Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | M&T BANK CORPORATION | |
Entity Central Index Key | 0000036270 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 165,960,333 | |
Entity File Number | 1-9861 | |
Entity Tax Identification Number | 16-0968385 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | One M & T Plaza | |
Entity Address, Postal Zip Code | 14203 | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
City Area Code | 716 | |
Local Phone Number | 635-4000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | MTB | |
Title of 12(b) Security | Common Stock, $.50 par value | |
Security Exchange Name | NYSE | |
Series H Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | MTBPrH | |
Title of 12(b) Security | Perpetual Fixed-to-Floating RateNon-Cumulative Preferred Stock, Series H | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 1,768,864 | $ 1,517,244 |
Interest-bearing deposits at banks | 30,114,286 | 24,958,719 |
Federal funds sold | 3,000 | |
Trading account | 136,998 | 117,847 |
Investment securities | ||
Available for sale (cost: $11,038,966 at September 30, 2023; $11,193,152 at December 31, 2022) | 10,592,409 | 10,748,961 |
Held to maturity (fair value: $13,764,943 at September 30, 2023; $12,375,420 at December 31, 2022) | 15,571,120 | 13,529,969 |
Equity and other securities (cost: $1,174,046 at September 30, 2023; $933,766 at December 31, 2022) | 1,172,574 | 931,941 |
Total investment securities | 27,336,103 | 25,210,871 |
Loans and leases | 133,133,497 | 132,074,156 |
Unearned discount | (778,812) | (509,993) |
Loans and leases, net of unearned discount | 132,354,685 | 131,564,163 |
Allowance for credit losses | (2,052,127) | (1,925,331) |
Loans and leases, net | 130,302,558 | 129,638,832 |
Premises and equipment | 1,681,051 | 1,653,628 |
Goodwill | 8,465,089 | 8,490,089 |
Core deposit and other intangible assets | 162,275 | 209,374 |
Accrued interest and other assets | 9,157,092 | 8,930,237 |
Total assets | 209,124,316 | 200,729,841 |
Liabilities | ||
Noninterest-bearing deposits | 53,786,987 | 65,501,860 |
Savings and interest-checking deposits | 90,297,219 | 87,911,463 |
Time deposits | 20,043,601 | 10,101,545 |
Total deposits | 164,127,807 | 163,514,868 |
Short-term borrowings | 6,730,663 | 3,554,951 |
Accrued interest and other liabilities | 4,945,918 | 4,377,495 |
Long-term borrowings | 7,123,426 | 3,964,537 |
Total liabilities | 182,927,814 | 175,411,851 |
Shareholders' equity | ||
Preferred stock, $1.00 par, 20,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 350,000 shares at September 30, 2023 and December 31, 2022; Liquidation preference of $10,000 per share: 140,000 shares at September 30, 2023 and December 31, 2022; Liquidation preference of $25 per share: 10,000,000 shares at September 30, 2023 and December 31, 2022 | 2,010,600 | 2,010,600 |
Common stock, $.50 par, 250,000,000 shares authorized, 179,436,779 shares issued at September 30, 2023 and December 31, 2022 | 89,718 | 89,718 |
Common stock issuable, 12,140 shares at September 30, 2023; 14,031 shares at December 31, 2022 | 979 | 1,112 |
Additional paid-in capital | 10,012,438 | 10,002,891 |
Retained earnings | 17,284,350 | 15,753,978 |
Accumulated other comprehensive income (loss), net | (941,878) | (790,030) |
Treasury stock - common, at cost - 13,478,535 shares at September 30, 2023; 10,165,419 shares at December 31, 2022 | (2,259,705) | (1,750,279) |
Total shareholders’ equity | 26,196,502 | 25,317,990 |
Total liabilities and shareholders’ equity | $ 209,124,316 | $ 200,729,841 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities, available for sale, amortized cost | $ 11,038,966 | $ 11,193,152 |
Investment securities, held to maturity, fair value | 13,764,943 | 12,375,420 |
Equity and other securities, cost | $ 1,174,046 | $ 933,766 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 10,000,000 | 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 | 179,436,779 |
Common stock issuable, shares | 12,140 | 14,031 |
Treasury stock, common shares | 13,478,535 | 10,165,419 |
Series A Series C Series And E Preferred Stock [Member] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series F And Series G Preferred Stock [Member] | ||
Preferred stock, shares issued | 140,000 | 140,000 |
Preferred stock, shares outstanding | 140,000 | 140,000 |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | ||||
Loans and leases, including fees | $ 2,061,570 | $ 1,455,612 | $ 5,909,035 | $ 3,572,954 |
Investment securities | ||||
Fully taxable | 199,187 | 135,766 | 578,656 | 294,290 |
Exempt from federal taxes | 16,425 | 16,555 | 49,541 | 34,388 |
Deposits at banks | 362,840 | 172,956 | 943,686 | 272,009 |
Other | 1,377 | 624 | 3,091 | 1,270 |
Total interest income | 2,641,399 | 1,781,513 | 7,484,009 | 4,174,911 |
Interest expense | ||||
Savings and interest-checking deposits | 494,219 | 68,690 | 1,139,649 | 103,344 |
Time deposits | 201,541 | 1,124 | 441,075 | 3,748 |
Short-term borrowings | 69,481 | 2,670 | 223,253 | 6,090 |
Long-term borrowings | 100,770 | 30,338 | 287,251 | 67,147 |
Total interest expense | 866,011 | 102,822 | 2,091,228 | 180,329 |
Net interest income | 1,775,388 | 1,678,691 | 5,392,781 | 3,994,582 |
Provision for credit losses | 150,000 | 115,000 | 420,000 | 427,000 |
Net interest income after provision for credit losses | 1,625,388 | 1,563,691 | 4,972,781 | 3,567,582 |
Other income | ||||
Brokerage services income | 26,988 | 21,086 | 76,155 | 65,414 |
Trading account and other non-hedging derivative gains | 9,379 | 5,081 | 37,808 | 12,743 |
Gain (loss) on bank investment securities | (235) | (1,108) | 353 | (1,913) |
Other revenues from operations | 142,519 | 153,189 | 664,034 | 436,943 |
Total other income | 559,581 | 563,079 | 1,949,885 | 1,675,066 |
Other expense | ||||
Salaries and employee benefits | 726,940 | 736,354 | 2,272,547 | 2,090,075 |
Equipment and net occupancy | 130,842 | 127,117 | 386,435 | 337,584 |
Outside data processing and software | 110,691 | 95,068 | 322,909 | 268,607 |
FDIC assessments | 29,364 | 28,105 | 87,054 | 66,266 |
Advertising and marketing | 22,898 | 21,398 | 82,314 | 58,057 |
Printing, postage and supplies | 13,964 | 14,768 | 42,346 | 40,488 |
Amortization of core deposit and other intangible assets | 14,946 | 18,384 | 47,099 | 38,024 |
Other costs of operations | 227,893 | 238,059 | 688,623 | 743,047 |
Total other expense | 1,277,538 | 1,279,253 | 3,929,327 | 3,642,148 |
Income before taxes | 907,431 | 847,517 | 2,993,339 | 1,600,500 |
Income taxes | 217,490 | 200,921 | 734,740 | 374,208 |
Net income | 689,941 | 646,596 | 2,258,599 | 1,226,292 |
Net income available to common shareholders | ||||
Basic | 663,763 | 620,549 | 2,179,802 | 1,152,400 |
Diluted | $ 663,766 | $ 620,554 | $ 2,179,812 | $ 1,152,406 |
Net income per common share | ||||
Basic | $ 4 | $ 3.55 | $ 13.09 | $ 7.18 |
Diluted | $ 3.98 | $ 3.53 | $ 13.05 | $ 7.14 |
Average common shares outstanding | ||||
Basic | 165,909 | 174,609 | 166,488 | 160,474 |
Diluted | 166,570 | 175,682 | 167,093 | 161,295 |
Mortgage Banking Revenues [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 104,478 | $ 83,041 | $ 296,575 | $ 275,115 |
Service Charges on Deposit Accounts [Member] | ||||
Other income | ||||
Revenue from contract with customer | 121,360 | 115,213 | 353,603 | 340,890 |
Trust Income [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 155,092 | $ 186,577 | $ 521,357 | $ 545,874 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Partners' Capital [Abstract] | ||||
Net Income (Loss) | $ 689,941 | $ 646,596 | $ 2,258,599 | $ 1,226,292 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Net unrealized losses on investment securities | (3,108) | (218,852) | (1,778) | (425,770) |
Cash flow hedges adjustments | (70,255) | (172,285) | (145,612) | (344,534) |
Foreign currency translation adjustments | (2,457) | (5,359) | 53 | (11,271) |
Defined benefit plans liability adjustments | (1,258) | 2,993 | (4,511) | 9,160 |
Total other comprehensive income (loss) | (77,078) | (393,503) | (151,848) | (772,415) |
Total comprehensive income | $ 612,863 | $ 253,093 | $ 2,106,751 | $ 453,877 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net Income (Loss) | $ 2,258,599 | $ 1,226,292 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 420,000 | 427,000 |
Depreciation and amortization of premises and equipment | 226,786 | 219,737 |
Amortization of capitalized servicing rights | 93,799 | 75,165 |
Amortization of core deposit and other intangible assets | 47,099 | 38,024 |
Provision for deferred income taxes | (39,922) | (89,413) |
Asset write-downs | 3,318 | 7,358 |
Net gain on sales of assets | (244,413) | (14,583) |
Net change in accrued interest receivable, payable | 232,610 | (58,629) |
Net change in other accrued income and expense | 207,845 | (71,004) |
Net change in loans originated for sale | (257,145) | 560,861 |
Net change in trading account and other non-hedging derivative assets and liabilities | 156,145 | 1,299,313 |
Net cash provided by operating activities | 3,104,721 | 3,620,121 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities equity and other | 809,058 | 42,999 |
Proceeds from maturities of investment securities Available for sale | 512,669 | 641,573 |
Proceeds from maturities of investment securities Held to maturity | 923,707 | 1,053,989 |
Purchases of investment securities Available for sale | (343,946) | (7,219,785) |
Purchases of investment securities Held to maturity | (2,947,627) | (796,312) |
Purchases of investment securities equity and other | (1,049,338) | (155,290) |
Net increase in loans and leases | (850,349) | (58,942) |
Net (increase) decrease in interest-bearing deposits at banks | (5,155,567) | 25,674,122 |
Capital expenditures, net | (168,213) | (126,810) |
Net decrease in loan servicing advances | 305,622 | 1,324,912 |
Acquisition, net of cash consideration, Bank and bank holding company | 393,923 | |
Other, net | (592,921) | (516,504) |
Net cash provided (used) by investing activities | (8,556,905) | 20,257,875 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 607,737 | (20,663,949) |
Net increase (decrease) in short-term borrowings | 3,175,712 | (24,111) |
Proceeds from long-term borrowings | 4,032,374 | 499,250 |
Payments on long-term borrowings | (780,715) | (907,191) |
Purchases of treasury stock | (594,000) | (1,200,000) |
Dividends paid — common | (652,338) | (578,968) |
Dividends paid — preferred | (83,435) | (80,600) |
Other, net | (4,531) | (4,194) |
Net cash provided (used) by financing activities | 5,700,804 | (22,959,763) |
Net increase in cash, cash equivalents and restricted cash | 248,620 | 918,233 |
Cash, cash equivalents and restricted cash at beginning of period | 1,520,244 | 1,337,577 |
Cash, cash equivalents and restricted cash at end of period | 1,768,864 | 2,255,810 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 7,428,629 | 4,145,231 |
Interest paid during the period | 1,779,089 | 214,552 |
Income taxes paid during the period | 430,802 | 362,866 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 16,818 | 21,017 |
Additions to right-of-use assets under operating leases | $ 88,263 | 99,705 |
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 | Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock | |
Beginning balance at Dec. 31, 2021 | $ 17,903,405 | $ 1,750,000 | $ 79,871 | $ 1,212 | $ 6,635,000 | $ 14,646,448 | $ (127,578) | $ (5,081,548) | |
Total comprehensive income | 453,877 | 1,226,292 | (772,415) | ||||||
Common stock issued | 8,286,515 | 9,824 | 3,256,821 | 5,019,870 | |||||
Common stock awards converted | 104,810 | 104,810 | |||||||
Conversion of Series H preferred stock | 260,600 | 260,600 | |||||||
Preferred stock cash dividends | [1] | (71,647) | (71,647) | ||||||
Purchases of treasury stock | (1,200,000) | (1,200,000) | |||||||
Stock-based compensation transactions, net | 99,228 | 23 | (114) | (2,236) | (970) | 102,525 | |||
Common stock cash dividends | (580,295) | (580,295) | |||||||
Ending balance at Sep. 30, 2022 | 25,256,493 | 2,010,600 | 89,718 | 1,098 | 9,994,395 | 15,219,828 | (899,993) | (1,159,153) | |
Beginning balance at Jun. 30, 2022 | 25,794,531 | 2,010,600 | 89,718 | 1,090 | 9,986,881 | 14,808,637 | (506,490) | (595,905) | |
Total comprehensive income | 253,093 | 646,596 | (393,503) | ||||||
Preferred stock cash dividends | [1] | (24,941) | (24,941) | ||||||
Purchases of treasury stock | (600,000) | (600,000) | |||||||
Stock-based compensation transactions, net | 43,947 | 8 | 7,514 | (327) | 36,752 | ||||
Common stock cash dividends | (210,137) | (210,137) | |||||||
Ending balance at Sep. 30, 2022 | 25,256,493 | 2,010,600 | 89,718 | 1,098 | 9,994,395 | 15,219,828 | (899,993) | (1,159,153) | |
Beginning 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) | |
Total comprehensive income | 2,106,751 | 2,258,599 | (151,848) | ||||||
Preferred stock cash dividends | [1] | (74,822) | (74,822) | ||||||
Purchases of treasury stock | [2] | (599,940) | (599,940) | ||||||
Stock-based compensation transactions, net | [2] | 98,513 | (133) | 9,547 | (1,415) | 90,514 | |||
Common stock cash dividends | (651,990) | (651,990) | |||||||
Ending balance at Sep. 30, 2023 | 26,196,502 | 2,010,600 | 89,718 | 979 | 10,012,438 | 17,284,350 | (941,878) | (2,259,705) | |
Beginning balance at Jun. 30, 2023 | 25,800,933 | 2,010,600 | 89,718 | 972 | 10,000,335 | 16,836,810 | (864,800) | (2,272,702) | |
Total comprehensive income | 612,863 | 689,941 | (77,078) | ||||||
Preferred stock cash dividends | [1] | (24,941) | (24,941) | ||||||
Stock-based compensation transactions, net | [2] | 24,638 | 7 | 12,103 | (469) | 12,997 | |||
Common stock cash dividends | (216,991) | (216,991) | |||||||
Ending balance at Sep. 30, 2023 | $ 26,196,502 | $ 2,010,600 | $ 89,718 | $ 979 | $ 10,012,438 | $ 17,284,350 | $ (941,878) | $ (2,259,705) | |
[1] For the three-month and nine-month periods ended September 30, 2023 , dividends per preferred share were: Preferred Series E - $ 16.125 and $ 48.375 , respectively; Preferred Series F - $ 128.125 and $ 384.375 , respectively; Preferred Series G - $ 125.00 and $ 375.00 , respectively; Preferred Series H - $ 0.3516 and $ 1.0547 , respectively; and Preferred Series I - $ 87.50 and $ 262.50 , respectively. Dividends per preferred share for the three-month and nine-month periods ended September 30, 2022 were: Preferred Series E - $ 16.125 and $ 48.375 , respectively; Preferred Series F - $ 128.125 and $ 384.375 , respectively; Preferred Series G - $ 125.00 and $ 375.00 , respectively; Preferred Series H - $ 0.3516 and $ 0.7031 , respectively; and Preferred Series I - $ 87.50 . and $ 269.31 , respectively. Effective January 1, 2023 amounts are inclusive of 1 % U.S. government excise taxes receivable or payable. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Percentage of income taxes receivable or payable | 1% | 1% | ||
Preferred Series E [Member] | ||||
Preferred stock per share dividend amount | $ 16.125 | $ 16.125 | $ 48.375 | $ 48.375 |
Preferred Series F [Member] | ||||
Preferred stock per share dividend amount | 128.125 | 128.125 | 384.375 | 384.375 |
Preferred Series G [Member] | ||||
Preferred stock per share dividend amount | 125 | 125 | 375 | 375 |
Preferred Series I [Member] | ||||
Preferred stock per share dividend amount | 87.5 | 87.5 | 262.5 | 269.31 |
Preferred Series H [Member] | ||||
Preferred stock per share dividend amount | 0.3516 | 0.3516 | 1.0547 | 0.7031 |
Retained Earnings [Member] | ||||
Common stock per share dividend amount | $ 1.3 | $ 1.2 | $ 3.9 | $ 3.6 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 689,941 | $ 646,596 | $ 2,258,599 | $ 1,226,292 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies The consolidated interim financial statements of the Company were compiled in accordance with GAAP using the accounting policies set forth in note 1 of Notes to Financial Statements included in the 2022 Annual Report, except as disclosed in note 16 of Notes to Financial Statements herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. |
Acquisition and divestiture
Acquisition and divestiture | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisition and divestiture | 2. Acquisition and divestiture 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 M&T Bank, the principal banking subsidiary of M&T, with M&T Bank as the surviving entity. The results of operations acquired from People's United have been included in the Company's financial results since April 1, 2022. Pursuant to the terms of the merger agreement dated February 22, 2021, People’s United shareholders received consideration valued at .118 of an M&T common share in exchange for each common share of People’s United. The purchase price totaled approximately $ 8.4 billion (with the price based on M&T’s closing price of $ 164.66 per share as of April 1, 2022). M&T issued 50,325,004 common shares in completing the transaction. Additionally, People’s United outstanding preferred stock was converted into new shares of Series H Preferred Stock of M&T. The acquisition of People's United expanded the Company's geographical footprint and management expects the Company will benefit from greater geographical diversity and the advantages of scale associated with a larger company. 2. Acquisition and divestiture, continued The People’s United transaction has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and preferred stock converted were recorded at estimated fair value on the acquisition date. The consideration paid for People’s United common equity and the 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 GAAP requires loans and leases obtained through an acquisition that have experienced a more-than-insignificant deterioration in credit quality since origination be considered 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. 2. Acquisition and divestiture, continued In connection with the acquisition, the Company recorded approximately $ 3.9 billion of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired, and $ 261 million of core deposit and other intangible assets. The core deposit and other intangible assets are being amortized over periods of three to seven years . The 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 Nine months ended September 30, 2022 (In thousands) Total revenues (a) $ 6,134,400 Net income 1,399,913 (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; and other costs of completing the trans action and commencing operations in new markets and offices. The Company did no t incur any People's United merger-related expenses during the three and nine months ended September 30, 2023 . Merger-related expenses incurred in the three and nine months ended September 30, 2022 totaled approximately $ 53 million and $ 293 million, respectively, and consisted predominantly of professional services, including legal expenses and technology-related activities to prepare for planned integration efforts, and severance for former People's United employees. The Company also recognized a $ 242 million provision for credit losses on acquired loans that were not deemed to be PCD on April 1, 2022. Divestiture On December 19, 2022 the Company announced that it had entered into a definitive agreement to sell its CIT business to a private equity firm. The transaction was completed on April 29, 2023 and resulted in a pre-tax gain of $ 225 million that has been included in other revenues from operations in the Consolidated Statement of Income for the nine-month period ended September 30, 2023 . Prior to the sale, the CIT business contributed $ 60 million and $ 121 million to trust income in the nine months ended September 30, 2023 and 2022 , respectively. After considering expenses, the results of operations from the CIT business were not material to the Company's consolidated results of operations in those periods. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 3. Investment securities The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (In thousands) September 30, 2023 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,935,658 $ — $ 200,551 $ 7,735,107 Mortgage-backed securities: Government issued or guaranteed: Commercial 544,263 — 18,794 525,469 Residential 2,382,810 8 214,531 2,168,287 Other debt securities 176,235 146 12,835 163,546 11,038,966 154 446,711 10,592,409 Investment securities held to maturity: U.S. Treasury and federal agencies 1,001,991 — 48,706 953,285 Obligations of states and political subdivisions 2,511,784 — 219,149 2,292,635 Mortgage-backed securities: Government issued or guaranteed: Commercial 2,031,532 — 233,055 1,798,477 Residential 9,979,882 — 1,306,934 8,672,948 Privately issued 44,319 9,041 7,374 45,986 Other debt securities 1,612 — — 1,612 15,571,120 9,041 1,815,218 13,764,943 Total debt securities $ 26,610,086 $ 9,195 $ 2,261,929 $ 24,357,352 Equity and other securities: Readily marketable equity — at fair value $ 260,688 $ 2,425 $ 3,897 $ 259,216 Other — at cost 913,358 — — 913,358 Total equity and other securities $ 1,174,046 $ 2,425 $ 3,897 $ 1,172,574 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 3. Investment securities, continued There were no significant gross realized gains or losses from sales of investment securities for the three-month and nine-month periods ended September 30, 2023 and 2022. Unrealized losses on equity securities are included in gain (loss) on bank investment securities in the Consolidated Statement of Income. At September 30, 2023, 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 $ 4,619,339 $ 4,544,581 Due after one year through five years 3,437,580 3,306,540 Due after five years through ten years 24,974 22,400 Due after ten years 30,000 25,132 8,111,893 7,898,653 Mortgage-backed securities available for sale 2,927,073 2,693,756 $ 11,038,966 $ 10,592,409 Debt securities held to maturity: Due in one year or less $ 14,164 $ 13,967 Due after one year through five years 1,151,126 1,097,310 Due after five years through ten years 1,306,208 1,223,790 Due after ten years 1,043,889 912,465 3,515,387 3,247,532 Mortgage-backed securities held to maturity 12,055,733 10,517,411 $ 15,571,120 $ 13,764,943 3. Investment securities, continued A summary of investment securities that as of September 30, 2023 and December 31, 2022 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized (In thousands) September 30, 2023 Investment securities available for sale: U.S. Treasury and federal agencies $ 226,045 $ 3,741 $ 7,509,062 $ 196,810 Mortgage-backed securities: Government issued or guaranteed: Commercial 81,949 5,146 443,520 13,648 Residential 240,610 13,246 1,926,504 201,285 Other debt securities 6,553 202 152,192 12,633 555,157 22,335 10,031,278 424,376 Investment securities held to maturity: U.S. Treasury and federal agencies 48,825 1,193 904,460 47,513 Obligations of states and political subdivisions 235,273 15,423 2,055,317 203,726 Mortgage-backed securities: Government issued or guaranteed: Commercial 1,015,480 97,998 782,997 135,057 Residential 2,570,788 146,021 6,102,160 1,160,913 Privately issued 1,927 82 32,081 7,292 3,872,293 260,717 9,877,015 1,554,501 Total $ 4,427,450 $ 283,052 $ 19,908,293 $ 1,978,877 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 3. Investment securities, continued The Company owned 4,279 individual debt securities with aggregate gross unrealized losses of $ 2.3 billion at September 30, 2023. Based on a review of each of the securities in the investment securities portfolio at September 30, 2023, the Company concluded that it expected to recover the amortized cost basis of its investment. As of September 30, 2023, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At September 30, 2023 , the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $ 913 million of cost method equity securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at September 30, 2023 or December 31, 2022. At September 30, 2023 and December 31, 2022 investment securities with carrying values of $ 8.2 billion (including $ 696 million related to repurchase transactions) and $ 7.9 billion (including $ 567 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 4. Loans and leases and the allowance for credit losses A summary of current, past due and nonaccrual loans as of September 30, 2023 and December 31, 2022 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) September 30, 2023 Commercial, financial, leasing, etc. $ 44,298,562 $ 252,987 $ 21,064 $ 485,420 $ 45,058,033 Real estate: Commercial 34,018,257 424,005 65,426 1,236,087 35,743,775 Residential builder and developer 1,090,355 6,786 — 3,353 1,100,494 Other commercial construction 6,371,793 221,532 — 136,004 6,729,329 Residential 21,342,546 645,696 261,290 240,753 22,490,285 Residential — limited documentation 865,988 29,747 — 62,250 957,985 Consumer: Home equity lines and loans 4,578,381 36,014 — 78,316 4,692,711 Recreational finance 9,448,458 67,149 — 30,524 9,546,131 Automobile 3,855,578 46,257 — 15,959 3,917,794 Other 2,040,303 18,324 6,249 53,272 2,118,148 Total $ 127,910,221 $ 1,748,497 $ 354,029 $ 2,341,938 $ 132,354,685 December 31, 2022 Commercial, financial, leasing, etc. $ 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 developer 1,304,798 8,703 — 1,229 1,314,730 Other commercial construction 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 documentation 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 4. Loans and leases and the allowance for credit losses, continued One-to-four family residential mortgage loans held for sale were $ 205 million and $ 32 million at September 30, 2023 and December 31, 2022, respectively. Commercial real estate loans held for sale were $ 226 million at September 30, 2023 and $ 131 million at December 31, 2022. Credit quality indicators The Company utilizes a loan grading system to differentiate risk amongst its commercial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. Line of business personnel in different geographic locations with support from and review by the Company’s credit risk personnel review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades include borrower-specific information related to expected future cash flows and operating results, collateral values, geographic location, financial condition and performance, payment status, and other information. The Company’s policy is that at least annually, updated financial information be obtained from commercial borrowers associated with pass grade loans and additional analysis performed. On a quarterly basis, the Company’s credit personnel review all criticized commercial loans and commercial real estate loans greater than $ 5 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. 4. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied at September 30, 2023 to the various classes of the Company’s commercial loans and commercial real estate loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2023 by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2023 2022 2021 2020 2019 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 5,789,909 7,017,863 4,114,909 1,510,693 1,238,701 1,995,635 20,869,512 56,263 $ 42,593,485 Criticized accrual 109,004 264,016 180,450 113,930 99,434 307,309 878,730 26,255 1,979,128 Criticized nonaccrual 12,337 57,857 42,081 33,338 21,447 68,028 240,285 10,047 485,420 Total commercial, $ 5,911,250 7,339,736 4,337,440 1,657,961 1,359,582 2,370,972 21,988,527 92,565 $ 45,058,033 Gross charge-offs three months ended September 30, 2023 $ 2,124 7,929 2,998 1,766 2,539 3,300 6,188 — $ 26,844 Gross charge-offs nine months ended September 30, 2023 $ 2,959 18,887 11,108 8,518 7,056 11,615 6,961 — $ 67,104 Real estate: Commercial: Loan grades: Pass $ 2,553,454 3,578,095 2,989,307 2,978,906 4,446,005 12,208,078 710,648 — $ 29,464,493 Criticized accrual 725 630,132 478,637 494,243 905,654 2,510,960 22,844 — 5,043,195 Criticized nonaccrual 245 54,904 14,255 159,956 151,052 831,527 24,148 — 1,236,087 Total commercial real $ 2,554,424 4,263,131 3,482,199 3,633,105 5,502,711 15,550,565 757,640 — $ 35,743,775 Gross charge-offs three months ended September 30, 2023 $ — — — — — 48,093 — — $ 48,093 Gross charge-offs nine months ended September 30, 2023 $ — — — 424 77,906 100,004 — — $ 178,334 Residential builder and developer: Loan grades: Pass $ 433,338 337,680 67,233 6,818 2,050 13,503 133,839 — $ 994,461 Criticized accrual 310 11,867 25,379 — 64,125 336 663 — 102,680 Criticized nonaccrual — — 2,835 — 518 — — — 3,353 Total residential builder $ 433,648 349,547 95,447 6,818 66,693 13,839 134,502 — $ 1,100,494 Gross charge-offs three months ended September 30, 2023 $ — 245 — — — — — — $ 245 Gross charge-offs nine months ended September 30, 2023 $ — 245 — — — 55 1,678 — $ 1,978 Other commercial construction: Loan grades: Pass $ 636,314 1,481,975 1,023,831 676,613 465,423 204,511 20,171 — $ 4,508,838 Criticized accrual 7,180 130,644 184,379 531,138 837,446 393,700 — — 2,084,487 Criticized nonaccrual — — 10,018 46,626 50,165 26,237 2,958 — 136,004 Total other commercial $ 643,494 1,612,619 1,218,228 1,254,377 1,353,034 624,448 23,129 — $ 6,729,329 Gross charge-offs three months ended September 30, 2023 $ — — — — 3,236 — — — $ 3,236 Gross charge-offs nine months ended September 30, 2023 $ — — — — 3,236 — — — $ 3,236 The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at September 30, 2023 for the various classes of the Company’s residential real estate loans and consumer loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2023 by origination year follows: 4. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2023 2022 2021 2020 2019 Prior Loans Loans Total (In thousands) Residential: Current $ 1,349,605 4,827,335 3,817,652 2,605,414 1,240,538 7,419,338 82,664 — $ 21,342,546 30-89 days past due 8,385 87,178 68,811 41,367 22,082 416,816 1,057 — 645,696 Accruing loans past due 913 27,348 19,355 13,736 13,169 186,769 — — 261,290 Nonaccrual 971 14,353 13,730 3,500 8,529 192,207 7,463 — 240,753 Total residential $ 1,359,874 4,956,214 3,919,548 2,664,017 1,284,318 8,215,130 91,184 — $ 22,490,285 Gross charge-offs three months ended September 30, 2023 $ — 31 — — — 248 — — $ 279 Gross charge-offs nine months ended September 30, 2023 $ — 164 192 21 139 2,173 — — $ 2,689 Residential - limited documentation: Current $ — — — — — 865,988 — — $ 865,988 30-89 days past due — — — — — 29,747 — — 29,747 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 62,250 — — 62,250 Total residential - limited $ — — — — — 957,985 — — $ 957,985 Gross charge-offs three months ended September 30, 2023 $ — — — — — 1,053 — — $ 1,053 Gross charge-offs nine months ended September 30, 2023 $ — — — — — 1,416 — — $ 1,416 Consumer: Home equity lines and loans: Current $ 75 27 1,918 1,874 13,594 103,236 3,032,468 1,425,189 $ 4,578,381 30-89 days past due — — — 144 232 2,104 — 33,534 36,014 Accruing loans past due — — — — — — — — — Nonaccrual — — 19 — 27 6,091 1,158 71,021 78,316 Total home equity lines and loans $ 75 27 1,937 2,018 13,853 111,431 3,033,626 1,529,744 $ 4,692,711 Gross charge-offs three months ended September 30, 2023 $ — — — — — — — 1,522 $ 1,522 Gross charge-offs nine months ended September 30, 2023 $ — — — — — 84 1,298 3,339 $ 4,721 Recreational finance: Current $ 1,824,498 2,438,925 1,944,826 1,344,923 820,557 1,074,729 — — $ 9,448,458 30-89 days past due 5,564 11,669 15,168 12,145 7,973 14,630 — — 67,149 Accruing loans past due — — — — — — — — — Nonaccrual 1,138 3,935 6,338 5,477 4,013 9,623 — — 30,524 Total recreational finance $ 1,831,200 2,454,529 1,966,332 1,362,545 832,543 1,098,982 — — $ 9,546,131 Gross charge-offs three months ended September 30, 2023 $ 1,261 3,415 3,475 2,377 1,872 3,673 — — $ 16,073 Gross charge-offs nine months ended September 30, 2023 $ 2,134 8,565 9,502 8,108 6,035 11,030 — — $ 45,374 Automobile: Current $ 653,170 1,192,810 1,164,074 489,259 236,991 119,274 — — $ 3,855,578 30-89 days past due 3,019 12,198 13,492 6,866 5,582 5,100 — — 46,257 Accruing loans past due — — — — — — — — — Nonaccrual 1,148 2,679 4,632 2,525 2,217 2,758 — — 15,959 Total automobile $ 657,337 1,207,687 1,182,198 498,650 244,790 127,132 — — $ 3,917,794 Gross charge-offs three months ended September 30, 2023 $ 476 1,584 1,288 625 436 579 — — $ 4,988 Gross charge-offs nine months ended September 30, 2023 $ 557 4,403 5,272 2,502 1,919 1,977 — — $ 16,630 Other: Current $ 209,451 200,204 128,475 38,232 19,931 19,668 1,421,161 3,181 $ 2,040,303 30-89 days past due 2,592 2,055 1,546 314 185 383 10,337 912 18,324 Accruing loans past due — — — — — 208 6,041 — 6,249 Nonaccrual 1,805 852 430 119 149 305 49,408 204 53,272 Total other $ 213,848 203,111 130,451 38,665 20,265 20,564 1,486,947 4,297 $ 2,118,148 Gross charge-offs three months ended September 30, 2023 $ 5,716 2,200 1,222 323 263 348 9,723 — $ 19,795 Gross charge-offs nine months ended September 30, 2023 $ 11,829 14,060 6,218 2,927 3,178 9,682 9,915 — $ 57,809 Total loans and leases at $ 13,605,150 22,386,601 16,333,780 11,118,156 10,677,789 29,091,048 27,515,555 1,626,606 $ 132,354,685 Total gross charge-offs for $ 9,577 15,404 8,983 5,091 8,346 57,294 15,911 1,522 $ 122,128 Total gross charge-offs for $ 17,479 46,324 32,292 22,500 99,469 138,036 19,852 3,339 $ 379,291 4. Loans and leases and the allowance for credit losses, continued 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 4. Loans and leases and the allowance for credit losses, continued 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 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 4. Loans and leases and the allowance for credit losses, continued Allowance for credit losses For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by type. Changes in the allowance for credit losses for the three months ended September 30, 2023 and 2022 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2023 Beginning balance $ 511,929 765,676 118,392 602,369 $ 1,998,366 Provision for credit losses 45,637 73,588 ( 3,390 ) 34,165 150,000 Net charge-offs Charge-offs ( 26,844 ) ( 51,574 ) ( 1,332 ) ( 42,378 ) ( 122,128 ) Recoveries 6,976 4,290 824 13,799 25,889 Net charge-offs ( 19,868 ) ( 47,284 ) ( 508 ) ( 28,579 ) ( 96,239 ) Ending balance $ 537,698 791,980 114,494 607,955 $ 2,052,127 Three Months Ended September 30, 2022 Beginning balance $ 414,473 708,393 124,326 576,598 $ 1,823,790 Provision for credit losses 43,343 26,949 ( 11,169 ) 55,877 115,000 Net charge-offs Charge-offs ( 37,396 ) ( 35,213 ) ( 2,572 ) ( 26,086 ) ( 101,267 ) Recoveries 22,022 401 2,234 13,411 38,068 Net charge-offs ( 15,374 ) ( 34,812 ) ( 338 ) ( 12,675 ) ( 63,199 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 Changes in the allowance for credit losses for the nine months ended September 30, 2023 and 2022 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2023 Beginning balance $ 502,153 676,684 115,092 631,402 $ 1,925,331 Provision for credit losses 69,801 290,672 ( 955 ) 60,482 420,000 Net charge-offs Charge-offs ( 67,104 ) ( 183,548 ) ( 4,105 ) ( 124,534 ) ( 379,291 ) Recoveries 32,848 8,172 4,462 40,605 86,087 Net (charge-offs) recoveries ( 34,256 ) ( 175,376 ) 357 ( 83,929 ) ( 293,204 ) Ending balance $ 537,698 791,980 114,494 607,955 $ 2,052,127 Nine Months Ended September 30, 2022 Beginning balance $ 283,899 557,239 71,726 556,362 $ 1,469,226 Allowance on acquired PCD loans 41,003 55,812 1,833 352 99,000 Provision for credit losses (a) 167,985 116,288 40,719 102,008 427,000 Net charge-offs Charge-offs (b) ( 94,555 ) ( 45,809 ) ( 9,407 ) ( 78,148 ) ( 227,919 ) Recoveries 44,110 17,000 7,948 39,226 108,284 Net charge-offs ( 50,445 ) ( 28,809 ) ( 1,459 ) ( 38,922 ) ( 119,635 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 ________________________________________________________________________________________________ (a) Includes $ 242 million related to non-PCD acquired loans for the nine months ended September 30, 2022. (b) For the nine months ended September 30, 2022, net charge-offs do not reflect $ 33 million of charge offs related to PCD acquired loans. 4. Loans and leases and the allowance for credit losses, continued Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators, including loan grade and borrower repayment performance, can inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, gross domestic product and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At each of September 30, 2023 and December 31, 2022, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. 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. Changes in the amount of the allowance for credit losses reflect the outcome of the procedures described herein, including the impact of changes in macroeconomic forecasts as compared with previous forecasts, as well as the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that might influence the loss estimation process. The Company’s reserve for off-balance sheet credit exposures was not material at September 30, 2023 and December 31, 2022. 4. Loans and leases and the allowance for credit losses, continued Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2023 and 2022 follows: Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized September 30, 2023 June 30, 2023 January 1, 2023 Three Months Ended September 30, 2023 Nine (In thousands) Commercial, financial, leasing, etc. $ 324,774 $ 160,646 $ 485,420 $ 416,022 $ 347,204 $ 3,726 $ 7,914 Real estate: Commercial 458,720 777,367 1,236,087 1,383,190 1,396,662 12,446 22,379 Residential builder and developer 3,353 — 3,353 1,193 1,229 — 396 Other commercial construction 4,080 131,924 136,004 146,024 124,937 249 1,974 Residential 90,879 149,874 240,753 238,509 272,090 3,480 12,247 Residential — limited documentation 21,634 40,616 62,250 66,614 77,814 426 686 Consumer: Home equity lines and loans 48,737 29,579 78,316 77,090 84,788 1,493 5,172 Recreational finance 20,955 9,569 30,524 32,286 44,630 185 536 Automobile 11,981 3,978 15,959 21,791 39,584 36 107 Other 53,100 172 53,272 52,862 49,497 66 233 Total $ 1,038,213 $ 1,303,725 $ 2,341,938 $ 2,435,581 $ 2,438,435 $ 22,107 $ 51,644 September 30, 2022 June 30, 2022 January 1, 2022 Three Months Ended September 30, 2022 Nine (In thousands) Commercial, financial, leasing, etc. $ 207,841 $ 160,325 $ 368,166 $ 442,496 $ 221,022 $ 4,708 $ 20,423 Real estate: Commercial 394,502 1,011,698 1,406,200 1,476,658 1,069,280 7,059 14,944 Residential builder and developer 1,930 — 1,930 518 3,005 — 1,687 Other commercial construction 25,235 40,952 66,187 73,046 111,405 22 3,398 Residential 160,704 124,691 285,395 331,376 355,858 8,059 21,397 Residential — limited documentation 61,297 34,085 95,382 112,608 122,888 229 456 Consumer: Home equity lines and loans 38,324 39,884 78,208 79,445 70,488 669 3,291 Recreational finance 31,295 7,423 38,718 33,414 27,811 166 488 Automobile 36,075 4,243 40,318 36,266 34,037 35 110 Other 48,741 81 48,822 47,178 44,289 84 268 Total $ 1,005,944 $ 1,423,382 $ 2,429,326 $ 2,633,005 $ 2,060,083 $ 21,031 $ 66,462 Loan modifications During the normal course of business, the Company modifies loans to maximize recovery efforts from borrowers experiencing financial difficulty. Such loan modifications typically include payment deferrals and interest rate reductions but may also include other modified terms. Those modified loans may be considered nonaccrual if the Company does not expect to collect the contractual cash flows owed under the loan agreement. On January 1, 2023 the Company adopted amended guidance that eliminated the accounting guidance for troubled debt restructurings while expanding disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination. 4. Loans and leases and the allowance for credit losses, continued The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month and nine-month periods ended September 30, 2023: Amortized cost at September 30, 2023 Payment Deferral Interest Rate Reduction Other Combination of Modification Types (a) Total (b) Percent of Total Loan Class at Period End (Dollars in thousands) Three Months Ended September 30, 2023 Commercial, financial, leasing, etc. $ 39,058 $ — $ — $ 1,204 $ 40,262 0.09 % Real estate: Commercial 273,201 — — 6,253 279,454 0.78 % Residential builder and developer — — — — — — Other commercial construction 215,598 — — — 215,598 3.20 % Residential 53,239 — — 1,446 54,685 0.24 % Residential — limited documentation 1,721 — — — 1,721 0.18 % Consumer: Home equity lines and loans 125 — — 150 275 0.01 % Recreational finance 40 — — — 40 — Automobile 61 — — — 61 — Other — — — — — — Total $ 583,043 $ — $ — $ 9,053 $ 592,096 0.45 % Nine Months Ended September 30, 2023 Commercial, financial, leasing, etc. $ 93,583 $ 381 $ — $ 1,659 $ 95,623 0.21 % Real estate: Commercial 440,195 — — 14,250 454,445 1.27 % Residential builder and developer 70,683 — — — 70,683 6.42 % Other commercial construction 431,668 — — 8,253 439,921 6.54 % Residential 120,632 — — 4,525 125,157 0.56 % Residential — limited documentation 9,971 — — 699 10,670 1.11 % Consumer: Home equity lines and loans 482 134 — 437 1,053 0.02 % Recreational finance 240 — — — 240 — Automobile 274 — — — 274 0.01 % Other — — — — — — Total $ 1,167,728 $ 515 $ — $ 29,823 $ 1,198,066 0.91 % (a) Predominantly payment deferrals combined with interest rate reductions. (b) Includes approximately $ 45 million and $ 92 million, respectively, of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month and nine-month periods ended September 30, 2023 . 4. Loans and leases and the allowance for credit losses, continued The financial effects of the modifications for the three-month and nine-month periods ended September 30, 2023 include an increase in the weighted-average remaining term for commercial loans of 1.1 years and 1.0 years, respectively, for commercial real estate loans, inclusive of residential builder and development loans and other commercial construction loans, of 1.3 years and 1.2 years, respectively, and for residential real estate loans, of 11.5 years and 10.1 years, respectively. The following table summarizes the payment status, at September 30, 2023, of loans that were modified for the nine-month period ended September 30, 2023 : Payment status at September 30, 2023 (amortized cost) Current 30-89 Days Past Due Past Due 90 Days or More (a) Total Nine Months Ended September 30, 2023 (In thousands) Commercial, financial, leasing, etc. $ 81,558 $ 2,326 $ 11,739 $ 95,623 Real estate: Commercial 433,428 19,022 1,995 454,445 Residential builder and developer 70,683 — — 70,683 Other commercial construction 439,921 — — 439,921 Residential (b) 79,331 33,344 12,482 125,157 Residential — limited documentation 7,943 932 1,795 10,670 Consumer: Home equity lines and loans 1,034 19 — 1,053 Recreational finance 240 — — 240 Automobile 274 — — 274 Other — — — — Total $ 1,114,412 $ 55,643 $ 28,011 $ 1,198,066 (a) Predominantly loan modifications with payment deferrals. (b) Includes loans guaranteed by government-related entities classified as 30-89 days past due of $ 28 million and as past due 90 days or more of $ 11 million. Prior to January 1, 2023, if the borrower was experiencing financial difficulty such that the Company did not expect to collect the contractual cash flows owed under the original loan agreement and a concession in loan terms was granted, the Company considered the loan modification as a troubled debt restructuring. The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2022. The table is not comparative to the preceding table. The Company no longer designates modified loans as a troubled debt restructuring in conjunction with the adoption of amended accounting guidance on January 1, 2023. 4. Loans and leases and the allowance for credit losses, continued Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Three Months Ended September 30, 2022 Commercial, financial, leasing, etc. 70 $ 32,451 $ 11,237 $ 446 $ 229 $ 21,519 $ 33,431 Real estate: Commercial 14 22,951 7,222 — 122 15,543 22,887 Residential 57 14,380 11,094 — — 3,470 14,564 Residential — limited documentation 2 155 155 — — — 155 Consumer: Home equity lines and loans 25 1,700 1,504 — — 196 1,700 Recreational finance 167 6,937 6,937 — — — 6,937 Automobile 474 9,755 9,755 — — — 9,755 Other 30 371 371 — — — 371 Total 839 $ 88,700 $ 48,275 $ 446 $ 351 $ 40,728 $ 89,800 Nine Months Ended September 30, 2022 Commercial, financial, leasing, etc. 147 $ 79,437 $ 49,671 $ 455 $ 983 $ 30,262 $ 81,371 Real estate: Commercial 44 33,349 13,052 — 2,223 17,728 33,003 Residential 221 56,912 40,821 — — 18,469 59,290 Residential — limited documentation 7 1,231 1,049 — — 193 1,242 Consumer: — Home equity lines and loans 93 6,483 6,089 — — 461 6,550 Recreational finance 514 19,138 19,131 — — — 19,131 Automobile 1,537 29,789 29,759 — — — 29,759 Other 128 1,170 1,170 — — — 1,170 Total 2,691 $ 227,509 $ 160,742 $ 455 $ 3,206 $ 67,113 $ 231,516 _____________________________________________ (a) Financial effects impacting the recorded investment included principal payments or advances, ch arge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. The amount of foreclosed property held by the Company, predominantly consisting of residential real estate, was $ 37 million and $ 41 million at September 30, 2023 and December 31, 2022 , respectively. There were $ 182 million and $ 201 million at September 30, 2023 and December 31, 2022, respectively, of loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at September 30, 2023 , approximately 35 % were government guaranteed. 4. Loans and leases and the allowance for credit losses, continued The Company pledged certain loans to secure outstanding borrowings and available lines of credit. At September 30, 2023 , the Company pledged approximately $ 13.1 billion of commercial loans and leases, |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings September 30, 2023 December 31, 2022 (In thousands) Short-term borrowings Federal funds purchased and repurchase agreements $ 530,663 $ 354,670 FHLB Advances 6,200,000 3,200,281 Total short-term borrowings $ 6,730,663 $ 3,554,951 Long-term borrowings Asset-backed notes $ 516,668 $ — FHLB Advances 4,956 5,183 Senior notes - M&T 1,377,985 1,220,965 Senior notes - M&T Bank 3,741,161 1,249,141 Subordinated notes - M&T 76,339 77,337 Subordinated notes - M&T Bank 857,876 866,296 Junior subordinated debentures - M&T 538,932 536,080 Other 9,509 9,535 Total long-term borrowings $ 7,123,426 $ 3,964,537 In August 2023, a subsidiary of M&T Bank issued asset-backed notes secured by equipment finance loans and leases. A total of $ 550 million of such notes, representing the senior-most notes in the securitization, were purchased by third parties. Those asset-backed notes had a weighted average estimated life of approximately two years and a weighted average interest rate of 5.84 % at the time of securitization. Further information about this financing transaction is provided in note 11 of Notes to Financial Statements herein. In January 2023, M&T issued $ 1.0 billion of senior notes that mature in January 2034 and pay a 5.05 % fixed rate semi-annually until January 2033 after which SOFR plus 1.85 % will be paid quarterly until maturity. Additionally, in January 2023 M&T Bank issued $ 1.3 billion of senior notes that mature in January 2026 and pay a fixed rate of 4.65 % semi-annually until maturity and $ 1.2 billion of senior notes that mature in January 2028 and pay a fixed rate of 4.70 % semi-annually until maturity. In October 2023, M&T issued $ 750 million of senior notes that mature in October 2029 and pay a fixed rate of 7.41 % semi-annually until October 2028 after which SOFR plus 2.80 % will be paid quarterly until maturity. M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $ 14.3 billion and $ 15.8 billion, respectively, at September 30, 2023 . M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities and could increase the availability under such facilities, or other available programs including the Bank Term Funding Program of the FRB of New York, by pledging additional assets. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 6. Revenue from contracts with customers The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically, the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At September 30, 2023 and December 31, 2022 , the Company had $ 61 million and $ 74 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are classified in accrued interest and other assets in the Company’s Consolidated Balance Sheet. In certain situations, the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At September 30, 2023 and December 31, 2022 , the Company had deferred revenue of $ 51 million and $ 48 million, respectively, related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the Consolidated Balance Sheet. The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2023 and 2022 that are subject to the revenue recognition accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended September 30, 2023 (In thousands) Classification in Consolidated Service charges on deposit accounts $ 21,749 31,237 4,551 — — 62,011 1,812 $ 121,360 Trust income 23 — — — — — 155,069 155,092 Brokerage services income — — — — — — 26,988 26,988 Other revenues from operations: Merchant discount and credit card fees 17,021 19,494 1,171 — — 4,795 360 42,841 Other — 5,839 942 13 125 7,605 765 15,289 $ 38,793 56,570 6,664 13 125 74,411 184,994 $ 361,570 Three Months Ended September 30, 2022 Classification in Consolidated Service charges on deposit accounts $ 19,277 30,406 3,683 — — 61,223 624 $ 115,213 Trust income — — — — — — 186,577 186,577 Brokerage services income — — — — — — 21,086 21,086 Other revenues from operations: Merchant discount and credit card fees 16,234 17,731 1,104 — — 6,874 561 42,504 Other — 9,878 1,961 904 558 3,980 8,767 26,048 $ 35,511 58,015 6,748 904 558 72,077 217,615 $ 391,428 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2023 (In thousands) Classification in Consolidated Service charges on deposit accounts $ 62,097 89,940 13,163 — — 183,141 5,262 $ 353,603 Trust income 52 — — — — — 521,305 521,357 Brokerage services income — — — — — — 76,155 76,155 Other revenues from operations: Merchant discount and credit card fees 48,206 53,056 3,406 — — 16,345 992 122,005 Other — 16,441 3,460 51 676 22,679 2,922 46,229 $ 110,355 159,437 20,029 51 676 222,165 606,636 $ 1,119,349 Nine Months Ended September 30, 2022 Classification in Consolidated Service charges on deposit accounts $ 53,581 85,806 10,903 — — 185,990 4,610 $ 340,890 Trust income — — — — — — 545,874 545,874 Brokerage services income — — — — — — 65,414 65,414 Other revenues from operations: Merchant discount and credit card fees 45,874 48,044 2,836 — — 19,408 946 117,108 Other — 13,040 8,228 2,468 3,413 16,752 33,416 77,317 $ 99,455 146,890 21,967 2,468 3,413 222,150 650,260 $ 1,146,603 |
Pension plans and other postret
Pension plans and other postretirement benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension plans and other postretirement benefits | 7. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic cost (benefit) for defined benefit plans consisted of the following: Pension Other Three Months Ended September 30 2023 2022 2023 2022 (In thousands) Service cost $ 2,837 $ 4,423 $ 400 $ 689 Interest cost on projected benefit obligation 28,862 22,060 703 581 Expected return on plan assets ( 50,315 ) ( 50,188 ) — — Amortization of prior service cost (credit) 52 129 ( 515 ) ( 693 ) Amortization of net actuarial loss (gain) ( 537 ) 4,974 ( 692 ) ( 370 ) Net periodic cost (benefit) $ ( 19,101 ) $ ( 18,602 ) $ ( 104 ) $ 207 Pension Other Nine Months Ended September 30 2023 2022 2023 2022 (In thousands) Service cost $ 8,512 $ 13,237 $ 1,200 $ 1,914 Interest cost on projected benefit obligation 86,585 60,407 2,109 1,607 Expected return on plan assets ( 150,945 ) ( 137,421 ) — — Amortization of prior service cost (credit) 155 387 ( 1,545 ) ( 2,079 ) Amortization of net actuarial loss (gain) ( 1,610 ) 14,921 ( 2,076 ) ( 1,111 ) Net periodic cost (benefit) $ ( 57,303 ) $ ( 48,469 ) $ ( 312 ) $ 331 Service cost is reflected in salaries and employee benefits expense in the Consolidated Statement of Income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $ 37 million and $ 32 million for the three months ended September 30, 2023 and 2022, respectively, and $ 118 million and $ 98 million for the nine months ended September 30, 2023 and 2022 , respectively, and are included in salaries and employee benefits expense. |
Earnings per common share
Earnings per common share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 8. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 (In thousands, except per share) Income available to common shareholders: Net income $ 689,941 $ 646,596 $ 2,258,599 $ 1,226,292 Less: Preferred stock dividends ( 24,941 ) ( 24,941 ) ( 74,822 ) ( 71,647 ) Net income available to common equity 665,000 621,655 2,183,777 1,154,645 Less: Income attributable to unvested stock-based ( 1,237 ) ( 1,106 ) ( 3,975 ) ( 2,245 ) Net income available to common shareholders $ 663,763 $ 620,549 $ 2,179,802 $ 1,152,400 Weighted-average shares outstanding: Common shares outstanding (including common stock 166,217 174,921 166,787 160,793 Less: Unvested stock-based compensation awards ( 308 ) ( 312 ) ( 299 ) ( 319 ) Weighted-average shares outstanding 165,909 174,609 166,488 160,474 Basic earnings per common share $ 4.00 $ 3.55 $ 13.09 $ 7.18 The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 (In thousands, except per share) Net income available to common equity $ 665,000 $ 621,655 $ 2,183,777 $ 1,154,645 Less: Income attributable to unvested stock-based ( 1,234 ) ( 1,101 ) ( 3,965 ) ( 2,239 ) Net income available to common shareholders $ 663,766 $ 620,554 $ 2,179,812 $ 1,152,406 Adjusted weighted-average shares outstanding: Common shares outstanding (including common stock 166,217 174,921 166,787 160,793 Less: Unvested stock-based compensation awards ( 308 ) ( 312 ) ( 299 ) ( 319 ) Plus: Incremental shares from assumed conversion 661 1,073 605 821 Adjusted weighted-average shares outstanding 166,570 175,682 167,093 161,295 Diluted earnings per common share $ 3.98 $ 3.53 $ 13.05 $ 7.14 GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities. Stock-based compensation awards to purchase common stock of M&T representing 1,745,348 common shares and 1,800,385 common shares during the three-month and nine-month periods ended September 30, 2023 , respectively, and 252,793 and 314,155 common shares during the three-month and nine-month periods ended September 30, 2022 , respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Comprehensive income
Comprehensive income | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Comprehensive income | 9. 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, 2023 $ ( 444,192 ) ( 272,856 ) ( 349,129 ) $ ( 1,066,177 ) 276,147 $ ( 790,030 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 2,366 ) — — ( 2,366 ) 588 ( 1,778 ) Foreign currency translation adjustment — — 71 71 ( 18 ) 53 Unrealized losses on cash flow hedges — — ( 365,739 ) ( 365,739 ) 90,679 ( 275,060 ) Total other comprehensive income (loss) before ( 2,366 ) — ( 365,668 ) ( 368,034 ) 91,249 ( 276,785 ) Amounts reclassified from accumulated other comprehensive Accretion of net gain on terminated cash flow hedges — — ( 91 ) ( 91 ) (b) 23 ( 68 ) Net yield adjustment from cash flow hedges — — 173,051 173,051 (a) ( 43,535 ) 129,516 Amortization of prior service credit — ( 1,390 ) — ( 1,390 ) (c) 155 ( 1,235 ) Amortization of actuarial gains — ( 3,686 ) — ( 3,686 ) (c) 410 ( 3,276 ) Total other comprehensive income (loss) ( 2,366 ) ( 5,076 ) ( 192,708 ) ( 200,150 ) 48,302 ( 151,848 ) Balance — September 30, 2023 $ ( 446,558 ) ( 277,932 ) ( 541,837 ) $ ( 1,266,327 ) 324,449 $ ( 941,878 ) Balance — January 1, 2022 $ 104,691 ( 360,276 ) 83,531 $ ( 172,054 ) 44,476 $ ( 127,578 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 576,266 ) — — ( 576,266 ) 149,186 ( 427,080 ) Foreign currency translation adjustment — — ( 14,564 ) ( 14,564 ) 3,293 ( 11,271 ) Unrealized losses on cash flow hedges — — ( 429,310 ) ( 429,310 ) 111,150 ( 318,160 ) Total other comprehensive income (loss) before ( 576,266 ) — ( 443,874 ) ( 1,020,140 ) 263,629 ( 756,511 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 1,766 — — 1,766 (a) ( 456 ) 1,310 Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (b) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 35,500 ) ( 35,500 ) (a) 9,192 ( 26,308 ) Amortization of prior service credit — ( 1,692 ) — ( 1,692 ) (c) 413 ( 1,279 ) Amortization of actuarial losses — 13,810 — 13,810 (c) ( 3,371 ) 10,439 Total other comprehensive income (loss) ( 574,500 ) 12,118 ( 479,464 ) ( 1,041,846 ) 269,431 ( 772,415 ) Balance — September 30, 2022 $ ( 469,809 ) ( 348,158 ) ( 395,933 ) $ ( 1,213,900 ) 313,907 $ ( 899,993 ) (a) Included in interest income. (b) Included in interest expense. (c) Included in other costs of operations. Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2022 $ ( 329,168 ) $ ( 202,186 ) $ ( 258,676 ) $ ( 790,030 ) Net loss during period ( 1,778 ) ( 4,511 ) ( 145,559 ) ( 151,848 ) Balance — September 30, 2023 $ ( 330,946 ) $ ( 206,697 ) $ ( 404,235 ) $ ( 941,878 ) |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 10. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material as of September 30, 2023. The net effect of interest rate swap agreements was to decrease net interest income by $ 79 million and $ 211 million during the three-month and nine-month periods ended September 30, 2023, respectively, and to decrease net interest income by $ 22 million and to increase net interest income by $ 50 million during the three-month and nine-month periods ended September 30, 2022, respectively. Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In thousands) September 30, 2023 Fair value hedges: Fixed rate long-term borrowings (b) $ 2,000,000 6.6 3.11 % 5.74 % $ 3,108 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b) (c) 23,977,000 2.0 3.45 % 5.32 % 9,077 Total $ 25,977,000 2.4 $ 12,185 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) (d) 15,900,000 1.4 1.91 % 4.38 % ( 7,059 ) Total $ 17,400,000 1.6 $ ( 7,892 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $ 163.9 million at September 30, 2023 and $ 65.0 million at December 31, 2022. The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of losses of $ 538.5 million at September 30, 2023 and $ 329.7 million at December 31, 2022. (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 $ 9.4 billion of forward-starting interest rate swap agreements that become effective in 2023 and 2024. (d) Includes notional amount and terms of $ 4.7 billion of forward-starting interest rate swap agreements that become effective in 2023. 10. Derivative financial instruments, continued 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. 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. 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 $ 44.2 billion and $ 45.1 billion at September 30, 2023 and December 31, 2022 , respectively. The notional amounts of foreign exchange and other option and futures contracts not designated as hedging instruments aggregated $ 1.5 billion and $ 1.7 billion at September 30, 2023 and December 31, 2022, 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 September 30, December 31, September 30, December 31, 2023 2022 2023 2022 (In thousands) Derivatives designated and qualifying as hedging instruments (a) Interest rate swap agreements $ 12,471 $ 1,202 $ 286 $ 9,094 Commitments to sell real estate loans 5,998 3,037 614 9 18,469 4,239 900 9,103 Derivatives not designated and qualifying as hedging instruments (a) Mortgage banking: Mortgage-related commitments to originate real estate loans for sale 2,380 452 53,783 46,025 Commitments to sell real estate loans 60,036 51,410 83 14 62,416 51,862 53,866 46,039 Other: Interest rate contracts (b) 323,865 355,806 1,420,668 1,278,180 Foreign exchange and other option and futures contracts 15,552 24,062 14,361 22,004 339,417 379,868 1,435,029 1,300,184 Total derivatives $ 420,302 $ 435,969 $ 1,489,795 $ 1,355,326 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) The impact of variation margin payments at September 30, 2023 and December 31, 2022 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $ 1.2 billion and $ 1.1 billion , respectively, as of each period end, and in a liability position of $ 15.7 million and $ 29.2 million , respectively. Amount of Gain (Loss) Recognized Three Months Ended September 30 2023 2022 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 60,605 ) 60,737 $ ( 50,976 ) 50,821 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 6,311 $ 6,946 Foreign exchange and other option and futures contracts (b) 4,232 4,462 Total $ 10,543 $ 11,408 10. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Nine Months Ended September 30 2023 2022 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 94,997 ) 95,920 $ ( 114,932 ) 114,581 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 25,027 $ 17,907 Foreign exchange and other option and futures contracts (b) 11,377 10,701 Total $ 36,404 $ 28,608 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and other non-hedging derivative gains. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (In thousands) Location in the Consolidated Balance Sheet Hedges Long-term debt $ 1,834,030 $ 1,433,731 $ ( 161,230 ) $ ( 65,310 ) The amount of interest income recognized in the Consolidated Statement of Income associated with derivatives designated as cash flow hedges was a decrease of $ 65 million and $ 22 million for the three months ended September 30, 2023 and 2022, respectively, and a decrease of $ 173 million and an increase of $ 36 million for the nine-month period ended September 30, 2023 and 2022, respectively. As of September 30, 2023 the unrealized net loss recognized in other comprehensive income related to cash flow hedges was $ 529 million , of which losses of $ 13 million, $ 357 million and $ 159 million related to interest rate swap agreements maturing in 2024, 2025 and 2026, respectively. 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. 10. Derivative financial instruments, continued The aggregate fair value of derivative financial instruments in a liability position, which are subject to master netting arrangements and the related collateral posted, was not material at each of September 30, 2023 and 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 September 30, 2023 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 $ 381 million at September 30, 2023 and $ 314 million at December 31, 2022 . Counterparties posted collateral relating to those positions of $ 386 million at September 30, 2023 and $ 312 million at December 31, 2022, 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 $ 143 million and $ 205 million at September 30, 2023 and December 31, 2022 , respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company. |
Variable interest entities and
Variable interest entities and asset securitizations | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 11. Variable interest entities and asset securitizations The Company’s securitization activity includes 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. In August 2023, a subsidiary of M&T Bank issued asset-backed notes secured by equipment finance loans and leases. Approximately $ 666 million of such loans and leases were sold into a special purpose trust which in turn issued asset-backed notes to investors. The loans and leases continue to be serviced by the subsidiary. A total of $ 550 million of such notes, representing the senior-most notes in the securitization, were purchased by third parties. Those asset-backed notes had a weighted average estimated life of approximately two years and a weighted average interest rate of 5.84 % at the time of securitization. Additionally, $ 88 million of asset-backed notes representing subordinate note classes and other residual interests were issued by the trust and retained by the Company. As a result of the retention of the subordinate interests and its continued role as servicer of the loans and leases, the Company is considered to be the primary beneficiary of the securitization trust and, accordingly, the trust has been included in the Company's consolidated financial statements. At September 30, 2023, the remaining balance of the loans and leases in trust was $ 643 million and the outstanding asset-backed notes issued to third party investors was $ 517 million. M&T has issued junior subordinated debentures payable to various trusts that have issued preferred capital securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of September 30, 2023 and December 31, 2022, the Company included the junior subordinated debentures as “long-term borrowings” in its Consolidated Balance Sheet and recognized $ 22 million in other assets for its “investment” in the common securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the junior subordinated debentures associated with preferred capital securities. 11. Variable interest entities and asset securitizations, continued The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $ 9.8 billion at September 30, 2023 and $ 9.2 billion at December 31, 2022 . Those partnerships generally construct or acquire properties, including properties and facilities that produce renewable energy, for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. State income tax credits may also be available in certain circumstances. Such investments also typically provide tax deductible losses to the partners. The partnership investments may also assist the Company in achieving its community reinvestment and sustainability initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s carrying amount of its investments in such partnerships was $ 1.4 billion and $ 1.5 billion at September 30, 2023 and December 31, 2022 , respectively, including $ 491 million and $ 545 million of unfunded commitments, at each of those respective dates. Contingent commitments to provide additional capital contributions to these partnerships were $ 49 million at September 30, 2023. The Company has not provided financial or other support to the partnerships that was not contractually required. The Company’s maximum exposure to loss from its investments in such partnerships as of September 30, 2023 was $ 2.1 billion, including possible recapture of certain tax credits. Management currently estimates that no material losses are probable as a result of the Company’s involvement with such entities. The Company, in its position as limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, in accordance with the accounting provisions for variable interest entities, the partnership entities are not included in the Company’s consolidated financial statements. The Company’s investment in qualified affordable housing projects is amortized to income taxes in the Consolidated Statement of Income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company amortized $ 46 million and $ 128 million of its investments in qualified affordable housing projects to income tax expense during the three-month and nine-month periods ended September 30, 2023 , respectively, and recognized $ 52 million and $ 147 million of tax credits and other tax benefits during those respective periods. Similarly, for the three-month and nine-month periods ended September 30, 2022, the Company amortized $ 37 million and $ 94 million of its investments in qualified affordable housing projects to income tax expense, respectively, and recognized $ 44 million and $ 108 million of tax credits and other tax benefits during those respective periods. The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds but may waive portions of its allowable management fees as a result of market conditions. |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 12. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at September 30, 2023. 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. 12. Fair value measurements, continued When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company's assets and liabilities that are measured on a recurring basis at estimated fair value. Trading account Mutual funds held in connection with deferred compensation and other arrangements have been classified as Level 1 valuations. Valuations of investments in debt securities can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale and equity securities The majority of the Company's available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are accounted for as derivative financial instruments and, therefore, are carried at estimated fair value on the Consolidated Balance Sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale are adjusted to reflect the Company's anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. 12. Fair value measurements, continued 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 September 30, 2023 and December 31, 2022 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2023 Trading account $ 136,998 $ 118,838 $ 18,160 $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,735,107 — 7,735,107 — Mortgage-backed securities: Government issued or guaranteed Commercial 525,469 — 525,469 — Residential 2,168,287 — 2,168,287 — Other debt securities 163,546 — 163,546 — 10,592,409 — 10,592,409 — Equity securities 259,216 252,080 7,136 — Real estate loans held for sale 430,720 — 430,720 — Other assets (a) 420,302 — 417,922 2,380 Total assets $ 11,839,645 $ 370,918 $ 11,466,347 $ 2,380 Other liabilities (a) 1,489,795 — 1,436,012 53,783 Total liabilities $ 1,489,795 $ — $ 1,436,012 $ 53,783 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 (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). 12. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three and nine months ended September 30, 2023 and 2022 were as follows: Other Assets and Other Liabilities Three months ended Nine months ended September 30, September 30, September 30, September 30, (In thousands) Beginning balance $ ( 37,178 ) $ ( 24,181 ) $ ( 45,573 ) $ 6,440 Total gains (losses) realized/unrealized: Included in earnings (a) ( 10,155 ) ( 9,321 ) 6,301 ( 34,630 ) Transfers out of Level 3 (b) ( 4,070 ) ( 14,804 ) ( 12,131 ) ( 20,116 ) Ending balance $ ( 51,403 ) $ ( 48,306 ) $ ( 51,403 ) $ ( 48,306 ) Changes in net unrealized gains (losses) included in earnings $ ( 12,957 ) $ ( 17,160 ) $ ( 12,341 ) $ ( 48,108 ) ___________________________________________________________________________________________________________________________________________ (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 been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were in the range of 10 % to 90 % with a weighted-average of 44 % at September 30, 2023. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles and, accordingly, the related nonrecurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans which at September 30, 2023 was 51 %. 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 $ 804 million at September 30, 2023 ($ 316 million and $ 488 million of which were classified as Level 2 and Level 3, respectively), $ 853 million at December 31, 2022 ($ 329 million and $ 524 million of which were classified as Level 2 and Level 3, respectively) and $ 706 million at September 30, 2022 ($ 439 million and $ 267 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2023 were decreases of $ 116 million and $ 269 million for the three-month and nine-month periods ended September 30, 2023, respectively. Changes in the fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2022 were decreases of $ 38 million and $ 128 million for the three-month and nine-month periods ended September 30, 2022, respectively. 12. Fair value measurements, continued Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken into foreclosure of defaulted loans subject to nonrecurring fair value measurement were not material at each of September 30, 2023 and 2022. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month and nine-month periods ended September 30, 2023 and 2022. 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 required no valuation allowance at September 30, 2023 and December 31, 2022 . A reduction of the valuation allowance of $ 10 million and $ 24 million was recognized for the three-month and nine-month periods ended September 30, 2022, respectively. Significant unobservable inputs to Level 3 measurements The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at September 30, 2023 and December 31, 2022: Fair Value Valuation Unobservable Range (In thousands) September 30, 2023 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 51,403 ) Discounted cash flow Commitment expirations 0 % - 99 % ( 8 %) December 31, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 45,573 ) Discounted cash flow Commitment expirations 0 % - 97 % ( 3 %) (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. 12. Fair value measurements, continued Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: September 30, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,768,864 1,768,864 1,701,427 67,437 — Interest-bearing deposits at banks 30,114,286 30,114,286 — 30,114,286 — Trading account 136,998 136,998 118,838 18,160 — Investment securities 27,336,103 25,529,926 252,080 25,231,860 45,986 Loans and leases: Commercial loans and leases 45,058,033 44,080,119 — — 44,080,119 Commercial real estate loans 43,573,598 41,273,080 — 226,022 41,047,058 Residential real estate loans 23,448,270 20,746,776 — 6,808,082 13,938,694 Consumer loans 20,274,784 19,351,349 — — 19,351,349 Allowance for credit losses ( 2,052,127 ) — — — — Loans and leases, net 130,302,558 125,451,324 — 7,034,104 118,417,220 Accrued interest receivable 734,036 734,036 — 734,036 — Financial liabilities: Noninterest-bearing deposits $ ( 53,786,987 ) ( 53,786,987 ) — ( 53,786,987 ) — Savings and interest-checking deposits ( 90,297,219 ) ( 90,297,219 ) — ( 90,297,219 ) — Time deposits ( 20,043,601 ) ( 19,931,959 ) — ( 19,931,959 ) — Short-term borrowings ( 6,730,663 ) ( 6,730,663 ) — ( 6,730,663 ) — Long-term borrowings ( 7,123,426 ) ( 6,811,799 ) — ( 6,811,799 ) — Accrued interest payable ( 401,752 ) ( 401,752 ) — ( 401,752 ) — Other financial instruments: Commitments to originate real estate $ ( 51,403 ) ( 51,403 ) — — ( 51,403 ) Commitments to sell real estate loans 65,337 65,337 — 65,337 — Other credit-related commitments ( 150,708 ) ( 150,708 ) — — ( 150,708 ) Interest rate swap agreements used 12,185 12,185 — 12,185 — Interest rate and foreign exchange contracts ( 1,095,612 ) ( 1,095,612 ) — ( 1,095,612 ) — 12. Fair value measurements, continued 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 contracts ( 920,316 ) ( 920,316 ) — ( 920,316 ) — With the exception of marketable securities, certain off-balance sheet financial instruments and mortgage loans originated for sale, the Company’s financial instruments are not readily marketable and market prices do not exist. The Company, in attempting to comply with the provisions of GAAP that require disclosures of fair value of financial instruments, has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 13. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's Consolidated Balance Sheet. September 30, December 31, 2023 2022 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,167,368 $ 8,261,560 Commercial real estate loans to be sold 338,569 348,701 Other commercial real estate 6,224,142 5,776,116 Residential real estate loans to be sold 237,683 31,208 Other residential real estate 406,667 505,121 Commercial and other 33,670,583 32,625,840 Standby letters of credit 2,333,434 2,376,644 Commercial letters of credit 72,053 65,066 Financial guarantees and indemnification contracts 4,209,726 4,022,432 Commitments to sell real estate loans 948,190 533,458 Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts in the preceding table, the Company had discretionary funding commitments to commercial customers of $ 12.5 billion and $ 11.7 billion at September 30, 2023 and December 31, 2022, 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 $ 4.0 billion and $ 3.9 billion at September 30, 2023 and December 31, 2022, respectively. There have been no material losses incurred as a result of those credit recourse arrangements. Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are accounted for as derivatives and along with commitments to originate real estate loans to be held for sale are generally recorded in the Consolidated Balance Sheet at estimated fair market value. 13. Commitments and contingencies, continued The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At September 30, 2023, the Company assessed that its obligation to loan purchasers was not material to the Company’s consolidated financial position. M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $ 0 and $ 25 million as of September 30, 2023. Although the Company does not believe that the outcome of pending legal matters will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. On May 11, 2023, the FDIC released a proposed rule that would impose a special assessment to recover the costs to the DIF resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the Federal Deposit Insurance Act in connection with the receiverships of Silicon Valley Bank and Signature Bank. The FDIC stated that it currently estimates those assessed losses to total $ 15.8 billion and that the amount of the special assessments would be adjusted as the loss estimate changes. Under the proposed rule, the assessment base would be the estimated uninsured deposits that an IDI reported in its Federal Financial Institutions Examination Council Consolidated Reports of Condition and Income at December 31, 2022, excluding the first $ 5 billion in estimated uninsured deposits. For a holding company that has more than one IDI subsidiary, such as M&T, the $ 5 billion exclusion would be allocated among the company’s IDI subsidiaries in proportion to each IDI’s estimated uninsured deposits. The special assessments would be collected at an annual rate of approximately 12.5 basis points per year ( 3.13 basis points per quarter) over eight quarters in 2024 and 2025, with the first assessment period beginning January 1, 2024. Under the proposed rule, the estimated loss pursuant to the systemic risk determination would be periodically adjusted, and the FDIC would retain the ability to cease collection early, extend the special assessment collection period and impose a final shortfall special assessment on a one-time basis. M&T expects the special assessments, as currently contemplated, would be tax deductible. Although the proposal could be revised, the total of the assessments for the Company is estimated at $ 183 million and such amount is expected to be recorded as an expense in the quarter of enactment. |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment information | 14. Segment information Reportable segments have been determined based upon the Company's internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 23 of Notes to Financial Statements in the 2022 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, the financial information of the reported segments is not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. As described in the 2022 Annual Report, 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 and certain expenses were reallocated from the All Other segment to various reportable segments in the fourth quarter of 2022. Since acquisition in 2022, the Company also realigned certain operations associated with People's United requiring reclassifications of certain revenues and expenses among the reportable segments. As a result, financial information for the three and nine months ended September 30, 2022 has been reclassified to provide segment information on a comparable basis, as noted in the accompanying tables. Three Months Ended September 30, 2022 Total Revenues as Previously Reported Impact of Changes Total Revenues as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 241,629 — $ 241,629 $ 94,094 ( 1,476 ) $ 92,618 Commercial Banking 510,549 ( 1,173 ) 509,376 214,063 ( 2,838 ) 211,225 Commercial Real Estate 234,479 12,635 247,114 94,937 15,097 110,034 Discretionary Portfolio 36,622 ( 24,981 ) 11,641 11,813 ( 18,074 ) ( 6,261 ) Residential Mortgage Banking 95,091 — 95,091 ( 3,283 ) 1,173 ( 2,110 ) Retail Banking 650,229 ( 2 ) 650,227 181,639 1,155 182,794 All Other 473,171 13,521 486,692 53,333 4,963 58,296 Total $ 2,241,770 — $ 2,241,770 $ 646,596 — $ 646,596 Nine Months Ended September 30, 2022 Total Revenues as Previously Reported Impact of Changes Total Revenues as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 586,605 — $ 586,605 $ 205,741 ( 6,008 ) $ 199,733 Commercial Banking 1,239,300 ( 2,550 ) 1,236,750 521,749 ( 20,254 ) 501,495 Commercial Real Estate 676,176 29,707 705,883 314,284 24,941 339,225 Discretionary Portfolio 190,761 ( 39,866 ) 150,895 103,283 ( 30,448 ) 72,835 Residential Mortgage Banking 346,409 — 346,409 35,028 ( 2,095 ) 32,933 Retail Banking 1,523,992 — 1,523,992 379,688 ( 13,243 ) 366,445 All Other 1,106,405 12,709 1,119,114 ( 333,481 ) 47,107 ( 286,374 ) Total $ 5,669,648 — $ 5,669,648 $ 1,226,292 — $ 1,226,292 14. Segment information, continued Information about the Company's segments follows: Three Months Ended September 30 2023 2022 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 291,839 $ 980 $ 117,290 $ 241,629 $ 663 $ 92,618 Commercial Banking 453,326 8,224 167,714 509,376 802 211,225 Commercial Real Estate 231,303 188 72,442 247,114 249 110,034 Discretionary Portfolio ( 20,672 ) ( 14,110 ) ( 21,586 ) 11,641 ( 23,044 ) ( 6,261 ) Residential Mortgage Banking 100,444 19,373 ( 14,422 ) 95,091 35,647 ( 2,110 ) Retail Banking 876,002 ( 35 ) 342,700 650,227 ( 5 ) 182,794 All Other 402,727 ( 14,620 ) 25,803 486,692 ( 14,312 ) 58,296 Total $ 2,334,969 $ — $ 689,941 $ 2,241,770 $ — $ 646,596 Nine Months Ended September 30 2023 2022 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 842,571 $ 2,904 $ 346,704 $ 586,605 $ 2,060 $ 199,733 Commercial Banking 1,420,971 27,742 553,255 1,236,750 2,605 501,495 Commercial Real Estate 674,276 745 192,539 705,883 687 339,225 Discretionary Portfolio ( 78,005 ) ( 44,124 ) ( 93,678 ) 150,895 ( 74,952 ) 72,835 Residential Mortgage Banking 280,654 60,599 ( 41,676 ) 346,409 110,986 32,933 Retail Banking 2,572,410 ( 113 ) 995,927 1,523,992 ( 12 ) 366,445 All Other 1,629,789 ( 47,753 ) 305,528 1,119,114 ( 41,374 ) ( 286,374 ) Total $ 7,342,666 $ — $ 2,258,599 $ 5,669,648 $ — $ 1,226,292 Average Total Assets Nine Months Ended September 30 Year Ended 31 2023 2022 2022 (In millions) Business Banking $ 7,968 $ 7,515 $ 7,597 Commercial Banking (b) 49,373 39,293 40,930 Commercial Real Estate (b) 31,878 29,982 30,599 Discretionary Portfolio 50,900 40,987 42,657 Residential Mortgage Banking 2,746 4,370 3,986 Retail Banking 21,261 20,063 20,312 All Other 40,140 45,185 44,171 Total $ 204,266 $ 187,395 $ 190,252 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $ 14.3 million and $ 11.8 million for the three-month periods ended September 30, 2023 and 2022 , respectively, and $ 41.7 million and $ 25.8 million for the nine-month periods ended September 30, 2023 and 2022 and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues. (b) For the nine months ended September 30, 2022 , average total assets totaling approximately $ 1.17 billion were reclassified to the Commercial Real Estate segment from the Commercial Banking segment as a result of the realignment of certain lending relationships within the hospitality sector. |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 15. Relationship with BLG and Bayview Financial M&T holds a 20 % minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2023 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 $ 20 million and $ 30 million for the nine-month periods ended September 30, 2023 and 2022 , respectively. There were no cash distributions during the three-month periods ended September 30, 2023 and 2022. Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $ 1.2 billion and $ 1.4 billion at September 30, 2023 and December 31, 2022 , respectively. Revenues from those servicing rights were $ 1 million and $ 3 million in the three-month periods ended September 30, 2023 and 2022 , respectively, and $ 5 million and $ 7 million for the nine-month periods ended September 30, 2023 and 2022 , respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $ 114.6 billion and $ 96.0 billion at September 30, 2023 and December 31, 2022 , respectively. Revenues earned for sub-servicing loans for Bayview Financial were $ 30 million and $ 33 million for the three-month periods ended September 30, 2023 and 2022 , respectively, and $ 94 million and $ 119 million in the nine-month periods ended September 30, 2023 and 2022 , respectively. In addition, the Company held $ 44 million and $ 50 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2023 and December 31, 2022, respectively, that were securitized by Bayview Financial. At September 30, 2023 , the Company held $ 765 million of Bayview Financial's $ 3.1 billion syndicated loan facility. |
Recent accounting developments
Recent accounting developments | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent accounting developments | 16. Recent accounting developments The following table provides a description of accounting standards that were adopted by the Company in 2023 as well as standards that are not effective that could have an impact to the Company’s consolidated financial statements upon adoption. Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2023 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 The Company adopted the amended guidance effective January 1, 2023 using a prospective transition method and the guidance will be applied, as applicable, to future acquisitions. 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 At January 1, 2023 the Company did not have any designated hedging relationships under the portfolio layer method and, therefore, the adoption had no 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 The Company adopted the amended guidance effective January 1, 2023 using a prospective transition method and will no longer be required to identify TDRs and apply specialized accounting to such loans. The Company has complied with the modified disclosure requirements in note 4 of Notes to Financial Statements herein. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of September 30, 2023 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. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments permit an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received and the net amortization and income tax credits and other income tax benefits are recognized in the income statement as a component of income tax expense (benefit). All of the following conditions must be met to qualify for the proportional amortization method: 1. It is probable that the income tax credits allocable to the tax equity investor will be available. 2. The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project. 3. Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits include income tax credits, other income tax benefits, and other non-income-tax-related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project. 4. The tax equity investor’s projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive. 5. The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. To apply the proportional amortization method, an accounting policy election must be made on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. When applying the proportional amortization method to qualifying tax equity investments the receipt of the investment tax credits must be accounted for using the flow-through method as prescribed by GAAP, even if the deferral method is applied to other investment tax credits received. In addition, all tax equity investments accounted for using the proportional amortization method must use the delayed equity contribution guidance (which requires that a liability be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable). January 1, 2024 Early adoption permitted The amendments should be applied on either a modified retrospective or a retrospective basis. Under a modified retrospective transition, all investments for which income tax credits or other income tax benefits are still expected to be received must be evaluated as of the beginning of the period of adoption. The assessment of whether the investment qualifies for the proportional amortization method is performed as of the date the investment was entered into. A cumulative-effect adjustment reflecting the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into is recognized in the opening balance of retained earnings as of the beginning of the period of adoption. Under a retrospective transition, all investments for which income tax credits or other income tax benefits are still expected to be received must be evaluated as of the beginning of the earliest period presented. The assessment of whether the investment qualifies for the proportional amortization method is performed as of the date the investment was entered into. A cumulative-effect adjustment reflecting the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into is recognized in the opening balance of retained earnings as of the beginning of the earliest period presented. The Company does not expect the guidance will have a material impact on its consolidated financial statements. 16. Recent accounting developments, continued Business Combinations Joint Venture Formations The amendments require that a joint venture apply the following key adaptations from the business combinations guidance upon formation: 1. A joint venture is the formation of a new entity without an accounting acquirer. The formation of a joint venture is the creation of a new reporting entity, and none of the assets and/or businesses contributed to the joint venture are viewed as having survived the combination as an independent entity—that is, an accounting acquirer will not be identified. 2. A joint venture measures its identifiable net assets and goodwill, if any, at the formation date. The joint venture formation date is the date on which an entity initially meets the definition of a joint venture. 3. Initial measurement of a joint venture’s total net assets is equal to the fair value of 100 percent of the joint venture’s equity. The amendments require that a joint venture measure its total net assets upon formation as the fair value of the joint venture as a whole. The fair value of the joint venture as a whole equals the fair value of 100 percent of a joint venture’s equity immediately following formation (including any noncontrolling interest in the net assets recognized by the joint venture). 4. A joint venture provides relevant disclosures. The amendments require disclosures to help a user of a joint venture’s financial statements understand the nature and financial effect of the joint venture formation in the period in which the formation date occurs. Joint venture disclosure requirements upon formation are different from the requirements for business combinations. January 1, 2025 Early adoption permitted The amendments should be applied on a prospective basis for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if sufficient information is available. The Company does not expect the guidance will have a material impact on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated interim financial statements of the Company were compiled in accordance with GAAP using the accounting policies set forth in note 1 of Notes to Financial Statements included in the 2022 Annual Report, except as disclosed in note 16 of Notes to Financial Statements herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. |
Acquisition and divestiture (Ta
Acquisition and divestiture (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 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 Nine months ended September 30, 2022 (In thousands) Total revenues (a) $ 6,134,400 Net income 1,399,913 (a) Represents the total of net interest income and other income. |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (In thousands) September 30, 2023 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,935,658 $ — $ 200,551 $ 7,735,107 Mortgage-backed securities: Government issued or guaranteed: Commercial 544,263 — 18,794 525,469 Residential 2,382,810 8 214,531 2,168,287 Other debt securities 176,235 146 12,835 163,546 11,038,966 154 446,711 10,592,409 Investment securities held to maturity: U.S. Treasury and federal agencies 1,001,991 — 48,706 953,285 Obligations of states and political subdivisions 2,511,784 — 219,149 2,292,635 Mortgage-backed securities: Government issued or guaranteed: Commercial 2,031,532 — 233,055 1,798,477 Residential 9,979,882 — 1,306,934 8,672,948 Privately issued 44,319 9,041 7,374 45,986 Other debt securities 1,612 — — 1,612 15,571,120 9,041 1,815,218 13,764,943 Total debt securities $ 26,610,086 $ 9,195 $ 2,261,929 $ 24,357,352 Equity and other securities: Readily marketable equity — at fair value $ 260,688 $ 2,425 $ 3,897 $ 259,216 Other — at cost 913,358 — — 913,358 Total equity and other securities $ 1,174,046 $ 2,425 $ 3,897 $ 1,172,574 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 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At September 30, 2023, 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 $ 4,619,339 $ 4,544,581 Due after one year through five years 3,437,580 3,306,540 Due after five years through ten years 24,974 22,400 Due after ten years 30,000 25,132 8,111,893 7,898,653 Mortgage-backed securities available for sale 2,927,073 2,693,756 $ 11,038,966 $ 10,592,409 Debt securities held to maturity: Due in one year or less $ 14,164 $ 13,967 Due after one year through five years 1,151,126 1,097,310 Due after five years through ten years 1,306,208 1,223,790 Due after ten years 1,043,889 912,465 3,515,387 3,247,532 Mortgage-backed securities held to maturity 12,055,733 10,517,411 $ 15,571,120 $ 13,764,943 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of September 30, 2023 and December 31, 2022 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized (In thousands) September 30, 2023 Investment securities available for sale: U.S. Treasury and federal agencies $ 226,045 $ 3,741 $ 7,509,062 $ 196,810 Mortgage-backed securities: Government issued or guaranteed: Commercial 81,949 5,146 443,520 13,648 Residential 240,610 13,246 1,926,504 201,285 Other debt securities 6,553 202 152,192 12,633 555,157 22,335 10,031,278 424,376 Investment securities held to maturity: U.S. Treasury and federal agencies 48,825 1,193 904,460 47,513 Obligations of states and political subdivisions 235,273 15,423 2,055,317 203,726 Mortgage-backed securities: Government issued or guaranteed: Commercial 1,015,480 97,998 782,997 135,057 Residential 2,570,788 146,021 6,102,160 1,160,913 Privately issued 1,927 82 32,081 7,292 3,872,293 260,717 9,877,015 1,554,501 Total $ 4,427,450 $ 283,052 $ 19,908,293 $ 1,978,877 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 |
Loans and leases and the allo_2
Loans and leases and the allowance for credit losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of September 30, 2023 and December 31, 2022 follows: Current 30-89 Days Accruing Past Nonaccrual Total (In thousands) September 30, 2023 Commercial, financial, leasing, etc. $ 44,298,562 $ 252,987 $ 21,064 $ 485,420 $ 45,058,033 Real estate: Commercial 34,018,257 424,005 65,426 1,236,087 35,743,775 Residential builder and developer 1,090,355 6,786 — 3,353 1,100,494 Other commercial construction 6,371,793 221,532 — 136,004 6,729,329 Residential 21,342,546 645,696 261,290 240,753 22,490,285 Residential — limited documentation 865,988 29,747 — 62,250 957,985 Consumer: Home equity lines and loans 4,578,381 36,014 — 78,316 4,692,711 Recreational finance 9,448,458 67,149 — 30,524 9,546,131 Automobile 3,855,578 46,257 — 15,959 3,917,794 Other 2,040,303 18,324 6,249 53,272 2,118,148 Total $ 127,910,221 $ 1,748,497 $ 354,029 $ 2,341,938 $ 132,354,685 December 31, 2022 Commercial, financial, leasing, etc. $ 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 developer 1,304,798 8,703 — 1,229 1,314,730 Other commercial construction 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 documentation 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 |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at September 30, 2023 to the various classes of the Company’s commercial loans and commercial real estate loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2023 by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2023 2022 2021 2020 2019 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 5,789,909 7,017,863 4,114,909 1,510,693 1,238,701 1,995,635 20,869,512 56,263 $ 42,593,485 Criticized accrual 109,004 264,016 180,450 113,930 99,434 307,309 878,730 26,255 1,979,128 Criticized nonaccrual 12,337 57,857 42,081 33,338 21,447 68,028 240,285 10,047 485,420 Total commercial, $ 5,911,250 7,339,736 4,337,440 1,657,961 1,359,582 2,370,972 21,988,527 92,565 $ 45,058,033 Gross charge-offs three months ended September 30, 2023 $ 2,124 7,929 2,998 1,766 2,539 3,300 6,188 — $ 26,844 Gross charge-offs nine months ended September 30, 2023 $ 2,959 18,887 11,108 8,518 7,056 11,615 6,961 — $ 67,104 Real estate: Commercial: Loan grades: Pass $ 2,553,454 3,578,095 2,989,307 2,978,906 4,446,005 12,208,078 710,648 — $ 29,464,493 Criticized accrual 725 630,132 478,637 494,243 905,654 2,510,960 22,844 — 5,043,195 Criticized nonaccrual 245 54,904 14,255 159,956 151,052 831,527 24,148 — 1,236,087 Total commercial real $ 2,554,424 4,263,131 3,482,199 3,633,105 5,502,711 15,550,565 757,640 — $ 35,743,775 Gross charge-offs three months ended September 30, 2023 $ — — — — — 48,093 — — $ 48,093 Gross charge-offs nine months ended September 30, 2023 $ — — — 424 77,906 100,004 — — $ 178,334 Residential builder and developer: Loan grades: Pass $ 433,338 337,680 67,233 6,818 2,050 13,503 133,839 — $ 994,461 Criticized accrual 310 11,867 25,379 — 64,125 336 663 — 102,680 Criticized nonaccrual — — 2,835 — 518 — — — 3,353 Total residential builder $ 433,648 349,547 95,447 6,818 66,693 13,839 134,502 — $ 1,100,494 Gross charge-offs three months ended September 30, 2023 $ — 245 — — — — — — $ 245 Gross charge-offs nine months ended September 30, 2023 $ — 245 — — — 55 1,678 — $ 1,978 Other commercial construction: Loan grades: Pass $ 636,314 1,481,975 1,023,831 676,613 465,423 204,511 20,171 — $ 4,508,838 Criticized accrual 7,180 130,644 184,379 531,138 837,446 393,700 — — 2,084,487 Criticized nonaccrual — — 10,018 46,626 50,165 26,237 2,958 — 136,004 Total other commercial $ 643,494 1,612,619 1,218,228 1,254,377 1,353,034 624,448 23,129 — $ 6,729,329 Gross charge-offs three months ended September 30, 2023 $ — — — — 3,236 — — — $ 3,236 Gross charge-offs nine months ended September 30, 2023 $ — — — — 3,236 — — — $ 3,236 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 |
Summary of loans in Accrual and Nonaccrual Status | A summary of loans in accrual and nonaccrual status at September 30, 2023 for the various classes of the Company’s residential real estate loans and consumer loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2023 by origination year follows: Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2023 2022 2021 2020 2019 Prior Loans Loans Total (In thousands) Residential: Current $ 1,349,605 4,827,335 3,817,652 2,605,414 1,240,538 7,419,338 82,664 — $ 21,342,546 30-89 days past due 8,385 87,178 68,811 41,367 22,082 416,816 1,057 — 645,696 Accruing loans past due 913 27,348 19,355 13,736 13,169 186,769 — — 261,290 Nonaccrual 971 14,353 13,730 3,500 8,529 192,207 7,463 — 240,753 Total residential $ 1,359,874 4,956,214 3,919,548 2,664,017 1,284,318 8,215,130 91,184 — $ 22,490,285 Gross charge-offs three months ended September 30, 2023 $ — 31 — — — 248 — — $ 279 Gross charge-offs nine months ended September 30, 2023 $ — 164 192 21 139 2,173 — — $ 2,689 Residential - limited documentation: Current $ — — — — — 865,988 — — $ 865,988 30-89 days past due — — — — — 29,747 — — 29,747 Accruing loans past due — — — — — — — — — Nonaccrual — — — — — 62,250 — — 62,250 Total residential - limited $ — — — — — 957,985 — — $ 957,985 Gross charge-offs three months ended September 30, 2023 $ — — — — — 1,053 — — $ 1,053 Gross charge-offs nine months ended September 30, 2023 $ — — — — — 1,416 — — $ 1,416 Consumer: Home equity lines and loans: Current $ 75 27 1,918 1,874 13,594 103,236 3,032,468 1,425,189 $ 4,578,381 30-89 days past due — — — 144 232 2,104 — 33,534 36,014 Accruing loans past due — — — — — — — — — Nonaccrual — — 19 — 27 6,091 1,158 71,021 78,316 Total home equity lines and loans $ 75 27 1,937 2,018 13,853 111,431 3,033,626 1,529,744 $ 4,692,711 Gross charge-offs three months ended September 30, 2023 $ — — — — — — — 1,522 $ 1,522 Gross charge-offs nine months ended September 30, 2023 $ — — — — — 84 1,298 3,339 $ 4,721 Recreational finance: Current $ 1,824,498 2,438,925 1,944,826 1,344,923 820,557 1,074,729 — — $ 9,448,458 30-89 days past due 5,564 11,669 15,168 12,145 7,973 14,630 — — 67,149 Accruing loans past due — — — — — — — — — Nonaccrual 1,138 3,935 6,338 5,477 4,013 9,623 — — 30,524 Total recreational finance $ 1,831,200 2,454,529 1,966,332 1,362,545 832,543 1,098,982 — — $ 9,546,131 Gross charge-offs three months ended September 30, 2023 $ 1,261 3,415 3,475 2,377 1,872 3,673 — — $ 16,073 Gross charge-offs nine months ended September 30, 2023 $ 2,134 8,565 9,502 8,108 6,035 11,030 — — $ 45,374 Automobile: Current $ 653,170 1,192,810 1,164,074 489,259 236,991 119,274 — — $ 3,855,578 30-89 days past due 3,019 12,198 13,492 6,866 5,582 5,100 — — 46,257 Accruing loans past due — — — — — — — — — Nonaccrual 1,148 2,679 4,632 2,525 2,217 2,758 — — 15,959 Total automobile $ 657,337 1,207,687 1,182,198 498,650 244,790 127,132 — — $ 3,917,794 Gross charge-offs three months ended September 30, 2023 $ 476 1,584 1,288 625 436 579 — — $ 4,988 Gross charge-offs nine months ended September 30, 2023 $ 557 4,403 5,272 2,502 1,919 1,977 — — $ 16,630 Other: Current $ 209,451 200,204 128,475 38,232 19,931 19,668 1,421,161 3,181 $ 2,040,303 30-89 days past due 2,592 2,055 1,546 314 185 383 10,337 912 18,324 Accruing loans past due — — — — — 208 6,041 — 6,249 Nonaccrual 1,805 852 430 119 149 305 49,408 204 53,272 Total other $ 213,848 203,111 130,451 38,665 20,265 20,564 1,486,947 4,297 $ 2,118,148 Gross charge-offs three months ended September 30, 2023 $ 5,716 2,200 1,222 323 263 348 9,723 — $ 19,795 Gross charge-offs nine months ended September 30, 2023 $ 11,829 14,060 6,218 2,927 3,178 9,682 9,915 — $ 57,809 Total loans and leases at $ 13,605,150 22,386,601 16,333,780 11,118,156 10,677,789 29,091,048 27,515,555 1,626,606 $ 132,354,685 Total gross charge-offs for $ 9,577 15,404 8,983 5,091 8,346 57,294 15,911 1,522 $ 122,128 Total gross charge-offs for $ 17,479 46,324 32,292 22,500 99,469 138,036 19,852 3,339 $ 379,291 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 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 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended September 30, 2023 and 2022 were as follows: Commercial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Three Months Ended September 30, 2023 Beginning balance $ 511,929 765,676 118,392 602,369 $ 1,998,366 Provision for credit losses 45,637 73,588 ( 3,390 ) 34,165 150,000 Net charge-offs Charge-offs ( 26,844 ) ( 51,574 ) ( 1,332 ) ( 42,378 ) ( 122,128 ) Recoveries 6,976 4,290 824 13,799 25,889 Net charge-offs ( 19,868 ) ( 47,284 ) ( 508 ) ( 28,579 ) ( 96,239 ) Ending balance $ 537,698 791,980 114,494 607,955 $ 2,052,127 Three Months Ended September 30, 2022 Beginning balance $ 414,473 708,393 124,326 576,598 $ 1,823,790 Provision for credit losses 43,343 26,949 ( 11,169 ) 55,877 115,000 Net charge-offs Charge-offs ( 37,396 ) ( 35,213 ) ( 2,572 ) ( 26,086 ) ( 101,267 ) Recoveries 22,022 401 2,234 13,411 38,068 Net charge-offs ( 15,374 ) ( 34,812 ) ( 338 ) ( 12,675 ) ( 63,199 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 Changes in the allowance for credit losses for the nine months ended September 30, 2023 and 2022 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Nine Months Ended September 30, 2023 Beginning balance $ 502,153 676,684 115,092 631,402 $ 1,925,331 Provision for credit losses 69,801 290,672 ( 955 ) 60,482 420,000 Net charge-offs Charge-offs ( 67,104 ) ( 183,548 ) ( 4,105 ) ( 124,534 ) ( 379,291 ) Recoveries 32,848 8,172 4,462 40,605 86,087 Net (charge-offs) recoveries ( 34,256 ) ( 175,376 ) 357 ( 83,929 ) ( 293,204 ) Ending balance $ 537,698 791,980 114,494 607,955 $ 2,052,127 Nine Months Ended September 30, 2022 Beginning balance $ 283,899 557,239 71,726 556,362 $ 1,469,226 Allowance on acquired PCD loans 41,003 55,812 1,833 352 99,000 Provision for credit losses (a) 167,985 116,288 40,719 102,008 427,000 Net charge-offs Charge-offs (b) ( 94,555 ) ( 45,809 ) ( 9,407 ) ( 78,148 ) ( 227,919 ) Recoveries 44,110 17,000 7,948 39,226 108,284 Net charge-offs ( 50,445 ) ( 28,809 ) ( 1,459 ) ( 38,922 ) ( 119,635 ) Ending balance $ 442,442 700,530 112,819 619,800 $ 1,875,591 ________________________________________________________________________________________________ (a) Includes $ 242 million related to non-PCD acquired loans for the nine months ended September 30, 2022. (b) For the nine months ended September 30, 2022, net charge-offs do not reflect $ 33 million of charge offs related to PCD acquired loans. |
Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans | Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2023 and 2022 follows: Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized September 30, 2023 June 30, 2023 January 1, 2023 Three Months Ended September 30, 2023 Nine (In thousands) Commercial, financial, leasing, etc. $ 324,774 $ 160,646 $ 485,420 $ 416,022 $ 347,204 $ 3,726 $ 7,914 Real estate: Commercial 458,720 777,367 1,236,087 1,383,190 1,396,662 12,446 22,379 Residential builder and developer 3,353 — 3,353 1,193 1,229 — 396 Other commercial construction 4,080 131,924 136,004 146,024 124,937 249 1,974 Residential 90,879 149,874 240,753 238,509 272,090 3,480 12,247 Residential — limited documentation 21,634 40,616 62,250 66,614 77,814 426 686 Consumer: Home equity lines and loans 48,737 29,579 78,316 77,090 84,788 1,493 5,172 Recreational finance 20,955 9,569 30,524 32,286 44,630 185 536 Automobile 11,981 3,978 15,959 21,791 39,584 36 107 Other 53,100 172 53,272 52,862 49,497 66 233 Total $ 1,038,213 $ 1,303,725 $ 2,341,938 $ 2,435,581 $ 2,438,435 $ 22,107 $ 51,644 September 30, 2022 June 30, 2022 January 1, 2022 Three Months Ended September 30, 2022 Nine (In thousands) Commercial, financial, leasing, etc. $ 207,841 $ 160,325 $ 368,166 $ 442,496 $ 221,022 $ 4,708 $ 20,423 Real estate: Commercial 394,502 1,011,698 1,406,200 1,476,658 1,069,280 7,059 14,944 Residential builder and developer 1,930 — 1,930 518 3,005 — 1,687 Other commercial construction 25,235 40,952 66,187 73,046 111,405 22 3,398 Residential 160,704 124,691 285,395 331,376 355,858 8,059 21,397 Residential — limited documentation 61,297 34,085 95,382 112,608 122,888 229 456 Consumer: Home equity lines and loans 38,324 39,884 78,208 79,445 70,488 669 3,291 Recreational finance 31,295 7,423 38,718 33,414 27,811 166 488 Automobile 36,075 4,243 40,318 36,266 34,037 35 110 Other 48,741 81 48,822 47,178 44,289 84 268 Total $ 1,005,944 $ 1,423,382 $ 2,429,326 $ 2,633,005 $ 2,060,083 $ 21,031 $ 66,462 |
Loan Modification Activities to Borrowers Experiencing Financial Difficulty on Financing Receivables | The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month and nine-month periods ended September 30, 2023: Amortized cost at September 30, 2023 Payment Deferral Interest Rate Reduction Other Combination of Modification Types (a) Total (b) Percent of Total Loan Class at Period End (Dollars in thousands) Three Months Ended September 30, 2023 Commercial, financial, leasing, etc. $ 39,058 $ — $ — $ 1,204 $ 40,262 0.09 % Real estate: Commercial 273,201 — — 6,253 279,454 0.78 % Residential builder and developer — — — — — — Other commercial construction 215,598 — — — 215,598 3.20 % Residential 53,239 — — 1,446 54,685 0.24 % Residential — limited documentation 1,721 — — — 1,721 0.18 % Consumer: Home equity lines and loans 125 — — 150 275 0.01 % Recreational finance 40 — — — 40 — Automobile 61 — — — 61 — Other — — — — — — Total $ 583,043 $ — $ — $ 9,053 $ 592,096 0.45 % Nine Months Ended September 30, 2023 Commercial, financial, leasing, etc. $ 93,583 $ 381 $ — $ 1,659 $ 95,623 0.21 % Real estate: Commercial 440,195 — — 14,250 454,445 1.27 % Residential builder and developer 70,683 — — — 70,683 6.42 % Other commercial construction 431,668 — — 8,253 439,921 6.54 % Residential 120,632 — — 4,525 125,157 0.56 % Residential — limited documentation 9,971 — — 699 10,670 1.11 % Consumer: Home equity lines and loans 482 134 — 437 1,053 0.02 % Recreational finance 240 — — — 240 — Automobile 274 — — — 274 0.01 % Other — — — — — — Total $ 1,167,728 $ 515 $ — $ 29,823 $ 1,198,066 0.91 % (a) Predominantly payment deferrals combined with interest rate reductions. (b) Includes approximately $ 45 million and $ 92 million, respectively, of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month and nine-month periods ended September 30, 2023 . |
Summary of Payment Status of Loans Modified | The following table summarizes the payment status, at September 30, 2023, of loans that were modified for the nine-month period ended September 30, 2023 : Payment status at September 30, 2023 (amortized cost) Current 30-89 Days Past Due Past Due 90 Days or More (a) Total Nine Months Ended September 30, 2023 (In thousands) Commercial, financial, leasing, etc. $ 81,558 $ 2,326 $ 11,739 $ 95,623 Real estate: Commercial 433,428 19,022 1,995 454,445 Residential builder and developer 70,683 — — 70,683 Other commercial construction 439,921 — — 439,921 Residential (b) 79,331 33,344 12,482 125,157 Residential — limited documentation 7,943 932 1,795 10,670 Consumer: Home equity lines and loans 1,034 19 — 1,053 Recreational finance 240 — — 240 Automobile 274 — — 274 Other — — — — Total $ 1,114,412 $ 55,643 $ 28,011 $ 1,198,066 (a) Predominantly loan modifications with payment deferrals. (b) Includes loans guaranteed by government-related entities classified as 30-89 days past due of $ 28 million and as past due 90 days or more of $ 11 million. |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2022. The table is not comparative to the preceding table. The Company no longer designates modified loans as a troubled debt restructuring in conjunction with the adoption of amended accounting guidance on January 1, 2023. 4. Loans and leases and the allowance for credit losses, continued Post-modification (a) Number Pre- Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Three Months Ended September 30, 2022 Commercial, financial, leasing, etc. 70 $ 32,451 $ 11,237 $ 446 $ 229 $ 21,519 $ 33,431 Real estate: Commercial 14 22,951 7,222 — 122 15,543 22,887 Residential 57 14,380 11,094 — — 3,470 14,564 Residential — limited documentation 2 155 155 — — — 155 Consumer: Home equity lines and loans 25 1,700 1,504 — — 196 1,700 Recreational finance 167 6,937 6,937 — — — 6,937 Automobile 474 9,755 9,755 — — — 9,755 Other 30 371 371 — — — 371 Total 839 $ 88,700 $ 48,275 $ 446 $ 351 $ 40,728 $ 89,800 Nine Months Ended September 30, 2022 Commercial, financial, leasing, etc. 147 $ 79,437 $ 49,671 $ 455 $ 983 $ 30,262 $ 81,371 Real estate: Commercial 44 33,349 13,052 — 2,223 17,728 33,003 Residential 221 56,912 40,821 — — 18,469 59,290 Residential — limited documentation 7 1,231 1,049 — — 193 1,242 Consumer: — Home equity lines and loans 93 6,483 6,089 — — 461 6,550 Recreational finance 514 19,138 19,131 — — — 19,131 Automobile 1,537 29,789 29,759 — — — 29,759 Other 128 1,170 1,170 — — — 1,170 Total 2,691 $ 227,509 $ 160,742 $ 455 $ 3,206 $ 67,113 $ 231,516 _____________________________________________ (a) Financial effects impacting the recorded investment included principal payments or advances, ch arge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | September 30, 2023 December 31, 2022 (In thousands) Short-term borrowings Federal funds purchased and repurchase agreements $ 530,663 $ 354,670 FHLB Advances 6,200,000 3,200,281 Total short-term borrowings $ 6,730,663 $ 3,554,951 Long-term borrowings Asset-backed notes $ 516,668 $ — FHLB Advances 4,956 5,183 Senior notes - M&T 1,377,985 1,220,965 Senior notes - M&T Bank 3,741,161 1,249,141 Subordinated notes - M&T 76,339 77,337 Subordinated notes - M&T Bank 857,876 866,296 Junior subordinated debentures - M&T 538,932 536,080 Other 9,509 9,535 Total long-term borrowings $ 7,123,426 $ 3,964,537 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Accounting Guidance | The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2023 and 2022 that are subject to the revenue recognition accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended September 30, 2023 (In thousands) Classification in Consolidated Service charges on deposit accounts $ 21,749 31,237 4,551 — — 62,011 1,812 $ 121,360 Trust income 23 — — — — — 155,069 155,092 Brokerage services income — — — — — — 26,988 26,988 Other revenues from operations: Merchant discount and credit card fees 17,021 19,494 1,171 — — 4,795 360 42,841 Other — 5,839 942 13 125 7,605 765 15,289 $ 38,793 56,570 6,664 13 125 74,411 184,994 $ 361,570 Three Months Ended September 30, 2022 Classification in Consolidated Service charges on deposit accounts $ 19,277 30,406 3,683 — — 61,223 624 $ 115,213 Trust income — — — — — — 186,577 186,577 Brokerage services income — — — — — — 21,086 21,086 Other revenues from operations: Merchant discount and credit card fees 16,234 17,731 1,104 — — 6,874 561 42,504 Other — 9,878 1,961 904 558 3,980 8,767 26,048 $ 35,511 58,015 6,748 904 558 72,077 217,615 $ 391,428 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2023 (In thousands) Classification in Consolidated Service charges on deposit accounts $ 62,097 89,940 13,163 — — 183,141 5,262 $ 353,603 Trust income 52 — — — — — 521,305 521,357 Brokerage services income — — — — — — 76,155 76,155 Other revenues from operations: Merchant discount and credit card fees 48,206 53,056 3,406 — — 16,345 992 122,005 Other — 16,441 3,460 51 676 22,679 2,922 46,229 $ 110,355 159,437 20,029 51 676 222,165 606,636 $ 1,119,349 Nine Months Ended September 30, 2022 Classification in Consolidated Service charges on deposit accounts $ 53,581 85,806 10,903 — — 185,990 4,610 $ 340,890 Trust income — — — — — — 545,874 545,874 Brokerage services income — — — — — — 65,414 65,414 Other revenues from operations: Merchant discount and credit card fees 45,874 48,044 2,836 — — 19,408 946 117,108 Other — 13,040 8,228 2,468 3,413 16,752 33,416 77,317 $ 99,455 146,890 21,967 2,468 3,413 222,150 650,260 $ 1,146,603 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net Periodic Defined Benefit Cost for Defined Benefit Plans | The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic cost (benefit) for defined benefit plans consisted of the following: Pension Other Three Months Ended September 30 2023 2022 2023 2022 (In thousands) Service cost $ 2,837 $ 4,423 $ 400 $ 689 Interest cost on projected benefit obligation 28,862 22,060 703 581 Expected return on plan assets ( 50,315 ) ( 50,188 ) — — Amortization of prior service cost (credit) 52 129 ( 515 ) ( 693 ) Amortization of net actuarial loss (gain) ( 537 ) 4,974 ( 692 ) ( 370 ) Net periodic cost (benefit) $ ( 19,101 ) $ ( 18,602 ) $ ( 104 ) $ 207 Pension Other Nine Months Ended September 30 2023 2022 2023 2022 (In thousands) Service cost $ 8,512 $ 13,237 $ 1,200 $ 1,914 Interest cost on projected benefit obligation 86,585 60,407 2,109 1,607 Expected return on plan assets ( 150,945 ) ( 137,421 ) — — Amortization of prior service cost (credit) 155 387 ( 1,545 ) ( 2,079 ) Amortization of net actuarial loss (gain) ( 1,610 ) 14,921 ( 2,076 ) ( 1,111 ) Net periodic cost (benefit) $ ( 57,303 ) $ ( 48,469 ) $ ( 312 ) $ 331 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 (In thousands, except per share) Income available to common shareholders: Net income $ 689,941 $ 646,596 $ 2,258,599 $ 1,226,292 Less: Preferred stock dividends ( 24,941 ) ( 24,941 ) ( 74,822 ) ( 71,647 ) Net income available to common equity 665,000 621,655 2,183,777 1,154,645 Less: Income attributable to unvested stock-based ( 1,237 ) ( 1,106 ) ( 3,975 ) ( 2,245 ) Net income available to common shareholders $ 663,763 $ 620,549 $ 2,179,802 $ 1,152,400 Weighted-average shares outstanding: Common shares outstanding (including common stock 166,217 174,921 166,787 160,793 Less: Unvested stock-based compensation awards ( 308 ) ( 312 ) ( 299 ) ( 319 ) Weighted-average shares outstanding 165,909 174,609 166,488 160,474 Basic earnings per common share $ 4.00 $ 3.55 $ 13.09 $ 7.18 |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 (In thousands, except per share) Net income available to common equity $ 665,000 $ 621,655 $ 2,183,777 $ 1,154,645 Less: Income attributable to unvested stock-based ( 1,234 ) ( 1,101 ) ( 3,965 ) ( 2,239 ) Net income available to common shareholders $ 663,766 $ 620,554 $ 2,179,812 $ 1,152,406 Adjusted weighted-average shares outstanding: Common shares outstanding (including common stock 166,217 174,921 166,787 160,793 Less: Unvested stock-based compensation awards ( 308 ) ( 312 ) ( 299 ) ( 319 ) Plus: Incremental shares from assumed conversion 661 1,073 605 821 Adjusted weighted-average shares outstanding 166,570 175,682 167,093 161,295 Diluted earnings per common share $ 3.98 $ 3.53 $ 13.05 $ 7.14 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 $ ( 444,192 ) ( 272,856 ) ( 349,129 ) $ ( 1,066,177 ) 276,147 $ ( 790,030 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 2,366 ) — — ( 2,366 ) 588 ( 1,778 ) Foreign currency translation adjustment — — 71 71 ( 18 ) 53 Unrealized losses on cash flow hedges — — ( 365,739 ) ( 365,739 ) 90,679 ( 275,060 ) Total other comprehensive income (loss) before ( 2,366 ) — ( 365,668 ) ( 368,034 ) 91,249 ( 276,785 ) Amounts reclassified from accumulated other comprehensive Accretion of net gain on terminated cash flow hedges — — ( 91 ) ( 91 ) (b) 23 ( 68 ) Net yield adjustment from cash flow hedges — — 173,051 173,051 (a) ( 43,535 ) 129,516 Amortization of prior service credit — ( 1,390 ) — ( 1,390 ) (c) 155 ( 1,235 ) Amortization of actuarial gains — ( 3,686 ) — ( 3,686 ) (c) 410 ( 3,276 ) Total other comprehensive income (loss) ( 2,366 ) ( 5,076 ) ( 192,708 ) ( 200,150 ) 48,302 ( 151,848 ) Balance — September 30, 2023 $ ( 446,558 ) ( 277,932 ) ( 541,837 ) $ ( 1,266,327 ) 324,449 $ ( 941,878 ) Balance — January 1, 2022 $ 104,691 ( 360,276 ) 83,531 $ ( 172,054 ) 44,476 $ ( 127,578 ) Other comprehensive income (loss) before reclassifications: Unrealized holding losses, net ( 576,266 ) — — ( 576,266 ) 149,186 ( 427,080 ) Foreign currency translation adjustment — — ( 14,564 ) ( 14,564 ) 3,293 ( 11,271 ) Unrealized losses on cash flow hedges — — ( 429,310 ) ( 429,310 ) 111,150 ( 318,160 ) Total other comprehensive income (loss) before ( 576,266 ) — ( 443,874 ) ( 1,020,140 ) 263,629 ( 756,511 ) Amounts reclassified from accumulated other comprehensive Amortization of unrealized holding losses on 1,766 — — 1,766 (a) ( 456 ) 1,310 Accretion of net gain on terminated cash flow hedges — — ( 90 ) ( 90 ) (b) 24 ( 66 ) Net yield adjustment from cash flow hedges — — ( 35,500 ) ( 35,500 ) (a) 9,192 ( 26,308 ) Amortization of prior service credit — ( 1,692 ) — ( 1,692 ) (c) 413 ( 1,279 ) Amortization of actuarial losses — 13,810 — 13,810 (c) ( 3,371 ) 10,439 Total other comprehensive income (loss) ( 574,500 ) 12,118 ( 479,464 ) ( 1,041,846 ) 269,431 ( 772,415 ) Balance — September 30, 2022 $ ( 469,809 ) ( 348,158 ) ( 395,933 ) $ ( 1,213,900 ) 313,907 $ ( 899,993 ) (a) Included in interest income. (b) Included in interest expense. (c) Included in other costs of operations. |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2022 $ ( 329,168 ) $ ( 202,186 ) $ ( 258,676 ) $ ( 790,030 ) Net loss during period ( 1,778 ) ( 4,511 ) ( 145,559 ) ( 151,848 ) Balance — September 30, 2023 $ ( 330,946 ) $ ( 206,697 ) $ ( 404,235 ) $ ( 941,878 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Information about Interest Rate Swap Agreements | Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In thousands) September 30, 2023 Fair value hedges: Fixed rate long-term borrowings (b) $ 2,000,000 6.6 3.11 % 5.74 % $ 3,108 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b) (c) 23,977,000 2.0 3.45 % 5.32 % 9,077 Total $ 25,977,000 2.4 $ 12,185 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) (d) 15,900,000 1.4 1.91 % 4.38 % ( 7,059 ) Total $ 17,400,000 1.6 $ ( 7,892 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $ 163.9 million at September 30, 2023 and $ 65.0 million at December 31, 2022. The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of losses of $ 538.5 million at September 30, 2023 and $ 329.7 million at December 31, 2022. (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 $ 9.4 billion of forward-starting interest rate swap agreements that become effective in 2023 and 2024. (d) Includes notional amount and terms of $ 4.7 billion of forward-starting interest rate swap agreements that become effective in 2023. 10. Derivative financial instruments, continued |
Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet | Information about the fair values of derivative instruments in the Company’s Consolidated Balance Sheet and Consolidated Statement of Income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value September 30, December 31, September 30, December 31, 2023 2022 2023 2022 (In thousands) Derivatives designated and qualifying as hedging instruments (a) Interest rate swap agreements $ 12,471 $ 1,202 $ 286 $ 9,094 Commitments to sell real estate loans 5,998 3,037 614 9 18,469 4,239 900 9,103 Derivatives not designated and qualifying as hedging instruments (a) Mortgage banking: Mortgage-related commitments to originate real estate loans for sale 2,380 452 53,783 46,025 Commitments to sell real estate loans 60,036 51,410 83 14 62,416 51,862 53,866 46,039 Other: Interest rate contracts (b) 323,865 355,806 1,420,668 1,278,180 Foreign exchange and other option and futures contracts 15,552 24,062 14,361 22,004 339,417 379,868 1,435,029 1,300,184 Total derivatives $ 420,302 $ 435,969 $ 1,489,795 $ 1,355,326 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) The impact of variation margin payments at September 30, 2023 and December 31, 2022 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $ 1.2 billion and $ 1.1 billion , respectively, as of each period end, and in a liability position of $ 15.7 million and $ 29.2 million , respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (In thousands) Location in the Consolidated Balance Sheet Hedges Long-term debt $ 1,834,030 $ 1,433,731 $ ( 161,230 ) $ ( 65,310 ) |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Three Months Ended September 30 2023 2022 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 60,605 ) 60,737 $ ( 50,976 ) 50,821 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 6,311 $ 6,946 Foreign exchange and other option and futures contracts (b) 4,232 4,462 Total $ 10,543 $ 11,408 10. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Nine Months Ended September 30 2023 2022 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ ( 94,997 ) 95,920 $ ( 114,932 ) 114,581 Derivatives not designated as hedging instruments Interest rate contracts (b) $ 25,027 $ 17,907 Foreign exchange and other option and futures contracts (b) 11,377 10,701 Total $ 36,404 $ 28,608 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and other non-hedging derivative gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at September 30, 2023 and December 31, 2022 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2023 Trading account $ 136,998 $ 118,838 $ 18,160 $ — Investment securities available for sale: U.S. Treasury and federal agencies 7,735,107 — 7,735,107 — Mortgage-backed securities: Government issued or guaranteed Commercial 525,469 — 525,469 — Residential 2,168,287 — 2,168,287 — Other debt securities 163,546 — 163,546 — 10,592,409 — 10,592,409 — Equity securities 259,216 252,080 7,136 — Real estate loans held for sale 430,720 — 430,720 — Other assets (a) 420,302 — 417,922 2,380 Total assets $ 11,839,645 $ 370,918 $ 11,466,347 $ 2,380 Other liabilities (a) 1,489,795 — 1,436,012 53,783 Total liabilities $ 1,489,795 $ — $ 1,436,012 $ 53,783 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 (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 three and nine months ended September 30, 2023 and 2022 were as follows: Other Assets and Other Liabilities Three months ended Nine months ended September 30, September 30, September 30, September 30, (In thousands) Beginning balance $ ( 37,178 ) $ ( 24,181 ) $ ( 45,573 ) $ 6,440 Total gains (losses) realized/unrealized: Included in earnings (a) ( 10,155 ) ( 9,321 ) 6,301 ( 34,630 ) Transfers out of Level 3 (b) ( 4,070 ) ( 14,804 ) ( 12,131 ) ( 20,116 ) Ending balance $ ( 51,403 ) $ ( 48,306 ) $ ( 51,403 ) $ ( 48,306 ) Changes in net unrealized gains (losses) included in earnings $ ( 12,957 ) $ ( 17,160 ) $ ( 12,341 ) $ ( 48,108 ) ___________________________________________________________________________________________________________________________________________ (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 table presents quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at September 30, 2023 and December 31, 2022: Fair Value Valuation Unobservable Range (In thousands) September 30, 2023 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 51,403 ) Discounted cash flow Commitment expirations 0 % - 99 % ( 8 %) December 31, 2022 Recurring fair value measurements Net other assets (liabilities) (a) $ ( 45,573 ) Discounted cash flow Commitment expirations 0 % - 97 % ( 3 %) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) | The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: September 30, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,768,864 1,768,864 1,701,427 67,437 — Interest-bearing deposits at banks 30,114,286 30,114,286 — 30,114,286 — Trading account 136,998 136,998 118,838 18,160 — Investment securities 27,336,103 25,529,926 252,080 25,231,860 45,986 Loans and leases: Commercial loans and leases 45,058,033 44,080,119 — — 44,080,119 Commercial real estate loans 43,573,598 41,273,080 — 226,022 41,047,058 Residential real estate loans 23,448,270 20,746,776 — 6,808,082 13,938,694 Consumer loans 20,274,784 19,351,349 — — 19,351,349 Allowance for credit losses ( 2,052,127 ) — — — — Loans and leases, net 130,302,558 125,451,324 — 7,034,104 118,417,220 Accrued interest receivable 734,036 734,036 — 734,036 — Financial liabilities: Noninterest-bearing deposits $ ( 53,786,987 ) ( 53,786,987 ) — ( 53,786,987 ) — Savings and interest-checking deposits ( 90,297,219 ) ( 90,297,219 ) — ( 90,297,219 ) — Time deposits ( 20,043,601 ) ( 19,931,959 ) — ( 19,931,959 ) — Short-term borrowings ( 6,730,663 ) ( 6,730,663 ) — ( 6,730,663 ) — Long-term borrowings ( 7,123,426 ) ( 6,811,799 ) — ( 6,811,799 ) — Accrued interest payable ( 401,752 ) ( 401,752 ) — ( 401,752 ) — Other financial instruments: Commitments to originate real estate $ ( 51,403 ) ( 51,403 ) — — ( 51,403 ) Commitments to sell real estate loans 65,337 65,337 — 65,337 — Other credit-related commitments ( 150,708 ) ( 150,708 ) — — ( 150,708 ) Interest rate swap agreements used 12,185 12,185 — 12,185 — Interest rate and foreign exchange contracts ( 1,095,612 ) ( 1,095,612 ) — ( 1,095,612 ) — 12. Fair value measurements, continued 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 contracts ( 920,316 ) ( 920,316 ) — ( 920,316 ) — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities Outstanding | The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's Consolidated Balance Sheet. September 30, December 31, 2023 2022 (In thousands) Commitments to extend credit Home equity lines of credit $ 8,167,368 $ 8,261,560 Commercial real estate loans to be sold 338,569 348,701 Other commercial real estate 6,224,142 5,776,116 Residential real estate loans to be sold 237,683 31,208 Other residential real estate 406,667 505,121 Commercial and other 33,670,583 32,625,840 Standby letters of credit 2,333,434 2,376,644 Commercial letters of credit 72,053 65,066 Financial guarantees and indemnification contracts 4,209,726 4,022,432 Commitments to sell real estate loans 948,190 533,458 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Three Months Ended September 30, 2022 Total Revenues as Previously Reported Impact of Changes Total Revenues as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 241,629 — $ 241,629 $ 94,094 ( 1,476 ) $ 92,618 Commercial Banking 510,549 ( 1,173 ) 509,376 214,063 ( 2,838 ) 211,225 Commercial Real Estate 234,479 12,635 247,114 94,937 15,097 110,034 Discretionary Portfolio 36,622 ( 24,981 ) 11,641 11,813 ( 18,074 ) ( 6,261 ) Residential Mortgage Banking 95,091 — 95,091 ( 3,283 ) 1,173 ( 2,110 ) Retail Banking 650,229 ( 2 ) 650,227 181,639 1,155 182,794 All Other 473,171 13,521 486,692 53,333 4,963 58,296 Total $ 2,241,770 — $ 2,241,770 $ 646,596 — $ 646,596 Nine Months Ended September 30, 2022 Total Revenues as Previously Reported Impact of Changes Total Revenues as Reclassified Net Income (Loss) as Previously Reported Impact of Changes Net Income (Loss) as Reclassified (In thousands) Business Banking $ 586,605 — $ 586,605 $ 205,741 ( 6,008 ) $ 199,733 Commercial Banking 1,239,300 ( 2,550 ) 1,236,750 521,749 ( 20,254 ) 501,495 Commercial Real Estate 676,176 29,707 705,883 314,284 24,941 339,225 Discretionary Portfolio 190,761 ( 39,866 ) 150,895 103,283 ( 30,448 ) 72,835 Residential Mortgage Banking 346,409 — 346,409 35,028 ( 2,095 ) 32,933 Retail Banking 1,523,992 — 1,523,992 379,688 ( 13,243 ) 366,445 All Other 1,106,405 12,709 1,119,114 ( 333,481 ) 47,107 ( 286,374 ) Total $ 5,669,648 — $ 5,669,648 $ 1,226,292 — $ 1,226,292 14. Segment information, continued Information about the Company's segments follows: Three Months Ended September 30 2023 2022 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 291,839 $ 980 $ 117,290 $ 241,629 $ 663 $ 92,618 Commercial Banking 453,326 8,224 167,714 509,376 802 211,225 Commercial Real Estate 231,303 188 72,442 247,114 249 110,034 Discretionary Portfolio ( 20,672 ) ( 14,110 ) ( 21,586 ) 11,641 ( 23,044 ) ( 6,261 ) Residential Mortgage Banking 100,444 19,373 ( 14,422 ) 95,091 35,647 ( 2,110 ) Retail Banking 876,002 ( 35 ) 342,700 650,227 ( 5 ) 182,794 All Other 402,727 ( 14,620 ) 25,803 486,692 ( 14,312 ) 58,296 Total $ 2,334,969 $ — $ 689,941 $ 2,241,770 $ — $ 646,596 Nine Months Ended September 30 2023 2022 Total Inter- Net Total Inter- Net (In thousands) Business Banking $ 842,571 $ 2,904 $ 346,704 $ 586,605 $ 2,060 $ 199,733 Commercial Banking 1,420,971 27,742 553,255 1,236,750 2,605 501,495 Commercial Real Estate 674,276 745 192,539 705,883 687 339,225 Discretionary Portfolio ( 78,005 ) ( 44,124 ) ( 93,678 ) 150,895 ( 74,952 ) 72,835 Residential Mortgage Banking 280,654 60,599 ( 41,676 ) 346,409 110,986 32,933 Retail Banking 2,572,410 ( 113 ) 995,927 1,523,992 ( 12 ) 366,445 All Other 1,629,789 ( 47,753 ) 305,528 1,119,114 ( 41,374 ) ( 286,374 ) Total $ 7,342,666 $ — $ 2,258,599 $ 5,669,648 $ — $ 1,226,292 Average Total Assets Nine Months Ended September 30 Year Ended 31 2023 2022 2022 (In millions) Business Banking $ 7,968 $ 7,515 $ 7,597 Commercial Banking (b) 49,373 39,293 40,930 Commercial Real Estate (b) 31,878 29,982 30,599 Discretionary Portfolio 50,900 40,987 42,657 Residential Mortgage Banking 2,746 4,370 3,986 Retail Banking 21,261 20,063 20,312 All Other 40,140 45,185 44,171 Total $ 204,266 $ 187,395 $ 190,252 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $ 14.3 million and $ 11.8 million for the three-month periods ended September 30, 2023 and 2022 , respectively, and $ 41.7 million and $ 25.8 million for the nine-month periods ended September 30, 2023 and 2022 and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues. (b) For the nine months ended September 30, 2022 , average total assets totaling approximately $ 1.17 billion were reclassified to the Commercial Real Estate segment from the Commercial Banking segment as a result of the realignment of certain lending relationships within the hospitality sector. |
Acquisition and Divestiture - A
Acquisition and Divestiture - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Apr. 29, 2023 | Apr. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||||
Carrying Value | $ 2,010,600,000 | $ 2,010,600,000 | $ 2,010,600,000 | |||||||
Goodwill | 8,465,089,000 | 8,465,089,000 | 8,490,089,000 | |||||||
ACL for non-PCD loan and leases | $ 242,000,000 | |||||||||
Initial estimate of expected credit losses | 99,000,000 | |||||||||
Assets | 209,124,316,000 | 209,124,316,000 | 200,729,841,000 | |||||||
Shareholders' equity | 26,196,502,000 | $ 25,256,493,000 | 26,196,502,000 | $ 25,256,493,000 | $ 25,800,933,000 | 25,317,990,000 | $ 25,794,531,000 | $ 17,903,405,000 | ||
Net Income (Loss) | 689,941,000 | 646,596,000 | 2,258,599,000 | 1,226,292,000 | ||||||
Fiduciary and Trust [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue from contract with customer | 155,092,000 | 186,577,000 | 521,357,000 | 545,874,000 | ||||||
Collective Investment Trust [Member] | Fiduciary and Trust [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (loss) on sale of subsidiary, pre-tax | $ 225,000,000 | |||||||||
Revenue from contract with customer | 60,000,000 | 121,000,000 | ||||||||
Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shareholders' equity | 89,718,000 | 89,718,000 | 89,718,000 | 89,718,000 | $ 89,718,000 | $ 89,718,000 | $ 89,718,000 | $ 79,871,000 | ||
Peoples United Financial Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, market value | $ 8,400,000,000 | |||||||||
Common stock, price per share | $ 164.66 | |||||||||
Assets | $ 60,244,818,000 | |||||||||
Goodwill | 3,908,245,000 | |||||||||
Core deposits and other intangible assets | $ 261,000,000 | |||||||||
Peoples United Financial Inc [Member] | Investment Banking, Legal and Other Services [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Merger-related expenses | $ 0 | $ 53,000,000 | $ 0 | $ 293,000,000 | ||||||
Peoples United Financial Inc [Member] | Core Deposit and Other Intangible Assets [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 3 years | |||||||||
Peoples United Financial Inc [Member] | Core Deposit and Other Intangible Assets [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 7 years | |||||||||
Peoples United Financial Inc [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock issued in transaction | 50,325,004 | |||||||||
MT [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock, price per share | $ 0.118 |
Acquisition and Divestiture - S
Acquisition and Divestiture - Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities and preferred stock: | |||
Total liabilities and shareholders’ equity | $ 209,124,316 | $ 200,729,841 | |
Goodwill | $ 8,465,089 | $ 8,490,089 | |
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 Divestiture -_2
Acquisition and Divestiture - Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition (Parenthetical) (Details) | Apr. 01, 2022 shares |
Peoples United Financial Inc [Member] | |
Business Acquisition [Line Items] | |
Common shares issued, Shares | 50,325,004 |
Acquisition and Divestiture -_3
Acquisition and Divestiture - Summary of Unpaid Principal Balance to Fair Value of Loans and Leases by Portfolio Segment (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | $ 2,341,938 | $ 2,429,326 | ||||||
Allowance for credit losses at acquisition | $ (2,435,581) | $ (2,438,435) | $ (2,633,005) | $ (2,060,083) | ||||
PCD Acquired Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | [1] | $ 3,410,506 | ||||||
Allowance for credit losses at acquisition | [1] | (99,000) | ||||||
Other discount | (106,814) | |||||||
Fair value | 3,204,692 | |||||||
Non PCD Acquired Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unpaid principal balance | 32,896,454 | |||||||
Other discount | [2] | (260,498) | ||||||
Fair value | $ 32,635,956 | |||||||
[1] The unpaid principal balance and allowance for credit losses at acquisition is net of charge-offs of $ 33 million recognized on the PCD loans Includes approximately $ 242 million of principal balances not expected to be collected. |
Acquisition and Divestiture -_4
Acquisition and Divestiture - Summary of Unpaid Principal Balance to Fair Value of PCD Loans and Leases by Portfolio Segment (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Charge-offs | $ (122,128) | $ (101,267) | $ (379,291) | $ (227,919) | ||
PCD Acquired Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Charge-offs | $ (33,000) | $ (33,000) | ||||
Other discount | (106,814) | |||||
Non PCD Acquired Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other discount | [1] | (260,498) | ||||
Non PCD Acquired Loans Not Expected To Be Collected [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other discount | $ 242,000 | |||||
[1] Includes approximately $ 242 million of principal balances not expected to be collected. |
Acquisition and Divestiture -_5
Acquisition and Divestiture - Summary of Acquisition, Pro Forma Information (Details) - Peoples United Financial Inc [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total revenues | $ 6,134,400 | [1] |
Net income | $ 1,399,913 | |
[1] Represents the total of net interest income and other income. |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 11,038,966 | $ 11,193,152 |
Investment securities available for sale, gross unrealized gains | 154 | 515 |
Investment securities available for sale, gross unrealized losses | 446,711 | 444,706 |
Investment securities available for sale, estimated fair value | 10,592,409 | 10,748,961 |
Amortized cost for held to maturity | 15,571,120 | 13,529,969 |
Gross unrealized gains for held to maturity | 9,041 | 10,288 |
Gross unrealized losses for held to maturity | 1,815,218 | 1,164,837 |
Estimated fair value for held to maturity | 13,764,943 | 12,375,420 |
Equity and other securities, Amortized Cost | 1,174,046 | 933,766 |
Equity securities, Gross Unrealized Gains | 2,425 | 2,120 |
Equity securities, Gross Unrealized Losses | 3,897 | 3,945 |
Equity and other securities, Estimated Fair Value | 1,172,574 | 931,941 |
Other securities, Amortized cost | 913,358 | 780,483 |
Other securities, Estimated fair value | 913,358 | 780,483 |
Total debt securities Amortized cost | 26,610,086 | 24,723,121 |
Total debt securities Gross unrealized gains | 9,195 | 10,803 |
Total debt securities Gross unrealized losses | 2,261,929 | 1,609,543 |
Total debt securities Estimated fair value | 24,357,352 | 23,124,381 |
Readily marketable securities Amortized cost | 260,688 | 153,283 |
Readily marketable securities Gross unrealized gains | 2,425 | 2,120 |
Readily marketable securities Gross unrealized losses | 3,897 | 3,945 |
Readily marketable securities Estimated fair value | 259,216 | 151,458 |
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 | 1,001,991 | 7,913,932 |
Investment securities available for sale, gross unrealized gains | 200 | |
Investment securities available for sale, gross unrealized losses | 48,706 | 243,172 |
Investment securities available for sale, estimated fair value | 953,285 | 7,670,960 |
Amortized cost for held to maturity | 7,935,658 | 1,054,035 |
Gross unrealized losses for held to maturity | 200,551 | 45,747 |
Estimated fair value for held to maturity | 7,735,107 | 1,008,288 |
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 | 2,511,784 | 2,577,078 |
Gross unrealized gains for held to maturity | 4 | |
Gross unrealized losses for held to maturity | 219,149 | 116,512 |
Estimated fair value for held to maturity | 2,292,635 | 2,460,570 |
Commercial [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 544,263 | 594,779 |
Investment securities available for sale, gross unrealized losses | 18,794 | 20,480 |
Investment securities available for sale, estimated fair value | 525,469 | 574,299 |
Amortized cost for held to maturity | 2,031,532 | 912,431 |
Gross unrealized losses for held to maturity | 233,055 | 103,528 |
Estimated fair value for held to maturity | 1,798,477 | 808,903 |
Residential [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 2,382,810 | 2,501,334 |
Investment securities available for sale, gross unrealized gains | 8 | 65 |
Investment securities available for sale, gross unrealized losses | 214,531 | 171,281 |
Investment securities available for sale, estimated fair value | 2,168,287 | 2,330,118 |
Amortized cost for held to maturity | 9,979,882 | 8,934,918 |
Gross unrealized gains for held to maturity | 1,451 | |
Gross unrealized losses for held to maturity | 1,306,934 | 891,063 |
Estimated fair value for held to maturity | 8,672,948 | 8,045,306 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 176,235 | 183,107 |
Investment securities available for sale, gross unrealized gains | 146 | 250 |
Investment securities available for sale, gross unrealized losses | 12,835 | 9,773 |
Investment securities available for sale, estimated fair value | 163,546 | 173,584 |
Amortized cost for held to maturity | 1,612 | 1,765 |
Estimated fair value for held to maturity | 1,612 | 1,765 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Amortized cost for held to maturity | 44,319 | 49,742 |
Gross unrealized gains for held to maturity | 9,041 | 8,833 |
Gross unrealized losses for held to maturity | 7,374 | 7,987 |
Estimated fair value for held to maturity | $ 45,986 | $ 50,588 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Security | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Security | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Summary of Investment Holdings [Line Items] | |||||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Gains (losses) on equity securities | $ (235,000) | $ (1,108,000) | $ 353,000 | $ (1,913,000) | |
Number of debt securities with aggregate gross unrealized losses | Security | 4,279 | 4,279 | |||
Unrealized losses on individual debt securities | $ (2,300,000,000) | ||||
Cost method equity securities | $ 913,000,000 | 913,000,000 | |||
Investment securities pledged to secure debt carrying value | 8,200,000,000 | 8,200,000,000 | $ 7,900,000,000 | ||
Carrying value of investment securities pledged related to repurchase transactions | 696,000,000 | 696,000,000 | 567,000,000 | ||
Available-for-Sale Securities [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt securities available for sale: | ||
Due in one year or less | $ 4,619,339 | |
Due after one year through five years | 3,437,580 | |
Due after five years through ten years | 24,974 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 8,111,893 | |
Mortgage-backed securities available for sale | 2,927,073 | |
Investment securities available for sale, amortized cost | 11,038,966 | $ 11,193,152 |
Debt securities held to maturity: | ||
Due in one year or less | 14,164 | |
Due after one year through five years | 1,151,126 | |
Due after five years through ten years | 1,306,208 | |
Due after ten years | 1,043,889 | |
Total available for held to maturity (amortized cost) | 3,515,387 | |
Mortgage-backed securities held to maturity | 12,055,733 | |
Amortized cost for held to maturity | 15,571,120 | 13,529,969 |
Debt securities available for sale: | ||
Due in one year or less | 4,544,581 | |
Due after one year through five years | 3,306,540 | |
Due after five years through ten years | 22,400 | |
Due after ten years | 25,132 | |
Total available for sale (fair value) | 7,898,653 | |
Mortgage-backed securities available for sale | 2,693,756 | |
Total | 10,592,409 | 10,748,961 |
Debt securities held to maturity: | ||
Due in one year or less | 13,967 | |
Due after one year through five years | 1,097,310 | |
Due after five years through ten years | 1,223,790 | |
Due after ten years | 912,465 | |
Total available for held to maturity (fair value) | 3,247,532 | |
Mortgage-backed securities held to maturity | 10,517,411 | |
Total | $ 13,764,943 | $ 12,375,420 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 555,157 | $ 9,670,043 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 22,335 | 377,333 |
Estimated fair value, 12 months or more | 10,031,278 | 943,530 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 424,376 | 67,373 |
Held to maturity, Estimated fair value, Less than 12 months | 3,872,293 | 10,559,073 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 260,717 | 885,190 |
Held to maturity, Estimated fair value, 12 months or more | 9,877,015 | 1,354,961 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 1,554,501 | 279,647 |
Total investment securities, fair value less than 12 months | 4,427,450 | 20,229,116 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | 283,052 | 1,262,523 |
Total of investment securities, fair value, 12 Months or More | 19,908,293 | 2,298,491 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | 1,978,877 | 347,020 |
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 | 226,045 | 6,706,413 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 3,741 | 183,760 |
Estimated fair value, 12 months or more | 7,509,062 | 841,945 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 196,810 | 59,412 |
Held to maturity, Estimated fair value, Less than 12 months | 48,825 | 1,008,288 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 1,193 | 45,747 |
Held to maturity, Estimated fair value, 12 months or more | 904,460 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 47,513 | |
Commercial [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 81,949 | 574,299 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 5,146 | 20,480 |
Estimated fair value, 12 months or more | 443,520 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 13,648 | |
Held to maturity, Estimated fair value, Less than 12 months | 1,015,480 | 808,903 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 97,998 | 103,528 |
Held to maturity, Estimated fair value, 12 months or more | 782,997 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 135,057 | |
Residential [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 240,610 | 2,295,873 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 13,246 | 169,489 |
Estimated fair value, 12 months or more | 1,926,504 | 28,305 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 201,285 | 1,792 |
Held to maturity, Estimated fair value, Less than 12 months | 2,570,788 | 6,292,462 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 146,021 | 619,403 |
Held to maturity, Estimated fair value, 12 months or more | 6,102,160 | 1,319,300 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 1,160,913 | 271,660 |
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 | 235,273 | 2,449,420 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 15,423 | 116,512 |
Held to maturity, Estimated fair value, 12 months or more | 2,055,317 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 203,726 | |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 6,553 | 93,458 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 202 | 3,604 |
Estimated fair value, 12 months or more | 152,192 | 73,280 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 12,633 | 6,169 |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, Less than 12 months | 1,927 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 82 | |
Held to maturity, Estimated fair value, 12 months or more | 32,081 | 35,661 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ 7,292 | $ 7,987 |
Loans and Leases and the Allo_3
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 1,748,497 | $ 1,779,054 |
Accruing Loans Past Due 90 Days or More | 354,029 | 491,018 |
Nonaccrual | 2,341,938 | 2,438,435 |
Loans and leases, net of unearned discount | 132,354,685 | 131,564,163 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 127,910,221 | 126,855,656 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 252,987 | 448,462 |
Accruing Loans Past Due 90 Days or More | 21,064 | 72,502 |
Nonaccrual | 485,420 | 347,204 |
Loans and leases, net of unearned discount | 45,058,033 | 41,850,566 |
Commercial, Financial, Leasing, etc. [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 44,298,562 | 40,982,398 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 424,005 | 311,188 |
Accruing Loans Past Due 90 Days or More | 65,426 | 67,696 |
Nonaccrual | 1,236,087 | 1,396,662 |
Loans and leases, net of unearned discount | 35,743,775 | 36,748,173 |
Commercial [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 34,018,257 | 34,972,627 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 6,786 | 8,703 |
Nonaccrual | 3,353 | 1,229 |
Loans and leases, net of unearned discount | 1,100,494 | 1,314,730 |
Residential Builder and Developer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,090,355 | 1,304,798 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 221,532 | 239,521 |
Accruing Loans Past Due 90 Days or More | 549 | |
Nonaccrual | 136,004 | 124,937 |
Loans and leases, net of unearned discount | 6,729,329 | 7,301,668 |
Other Commercial Construction [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,371,793 | 6,936,661 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 645,696 | 595,897 |
Accruing Loans Past Due 90 Days or More | 261,290 | 345,402 |
Nonaccrual | 240,753 | 272,090 |
Loans and leases, net of unearned discount | 22,490,285 | 22,704,895 |
Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21,342,546 | 21,491,506 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 29,747 | 22,456 |
Nonaccrual | 62,250 | 77,814 |
Loans and leases, net of unearned discount | 957,985 | 1,051,052 |
Residential Limited Documentation [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 865,988 | 950,782 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 36,014 | 30,787 |
Nonaccrual | 78,316 | 84,788 |
Loans and leases, net of unearned discount | 4,692,711 | 5,006,886 |
Home Equity Lines and Loans [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,578,381 | 4,891,311 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 67,149 | 54,593 |
Nonaccrual | 30,524 | 44,630 |
Loans and leases, net of unearned discount | 9,546,131 | 9,073,394 |
Recreational Finance [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 9,448,458 | 8,974,171 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 46,257 | 44,486 |
Nonaccrual | 15,959 | 39,584 |
Loans and leases, net of unearned discount | 3,917,794 | 4,477,276 |
Automobile [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,855,578 | 4,393,206 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 18,324 | 22,961 |
Accruing Loans Past Due 90 Days or More | 6,249 | 4,869 |
Nonaccrual | 53,272 | 49,497 |
Loans and leases, net of unearned discount | 2,118,148 | 2,035,523 |
Other [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,040,303 | $ 1,958,196 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Loans And Leases Receivable [Line Items] | |||
Amount of foreclosed residential real estate property held | $ 37 | $ 37 | $ 41 |
Loans secured by residential real estate that were in the process of foreclosure | $ 182 | $ 182 | 201 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 35% | 35% | |
Minimum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loan delinquent period | 90 days | ||
Maximum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loan delinquent period | 150 days | ||
Commercial Real Estate [Member] | Asset Pledged as Collateral without Right [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings | $ 16,300 | $ 16,300 | |
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 | ||
Residential Mortgage Loans [Member] | Asset Pledged as Collateral without Right [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings | 16,900 | 16,900 | |
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 | ||
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 205 | 205 | 32 |
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 226 | 226 | 131 |
Commercial Loans and Leases [Member] | Asset Pledged as Collateral without Right [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings | 13,100 | 13,100 | |
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 | ||
Home Equity Loans and Lines of Credit [Member] | Asset Pledged as Collateral without Right [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings | 2,600 | 2,600 | |
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 | ||
Other Consumer Loans [Member] | Asset Pledged as Collateral without Right [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings | $ 10,800 | $ 10,800 | |
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 | ||
Commercial Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Weighted-average remaining term | 1 year 1 month 6 days | 1 year | |
Commercial Real Estate Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Weighted-average remaining term | 1 year 3 months 18 days | 1 year 2 months 12 days | |
Commercial Loans and Commercial Real Estate [Member] | Minimum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Amount of real estate loan as reported as accruing or nonaccruing | $ 5 | $ 5 | |
Residential Real Estate Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Weighted-average remaining term | 11 years 6 months | 10 years 1 month 6 days |
Loans and Leases and the Allo_5
Loans and Leases and the Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | $ 132,354,685 | $ 132,354,685 | $ 131,564,163 |
Gross charge-offs | 122,128 | 379,291 | |
Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 27,515,555 | 27,515,555 | 26,197,545 |
Gross charge-offs | 15,911 | 19,852 | |
Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,626,606 | 1,626,606 | 1,664,096 |
Gross charge-offs | 1,522 | 3,339 | |
Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 13,605,150 | 13,605,150 | |
Gross charge-offs | 9,577 | 17,479 | |
Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 22,386,601 | 22,386,601 | 24,853,925 |
Gross charge-offs | 15,404 | 46,324 | |
Term Loans 2021 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 16,333,780 | 16,333,780 | 18,747,757 |
Gross charge-offs | 8,983 | 32,292 | |
Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 11,118,156 | 11,118,156 | 13,072,920 |
Gross charge-offs | 5,091 | 22,500 | |
Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 10,677,789 | 10,677,789 | 12,737,602 |
Gross charge-offs | 8,346 | 99,469 | |
Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 7,534,367 | ||
Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 29,091,048 | 29,091,048 | 26,755,951 |
Gross charge-offs | 57,294 | 138,036 | |
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 45,058,033 | 45,058,033 | 41,850,566 |
Gross charge-offs | 26,844 | 67,104 | |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 21,988,527 | 21,988,527 | 20,313,716 |
Gross charge-offs | 6,188 | 6,961 | |
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 | 92,565 | 92,565 | 64,599 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 42,593,485 | 42,593,485 | 39,621,772 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 20,869,512 | 20,869,512 | 19,444,247 |
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 | 56,263 | 56,263 | 40,471 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,979,128 | 1,979,128 | 1,881,590 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 878,730 | 878,730 | 768,497 |
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 | 26,255 | 26,255 | 17,026 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 485,420 | 485,420 | 347,204 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 240,285 | 240,285 | 100,972 |
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 | 10,047 | 10,047 | 7,102 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 5,911,250 | 5,911,250 | |
Gross charge-offs | 2,124 | 2,959 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2023 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 5,789,909 | 5,789,909 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2023 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 109,004 | 109,004 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2023 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 12,337 | 12,337 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 7,339,736 | 7,339,736 | 8,841,135 |
Gross charge-offs | 7,929 | 18,887 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2022 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 7,017,863 | 7,017,863 | 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 | 264,016 | 264,016 | 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 | 57,857 | 57,857 | 18,379 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,337,440 | 4,337,440 | 5,227,686 |
Gross charge-offs | 2,998 | 11,108 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,114,909 | 4,114,909 | 4,952,758 |
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 | 180,450 | 180,450 | 222,861 |
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 | 42,081 | 42,081 | 52,067 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,657,961 | 1,657,961 | 2,252,579 |
Gross charge-offs | 1,766 | 8,518 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,510,693 | 1,510,693 | 2,024,603 |
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 | 113,930 | 113,930 | 190,368 |
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 | 33,338 | 33,338 | 37,608 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,359,582 | 1,359,582 | 1,949,169 |
Gross charge-offs | 2,539 | 7,056 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,238,701 | 1,238,701 | 1,796,047 |
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 | 99,434 | 99,434 | 116,881 |
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 | 21,447 | 21,447 | 36,241 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 924,743 | ||
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 | ||
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 | ||
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 | ||
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,370,972 | 2,370,972 | 2,276,939 |
Gross charge-offs | 3,300 | 11,615 | |
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 | 1,995,635 | 1,995,635 | 1,970,947 |
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 | 307,309 | 307,309 | 246,846 |
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 | 68,028 | 68,028 | 59,146 |
Commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 35,743,775 | 35,743,775 | 36,748,173 |
Gross charge-offs | 48,093 | 178,334 | |
Commercial [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 757,640 | 757,640 | 941,189 |
Commercial [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 29,464,493 | 29,464,493 | 30,531,762 |
Commercial [Member] | Pass [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 710,648 | 710,648 | 869,981 |
Commercial [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 5,043,195 | 5,043,195 | 4,819,749 |
Commercial [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 22,844 | 22,844 | 48,099 |
Commercial [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,236,087 | 1,236,087 | 1,396,662 |
Commercial [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 24,148 | 24,148 | 23,109 |
Commercial [Member] | Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,554,424 | 2,554,424 | |
Commercial [Member] | Term Loans 2023 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,553,454 | 2,553,454 | |
Commercial [Member] | Term Loans 2023 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 725 | 725 | |
Commercial [Member] | Term Loans 2023 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 245 | 245 | |
Commercial [Member] | Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,263,131 | 4,263,131 | 4,473,083 |
Commercial [Member] | Term Loans 2022 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 3,578,095 | 3,578,095 | 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 | 630,132 | 630,132 | 324,652 |
Commercial [Member] | Term Loans 2022 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 54,904 | 54,904 | 11,541 |
Commercial [Member] | Term Loans 2021 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 3,482,199 | 3,482,199 | 3,865,843 |
Commercial [Member] | Term Loans 2021 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,989,307 | 2,989,307 | 3,379,900 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 478,637 | 478,637 | 463,484 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 14,255 | 14,255 | 22,459 |
Commercial [Member] | Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 3,633,105 | 3,633,105 | 4,040,133 |
Gross charge-offs | 424 | ||
Commercial [Member] | Term Loans 2020 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,978,906 | 2,978,906 | 3,388,590 |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 494,243 | 494,243 | 467,557 |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 159,956 | 159,956 | 183,986 |
Commercial [Member] | Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 5,502,711 | 5,502,711 | 5,542,410 |
Gross charge-offs | 77,906 | ||
Commercial [Member] | Term Loans 2019 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,446,005 | 4,446,005 | 4,557,065 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 905,654 | 905,654 | 688,239 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 151,052 | 151,052 | 297,106 |
Commercial [Member] | Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,401,183 | ||
Commercial [Member] | Term Loans 2018 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 3,293,380 | ||
Commercial [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 937,421 | ||
Commercial [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 170,382 | ||
Commercial [Member] | Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 15,550,565 | 15,550,565 | 13,484,332 |
Gross charge-offs | 48,093 | 100,004 | |
Commercial [Member] | Term Loans Prior Period [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 12,208,078 | 12,208,078 | 10,905,956 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,510,960 | 2,510,960 | 1,890,297 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 831,527 | 831,527 | 688,079 |
Residential Builder and Developer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,100,494 | 1,100,494 | 1,314,730 |
Gross charge-offs | 245 | 1,978 | |
Residential Builder and Developer [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 134,502 | 134,502 | 181,219 |
Gross charge-offs | 1,678 | ||
Residential Builder and Developer [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 994,461 | 994,461 | 1,117,256 |
Residential Builder and Developer [Member] | Pass [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 133,839 | 133,839 | 150,404 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 102,680 | 102,680 | 196,245 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 663 | 663 | 30,815 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 3,353 | 3,353 | 1,229 |
Residential Builder and Developer [Member] | Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 433,648 | 433,648 | |
Residential Builder and Developer [Member] | Term Loans 2023 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 433,338 | 433,338 | |
Residential Builder and Developer [Member] | Term Loans 2023 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 310 | 310 | |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 349,547 | 349,547 | 683,731 |
Gross charge-offs | 245 | 245 | |
Residential Builder and Developer [Member] | Term Loans 2022 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 337,680 | 337,680 | 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 | 11,867 | 11,867 | 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 | 95,447 | 95,447 | 259,205 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 67,233 | 67,233 | 230,079 |
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 | 25,379 | 25,379 | 28,472 |
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 | 2,835 | 2,835 | 654 |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 6,818 | 6,818 | 21,232 |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 6,818 | 6,818 | 11,280 |
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 | ||
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 66,693 | 66,693 | 131,597 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,050 | 2,050 | 22,111 |
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 | 64,125 | 64,125 | 108,968 |
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 | 518 | 518 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 27,881 | ||
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 | ||
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 | ||
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 13,839 | 13,839 | 9,865 |
Gross charge-offs | 55 | ||
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 | 13,503 | 13,503 | 9,865 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 336 | 336 | |
Other Commercial Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 6,729,329 | 6,729,329 | 7,301,668 |
Gross charge-offs | 3,236 | 3,236 | |
Other Commercial Construction [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 23,129 | 23,129 | 18,001 |
Other Commercial Construction [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 4,508,838 | 4,508,838 | 5,204,061 |
Other Commercial Construction [Member] | Pass [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 20,171 | 20,171 | 15,575 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,084,487 | 2,084,487 | 1,972,670 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 136,004 | 136,004 | 124,937 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 2,958 | 2,958 | 2,426 |
Other Commercial Construction [Member] | Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 643,494 | 643,494 | |
Other Commercial Construction [Member] | Term Loans 2023 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 636,314 | 636,314 | |
Other Commercial Construction [Member] | Term Loans 2023 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 7,180 | 7,180 | |
Other Commercial Construction [Member] | Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,612,619 | 1,612,619 | 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 | 1,481,975 | 1,481,975 | 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 | 130,644 | 130,644 | 37,893 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,218,228 | 1,218,228 | 1,235,332 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,023,831 | 1,023,831 | 1,080,141 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 184,379 | 184,379 | 145,199 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 10,018 | 10,018 | 9,992 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,254,377 | 1,254,377 | 1,590,345 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 676,613 | 676,613 | 1,225,845 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 531,138 | 531,138 | 320,463 |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 46,626 | 46,626 | 44,037 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,353,034 | 1,353,034 | 2,246,897 |
Gross charge-offs | 3,236 | 3,236 | |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 465,423 | 465,423 | 1,185,685 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 837,446 | 837,446 | 1,025,371 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 50,165 | 50,165 | 35,841 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 676,578 | ||
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 | ||
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 | ||
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 | ||
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 624,448 | 624,448 | 463,848 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 204,511 | 204,511 | 297,355 |
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 | 393,700 | 393,700 | 144,394 |
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 | $ 26,237 | $ 26,237 | $ 22,099 |
Loans and Leases and the Allo_6
Loans and Leases and the Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | $ 1,748,497 | $ 1,748,497 | $ 1,779,054 |
Accruing Loans Past Due 90 Days or More | 354,029 | 354,029 | 491,018 |
Nonaccrual | 2,341,938 | 2,341,938 | 2,438,435 |
Loans and leases, net of unearned discount | 132,354,685 | 132,354,685 | 131,564,163 |
Gross charge-offs | 122,128 | 379,291 | |
Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 27,515,555 | 27,515,555 | 26,197,545 |
Gross charge-offs | 15,911 | 19,852 | |
Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 1,626,606 | 1,626,606 | 1,664,096 |
Gross charge-offs | 1,522 | 3,339 | |
Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 645,696 | 645,696 | 595,897 |
Accruing Loans Past Due 90 Days or More | 261,290 | 261,290 | 345,402 |
Nonaccrual | 240,753 | 240,753 | 272,090 |
Loans and leases, net of unearned discount | 22,490,285 | 22,490,285 | 22,704,895 |
Gross charge-offs | 279 | 2,689 | |
Residential [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 1,057 | 1,057 | 499 |
Nonaccrual | 7,463 | 7,463 | 7,353 |
Loans and leases, net of unearned discount | 91,184 | 91,184 | 38,292 |
Residential Limited Documentation [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 29,747 | 29,747 | 22,456 |
Nonaccrual | 62,250 | 62,250 | 77,814 |
Loans and leases, net of unearned discount | 957,985 | 957,985 | 1,051,052 |
Gross charge-offs | 1,053 | 1,416 | |
Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 36,014 | 36,014 | 30,787 |
Nonaccrual | 78,316 | 78,316 | 84,788 |
Loans and leases, net of unearned discount | 4,692,711 | 4,692,711 | 5,006,886 |
Gross charge-offs | 1,522 | 4,721 | |
Home Equity Lines and Loans [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Nonaccrual | 1,158 | 1,158 | 2,799 |
Loans and leases, net of unearned discount | 3,033,626 | 3,033,626 | 3,265,332 |
Gross charge-offs | 1,298 | ||
Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 33,534 | 33,534 | 28,460 |
Nonaccrual | 71,021 | 71,021 | 74,646 |
Loans and leases, net of unearned discount | 1,529,744 | 1,529,744 | 1,590,440 |
Gross charge-offs | 1,522 | 3,339 | |
Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 67,149 | 67,149 | 54,593 |
Nonaccrual | 30,524 | 30,524 | 44,630 |
Loans and leases, net of unearned discount | 9,546,131 | 9,546,131 | 9,073,394 |
Gross charge-offs | 16,073 | 45,374 | |
Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 46,257 | 46,257 | 44,486 |
Nonaccrual | 15,959 | 15,959 | 39,584 |
Loans and leases, net of unearned discount | 3,917,794 | 3,917,794 | 4,477,276 |
Gross charge-offs | 4,988 | 16,630 | |
Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 18,324 | 18,324 | 22,961 |
Accruing Loans Past Due 90 Days or More | 6,249 | 6,249 | 4,869 |
Nonaccrual | 53,272 | 53,272 | 49,497 |
Loans and leases, net of unearned discount | 2,118,148 | 2,118,148 | 2,035,523 |
Gross charge-offs | 19,795 | 57,809 | |
Other [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 10,337 | 10,337 | 15,655 |
Accruing Loans Past Due 90 Days or More | 6,041 | 6,041 | 4,643 |
Nonaccrual | 49,408 | 49,408 | 44,449 |
Loans and leases, net of unearned discount | 1,486,947 | 1,486,947 | 1,439,796 |
Gross charge-offs | 9,723 | 9,915 | |
Other [Member] | Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 912 | 912 | 651 |
Nonaccrual | 204 | 204 | 185 |
Loans and leases, net of unearned discount | 4,297 | 4,297 | 9,057 |
Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 127,910,221 | 127,910,221 | 126,855,656 |
Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 21,342,546 | 21,342,546 | 21,491,506 |
Current [Member] | Residential [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 82,664 | 82,664 | 30,440 |
Current [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 865,988 | 865,988 | 950,782 |
Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,578,381 | 4,578,381 | 4,891,311 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,032,468 | 3,032,468 | 3,262,533 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,425,189 | 1,425,189 | 1,487,334 |
Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,448,458 | 9,448,458 | 8,974,171 |
Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,855,578 | 3,855,578 | 4,393,206 |
Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,040,303 | 2,040,303 | 1,958,196 |
Current [Member] | Other [Member] | Revolving Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,421,161 | 1,421,161 | 1,375,049 |
Current [Member] | Other [Member] | Revolving Loans Converted to Term Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,181 | 3,181 | 8,221 |
Term Loans 2023 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 13,605,150 | 13,605,150 | |
Gross charge-offs | 9,577 | 17,479 | |
Term Loans 2023 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 8,385 | 8,385 | |
Accruing Loans Past Due 90 Days or More | 913 | 913 | |
Nonaccrual | 971 | 971 | |
Loans and leases, net of unearned discount | 1,359,874 | 1,359,874 | |
Term Loans 2023 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 75 | 75 | |
Term Loans 2023 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 5,564 | 5,564 | |
Nonaccrual | 1,138 | 1,138 | |
Loans and leases, net of unearned discount | 1,831,200 | 1,831,200 | |
Gross charge-offs | 1,261 | 2,134 | |
Term Loans 2023 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 3,019 | 3,019 | |
Nonaccrual | 1,148 | 1,148 | |
Loans and leases, net of unearned discount | 657,337 | 657,337 | |
Gross charge-offs | 476 | 557 | |
Term Loans 2023 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 2,592 | 2,592 | |
Nonaccrual | 1,805 | 1,805 | |
Loans and leases, net of unearned discount | 213,848 | 213,848 | |
Gross charge-offs | 5,716 | 11,829 | |
Term Loans 2023 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,349,605 | 1,349,605 | |
Term Loans 2023 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 75 | 75 | |
Term Loans 2023 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,824,498 | 1,824,498 | |
Term Loans 2023 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 653,170 | 653,170 | |
Term Loans 2023 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 209,451 | 209,451 | |
Term Loans 2022 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 22,386,601 | 22,386,601 | 24,853,925 |
Gross charge-offs | 15,404 | 46,324 | |
Term Loans 2022 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 87,178 | 87,178 | 59,477 |
Accruing Loans Past Due 90 Days or More | 27,348 | 27,348 | 12,012 |
Nonaccrual | 14,353 | 14,353 | 5,686 |
Loans and leases, net of unearned discount | 4,956,214 | 4,956,214 | 5,148,554 |
Gross charge-offs | 31 | 164 | |
Term Loans 2022 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 27 | 27 | 930 |
Term Loans 2022 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 11,669 | 11,669 | 8,648 |
Nonaccrual | 3,935 | 3,935 | 3,533 |
Loans and leases, net of unearned discount | 2,454,529 | 2,454,529 | 2,854,272 |
Gross charge-offs | 3,415 | 8,565 | |
Term Loans 2022 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 12,198 | 12,198 | 6,926 |
Nonaccrual | 2,679 | 2,679 | 2,493 |
Loans and leases, net of unearned discount | 1,207,687 | 1,207,687 | 1,500,495 |
Gross charge-offs | 1,584 | 4,403 | |
Term Loans 2022 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 2,055 | 2,055 | 3,783 |
Nonaccrual | 852 | 852 | 2,745 |
Loans and leases, net of unearned discount | 203,111 | 203,111 | 281,058 |
Gross charge-offs | 2,200 | 14,060 | |
Term Loans 2022 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,827,335 | 4,827,335 | 5,071,379 |
Term Loans 2022 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 27 | 27 | 930 |
Term Loans 2022 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,438,925 | 2,438,925 | 2,842,091 |
Term Loans 2022 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,192,810 | 1,192,810 | 1,491,076 |
Term Loans 2022 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 200,204 | 200,204 | 274,530 |
Term Loans 2021 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 16,333,780 | 16,333,780 | 18,747,757 |
Gross charge-offs | 8,983 | 32,292 | |
Term Loans 2021 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 68,811 | 68,811 | 51,308 |
Accruing Loans Past Due 90 Days or More | 19,355 | 19,355 | 39,934 |
Nonaccrual | 13,730 | 13,730 | 10,865 |
Loans and leases, net of unearned discount | 3,919,548 | 3,919,548 | 4,103,759 |
Gross charge-offs | 192 | ||
Term Loans 2021 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Nonaccrual | 19 | 19 | 15 |
Loans and leases, net of unearned discount | 1,937 | 1,937 | 2,124 |
Term Loans 2021 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 15,168 | 15,168 | 9,525 |
Nonaccrual | 6,338 | 6,338 | 7,440 |
Loans and leases, net of unearned discount | 1,966,332 | 1,966,332 | 2,297,592 |
Gross charge-offs | 3,475 | 9,502 | |
Term Loans 2021 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 13,492 | 13,492 | 13,324 |
Nonaccrual | 4,632 | 4,632 | 10,698 |
Loans and leases, net of unearned discount | 1,182,198 | 1,182,198 | 1,581,698 |
Gross charge-offs | 1,288 | 5,272 | |
Term Loans 2021 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 1,546 | 1,546 | 1,450 |
Nonaccrual | 430 | 430 | 830 |
Loans and leases, net of unearned discount | 130,451 | 130,451 | 174,518 |
Gross charge-offs | 1,222 | 6,218 | |
Term Loans 2021 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,817,652 | 3,817,652 | 4,001,652 |
Term Loans 2021 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,918 | 1,918 | 2,109 |
Term Loans 2021 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,944,826 | 1,944,826 | 2,280,627 |
Term Loans 2021 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,164,074 | 1,164,074 | 1,557,676 |
Term Loans 2021 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 128,475 | 128,475 | 172,238 |
Term Loans 2020 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 11,118,156 | 11,118,156 | 13,072,920 |
Gross charge-offs | 5,091 | 22,500 | |
Term Loans 2020 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 41,367 | 41,367 | 40,337 |
Accruing Loans Past Due 90 Days or More | 13,736 | 13,736 | 20,067 |
Nonaccrual | 3,500 | 3,500 | 2,583 |
Loans and leases, net of unearned discount | 2,664,017 | 2,664,017 | 2,780,358 |
Gross charge-offs | 21 | ||
Term Loans 2020 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 144 | 144 | |
Loans and leases, net of unearned discount | 2,018 | 2,018 | 2,441 |
Term Loans 2020 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 12,145 | 12,145 | 12,412 |
Nonaccrual | 5,477 | 5,477 | 9,427 |
Loans and leases, net of unearned discount | 1,362,545 | 1,362,545 | 1,609,468 |
Gross charge-offs | 2,377 | 8,108 | |
Term Loans 2020 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 6,866 | 6,866 | 7,284 |
Nonaccrual | 2,525 | 2,525 | 7,372 |
Loans and leases, net of unearned discount | 498,650 | 498,650 | 717,367 |
Gross charge-offs | 625 | 2,502 | |
Term Loans 2020 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 314 | 314 | 326 |
Nonaccrual | 119 | 119 | 332 |
Loans and leases, net of unearned discount | 38,665 | 38,665 | 58,997 |
Gross charge-offs | 323 | 2,927 | |
Term Loans 2020 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,605,414 | 2,605,414 | 2,717,371 |
Term Loans 2020 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,874 | 1,874 | 2,441 |
Term Loans 2020 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,344,923 | 1,344,923 | 1,587,629 |
Term Loans 2020 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 489,259 | 489,259 | 702,711 |
Term Loans 2020 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 38,232 | 38,232 | 58,339 |
Term Loans 2019 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 10,677,789 | 10,677,789 | 12,737,602 |
Gross charge-offs | 8,346 | 99,469 | |
Term Loans 2019 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 22,082 | 22,082 | 21,849 |
Accruing Loans Past Due 90 Days or More | 13,169 | 13,169 | 14,050 |
Nonaccrual | 8,529 | 8,529 | 9,860 |
Loans and leases, net of unearned discount | 1,284,318 | 1,284,318 | 1,438,625 |
Gross charge-offs | 139 | ||
Term Loans 2019 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 232 | 232 | 171 |
Nonaccrual | 27 | 27 | 536 |
Loans and leases, net of unearned discount | 13,853 | 13,853 | 16,068 |
Term Loans 2019 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 7,973 | 7,973 | 8,387 |
Nonaccrual | 4,013 | 4,013 | 7,625 |
Loans and leases, net of unearned discount | 832,543 | 832,543 | 979,919 |
Gross charge-offs | 1,872 | 6,035 | |
Term Loans 2019 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 5,582 | 5,582 | 7,239 |
Nonaccrual | 2,217 | 2,217 | 7,520 |
Loans and leases, net of unearned discount | 244,790 | 244,790 | 393,721 |
Gross charge-offs | 436 | 1,919 | |
Term Loans 2019 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 185 | 185 | 386 |
Nonaccrual | 149 | 149 | 371 |
Loans and leases, net of unearned discount | 20,265 | 20,265 | 39,196 |
Gross charge-offs | 263 | 3,178 | |
Term Loans 2019 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,240,538 | 1,240,538 | 1,392,866 |
Term Loans 2019 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,594 | 13,594 | 15,361 |
Term Loans 2019 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 820,557 | 820,557 | 963,907 |
Term Loans 2019 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 236,991 | 236,991 | 378,962 |
Term Loans 2019 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,931 | 19,931 | 38,439 |
Term Loans 2018 [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 7,534,367 | ||
Term Loans 2018 [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 23,126 | ||
Accruing Loans Past Due 90 Days or More | 14,007 | ||
Nonaccrual | 4,650 | ||
Loans and leases, net of unearned discount | 795,691 | ||
Term Loans 2018 [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 126 | ||
Nonaccrual | 334 | ||
Loans and leases, net of unearned discount | 23,781 | ||
Term Loans 2018 [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 5,202 | ||
Nonaccrual | 5,344 | ||
Loans and leases, net of unearned discount | 497,510 | ||
Term Loans 2018 [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 5,464 | ||
Nonaccrual | 5,620 | ||
Loans and leases, net of unearned discount | 178,522 | ||
Term Loans 2018 [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 141 | ||
Nonaccrual | 120 | ||
Loans and leases, net of unearned discount | 8,478 | ||
Term Loans 2018 [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 753,908 | ||
Term Loans 2018 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 23,321 | ||
Term Loans 2018 [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 486,964 | ||
Term Loans 2018 [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 167,438 | ||
Term Loans 2018 [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,217 | ||
Term Loans Prior Period [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases, net of unearned discount | 29,091,048 | 29,091,048 | 26,755,951 |
Gross charge-offs | 57,294 | 138,036 | |
Term Loans Prior Period [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 416,816 | 416,816 | 399,301 |
Accruing Loans Past Due 90 Days or More | 186,769 | 186,769 | 245,332 |
Nonaccrual | 192,207 | 192,207 | 231,093 |
Loans and leases, net of unearned discount | 8,215,130 | 8,215,130 | 8,399,616 |
Gross charge-offs | 248 | 2,173 | |
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 29,747 | 29,747 | 22,456 |
Nonaccrual | 62,250 | 62,250 | 77,814 |
Loans and leases, net of unearned discount | 957,985 | 957,985 | 1,051,052 |
Gross charge-offs | 1,053 | 1,416 | |
Term Loans Prior Period [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 2,104 | 2,104 | 2,030 |
Nonaccrual | 6,091 | 6,091 | 6,458 |
Loans and leases, net of unearned discount | 111,431 | 111,431 | 105,770 |
Gross charge-offs | 84 | ||
Term Loans Prior Period [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 14,630 | 14,630 | 10,419 |
Nonaccrual | 9,623 | 9,623 | 11,261 |
Loans and leases, net of unearned discount | 1,098,982 | 1,098,982 | 834,633 |
Gross charge-offs | 3,673 | 11,030 | |
Term Loans Prior Period [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 5,100 | 5,100 | 4,249 |
Nonaccrual | 2,758 | 2,758 | 5,881 |
Loans and leases, net of unearned discount | 127,132 | 127,132 | 105,473 |
Gross charge-offs | 579 | 1,977 | |
Term Loans Prior Period [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
30-89 Days Past Due | 383 | 383 | 569 |
Accruing Loans Past Due 90 Days or More | 208 | 208 | 226 |
Nonaccrual | 305 | 305 | 465 |
Loans and leases, net of unearned discount | 20,564 | 20,564 | 24,423 |
Gross charge-offs | 348 | 9,682 | |
Term Loans Prior Period [Member] | Current [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 7,419,338 | 7,419,338 | 7,523,890 |
Term Loans Prior Period [Member] | Current [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 865,988 | 865,988 | 950,782 |
Term Loans Prior Period [Member] | Current [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 103,236 | 103,236 | 97,282 |
Term Loans Prior Period [Member] | Current [Member] | Recreational Finance [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,074,729 | 1,074,729 | 812,953 |
Term Loans Prior Period [Member] | Current [Member] | Automobile [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 119,274 | 119,274 | 95,343 |
Term Loans Prior Period [Member] | Current [Member] | Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 19,668 | $ 19,668 | $ 23,163 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 1,998,366 | $ 1,823,790 | $ 1,925,331 | $ 1,469,226 |
Allowance on acquired PCD loans | 99,000 | |||
Provision for credit losses | 150,000 | 115,000 | 420,000 | 427,000 |
Net charge-offs | ||||
Charge-offs | (122,128) | (101,267) | (379,291) | (227,919) |
Recoveries | 25,889 | 38,068 | 86,087 | 108,284 |
Net (charge-offs) recoveries | (96,239) | (63,199) | (293,204) | (119,635) |
Ending balance | 2,052,127 | 1,875,591 | 2,052,127 | 1,875,591 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 511,929 | 414,473 | 502,153 | 283,899 |
Allowance on acquired PCD loans | 41,003 | |||
Provision for credit losses | 45,637 | 43,343 | 69,801 | 167,985 |
Net charge-offs | ||||
Charge-offs | (26,844) | (37,396) | (67,104) | (94,555) |
Recoveries | 6,976 | 22,022 | 32,848 | 44,110 |
Net (charge-offs) recoveries | (19,868) | (15,374) | (34,256) | (50,445) |
Ending balance | 537,698 | 442,442 | 537,698 | 442,442 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 765,676 | 708,393 | 676,684 | 557,239 |
Allowance on acquired PCD loans | 55,812 | |||
Provision for credit losses | 73,588 | 26,949 | 290,672 | 116,288 |
Net charge-offs | ||||
Charge-offs | (51,574) | (35,213) | (183,548) | (45,809) |
Recoveries | 4,290 | 401 | 8,172 | 17,000 |
Net (charge-offs) recoveries | (47,284) | (34,812) | (175,376) | (28,809) |
Ending balance | 791,980 | 700,530 | 791,980 | 700,530 |
Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 118,392 | 124,326 | 115,092 | 71,726 |
Allowance on acquired PCD loans | 1,833 | |||
Provision for credit losses | (3,390) | (11,169) | (955) | 40,719 |
Net charge-offs | ||||
Charge-offs | (1,332) | (2,572) | (4,105) | (9,407) |
Recoveries | 824 | 2,234 | 4,462 | 7,948 |
Net (charge-offs) recoveries | (508) | (338) | (357) | (1,459) |
Ending balance | 114,494 | 112,819 | 114,494 | 112,819 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 602,369 | 576,598 | 631,402 | 556,362 |
Allowance on acquired PCD loans | 352 | |||
Provision for credit losses | 34,165 | 55,877 | 60,482 | 102,008 |
Net charge-offs | ||||
Charge-offs | (42,378) | (26,086) | (124,534) | (78,148) |
Recoveries | 13,799 | 13,411 | 40,605 | 39,226 |
Net (charge-offs) recoveries | (28,579) | (12,675) | (83,929) | (38,922) |
Ending balance | $ 607,955 | $ 619,800 | $ 607,955 | $ 619,800 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Provision for credit losses | $ 150,000 | $ 115,000 | $ 420,000 | $ 427,000 | |
Charge-offs | $ (122,128) | $ (101,267) | $ (379,291) | (227,919) | |
Non PCD Acquired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Provision for credit losses | 242,000 | ||||
PCD Acquired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Charge-offs | $ (33,000) | $ (33,000) |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jan. 01, 2023 | Jun. 30, 2022 | Jan. 01, 2022 | |
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | $ 1,038,213 | $ 1,005,944 | $ 1,038,213 | $ 1,005,944 | ||||
Amortized Cost without Allowance | 1,303,725 | 1,423,382 | 1,303,725 | 1,423,382 | ||||
Total | 2,341,938 | 2,429,326 | 2,341,938 | 2,429,326 | ||||
Amortized Cost | $ 2,435,581 | $ 2,438,435 | $ 2,633,005 | $ 2,060,083 | ||||
Interest Income Recognized | 22,107 | 21,031 | 51,644 | 66,462 | ||||
Commercial, Financial, Leasing, etc. [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 324,774 | 207,841 | 324,774 | 207,841 | ||||
Amortized Cost without Allowance | 160,646 | 160,325 | 160,646 | 160,325 | ||||
Total | 485,420 | 368,166 | 485,420 | 368,166 | ||||
Amortized Cost | 416,022 | 347,204 | 442,496 | 221,022 | ||||
Interest Income Recognized | 3,726 | 4,708 | 7,914 | 20,423 | ||||
Commercial [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 458,720 | 394,502 | 458,720 | 394,502 | ||||
Amortized Cost without Allowance | 777,367 | 1,011,698 | 777,367 | 1,011,698 | ||||
Total | 1,236,087 | 1,406,200 | 1,236,087 | 1,406,200 | ||||
Amortized Cost | 1,383,190 | 1,396,662 | 1,476,658 | 1,069,280 | ||||
Interest Income Recognized | 12,446 | 7,059 | 22,379 | 14,944 | ||||
Residential Builder and Developer [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 3,353 | 1,930 | 3,353 | 1,930 | ||||
Total | 3,353 | 1,930 | 3,353 | 1,930 | ||||
Amortized Cost | 1,193 | 1,229 | 518 | 3,005 | ||||
Interest Income Recognized | 396 | 1,687 | ||||||
Other Commercial Construction [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 4,080 | 25,235 | 4,080 | 25,235 | ||||
Amortized Cost without Allowance | 131,924 | 40,952 | 131,924 | 40,952 | ||||
Total | 136,004 | 66,187 | 136,004 | 66,187 | ||||
Amortized Cost | 146,024 | 124,937 | 73,046 | 111,405 | ||||
Interest Income Recognized | 249 | 22 | 1,974 | 3,398 | ||||
Residential [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 90,879 | 160,704 | 90,879 | 160,704 | ||||
Amortized Cost without Allowance | 149,874 | 124,691 | 149,874 | 124,691 | ||||
Total | 240,753 | 285,395 | 240,753 | 285,395 | ||||
Amortized Cost | 238,509 | 272,090 | 331,376 | 355,858 | ||||
Interest Income Recognized | 3,480 | 8,059 | 12,247 | 21,397 | ||||
Residential Limited Documentation [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 21,634 | 61,297 | 21,634 | 61,297 | ||||
Amortized Cost without Allowance | 40,616 | 34,085 | 40,616 | 34,085 | ||||
Total | 62,250 | 95,382 | 62,250 | 95,382 | ||||
Amortized Cost | 66,614 | 77,814 | 112,608 | 122,888 | ||||
Interest Income Recognized | 426 | 229 | 686 | 456 | ||||
Home Equity Lines and Loans [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 48,737 | 38,324 | 48,737 | 38,324 | ||||
Amortized Cost without Allowance | 29,579 | 39,884 | 29,579 | 39,884 | ||||
Total | 78,316 | 78,208 | 78,316 | 78,208 | ||||
Amortized Cost | 77,090 | 84,788 | 79,445 | 70,488 | ||||
Interest Income Recognized | 1,493 | 669 | 5,172 | 3,291 | ||||
Recreational Finance [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 20,955 | 31,295 | 20,955 | 31,295 | ||||
Amortized Cost without Allowance | 9,569 | 7,423 | 9,569 | 7,423 | ||||
Total | 30,524 | 38,718 | 30,524 | 38,718 | ||||
Amortized Cost | 32,286 | 44,630 | 33,414 | 27,811 | ||||
Interest Income Recognized | 185 | 166 | 536 | 488 | ||||
Automobile [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 11,981 | 36,075 | 11,981 | 36,075 | ||||
Amortized Cost without Allowance | 3,978 | 4,243 | 3,978 | 4,243 | ||||
Total | 15,959 | 40,318 | 15,959 | 40,318 | ||||
Amortized Cost | 21,791 | 39,584 | 36,266 | 34,037 | ||||
Interest Income Recognized | 36 | 35 | 107 | 110 | ||||
Other [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 53,100 | 48,741 | 53,100 | 48,741 | ||||
Amortized Cost without Allowance | 172 | 81 | 172 | 81 | ||||
Total | 53,272 | 48,822 | 53,272 | 48,822 | ||||
Amortized Cost | $ 52,862 | $ 49,497 | $ 47,178 | $ 44,289 | ||||
Interest Income Recognized | $ 66 | $ 84 | $ 233 | $ 268 |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities to Borrowers Experiencing Financial Difficulty on Financing Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 592,096 | $ 1,198,066 |
Percent of total loan class at period end | 0.45% | 0.91% |
Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 583,043 | $ 1,167,728 |
Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 515 | |
Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 9,053 | 29,823 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 40,262 | $ 95,623 |
Percent of total loan class at period end | 0.09% | 0.21% |
Commercial, Financial, Leasing, etc. [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 39,058 | $ 93,583 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 381 | |
Commercial, Financial, Leasing, etc. [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 1,204 | 1,659 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 279,454 | $ 454,445 |
Percent of total loan class at period end | 0.78% | 1.27% |
Commercial Real Estate [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 273,201 | $ 440,195 |
Commercial Real Estate [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 6,253 | 14,250 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 70,683 | |
Percent of total loan class at period end | 6.42% | |
Residential Builder and Developer [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 70,683 | |
Other Commercial Construction [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 215,598 | $ 439,921 |
Percent of total loan class at period end | 3.20% | 6.54% |
Other Commercial Construction [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 215,598 | $ 431,668 |
Other Commercial Construction [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 8,253 | |
Residential [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 54,685 | $ 125,157 |
Percent of total loan class at period end | 0.24% | 0.56% |
Residential [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 53,239 | $ 120,632 |
Residential [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 1,446 | 4,525 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 1,721 | $ 10,670 |
Percent of total loan class at period end | 0.18% | 1.11% |
Residential Limited Documentation [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 1,721 | $ 9,971 |
Residential Limited Documentation [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 699 | |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 275 | $ 1,053 |
Percent of total loan class at period end | 0.01% | 0.02% |
Home Equity Lines and Loans [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 125 | $ 482 |
Home Equity Lines and Loans [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 134 | |
Home Equity Lines and Loans [Member] | Combination of Modification Types [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 150 | 437 |
Recreational Finance [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 40 | 240 |
Recreational Finance [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 40 | 240 |
Automobile [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | 61 | $ 274 |
Percent of total loan class at period end | 0.01% | |
Automobile [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 61 | $ 274 |
Loans and Leases and the All_11
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities to Borrowers Experiencing Financial Difficulty on Financing Receivables (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 592,096 | $ 1,198,066 |
Guaranteed by Government-Related Entities [Member] | ||
Financing Receivable, Modifications other than Troubled Debt Restructuring [Line Items] | ||
Financing receivable, modifications other than troubled debt restructuring | $ 45,000 | $ 92,000 |
Loans and Leases and the All_12
Loans and Leases and the Allowance for Credit Losses - Summary of Payment Status of Loans Modified (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | $ 1,114,412 |
30-89 Days Past Due | 55,643 |
Past Due 90 Days or More | 28,011 |
Total | 1,198,066 |
Commercial, Financial, Leasing, etc. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 81,558 |
30-89 Days Past Due | 2,326 |
Past Due 90 Days or More | 11,739 |
Total | 95,623 |
Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 433,428 |
30-89 Days Past Due | 19,022 |
Past Due 90 Days or More | 1,995 |
Total | 454,445 |
Residential Builder and Developer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 70,683 |
Total | 70,683 |
Other Commercial Construction [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 439,921 |
Total | 439,921 |
Residential [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 79,331 |
30-89 Days Past Due | 33,344 |
Past Due 90 Days or More | 12,482 |
Total | 125,157 |
Residential Limited Documentation [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 7,943 |
30-89 Days Past Due | 932 |
Past Due 90 Days or More | 1,795 |
Total | 10,670 |
Home Equity Lines and Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 1,034 |
30-89 Days Past Due | 19 |
Total | 1,053 |
Recreational Finance [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 240 |
Total | 240 |
Automobile [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current | 274 |
Total | $ 274 |
Loans and Leases and the All_13
Loans and Leases and the Allowance for Credit Losses - Summary of Payment Status of Loans Modified (Parenthetical) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
30-89 Days Past Due | $ 55,643 |
Past Due 90 Days or More | 28,011 |
Guaranteed by Government-Related Entities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
30-89 Days Past Due | 28,000 |
Past Due 90 Days or More | $ 11,000 |
Loans and Leases and the All_14
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) Modification | Sep. 30, 2022 USD ($) Modification | |
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 839 | 2,691 |
Pre-modification Recorded Investment | $ 88,700 | $ 227,509 |
Loans and leases, net of unearned discount | $ 89,800 | $ 231,516 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 70 | 147 |
Pre-modification Recorded Investment | $ 32,451 | $ 79,437 |
Loans and leases, net of unearned discount | $ 33,431 | $ 81,371 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 14 | 44 |
Pre-modification Recorded Investment | $ 22,951 | $ 33,349 |
Loans and leases, net of unearned discount | $ 22,887 | $ 33,003 |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 57 | 221 |
Pre-modification Recorded Investment | $ 14,380 | $ 56,912 |
Loans and leases, net of unearned discount | $ 14,564 | $ 59,290 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 2 | 7 |
Pre-modification Recorded Investment | $ 155 | $ 1,231 |
Loans and leases, net of unearned discount | $ 155 | $ 1,242 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 25 | 93 |
Pre-modification Recorded Investment | $ 1,700 | $ 6,483 |
Loans and leases, net of unearned discount | $ 1,700 | $ 6,550 |
Recreational Finance [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 167 | 514 |
Pre-modification Recorded Investment | $ 6,937 | $ 19,138 |
Loans and leases, net of unearned discount | $ 6,937 | $ 19,131 |
Automobile [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 474 | 1,537 |
Pre-modification Recorded Investment | $ 9,755 | $ 29,789 |
Loans and leases, net of unearned discount | $ 9,755 | $ 29,759 |
Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 30 | 128 |
Pre-modification Recorded Investment | $ 371 | $ 1,170 |
Loans and leases, net of unearned discount | 371 | 1,170 |
Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 48,275 | 160,742 |
Principal Deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 11,237 | 49,671 |
Principal Deferral [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 7,222 | 13,052 |
Principal Deferral [Member] | Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 11,094 | 40,821 |
Principal Deferral [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 155 | 1,049 |
Principal Deferral [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 1,504 | 6,089 |
Principal Deferral [Member] | Recreational Finance [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 6,937 | 19,131 |
Principal Deferral [Member] | Automobile [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 9,755 | 29,759 |
Principal Deferral [Member] | Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 371 | 1,170 |
Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 446 | 455 |
Interest Rate Reduction [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 446 | 455 |
Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 351 | 3,206 |
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 229 | 983 |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 122 | 2,223 |
Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 40,728 | 67,113 |
Combination of Concession Types [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 21,519 | 30,262 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 15,543 | 17,728 |
Combination of Concession Types [Member] | Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 3,470 | 18,469 |
Combination of Concession Types [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | 193 | |
Combination of Concession Types [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and leases, net of unearned discount | $ 196 | $ 461 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term borrowings | ||
Federal funds purchased and repurchased agreements | $ 530,663 | $ 354,670 |
FHLB Advances | 6,200,000 | 3,200,281 |
Total short-term borrowings | 6,730,663 | 3,554,951 |
Long-term borrowings | ||
Asset-backed notes | 516,668 | |
FHLB Advances | 4,956 | 5,183 |
Senior notes | 3,741,161 | 1,249,141 |
Subordinated notes | 857,876 | 866,296 |
Other | 9,509 | 9,535 |
Total long-term borrowings | 7,123,426 | 3,964,537 |
M&T [Member] | ||
Long-term borrowings | ||
Senior notes | 1,377,985 | 1,220,965 |
Subordinated notes | 76,339 | 77,337 |
Junior subordinated debentures | $ 538,932 | $ 536,080 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||||
Oct. 31, 2023 | Jan. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Senior notes | $ 3,741,161 | $ 1,249,141 | |||
Description of variable rate basis | SOFR | ||||
Asset-backed notes | 516,668 | ||||
Short-term borrowings | 6,730,663 | 3,554,951 | |||
Long-term borrowings | 7,123,426 | 3,964,537 | |||
FHLB Advances | 4,956 | $ 5,183 | |||
Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | SOFR | ||||
Equipment Finance Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset-backed notes | $ 550,000 | ||||
Weighted average interest rate | 5.84% | ||||
5.053% Fixed Rate Senior Notes Due to Mature in January 2034 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000,000 | ||||
Senior notes maturity date | Jan. 31, 2034 | ||||
Interest rate of debt instrument | 5.05% | ||||
Variable interest rate of debt instrument | 1.85% | ||||
4.65% Fixed Rate Senior Notes Due to Mature in January 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,300,000 | ||||
Senior notes maturity date | Jan. 31, 2026 | ||||
Interest rate of debt instrument | 4.65% | ||||
4.70% Fixed Rate Senior Notes Due to Mature in January 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,200,000 | ||||
Senior notes maturity date | Jan. 31, 2028 | ||||
Interest rate of debt instrument | 4.70% | ||||
7.41% Fixed Rate Senior Notes Due to Mature in October 2029 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750,000 | ||||
Senior notes maturity date | Jan. 31, 2034 | ||||
Interest rate of debt instrument | 7.41% | ||||
Variable interest rate of debt instrument | 2.80% | ||||
FHLB of New York [Member] | |||||
Debt Instrument [Line Items] | |||||
Available line of credit | 14,300,000 | ||||
FRB of New York [Member] | |||||
Debt Instrument [Line Items] | |||||
Available line of credit | $ 15,800,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Carrying Value | $ 2,010,600 | $ 2,010,600 |
Shareholders' Equity - Issued_2
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 25 | $ 25 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Sep. 30, 2023 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Period of satisfaction of contract with customer | 1 year |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 61 | $ 74 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 51 | $ 48 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Accounting Guidance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | $ 26,988 | $ 21,086 | $ 76,155 | $ 65,414 |
Other revenues from operations: | ||||
Total other income | 559,581 | 563,079 | 1,949,885 | 1,675,066 |
Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 121,360 | 115,213 | 353,603 | 340,890 |
Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 155,092 | 186,577 | 521,357 | 545,874 |
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 26,988 | 21,086 | 76,155 | 65,414 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 42,841 | 42,504 | 122,005 | 117,108 |
Other | 15,289 | 26,048 | 46,229 | 77,317 |
Total other income | 361,570 | 391,428 | 1,119,349 | 1,146,603 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 121,360 | 115,213 | 353,603 | 340,890 |
ASU 2014-09 [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 155,092 | 186,577 | 521,357 | 545,874 |
ASU 2014-09 [Member] | Business Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 17,021 | 16,234 | 48,206 | 45,874 |
Total other income | 38,793 | 35,511 | 110,355 | 99,455 |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 21,749 | 19,277 | 62,097 | 53,581 |
ASU 2014-09 [Member] | Business Banking [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 23 | 52 | ||
ASU 2014-09 [Member] | Commercial Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 19,494 | 17,731 | 53,056 | 48,044 |
Other | 5,839 | 9,878 | 16,441 | 13,040 |
Total other income | 56,570 | 58,015 | 159,437 | 146,890 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 31,237 | 30,406 | 89,940 | 85,806 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 1,171 | 1,104 | 3,406 | 2,836 |
Other | 942 | 1,961 | 3,460 | 8,228 |
Total other income | 6,664 | 6,748 | 20,029 | 21,967 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,551 | 3,683 | 13,163 | 10,903 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||||
Other revenues from operations: | ||||
Other | 13 | 904 | 51 | 2,468 |
Total other income | 13 | 904 | 51 | 2,468 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||||
Other revenues from operations: | ||||
Other | 125 | 558 | 676 | 3,413 |
Total other income | 125 | 558 | 676 | 3,413 |
ASU 2014-09 [Member] | Retail Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 4,795 | 6,874 | 16,345 | 19,408 |
Other | 7,605 | 3,980 | 22,679 | 16,752 |
Total other income | 74,411 | 72,077 | 222,165 | 222,150 |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 62,011 | 61,223 | 183,141 | 185,990 |
ASU 2014-09 [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 26,988 | 21,086 | 76,155 | 65,414 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 360 | 561 | 992 | 946 |
Other | 765 | 8,767 | 2,922 | 33,416 |
Total other income | 184,994 | 217,615 | 606,636 | 650,260 |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,812 | 624 | 5,262 | 4,610 |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 155,069 | $ 186,577 | $ 521,305 | $ 545,874 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Defined Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,837 | $ 4,423 | $ 8,512 | $ 13,237 |
Interest cost on projected benefit obligation | 28,862 | 22,060 | 86,585 | 60,407 |
Expected return on plan assets | (50,315) | (50,188) | (150,945) | (137,421) |
Amortization of prior service cost (credit) | 52 | 129 | 155 | 387 |
Amortization of net actuarial loss (gain) | (537) | 4,974 | (1,610) | 14,921 |
Net periodic cost (benefit) | $ (19,101) | $ (18,602) | $ (57,303) | $ (48,469) |
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 | 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 Noninterest Expense |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 400 | $ 689 | $ 1,200 | $ 1,914 |
Interest cost on projected benefit obligation | 703 | 581 | 2,109 | 1,607 |
Amortization of prior service cost (credit) | (515) | (693) | (1,545) | (2,079) |
Amortization of net actuarial loss (gain) | (692) | (370) | (2,076) | (1,111) |
Net periodic cost (benefit) | $ (104) | $ 207 | $ (312) | $ 331 |
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 | 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 Noninterest Expense |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 37 | $ 32 | $ 118 | $ 98 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income available to common shareholders: | ||||
Net Income (Loss) | $ 689,941 | $ 646,596 | $ 2,258,599 | $ 1,226,292 |
Less: Preferred stock dividends | (24,941) | (24,941) | (74,822) | (71,647) |
Net income available to common equity | 665,000 | 621,655 | 2,183,777 | 1,154,645 |
Less: Income attributable to unvested stock-based compensation awards | (1,237) | (1,106) | (3,975) | (2,245) |
Net income available to common shareholders | $ 663,763 | $ 620,549 | $ 2,179,802 | $ 1,152,400 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 166,217 | 174,921 | 166,787 | 160,793 |
Less: Unvested stock-based compensation awards | (308) | (312) | (299) | (319) |
Weighted-average shares outstanding | 165,909 | 174,609 | 166,488 | 160,474 |
Basic earnings per common share | $ 4 | $ 3.55 | $ 13.09 | $ 7.18 |
Earnings Per Common Share - C_2
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 665,000 | $ 621,655 | $ 2,183,777 | $ 1,154,645 |
Less: Income attributable to unvested stock-based compensation awards | (1,234) | (1,101) | (3,965) | (2,239) |
Net income available to common shareholders | $ 663,766 | $ 620,554 | $ 2,179,812 | $ 1,152,406 |
Adjusted weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 166,217 | 174,921 | 166,787 | 160,793 |
Less: Unvested stock-based compensation awards | (308) | (312) | (299) | (319) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards | 661 | 1,073 | 605 | 821 |
Adjusted weighted-average shares outstanding | 166,570 | 175,682 | 167,093 | 161,295 |
Diluted earnings per common share | $ 3.98 | $ 3.53 | $ 13.05 | $ 7.14 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,745,348 | 252,793 | 1,800,385 | 314,155 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (1,066,177) | $ (172,054) | ||
Unrealized holding losses, net, before tax | (2,366) | (576,266) | ||
Foreign currency translation adjustment, before tax | 71 | (14,564) | ||
Unrealized losses on cash flow hedges | (365,739) | (429,310) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (368,034) | (1,020,140) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,766 | |||
Accretion of net gain on terminated cash flow hedges, before tax | (91) | (90) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 173,051 | (35,500) | ||
Amortization of prior service credit, before tax | (1,390) | (1,692) | ||
Amortization of actuarial gains (losses), before tax | (3,686) | 13,810 | ||
Total other comprehensive income (loss), before tax | (200,150) | (1,041,846) | ||
Ending balance, before tax | $ (1,266,327) | $ (1,213,900) | (1,266,327) | (1,213,900) |
Beginning balance, tax | 276,147 | 44,476 | ||
Unrealized holding losses, net, tax | (588) | 149,186 | ||
Foreign currency translation adjustment, tax | (18) | 3,293 | ||
Unrealized losses on cash flow hedges, tax | 90,679 | 111,150 | ||
Total other comprehensive income (loss) before reclassifications, tax | 91,249 | 263,629 | ||
Amortization of unrealized holding losses on held-to-maturity securities, tax | (456) | |||
Accretion of net gain on terminated cash flow hedges, tax | 23 | 24 | ||
Net yield adjustment from cash flow hedges currently in effect, tax | (43,535) | 9,192 | ||
Amortization of prior service credit, tax | 155 | 413 | ||
Amortization of actuarial gains (losses), tax | 410 | (3,371) | ||
Total other comprehensive income (loss), tax | 48,302 | 269,431 | ||
Ending balance, tax | 324,449 | 313,907 | 324,449 | 313,907 |
Beginning balance, net of tax | (790,030) | (127,578) | ||
Unrealized holding losses, net of tax | (1,778) | (427,080) | ||
Foreign currency translation adjustments, net of tax | (2,457) | (5,359) | 53 | (11,271) |
Unrealized losses on cash flow hedges, net of tax | (275,060) | (318,160) | ||
Total other comprehensive income (loss) before reclassifications, net of tax | (276,785) | (756,511) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,310 | |||
Accretion of net gain on terminated cash flow hedges, net of tax | (68) | (66) | ||
Net yield adjustment from cash flow hedges currently in effect, net of tax | 129,516 | (26,308) | ||
Amortization of prior service credit, net of tax | (1,235) | (1,279) | ||
Amortization of actuarial gains (losses), net of tax | (3,276) | 10,439 | ||
Total other comprehensive income (loss) | (77,078) | (393,503) | (151,848) | (772,415) |
Ending balance, net of tax | (941,878) | (899,993) | (941,878) | (899,993) |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (272,856) | (360,276) | ||
Amortization of prior service credit, before tax | (1,390) | (1,692) | ||
Amortization of actuarial gains (losses), before tax | (3,686) | 13,810 | ||
Total other comprehensive income (loss), before tax | (5,076) | 12,118 | ||
Ending balance, before tax | (277,932) | (348,158) | (277,932) | (348,158) |
Total other comprehensive income (loss) | (4,511) | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (349,129) | 83,531 | ||
Foreign currency translation adjustment, before tax | 71 | (14,564) | ||
Unrealized losses on cash flow hedges | (365,739) | (429,310) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (365,668) | (443,874) | ||
Accretion of net gain on terminated cash flow hedges, before tax | (91) | (90) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 173,051 | (35,500) | ||
Total other comprehensive income (loss), before tax | (192,708) | (479,464) | ||
Ending balance, before tax | (541,837) | (395,933) | (541,837) | (395,933) |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (444,192) | 104,691 | ||
Unrealized holding losses, net, before tax | (2,366) | (576,266) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (2,366) | (576,266) | ||
Amortization of unrealized holding losses on held-to-maturity securities | 1,766 | |||
Total other comprehensive income (loss), before tax | (2,366) | (574,500) | ||
Ending balance, before tax | $ (446,558) | $ (469,809) | (446,558) | $ (469,809) |
Total other comprehensive income (loss) | $ (1,778) |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 25,800,933 | $ 25,794,531 | $ 25,317,990 | $ 17,903,405 |
Net loss during period | (77,078) | (393,503) | (151,848) | (772,415) |
Ending balance | 26,196,502 | 25,256,493 | 26,196,502 | 25,256,493 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (329,168) | |||
Net loss during period | (1,778) | |||
Ending balance | (330,946) | (330,946) | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (202,186) | |||
Net loss during period | (4,511) | |||
Ending balance | (206,697) | (206,697) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (258,676) | |||
Net loss during period | (145,559) | |||
Ending balance | (404,235) | (404,235) | ||
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (864,800) | (506,490) | (790,030) | (127,578) |
Net loss during period | (151,848) | |||
Ending balance | $ (941,878) | $ (899,993) | $ (941,878) | $ (899,993) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 25,977,000 | $ 25,977,000 | $ 17,400,000 | ||
Unrealized net loss recognized in other comprehensive income related to cash flow hedges | 529,000 | ||||
Aggregate fair value of derivative financial instruments in asset position | 381,000 | 381,000 | 314,000 | ||
Collateral relating to net asset positions | 386,000 | 386,000 | 312,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Amount of initial margin posted | 143,000 | 143,000 | 205,000 | ||
Interest Income [Member] | |||||
Derivative [Line Items] | |||||
Changes in Cash Flow Hedges Derivative Instruments At Fair Value Net | 173,000 | $ 36,000 | 173,000 | $ 36,000 | |
Change in Cash Flow Hedges Derivative Instruments At Fair Value Net | 65,000 | 22,000 | |||
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase decrease in net interest income due to interest rate swap agreements | $ 79,000 | $ 22,000 | $ 211,000 | $ 50,000 | |
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 and Dividend Income, Operating | |
Interest Rate Swap Agreements [Member] | Maturity Period 2024 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized net loss recognized in other comprehensive income related to cash flow hedges | $ 13,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2025 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized net loss recognized in other comprehensive income related to cash flow hedges | 357,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2026 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized net loss recognized in other comprehensive income related to cash flow hedges | 159,000 | ||||
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 44,200,000 | 44,200,000 | 45,100,000 | ||
Foreign Exchange and Other Option and Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 1,500,000 | $ 1,500,000 | $ 1,700,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Notional Amount | $ 25,977,000 | $ 17,400,000 |
Average Maturity (in years) | 2 years 4 months 24 days | 1 year 7 months 6 days |
Estimated Fair Value Gain (Loss) | $ 12,185 | $ (7,892) |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 23,977,000 | $ 15,900,000 |
Average Maturity (in years) | 2 years | 1 year 4 months 24 days |
Weighted-Average Rate, Fixed | 3.45% | 1.91% |
Weighted-Average Rate, Variable | 5.32% | 4.38% |
Estimated Fair Value Gain (Loss) | $ 9,077 | $ (7,059) |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,000,000 | $ 1,500,000 |
Average Maturity (in years) | 6 years 7 months 6 days | 3 years 3 months 18 days |
Weighted-Average Rate, Fixed | 3.11% | 2.98% |
Weighted-Average Rate, Variable | 5.74% | 4.52% |
Estimated Fair Value Gain (Loss) | $ 3,108 | $ (833) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Notional Amount | $ 25,977,000 | $ 17,400,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 9,400,000 | 4,700,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | 163,900 | 65,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Impact of estimated fair value gain (losses) on hedging instruments | $ 538,500 | $ 329,700 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 420,302 | $ 435,969 |
Liability Derivatives, Fair Value | 1,489,795 | 1,355,326 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 18,469 | 4,239 |
Liability Derivatives, Fair Value | 900 | 9,103 |
Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 339,417 | 379,868 |
Liability Derivatives, Fair Value | 1,435,029 | 1,300,184 |
Fair Value Hedges [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 62,416 | 51,862 |
Liability Derivatives, Fair Value | 53,866 | 46,039 |
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 | 12,471 | 1,202 |
Liability Derivatives, Fair Value | 286 | 9,094 |
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 | 5,998 | 3,037 |
Liability Derivatives, Fair Value | 614 | 9 |
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 | 60,036 | 51,410 |
Liability Derivatives, Fair Value | 83 | 14 |
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 | 2,380 | 452 |
Liability Derivatives, Fair Value | 53,783 | 46,025 |
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 | 323,865 | 355,806 |
Liability Derivatives, Fair Value | 1,420,668 | 1,278,180 |
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 | 15,552 | 24,062 |
Liability Derivatives, Fair Value | $ 14,361 | $ 22,004 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ 1,200 | $ 1,100 |
Reduction in estimated fair value of interest rate contracts in liability position | $ 15.7 | $ 29.2 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 10,543 | $ 11,408 | $ 36,404 | $ 28,608 |
Interest Rate Swap Agreements [Member] | Fixed Rate Long-Term Borrowings [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives in fair value hedging relationships, Derivative | $ (60,605) | $ (50,976) | $ (94,997) | $ (114,932) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense | Other Noninterest Expense |
Derivatives in fair value hedging relationships, Hedged item | $ 60,737 | $ 50,821 | $ 95,920 | $ 114,581 |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | 6,311 | 6,946 | 25,027 | 17,907 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 4,232 | $ 4,462 | $ 11,377 | $ 10,701 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 1,834,030 | $ 1,433,731 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ (161,230) | $ (65,310) |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
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 | 22,000,000 | $ 22,000,000 | |||
Total assets of partnerships in which the company invested | 209,124,316,000 | 209,124,316,000 | 200,729,841,000 | |||
Investment in partnership carrying amount | 1,400,000,000 | 1,400,000,000 | 1,500,000,000 | |||
Unfunded commitments includes carrrying amount of its investments | 491,000,000 | 491,000,000 | 545,000,000 | |||
Contingent Commitments to Provide Additional Capital Contributions to Partnerships | 49,000,000 | 49,000,000 | ||||
Maximum exposure to loss of investments in real estate partnerships | 2,100,000,000 | 2,100,000,000 | ||||
Investments amortized to income tax expense | 46,000,000 | $ 37,000,000 | 128,000,000 | $ 94,000,000 | ||
Federal tax credits and other federal tax benefits recognized | 52,000,000 | $ 44,000,000 | 147,000,000 | $ 108,000,000 | ||
Remaining balance of loans and leases | 133,133,497,000 | 133,133,497,000 | 132,074,156,000 | |||
Loans and leases | 130,302,558,000 | 130,302,558,000 | 129,638,832,000 | |||
Asset-backed notes | 516,668,000 | 516,668,000 | ||||
Senior notes | 3,741,161,000 | 3,741,161,000 | 1,249,141,000 | |||
Asset-backed Notes [Member] | ||||||
Remaining balance of loans and leases | 643,000,000 | 643,000,000 | ||||
Loans and leases | $ 666,000,000 | |||||
Asset-backed notes | $ 88,000,000 | 517,000,000 | 517,000,000 | |||
Loans and leases average rate | 5.84% | |||||
Senior notes | $ 550,000,000 | |||||
Asset-backed notes weighed average estimated life | 2 years | |||||
Variable Interest Entity Primary Beneficiary [Member] | ||||||
Total assets of partnerships in which the company invested | $ 9,800,000,000 | $ 9,800,000,000 | $ 9,200,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | $ 10,592,409 | $ 10,748,961 |
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 | 118,838 | 117,847 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 18,160 | |
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 | 953,285 | 7,670,960 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 525,469 | 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 | 2,168,287 | 2,330,118 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale | 163,546 | 173,584 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account | 136,998 | 117,847 |
Debt Securities, Available-for-Sale | 10,592,409 | 10,748,961 |
Equity Securities, FV-NI, Current | 259,216 | 151,458 |
Real estate loans held for sale | 430,720 | 162,393 |
Other assets | 420,302 | 435,969 |
Total assets | 11,839,645 | 11,616,628 |
Other liabilities | 1,489,795 | 1,355,326 |
Total liabilities | 1,489,795 | 1,355,326 |
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 | 118,838 | 117,847 |
Equity Securities, FV-NI, Current | 252,080 | 145,289 |
Total assets | 370,918 | 263,136 |
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 | 18,160 | |
Debt Securities, Available-for-Sale | 10,592,409 | 10,748,961 |
Equity Securities, FV-NI, Current | 7,136 | 6,169 |
Real estate loans held for sale | 430,720 | 162,393 |
Other assets | 417,922 | 435,517 |
Total assets | 11,466,347 | 11,353,040 |
Other liabilities | 1,436,012 | 1,309,301 |
Total liabilities | 1,436,012 | 1,309,301 |
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 | 2,380 | 452 |
Total assets | 2,380 | 452 |
Other liabilities | 53,783 | 46,025 |
Total liabilities | 53,783 | 46,025 |
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 | 7,735,107 | 7,670,960 |
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 | 7,735,107 | 7,670,960 |
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 | 525,469 | 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 | 525,469 | 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 | 2,168,287 | 2,330,118 |
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 | 2,168,287 | 2,330,118 |
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 | 163,546 | 173,584 |
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 | $ 163,546 | $ 173,584 |
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] - Other Assets and Other Liabilities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ (37,178) | $ (24,181) | $ (45,573) | $ 6,440 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in earnings | $ (10,155) | $ (9,321) | $ 6,301 | $ (34,630) |
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 | Revenue from Contract with Customer, Including Assessed Tax | Revenue from Contract with Customer, Including Assessed Tax |
Transfers out of Level 3 | $ (4,070) | $ (14,804) | $ (12,131) | $ (20,116) |
Ending Balance | (51,403) | (48,306) | (51,403) | (48,306) |
Changes in net unrealized gains (losses) included in earnings related to instruments still held at period end | $ (12,957) | $ (17,160) | $ (12,341) | $ (48,108) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Weighted-average discount rates for fair value estimations | 44% | ||||
Historical recovery rate of collateral values of consumer installment loans | 51% | ||||
Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 10% | ||||
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 | $ 116,000,000 | $ 38,000,000 | $ 269,000,000 | $ 128,000,000 | |
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, valuation allowance | 0 | $ 0 | |||
Valuation Allowances Recorded | (10,000,000) | (24,000,000) | |||
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 | 804,000,000 | 706,000,000 | 804,000,000 | 706,000,000 | 853,000,000 |
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 | 316,000,000 | 439,000,000 | 316,000,000 | 439,000,000 | 329,000,000 |
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 | $ 488,000,000 | $ 267,000,000 | $ 488,000,000 | $ 267,000,000 | $ 524,000,000 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 | 99% | 97% |
Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 8% | 3% |
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 | $ (51,403) | $ (45,573) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||||||
Interest-bearing deposits at banks | $ 30,114,286 | $ 24,958,719 | ||||
Federal funds sold | 3,000 | |||||
Investment securities | 27,336,103 | 25,210,871 | ||||
Loans and leases: | ||||||
Loans and leases | 133,133,497 | 132,074,156 | ||||
Allowance for credit losses | (2,052,127) | $ (1,998,366) | (1,925,331) | $ (1,875,591) | $ (1,823,790) | $ (1,469,226) |
Loans and leases, net | 130,302,558 | 129,638,832 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (53,786,987) | (65,501,860) | ||||
Savings and interest-checking deposits | (90,297,219) | (87,911,463) | ||||
Time deposits | (20,043,601) | (10,101,545) | ||||
Short-term borrowings | (530,663) | (354,670) | ||||
Long-term borrowings | (7,123,426) | (3,964,537) | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,701,427 | 1,371,688 | ||||
Trading account | 118,838 | 117,847 | ||||
Investment securities | 252,080 | 145,289 | ||||
Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 67,437 | 145,556 | ||||
Interest-bearing deposits at banks | 30,114,286 | 24,958,719 | ||||
Federal funds sold | 3,000 | |||||
Trading account | 18,160 | |||||
Investment securities | 25,231,860 | 23,860,445 | ||||
Loans and leases: | ||||||
Loans and leases, net | 7,034,104 | 7,180,192 | ||||
Accrued interest receivable | 734,036 | 646,250 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (53,786,987) | (65,501,860) | ||||
Savings and interest-checking deposits | (90,297,219) | (87,911,463) | ||||
Time deposits | (19,931,959) | (10,143,110) | ||||
Short-term borrowings | (6,730,663) | (3,554,951) | ||||
Long-term borrowings | (6,811,799) | (3,926,489) | ||||
Accrued interest payable | (401,752) | (81,356) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | 65,337 | 54,424 | ||||
Interest rate swap agreements used for interest rate risk management | 12,185 | (7,892) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | (1,095,612) | (920,316) | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 45,986 | 50,588 | ||||
Loans and leases: | ||||||
Consumer loans | 19,351,349 | 20,093,523 | ||||
Loans and leases, net | 118,417,220 | 119,048,176 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (51,403) | (45,573) | ||||
Other credit-related commitments | (150,708) | (148,772) | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,768,864 | 1,517,244 | ||||
Interest-bearing deposits at banks | 30,114,286 | 24,958,719 | ||||
Federal funds sold | 3,000 | |||||
Trading account | 136,998 | 117,847 | ||||
Investment securities | 27,336,103 | 25,210,871 | ||||
Loans and leases: | ||||||
Consumer loans | 20,274,784 | 20,593,079 | ||||
Allowance for credit losses | (2,052,127) | (1,925,331) | ||||
Loans and leases, net | 130,302,558 | 129,638,832 | ||||
Accrued interest receivable | 734,036 | 646,250 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (53,786,987) | (65,501,860) | ||||
Savings and interest-checking deposits | (90,297,219) | (87,911,463) | ||||
Time deposits | (20,043,601) | (10,101,545) | ||||
Short-term borrowings | (6,730,663) | (3,554,951) | ||||
Long-term borrowings | (7,123,426) | (3,964,537) | ||||
Accrued interest payable | (401,752) | (81,356) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (51,403) | (45,573) | ||||
Commitments to sell real estate loans | 65,337 | 54,424 | ||||
Other credit-related commitments | (150,708) | (148,772) | ||||
Interest rate swap agreements used for interest rate risk management | 12,185 | (7,892) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | (1,095,612) | (920,316) | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,768,864 | 1,517,244 | ||||
Interest-bearing deposits at banks | 30,114,286 | 24,958,719 | ||||
Federal funds sold | 3,000 | |||||
Trading account | 136,998 | 117,847 | ||||
Investment securities | 25,529,926 | 24,056,322 | ||||
Loans and leases: | ||||||
Consumer loans | 19,351,349 | 20,093,523 | ||||
Loans and leases, net | 125,451,324 | 126,228,368 | ||||
Accrued interest receivable | 734,036 | 646,250 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (53,786,987) | (65,501,860) | ||||
Savings and interest-checking deposits | (90,297,219) | (87,911,463) | ||||
Time deposits | (19,931,959) | (10,143,110) | ||||
Short-term borrowings | (6,730,663) | (3,554,951) | ||||
Long-term borrowings | (6,811,799) | (3,926,489) | ||||
Accrued interest payable | (401,752) | (81,356) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | (51,403) | (45,573) | ||||
Commitments to sell real estate loans | 65,337 | 54,424 | ||||
Other credit-related commitments | (150,708) | (148,772) | ||||
Interest rate swap agreements used for interest rate risk management | 12,185 | (7,892) | ||||
Interest rate and foreign exchange contracts not designated as hedging instruments | (1,095,612) | (920,316) | ||||
Commercial Loans and Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 44,080,119 | 41,139,985 | ||||
Commercial Loans and Leases [Member] | Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 45,058,033 | 41,850,566 | ||||
Commercial Loans and Leases [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 44,080,119 | 41,139,985 | ||||
Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 226,022 | 130,652 | ||||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 41,047,058 | 43,083,994 | ||||
Commercial [Member] | Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 43,573,598 | 45,364,571 | ||||
Commercial [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 41,273,080 | 43,214,646 | ||||
Residential Real Estate Loans | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 6,808,082 | 7,049,540 | ||||
Residential Real Estate Loans | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 13,938,694 | 14,730,674 | ||||
Residential Real Estate Loans | Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | 23,448,270 | 23,755,947 | ||||
Residential Real Estate Loans | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Loans and leases: | ||||||
Loans and leases | $ 20,746,776 | $ 21,780,214 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments to extend credit | ||
Home equity lines of credit | $ 8,167,368 | $ 8,261,560 |
Commercial real estate loans to be sold | 338,569 | 348,701 |
Other commercial real estate | 6,224,142 | 5,776,116 |
Residential real estate loans to be sold | 237,683 | 31,208 |
Other residential real estate | 406,667 | 505,121 |
Commercial and other | 33,670,583 | 32,625,840 |
Standby letters of credit | 2,333,434 | 2,376,644 |
Commercial letters of credit | 72,053 | 65,066 |
Financial guarantees and indemnification contracts | 4,209,726 | 4,022,432 |
Commitments to sell real estate loans | $ 948,190 | $ 533,458 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 11, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||||||
Commitments to extend credit to commercial customers | $ 12,500,000,000 | $ 12,500,000,000 | $ 11,700,000,000 | |||
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 4,000,000,000 | 4,000,000,000 | 3,900,000,000 | |||
Estimate assessed losses | $ 15,800,000,000 | |||||
Estimated uninsured deposits | $ 5,000,000,000 | |||||
Annual special assessment rate | 0.125% | |||||
Quarterly special assessment rate | 0.0313% | |||||
FDIC assessments | 29,364,000 | $ 28,105,000 | 87,054,000 | $ 66,266,000 | ||
FDIC estimated assessment | 183,000,000 | |||||
Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Range of reasonably possible losses | 0 | 0 | ||||
Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Range of reasonably possible losses | $ 25,000,000 | $ 25,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | $ 689,941 | $ 646,596 | $ 2,258,599 | $ 1,226,292 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,334,969 | 2,241,770 | 7,342,666 | 5,669,648 |
Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,241,770 | 5,669,648 | ||
Net Income (Loss) | 646,596 | 1,226,292 | ||
Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,241,770 | 5,669,648 | ||
Net Income (Loss) | 646,596 | 1,226,292 | ||
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 117,290 | 92,618 | 346,704 | 199,733 |
Business Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 291,839 | 241,629 | 842,571 | 586,605 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 980 | 663 | 2,904 | 2,060 |
Business Banking [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 241,629 | 586,605 | ||
Net Income (Loss) | 94,094 | 205,741 | ||
Business Banking [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 241,629 | 586,605 | ||
Net Income (Loss) | 92,618 | 199,733 | ||
Business Banking [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (1,476) | (6,008) | ||
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 167,714 | 211,225 | 553,255 | 501,495 |
Commercial Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 453,326 | 509,376 | 1,420,971 | 1,236,750 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 8,224 | 802 | 27,742 | 2,605 |
Commercial Banking [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 510,549 | 1,239,300 | ||
Net Income (Loss) | 214,063 | 521,749 | ||
Commercial Banking [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 509,376 | 1,236,750 | ||
Net Income (Loss) | 211,225 | 501,495 | ||
Commercial Banking [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (1,173) | (2,550) | ||
Net Income (Loss) | (2,838) | (20,254) | ||
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 72,442 | 110,034 | 192,539 | 339,225 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 231,303 | 247,114 | 674,276 | 705,883 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 188 | 249 | 745 | 687 |
Commercial Real Estate [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 234,479 | 676,176 | ||
Net Income (Loss) | 94,937 | 314,284 | ||
Commercial Real Estate [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 247,114 | 705,883 | ||
Net Income (Loss) | 110,034 | 339,225 | ||
Commercial Real Estate [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,635 | 29,707 | ||
Net Income (Loss) | 15,097 | 24,941 | ||
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (21,586) | (6,261) | (93,678) | 72,835 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (20,672) | 11,641 | (78,005) | 150,895 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (14,110) | (23,044) | (44,124) | (74,952) |
Discretionary Portfolio [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 36,622 | 190,761 | ||
Net Income (Loss) | 11,813 | 103,283 | ||
Discretionary Portfolio [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 11,641 | 150,895 | ||
Net Income (Loss) | (6,261) | 72,835 | ||
Discretionary Portfolio [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (24,981) | (39,866) | ||
Net Income (Loss) | (18,074) | (30,448) | ||
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (14,422) | (2,110) | (41,676) | 32,933 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 100,444 | 95,091 | 280,654 | 346,409 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 19,373 | 35,647 | 60,599 | 110,986 |
Residential Mortgage Banking [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 95,091 | 346,409 | ||
Net Income (Loss) | (3,283) | 35,028 | ||
Residential Mortgage Banking [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 95,091 | 346,409 | ||
Net Income (Loss) | (2,110) | 32,933 | ||
Residential Mortgage Banking [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 1,173 | (2,095) | ||
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 342,700 | 182,794 | 995,927 | 366,445 |
Retail Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 876,002 | 650,227 | 2,572,410 | 1,523,992 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (35) | (5) | (113) | (12) |
Retail Banking [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 650,229 | 1,523,992 | ||
Net Income (Loss) | 181,639 | 379,688 | ||
Retail Banking [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 650,227 | 1,523,992 | ||
Net Income (Loss) | 182,794 | 366,445 | ||
Retail Banking [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (2) | |||
Net Income (Loss) | 1,155 | (13,243) | ||
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 25,803 | 58,296 | 305,528 | (286,374) |
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 402,727 | 486,692 | 1,629,789 | 1,119,114 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (14,620) | (14,312) | $ (47,753) | (41,374) |
All Other [Member] | Previously Reported [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 473,171 | 1,106,405 | ||
Net Income (Loss) | 53,333 | (333,481) | ||
All Other [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 486,692 | 1,119,114 | ||
Net Income (Loss) | 58,296 | (286,374) | ||
All Other [Member] | Impact Of Changes [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 13,521 | 12,709 | ||
Net Income (Loss) | $ 4,963 | $ 47,107 |
Segment Information - Informa_2
Segment Information - Information about Company's Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Taxable-equivalent adjustment | $ 14.3 | $ 11.8 | $ 41.7 | $ 25.8 | |
Average total assets | $ 204,266 | 187,395 | $ 204,266 | 187,395 | $ 190,252 |
Hospitality [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Average total assets | $ 1,170 | $ 1,170 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | |||
Average total assets | $ 204,266 | $ 190,252 | $ 187,395 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 7,968 | 7,597 | 7,515 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 49,373 | 40,930 | 39,293 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 31,878 | 30,599 | 29,982 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 50,900 | 42,657 | 40,987 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 2,746 | 3,986 | 4,370 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | 21,261 | 20,312 | 20,063 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average total assets | $ 40,140 | $ 44,171 | $ 45,185 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 7,123,426,000 | $ 7,123,426,000 | $ 3,964,537,000 | ||
Bayview Lending Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | $ 0 | |||
Minority interest in Bayview Lending Group LLC | 20% | 20% | |||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (loss) from equity method investments | $ 0 | $ 0 | $ 20,000,000 | $ 30,000,000 | |
Bayview Lending Group and Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of mortgage servicing rights | 1,200,000,000 | 1,200,000,000 | 1,400,000,000 | ||
Revenue from contract with customer | 1,000,000 | 3,000,000 | 5,000,000 | 7,000,000 | |
Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 114,600,000,000 | 114,600,000,000 | 96,000,000,000 | ||
Revenues from sub-servicing | 30,000,000 | $ 33,000,000 | 94,000,000 | $ 119,000,000 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 44,000,000 | 44,000,000 | $ 50,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | 3,100,000,000 | 3,100,000,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 765,000,000 | $ 765,000,000 |