Outstanding, Beginning balance | 635,864 | ||
Stock Options Outstanding, Granted | 138,825 | 178,441 | 187,088 |
Stock Options Outstanding, Assumed in business combination | 1,857,739 | ||
Stock Options Outstanding, Exercised | (278,336) | ||
Stock Options Outstanding, Expired | (14,030) | ||
Stock Options Outstanding, Ending balance | 2,340,062 | 635,864 | |
Stock Options Outstanding, Exercisable | 1,840,243 | ||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 162.73 | ||
Weighted-Average Exercise Price, Granted | 169.38 | ||
Weighted-Average Exercise Price, Assumed in business combination | 141.58 | ||
Weighted-Average Exercise Price, Exercised | 142.36 | ||
Weighted-Average Exercise Price, Expired | 157.47 | ||
Weighted-Average Exercise Price, Outstanding, Ending balance | 148.78 | $ 162.73 | |
Weighted-Average Exercise Price, Exercisable | $ 147.61 | ||
Weighted-Average Life (In Years), Outstanding, Ending balance | 5 years 10 months 24 days | ||
Weighted-Average Life (In Years), Exercisable | 5 years 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 18,797 | ||
Aggregate Intrinsic Value, Exercisable | $ 15,797 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 17,660 | $ 20,513 | $ 19,944 |
Interest cost on benefit obligation | 82,467 | 61,873 | 71,421 |
Expected return on plan assets | (187,609) | (143,448) | (125,512) |
Amortization of prior service cost | 516 | 553 | 557 |
Recognized net actuarial (gain) loss | 19,895 | 89,017 | 58,096 |
Net periodic pension cost (benefit) | $ (67,071) | $ 28,508 | $ 24,506 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,604 | $ 1,014 | $ 970 |
Interest cost on benefit obligation | 2,188 | 1,311 | 1,741 |
Amortization of prior service cost | (2,772) | (4,738) | (4,738) |
Recognized net actuarial (gain) loss | (1,481) | (1,295) | (1,236) |
Net periodic pension cost (benefit) | $ (539) | $ (3,708) | $ (3,263) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Data Relating to Funding Position of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 2,593,533 | ||
Fair value of plan assets at end of year | 2,938,404 | $ 2,593,533 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,420,213 | 2,521,292 | |
Service cost | 17,660 | 20,513 | $ 19,944 |
Interest cost | $ 82,467 | $ 61,873 | $ 71,421 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Actuarial (gain) loss | $ (636,220) | $ (69,230) | |
Business combinations | 632,855 | ||
Benefits paid | (137,987) | (114,235) | |
Benefit obligation at end of year | 2,378,988 | 2,420,213 | $ 2,521,292 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 2,595,838 | 2,420,582 | |
Actual return on plan assets | (385,823) | 278,260 | |
Employer contributions | 14,397 | 11,231 | |
Business combinations | 855,555 | ||
Benefits paid | (137,987) | (114,235) | |
Fair value of plan assets at end of year | 2,941,980 | 2,595,838 | 2,420,582 |
Funded status | 562,992 | (175,625) | |
Prepaid asset recognized in the consolidated balance sheet | 715,418 | 332,197 | |
Accrued liability recognized in the consolidated balance sheet | (152,426) | (156,572) | |
Net accrued asset (liability) recognized in the consolidated balance sheet | 562,992 | (175,625) | |
Net loss (gain) | 309,039 | 391,721 | |
Net prior service cost (credit) | 208 | 724 | |
Pre-tax adjustment to AOCI | 309,247 | 392,445 | |
Taxes | (80,095) | (101,447) | |
Net adjustment to AOCI | 229,152 | 290,998 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 51,846 | 55,281 | |
Service cost | 2,604 | 1,014 | 970 |
Interest cost | $ 2,188 | $ 1,311 | $ 1,741 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Plan participants’ contributions | $ 2,433 | $ 2,553 | |
Actuarial (gain) loss | (21,735) | (2,232) | |
Plan amendment | 13,260 | ||
Business combinations | 14,859 | ||
Medicare Part D reimbursement | 506 | 540 | |
Benefits paid | (5,600) | (6,621) | |
Benefit obligation at end of year | 60,361 | 51,846 | $ 55,281 |
Change in plan assets: | |||
Employer contributions | 2,661 | 3,528 | |
Plan participants’ contributions | 2,433 | 2,553 | |
Medicare Part D reimbursement | 506 | 540 | |
Benefits paid | (5,600) | (6,621) | |
Funded status | (60,361) | (51,846) | |
Accrued liability recognized in the consolidated balance sheet | (60,361) | (51,846) | |
Net accrued asset (liability) recognized in the consolidated balance sheet | (60,361) | (51,846) | |
Net loss (gain) | (34,892) | (14,638) | |
Net prior service cost (credit) | (1,499) | (17,531) | |
Pre-tax adjustment to AOCI | (36,391) | (32,169) | |
Taxes | 9,425 | 8,316 | |
Net adjustment to AOCI | $ (26,966) | $ (23,853) |
Pension Plans and Other Postr_5
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum pension liability | $ 273,000 | ||
Minimum pension liability adjustment net of tax | $ 202,000 | ||
Decrease in minimum liability adjustment | $ 87,000 | ||
Discount rate | 5% | 2.75% | |
Defined contribution pension and retirement savings plans total expense | $ 45,000 | $ 40,000 | $ 35,000 |
Assumptions used calculating net periodic benefit sensitivity rate increase decrease discount rate | 25% | ||
Effect of 25 basis point increase in rate of return on pension expense | $ 6,000 | ||
Effect of 25 basis point decrease in rate of return on pension expense | 2,000 | ||
Effect of 25 basis point decrease in discount rate on benefit obligation | 64,000 | ||
Effect of 25 basis point increase in discount rate on benefit obligation | $ 67,000 | ||
Annual rate of increase in health care cost assumed for next fiscal year | 6.50% | ||
Defined Benefit Plan, ultimate health care cost trend rate | 5% | ||
Period for decreasing the annual rate | over six years | ||
Defined benefit pension plans | $ 633,000 | ||
Percentage of total assets | (22.00%) | ||
Defined benefit plan fair value of plan assets | $ 2,938,404 | 2,593,533 | |
Qualified benefit pension plans | $ 0 | ||
Percentage of pension plan assets that is not exceeded by investment in security of single Non-US Government of Government agency | 10% | ||
Percentage of eligible employees contribution for Retirement Savings Plan | 50% | ||
Percentage of employer matching contribution to employee's contribution | 100% | ||
Maximum employer contribution on Employee's qualified contribution | 5% | ||
Qualified defined contribution plans expense during the period | $ 84,000 | 63,000 | 62,000 |
Increment in amortization period | 16 years | ||
Defined benefit pension plan, reduction to change in amortization | $ 36,000 | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 25% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60% | ||
Total Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 10% | ||
Total Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 65% | ||
Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 632,502 | 537,141 | |
Other Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 5% | ||
Other Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60% | ||
M&T Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 118,285 | $ 134,447 | |
Percentage of common stock in total plan assets | 4% | 5% | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 157,000 | ||
Accumulated benefit obligation | $ 152,000 | ||
Employer contribution | 14,000 | 11,000 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 2,378,988 | 2,420,213 | 2,521,292 |
Accumulated benefit obligation | 2,400,000 | $ 2,400,000 | |
Minimum pension liability | $ 309,000 | ||
Discount rate | 5% | 2.75% | |
Defined benefit plan fair value of plan assets | $ 2,941,980 | $ 2,595,838 | 2,420,582 |
Employer contribution | 14,397 | 11,231 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 60,361 | $ 51,846 | $ 55,281 |
Minimum pension liability | $ 36,000 | ||
Discount rate | 5% | 2.75% | |
Employer contribution | $ 2,661 | $ 3,528 |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | $ (84,522) | $ (206,274) | |
Net prior service cost | 13,260 | ||
Amortization of prior service (cost) credit | 2,256 | 4,185 | $ 4,181 |
Amortization of actuarial (loss) gain | (18,414) | (87,722) | $ (56,860) |
Total recognized in other comprehensive income, pre-tax | (87,420) | (289,811) | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | (62,787) | (204,042) | |
Amortization of prior service (cost) credit | (516) | (553) | |
Amortization of actuarial (loss) gain | (19,895) | (89,017) | |
Total recognized in other comprehensive income, pre-tax | (83,198) | (293,612) | |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | (21,735) | (2,232) | |
Net prior service cost | 13,260 | ||
Amortization of prior service (cost) credit | 2,772 | 4,738 | |
Amortization of actuarial (loss) gain | 1,481 | 1,295 | |
Total recognized in other comprehensive income, pre-tax | $ (4,222) | $ 3,801 |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Benefit Obligations (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 5% | 2.75% |
Pension Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 5% | 2.75% |
Rate of increase in future compensation levels | 3.33% | 3.35% |
Other Postretirement Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 5% | 2.75% |
Pension Plans and Other Postr_8
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Net Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 2.75% | 2.50% | 3.25% |
Long-term rate of return on plan assets | 6.25% | 6.25% | 6.50% |
Rate of increase in future compensation levels | 3.35% | 3.37% | 4.29% |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 2.75% | 2.50% | 3.25% |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 2,938,404 | $ 2,593,533 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 2,041,465 | 1,807,358 |
Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 488,528 | 437,136 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 408,411 | 349,039 |
Money-Market Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 89,829 | 82,751 |
Money-Market Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 52,005 | 43,616 |
Money-Market Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 37,824 | 39,135 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,342,754 | 1,260,216 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,342,754 | 1,260,216 |
M&T Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 118,285 | 134,447 |
M&T Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 118,285 | 134,447 |
Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 449,466 | 369,283 |
Domestic Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 449,466 | 369,283 |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 18,510 | 14,835 |
International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 18,510 | 14,835 |
Domestic Mutual Fund Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 279,299 | 280,347 |
Domestic Mutual Fund Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 279,299 | 280,347 |
International Mutual Fund Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 477,194 | 461,304 |
International Mutual Fund Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 477,194 | 461,304 |
Total Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 873,319 | 713,425 |
Total Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 422,615 | 315,424 |
Total Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 450,704 | 398,001 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 199,728 | 178,528 |
Corporate Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 199,728 | 178,528 |
Government Agency [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 236,199 | 206,540 |
Government Agency [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 236,199 | 206,540 |
Non-U.S. Government [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 14,777 | 12,933 |
Non-U.S. Government [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 14,777 | 12,933 |
Domestic Mutual Fund Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 422,615 | 315,424 |
Domestic Mutual Fund Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 422,615 | 315,424 |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 632,502 | 537,141 |
Other Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 224,091 | 188,102 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 408,411 | 349,039 |
Other Diversified Mutual Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 108,483 | 108,239 |
Other Diversified Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 108,483 | 108,239 |
Other Real Estate Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 26,953 | 16,620 |
Other Real Estate Partnerships [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 6,651 | 5,264 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 20,302 | 11,356 |
Other Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 211,098 | 151,550 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 211,098 | 151,550 |
Other Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 276,367 | 250,691 |
Other Hedge Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 108,957 | 74,599 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 167,410 | 176,092 |
Guaranteed Deposit Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 9,601 | 10,041 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 9,601 | $ 10,041 |
Pension Plans and Other Post_10
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest and dividend receivable on plan assets | $ 4 | $ 2 |
High-Yielding Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 27% | 28% |
Investment Grade Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 73% | 72% |
Pension Plans and Other Post_11
Pension Plans and Other Postretirement Benefits - Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | $ 2,593,533 |
Fair value of plan assets at end of year | 2,938,404 |
Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 349,039 |
Fair value of plan assets at end of year | 408,411 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 11,356 |
Purchase(Sales) | 6,062 |
Total Realized/Unrealized Gains (Losses) | 2,884 |
Fair value of plan assets at end of year | 20,302 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 151,550 |
Purchase(Sales) | 66,393 |
Total Realized/Unrealized Gains (Losses) | (6,845) |
Fair value of plan assets at end of year | 211,098 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 176,092 |
Purchase(Sales) | (2,714) |
Total Realized/Unrealized Gains (Losses) | (5,968) |
Fair value of plan assets at end of year | 167,410 |
Guaranteed Deposit Fund [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,041 |
Fair value of plan assets at end of year | 9,601 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,041 |
Purchase(Sales) | 819 |
Total Realized/Unrealized Gains (Losses) | (1,259) |
Fair value of plan assets at end of year | 9,601 |
Other Securities [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 537,141 |
Fair value of plan assets at end of year | 632,502 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 349,039 |
Purchase(Sales) | 70,560 |
Total Realized/Unrealized Gains (Losses) | (11,188) |
Fair value of plan assets at end of year | $ 408,411 |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefits - Defined Benefit Plan Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Pension Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2023 | $ 145,705 |
2024 | 150,676 |
2025 | 155,164 |
2026 | 158,433 |
2027 | 163,737 |
2028 through 2032 | 833,186 |
Other Postretirement Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2023 | 3,910 |
2024 | 3,925 |
2025 | 4,342 |
2026 | 4,278 |
2027 | 4,226 |
2028 through 2032 | $ 19,943 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 367,028 | $ 331,714 | $ 267,550 |
State and local | 143,012 | 85,354 | 98,431 |
Total current | 510,040 | 417,068 | 365,981 |
Deferred | |||
Federal | (18,444) | 71,880 | (22,894) |
State and local | (11,543) | 15,279 | (8,397) |
Total deferred | (29,987) | 87,159 | (31,291) |
Amortization of investments in qualified affordable housing projects | 139,407 | 92,176 | 81,679 |
Income taxes | $ 619,460 | $ 596,403 | $ 416,369 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) State | |
Income Tax Disclosure [Abstract] | |
Tax bad debt reserve | $ | $ 137 |
Number of state and local jurisdictions where company files income tax returns | State | 40 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Taxes Expenses Benefit Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory federal income tax rate | $ 548,336 | $ 515,581 | $ 371,599 |
Increase (decrease) in taxes: | |||
Tax-exempt income | (37,170) | (20,605) | (22,806) |
State and local income taxes, net of federal income tax effect | 109,903 | 101,046 | 71,127 |
Qualified affordable housing project tax credits, net | (22,524) | (14,542) | (14,826) |
Other | 20,915 | 14,923 | 11,275 |
Income taxes | $ 619,460 | $ 596,403 | $ 416,369 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | |||
Losses on loans and other assets | $ 640,520 | $ 395,784 | $ 471,767 |
Operating lease liabilities | 182,638 | 110,023 | 121,216 |
Retirement benefits | 26,185 | ||
Postretirement and other employee benefits | 31,760 | 28,004 | |
Incentive and other compensation plans | 33,936 | 24,713 | 18,984 |
Unrealized losses | 115,024 | ||
Interest on loans | 53,792 | ||
Losses on cash flow hedges | 87,164 | ||
Stock-based compensation | 51,366 | 32,675 | 29,507 |
Other | 81,498 | 52,351 | 66,763 |
Gross deferred tax assets | 1,245,938 | 647,306 | 762,426 |
Right of use assets and other leasing transactions | (367,137) | (249,209) | (285,311) |
Unrealized gains | (27,066) | (50,785) | |
Retirement benefits | 87,486 | (45,402) | |
Capitalized servicing rights | (51,273) | (53,219) | (50,235) |
Postretirement and other employee benefits | (29,230) | ||
Depreciation and amortization | 155,048 | (93,103) | (95,684) |
Interest on loans | (6,690) | (8,113) | |
Gains on cash flow hedges | (22,820) | (97,004) | |
Other | 69,314 | (88,053) | (62,581) |
Gross deferred tax liabilities | (759,488) | (585,562) | (649,713) |
Net deferred tax asset | $ 486,450 | $ 61,744 | $ 112,713 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal, State and Local Tax [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | $ 37,511 | $ 48,862 | $ 58,969 |
Decreases as a result of tax positions taken in prior years | (11,090) | (11,351) | (10,107) |
Unrecognized tax benefits assumed in a business combination | 3,788 | ||
Ending Balance | 30,209 | 37,511 | 48,862 |
Accrued Interest [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 7,409 | 7,615 | 7,199 |
Increases as a result of tax positions taken in prior years | 3,090 | 2,560 | 2,800 |
Decreases as a result of tax positions taken in prior years | (3,958) | (2,766) | (2,384) |
Unrecognized tax benefits assumed in a business combination | 1,205 | ||
Ending Balance | 7,746 | 7,409 | 7,615 |
Unrecognized Income Tax Benefits [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 44,920 | 56,477 | 66,168 |
Increases as a result of tax positions taken in prior years | 3,090 | 2,560 | 2,800 |
Decreases as a result of tax positions taken in prior years | (15,048) | (14,117) | (12,491) |
Unrecognized tax benefits assumed in a business combination | 4,993 | ||
Ending Balance | 37,955 | $ 44,920 | $ 56,477 |
Less: Federal, state and local income tax benefits | (7,285) | ||
Net unrecognized tax benefits that, if recognized, would impact the effective income tax rate | $ 30,670 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income available to common shareholders: | |||
Net income | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Less: Preferred stock dividends | (96,587) | (72,915) | (68,228) |
Net income available to common equity | 1,895,076 | 1,785,831 | 1,284,924 |
Less: Income attributable to unvested stock-based compensation awards | (3,607) | (8,854) | (5,858) |
Net income available to common shareholders | $ 1,891,469 | $ 1,776,977 | $ 1,279,066 |
Weighted-average shares outstanding: | |||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 163,489 | 129,539 | 129,404 |
Less: Unvested stock-based compensation awards | (315) | (890) | (766) |
Weighted-average shares outstanding | 163,174 | 128,649 | 128,638 |
Basic earnings per common share | $ 11.59 | $ 13.81 | $ 9.94 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income available to common equity | $ 1,895,076 | $ 1,785,831 | $ 1,284,924 |
Less: Income attributable to unvested stock-based compensation awards | (3,596) | (8,844) | (5,856) |
Net income available to common shareholders | $ 1,891,480 | $ 1,776,987 | $ 1,279,068 |
Adjusted weighted-average shares outstanding: | |||
Common and unvested stock-based compensation awards | 163,489 | 129,539 | 129,404 |
Less: Unvested stock-based compensation awards | (315) | (890) | (766) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 856 | 163 | 66 |
Adjusted weighted-average shares outstanding | 164,030 | 128,812 | 128,704 |
Diluted earnings per common share | $ 11.53 | $ 13.80 | $ 9.94 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 453,000 | 461,000 | 474,000 |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | $ (172,054) | $ (85,143) | $ (279,959) |
Unrealized holding gains (losses), net, before tax | (550,648) | (95,114) | 141,081 |
Foreign currency translation adjustment, before tax | (7,845) | (1,218) | 2,724 |
Unrealized gain (losses) on cash flow hedges | (461,033) | (32,292) | 505,042 |
Current year benefit plans gains (loss), before tax | 71,262 | (206,274) | (238,218) |
Total other comprehensive income (loss) before reclassifications, before tax | (948,264) | 77,650 | 410,629 |
Amortization of unrealized holding losses on held-to-maturity securities | 1,765 | 4,427 | 3,606 |
Gains (losses) realized in net income | (8) | (2) | |
Accretion of net gain on terminated cash flow hedges, before tax | (120) | (120) | (125) |
Net yield adjustment from cash flow hedges currently in effect, before tax | 36,338 | (252,397) | (271,971) |
Amortization of prior service credit, before tax | (2,256) | (4,185) | (4,181) |
Amortization of actuarial losses, before tax | 18,414 | 87,722 | 56,860 |
Total other comprehensive income (loss), before tax | (894,123) | (86,911) | 194,816 |
Ending balance, before tax | (1,066,177) | (172,054) | (85,143) |
Beginning balance, tax | 44,476 | 22,111 | 73,279 |
Unrealized holding gains (losses), net, tax | 142,546 | 24,870 | (36,498) |
Foreign currency translation adjustment, tax | 2,058 | 356 | (440) |
Unrealized gain (losses) on cash flow hedges | 119,360 | 8,410 | (130,432) |
Current year benefit plans gains (loss),tax | (18,309) | 54,016 | 60,208 |
Total other comprehensive income (loss) before reclassifications, tax | 245,655 | (20,380) | (107,162) |
Amortization of unrealized holding losses on held-to-maturity securities, tax | (456) | (1,154) | (966) |
Gains (losses) realized in net income, tax | 2 | 1 | |
Accretion of net gain on terminated cash flow hedges, tax | 31 | 32 | 34 |
Net yield adjustment from cash flow hedges currently in effect, tax | (9,407) | 65,741 | 70,239 |
Amortization of prior service credit, tax | 579 | 1,095 | 1,057 |
Amortization of actuarial losses, tax | (4,731) | (22,971) | (14,371) |
Total other comprehensive income (loss), tax | 231,671 | 22,365 | (51,168) |
Ending balance, tax | 276,147 | 44,476 | 22,111 |
Current year benefit plans gains loss, tax | 18,309 | (54,016) | (60,208) |
Beginning balance, net of tax | (127,578) | (63,032) | (206,680) |
Unrealized holding gains (losses), net of tax | (408,102) | (70,244) | 104,583 |
Foreign currency translation adjustments | (5,787) | (862) | 2,284 |
Unrealized gain (losses) on cash flow hedges net of tax | (341,673) | (23,882) | 374,610 |
Current year benefit plans gains (losses) , net of tax | 52,953 | 152,258 | (178,010) |
Total other comprehensive income (loss) before reclassifications, net of tax | (702,609) | 57,270 | 303,467 |
Amortization of unrealized holding losses on held-to-maturity securities | 1,309 | 3,273 | 2,640 |
Gains (losses) realized in net income, net of tax | (6) | (1) | |
Accretion of net gain on terminated cash flow hedges, net of tax | (89) | (88) | (91) |
Net yield adjustment from cash flow hedges currently in effect, net of tax | 26,931 | (186,656) | (201,732) |
Amortization of prior service credit, net of tax | (1,677) | (3,090) | (3,124) |
Amortization of actuarial losses, net of tax | 13,683 | 64,751 | 42,489 |
Total other comprehensive income (loss) | (662,452) | (64,546) | 143,648 |
Ending balance, net of tax | (790,030) | (127,578) | (63,032) |
Investment Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | 104,691 | 195,386 | 50,701 |
Unrealized holding gains (losses), net, before tax | (550,648) | (95,114) | 141,081 |
Total other comprehensive income (loss) before reclassifications, before tax | (550,648) | (95,114) | 141,081 |
Amortization of unrealized holding losses on held-to-maturity securities | 1,765 | 4,427 | 3,606 |
Gains (losses) realized in net income | (8) | (2) | |
Total other comprehensive income (loss), before tax | (548,883) | (90,695) | 144,685 |
Ending balance, before tax | (444,192) | 104,691 | 195,386 |
Total other comprehensive income (loss) | (406,793) | (66,977) | 107,222 |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | (360,276) | (650,087) | (464,548) |
Current year benefit plans gains (loss), before tax | 71,262 | 206,274 | (238,218) |
Total other comprehensive income (loss) before reclassifications, before tax | 71,262 | 206,274 | (238,218) |
Amortization of prior service credit, before tax | (2,256) | (4,185) | (4,181) |
Amortization of actuarial losses, before tax | 18,414 | 87,722 | 56,860 |
Total other comprehensive income (loss), before tax | 87,420 | 289,811 | (185,539) |
Ending balance, before tax | (272,856) | (360,276) | (650,087) |
Total other comprehensive income (loss) | 64,959 | 213,919 | (138,645) |
Other [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | 83,531 | 369,558 | 133,888 |
Foreign currency translation adjustment, before tax | (7,845) | (1,218) | 2,724 |
Unrealized gain (losses) on cash flow hedges | (461,033) | (32,292) | 505,042 |
Total other comprehensive income (loss) before reclassifications, before tax | (468,878) | (33,510) | 507,766 |
Accretion of net gain on terminated cash flow hedges, before tax | (120) | (120) | (125) |
Net yield adjustment from cash flow hedges currently in effect, before tax | 36,338 | (252,397) | (271,971) |
Total other comprehensive income (loss), before tax | (432,660) | (286,027) | 235,670 |
Ending balance, before tax | $ (349,129) | $ 83,531 | $ 369,558 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 17,903,405 | $ 16,187,283 | $ 15,716,649 |
Net gain (loss) during period | (662,452) | (64,546) | 143,648 |
Ending balance | 25,317,990 | 17,903,405 | 16,187,283 |
Investment Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 77,625 | 144,602 | (37,380) |
Net gain (loss) during period | (406,793) | (66,977) | 107,222 |
Ending balance | (329,168) | 77,625 | 144,602 |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (267,145) | (481,064) | (342,419) |
Net gain (loss) during period | 64,959 | 213,919 | (138,645) |
Ending balance | (202,186) | (267,145) | (481,064) |
Accumulated Other Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 61,942 | 273,430 | (98,359) |
Net gain (loss) during period | (320,618) | (211,488) | 175,071 |
Ending balance | 258,676 | 61,942 | 273,430 |
Accumulated Other Comprehensive Income (Loss), Net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (127,578) | (63,032) | (206,680) |
Net gain (loss) during period | (662,452) | (64,546) | 143,648 |
Ending balance | $ (790,030) | $ (127,578) | $ (63,032) |
Other Income and Other Expens_2
Other Income and Other Expense - Other Income and Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other income: | |||
Gain on MTIA divestiture | $ 136,331 | ||
Credit-related fee income | 129,833 | $ 90,816 | $ 70,387 |
Credit card interchange fee income | 69,963 | ||
Merchant discount fee income | 61,442 | ||
Other expense: | |||
Professional services | 469,776 | 348,360 | 240,047 |
Charitable contributions | 178,137 | ||
Amortization of capitalized mortgage servicing rights | $ 96,463 | $ 89,767 | $ 84,821 |
International Activities - Addi
International Activities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
International Activities [Line Items] | ||
Revenues from international trust-related services | $ 36,000 | $ 38,000 |
Loans to foreign borrowers | 129,638,832 | 91,443,226 |
Canada [Member] | ||
International Activities [Line Items] | ||
Deposits at foreign office | 34,000 | 32,000 |
Geographic Distribution, Foreign [Member] | ||
International Activities [Line Items] | ||
Loans to foreign borrowers | $ 319,000 | $ 197,000 |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum [Member] | ||
International Activities [Line Items] | ||
Concentration risk percentage | 1% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 17,400,000 | $ 23,350,000 | |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 8,000 | 24,000 | |
Unrealized gain recognized in other comprehensive income related to cash flow hedges | 337,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 35,000 | ||
Post collateral requirements relating to positions | 0 | 33,000 | |
Aggregate fair value of derivative financial instruments in asset position | 314,000 | 7,000 | |
Minimum [Member] | |||
Derivative [Line Items] | |||
Aggregate fair value of derivative financial instruments in a liability position | 1,000 | ||
Counterparties [Member] | |||
Derivative [Line Items] | |||
Post collateral requirements relating to positions | 312,000 | 6,000 | |
Clearinghouse Credit Facilities [Member] | |||
Derivative [Line Items] | |||
Amount of initial margin posted | 205,000 | 132,000 | |
Interest Income [Member] | |||
Derivative [Line Items] | |||
Changes in Cash Flow Hedges Derivative Instruments At Fair Value Net | (36,000) | 252,000 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Increase decrease in net interest income due to interest rate swap agreements | $ 26,000 | $ 287,000 | $ 312,000 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating |
Interest Rate Swap Agreements [Member] | Maturity Period 2022 [Member] | |||
Derivative [Line Items] | |||
Unrealized gain recognized in other comprehensive income related to cash flow hedges | $ 33,000 | ||
Interest Rate Swap Agreements [Member] | Maturity Period 2023 [Member] | |||
Derivative [Line Items] | |||
Unrealized gain recognized in other comprehensive income related to cash flow hedges | 304,000 | ||
Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 45,100,000 | $ 32,600,000 | |
Foreign Currency and Other Option and Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 1,700,000 | $ 1,100,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional Amount | $ 17,400,000 | $ 23,350,000 |
Average Maturity (in years) | 1 year 7 months 6 days | 8 months 12 days |
Estimated Fair Value Gain (Loss) | $ (7,892) | $ (207) |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 15,900,000 | $ 21,700,000 |
Average Maturity (in years) | 1 year 4 months 24 days | 7 months 6 days |
Weighted-Average Rate, Fixed | 1.91% | 1.24% |
Weighted-Average Rate, Variable | 4.38% | 0.09% |
Estimated Fair Value Gain (Loss) | $ (7,059) | $ (248) |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,500,000 | $ 1,650,000 |
Average Maturity (in years) | 3 years 3 months 18 days | 2 years 3 months 18 days |
Weighted-Average Rate, Fixed | 2.98% | 2.86% |
Weighted-Average Rate, Variable | 4.52% | 0.74% |
Estimated Fair Value Gain (Loss) | $ (833) | $ 41 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional Amount | $ 17,400,000 | $ 23,350,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 4,700,000 | 8,400,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | 65,000 | 43,500 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | $ 329,700 | $ 88,200 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Outstanding Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Total | $ 17,400,000 | $ 23,350,000 |
Interest Rate Swap Agreements [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
2023 | 7,350,000 | |
2025 | 9,050,000 | |
2027 | $ 1,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 435,969 | $ 442,453 |
Liability Derivatives, Fair Value | 1,355,326 | 93,843 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 431,730 | 438,151 |
Liability Derivatives, Fair Value | 1,346,223 | 92,830 |
Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 4,239 | 4,302 |
Liability Derivatives, Fair Value | 9,103 | 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 | 1,202 | 258 |
Liability Derivatives, Fair Value | 9,094 | 465 |
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 | 3,037 | 4,044 |
Liability Derivatives, Fair Value | 9 | 548 |
Commitments to Sell Real Estate Loans [Member] | Fair Value Hedges [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 51,410 | 8,137 |
Liability Derivatives, Fair Value | 14 | 4,108 |
Mortgage-Related Commitments to Originate Real Estate Loans for Sale [Member] | Fair Value Hedges [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 452 | 11,728 |
Liability Derivatives, Fair Value | 46,025 | 5,288 |
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 355,806 | 410,056 |
Liability Derivatives, Fair Value | 1,278,180 | 76,278 |
Foreign Exchange and Other Option and Futures Contracts [Member] | Fair Value Hedges [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 24,062 | 8,230 |
Liability Derivatives, Fair Value | $ 22,004 | $ 7,156 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 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 | $ (29.2) | $ (305.1) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ 41,675 | $ 20,550 | $ 35,097 |
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, Derivatives | $ (109,319) | $ (58,599) | $ 57,611 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Derivatives in fair value hedging relationships, Hedged item | $ 108,920 | $ 57,716 | $ (57,686) |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | 27,391 | 11,486 | 27,734 |
Foreign Exchange and Other Option and Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ 14,284 | $ 9,064 | $ 7,363 |
Derivative Financial Instrum_10
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 1,433,731 | $ 1,692,943 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ (65,310) | $ 43,610 |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | 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 | 22,000,000 | $ 23,000,000 |
Total assets of partnerships in which the company invested | 200,729,841,000 | 155,107,160,000 |
Investment in partnership carrying amount | 1,500,000,000 | 933,000,000 |
Unfunded commitments includes carrrying amount of its investments | 545,000,000 | 361,000,000 |
Maximum exposure to loss of investments in real estate partnerships | 1,900,000,000 | |
Variable Interest Entity Primary Beneficiary [Member] | ||
Total assets of partnerships in which the company invested | $ 9,200,000,000 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | $ 10,748,961 | $ 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 | 117,847 | 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] | ||
Debt Securities, Available-for-Sale | 7,670,960 | 678,690 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 574,299 | |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 2,330,118 | 3,155,312 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 173,584 | 121,802 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 117,847 | 49,745 |
Debt Securities, Available-for-Sale | 10,748,961 | 3,955,804 |
Equity Securities, FV-NI, Current | 151,458 | 77,640 |
Real estate loans held for sale | 162,393 | 899,282 |
Other assets | 435,969 | 442,453 |
Total assets | 11,616,628 | 5,424,924 |
Other liabilities | 1,355,326 | 93,843 |
Total liabilities | 1,355,326 | 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 | 117,847 | 49,545 |
Equity Securities, FV-NI, Current | 145,289 | 68,850 |
Total assets | 263,136 | 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 | |
Debt Securities, Available-for-Sale | 10,748,961 | 3,955,804 |
Equity Securities, FV-NI, Current | 6,169 | 8,790 |
Real estate loans held for sale | 162,393 | 899,282 |
Other assets | 435,517 | 430,725 |
Total assets | 11,353,040 | 5,294,801 |
Other liabilities | 1,309,301 | 88,555 |
Total liabilities | 1,309,301 | 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 | 452 | 11,728 |
Total assets | 452 | 11,728 |
Other liabilities | 46,025 | 5,288 |
Total liabilities | 46,025 | 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] | ||
Debt Securities, Available-for-Sale | 7,670,960 | 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] | ||
Debt Securities, Available-for-Sale | 7,670,960 | 678,690 |
Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 574,299 | |
Fair Value Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 574,299 | |
Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 2,330,118 | 3,155,312 |
Fair Value Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 2,330,118 | 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] | ||
Debt Securities, Available-for-Sale | 173,584 | 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] | ||
Debt Securities, Available-for-Sale | $ 173,584 | $ 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Privately Issued Mortgage-Backed Securities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 16 | $ 16 | $ 16 |
Total gains realized/unrealized: | |||
Settlements | (16) | ||
Ending Balance | 16 | 16 | |
Other Assets and Other Liabilities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 6,440 | 43,234 | 10,740 |
Total gains realized/unrealized: | |||
Included in earnings | $ (34,396) | $ 126,223 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Including Assessed Tax | Revenue from Contract with Customer, Including Assessed Tax | |
Settlements | 194,469 | ||
Transfers out of Level 3 | $ (17,617) | $ (163,017) | (161,975) |
Ending Balance | 45,573 | 6,440 | 43,234 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 45,758 | $ 8,619 | $ 42,597 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Weighted-average discount rates for fair value estimations | 39% | |||
Historical recovery rate of collateral values of consumer installment loans | 62% | |||
Residential Mortgage Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Capitalized servicing rights | $ 194,335,000 | $ 241,053,000 | $ 231,204,000 | $ 244,411,000 |
Capitalized servicing rights, valuation allowance | (24,000,000) | (30,000,000) | ||
Weighted-average prepayment speeds | 7.27% | |||
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 | $ 191,000,000 | 53,000,000 | 222,000,000 | |
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 | 138,000,000 | |||
Capitalized servicing rights, valuation allowance | 0 | 24,000,000 | ||
Valuation Charge Recognized | $ (24,000,000) | (6,000,000) | 23,000,000 | |
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 | $ 853,000,000 | 574,000,000 | 652,000,000 | |
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 | 329,000 | 340,000,000 | 339,000,000 | |
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 | $ 524,000 | $ 234,000,000 | $ 313,000,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - Other Assets and Other Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 97% | 80% |
Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | (3.00%) | (10.00%) |
Discounted Cash Flows [Member] | ||
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 | $ (45,573) | $ 6,440 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||||
Interest-bearing deposits at banks | $ 24,958,719 | $ 41,872,304 | ||
Federal funds sold | 3,000 | |||
Investment securities | 25,210,871 | 7,155,860 | ||
Loans and leases: | ||||
Loans and leases | 132,074,156 | 93,136,678 | ||
Allowance for credit losses | (1,925,331) | (1,469,226) | $ (1,736,387) | $ (1,051,071) |
Loans and leases, net | 129,638,832 | 91,443,226 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (65,501,860) | (60,131,480) | ||
Savings and interest-checking deposits | (87,911,463) | (68,603,966) | ||
Time deposits | (10,101,545) | (2,807,963) | ||
Long-term borrowings | (3,964,537) | (3,485,369) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,371,688 | 1,205,269 | ||
Trading account | 117,847 | 49,545 | ||
Investment securities | 145,289 | 68,850 | ||
Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 145,556 | 132,308 | ||
Interest-bearing deposits at banks | 24,958,719 | 41,872,304 | ||
Federal funds sold | 3,000 | |||
Trading account | 200 | |||
Investment securities | 23,860,445 | 7,066,293 | ||
Loans and leases: | ||||
Loans and leases | 7,049,540 | |||
Loans and leases, net | 7,180,192 | 4,949,028 | ||
Accrued interest receivable | 646,250 | 335,162 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (65,501,860) | (60,131,480) | ||
Savings and interest-checking deposits | 87,911,463 | (68,603,966) | ||
Time deposits | (10,143,110) | (2,810,143) | ||
Short-term borrowings | (3,554,951) | (47,046) | ||
Long-term borrowings | (3,926,489) | (3,562,223) | ||
Accrued interest payable | (81,356) | (40,866) | ||
Other financial instruments: | ||||
Commitments to sell real estate loans | 54,424 | 7,525 | ||
Interest rate swap agreements used for interest rate risk management | (7,892) | (207) | ||
Interest rate and foreign exchange contracts not designated as hedging instruments | (920,316) | 334,852 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment securities | 50,588 | 57,333 | ||
Loans and leases: | ||||
Consumer loans | 20,093,523 | 18,121,363 | ||
Loans and leases, net | 119,048,176 | 87,348,549 | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 45,573 | 6,440 | ||
Other credit-related commitments | (148,772) | (123,032) | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,517,244 | 1,337,577 | ||
Interest-bearing deposits at banks | 24,958,719 | 41,872,304 | ||
Federal funds sold | 3,000 | |||
Trading account | 117,847 | 49,745 | ||
Investment securities | 25,210,871 | 7,155,860 | ||
Loans and leases: | ||||
Consumer loans | 20,593,079 | 17,974,953 | ||
Allowance for credit losses | (1,925,331) | (1,469,226) | ||
Loans and leases, net | 129,638,832 | 91,443,226 | ||
Accrued interest receivable | 646,250 | 335,162 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (65,501,860) | (60,131,480) | ||
Savings and interest-checking deposits | 87,911,463 | (68,603,966) | ||
Time deposits | (10,101,545) | (2,807,963) | ||
Short-term borrowings | (3,554,951) | (47,046) | ||
Long-term borrowings | (3,964,537) | (3,485,369) | ||
Accrued interest payable | (81,356) | (40,866) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | (45,573) | 6,440 | ||
Commitments to sell real estate loans | 54,424 | 7,525 | ||
Other credit-related commitments | (148,772) | (123,032) | ||
Interest rate swap agreements used for interest rate risk management | (7,892) | (207) | ||
Interest rate and foreign exchange contracts not designated as hedging instruments | (920,316) | 334,852 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,517,244 | 1,337,577 | ||
Interest-bearing deposits at banks | 24,958,719 | 41,872,304 | ||
Federal funds sold | 3,000 | |||
Trading account | 117,847 | 49,745 | ||
Investment securities | 24,056,322 | 7,192,476 | ||
Loans and leases: | ||||
Consumer loans | 20,093,523 | 18,121,363 | ||
Loans and leases, net | 126,228,368 | 92,297,577 | ||
Accrued interest receivable | 646,250 | 335,162 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (65,501,860) | (60,131,480) | ||
Savings and interest-checking deposits | 87,911,463 | (68,603,966) | ||
Time deposits | (10,143,110) | (2,810,143) | ||
Short-term borrowings | (3,554,951) | (47,046) | ||
Long-term borrowings | (3,926,489) | (3,562,223) | ||
Accrued interest payable | (81,356) | (40,866) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | (45,573) | 6,440 | ||
Commitments to sell real estate loans | 54,424 | 7,525 | ||
Other credit-related commitments | (148,772) | (123,032) | ||
Interest rate swap agreements used for interest rate risk management | (7,892) | (207) | ||
Interest rate and foreign exchange contracts not designated as hedging instruments | (920,316) | 334,852 | ||
Commercial Loans and Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 41,139,985 | 23,285,224 | ||
Commercial Loans and Leases [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 41,850,566 | 23,473,324 | ||
Commercial Loans and Leases [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 41,139,985 | 23,285,224 | ||
Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 130,652 | 425,010 | ||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 43,083,994 | 34,305,181 | ||
Commercial [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 45,364,571 | 35,389,730 | ||
Commercial [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 43,214,646 | 34,730,191 | ||
Residential Real Estate Loans | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 4,524,018 | |||
Residential Real Estate Loans | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 14,730,674 | 11,636,781 | ||
Residential Real Estate Loans | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 23,755,947 | 16,074,445 | ||
Residential Real Estate Loans | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | $ 21,780,214 | $ 16,160,799 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to extend credit | ||
Home equity lines of credit | $ 8,261,560 | $ 5,693,045 |
Commercial real estate loans to be sold | 348,701 | 324,943 |
Other commercial real estate | 5,776,116 | 4,998,631 |
Residential real estate loans to be sold | 31,208 | 233,257 |
Other residential real estate | 505,121 | 924,211 |
Commercial and other | 32,625,840 | 22,145,057 |
Standby letters of credit | 2,376,644 | 2,151,595 |
Commercial letters of credit | 65,066 | 31,981 |
Financial guarantees and indemnification contracts | 4,022,432 | 4,211,797 |
Commitments to sell real estate loans | $ 533,458 | $ 1,367,523 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Commitments to extend credit to commercial customers | $ 11,700 | $ 10,800 |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,900 | $ 4,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | 0 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | $ 25 |
Segment Information - Informati
Segment Information - Information about Reclassified Segment Information on Comparable Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 5,821,956 | $ 3,824,778 | $ 3,866,317 |
Provision for credit losses | 517,000 | (75,000) | 800,000 |
Other noninterest expense | 4,616,293 | 3,287,415 | 3,064,952 |
Net income (loss) | 1,991,663 | 1,858,746 | 1,353,152 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 831,073 | 105,876 | 121,808 |
Provision for credit losses | 349,759 | (313,145) | 482,202 |
Other noninterest expense | 1,522,006 | 1,022,786 | 873,367 |
Net income (loss) | (165,052) | 19,684 | (459,112) |
Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 712,207 | 518,940 | 462,614 |
Provision for credit losses | 17,154 | 10,928 | 25,928 |
Other noninterest expense | 421,052 | 350,265 | 329,323 |
Net income (loss) | 312,627 | 207,148 | 154,455 |
Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,338,552 | 832,659 | 827,640 |
Provision for credit losses | 72,200 | 58,064 | 68,232 |
Other noninterest expense | 667,282 | 391,568 | 382,822 |
Net income (loss) | 729,817 | 499,002 | 475,673 |
Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 736,791 | 665,020 | 710,403 |
Provision for credit losses | (5,621) | 110,401 | 112,077 |
Other noninterest expense | 343,205 | 289,026 | 268,527 |
Net income (loss) | 445,983 | 353,642 | 400,453 |
Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 163,695 | 483,624 | 486,831 |
Provision for credit losses | 5,156 | 3,622 | 1,508 |
Other noninterest expense | 77,996 | 66,490 | 62,855 |
Net income (loss) | 16,536 | 287,009 | 321,001 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 41,137 | 92,706 | 52,712 |
Provision for credit losses | (1,569) | (562) | 1,785 |
Other noninterest expense | 343,947 | 338,398 | 338,389 |
Net income (loss) | 20,928 | 168,668 | 128,952 |
Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,998,501 | 1,125,953 | 1,204,309 |
Provision for credit losses | 79,921 | 55,692 | 108,268 |
Other noninterest expense | 1,240,805 | 828,882 | 809,669 |
Net income (loss) | $ 630,824 | 323,593 | 331,730 |
Previously Reported [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 3,824,778 | 3,866,317 | |
Provision for credit losses | (75,000) | 800,000 | |
Other noninterest expense | 3,287,415 | 3,064,952 | |
Net income (loss) | 1,858,746 | 1,353,152 | |
Previously Reported [Member] | All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 105,876 | 121,808 | |
Provision for credit losses | (313,145) | 482,202 | |
Other noninterest expense | 1,082,993 | 959,258 | |
Net income (loss) | (23,979) | (522,572) | |
Previously Reported [Member] | Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 518,940 | 462,614 | |
Provision for credit losses | 10,928 | 25,928 | |
Other noninterest expense | 341,751 | 322,868 | |
Net income (loss) | 213,464 | 159,220 | |
Previously Reported [Member] | Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 854,264 | 864,149 | |
Provision for credit losses | 101,060 | 73,099 | |
Other noninterest expense | 384,505 | 375,769 | |
Net income (loss) | 493,723 | 508,472 | |
Previously Reported [Member] | Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 643,415 | 673,894 | |
Provision for credit losses | 67,405 | 107,210 | |
Other noninterest expense | 276,791 | 256,428 | |
Net income (loss) | 372,326 | 381,828 | |
Previously Reported [Member] | Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 483,624 | 486,831 | |
Provision for credit losses | 3,622 | 1,508 | |
Other noninterest expense | 64,122 | 54,339 | |
Net income (loss) | 288,766 | 327,291 | |
Previously Reported [Member] | Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 92,706 | 52,712 | |
Provision for credit losses | (562) | 1,785 | |
Other noninterest expense | 332,491 | 332,028 | |
Net income (loss) | 172,960 | 133,652 | |
Previously Reported [Member] | Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,125,953 | 1,204,309 | |
Provision for credit losses | 55,692 | 108,268 | |
Other noninterest expense | 804,762 | 764,262 | |
Net income (loss) | 341,486 | 365,261 | |
Impact of Changes [Member] | All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Other noninterest expense | (60,207) | (85,891) | |
Net income (loss) | 43,663 | 63,460 | |
Impact of Changes [Member] | Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Other noninterest expense | 8,514 | 6,455 | |
Net income (loss) | (6,316) | (4,765) | |
Impact of Changes [Member] | Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (21,605) | (36,509) | |
Provision for credit losses | (42,996) | (4,867) | |
Other noninterest expense | 7,063 | 7,053 | |
Net income (loss) | 5,279 | (32,799) | |
Impact of Changes [Member] | Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 21,605 | 36,509 | |
Provision for credit losses | 42,996 | 4,867 | |
Other noninterest expense | 12,235 | 12,099 | |
Net income (loss) | (18,684) | 18,625 | |
Impact of Changes [Member] | Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Other noninterest expense | 2,368 | 8,516 | |
Net income (loss) | (1,757) | (6,290) | |
Impact of Changes [Member] | Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Other noninterest expense | 5,907 | 6,361 | |
Net income (loss) | (4,292) | (4,700) | |
Impact of Changes [Member] | Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Other noninterest expense | 24,120 | 45,407 | |
Net income (loss) | (17,893) | (33,531) | |
Reclassified [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 3,824,778 | 3,866,317 | |
Provision for credit losses | (75,000) | 800,000 | |
Other noninterest expense | 3,287,415 | 3,064,952 | |
Net income (loss) | 1,858,746 | 1,353,152 | |
Reclassified [Member] | All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 105,876 | 121,808 | |
Provision for credit losses | (313,145) | 482,202 | |
Other noninterest expense | 1,022,786 | 873,367 | |
Net income (loss) | 19,684 | (459,112) | |
Reclassified [Member] | Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 518,940 | 462,614 | |
Provision for credit losses | 10,928 | 25,928 | |
Other noninterest expense | 350,265 | 329,323 | |
Net income (loss) | 207,148 | 154,455 | |
Reclassified [Member] | Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 832,659 | 827,640 | |
Provision for credit losses | 58,064 | 68,232 | |
Other noninterest expense | 391,568 | 382,822 | |
Net income (loss) | 499,002 | 475,673 | |
Reclassified [Member] | Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 665,020 | 710,403 | |
Provision for credit losses | 110,401 | 112,077 | |
Other noninterest expense | 289,026 | 268,527 | |
Net income (loss) | 353,642 | 400,453 | |
Reclassified [Member] | Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 483,624 | 486,831 | |
Provision for credit losses | 3,622 | 1,508 | |
Other noninterest expense | 66,490 | 62,855 | |
Net income (loss) | 287,009 | 321,001 | |
Reclassified [Member] | Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 92,706 | 52,712 | |
Provision for credit losses | (562) | 1,785 | |
Other noninterest expense | 338,398 | 338,389 | |
Net income (loss) | 168,668 | 128,952 | |
Reclassified [Member] | Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,125,953 | 1,204,309 | |
Provision for credit losses | 55,692 | 108,268 | |
Other noninterest expense | 828,882 | 809,669 | |
Net income (loss) | $ 323,593 | $ 331,730 |
Segment Information - Informa_2
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 5,821,956 | $ 3,824,778 | $ 3,866,317 |
Noninterest income | 2,356,603 | 2,166,994 | 2,088,444 |
Total income | 8,178,559 | 5,991,772 | 5,954,761 |
Provision for credit losses | 517,000 | (75,000) | 800,000 |
Amortization of core deposit and other intangible assets | 55,624 | 10,167 | 14,869 |
Depreciation and other amortization | 378,519 | 314,041 | 305,419 |
Other noninterest expense | 4,616,293 | 3,287,415 | 3,064,952 |
Income (loss) before taxes | 2,611,123 | 2,455,149 | 1,769,521 |
Income tax expense (benefit) | 619,460 | 596,403 | 416,369 |
Net income (loss) | 1,991,663 | 1,858,746 | 1,353,152 |
Average total assets | 190,252,000 | 152,669,000 | 135,480,000 |
Capital expenditures | 214,000 | 149,000 | 172,000 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 831,073 | 105,876 | 121,808 |
Noninterest income | 963,089 | 746,240 | 725,472 |
Total income | 1,794,162 | 852,116 | 847,280 |
Provision for credit losses | 349,759 | (313,145) | 482,202 |
Amortization of core deposit and other intangible assets | 55,624 | 9,107 | 13,809 |
Depreciation and other amortization | 140,372 | 123,881 | 116,979 |
Other noninterest expense | 1,522,006 | 1,022,786 | 873,367 |
Income (loss) before taxes | (273,599) | 9,487 | (639,077) |
Income tax expense (benefit) | (108,547) | (10,197) | (179,965) |
Net income (loss) | (165,052) | 19,684 | (459,112) |
Average total assets | 44,171,000 | 43,853,000 | 22,996,000 |
Capital expenditures | 91,000 | 93,000 | 138,000 |
Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 712,207 | 518,940 | 462,614 |
Noninterest income | 150,298 | 123,854 | 103,837 |
Total income | 862,505 | 642,794 | 566,451 |
Provision for credit losses | 17,154 | 10,928 | 25,928 |
Depreciation and other amortization | 1,097 | 1,106 | 1,482 |
Other noninterest expense | 421,052 | 350,265 | 329,323 |
Income (loss) before taxes | 423,202 | 280,495 | 209,718 |
Income tax expense (benefit) | 110,575 | 73,347 | 55,263 |
Net income (loss) | 312,627 | 207,148 | 154,455 |
Average total assets | 7,597,000 | 8,007,000 | 8,152,000 |
Capital expenditures | 1,000 | ||
Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,338,552 | 832,659 | 827,640 |
Noninterest income | 406,708 | 294,172 | 270,772 |
Total income | 1,745,260 | 1,126,831 | 1,098,412 |
Provision for credit losses | 72,200 | 58,064 | 68,232 |
Depreciation and other amortization | 5,638 | 2,362 | 2,421 |
Other noninterest expense | 667,282 | 391,568 | 382,822 |
Income (loss) before taxes | 1,000,140 | 674,837 | 644,937 |
Income tax expense (benefit) | 270,323 | 175,835 | 169,264 |
Net income (loss) | 729,817 | 499,002 | 475,673 |
Average total assets | 40,930,000 | 27,096,000 | 28,958,000 |
Capital expenditures | 1,000 | 1,000 | |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 8,800 | 6,000 | |
Average total assets | 1,460,000 | 1,380,000 | |
Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 736,791 | 665,020 | 710,403 |
Noninterest income | 207,280 | 226,991 | 214,386 |
Total income | 944,071 | 892,011 | 924,789 |
Provision for credit losses | (5,621) | 110,401 | 112,077 |
Amortization of core deposit and other intangible assets | 1,060 | 1,060 | |
Depreciation and other amortization | 32,900 | 35,623 | 28,187 |
Other noninterest expense | 343,205 | 289,026 | 268,527 |
Income (loss) before taxes | 573,587 | 455,901 | 514,938 |
Income tax expense (benefit) | 127,604 | 102,259 | 114,485 |
Net income (loss) | 445,983 | 353,642 | 400,453 |
Average total assets | 30,599,000 | 27,091,000 | 27,172,000 |
Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 163,695 | 483,624 | 486,831 |
Noninterest income | (69,077) | (38,638) | (1,735) |
Total income | 94,618 | 444,986 | 485,096 |
Provision for credit losses | 5,156 | 3,622 | 1,508 |
Depreciation and other amortization | 111 | 194 | 285 |
Other noninterest expense | 77,996 | 66,490 | 62,855 |
Income (loss) before taxes | 11,355 | 374,680 | 420,448 |
Income tax expense (benefit) | (5,181) | 87,671 | 99,447 |
Net income (loss) | 16,536 | 287,009 | 321,001 |
Average total assets | 42,657,000 | 22,262,000 | 27,726,000 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 41,137 | 92,706 | 52,712 |
Noninterest income | 391,127 | 523,765 | 515,549 |
Total income | 432,264 | 616,471 | 568,261 |
Provision for credit losses | (1,569) | (562) | 1,785 |
Depreciation and other amortization | 67,994 | 57,716 | 60,129 |
Other noninterest expense | 343,947 | 338,398 | 338,389 |
Income (loss) before taxes | 21,892 | 220,919 | 167,958 |
Income tax expense (benefit) | 964 | 52,251 | 39,006 |
Net income (loss) | 20,928 | 168,668 | 128,952 |
Average total assets | 3,986,000 | 6,463,000 | 4,038,000 |
Capital expenditures | 1,000 | ||
Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,998,501 | 1,125,953 | 1,204,309 |
Noninterest income | 307,178 | 290,610 | 260,163 |
Total income | 2,305,679 | 1,416,563 | 1,464,472 |
Provision for credit losses | 79,921 | 55,692 | 108,268 |
Depreciation and other amortization | 130,407 | 93,159 | 95,936 |
Other noninterest expense | 1,240,805 | 828,882 | 809,669 |
Income (loss) before taxes | 854,546 | 438,830 | 450,599 |
Income tax expense (benefit) | 223,722 | 115,237 | 118,869 |
Net income (loss) | 630,824 | 323,593 | 331,730 |
Average total assets | 20,312,000 | 17,897,000 | 16,438,000 |
Capital expenditures | $ 122,000 | $ 53,000 | $ 34,000 |
Segment Information - Informa_3
Segment Information - Information about Company's Segments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Taxable-equivalent adjustment | $ 39,172,000 | $ 14,731,000 | $ 17,288,000 |
Noninterest income | 2,356,603,000 | 2,166,994,000 | 2,088,444,000 |
Average total assets | $ 190,252,000,000 | 152,669,000,000 | 135,480,000,000 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 8,800,000 | 6,000,000 | |
Average total assets | $ 1,460,000,000 | $ 1,380,000,000 |
Segment Information - Intersegm
Segment Information - Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 8,178,559 | $ 5,991,772 | $ 5,954,761 |
Income taxes | 619,460 | 596,403 | 416,369 |
Net income | 1,991,663 | 1,858,746 | 1,353,152 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (52,865) | (55,556) | (47,604) |
Expenses | (15,273) | (13,599) | (14,038) |
Income taxes | (9,736) | (10,846) | (8,824) |
Net income | $ (27,856) | $ (31,111) | $ (24,742) |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | Dec. 31, 2022 USD ($) | Oct. 01, 2022 | Sep. 30, 2022 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||
Funds available for payment of dividends to M&T from banking subsidiaries | $ 1,070 | ||
Capital conservation buffer | 2.50% | ||
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 2.50% | ||
Capital conservation buffer ratio effective | 4.7 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Required Minimum and Well Capitalized Capital Ratios (Detail) | Dec. 31, 2022 | Sep. 30, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 2.50% | |
M&T (Consolidated) [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 4.50% | |
Tier 1 capital to risk-weighted assets, Minimum | 0.060 | |
Total capital to risk-weighted assets, Minimum | 0.080 | |
Leverage - Tier 1 capital to average total assets, as defined | 0.040 | |
Tier 1 capital to risk-weighted assets, Well capitalized | 0.060 | |
Total capital to risk-weighted assets, Well capitalized | 0.100 | |
Bank Subsidiaries [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 4.50% | |
Tier 1 capital to risk-weighted assets, Minimum | 0.060 | |
Total capital to risk-weighted assets, Minimum | 0.080 | |
Leverage - Tier 1 capital to average total assets, as defined | 0.040 | |
Common equity Tier 1 ("CET1") to risk-weighted assets, Well Capitalized | 6.50% | |
Tier 1 capital to risk-weighted assets, Well capitalized | 0.080 | |
Total capital to risk-weighted assets, Well capitalized | 0.100 | |
Leverage - Tier 1 capital to average total assets, as defined | 0.050 |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios and Amounts of Company and its Banking Subsidiaries (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | Sep. 30, 2022 | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Ratio | 2.50% | ||
M&T Bank Corporation [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Amount | $ 15,562,037,000 | $ 11,844,833 | |
Ratio | 10.44% | 13.11% | |
Amount | $ 17,572,586,000 | $ 13,594,782 | |
Ratio | 0.1179 | 0.1142 | |
Amount | $ 20,259,735,000 | $ 15,902,833 | |
Ratio | 0.1360 | 0.1533 | |
Amount | $ 17,572,586,000 | $ 13,594,782,000 | |
Ratio | 0.0923 | 0.0887 | |
M&T Bank [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Amount | $ 16,673,578,000 | $ 12,378,354 | |
Ratio | 11.23% | 11.98% | |
Amount | $ 16,673,578,000 | $ 12,378,354 | |
Ratio | 0.1123 | 0.1198 | |
Amount | $ 18,887,691,000 | $ 14,170,434 | |
Ratio | 0.1272 | 0.1371 | |
Amount | $ 16,673,578,000 | $ 12,378,354,000 | |
Ratio | 0.0877 | 0.0811 | |
Wilmington Trust, N.A. [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Amount | $ 585,968,000 | $ 779,521 | |
Ratio | 254.50% | 31.22% | |
Amount | $ 585,968,000 | $ 779,521 | |
Ratio | 0.3122 | ||
Ratio | 2.5450 | ||
Amount | $ 586,879,000 | $ 780,791 | |
Ratio | 0.3127 | ||
Ratio | 2.5490 | ||
Amount | $ 585,968,000 | $ 779,521,000 | |
Ratio | 0.8573 | 0.0623 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 3,964,537 | $ 3,485,369 | |
Bayview Lending Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Minority interest in Bayview Lending Group LLC | 20% | ||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | ||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | 30,000 | 30,000 | $ 53,000 |
Bayview Lending Group and Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of mortgage servicing rights | 1,400,000 | 1,600,000 | |
Revenue from contract with customer | 8,000 | 9,000 | 10,000 |
Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 96,000 | 74,700,000 | |
Revenues from sub-servicing | 154,000 | 153,000 | $ 129,000 |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 50,000 | 62,000 | |
FHA gauranteed purchase amount of deliquent loan | 1,000,000 | ||
Bayview Financial [Member] | FHA Guaranteed Mortgage Loans [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
FHA gauranteed mortgage loan | $ 965,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | 2,300,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 368,000 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in consolidated subsidiaries | ||||
Total assets | $ 200,729,841 | $ 155,107,160 | ||
Liabilities | ||||
Long-term borrowings | 3,964,537 | 3,485,369 | ||
Total liabilities | 175,411,851 | 137,203,755 | ||
Shareholders’ equity | 25,317,990 | 17,903,405 | $ 16,187,283 | $ 15,716,649 |
Total liabilities and shareholders’ equity | 200,729,841 | 155,107,160 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash in subsidiary bank | 130,311 | 92,836 | ||
Due from consolidated bank subsidiaries | ||||
Money-market savings | 1,690,157 | 1,335,857 | ||
Current income tax receivable | 3,501 | 754 | ||
Total due from consolidated bank subsidiaries | 1,693,658 | 1,336,611 | ||
Investments in consolidated subsidiaries | ||||
Banks | 25,005,239 | 17,533,772 | ||
Other | 379,906 | 220,496 | ||
Investments in trust preferred entities (note 20) | 22,457 | 22,672 | ||
Other assets | 92,802 | 98,010 | ||
Total assets | 27,324,373 | 19,304,397 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 172,001 | 103,242 | ||
Long-term borrowings | 1,834,382 | 1,297,750 | ||
Total liabilities | 2,006,383 | 1,400,992 | ||
Shareholders’ equity | 25,317,990 | 17,903,405 | ||
Total liabilities and shareholders’ equity | $ 27,324,373 | $ 19,304,397 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Condensed Statement of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expense | |||
Interest on short-term borrowings | $ 19,426 | $ 7 | $ 28 |
Interest on long-term borrowings | 111,106 | 62,165 | 109,332 |
Other expense | 5,050,436 | 3,611,623 | 3,385,240 |
Income tax credits | (619,460) | (596,403) | (416,369) |
Equity in undistributed income of subsidiaries | |||
Net income (loss) | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Net income per common share | |||
Basic | $ 11.59 | $ 13.81 | $ 9.94 |
Diluted | $ 11.53 | $ 13.80 | $ 9.94 |
Parent Company [Member] | |||
Income | |||
Dividends from consolidated subsidiaries | $ 2,508,083 | $ 1,025,000 | $ 708,500 |
Income (Loss) from Equity Method Investments | 30,000 | 30,000 | 52,940 |
Other income | (6,952) | 2,530 | 5,110 |
Total income | 2,531,131 | 1,057,530 | 766,550 |
Expense | |||
Interest on short-term borrowings | 6,024 | ||
Interest on long-term borrowings | 57,565 | 24,073 | 31,924 |
Other expense | 50,016 | 35,406 | 33,704 |
Total expense | 113,605 | 59,479 | 65,628 |
Income before income taxes and equity in undistributed income of subsidiaries | 2,417,526 | 998,051 | 700,922 |
Income tax credits | 22,477 | 6,052 | 1,984 |
Income before equity in undistributed income of subsidiaries | 2,440,003 | 1,004,103 | 702,906 |
Equity in undistributed income of subsidiaries | |||
Net income of subsidiaries | 2,059,743 | 1,879,643 | 1,358,746 |
Less: dividends received | (2,508,083) | (1,025,000) | (708,500) |
Equity in undistributed income of subsidiaries | (448,340) | 854,643 | 650,246 |
Net income (loss) | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Net income per common share | |||
Basic | $ 11.59 | $ 13.81 | $ 9.94 |
Diluted | $ 11.53 | $ 13.80 | $ 9.94 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 1,991,663 | $ 1,858,746 | $ 1,353,152 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for deferred income taxes | (29,987) | 87,159 | (31,291) |
Net cash provided by operating activities | 4,573,740 | 2,714,959 | 789,187 |
Cash flows from investing activities | |||
Other, net | (619,028) | (510,302) | 67,411 |
Cash flows from financing activities | |||
Proceeds from long-term borrowings | 998,540 | 9,500 | |
Purchases of treasury stock | (1,800,000) | (373,750) | |
Dividends paid — common | (784,089) | (580,260) | (568,112) |
Dividends paid — preferred | (96,927) | (68,200) | (68,256) |
Proceeds from issuance of Series I preferred stock | 495,000 | ||
Other, net | (13,177) | (26,710) | (11,413) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 182,667 | (215,166) | 116,438 |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 6,134,684 | 3,976,804 | 4,135,990 |
Income taxes received during the year | 487,618 | 314,295 | 275,558 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income | 1,991,663 | 1,858,746 | 1,353,152 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | 448,340 | (854,643) | (650,246) |
Provision for deferred income taxes | 7,487 | 10,356 | 1,079 |
Net change in accrued income and expense | 7,742 | (23,047) | (24,206) |
Net cash provided by operating activities | 2,455,232 | 991,412 | 679,779 |
Cash flows from investing activities | |||
Net investment in consolidated subsidiaries | 53,958 | (199,000) | 125,654 |
Acquisition, net of cash consideration | 537,978 | ||
Other, net | 24,401 | (2,777) | 50,396 |
Net cash provided (used) by investing activities | 616,337 | (201,777) | 176,050 |
Cash flows from financing activities | |||
Repayment of short-term borrowings assumed in acquisition | (500,000) | ||
Proceeds from long-term borrowings | 499,250 | ||
Purchases of treasury stock | (1,800,000) | (373,750) | |
Dividends paid — common | (784,089) | (580,260) | (568,112) |
Dividends paid — preferred | (96,927) | (68,200) | (68,256) |
Other, net | 1,972 | (7,551) | (5,992) |
Net cash used by financing activities | (2,679,794) | (161,011) | (1,016,110) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 391,775 | 628,624 | (160,281) |
Cash and cash equivalents at beginning of year | 1,428,693 | 800,069 | 960,350 |
Cash and cash equivalents at end of year | 1,820,468 | 1,428,693 | 800,069 |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 1,332 | 1,165 | 1,493 |
Interest paid during the year | 49,419 | 20,457 | 30,913 |
Income taxes received during the year | $ 28,153 | 53,067 | $ 11,528 |
Parent Company [Member] | Series I Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of Series I preferred stock | $ 495,000 |