Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'M&T BANK CORP | ' |
Entity Central Index Key | '0000036270 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 131,965,978 |
CONSOLIDATED_BALANCE_SHEET_Una
CONSOLIDATED BALANCE SHEET (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $1,827,197 | $1,573,361 |
Interest-bearing deposits at banks | 3,032,530 | 1,651,138 |
Federal funds sold | 90,239 | 99,573 |
Trading account | 313,325 | 376,131 |
Investment securities (includes pledged securities that can be sold or repledged of $1,620,148 at June 30, 2014; $1,696,438 at December 31, 2013) | ' | ' |
Available for sale (cost: $7,753,752 at June 30, 2014; $4,444,365 at December 31, 2013) | 8,008,779 | 4,531,786 |
Held to maturity (fair value: $3,765,849 at June 30, 2014; $3,860,127 at December 31, 2013) | 3,760,665 | 3,966,130 |
Other (fair value: $350,751 at June 30, 2014; $298,581 at December 31, 2013) | 350,751 | 298,581 |
Total investment securities | 12,120,195 | 8,796,497 |
Loans and leases | 64,980,824 | 64,325,783 |
Unearned discount | -233,131 | -252,624 |
Loans and leases, net of unearned discount | 64,747,693 | 64,073,159 |
Allowance for credit losses | -917,666 | -916,676 |
Loans and leases, net | 63,830,027 | 63,156,483 |
Premises and equipment | 625,006 | 633,520 |
Goodwill | 3,524,625 | 3,524,625 |
Core deposit and other intangible assets | 49,555 | 68,851 |
Accrued interest and other assets | 5,422,303 | 5,282,212 |
Total assets | 90,835,002 | 85,162,391 |
Liabilities | ' | ' |
Noninterest-bearing deposits | 26,088,763 | 24,661,007 |
NOW accounts | 2,007,336 | 1,989,441 |
Savings deposits | 38,209,271 | 36,621,580 |
Time deposits | 3,285,995 | 3,523,838 |
Deposits at Cayman Islands office | 237,890 | 322,746 |
Total deposits | 69,829,255 | 67,118,612 |
Federal funds purchased and agreements to repurchase securities | 161,631 | 260,455 |
Accrued interest and other liabilities | 1,283,430 | 1,368,922 |
Long-term borrowings | 7,391,931 | 5,108,870 |
Total liabilities | 78,666,247 | 73,856,859 |
Shareholders' equity | ' | ' |
Preferred stock, $1.00 par, 1,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 731,500 shares at June 30, 2014; 381,500 shares at December 31, 2013; Liquidation preference of $10,000 per share: 50,000 shares at June 30, 2014 and December 31, 2013 | 1,231,500 | 881,500 |
Common stock, $.50 par, 250,000,000 shares authorized, 131,911,359 shares issued at June 30, 2014; 130,516,364 shares issued at December 31, 2013 | 65,956 | 65,258 |
Common stock issuable, 41,635 shares at June 30, 2014; 47,231 shares at December 31, 2013 | 2,600 | 2,915 |
Additional paid-in capital | 3,347,314 | 3,232,014 |
Retained earnings | 7,481,077 | 7,188,004 |
Accumulated other comprehensive income (loss), net | 40,308 | -64,159 |
Total shareholders' equity | 12,168,755 | 11,305,532 |
Total liabilities and shareholders' equity | $90,835,002 | $85,162,391 |
CONSOLIDATED_BALANCE_SHEET_Una1
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Pledged securities that can be sold or repledged | $1,620,148 | $1,696,438 |
Investment securities, available for sale, amortized cost | 7,753,752 | 4,444,365 |
Investment securities, held to maturity, fair value | 3,765,849 | 3,860,127 |
Other, fair value | $350,751 | $298,581 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $0.50 | $0.50 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 131,911,359 | 130,516,364 |
Common stock issuable, shares | 41,635 | 47,231 |
Series A And Series C [Member] | ' | ' |
Preferred stock, shares issued | 731,500 | 381,500 |
Preferred stock, shares outstanding | 731,500 | 381,500 |
Preferred stock, liquidation preference per share | $1,000 | $1,000 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, shares outstanding | 50,000 | 50,000 |
Preferred stock, liquidation preference per share | $10,000 | $10,000 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Loans and leases, including fees | $645,029 | $705,395 | $1,290,251 | $1,387,850 |
Investment securities | ' | ' | ' | ' |
Fully taxable | 85,210 | 41,293 | 159,109 | 86,053 |
Exempt from federal taxes | 1,293 | 1,777 | 2,797 | 3,606 |
Deposits at banks | 2,535 | 1,455 | 4,419 | 1,722 |
Other | 223 | 287 | 666 | 951 |
Total interest income | 734,290 | 750,207 | 1,457,242 | 1,480,182 |
Interest expense | ' | ' | ' | ' |
NOW accounts | 330 | 321 | 627 | 643 |
Savings deposits | 11,181 | 13,790 | 22,782 | 27,827 |
Time deposits | 3,855 | 7,484 | 7,795 | 15,680 |
Deposits at Cayman Islands office | 181 | 200 | 389 | 588 |
Short-term borrowings | 25 | 96 | 57 | 327 |
Long-term borrowings | 49,604 | 50,729 | 100,045 | 101,480 |
Total interest expense | 65,176 | 72,620 | 131,695 | 146,545 |
Net interest income | 669,114 | 677,587 | 1,325,547 | 1,333,637 |
Provision for credit losses | 30,000 | 57,000 | 62,000 | 95,000 |
Net interest income after provision for credit losses | 639,114 | 620,587 | 1,263,547 | 1,238,637 |
Other income | ' | ' | ' | ' |
Mortgage banking revenues | 95,656 | 91,262 | 175,705 | 184,365 |
Service charges on deposit accounts | 107,368 | 111,717 | 211,566 | 222,666 |
Trust income | 129,893 | 124,728 | 251,145 | 246,331 |
Brokerage services income | 17,487 | 17,258 | 33,987 | 32,969 |
Trading account and foreign exchange gains | 8,042 | 9,224 | 14,489 | 18,151 |
Gain on bank investment securities | ' | 56,457 | ' | 56,457 |
Total other-than-temporary impairment ("OTTI") losses | ' | ' | ' | -1,884 |
Portion of OTTI losses recognized in other comprehensive income (before taxes) | ' | ' | ' | -7,916 |
Net OTTI losses recognized in earnings | ' | ' | ' | -9,800 |
Equity in earnings of Bayview Lending Group LLC | -4,055 | -2,453 | -8,509 | -6,109 |
Other revenues from operations | 102,021 | 100,496 | 198,136 | 196,541 |
Total other income | 456,412 | 508,689 | 876,519 | 941,571 |
Other expense | ' | ' | ' | ' |
Salaries and employee benefits | 339,713 | 323,136 | 711,039 | 679,687 |
Equipment and net occupancy | 68,084 | 64,278 | 139,251 | 129,437 |
Printing, postage and supplies | 9,180 | 10,298 | 20,136 | 20,997 |
Amortization of core deposit and other intangible assets | 9,234 | 12,502 | 19,296 | 25,845 |
FDIC assessments | 15,155 | 17,695 | 30,643 | 37,133 |
Other costs of operations | 239,828 | 170,682 | 463,100 | 341,088 |
Total other expense | 681,194 | 598,591 | 1,383,465 | 1,234,187 |
Income before taxes | 414,332 | 530,685 | 756,601 | 946,021 |
Income taxes | 129,996 | 182,219 | 243,248 | 323,442 |
Net income | 284,336 | 348,466 | 513,353 | 622,579 |
Net income available to common shareholders | ' | ' | ' | ' |
Basic | 260,680 | 328,538 | 472,404 | 583,597 |
Diluted | $260,695 | $328,557 | $472,429 | $583,633 |
Net income per common share | ' | ' | ' | ' |
Basic | $1.99 | $2.56 | $3.62 | $4.56 |
Diluted | $1.98 | $2.55 | $3.59 | $4.53 |
Cash dividends per common share | $0.70 | $0.70 | $1.40 | $1.40 |
Average common shares outstanding | ' | ' | ' | ' |
Basic | 130,856 | 128,252 | 130,536 | 127,962 |
Diluted | 131,828 | 129,017 | 131,479 | 128,828 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Partners Capital [Abstract] | ' | ' | ' | ' |
Net income | $284,336 | $348,466 | $513,353 | $622,579 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ' | ' | ' | ' |
Net unrealized gains (losses) on investment securities | 64,652 | -6,722 | 102,866 | 3,357 |
Unrealized losses on cash flow hedges | -711 | ' | -711 | ' |
Foreign currency translation adjustment | 449 | -114 | 313 | -1,046 |
Defined benefit plans liability adjustment | 1,179 | 5,018 | 1,999 | 10,182 |
Total other comprehensive income (loss) | 65,569 | -1,818 | 104,467 | 12,493 |
Total comprehensive income | $349,905 | $346,648 | $617,820 | $635,072 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $513,353 | $622,579 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Provision for credit losses | 62,000 | 95,000 |
Depreciation and amortization of premises and equipment | 49,133 | 43,354 |
Amortization of capitalized servicing rights | 34,868 | 30,653 |
Amortization of core deposit and other intangible assets | 19,296 | 25,845 |
Provision for deferred income taxes | 40,964 | 30,373 |
Asset write-downs | 2,015 | 15,043 |
Net gain on sales of assets | -1,991 | -59,134 |
Net change in accrued interest receivable, payable | 10,036 | -1,131 |
Net change in other accrued income and expense | -82,817 | 20,336 |
Net change in loans originated for sale | -192,521 | -220,784 |
Net change in trading account assets and liabilities | 15,168 | 14,362 |
Net cash provided by operating activities | 469,504 | 616,496 |
Cash flows from investing activities | ' | ' |
Proceeds from sales of investment securities Available for sale | 16 | 1,081,496 |
Proceeds from sales of investment securities Other | 734 | 5,439 |
Proceeds from maturities of investment securities Available for sale | 375,372 | 652,074 |
Proceeds from maturities of investment securities Held to maturity | 211,005 | 141,255 |
Purchases of investment securities Available for sale | -3,609,758 | -39,411 |
Purchases of investment securities Held to maturity | -10,745 | -11,252 |
Purchases of investment securities Other | -52,904 | -8,540 |
Net increase in loans and leases | -566,803 | -228,853 |
Net increase in interest-bearing deposits at banks | -1,381,392 | -2,425,409 |
Capital expenditures, net | -37,747 | -43,663 |
Net (increase) decrease in loan servicing advances | -257,704 | 47,290 |
Other, net | 16,990 | 38,072 |
Net cash used by investing activities | -5,312,936 | -791,502 |
Cash flows from financing activities | ' | ' |
Net increase in deposits | 2,712,470 | 54,101 |
Net decrease in short-term borrowings | -98,824 | -766,742 |
Proceeds from long-term borrowings | 2,647,688 | 799,760 |
Payments on long-term borrowings | -360,345 | -257,178 |
Proceeds from issuance of preferred stock | 346,500 | ' |
Dividends paid-common | -185,134 | -181,842 |
Dividends paid-preferred | -29,348 | -26,725 |
Other, net | 54,927 | 41,519 |
Net cash provided (used) by financing activities | 5,087,934 | -337,107 |
Net increase (decrease) in cash and cash equivalents | 244,502 | -512,113 |
Cash and cash equivalents at beginning of period | 1,672,934 | 1,986,615 |
Cash and cash equivalents at end of period | 1,917,436 | 1,474,502 |
Supplemental disclosure of cash flow information | ' | ' |
Interest received during the period | 1,420,720 | 1,459,142 |
Interest paid during the period | 120,109 | 151,737 |
Income taxes paid during the period | 198,028 | 226,406 |
Supplemental schedule of noncash investing and financing activities | ' | ' |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 76,097 | ' |
Securitization of residential mortgage loans allocated to Held to maturity investment securities | ' | 917,045 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | 976 | 8,907 |
Real estate acquired in settlement of loans | $18,677 | $15,502 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $) | 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] |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2012 | $10,202,593 | $872,500 | $64,088 | $3,473 | $3,025,520 | $6,477,276 | ($240,264) |
Total comprehensive income | 635,072 | ' | ' | ' | ' | 622,579 | 12,493 |
Preferred stock cash dividends | -26,725 | ' | ' | ' | ' | -26,725 | ' |
Amortization of preferred stock discount | ' | 4,296 | ' | ' | ' | -4,296 | ' |
Exercise of stock warrants into common stock | ' | ' | 93 | ' | -93 | ' | ' |
Stock-based compensation plans: | ' | ' | ' | ' | ' | ' | ' |
Compensation expense, net | 21,209 | ' | 153 | ' | 21,056 | ' | ' |
Exercises of stock options, net | 63,871 | ' | 366 | ' | 63,505 | ' | ' |
Directors' stock plan | 797 | ' | 4 | ' | 793 | ' | ' |
Deferred compensation plans, net, including dividend equivalents | -110 | ' | 5 | -613 | 564 | -66 | ' |
Other | 1,321 | ' | ' | ' | 1,321 | ' | ' |
Common stock cash dividends-$1.40 per share | -181,698 | ' | ' | ' | ' | -181,698 | ' |
Ending Balance at Jun. 30, 2013 | 10,716,330 | 876,796 | 64,709 | 2,860 | 3,112,666 | 6,887,070 | -227,771 |
Beginning Balance at Dec. 31, 2013 | 11,305,532 | 881,500 | 65,258 | 2,915 | 3,232,014 | 7,188,004 | -64,159 |
Total comprehensive income | 617,820 | ' | ' | ' | ' | 513,353 | 104,467 |
Preferred stock cash dividends | -35,117 | ' | ' | ' | ' | -35,117 | ' |
Issuance of Series E preferred stock | 346,500 | 350,000 | ' | ' | -3,500 | ' | ' |
Exercise of stock warrants into common stock | ' | ' | 75 | ' | -75 | ' | ' |
Stock-based compensation plans: | ' | ' | ' | ' | ' | ' | ' |
Compensation expense, net | 23,381 | ' | 131 | ' | 23,250 | ' | ' |
Exercises of stock options, net | 84,444 | ' | 442 | ' | 84,002 | ' | ' |
Stock purchase plan | 9,588 | ' | 43 | ' | 9,545 | ' | ' |
Directors' stock plan | 879 | ' | 4 | ' | 875 | ' | ' |
Deferred compensation plans, net, including dividend equivalents | -61 | ' | 3 | -315 | 309 | -58 | ' |
Other | 894 | ' | ' | ' | 894 | ' | ' |
Common stock cash dividends-$1.40 per share | -185,105 | ' | ' | ' | ' | -185,105 | ' |
Ending Balance at Jun. 30, 2014 | $12,168,755 | $1,231,500 | $65,956 | $2,600 | $3,347,314 | $7,481,077 | $40,308 |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Common stock per share dividend amount | $0.70 | $0.70 | $1.40 | $1.40 |
Retained earnings [Member] | ' | ' | ' | ' |
Common stock per share dividend amount | ' | ' | $1.40 | $1.40 |
Series C stock warrants [Member] | Common stock [Member] | ' | ' | ' | ' |
Exercise of warrants into shares of common stock | ' | 407,542 | ' | 407,542 |
Exercise of warrants into shares of common stock | ' | ' | ' | 186,589 |
Series A Warrants [Member] | Common stock [Member] | ' | ' | ' | ' |
Exercise of warrants into shares of common stock | 379,376 | ' | 379,376 | ' |
Exercise of warrants into shares of common stock | ' | ' | 149,834 | ' |
Significant_accounting_policie
Significant accounting policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant accounting policies | ' |
1. Significant accounting policies | |
The consolidated financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in the 2013 Annual Report. In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Acquisitions
Acquisitions | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
2. Acquisitions | |||||||||
On August 27, 2012, M&T announced that it had entered into a definitive agreement with Hudson City Bancorp, Inc. (“Hudson City”), headquartered in Paramus, New Jersey, under which Hudson City would be acquired by M&T. Pursuant to the terms of the agreement, Hudson City shareholders will receive consideration for each common share of Hudson City in an amount valued at .08403 of an M&T share in the form of either M&T common stock or cash, based on the election of each Hudson City shareholder, subject to proration as specified in the merger agreement (which provides for an aggregate split of total consideration of 60% common stock of M&T and 40% cash). As of June 30, 2014, total consideration to be paid was valued at approximately $5.4 billion. | |||||||||
At June 30, 2014, Hudson City had $37.7 billion of assets, including $23.3 billion of loans and $8.2 billion of investment securities, and $32.9 billion of liabilities, including $20.5 billion of deposits. The merger has received the approval of the common shareholders of M&T and Hudson City. However, the merger is subject to a number of other conditions, including regulatory approvals. | |||||||||
On June 17, 2013, M&T and Manufacturers and Traders Trust Company (“M&T Bank”), M&T’s principal banking subsidiary, entered into a written agreement with the Federal Reserve Bank of New York (“Federal Reserve Bank”). Under the terms of the agreement, M&T and M&T Bank are required to submit to the Federal Reserve Bank a revised compliance risk management program designed to ensure compliance with the Bank Secrecy Act and anti-money-laundering laws and regulations and to take certain other steps to enhance their compliance practices. The Company has commenced a major initiative, including the hiring of outside consulting firms, intended to fully address the Federal Reserve Bank’s concerns. In view of the timeframe required to implement this initiative, demonstrate its efficacy to the satisfaction of the Federal Reserve Bank and otherwise meet any other regulatory requirements that may be imposed in connection with these matters, M&T and Hudson City extended the date after which either party may elect to terminate the merger agreement if the merger has not yet been completed to December 31, 2014. Nevertheless, there can be no assurances that the merger will be completed by that date. | |||||||||
In connection with the pending acquisition, the Company incurred merger-related expenses related to preparing for systems conversions and other costs of integrating and conforming acquired operations with and into the Company. Those expenses consisted largely of professional services and other temporary help fees associated with planning for the conversion of systems and/or integration of operations; initial marketing and promotion expenses designed to introduce M&T Bank to its new customers; travel costs; and printing, postage, supplies and other costs of planning for the transaction and commencing operations in new markets and offices. | |||||||||
A summary of merger-related expenses incurred in 2013 associated with the pending Hudson City acquisition included in the consolidated statement of income is presented below. There were no merger-related expenses during the three months or six months ended June 30, 2014. | |||||||||
Three months ended | Six months ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
(in thousands) | |||||||||
Salaries and employee benefits | $ | 300 | $ | 836 | |||||
Equipment and net occupancy | 489 | 690 | |||||||
Printing, postage and supplies | 998 | 1,825 | |||||||
Other costs of operations | 5,845 | 9,013 | |||||||
$ | 7,632 | $ | 12,364 | ||||||
Investment_securities
Investment securities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 | ||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||
gains | losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 42,600 | 324 | 3 | $ | 42,921 | |||||||||||
Obligations of states and political subdivisions | 9,999 | 302 | 59 | 10,242 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 7,426,259 | 191,716 | 348 | 7,617,627 | |||||||||||||
Privately issued | 119 | 4 | 4 | 119 | |||||||||||||
Collateralized debt obligations | 32,548 | 24,100 | 448 | 56,200 | |||||||||||||
Other debt securities | 138,362 | 2,185 | 15,784 | 124,763 | |||||||||||||
Equity securities | 103,865 | 54,119 | 1,077 | 156,907 | |||||||||||||
7,753,752 | 272,750 | 17,723 | 8,008,779 | ||||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 154,733 | 3,289 | 88 | 157,934 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 3,387,213 | 67,816 | 14,881 | 3,440,148 | |||||||||||||
Privately issued | 210,388 | — | 50,952 | 159,436 | |||||||||||||
Other debt securities | 8,331 | — | — | 8,331 | |||||||||||||
3,760,665 | 71,105 | 65,921 | 3,765,849 | ||||||||||||||
Other securities | 350,751 | — | — | 350,751 | |||||||||||||
Total | $ | 11,865,168 | 343,855 | 83,644 | $ | 12,125,379 | |||||||||||
December 31, 2013 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 37,396 | 382 | 2 | $ | 37,776 | |||||||||||
Obligations of states and political subdivisions | 10,484 | 333 | 6 | 10,811 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 4,123,435 | 61,001 | 19,350 | 4,165,086 | |||||||||||||
Privately issued | 1,468 | 387 | 5 | 1,850 | |||||||||||||
Collateralized debt obligations | 42,274 | 21,666 | 857 | 63,083 | |||||||||||||
Other debt securities | 137,828 | 1,722 | 19,465 | 120,085 | |||||||||||||
Equity securities | 91,480 | 41,842 | 227 | 133,095 | |||||||||||||
4,444,365 | 127,333 | 39,912 | 4,531,786 | ||||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 169,684 | 3,744 | 135 | 173,293 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 3,567,905 | 16,160 | 65,149 | 3,518,916 | |||||||||||||
Privately issued | 219,628 | — | 60,623 | 159,005 | |||||||||||||
Other debt securities | 8,913 | — | — | 8,913 | |||||||||||||
3,966,130 | 19,904 | 125,907 | 3,860,127 | ||||||||||||||
Other securities | 298,581 | — | — | 298,581 | |||||||||||||
Total | $ | 8,709,076 | 147,237 | 165,819 | $ | 8,690,494 | |||||||||||
There were no gross realized gains or losses from the sale of investment securities for the three-month and six-month periods ended June 30, 2014. Gross realized gains on investment securities were $116 million for the three-month and six-month periods ended June 30, 2013. During the second quarter of 2013, the Company sold its holdings of Visa Class B shares for a gain of approximately $90 million and its holdings of MasterCard Class B shares for a gain of $13 million. Gross realized losses on investment securities were $60 million for the three-month and six-month periods ended June 30, 2013. During the second quarter of 2013, the Company sold substantially all of its privately issued mortgage-backed securities that had been held in the available-for-sale investment securities portfolio. In total, $1.0 billion of such securities were sold for a net loss of approximately $46 million. | |||||||||||||||||
There were $10 million of pre-tax other-than-temporary impairment (“OTTI”) losses recognized during the first quarter of 2013 related to privately issued mortgage-backed securities. The impairment charges were recognized in light of deterioration of real estate values and a rise in delinquencies and charge-offs of underlying mortgage loans collateralizing those securities. The OTTI losses represented management’s estimate of credit losses inherent in the debt securities considering projected cash flows using assumptions for delinquency rates, loss severities, and other estimates of future collateral performance. The Company did not recognize any OTTI losses during the first or second quarters of 2014 or the second quarter of 2013. | |||||||||||||||||
Changes in credit losses associated with debt securities for which OTTI losses had been recognized in earnings for the three months and six months ended June 30, 2013 follow: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 187,114 | 197,809 | ||||||||||||||
Additions for credit losses not previously recognized | — | 9,800 | |||||||||||||||
Reductions for realized losses | (186,320 | ) | (206,815 | ) | |||||||||||||
Ending balance | $ | 794 | 794 | ||||||||||||||
There were no significant credit losses associated with debt securities held by the Company as of June 30, 2014 or December 31, 2013. | |||||||||||||||||
At June 30, 2014, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
cost | fair value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Debt securities available for sale: | |||||||||||||||||
Due in one year or less | $ | 7,513 | 7,592 | ||||||||||||||
Due after one year through five years | 46,209 | 46,952 | |||||||||||||||
Due after five years through ten years | 5,009 | 5,145 | |||||||||||||||
Due after ten years | 164,778 | 174,437 | |||||||||||||||
223,509 | 234,126 | ||||||||||||||||
Mortgage-backed securities available for sale | 7,426,378 | 7,617,746 | |||||||||||||||
$ | 7,649,887 | 7,851,872 | |||||||||||||||
Debt securities held to maturity: | |||||||||||||||||
Due in one year or less | $ | 21,159 | 21,326 | ||||||||||||||
Due after one year through five years | 78,588 | 80,389 | |||||||||||||||
Due after five years through ten years | 54,986 | 56,219 | |||||||||||||||
Due after ten years | 8,331 | 8,331 | |||||||||||||||
163,064 | 166,265 | ||||||||||||||||
Mortgage-backed securities held to maturity | 3,597,601 | 3,599,584 | |||||||||||||||
$ | 3,760,665 | 3,765,849 | |||||||||||||||
A summary of investment securities that as of June 30, 2014 and December 31, 2013 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 value | Unrealized | Fair value | Unrealized | ||||||||||||||
losses | losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 5,865 | (3 | ) | — | — | |||||||||||
Obligations of states and political subdivisions | 1,832 | (55 | ) | 437 | (4 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 42,896 | (158 | ) | 8,254 | (190 | ) | |||||||||||
Privately issued | — | — | 77 | (4 | ) | ||||||||||||
Collateralized debt obligations | 2,633 | (114 | ) | 5,557 | (334 | ) | |||||||||||
Other debt securities | 157 | (10 | ) | 99,118 | (15,774 | ) | |||||||||||
Equity securities | 3,240 | (1,077 | ) | — | — | ||||||||||||
56,623 | (1,417 | ) | 113,443 | (16,306 | ) | ||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 8,329 | (34 | ) | 3,753 | (54 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 140,724 | (878 | ) | 730,795 | (14,003 | ) | |||||||||||
Privately issued | — | — | 159,436 | (50,952 | ) | ||||||||||||
149,053 | (912 | ) | 893,984 | (65,009 | ) | ||||||||||||
Total | $ | 205,676 | (2,329 | ) | 1,007,427 | (81,315 | ) | ||||||||||
December 31, 2013 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 745 | (2 | ) | — | — | |||||||||||
Obligations of states and political subdivisions | — | — | 558 | (6 | ) | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 1,697,094 | (19,225 | ) | 5,815 | (125 | ) | |||||||||||
Privately issued | — | — | 98 | (5 | ) | ||||||||||||
Collateralized debt obligations | — | — | 6,257 | (857 | ) | ||||||||||||
Other debt securities | 1,428 | (4 | ) | 103,602 | (19,461 | ) | |||||||||||
Equity securities | 159 | (227 | ) | — | — | ||||||||||||
1,699,426 | (19,458 | ) | 116,330 | (20,454 | ) | ||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 13,517 | (120 | ) | 1,558 | (15 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 2,629,950 | (65,149 | ) | — | — | ||||||||||||
Privately issued | — | — | 159,005 | (60,623 | ) | ||||||||||||
2,643,467 | (65,269 | ) | 160,563 | (60,638 | ) | ||||||||||||
Total | $ | 4,342,893 | (84,727 | ) | 276,893 | (81,092 | ) | ||||||||||
The Company owned 289 individual investment securities with aggregate gross unrealized losses of $84 million at June 30, 2014. Based on a review of each of the securities in the investment securities portfolio at June 30, 2014, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 2014, 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 June 30, 2014, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $351 million of cost method investment securities. |
Loans_and_leases_and_the_allow
Loans and leases and the allowance for credit losses | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and leases and the allowance for credit losses | ' | ||||||||||||||||||||||||||||
4. Loans and leases and the allowance for credit losses | |||||||||||||||||||||||||||||
The outstanding principal balance and the carrying amount of acquired loans that were recorded at fair value at the acquisition date and included in the consolidated balance sheet follow: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding principal balance | $ | 3,828,214 | 4,656,811 | ||||||||||||||||||||||||||
Carrying amount: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 396,166 | 580,685 | |||||||||||||||||||||||||||
Commercial real estate | 1,285,386 | 1,541,368 | |||||||||||||||||||||||||||
Residential real estate | 515,791 | 576,473 | |||||||||||||||||||||||||||
Consumer | 1,051,728 | 1,308,926 | |||||||||||||||||||||||||||
$ | 3,249,071 | 4,007,452 | |||||||||||||||||||||||||||
Purchased impaired loans included in the table above totaled $283 million at June 30, 2014 and $331 million at December 31, 2013, representing less than 1% of the Company’s assets as of each date. A summary of changes in the accretable yield for acquired loans for the three months and six months ended June 30, 2014 and 2013 follows: | |||||||||||||||||||||||||||||
Three months ended June 30 | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Purchased | Other | Purchased | Other | ||||||||||||||||||||||||||
impaired | acquired | impaired | acquired | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,939 | 485,162 | $ | 33,728 | 577,609 | |||||||||||||||||||||||
Interest income | (5,106 | ) | (43,452 | ) | (9,747 | ) | (67,539 | ) | |||||||||||||||||||||
Reclassifications from nonaccretable balance, net | 249 | 774 | 31,168 | 111,702 | |||||||||||||||||||||||||
Other (a) | — | 8,486 | — | 321 | |||||||||||||||||||||||||
Balance at end of period | $ | 26,082 | 450,970 | $ | 55,149 | 622,093 | |||||||||||||||||||||||
Six months ended June 30 | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Purchased | Other | Purchased | Other | ||||||||||||||||||||||||||
impaired | acquired | impaired | acquired | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,230 | 538,633 | $ | 42,252 | 638,272 | |||||||||||||||||||||||
Interest income | (11,434 | ) | (96,085 | ) | (18,451 | ) | (129,286 | ) | |||||||||||||||||||||
Reclassifications from nonaccretable balance, net | 286 | 774 | 31,348 | 122,519 | |||||||||||||||||||||||||
Other (a) | — | 7,648 | — | (9,412 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 26,082 | 450,970 | $ | 55,149 | 622,093 | |||||||||||||||||||||||
(a) | Other changes in expected cash flows including changes in interest rates and prepayment assumptions. | ||||||||||||||||||||||||||||
A summary of current, past due and nonaccrual loans as of June 30, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||||||
30-89 | 90 Days or | Purchased | |||||||||||||||||||||||||||
more past | |||||||||||||||||||||||||||||
due and accruing | |||||||||||||||||||||||||||||
Current | Days | Non- | Acquired | impaired | Nonaccrual | Total | |||||||||||||||||||||||
past due | acquired | (a) | (b) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 18,831,026 | 56,292 | 3,910 | 5,769 | 16,702 | 192,193 | $ | 19,105,892 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 21,335,953 | 142,904 | 9,862 | 36,554 | 82,554 | 188,951 | 21,796,778 | ||||||||||||||||||||||
Residential builder and developer | 1,203,959 | 10,417 | — | 9,505 | 111,937 | 83,624 | 1,419,442 | ||||||||||||||||||||||
Other commercial construction | 3,075,240 | 11,764 | — | 4,018 | 43,511 | 23,521 | 3,158,054 | ||||||||||||||||||||||
Residential | 7,499,250 | 261,083 | 270,492 | 42,245 | 25,231 | 198,816 | 8,297,117 | ||||||||||||||||||||||
Residential Alt-A | 258,899 | 22,064 | — | — | — | 78,686 | 359,649 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 5,917,670 | 34,440 | — | 25,577 | 2,582 | 83,991 | 6,064,260 | ||||||||||||||||||||||
Automobile | 1,621,311 | 23,629 | — | 218 | — | 16,075 | 1,661,233 | ||||||||||||||||||||||
Other | 2,821,175 | 34,370 | 4,752 | 10,694 | — | 14,277 | 2,885,268 | ||||||||||||||||||||||
Total | $ | 62,564,483 | 596,963 | 289,016 | 134,580 | 282,517 | 880,134 | $ | 64,747,693 | ||||||||||||||||||||
30-89 | 90 Days or | Purchased | |||||||||||||||||||||||||||
more past | |||||||||||||||||||||||||||||
due and accruing | |||||||||||||||||||||||||||||
Current | Days | Non- | Acquired | impaired | Nonaccrual | Total | |||||||||||||||||||||||
past due | acquired | (a) | (b) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 18,489,474 | 77,538 | 4,981 | 6,778 | 15,706 | 110,739 | $ | 18,705,216 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 21,236,071 | 145,749 | 63,353 | 35,603 | 88,034 | 173,048 | 21,741,858 | ||||||||||||||||||||||
Residential builder and developer | 1,025,984 | 8,486 | 141 | 7,930 | 137,544 | 96,427 | 1,276,512 | ||||||||||||||||||||||
Other commercial construction | 2,986,598 | 42,234 | — | 8,031 | 57,707 | 35,268 | 3,129,838 | ||||||||||||||||||||||
Residential | 7,630,368 | 295,131 | 294,649 | 43,700 | 29,184 | 252,805 | 8,545,837 | ||||||||||||||||||||||
Residential Alt-A | 283,253 | 18,009 | — | — | — | 81,122 | 382,384 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 5,972,365 | 40,537 | — | 27,754 | 2,617 | 78,516 | 6,121,789 | ||||||||||||||||||||||
Automobile | 1,314,246 | 29,144 | — | 366 | — | 21,144 | 1,364,900 | ||||||||||||||||||||||
Other | 2,726,522 | 47,830 | 5,386 | — | — | 25,087 | 2,804,825 | ||||||||||||||||||||||
Total | $ | 61,664,881 | 704,658 | 368,510 | 130,162 | 330,792 | 874,156 | $ | 64,073,159 | ||||||||||||||||||||
(a) | Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. | ||||||||||||||||||||||||||||
(b) | Accruing loans that were impaired at acquisition date and were recorded at fair value. | ||||||||||||||||||||||||||||
One-to-four family residential mortgage loans originated for sale were $419 million and $401 million at June 30, 2014 and December 31, 2013, respectively. Commercial mortgage loans held for sale were $205 million at June 30, 2014 and $68 million at December 31, 2013. | |||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the three months ended June 30, 2014 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 276,835 | 324,805 | 77,062 | 162,134 | 75,932 | $ | 916,768 | |||||||||||||||||||||
Provision for credit losses | 25,556 | (12,229 | ) | (1,957 | ) | 18,676 | (46 | ) | 30,000 | ||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (14,142 | ) | (2,814 | ) | (5,478 | ) | (19,404 | ) | — | (41,838 | ) | ||||||||||||||||||
Recoveries | 4,002 | 1,492 | 2,777 | 4,465 | — | 12,736 | |||||||||||||||||||||||
Net charge-offs | (10,140 | ) | (1,322 | ) | (2,701 | ) | (14,939 | ) | — | (29,102 | ) | ||||||||||||||||||
Ending balance | $ | 292,251 | 311,254 | 72,404 | 165,871 | 75,886 | $ | 917,666 | |||||||||||||||||||||
Changes in the allowance for credit losses for the three months ended June 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 257,851 | 328,016 | 90,122 | 176,793 | 74,335 | $ | 927,117 | |||||||||||||||||||||
Provision for credit losses | 55,647 | (10,913 | ) | (1,438 | ) | 13,707 | (3 | ) | 57,000 | ||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (46,312 | ) | (4,204 | ) | (5,092 | ) | (21,018 | ) | — | (76,626 | ) | ||||||||||||||||||
Recoveries | 1,681 | 11,365 | 1,719 | 4,809 | — | 19,574 | |||||||||||||||||||||||
Net charge-offs | (44,631 | ) | 7,161 | (3,373 | ) | (16,209 | ) | — | (57,052 | ) | |||||||||||||||||||
Ending balance | $ | 268,867 | 324,264 | 85,311 | 174,291 | 74,332 | $ | 927,065 | |||||||||||||||||||||
Changes in the allowance for credit losses for the six months ended June 30, 2014 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 273,383 | 324,978 | 78,656 | 164,644 | 75,015 | $ | 916,676 | |||||||||||||||||||||
Provision for credit losses | 38,154 | (12,113 | ) | 2,271 | 32,817 | 871 | 62,000 | ||||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (28,951 | ) | (6,300 | ) | (12,931 | ) | (41,095 | ) | — | (89,277 | ) | ||||||||||||||||||
Recoveries | 9,665 | 4,689 | 4,408 | 9,505 | — | 28,267 | |||||||||||||||||||||||
Net charge-offs | (19,286 | ) | (1,611 | ) | (8,523 | ) | (31,590 | ) | — | (61,010 | ) | ||||||||||||||||||
Ending balance | $ | 292,251 | 311,254 | 72,404 | 165,871 | 75,886 | $ | 917,666 | |||||||||||||||||||||
Changes in the allowance for credit losses for the six months ended June 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 246,759 | 337,101 | 88,807 | 179,418 | 73,775 | $ | 925,860 | |||||||||||||||||||||
Provision for credit losses | 73,527 | (11,225 | ) | 3,598 | 28,543 | 557 | 95,000 | ||||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (55,856 | ) | (13,792 | ) | (13,263 | ) | (42,663 | ) | — | (125,574 | ) | ||||||||||||||||||
Recoveries | 4,437 | 12,180 | 6,169 | 8,993 | — | 31,779 | |||||||||||||||||||||||
Net charge-offs | (51,419 | ) | (1,612 | ) | (7,094 | ) | (33,670 | ) | — | (93,795 | ) | ||||||||||||||||||
Ending balance | $ | 268,867 | 324,264 | 85,311 | 174,291 | 74,332 | $ | 927,065 | |||||||||||||||||||||
Despite the above allocation, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. | |||||||||||||||||||||||||||||
In establishing the allowance for credit losses, the Company estimates losses attributable to specific troubled credits identified through both normal and detailed or intensified credit review processes and also estimates losses inherent in other loans and leases on a collective basis. For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by loan type. The amounts of loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial and commercial real estate loans that are in nonaccrual status and by applying loss factors to groups of loan balances based on loan type and management’s classification of such loans under the Company’s loan grading system. Measurement of the specific loss components is typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. In determining the allowance for credit losses, the Company utilizes a loan grading system which is applied to commercial and commercial real estate credits on an individual loan basis. Loan officers are responsible for continually assigning grades to these loans based on standards outlined in the Company’s Credit Policy. Internal loan grades are also monitored by the Company’s loan review department to ensure consistency and strict adherence to the prescribed standards. Loan grades are assigned loss component factors that reflect the Company’s loss estimate for each group of loans and leases. Factors considered in assigning loan grades and loss component factors 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; levels of and trends in portfolio charge-offs and recoveries; levels of and trends in portfolio delinquencies and impaired loans; changes in the risk profile of specific portfolios; trends in volume and terms of loans; effects of changes in credit concentrations; and observed trends and practices in the banking industry. As updated appraisals are obtained on individual loans or other events in the market place indicate that collateral values have significantly changed, individual loan grades are adjusted as appropriate. Changes in other factors cited may also lead to loan grade changes at any time. Except for consumer and residential mortgage loans that are considered smaller balance homogenous loans and acquired loans that are evaluated on an aggregated basis, the Company considers a loan to be impaired for purposes of applying GAAP when, based on current information and events, it is probable that the Company will be unable to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days. Regardless of loan type, the Company considers a loan to be impaired if it qualifies as a troubled debt restructuring. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. | |||||||||||||||||||||||||||||
The following tables provide information with respect to loans and leases that were considered impaired as of June 30, 2014 and December 31, 2013 and for the three months and six months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||
investment | principal | allowance | investment | principal | allowance | ||||||||||||||||||||||||
balance | balance | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 165,446 | 189,110 | 39,874 | 90,293 | 112,092 | 24,614 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 95,543 | 112,623 | 16,330 | 113,570 | 132,325 | 19,520 | |||||||||||||||||||||||
Residential builder and developer | 28,048 | 36,634 | 1,694 | 33,311 | 55,122 | 4,379 | |||||||||||||||||||||||
Other commercial construction | 71,379 | 74,401 | 4,883 | 86,260 | 90,515 | 4,022 | |||||||||||||||||||||||
Residential | 90,895 | 109,723 | 4,103 | 96,508 | 114,521 | 7,146 | |||||||||||||||||||||||
Residential Alt-A | 108,426 | 123,349 | 12,000 | 111,911 | 124,528 | 14,000 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 19,358 | 20,424 | 5,877 | 13,672 | 14,796 | 3,312 | |||||||||||||||||||||||
Automobile | 35,426 | 35,426 | 9,248 | 40,441 | 40,441 | 11,074 | |||||||||||||||||||||||
Other | 18,561 | 18,561 | 4,831 | 17,660 | 17,660 | 4,541 | |||||||||||||||||||||||
633,082 | 720,251 | 98,840 | 603,626 | 702,000 | 92,608 | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 52,913 | 55,167 | — | 28,093 | 33,095 | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 102,890 | 124,701 | — | 65,271 | 84,333 | — | |||||||||||||||||||||||
Residential builder and developer | 66,149 | 99,746 | — | 72,366 | 104,768 | — | |||||||||||||||||||||||
Other commercial construction | 9,453 | 14,306 | — | 7,369 | 11,493 | — | |||||||||||||||||||||||
Residential | 19,681 | 29,512 | — | 84,144 | 95,358 | — | |||||||||||||||||||||||
Residential Alt-A | 24,523 | 44,784 | — | 28,357 | 52,211 | — | |||||||||||||||||||||||
275,609 | 368,216 | — | 285,600 | 381,258 | — | ||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 218,359 | 244,277 | 39,874 | 118,386 | 145,187 | 24,614 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 198,433 | 237,324 | 16,330 | 178,841 | 216,658 | 19,520 | |||||||||||||||||||||||
Residential builder and developer | 94,197 | 136,380 | 1,694 | 105,677 | 159,890 | 4,379 | |||||||||||||||||||||||
Other commercial construction | 80,832 | 88,707 | 4,883 | 93,629 | 102,008 | 4,022 | |||||||||||||||||||||||
Residential | 110,576 | 139,235 | 4,103 | 180,652 | 209,879 | 7,146 | |||||||||||||||||||||||
Residential Alt-A | 132,949 | 168,133 | 12,000 | 140,268 | 176,739 | 14,000 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 19,358 | 20,424 | 5,877 | 13,672 | 14,796 | 3,312 | |||||||||||||||||||||||
Automobile | 35,426 | 35,426 | 9,248 | 40,441 | 40,441 | 11,074 | |||||||||||||||||||||||
Other | 18,561 | 18,561 | 4,831 | 17,660 | 17,660 | 4,541 | |||||||||||||||||||||||
Total | $ | 908,691 | 1,088,467 | 98,840 | 889,226 | 1,083,258 | 92,608 | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||
Interest income | Interest income | ||||||||||||||||||||||||||||
recognized | recognized | ||||||||||||||||||||||||||||
Average | Total | Cash | Average | Total | Cash | ||||||||||||||||||||||||
recorded | basis | recorded | basis | ||||||||||||||||||||||||||
investment | investment | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 150,625 | 220 | 220 | 183,544 | 3,408 | 3,408 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 207,633 | 869 | 869 | 201,236 | 409 | 409 | |||||||||||||||||||||||
Residential builder and developer | 91,614 | 39 | 39 | 162,567 | 518 | 384 | |||||||||||||||||||||||
Other commercial construction | 77,801 | 356 | 356 | 97,975 | 2,479 | 2,479 | |||||||||||||||||||||||
Residential | 119,133 | 5,056 | 4,468 | 185,751 | 1,934 | 1,401 | |||||||||||||||||||||||
Residential Alt-A | 134,895 | 1,733 | 660 | 151,977 | 1,670 | 516 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 18,762 | 200 | 72 | 12,619 | 165 | 39 | |||||||||||||||||||||||
Automobile | 36,631 | 589 | 74 | 44,641 | 740 | 131 | |||||||||||||||||||||||
Other | 18,309 | 166 | 49 | 15,564 | 156 | 49 | |||||||||||||||||||||||
Total | $ | 855,403 | 9,228 | 6,807 | 1,055,874 | 11,479 | 8,816 | ||||||||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||
Interest income | Interest income | ||||||||||||||||||||||||||||
recognized | recognized | ||||||||||||||||||||||||||||
Average | Total | Cash | Average | Total | Cash | ||||||||||||||||||||||||
recorded | basis | recorded | basis | ||||||||||||||||||||||||||
investment | investment | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 142,466 | 768 | 768 | 172,637 | 5,842 | 5,842 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 196,529 | 1,795 | 1,795 | 197,546 | 712 | 712 | |||||||||||||||||||||||
Residential builder and developer | 96,434 | 113 | 113 | 173,535 | 658 | 449 | |||||||||||||||||||||||
Other commercial construction | 82,546 | 1,443 | 1,443 | 98,160 | 3,114 | 3,114 | |||||||||||||||||||||||
Residential | 146,651 | 6,456 | 5,370 | 186,582 | 3,404 | 2,323 | |||||||||||||||||||||||
Residential Alt-A | 137,273 | 3,359 | 1,219 | 154,461 | 3,410 | 1,107 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 17,219 | 321 | 101 | 12,544 | 332 | 78 | |||||||||||||||||||||||
Automobile | 38,007 | 1,214 | 161 | 46,134 | 1,516 | 277 | |||||||||||||||||||||||
Other | 18,005 | 340 | 101 | 15,261 | 307 | 103 | |||||||||||||||||||||||
Total | $ | 875,130 | 15,809 | 11,071 | 1,056,860 | 19,295 | 14,005 | ||||||||||||||||||||||
In accordance with the previously described policies, the Company utilizes a loan grading system that is applied to all commercial loans and commercial real estate loans. Loan grades are utilized to differentiate risk within the portfolio and consider the expectations of default for each loan. Commercial loans and commercial real estate 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. All larger balance criticized commercial and commercial real estate loans are individually reviewed by centralized loan review personnel each quarter to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. Smaller balance criticized loans are analyzed by business line risk management areas to ensure proper loan grade classification. Furthermore, criticized nonaccrual commercial loans and commercial real estate loans are considered impaired and, as a result, specific loss allowances on such loans are established within the allowance for credit losses to the extent appropriate in each individual instance. The following table summarizes the loan grades applied to the various classes of the Company’s commercial and commercial real estate loans. | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Commercial, | Commercial | Residential | Other | ||||||||||||||||||||||||||
Financial, | Builder and | Commercial | |||||||||||||||||||||||||||
Leasing, etc. | Developer | Construction | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Pass | $ | 18,287,252 | 21,012,039 | 1,277,387 | 3,079,596 | ||||||||||||||||||||||||
Criticized accrual | 626,447 | 595,788 | 58,431 | 54,937 | |||||||||||||||||||||||||
Criticized nonaccrual | 192,193 | 188,951 | 83,624 | 23,521 | |||||||||||||||||||||||||
Total | $ | 19,105,892 | 21,796,778 | 1,419,442 | 3,158,054 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | $ | 17,894,592 | 20,972,257 | 1,107,144 | 3,040,106 | ||||||||||||||||||||||||
Criticized accrual | 699,885 | 596,553 | 72,941 | 54,464 | |||||||||||||||||||||||||
Criticized nonaccrual | 110,739 | 173,048 | 96,427 | 35,268 | |||||||||||||||||||||||||
Total | $ | 18,705,216 | 21,741,858 | 1,276,512 | 3,129,838 | ||||||||||||||||||||||||
In determining the allowance for credit losses, residential real estate loans and consumer loans are generally evaluated collectively after considering such factors as payment performance and recent loss experience and trends, which are mainly driven by current collateral values in the market place as well as the amount of loan defaults. Loss rates on such loans are determined by reference to recent charge-off history and are evaluated (and adjusted if deemed appropriate) through consideration of other factors including near-term forecasted loss estimates developed by the Company’s Credit Department. In arriving at such forecasts, the Company considers the current estimated fair value of its collateral based on geographical adjustments for home price depreciation/appreciation and overall borrower repayment performance. With regard to collateral values, the realizability of such values by the Company contemplates repayment of the original balance of any first lien position prior to recovering amounts on a second lien position. However, residential real estate loans and outstanding balances of home equity loans and lines of credit that are more than 150 days past due are generally evaluated for collectibility on a loan-by-loan basis giving consideration to estimated collateral values. | |||||||||||||||||||||||||||||
The Company also measures additional losses for purchased impaired loans when it is probable that the Company will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition. The determination of the allocated portion of the allowance for credit losses is very subjective. Given that inherent subjectivity and potential imprecision involved in determining the allocated portion of the allowance for credit losses, the Company also provides an inherent unallocated portion of the allowance. The unallocated portion of the allowance is intended to recognize probable losses that are not otherwise identifiable and includes management’s subjective determination of amounts necessary to provide for the possible use of imprecise estimates in determining the allocated portion of the allowance. Therefore, the level of the unallocated portion of the allowance is primarily reflective of the inherent imprecision in the various calculations used in determining the allocated portion of the allowance for credit losses. Other factors that could also lead to changes in the unallocated portion include the effects of expansion into new markets for which the Company does not have the same degree of familiarity and experience regarding portfolio performance in changing market conditions, the introduction of new loan and lease product types, and other risks associated with the Company’s loan portfolio that may not be specifically identifiable. | |||||||||||||||||||||||||||||
The allocation of the allowance for credit losses summarized on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39,874 | 22,576 | 16,084 | 19,956 | $ | 98,490 | ||||||||||||||||||||||
Collectively evaluated for impairment | 247,542 | 287,975 | 54,604 | 145,199 | 735,320 | ||||||||||||||||||||||||
Purchased impaired | 4,835 | 703 | 1,716 | 716 | 7,970 | ||||||||||||||||||||||||
Allocated | $ | 292,251 | 311,254 | 72,404 | 165,871 | 841,780 | |||||||||||||||||||||||
Unallocated | 75,886 | ||||||||||||||||||||||||||||
Total | $ | 917,666 | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 24,614 | 27,563 | 21,127 | 18,927 | $ | 92,231 | ||||||||||||||||||||||
Collectively evaluated for impairment | 246,096 | 296,781 | 55,864 | 144,210 | 742,951 | ||||||||||||||||||||||||
Purchased impaired | 2,673 | 634 | 1,665 | 1,507 | 6,479 | ||||||||||||||||||||||||
Allocated | $ | 273,383 | 324,978 | 78,656 | 164,644 | 841,661 | |||||||||||||||||||||||
Unallocated | 75,015 | ||||||||||||||||||||||||||||
Total | $ | 916,676 | |||||||||||||||||||||||||||
The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 218,359 | 371,950 | 242,967 | 73,345 | $ | 906,621 | ||||||||||||||||||||||
Collectively evaluated for impairment | 18,870,831 | 25,764,322 | 8,388,568 | 10,534,834 | 63,558,555 | ||||||||||||||||||||||||
Purchased impaired | 16,702 | 238,002 | 25,231 | 2,582 | 282,517 | ||||||||||||||||||||||||
Total | $ | 19,105,892 | 26,374,274 | 8,656,766 | 10,610,761 | $ | 64,747,693 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 118,386 | 376,339 | 320,360 | 71,773 | $ | 886,858 | ||||||||||||||||||||||
Collectively evaluated for impairment | 18,571,124 | 25,488,584 | 8,578,677 | 10,217,124 | 62,855,509 | ||||||||||||||||||||||||
Purchased impaired | 15,706 | 283,285 | 29,184 | 2,617 | 330,792 | ||||||||||||||||||||||||
Total | $ | 18,705,216 | 26,148,208 | 8,928,221 | 10,291,514 | $ | 64,073,159 | ||||||||||||||||||||||
During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. | |||||||||||||||||||||||||||||
The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 21 | $ | 4,414 | $ | 4,351 | $ | (63 | ) | $ | — | |||||||||||||||||||
Other | 1 | 19,593 | 19,593 | — | — | ||||||||||||||||||||||||
Combination of concession types | 3 | 9,795 | 9,727 | (68 | ) | (10 | ) | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 11 | 8,327 | 8,314 | (13 | ) | — | |||||||||||||||||||||||
Interest rate reduction | 1 | 255 | 252 | (3 | ) | (48 | ) | ||||||||||||||||||||||
Combination of concession types | 1 | 63 | 61 | (2 | ) | (9 | ) | ||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 1 | 1,398 | 1,398 | — | — | ||||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 6,407 | 6,318 | (89 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 3 | 142 | 166 | 24 | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 923 | 991 | 68 | (66 | ) | |||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 3 | 662 | 698 | 36 | — | ||||||||||||||||||||||||
Combination of concession types | 6 | 1,006 | 1,029 | 23 | (220 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Interest rate reduction | 5 | 341 | 341 | — | (76 | ) | |||||||||||||||||||||||
Combination of concession types | 21 | 1,772 | 1,772 | — | (204 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 43 | 603 | 603 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 60 | 60 | — | (3 | ) | |||||||||||||||||||||||
Other | 8 | 47 | 47 | — | — | ||||||||||||||||||||||||
Combination of concession types | 23 | 341 | 341 | — | (36 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 7 | 38 | 38 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 291 | 291 | — | (63 | ) | |||||||||||||||||||||||
Combination of concession types | 19 | 906 | 906 | — | (276 | ) | |||||||||||||||||||||||
Total | 193 | $ | 57,384 | $ | 57,297 | $ | (87 | ) | $ | (1,011 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Three months ended June 30, 2013 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 15 | $ | 4,870 | $ | 4,822 | $ | (48 | ) | $ | — | |||||||||||||||||||
Other | 1 | 1,460 | 1,657 | 197 | — | ||||||||||||||||||||||||
Combination of concession types | 2 | 1,490 | 980 | (510 | ) | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 5 | 15,549 | 15,530 | (19 | ) | — | |||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 7 | 17,496 | 16,722 | (774 | ) | — | |||||||||||||||||||||||
Other | 1 | 4,039 | 3,888 | (151 | ) | — | |||||||||||||||||||||||
Combination of concession types | 2 | 13,879 | 13,823 | (56 | ) | (535 | ) | ||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 364 | 363 | (1 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 8 | 1,216 | 1,358 | 142 | — | ||||||||||||||||||||||||
Combination of concession types | 18 | 69,210 | 65,890 | (3,320 | ) | (186 | ) | ||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 1 | 99 | 102 | 3 | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 1,187 | 1,294 | 107 | (278 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 2 | 101 | 103 | 2 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 99 | 99 | — | (8 | ) | |||||||||||||||||||||||
Other | 1 | 106 | 106 | — | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 406 | 406 | — | (64 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 117 | 1,629 | 1,629 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 7 | 104 | 104 | — | (10 | ) | |||||||||||||||||||||||
Other | 28 | 73 | 73 | — | — | ||||||||||||||||||||||||
Combination of concession types | 62 | 1,044 | 1,044 | — | (87 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 14 | 185 | 185 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 12 | 12 | — | (2 | ) | |||||||||||||||||||||||
Combination of concession types | 30 | 707 | 707 | — | (234 | ) | |||||||||||||||||||||||
Total | 341 | $ | 135,325 | $ | 130,897 | $ | (4,428 | ) | $ | (1,404 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 51 | $ | 19,368 | $ | 19,199 | $ | (169 | ) | $ | — | |||||||||||||||||||
Other | 1 | 19,593 | 19,593 | — | — | ||||||||||||||||||||||||
Combination of concession types | 5 | 9,836 | 9,766 | (70 | ) | (14 | ) | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 24 | 15,371 | 15,316 | (55 | ) | — | |||||||||||||||||||||||
Interest rate reduction | 1 | 255 | 252 | (3 | ) | (48 | ) | ||||||||||||||||||||||
Combination of concession types | 2 | 409 | 462 | 53 | (113 | ) | |||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 1 | 1,398 | 1,398 | — | — | ||||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 3 | 6,558 | 6,469 | (89 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 16 | 1,744 | 1,829 | 85 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 98 | 104 | 6 | (32 | ) | |||||||||||||||||||||||
Other | 1 | 188 | 188 | — | — | ||||||||||||||||||||||||
Combination of concession types | 22 | 3,111 | 3,151 | 40 | (348 | ) | |||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 5 | 828 | 900 | 72 | — | ||||||||||||||||||||||||
Combination of concession types | 16 | 2,752 | 2,765 | 13 | (281 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 3 | 280 | 280 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 5 | 341 | 341 | — | (76 | ) | |||||||||||||||||||||||
Combination of concession types | 36 | 3,628 | 3,628 | — | (376 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 123 | 1,596 | 1,596 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 60 | 60 | — | (3 | ) | |||||||||||||||||||||||
Other | 19 | 108 | 108 | — | — | ||||||||||||||||||||||||
Combination of concession types | 46 | 591 | 591 | — | (62 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 15 | 93 | 93 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 291 | 291 | — | (63 | ) | |||||||||||||||||||||||
Other | 1 | 45 | 45 | — | — | ||||||||||||||||||||||||
Combination of concession types | 33 | 1,372 | 1,372 | — | (464 | ) | |||||||||||||||||||||||
Total | 436 | $ | 89,914 | $ | 89,797 | $ | (117 | ) | $ | (1,880 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Six months ended June 30, 2013 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 39 | $ | 6,876 | $ | 6,804 | $ | (72 | ) | $ | — | |||||||||||||||||||
Other | 2 | 48,660 | 48,857 | 197 | — | ||||||||||||||||||||||||
Combination of concession types | 3 | 1,832 | 1,322 | (510 | ) | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 13 | 34,027 | 33,893 | (134 | ) | — | |||||||||||||||||||||||
Combination of concession types | 2 | 582 | 581 | (1 | ) | (56 | ) | ||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 15 | 18,853 | 18,062 | (791 | ) | — | |||||||||||||||||||||||
Other | 1 | 4,039 | 3,888 | (151 | ) | — | |||||||||||||||||||||||
Combination of concession types | 3 | 15,580 | 15,514 | (66 | ) | (535 | ) | ||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 364 | 363 | (1 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 15 | 1,782 | 1,965 | 183 | — | ||||||||||||||||||||||||
Other | 1 | 195 | 195 | — | — | ||||||||||||||||||||||||
Combination of concession types | 38 | 71,659 | 68,426 | (3,233 | ) | (557 | ) | ||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 1 | 99 | 102 | 3 | — | ||||||||||||||||||||||||
Combination of concession types | 13 | 2,094 | 2,219 | 125 | (388 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 4 | 180 | 182 | 2 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 99 | 99 | — | (8 | ) | |||||||||||||||||||||||
Other | 1 | 106 | 106 | — | — | ||||||||||||||||||||||||
Combination of concession types | 10 | 617 | 617 | — | (97 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 238 | 3,215 | 3,215 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 9 | 140 | 140 | — | (15 | ) | |||||||||||||||||||||||
Other | 45 | 232 | 232 | — | — | ||||||||||||||||||||||||
Combination of concession types | 123 | 1,597 | 1,597 | — | (129 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 20 | 230 | 230 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 12 | 12 | — | (2 | ) | |||||||||||||||||||||||
Other | 1 | 12 | 12 | — | — | ||||||||||||||||||||||||
Combination of concession types | 72 | 1,924 | 1,924 | — | (501 | ) | |||||||||||||||||||||||
Total | 673 | $ | 215,006 | $ | 210,557 | $ | (4,449 | ) | $ | (2,288 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
Troubled debt restructurings are considered to be impaired loans and for purposes of establishing the allowance for credit losses are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended June 30, 2014 and 2013 and for which there was a subsequent payment default during the six-month periods ended June 30, 2014 and 2013, were not material. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
5. Borrowings | |
M&T had $834 million of fixed and floating rate junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) outstanding at June 30, 2014 which are held by various trusts that were issued in connection with the issuance by those trusts of preferred capital securities (“Capital Securities”) and common securities (“Common Securities”). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. | |
Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in M&T’s Tier 1 capital. However, in July 2013, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a final rule to comprehensively revise the capital framework for the U.S. banking sector. Under that rule, trust preferred capital securities will be phased out from inclusion in Tier 1 capital such that in 2015 only 25% of then-outstanding securities will be included in Tier 1 capital and beginning in 2016 none of the securities will be included in Tier 1 capital. | |
Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. | |
The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the Trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. | |
On February 27, 2014, M&T redeemed all of the issued and outstanding 8.5% $350 million trust preferred securities issued by M&T Capital Trust IV and the related Junior Subordinated Debentures held by M&T Capital Trust IV. | |
Also included in long-term borrowings are agreements to repurchase securities of $1.4 billion at each of June 30, 2014 and December 31, 2013. The agreements are subject to legally enforceable master netting arrangements, however the Company has not offset any amounts related to these agreements in its consolidated financial statements. The Company posted collateral of $1.5 billion at June 30, 2014 and $1.6 billion at December 31, 2013. |
Shareholders_equity
Shareholders' equity | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Shareholders' equity | ' | ||||||||||||
6. Shareholders’ equity | |||||||||||||
M&T is authorized to issue 1,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. | |||||||||||||
Issued and outstanding preferred stock of M&T is presented below: | |||||||||||||
Shares | Carrying | Carrying | |||||||||||
issued and | value | value | |||||||||||
outstanding | June 30, 2014 | December 31, 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Series A (a) | |||||||||||||
Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 liquidation preference per share | 230,000 | $ | 230,000 | $ | 230,000 | ||||||||
Series C (a) | |||||||||||||
Fixed Rate Cumulative Perpetual Preferred Stock, Series C, $1,000 liquidation preference per share | 151,500 | 151,500 | 151,500 | ||||||||||
Series D (b) | |||||||||||||
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, $10,000 liquidation preference per share | 50,000 | 500,000 | 500,000 | ||||||||||
Series E (c) | |||||||||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series E, $1,000 liquidation preference per share | 350,000 | 350,000 | — | ||||||||||
(a) | Dividends, if declared, were paid quarterly at a rate of 5% per year through November 14, 2013 and are paid at 6.375% thereafter. M&T has agreed to not redeem the preferred shares until on or after November 15, 2018. Warrants to purchase M&T common stock were issued in connection with the Series A and C preferred stock (Series A – 1,218,522 common shares at $73.86 per share; Series C – 407,542 common shares at $55.76 per share). In March 2013, the Series C warrants were exercised in a “cashless” exercise, resulting in the issuance of 186,589 common shares. During the six months ended June 30, 2014, 379,376 of the Series A warrants were exercised in “cashless” exercises, resulting in the issuance of 149,834 common shares. Remaining outstanding Series A warrants were 770,019 at June 30, 2014. | ||||||||||||
(b) | Dividends, if declared, will be paid semi-annually at a rate of 6.875% per year. The shares are redeemable in whole or in part on or after June 15, 2016. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. | ||||||||||||
(c) | Dividends, if declared, will be paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month London Interbank Offered Rate plus 361 basis points (hundredths of one percent). The shares are redeemable in whole or in part on or after February 15, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. | ||||||||||||
In addition to the Series A and Series C warrants mentioned in (a) above, a warrant to purchase 95,383 shares of M&T common stock at $518.96 per share was outstanding at June 30, 2014 and December 31, 2013. The obligation under that warrant was assumed by M&T in an acquisition. |
Pension_plans_and_other_postre
Pension plans and other postretirement benefits | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [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 defined benefit cost for defined benefit plans consisted of the following: | |||||||||||||||||
Pension | Other | ||||||||||||||||
benefits | postretirement | ||||||||||||||||
benefits | |||||||||||||||||
Three months ended June 30 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 5,160 | 6,130 | 152 | 171 | ||||||||||||
Interest cost on projected benefit obligation | 17,331 | 14,939 | 714 | 670 | |||||||||||||
Expected return on plan assets | (22,859 | ) | (21,802 | ) | — | — | |||||||||||
Amortization of prior service cost | (1,626 | ) | (1,628 | ) | (329 | ) | (329 | ) | |||||||||
Amortization of net actuarial loss | 3,897 | 10,138 | — | 80 | |||||||||||||
Net periodic benefit cost | $ | 1,903 | 7,777 | 537 | 592 | ||||||||||||
Pension | Other | ||||||||||||||||
benefits | postretirement | ||||||||||||||||
benefits | |||||||||||||||||
Six months ended June 30 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 10,260 | 12,180 | 302 | 371 | ||||||||||||
Interest cost on projected benefit obligation | 34,581 | 30,065 | 1,389 | 1,345 | |||||||||||||
Expected return on plan assets | (45,784 | ) | (43,677 | ) | — | — | |||||||||||
Amortization of prior service cost | (3,276 | ) | (3,278 | ) | (679 | ) | (679 | ) | |||||||||
Amortization of net actuarial loss | 7,247 | 20,538 | — | 180 | |||||||||||||
Net periodic benefit cost | $ | 3,028 | 15,828 | 1,012 | 1,217 | ||||||||||||
Expense incurred in connection with the Company’s defined contribution pension and retirement savings plans totaled $12,673,000 and $12,563,000 for the three months ended June 30, 2014 and 2013, respectively, and $28,405,000 and $28,318,000 for the six months ended June 30, 2014 and 2013, respectively. |
Earnings_per_common_share
Earnings per common share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 | Six months ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share) | |||||||||||||||||
Income available to common shareholders: | |||||||||||||||||
Net income | $ | 284,336 | 348,466 | $ | 513,353 | 622,579 | |||||||||||
Less: Preferred stock dividends (a) | (20,443 | ) | (13,362 | ) | (35,117 | ) | (26,725 | ) | |||||||||
Amortization of preferred stock discount (a) | — | (2,193 | ) | — | (4,340 | ) | |||||||||||
Net income available to common equity | 263,893 | 332,911 | 478,236 | 591,514 | |||||||||||||
Less: Income attributable to unvested stock-based compensation awards | (3,213 | ) | (4,373 | ) | (5,832 | ) | (7,917 | ) | |||||||||
Net income available to common shareholders | $ | 260,680 | 328,538 | $ | 472,404 | 583,597 | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 | |||||||||||||
Less: Unvested stock-based compensation awards | (1,617 | ) | (1,712 | ) | (1,603 | ) | (1,746 | ) | |||||||||
Weighted-average shares outstanding | 130,856 | 128,252 | 130,536 | 127,962 | |||||||||||||
Basic earnings per common share | $ | 1.99 | 2.56 | $ | 3.62 | 4.56 | |||||||||||
(a) | Including impact of not as yet declared cumulative dividends. | ||||||||||||||||
The computations of diluted earnings per common share follow: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share) | |||||||||||||||||
Net income available to common equity | $ | 263,893 | 332,911 | $ | 478,236 | 591,514 | |||||||||||
Less: Income attributable to unvested stock-based compensation awards | (3,198 | ) | (4,354 | ) | (5,807 | ) | (7,881 | ) | |||||||||
Net income available to common shareholders | $ | 260,695 | 328,557 | $ | 472,429 | 583,633 | |||||||||||
Adjusted weighted-average shares outstanding: | |||||||||||||||||
Common and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 | |||||||||||||
Less: Unvested stock-based compensation awards | (1,617 | ) | (1,712 | ) | (1,603 | ) | (1,746 | ) | |||||||||
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 972 | 765 | 943 | 866 | |||||||||||||
Adjusted weighted-average shares outstanding | 131,828 | 129,017 | 131,479 | 128,828 | |||||||||||||
Diluted earnings per common share | $ | 1.98 | 2.55 | $ | 3.59 | 4.53 | |||||||||||
GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities. | |||||||||||||||||
Stock-based compensation awards and warrants to purchase common stock of M&T representing approximately 1.7 million and 4.5 million common shares during the three-month periods ended June 30, 2014 and 2013, respectively, and 2.4 million and 4.6 million common shares during the six-month periods ended June 30, 2014 and 2013, 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 | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
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 Securities | Defined | Other | Total | Income | Net | ||||||||||||||||||||||||
benefit | amount | tax | |||||||||||||||||||||||||||
With | All | plans | before tax | ||||||||||||||||||||||||||
OTTI | other | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance—January 1, 2014 | $ | 37,255 | 18,450 | (161,617 | ) | 115 | $ | (105,797 | ) | 41,638 | $ | (64,159 | ) | ||||||||||||||||
Other comprehensive income before reclassifications: Unrealized holding gains, net | 10,842 | 156,764 | — | — | 167,606 | (65,774 | ) | 101,832 | |||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 479 | 479 | (166 | ) | 313 | |||||||||||||||||||||
Unrealized losses on cash flow hedges | — | — | — | (1,170 | ) | (1,170 | ) | 459 | (711 | ) | |||||||||||||||||||
Total other comprehensive income before reclassifications | 10,842 | 156,764 | — | (691 | ) | 166,915 | (65,481 | ) | 101,434 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||||||||||||||||||||||||
Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities | 1 | 1,702 | — | — | 1,703 | (a) | (669 | ) | 1,034 | ||||||||||||||||||||
Amortization of prior service credit | — | — | (3,955 | ) | — | (3,955 | )(d) | 1,552 | (2,403 | ) | |||||||||||||||||||
Amortization of actuarial losses | — | — | 7,247 | — | 7,247 | (d) | (2,845 | ) | 4,402 | ||||||||||||||||||||
Total reclassifications | 1 | 1,702 | 3,292 | — | 4,995 | (1,962 | ) | 3,033 | |||||||||||||||||||||
Total gain (loss) during the period | 10,843 | 158,466 | 3,292 | (691 | ) | 171,910 | (67,443 | ) | 104,467 | ||||||||||||||||||||
Balance—June 30, 2014 | $ | 48,098 | 176,916 | (158,325 | ) | (576 | ) | $ | 66,113 | (25,805 | ) | $ | 40,308 | ||||||||||||||||
Investment Securities | Defined | Other | Total | Income | Net | ||||||||||||||||||||||||
benefit | amount | tax | |||||||||||||||||||||||||||
With | All | plans | before tax | ||||||||||||||||||||||||||
OTTI | other | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance—January 1, 2013 | $ | (91,835 | ) | 152,199 | (455,590 | ) | (431 | ) | $ | (395,657 | ) | 155,393 | $ | (240,264 | ) | ||||||||||||||
Other comprehensive income before reclassifications: | |||||||||||||||||||||||||||||
Unrealized holding gains(losses), net | 55,473 | (95,167 | ) | — | — | (39,694 | ) | 15,557 | (24,137 | ) | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (1,644 | ) | (1,644 | ) | 598 | (1,046 | ) | |||||||||||||||||||
Total other comprehensive income before reclassifications | 55,473 | (95,167 | ) | — | (1,644 | ) | (41,338 | ) | 16,155 | (25,183 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||||||||||||||||||||||||
Accretion of unrealized holding losses on HTM securities | 109 | 2,262 | — | — | 2,371 | (a) | (931 | ) | 1,440 | ||||||||||||||||||||
OTTI charges recognized in net income | 9,800 | — | — | — | 9,800 | (b) | (3,847 | ) | 5,953 | ||||||||||||||||||||
Losses (gains) realized in net income | 41,217 | (8,129 | ) | — | — | 33,088 | (c) | (12,987 | ) | 20,101 | |||||||||||||||||||
Amortization of prior service credit | — | — | (3,957 | ) | — | (3,957 | )(d) | 1,553 | (2,404 | ) | |||||||||||||||||||
Amortization of actuarial losses | — | — | 20,718 | — | 20,718 | (d) | (8,132 | ) | 12,586 | ||||||||||||||||||||
Total reclassifications | 51,126 | (5,867 | ) | 16,761 | — | 62,020 | (24,344 | ) | 37,676 | ||||||||||||||||||||
Total gain (loss) during the period | 106,599 | (101,034 | ) | 16,761 | (1,644 | ) | 20,682 | (8,189 | ) | 12,493 | |||||||||||||||||||
Balance—June 30, 2013 | $ | 14,764 | 51,165 | (438,829 | ) | (2,075 | ) | $ | (374,975 | ) | 147,204 | $ | (227,771 | ) | |||||||||||||||
(a) | Included in interest income | ||||||||||||||||||||||||||||
(b) | Included in OTTI losses recognized in earnings | ||||||||||||||||||||||||||||
(c) | Included in gain (loss) on bank investment securities | ||||||||||||||||||||||||||||
(d) | Included in salaries and employee benefits expense | ||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net consisted of the following: | |||||||||||||||||||||||||||||
Investment securities | Defined | Other | Total | ||||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||||||
With OTTI | All other | plans | |||||||||||||||||||||||||||
Balance—December 31, 2013 | $ | 22,632 | 11,294 | (98,182 | ) | 97 | $ | (64,159 | ) | ||||||||||||||||||||
Net gain (loss) during period | 6,587 | 96,279 | 1,999 | (398 | ) | 104,467 | |||||||||||||||||||||||
Balance—June 30, 2014 | $ | 29,219 | 107,573 | (96,183 | ) | (301 | ) | $ | 40,308 | ||||||||||||||||||||
Derivative_financial_instrumen
Derivative financial instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 and collateral provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts is not significant as of June 30, 2014. | |||||||||||||||||
The net effect of interest rate swap agreements was to increase net interest income by $12 million and $10 million for the three-month periods ended June 30, 2014 and 2013, respectively, and $23 million and $19 million for the six-month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
At June 30, 2014, interest rate swap agreements were used as fair value hedges for approximately $1.4 billion of outstanding fixed rate long-term borrowings. Also at June 30, 2014, the Company had entered into forward-starting interest rate swap agreements used to hedge the variability in the interest payments anticipated to be made upon the future issuance of $300 million of senior notes. These forward-starting interest rate swap agreements were terminated upon the issuance of such notes in July 2014. 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: | |||||||||||||||||
Notional | Average | Weighted- | |||||||||||||||
amount | maturity | average rate | |||||||||||||||
Fixed | Variable | ||||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
June 30, 2014 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | 1,400,000 | 3.2 | 4.42 | % | 1.18 | % | ||||||||||
Cash flow hedges: | |||||||||||||||||
Interest payments on forecasted issuance of long-term borrowings (b) | 300,000 | 5.1 | 1.82 | % | 0.23 | % | |||||||||||
$ | 1,700,000 | 3.5 | 3.96 | % | 1.02 | % | |||||||||||
December 31, 2013 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | 1,400,000 | 3.7 | 4.42 | % | 1.2 | % | ||||||||||
(a) | Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. | ||||||||||||||||
(b) | Under the terms of this agreement, the Company was to receive settlement amounts at a variable rate and pay at a fixed rate. | ||||||||||||||||
The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale. | |||||||||||||||||
Derivative financial instruments used for trading purposes included interest rate contracts, foreign exchange and other option contracts, foreign exchange forward and spot contracts, and financial futures. Interest rate contracts entered into for trading purposes had notional values of $17.6 billion and $17.4 billion at June 30, 2014 and December 31, 2013, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading purposes aggregated $866 million and $1.4 billion at June 30, 2014 and December 31, 2013, 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 | ||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives designated and qualifying as hedging instruments | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Interest rate swap agreements (a) | $ | 93,040 | 102,875 | $ | — | — | |||||||||||
Commitments to sell real estate loans (a) | 1,032 | 6,957 | 6,412 | 487 | |||||||||||||
94,072 | 109,832 | 6,412 | 487 | ||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate swap agreements (a) | — | — | 1,170 | — | |||||||||||||
Derivatives not designated and qualifying as hedging instruments | |||||||||||||||||
Mortgage-related commitments to originate real estate loans for sale (a) | 22,215 | 7,616 | 192 | 3,675 | |||||||||||||
Commitments to sell real estate loans (a) | 1,431 | 6,120 | 6,883 | 230 | |||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | 234,436 | 274,864 | 194,393 | 234,455 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | 7,784 | 15,831 | 7,766 | 15,342 | |||||||||||||
265,866 | 304,431 | 209,234 | 253,702 | ||||||||||||||
Total derivatives | $ | 359,938 | 414,263 | $ | 216,816 | 254,189 | |||||||||||
(a) | Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. | ||||||||||||||||
(b) | Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. | ||||||||||||||||
Amount of unrealized gain (loss) recognized | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Derivative | Hedged item | Derivative | Hedged item | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | (1,675 | ) | 1,358 | $ | (20,138 | ) | 18,853 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | $ | 1,384 | $ | 2,228 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | (786 | ) | (1,225 | ) | |||||||||||||
Total | $ | 598 | $ | 1,003 | |||||||||||||
Amount of unrealized gain (loss) recognized | |||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Derivative | Hedged item | Derivative | Hedged item | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | (9,835 | ) | 9,278 | $ | (29,011 | ) | 27,753 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | $ | 1,082 | $ | 3,197 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | (5,816 | ) | (1,608 | ) | |||||||||||||
Total | $ | (4,734 | ) | $ | 1,589 | ||||||||||||
(a) | Reported as other revenues from operations. | ||||||||||||||||
(b) | Reported as trading account and foreign exchange gains. | ||||||||||||||||
In addition, the Company also has commitments to sell and commitments to originate residential and commercial real estate loans for sale that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $31 million and $23 million at June 30, 2014 and December 31, 2013, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. | |||||||||||||||||
The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. | |||||||||||||||||
The aggregate fair value of derivative financial instruments in a liability position, which are subject to enforceable master netting arrangements, was $177 million and $194 million at June 30, 2014 and December 31, 2013, respectively. After consideration of such netting arrangements, the net liability positions with counterparties aggregated $107 million at each of June 30, 2014 and December 31, 2013. The Company was required to post collateral relating to those positions of $92 million and $95 million at June 30, 2014 and December 31, 2013, respectively. Certain of the Company’s derivative financial instruments contain provisions that require the Company to maintain specific credit ratings from credit rating agencies to avoid higher collateral posting requirements. If the Company’s debt rating were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on June 30, 2014 was $28 million for which the Company had posted collateral of $18 million in the normal course of business. If the credit risk-related contingent features had been triggered on June 30, 2014, the maximum amount of additional collateral the Company would have been required to post to counterparties was $10 million. | |||||||||||||||||
The aggregate fair value of derivative financial instruments in an asset position, which are subject to enforceable master netting arrangements, was $133 million and $183 million at June 30, 2014 and December 31, 2013, respectively. After consideration of such netting arrangements, the net asset positions with counterparties aggregated $63 million and $95 million at June 30, 2014 and December 31, 2013, respectively. Counterparties posted collateral relating to those positions of $63 million and $93 million at June 30, 2014 and December 31, 2013, respectively. Trading account interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. |
Variable_interest_entities_and
Variable interest entities and asset securitizations | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Variable interest entities and asset securitizations | ' |
11. Variable interest entities and asset securitizations | |
In the second quarter of 2013, the Company securitized approximately $923 million of one-to-four family residential mortgage loans in guaranteed mortgage securitizations with Ginnie Mae. Approximately $296 million of such loans were formerly held in the Company’s loan portfolio, whereas the remaining $627 million of the loans were newly originated. The Company retained $917 million of the resulting securities and recognized gains of $7 million relating to loans previously held for investment, which have been recorded in other revenues from operations, and gains of $10 million on newly originated loans, which have been reflected in mortgage banking revenues. The Company expects no material credit-related losses on the retained securities as a result of the guarantees by Ginnie Mae. At June 30, 2013 the Company had $1.0 billion of loans in its loan portfolio guaranteed by the Federal Housing Administration that the Company securitized with Ginnie Mae in the third quarter of 2013. The Company retained the substantial majority of the resulting securities in its investment portfolio. In similar transactions for the six months ended June 30, 2014, the Company securitized $75 million of one-to-four family residential real estate loans that had been originated for sale in guaranteed mortgage securitizations with Ginnie Mae and retained the resulting securities in its investment portfolio. Pre-tax gains on such transactions were not material. | |
In accordance with GAAP, the Company determined that it was the primary beneficiary of a residential mortgage loan securitization trust considering its role as servicer and its retained subordinated interests in the trust. As a result, the Company has included the one-to-four family residential mortgage loans that were included in the trust in its consolidated financial statements. At June 30, 2014 and December 31, 2013, the carrying values of the loans in the securitization trust were $110 million and $121 million, respectively. The outstanding principal amount of mortgage-backed securities issued by the qualified special purpose trust that was held by parties unrelated to M&T at each of June 30, 2014 and December 31, 2013 was $18 million. Because the transaction was non-recourse, the Company’s maximum exposure to loss as a result of its association with the trust at June 30, 2014 is limited to realizing the carrying value of the loans less the amount of the mortgage-backed securities held by third parties. | |
As described in note 5, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At June 30, 2014 and December 31, 2013, the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet. The Company has recognized $34 million in other assets for its “investment” in the common securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the junior subordinated debentures associated with preferred capital securities described in note 5. | |
The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.3 billion at June 30, 2014 and December 31, 2013, respectively. Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s maximum exposure to loss of its investments in such partnerships was $236 million, including $53 million of unfunded commitments, at June 30, 2014 and $236 million, including $45 million of unfunded commitments, at December 31, 2013. The Company has not provided financial or other support to the partnerships that was not contractually required. 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. |
Fair_value_measurements
Fair value measurements | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014. | |||||||||||||||||||||
Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. | |||||||||||||||||||||
• | Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||
• | Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. | ||||||||||||||||||||
• | Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. | ||||||||||||||||||||
When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company’s assets and liabilities that are measured on a recurring basis at estimated fair value. | |||||||||||||||||||||
Trading account assets and liabilities | |||||||||||||||||||||
Trading account assets and liabilities consist primarily of interest rate swap agreements and foreign exchange contracts with customers who require such services and 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 derivative trading account assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. Mutual funds held in connection with deferred compensation arrangements have been classified as Level 1 valuations. Valuations of investments in municipal and other bonds can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
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. | |||||||||||||||||||||
The Company sold substantially all of its privately issued mortgage-backed securities classified as available for sale during the second quarter of 2013. In prior periods, the Company generally used model-based techniques to value such securities because the Company was significantly restricted in the level of market observable assumptions that could be relied upon. Specifically, market assumptions regarding credit adjusted cash flows and liquidity influences on discount rates were difficult to observe at the individual bond level. Because of the inactivity in the markets and the lack of observable valuation inputs, the Company had classified the valuation of privately issued mortgage-backed securities as Level 3. | |||||||||||||||||||||
Included in collateralized debt obligations are securities backed by trust preferred securities issued by financial institutions and other entities. The Company could not obtain pricing indications for many of these securities from its two primary independent pricing sources. The Company, therefore, performed internal modeling to estimate the cash flows and fair value of its portfolio of securities backed by trust preferred securities at June 30, 2014 and December 31, 2013. The modeling techniques included estimating cash flows using bond-specific assumptions about future collateral defaults and related loss severities. The resulting cash flows were then discounted by reference to market yields observed in the single-name trust preferred securities market. In determining a market yield, applicable to the estimated cash flows, a margin over LIBOR, ranging from 4% to 11%, with a weighted-average of 8%, was used. Significant unobservable inputs used in the determination of estimated fair value of collateralized debt obligations are included in the accompanying table of significant unobservable inputs to Level 3 measurements. At June 30, 2014, the total amortized cost and fair value of securities backed by trust preferred securities issued by financial institutions and other entities were $33 million and $56 million, respectively, and at December 31, 2013 were $42 million and $63 million, respectively. Privately issued mortgage-backed securities and securities backed by trust preferred securities issued by financial institutions and other entities constituted all of the available-for-sale investment securities classified as Level 3 valuations. | |||||||||||||||||||||
The Company ensures an appropriate control framework is in place over the valuation processes and techniques used for significant Level 3 fair value measurements. Internal pricing models used for significant valuation measurements have generally been subjected to validation procedures including testing of mathematical constructs, review of valuation methodology and significant assumptions used. | |||||||||||||||||||||
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 originated 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 considered to be 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. | |||||||||||||||||||||
The following tables present assets and liabilities at June 30, 2014 and December 31, 2013 measured at estimated fair value on a recurring basis: | |||||||||||||||||||||
Fair value | Level 1 (a) | Level 2 (a) | Level 3 | ||||||||||||||||||
measurements at | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Trading account assets | $ | 313,325 | 50,813 | 262,512 | — | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. Treasury and federal agencies | 42,921 | — | 42,921 | — | |||||||||||||||||
Obligations of states and political subdivisions | 10,242 | — | 10,242 | — | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Government issued or guaranteed | 7,617,627 | — | 7,617,627 | — | |||||||||||||||||
Privately issued | 119 | — | — | 119 | |||||||||||||||||
Collateralized debt obligations | 56,200 | — | — | 56,200 | |||||||||||||||||
Other debt securities | 124,763 | — | 124,763 | — | |||||||||||||||||
Equity securities | 156,907 | 94,974 | 61,933 | — | |||||||||||||||||
8,008,779 | 94,974 | 7,857,486 | 56,319 | ||||||||||||||||||
Real estate loans held for sale | 623,380 | — | 623,380 | — | |||||||||||||||||
Other assets (b) | 117,718 | — | 95,503 | 22,215 | |||||||||||||||||
Total assets | $ | 9,063,202 | 145,787 | 8,838,881 | 78,534 | ||||||||||||||||
Trading account liabilities | $ | 202,159 | — | 202,159 | — | ||||||||||||||||
Other liabilities (b) | 14,657 | — | 14,465 | 192 | |||||||||||||||||
Total liabilities | $ | 216,816 | — | 216,624 | 192 | ||||||||||||||||
Fair value | Level 1 (a) | Level 2 (a) | Level 3 | ||||||||||||||||||
measurements at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Trading account assets | $ | 376,131 | 51,386 | 324,745 | — | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. Treasury and federal agencies | 37,776 | — | 37,776 | — | |||||||||||||||||
Obligations of states and political subdivisions | 10,811 | — | 10,811 | — | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Government issued or guaranteed | 4,165,086 | — | 4,165,086 | — | |||||||||||||||||
Privately issued | 1,850 | — | — | 1,850 | |||||||||||||||||
Collateralized debt obligations | 63,083 | — | — | 63,083 | |||||||||||||||||
Other debt securities | 120,085 | — | 120,085 | — | |||||||||||||||||
Equity securities | 133,095 | 82,450 | 50,645 | — | |||||||||||||||||
4,531,786 | 82,450 | 4,384,403 | 64,933 | ||||||||||||||||||
Real estate loans held for sale | 468,650 | — | 468,650 | — | |||||||||||||||||
Other assets (b) | 123,568 | — | 115,952 | 7,616 | |||||||||||||||||
Total assets | $ | 5,500,135 | 133,836 | 5,293,750 | 72,549 | ||||||||||||||||
Trading account liabilities | $ | 249,797 | — | 249,797 | — | ||||||||||||||||
Other liabilities (b) | 4,392 | — | 717 | 3,675 | |||||||||||||||||
Total liabilities | $ | 254,189 | — | 250,514 | 3,675 | ||||||||||||||||
(a) | There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the three months and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
(b) | Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). | ||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2014 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—March 31, 2014 | $ | 696 | $ | 61,768 | $ | 12,589 | |||||||||||||||
Total gains realized/unrealized: | |||||||||||||||||||||
Included in earnings | — | — | 31,517 | (b) | |||||||||||||||||
Included in other comprehensive income | 205 | (e) | 4,486 | (e) | — | ||||||||||||||||
Sales | — | — | — | ||||||||||||||||||
Settlements | (782 | ) | (10,054 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (22,083 | )(d) | |||||||||||||||||
Balance—June 30, 2014 | $ | 119 | $ | 56,200 | $ | 22,023 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2014 | $ | — | $ | — | $ | 20,215 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2013 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—March 31, 2013 | $ | 993,247 | $ | 61,718 | $ | 36,119 | |||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||
Included in earnings | (46,302 | )(a) | — | 15,500 | (b) | ||||||||||||||||
Included in other comprehensive income | 90,203 | (e) | (1,277 | )(e) | — | ||||||||||||||||
Sales | (978,608 | ) | — | — | |||||||||||||||||
Settlements | (53,268 | ) | (525 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (44,211 | )(d) | |||||||||||||||||
Balance—June 30, 2013 | $ | 5,272 | $ | 59,916 | $ | 7,408 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2013 | $ | — | $ | — | $ | 4,123 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2014 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | $ | 1,850 | $ | 63,083 | $ | 3,941 | |||||||||||||||
Total gains realized/unrealized: | |||||||||||||||||||||
Included in earnings | — | — | 53,900 | (b) | |||||||||||||||||
Included in other comprehensive income | 272 | (e) | 9,132 | (e) | — | ||||||||||||||||
Settlements | (2,003 | ) | (16,015 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (35,818 | )(d) | |||||||||||||||||
Balance—June 30, 2014 | $ | 119 | $ | 56,200 | $ | 22,023 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2014 | $ | — | $ | — | $ | 24,099 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2013 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—January 1, 2013 | $ | 1,023,886 | $ | 61,869 | $ | 47,859 | |||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||
Included in earnings | (56,102 | )(a) | — | 58,812 | (b) | ||||||||||||||||
Included in other comprehensive income | 116,584 | (e) | (537 | )(e) | — | ||||||||||||||||
Sales | (978,608 | ) | — | — | |||||||||||||||||
Settlements | (100,488 | ) | (1,416 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (99,263 | )(d) | |||||||||||||||||
Balance—June 30, 2013 | $ | 5,272 | $ | 59,916 | $ | 7,408 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2013 | $ | — | $ | — | $ | 5,132 | (b) | ||||||||||||||
(a) | Reported as an OTTI loss or as gain (loss) on bank investment securities in the consolidated statement of income. | ||||||||||||||||||||
(b) | Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. | ||||||||||||||||||||
(c) | The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer. | ||||||||||||||||||||
(d) | Transfers out of Level 3 consist of interest rate locks transferred to closed loans. | ||||||||||||||||||||
(e) | Reported as net unrealized gains (losses) on investment securities in the consolidated statement of comprehensive income. | ||||||||||||||||||||
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 uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were generally in the range of 5% to 80% at June 30, 2014. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Loans subject to nonrecurring fair value measurement were $212 million at June 30, 2014 ($129 million and $83 million of which were classified as Level 2 and Level 3, respectively), $222 million at December 31, 2013 ($173 million and $49 million of which were classified as Level 2 and Level 3, respectively) and $254 million at June 30, 2013 ($167 million and $87 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 June 30, 2014 were decreases of $32 million and $47 million for the three- and six-month periods ended June 30, 2014, respectively. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on June 30, 2013 were decreases of $34 million and $69 million for the three- and six-month periods ended June 30, 2013, respectively. | |||||||||||||||||||||
Assets taken in foreclosure of defaulted loans | |||||||||||||||||||||
Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken in foreclosure of defaulted loans held by the company on June 30, 2014 subject to nonrecurring fair value measurement were $8 million and $15 million for the three-month and six-month periods ended June 30, 2014, respectively. Assets taken in foreclosure of defaulted loans subject to nonrecurring fair value measurement were $15 million at each of June 30, 2014 and 2013. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month and six-month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||
Significant unobservable inputs to Level 3 measurements | |||||||||||||||||||||
The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair value at | Valuation | Unobservable | Range | ||||||||||||||||||
June 30, 2014 | technique | input/assumptions | (weighted- | ||||||||||||||||||
average) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Privately issued mortgage–backed securities | $ | 119 | Two independent | — | — | ||||||||||||||||
pricing quotes | |||||||||||||||||||||
Collateralized debt obligations | 56,200 | Discounted cash | Probability | 15%-56% (37%) | |||||||||||||||||
flow | of default | ||||||||||||||||||||
Loss severity | 100% | ||||||||||||||||||||
Net other assets (liabilities)(a) | 22,023 | Discounted cash | Commitment | 0%-97% (18%) | |||||||||||||||||
flow | expirations | ||||||||||||||||||||
Fair value at | Valuation | Unobservable | Range | ||||||||||||||||||
December 31, | technique | input/assumptions | (weighted- | ||||||||||||||||||
2013 | average) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Privately issued mortgage–backed securities | $ | 1,850 | Two independent | — | — | ||||||||||||||||
pricing quotes | |||||||||||||||||||||
Collateralized debt obligations | 63,083 | Discounted cash | Probability | 17%-55% (39%) | |||||||||||||||||
flow | of default | ||||||||||||||||||||
Loss severity | 100% | ||||||||||||||||||||
Net other assets (liabilities)(a) | 3,941 | Discounted cash | Commitment | 0%-90% (20%) | |||||||||||||||||
flow | expirations | ||||||||||||||||||||
(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 probability of default and loss severity for mortgage-backed securities and collateralized debt securities would generally result in a lower (higher) fair value measurement. | |||||||||||||||||||||
An increase (decrease) in the estimate of expirations for commitments to originate real-estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. | |||||||||||||||||||||
Disclosures of fair value of financial instruments | |||||||||||||||||||||
With the exception of marketable securities, certain off-balance sheet financial instruments and one-to-four family residential 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. Additional information about the assumptions and calculations utilized follows. | |||||||||||||||||||||
The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,917,436 | $ | 1,917,436 | $ | 1,835,382 | $ | 82,054 | $ | — | |||||||||||
Interest-bearing deposits at banks | 3,032,530 | 3,032,530 | — | 3,032,530 | — | ||||||||||||||||
Trading account assets | 313,325 | 313,325 | 50,813 | 262,512 | — | ||||||||||||||||
Investment securities | 12,120,195 | 12,125,379 | 94,974 | 11,814,650 | 215,755 | ||||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial loans and leases | 19,105,892 | 18,753,794 | — | — | 18,753,794 | ||||||||||||||||
Commercial real estate loans | 26,374,274 | 26,311,756 | — | 204,669 | 26,107,087 | ||||||||||||||||
Residential real estate loans | 8,656,766 | 8,712,237 | — | 5,436,622 | 3,275,615 | ||||||||||||||||
Consumer loans | 10,610,761 | 10,524,381 | — | — | 10,524,381 | ||||||||||||||||
Allowance for credit losses | (917,666 | ) | — | — | — | — | |||||||||||||||
Loans and leases, net | 63,830,027 | 64,302,168 | — | 5,641,291 | 58,660,877 | ||||||||||||||||
Accrued interest receivable | 223,497 | 223,497 | — | 223,497 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | (26,088,763 | ) | $ | (26,088,763 | ) | $ | — | $ | (26,088,763 | ) | $ | — | ||||||||
Savings deposits and NOW accounts | (40,216,607 | ) | (40,216,607 | ) | — | (40,216,607 | ) | — | |||||||||||||
Time deposits | (3,285,995 | ) | (3,306,300 | ) | — | (3,306,300 | ) | — | |||||||||||||
Deposits at Cayman Islands office | (237,890 | ) | (237,890 | ) | — | (237,890 | ) | — | |||||||||||||
Short-term borrowings | (161,631 | ) | (161,631 | ) | — | (161,631 | ) | — | |||||||||||||
Long-term borrowings | (7,391,931 | ) | (7,549,272 | ) | — | (7,549,272 | ) | — | |||||||||||||
Accrued interest payable | (54,394 | ) | (54,394 | ) | — | (54,394 | ) | — | |||||||||||||
Trading account liabilities | (202,159 | ) | (202,159 | ) | — | (202,159 | ) | — | |||||||||||||
Other financial instruments: | |||||||||||||||||||||
Commitments to originate real estate loans for sale | $ | 22,023 | $ | 22,023 | $ | — | $ | — | $ | 22,023 | |||||||||||
Commitments to sell real estate loans | (10,832 | ) | (10,832 | ) | — | (10,832 | ) | — | |||||||||||||
Other credit-related commitments | (117,940 | ) | (117,940 | ) | — | — | (117,940 | ) | |||||||||||||
Interest rate swap agreements used for interest rate risk management | 91,870 | 91,870 | — | 91,870 | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,672,934 | $ | 1,672,934 | $ | 1,596,877 | $ | 76,057 | $ | — | |||||||||||
Interest-bearing deposits at banks | 1,651,138 | 1,651,138 | — | 1,651,138 | — | ||||||||||||||||
Trading account assets | 376,131 | 376,131 | 51,386 | 324,745 | — | ||||||||||||||||
Investment securities | 8,796,497 | 8,690,494 | 82,450 | 8,384,106 | 223,938 | ||||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial loans and leases | 18,705,216 | 18,457,288 | — | — | 18,457,288 | ||||||||||||||||
Commercial real estate loans | 26,148,208 | 26,018,195 | — | 67,505 | 25,950,690 | ||||||||||||||||
Residential real estate loans | 8,928,221 | 8,867,872 | — | 5,432,207 | 3,435,665 | ||||||||||||||||
Consumer loans | 10,291,514 | 10,201,087 | — | — | 10,201,087 | ||||||||||||||||
Allowance for credit losses | (916,676 | ) | — | — | — | — | |||||||||||||||
Loans and leases, net | 63,156,483 | 63,544,442 | — | 5,499,712 | 58,044,730 | ||||||||||||||||
Accrued interest receivable | 222,558 | 222,558 | — | 222,558 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | (24,661,007 | ) | $ | (24,661,007 | ) | $ | — | $ | (24,661,007 | ) | $ | — | ||||||||
Savings deposits and NOW accounts | (38,611,021 | ) | (38,611,021 | ) | — | (38,611,021 | ) | — | |||||||||||||
Time deposits | (3,523,838 | ) | (3,542,789 | ) | — | (3,542,789 | ) | — | |||||||||||||
Deposits at Cayman Islands office | (322,746 | ) | (322,746 | ) | — | (322,746 | ) | — | |||||||||||||
Short-term borrowings | (260,455 | ) | (260,455 | ) | — | (260,455 | ) | — | |||||||||||||
Long-term borrowings | (5,108,870 | ) | (5,244,902 | ) | — | (5,244,902 | ) | — | |||||||||||||
Accrued interest payable | (43,419 | ) | (43,419 | ) | — | (43,419 | ) | — | |||||||||||||
Trading account liabilities | (249,797 | ) | (249,797 | ) | — | (249,797 | ) | — | |||||||||||||
Other financial instruments: | |||||||||||||||||||||
Commitments to originate real estate loans for sale | $ | 3,941 | $ | 3,941 | $ | — | $ | — | $ | 3,941 | |||||||||||
Commitments to sell real estate loans | 12,360 | 12,360 | — | 12,360 | — | ||||||||||||||||
Other credit-related commitments | (118,886 | ) | (118,886 | ) | — | — | (118,886 | ) | |||||||||||||
Interest rate swap agreements used for interest rate risk management | 102,875 | 102,875 | — | 102,875 | — | ||||||||||||||||
The following assumptions, methods and calculations were used in determining the estimated fair value of financial instruments not measured at fair value in the consolidated balance sheet. | |||||||||||||||||||||
Cash and cash equivalents, interest-bearing deposits at banks, deposits at Cayman Islands office, short-term borrowings, accrued interest receivable and accrued interest payable | |||||||||||||||||||||
Due to the nature of cash and cash equivalents and the near maturity of interest-bearing deposits at banks, deposits at Cayman Islands office, short-term borrowings, accrued interest receivable and accrued interest payable, the Company estimated that the carrying amount of such instruments approximated estimated fair value. | |||||||||||||||||||||
Investment securities | |||||||||||||||||||||
Estimated fair values of investments in readily marketable securities were generally based on quoted market prices. Investment securities that were not readily marketable were assigned amounts based on estimates provided by outside parties or modeling techniques that relied upon discounted calculations of projected cash flows or, in the case of other investment securities, which include capital stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York, at an amount equal to the carrying amount. | |||||||||||||||||||||
Loans and leases | |||||||||||||||||||||
In general, discount rates used to calculate values for loan products were based on the Company’s pricing at the respective period end. A higher discount rate was assumed with respect to estimated cash flows associated with nonaccrual loans. | |||||||||||||||||||||
Projected loan cash flows were adjusted for estimated credit losses. However, such estimates made by the Company may not be indicative of assumptions and adjustments that a purchaser of the Company’s loans and leases would seek. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Pursuant to GAAP, the estimated fair value ascribed to noninterest-bearing deposits, savings deposits and NOW accounts must be established at carrying value because of the customers’ ability to withdraw funds immediately. Time deposit accounts are required to be revalued based upon prevailing market interest rates for similar maturity instruments. As a result, amounts assigned to time deposits were based on discounted cash flow calculations using prevailing market interest rates based on the Company’s pricing at the respective date for deposits with comparable remaining terms to maturity. | |||||||||||||||||||||
The Company believes that deposit accounts have a value greater than that prescribed by GAAP. The Company feels, however, that the value associated with these deposits is greatly influenced by characteristics of the buyer, such as the ability to reduce the costs of servicing the deposits and deposit attrition which often occurs following an acquisition. | |||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||
The amounts assigned to long-term borrowings were based on quoted market prices, when available, or were based on discounted cash flow calculations using prevailing market interest rates for borrowings of similar terms and credit risk. | |||||||||||||||||||||
Other commitments and contingencies | |||||||||||||||||||||
As described in note 13, in the normal course of business, various commitments and contingent liabilities are outstanding, such as loan commitments, credit guarantees and letters of credit. The Company’s pricing of such financial instruments is based largely on credit quality and relationship, probability of funding and other requirements. Loan commitments often have fixed expiration dates and contain termination and other clauses which provide for relief from funding in the event of significant deterioration in the credit quality of the customer. The rates and terms of the Company’s loan commitments, credit guarantees and letters of credit are competitive with other financial institutions operating in markets served by the Company. The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments. | |||||||||||||||||||||
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 | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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. | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Commitments to extend credit | |||||||||
Home equity lines of credit | $ | 6,246,501 | 6,218,823 | ||||||
Commercial real estate loans to be sold | 250,725 | 62,386 | |||||||
Other commercial real estate and construction | 4,482,869 | 3,919,545 | |||||||
Residential real estate loans to be sold | 596,865 | 469,869 | |||||||
Other residential real estate | 412,964 | 384,617 | |||||||
Commercial and other | 10,560,928 | 10,419,545 | |||||||
Standby letters of credit | 3,581,160 | 3,600,528 | |||||||
Commercial letters of credit | 43,653 | 53,284 | |||||||
Financial guarantees and indemnification contracts | 2,701,575 | 2,457,633 | |||||||
Commitments to sell real estate loans | 1,254,309 | 854,656 | |||||||
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. 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 oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations. 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 $2.3 billion at June 30, 2014 and December 31, 2013. | |||||||||
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 considered 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 value. | |||||||||
The Company has commitments under long-term operating leases and an agreement with the Baltimore Ravens of the National Football League whereby the Company obtained the naming rights to a football stadium in Baltimore, Maryland through 2027. | |||||||||
The Company reinsures credit life and accident and health insurance purchased by consumer loan customers. The Company also enters into reinsurance contracts with third party insurance companies who insure against the risk of a mortgage borrower’s payment default in connection with certain mortgage loans originated by the Company. When providing reinsurance coverage, the Company receives a premium in exchange for accepting a portion of the insurer’s risk of loss. The outstanding loan principal balances reinsured by the Company were approximately $12 million at June 30, 2014. Management believes that any reinsurance losses that may be payable by the Company will not be material to the Company’s consolidated financial position. | |||||||||
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 June 30, 2014, management believes that any further liability arising out of the Company’s obligation to loan purchasers is 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 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 legal proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $0 and $40 million. Although the Company does not believe that the outcome of pending litigations will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. |
Segment_information
Segment information | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 22 to the Company’s consolidated financial statements as of and for the year ended December 31, 2013. 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. As also described in note 22 to the Company’s 2013 consolidated financial statements, neither goodwill nor core deposit and other intangible assets (and the amortization charges associated with such assets) resulting from acquisitions of financial institutions have been allocated to the Company’s reportable segments, but are included in the “All Other” category. The Company does, however, assign such intangible assets to business units for purposes of testing for impairment. | |||||||||||||||||||||||||
Information about the Company’s segments is presented in the following table: | |||||||||||||||||||||||||
Three months ended June 30 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total | Inter- | Net | Total | Inter- | Net | ||||||||||||||||||||
revenues(a) | segment | income | revenues(a) | segment | income | ||||||||||||||||||||
revenues | (loss) | revenues | (loss) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business Banking | $ | 104,688 | 1,220 | 27,760 | 106,486 | 1,319 | 30,562 | ||||||||||||||||||
Commercial Banking | 252,496 | 1,356 | 105,358 | 252,907 | 1,315 | 87,220 | |||||||||||||||||||
Commercial Real Estate | 164,912 | 525 | 77,526 | 187,773 | 554 | 89,868 | |||||||||||||||||||
Discretionary Portfolio | 29,912 | (5,282 | ) | 14,980 | (14,109 | ) | (10,015 | ) | (8,036 | ) | |||||||||||||||
Residential Mortgage Banking | 110,751 | 11,772 | 27,712 | 111,764 | 21,589 | 34,143 | |||||||||||||||||||
Retail Banking | 268,494 | 3,897 | 32,034 | 292,837 | 3,598 | 51,500 | |||||||||||||||||||
All Other | 194,273 | (13,488 | ) | (1,034 | ) | 248,618 | (18,360 | ) | 63,209 | ||||||||||||||||
Total | $ | 1,125,526 | — | 284,336 | 1,186,276 | — | 348,466 | ||||||||||||||||||
Six months ended June 30 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total | Inter- | Net | Total | Inter- | Net | ||||||||||||||||||||
revenues(a) | segment | income | revenues(a) | segment | income | ||||||||||||||||||||
revenues | (loss) | revenues | (loss) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business Banking | $ | 206,987 | 2,277 | 56,358 | $ | 211,904 | 2,513 | 63,123 | |||||||||||||||||
Commercial Banking | 501,082 | 2,553 | 205,123 | 502,757 | 2,665 | 194,607 | |||||||||||||||||||
Commercial Real Estate | 323,272 | 873 | 152,087 | 353,066 | 2,106 | 166,376 | |||||||||||||||||||
Discretionary Portfolio | 54,569 | (10,321 | ) | 26,259 | (2,068 | ) | (18,616 | ) | (6,190 | ) | |||||||||||||||
Residential Mortgage Banking | 205,339 | 21,520 | 47,123 | 231,663 | 40,287 | 68,504 | |||||||||||||||||||
Retail Banking | 530,382 | 7,402 | 61,745 | 584,022 | 6,855 | 103,850 | |||||||||||||||||||
All Other | 380,435 | (24,304 | ) | (35,342 | ) | 393,864 | (35,810 | ) | 32,309 | ||||||||||||||||
Total | $ | 2,202,066 | — | 513,353 | $ | 2,275,208 | — | 622,579 | |||||||||||||||||
Average total assets | |||||||||||||||||||||||||
Six months ended | Year ended | ||||||||||||||||||||||||
30-Jun | December 31 | ||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Business Banking | $ | 5,286 | 5,010 | 5,080 | |||||||||||||||||||||
Commercial Banking | 22,742 | 21,446 | 21,655 | ||||||||||||||||||||||
Commercial Real Estate | 16,878 | 17,122 | 17,150 | ||||||||||||||||||||||
Discretionary Portfolio | 19,417 | 16,278 | 16,480 | ||||||||||||||||||||||
Residential Mortgage Banking | 3,226 | 2,752 | 2,858 | ||||||||||||||||||||||
Retail Banking | 10,229 | 11,357 | 10,997 | ||||||||||||||||||||||
All Other | 10,500 | 8,672 | 9,442 | ||||||||||||||||||||||
Total | $ | 88,278 | 82,637 | 83,662 | |||||||||||||||||||||
(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 pricing 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 $5,849,000 and $6,217,000 for the three-month periods ended June 30, 2014 and 2013, respectively, and $11,794,000 and $12,667,000 for the six-month periods ended June 30, 2014 and 2013, respectively, and is eliminated in “All Other” total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of “All Other” total revenues. |
Relationship_with_Bayview_Lend
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | ' |
15. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | |
M&T holds a 20% minority interest in Bayview Lending Group LLC (“BLG”), a privately-held commercial mortgage company. M&T recognizes income or loss from BLG using the equity method of accounting. The carrying value of that investment was $56 million at June 30, 2014. | |
Bayview Financial Holdings, L.P. (together with its affiliates, “Bayview Financial”), a privately-held specialty mortgage 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 $5.2 billion and $5.5 billion at June 30, 2014 and December 31, 2013, respectively. Revenues from those servicing rights were $7 million and $8 million during the three months ended June 30, 2014 and 2013, respectively, and $14 million and $16 million for the six months ended June 30, 2014 and June 30, 2013, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances totaling $44.6 billion and $45.6 billion at June 30, 2014 and December 31, 2013, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $27 million and $2 million for the three-month periods ended June 30, 2014 and 2013, respectively, and $53 million and $4 million for the six-month periods ended June 30, 2014 and 2013, respectively. In addition, the Company held $210 million and $220 million of mortgage-backed securities in its held-to-maturity portfolio at June 30, 2014 and December 31, 2013, respectively, that were securitized by Bayview Financial. |
Significant_accounting_policie1
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation | ' |
The consolidated financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in the 2013 Annual Report. In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of Merger-Related Expenses | ' | ||||||||
A summary of merger-related expenses incurred in 2013 associated with the pending Hudson City acquisition included in the consolidated statement of income is presented below. There were no merger-related expenses during the three months or six months ended June 30, 2014. | |||||||||
Three months ended | Six months ended | ||||||||
June 30, 2013 | June 30, 2013 | ||||||||
(in thousands) | |||||||||
Salaries and employee benefits | $ | 300 | $ | 836 | |||||
Equipment and net occupancy | 489 | 690 | |||||||
Printing, postage and supplies | 998 | 1,825 | |||||||
Other costs of operations | 5,845 | 9,013 | |||||||
$ | 7,632 | $ | 12,364 | ||||||
Investment_securities_Tables
Investment securities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 | ||||||||||||||
cost | unrealized | unrealized | fair value | ||||||||||||||
gains | losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 42,600 | 324 | 3 | $ | 42,921 | |||||||||||
Obligations of states and political subdivisions | 9,999 | 302 | 59 | 10,242 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 7,426,259 | 191,716 | 348 | 7,617,627 | |||||||||||||
Privately issued | 119 | 4 | 4 | 119 | |||||||||||||
Collateralized debt obligations | 32,548 | 24,100 | 448 | 56,200 | |||||||||||||
Other debt securities | 138,362 | 2,185 | 15,784 | 124,763 | |||||||||||||
Equity securities | 103,865 | 54,119 | 1,077 | 156,907 | |||||||||||||
7,753,752 | 272,750 | 17,723 | 8,008,779 | ||||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 154,733 | 3,289 | 88 | 157,934 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 3,387,213 | 67,816 | 14,881 | 3,440,148 | |||||||||||||
Privately issued | 210,388 | — | 50,952 | 159,436 | |||||||||||||
Other debt securities | 8,331 | — | — | 8,331 | |||||||||||||
3,760,665 | 71,105 | 65,921 | 3,765,849 | ||||||||||||||
Other securities | 350,751 | — | — | 350,751 | |||||||||||||
Total | $ | 11,865,168 | 343,855 | 83,644 | $ | 12,125,379 | |||||||||||
December 31, 2013 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 37,396 | 382 | 2 | $ | 37,776 | |||||||||||
Obligations of states and political subdivisions | 10,484 | 333 | 6 | 10,811 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 4,123,435 | 61,001 | 19,350 | 4,165,086 | |||||||||||||
Privately issued | 1,468 | 387 | 5 | 1,850 | |||||||||||||
Collateralized debt obligations | 42,274 | 21,666 | 857 | 63,083 | |||||||||||||
Other debt securities | 137,828 | 1,722 | 19,465 | 120,085 | |||||||||||||
Equity securities | 91,480 | 41,842 | 227 | 133,095 | |||||||||||||
4,444,365 | 127,333 | 39,912 | 4,531,786 | ||||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 169,684 | 3,744 | 135 | 173,293 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 3,567,905 | 16,160 | 65,149 | 3,518,916 | |||||||||||||
Privately issued | 219,628 | — | 60,623 | 159,005 | |||||||||||||
Other debt securities | 8,913 | — | — | 8,913 | |||||||||||||
3,966,130 | 19,904 | 125,907 | 3,860,127 | ||||||||||||||
Other securities | 298,581 | — | — | 298,581 | |||||||||||||
Total | $ | 8,709,076 | 147,237 | 165,819 | $ | 8,690,494 | |||||||||||
Changes in Credit Losses Associated with Debt Securities for Which OTTI Losses | ' | ||||||||||||||||
Changes in credit losses associated with debt securities for which OTTI losses had been recognized in earnings for the three months and six months ended June 30, 2013 follow: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
30-Jun-13 | 30-Jun-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 187,114 | 197,809 | ||||||||||||||
Additions for credit losses not previously recognized | — | 9,800 | |||||||||||||||
Reductions for realized losses | (186,320 | ) | (206,815 | ) | |||||||||||||
Ending balance | $ | 794 | 794 | ||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | ' | ||||||||||||||||
At June 30, 2014, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
cost | fair value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Debt securities available for sale: | |||||||||||||||||
Due in one year or less | $ | 7,513 | 7,592 | ||||||||||||||
Due after one year through five years | 46,209 | 46,952 | |||||||||||||||
Due after five years through ten years | 5,009 | 5,145 | |||||||||||||||
Due after ten years | 164,778 | 174,437 | |||||||||||||||
223,509 | 234,126 | ||||||||||||||||
Mortgage-backed securities available for sale | 7,426,378 | 7,617,746 | |||||||||||||||
$ | 7,649,887 | 7,851,872 | |||||||||||||||
Debt securities held to maturity: | |||||||||||||||||
Due in one year or less | $ | 21,159 | 21,326 | ||||||||||||||
Due after one year through five years | 78,588 | 80,389 | |||||||||||||||
Due after five years through ten years | 54,986 | 56,219 | |||||||||||||||
Due after ten years | 8,331 | 8,331 | |||||||||||||||
163,064 | 166,265 | ||||||||||||||||
Mortgage-backed securities held to maturity | 3,597,601 | 3,599,584 | |||||||||||||||
$ | 3,760,665 | 3,765,849 | |||||||||||||||
Investment Securities in Continuous Unrealized Loss Position | ' | ||||||||||||||||
A summary of investment securities that as of June 30, 2014 and December 31, 2013 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 value | Unrealized | Fair value | Unrealized | ||||||||||||||
losses | losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 5,865 | (3 | ) | — | — | |||||||||||
Obligations of states and political subdivisions | 1,832 | (55 | ) | 437 | (4 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 42,896 | (158 | ) | 8,254 | (190 | ) | |||||||||||
Privately issued | — | — | 77 | (4 | ) | ||||||||||||
Collateralized debt obligations | 2,633 | (114 | ) | 5,557 | (334 | ) | |||||||||||
Other debt securities | 157 | (10 | ) | 99,118 | (15,774 | ) | |||||||||||
Equity securities | 3,240 | (1,077 | ) | — | — | ||||||||||||
56,623 | (1,417 | ) | 113,443 | (16,306 | ) | ||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 8,329 | (34 | ) | 3,753 | (54 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 140,724 | (878 | ) | 730,795 | (14,003 | ) | |||||||||||
Privately issued | — | — | 159,436 | (50,952 | ) | ||||||||||||
149,053 | (912 | ) | 893,984 | (65,009 | ) | ||||||||||||
Total | $ | 205,676 | (2,329 | ) | 1,007,427 | (81,315 | ) | ||||||||||
December 31, 2013 | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury and federal agencies | $ | 745 | (2 | ) | — | — | |||||||||||
Obligations of states and political subdivisions | — | — | 558 | (6 | ) | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 1,697,094 | (19,225 | ) | 5,815 | (125 | ) | |||||||||||
Privately issued | — | — | 98 | (5 | ) | ||||||||||||
Collateralized debt obligations | — | — | 6,257 | (857 | ) | ||||||||||||
Other debt securities | 1,428 | (4 | ) | 103,602 | (19,461 | ) | |||||||||||
Equity securities | 159 | (227 | ) | — | — | ||||||||||||
1,699,426 | (19,458 | ) | 116,330 | (20,454 | ) | ||||||||||||
Investment securities held to maturity: | |||||||||||||||||
Obligations of states and political subdivisions | 13,517 | (120 | ) | 1,558 | (15 | ) | |||||||||||
Mortgage-backed securities: | |||||||||||||||||
Government issued or guaranteed | 2,629,950 | (65,149 | ) | — | — | ||||||||||||
Privately issued | — | — | 159,005 | (60,623 | ) | ||||||||||||
2,643,467 | (65,269 | ) | 160,563 | (60,638 | ) | ||||||||||||
Total | $ | 4,342,893 | (84,727 | ) | 276,893 | (81,092 | ) | ||||||||||
Loans_and_leases_and_the_allow1
Loans and leases and the allowance for credit losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Outstanding Principal Balance and Carrying Amount of Loans that is Included in Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
The outstanding principal balance and the carrying amount of acquired loans that were recorded at fair value at the acquisition date and included in the consolidated balance sheet follow: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Outstanding principal balance | $ | 3,828,214 | 4,656,811 | ||||||||||||||||||||||||||
Carrying amount: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 396,166 | 580,685 | |||||||||||||||||||||||||||
Commercial real estate | 1,285,386 | 1,541,368 | |||||||||||||||||||||||||||
Residential real estate | 515,791 | 576,473 | |||||||||||||||||||||||||||
Consumer | 1,051,728 | 1,308,926 | |||||||||||||||||||||||||||
$ | 3,249,071 | 4,007,452 | |||||||||||||||||||||||||||
Summary of Changes in Accretable Yield for Acquired Loans | ' | ||||||||||||||||||||||||||||
A summary of changes in the accretable yield for acquired loans for the three months and six months ended June 30, 2014 and 2013 follows: | |||||||||||||||||||||||||||||
Three months ended June 30 | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Purchased | Other | Purchased | Other | ||||||||||||||||||||||||||
impaired | acquired | impaired | acquired | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,939 | 485,162 | $ | 33,728 | 577,609 | |||||||||||||||||||||||
Interest income | (5,106 | ) | (43,452 | ) | (9,747 | ) | (67,539 | ) | |||||||||||||||||||||
Reclassifications from nonaccretable balance, net | 249 | 774 | 31,168 | 111,702 | |||||||||||||||||||||||||
Other (a) | — | 8,486 | — | 321 | |||||||||||||||||||||||||
Balance at end of period | $ | 26,082 | 450,970 | $ | 55,149 | 622,093 | |||||||||||||||||||||||
Six months ended June 30 | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Purchased | Other | Purchased | Other | ||||||||||||||||||||||||||
impaired | acquired | impaired | acquired | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,230 | 538,633 | $ | 42,252 | 638,272 | |||||||||||||||||||||||
Interest income | (11,434 | ) | (96,085 | ) | (18,451 | ) | (129,286 | ) | |||||||||||||||||||||
Reclassifications from nonaccretable balance, net | 286 | 774 | 31,348 | 122,519 | |||||||||||||||||||||||||
Other (a) | — | 7,648 | — | (9,412 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 26,082 | 450,970 | $ | 55,149 | 622,093 | |||||||||||||||||||||||
(a) | Other changes in expected cash flows including changes in interest rates and prepayment assumptions. | ||||||||||||||||||||||||||||
Summary of Current, Past Due and Nonaccrual Loans | ' | ||||||||||||||||||||||||||||
A summary of current, past due and nonaccrual loans as of June 30, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||||||
30-89 | 90 Days or | Purchased | |||||||||||||||||||||||||||
more past | |||||||||||||||||||||||||||||
due and accruing | |||||||||||||||||||||||||||||
Current | Days | Non- | Acquired | impaired | Nonaccrual | Total | |||||||||||||||||||||||
past due | acquired | (a) | (b) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 18,831,026 | 56,292 | 3,910 | 5,769 | 16,702 | 192,193 | $ | 19,105,892 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 21,335,953 | 142,904 | 9,862 | 36,554 | 82,554 | 188,951 | 21,796,778 | ||||||||||||||||||||||
Residential builder and developer | 1,203,959 | 10,417 | — | 9,505 | 111,937 | 83,624 | 1,419,442 | ||||||||||||||||||||||
Other commercial construction | 3,075,240 | 11,764 | — | 4,018 | 43,511 | 23,521 | 3,158,054 | ||||||||||||||||||||||
Residential | 7,499,250 | 261,083 | 270,492 | 42,245 | 25,231 | 198,816 | 8,297,117 | ||||||||||||||||||||||
Residential Alt-A | 258,899 | 22,064 | — | — | — | 78,686 | 359,649 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 5,917,670 | 34,440 | — | 25,577 | 2,582 | 83,991 | 6,064,260 | ||||||||||||||||||||||
Automobile | 1,621,311 | 23,629 | — | 218 | — | 16,075 | 1,661,233 | ||||||||||||||||||||||
Other | 2,821,175 | 34,370 | 4,752 | 10,694 | — | 14,277 | 2,885,268 | ||||||||||||||||||||||
Total | $ | 62,564,483 | 596,963 | 289,016 | 134,580 | 282,517 | 880,134 | $ | 64,747,693 | ||||||||||||||||||||
30-89 | 90 Days or | Purchased | |||||||||||||||||||||||||||
more past | |||||||||||||||||||||||||||||
due and accruing | |||||||||||||||||||||||||||||
Current | Days | Non- | Acquired | impaired | Nonaccrual | Total | |||||||||||||||||||||||
past due | acquired | (a) | (b) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 18,489,474 | 77,538 | 4,981 | 6,778 | 15,706 | 110,739 | $ | 18,705,216 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 21,236,071 | 145,749 | 63,353 | 35,603 | 88,034 | 173,048 | 21,741,858 | ||||||||||||||||||||||
Residential builder and developer | 1,025,984 | 8,486 | 141 | 7,930 | 137,544 | 96,427 | 1,276,512 | ||||||||||||||||||||||
Other commercial construction | 2,986,598 | 42,234 | — | 8,031 | 57,707 | 35,268 | 3,129,838 | ||||||||||||||||||||||
Residential | 7,630,368 | 295,131 | 294,649 | 43,700 | 29,184 | 252,805 | 8,545,837 | ||||||||||||||||||||||
Residential Alt-A | 283,253 | 18,009 | — | — | — | 81,122 | 382,384 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 5,972,365 | 40,537 | — | 27,754 | 2,617 | 78,516 | 6,121,789 | ||||||||||||||||||||||
Automobile | 1,314,246 | 29,144 | — | 366 | — | 21,144 | 1,364,900 | ||||||||||||||||||||||
Other | 2,726,522 | 47,830 | 5,386 | — | — | 25,087 | 2,804,825 | ||||||||||||||||||||||
Total | $ | 61,664,881 | 704,658 | 368,510 | 130,162 | 330,792 | 874,156 | $ | 64,073,159 | ||||||||||||||||||||
(a) | Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. | ||||||||||||||||||||||||||||
(b) | Accruing loans that were impaired at acquisition date and were recorded at fair value. | ||||||||||||||||||||||||||||
Changes in Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the three months ended June 30, 2014 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 276,835 | 324,805 | 77,062 | 162,134 | 75,932 | $ | 916,768 | |||||||||||||||||||||
Provision for credit losses | 25,556 | (12,229 | ) | (1,957 | ) | 18,676 | (46 | ) | 30,000 | ||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (14,142 | ) | (2,814 | ) | (5,478 | ) | (19,404 | ) | — | (41,838 | ) | ||||||||||||||||||
Recoveries | 4,002 | 1,492 | 2,777 | 4,465 | — | 12,736 | |||||||||||||||||||||||
Net charge-offs | (10,140 | ) | (1,322 | ) | (2,701 | ) | (14,939 | ) | — | (29,102 | ) | ||||||||||||||||||
Ending balance | $ | 292,251 | 311,254 | 72,404 | 165,871 | 75,886 | $ | 917,666 | |||||||||||||||||||||
Changes in the allowance for credit losses for the three months ended June 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 257,851 | 328,016 | 90,122 | 176,793 | 74,335 | $ | 927,117 | |||||||||||||||||||||
Provision for credit losses | 55,647 | (10,913 | ) | (1,438 | ) | 13,707 | (3 | ) | 57,000 | ||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (46,312 | ) | (4,204 | ) | (5,092 | ) | (21,018 | ) | — | (76,626 | ) | ||||||||||||||||||
Recoveries | 1,681 | 11,365 | 1,719 | 4,809 | — | 19,574 | |||||||||||||||||||||||
Net charge-offs | (44,631 | ) | 7,161 | (3,373 | ) | (16,209 | ) | — | (57,052 | ) | |||||||||||||||||||
Ending balance | $ | 268,867 | 324,264 | 85,311 | 174,291 | 74,332 | $ | 927,065 | |||||||||||||||||||||
Changes in the allowance for credit losses for the six months ended June 30, 2014 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 273,383 | 324,978 | 78,656 | 164,644 | 75,015 | $ | 916,676 | |||||||||||||||||||||
Provision for credit losses | 38,154 | (12,113 | ) | 2,271 | 32,817 | 871 | 62,000 | ||||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (28,951 | ) | (6,300 | ) | (12,931 | ) | (41,095 | ) | — | (89,277 | ) | ||||||||||||||||||
Recoveries | 9,665 | 4,689 | 4,408 | 9,505 | — | 28,267 | |||||||||||||||||||||||
Net charge-offs | (19,286 | ) | (1,611 | ) | (8,523 | ) | (31,590 | ) | — | (61,010 | ) | ||||||||||||||||||
Ending balance | $ | 292,251 | 311,254 | 72,404 | 165,871 | 75,886 | $ | 917,666 | |||||||||||||||||||||
Changes in the allowance for credit losses for the six months ended June 30, 2013 were as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 246,759 | 337,101 | 88,807 | 179,418 | 73,775 | $ | 925,860 | |||||||||||||||||||||
Provision for credit losses | 73,527 | (11,225 | ) | 3,598 | 28,543 | 557 | 95,000 | ||||||||||||||||||||||
Net charge-offs | |||||||||||||||||||||||||||||
Charge-offs | (55,856 | ) | (13,792 | ) | (13,263 | ) | (42,663 | ) | — | (125,574 | ) | ||||||||||||||||||
Recoveries | 4,437 | 12,180 | 6,169 | 8,993 | — | 31,779 | |||||||||||||||||||||||
Net charge-offs | (51,419 | ) | (1,612 | ) | (7,094 | ) | (33,670 | ) | — | (93,795 | ) | ||||||||||||||||||
Ending balance | $ | 268,867 | 324,264 | 85,311 | 174,291 | 74,332 | $ | 927,065 | |||||||||||||||||||||
Impaired Loans and Leases | ' | ||||||||||||||||||||||||||||
The following tables provide information with respect to loans and leases that were considered impaired as of June 30, 2014 and December 31, 2013 and for the three months and six months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||||||
investment | principal | allowance | investment | principal | allowance | ||||||||||||||||||||||||
balance | balance | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 165,446 | 189,110 | 39,874 | 90,293 | 112,092 | 24,614 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 95,543 | 112,623 | 16,330 | 113,570 | 132,325 | 19,520 | |||||||||||||||||||||||
Residential builder and developer | 28,048 | 36,634 | 1,694 | 33,311 | 55,122 | 4,379 | |||||||||||||||||||||||
Other commercial construction | 71,379 | 74,401 | 4,883 | 86,260 | 90,515 | 4,022 | |||||||||||||||||||||||
Residential | 90,895 | 109,723 | 4,103 | 96,508 | 114,521 | 7,146 | |||||||||||||||||||||||
Residential Alt-A | 108,426 | 123,349 | 12,000 | 111,911 | 124,528 | 14,000 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 19,358 | 20,424 | 5,877 | 13,672 | 14,796 | 3,312 | |||||||||||||||||||||||
Automobile | 35,426 | 35,426 | 9,248 | 40,441 | 40,441 | 11,074 | |||||||||||||||||||||||
Other | 18,561 | 18,561 | 4,831 | 17,660 | 17,660 | 4,541 | |||||||||||||||||||||||
633,082 | 720,251 | 98,840 | 603,626 | 702,000 | 92,608 | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 52,913 | 55,167 | — | 28,093 | 33,095 | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 102,890 | 124,701 | — | 65,271 | 84,333 | — | |||||||||||||||||||||||
Residential builder and developer | 66,149 | 99,746 | — | 72,366 | 104,768 | — | |||||||||||||||||||||||
Other commercial construction | 9,453 | 14,306 | — | 7,369 | 11,493 | — | |||||||||||||||||||||||
Residential | 19,681 | 29,512 | — | 84,144 | 95,358 | — | |||||||||||||||||||||||
Residential Alt-A | 24,523 | 44,784 | — | 28,357 | 52,211 | — | |||||||||||||||||||||||
275,609 | 368,216 | — | 285,600 | 381,258 | — | ||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | 218,359 | 244,277 | 39,874 | 118,386 | 145,187 | 24,614 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 198,433 | 237,324 | 16,330 | 178,841 | 216,658 | 19,520 | |||||||||||||||||||||||
Residential builder and developer | 94,197 | 136,380 | 1,694 | 105,677 | 159,890 | 4,379 | |||||||||||||||||||||||
Other commercial construction | 80,832 | 88,707 | 4,883 | 93,629 | 102,008 | 4,022 | |||||||||||||||||||||||
Residential | 110,576 | 139,235 | 4,103 | 180,652 | 209,879 | 7,146 | |||||||||||||||||||||||
Residential Alt-A | 132,949 | 168,133 | 12,000 | 140,268 | 176,739 | 14,000 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 19,358 | 20,424 | 5,877 | 13,672 | 14,796 | 3,312 | |||||||||||||||||||||||
Automobile | 35,426 | 35,426 | 9,248 | 40,441 | 40,441 | 11,074 | |||||||||||||||||||||||
Other | 18,561 | 18,561 | 4,831 | 17,660 | 17,660 | 4,541 | |||||||||||||||||||||||
Total | $ | 908,691 | 1,088,467 | 98,840 | 889,226 | 1,083,258 | 92,608 | ||||||||||||||||||||||
Interest Income Recognized on Loans | ' | ||||||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||
Interest income | Interest income | ||||||||||||||||||||||||||||
recognized | recognized | ||||||||||||||||||||||||||||
Average | Total | Cash | Average | Total | Cash | ||||||||||||||||||||||||
recorded | basis | recorded | basis | ||||||||||||||||||||||||||
investment | investment | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 150,625 | 220 | 220 | 183,544 | 3,408 | 3,408 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 207,633 | 869 | 869 | 201,236 | 409 | 409 | |||||||||||||||||||||||
Residential builder and developer | 91,614 | 39 | 39 | 162,567 | 518 | 384 | |||||||||||||||||||||||
Other commercial construction | 77,801 | 356 | 356 | 97,975 | 2,479 | 2,479 | |||||||||||||||||||||||
Residential | 119,133 | 5,056 | 4,468 | 185,751 | 1,934 | 1,401 | |||||||||||||||||||||||
Residential Alt-A | 134,895 | 1,733 | 660 | 151,977 | 1,670 | 516 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 18,762 | 200 | 72 | 12,619 | 165 | 39 | |||||||||||||||||||||||
Automobile | 36,631 | 589 | 74 | 44,641 | 740 | 131 | |||||||||||||||||||||||
Other | 18,309 | 166 | 49 | 15,564 | 156 | 49 | |||||||||||||||||||||||
Total | $ | 855,403 | 9,228 | 6,807 | 1,055,874 | 11,479 | 8,816 | ||||||||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||
Interest income | Interest income | ||||||||||||||||||||||||||||
recognized | recognized | ||||||||||||||||||||||||||||
Average | Total | Cash | Average | Total | Cash | ||||||||||||||||||||||||
recorded | basis | recorded | basis | ||||||||||||||||||||||||||
investment | investment | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | $ | 142,466 | 768 | 768 | 172,637 | 5,842 | 5,842 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | 196,529 | 1,795 | 1,795 | 197,546 | 712 | 712 | |||||||||||||||||||||||
Residential builder and developer | 96,434 | 113 | 113 | 173,535 | 658 | 449 | |||||||||||||||||||||||
Other commercial construction | 82,546 | 1,443 | 1,443 | 98,160 | 3,114 | 3,114 | |||||||||||||||||||||||
Residential | 146,651 | 6,456 | 5,370 | 186,582 | 3,404 | 2,323 | |||||||||||||||||||||||
Residential Alt-A | 137,273 | 3,359 | 1,219 | 154,461 | 3,410 | 1,107 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | 17,219 | 321 | 101 | 12,544 | 332 | 78 | |||||||||||||||||||||||
Automobile | 38,007 | 1,214 | 161 | 46,134 | 1,516 | 277 | |||||||||||||||||||||||
Other | 18,005 | 340 | 101 | 15,261 | 307 | 103 | |||||||||||||||||||||||
Total | $ | 875,130 | 15,809 | 11,071 | 1,056,860 | 19,295 | 14,005 | ||||||||||||||||||||||
Summary of Loan Grades | ' | ||||||||||||||||||||||||||||
The following table summarizes the loan grades applied to the various classes of the Company’s commercial and commercial real estate loans. | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
Commercial, | Commercial | Residential | Other | ||||||||||||||||||||||||||
Financial, | Builder and | Commercial | |||||||||||||||||||||||||||
Leasing, etc. | Developer | Construction | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Pass | $ | 18,287,252 | 21,012,039 | 1,277,387 | 3,079,596 | ||||||||||||||||||||||||
Criticized accrual | 626,447 | 595,788 | 58,431 | 54,937 | |||||||||||||||||||||||||
Criticized nonaccrual | 192,193 | 188,951 | 83,624 | 23,521 | |||||||||||||||||||||||||
Total | $ | 19,105,892 | 21,796,778 | 1,419,442 | 3,158,054 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | $ | 17,894,592 | 20,972,257 | 1,107,144 | 3,040,106 | ||||||||||||||||||||||||
Criticized accrual | 699,885 | 596,553 | 72,941 | 54,464 | |||||||||||||||||||||||||
Criticized nonaccrual | 110,739 | 173,048 | 96,427 | 35,268 | |||||||||||||||||||||||||
Total | $ | 18,705,216 | 21,741,858 | 1,276,512 | 3,129,838 | ||||||||||||||||||||||||
Allocation of Allowance for Credit Losses on Basis of Company's Impairment Methodology | ' | ||||||||||||||||||||||||||||
The allocation of the allowance for credit losses summarized on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 39,874 | 22,576 | 16,084 | 19,956 | $ | 98,490 | ||||||||||||||||||||||
Collectively evaluated for impairment | 247,542 | 287,975 | 54,604 | 145,199 | 735,320 | ||||||||||||||||||||||||
Purchased impaired | 4,835 | 703 | 1,716 | 716 | 7,970 | ||||||||||||||||||||||||
Allocated | $ | 292,251 | 311,254 | 72,404 | 165,871 | 841,780 | |||||||||||||||||||||||
Unallocated | 75,886 | ||||||||||||||||||||||||||||
Total | $ | 917,666 | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 24,614 | 27,563 | 21,127 | 18,927 | $ | 92,231 | ||||||||||||||||||||||
Collectively evaluated for impairment | 246,096 | 296,781 | 55,864 | 144,210 | 742,951 | ||||||||||||||||||||||||
Purchased impaired | 2,673 | 634 | 1,665 | 1,507 | 6,479 | ||||||||||||||||||||||||
Allocated | $ | 273,383 | 324,978 | 78,656 | 164,644 | 841,661 | |||||||||||||||||||||||
Unallocated | 75,015 | ||||||||||||||||||||||||||||
Total | $ | 916,676 | |||||||||||||||||||||||||||
Recorded Investment in Loans and Leases on Basis of Company's Impairment Methodology | ' | ||||||||||||||||||||||||||||
The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||||||||
Financial, | |||||||||||||||||||||||||||||
Leasing, etc. | Commercial | Residential | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 218,359 | 371,950 | 242,967 | 73,345 | $ | 906,621 | ||||||||||||||||||||||
Collectively evaluated for impairment | 18,870,831 | 25,764,322 | 8,388,568 | 10,534,834 | 63,558,555 | ||||||||||||||||||||||||
Purchased impaired | 16,702 | 238,002 | 25,231 | 2,582 | 282,517 | ||||||||||||||||||||||||
Total | $ | 19,105,892 | 26,374,274 | 8,656,766 | 10,610,761 | $ | 64,747,693 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 118,386 | 376,339 | 320,360 | 71,773 | $ | 886,858 | ||||||||||||||||||||||
Collectively evaluated for impairment | 18,571,124 | 25,488,584 | 8,578,677 | 10,217,124 | 62,855,509 | ||||||||||||||||||||||||
Purchased impaired | 15,706 | 283,285 | 29,184 | 2,617 | 330,792 | ||||||||||||||||||||||||
Total | $ | 18,705,216 | 26,148,208 | 8,928,221 | 10,291,514 | $ | 64,073,159 | ||||||||||||||||||||||
Loan Modification Activities that were Considered Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||
The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 21 | $ | 4,414 | $ | 4,351 | $ | (63 | ) | $ | — | |||||||||||||||||||
Other | 1 | 19,593 | 19,593 | — | — | ||||||||||||||||||||||||
Combination of concession types | 3 | 9,795 | 9,727 | (68 | ) | (10 | ) | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 11 | 8,327 | 8,314 | (13 | ) | — | |||||||||||||||||||||||
Interest rate reduction | 1 | 255 | 252 | (3 | ) | (48 | ) | ||||||||||||||||||||||
Combination of concession types | 1 | 63 | 61 | (2 | ) | (9 | ) | ||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 1 | 1,398 | 1,398 | — | — | ||||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 6,407 | 6,318 | (89 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 3 | 142 | 166 | 24 | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 923 | 991 | 68 | (66 | ) | |||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 3 | 662 | 698 | 36 | — | ||||||||||||||||||||||||
Combination of concession types | 6 | 1,006 | 1,029 | 23 | (220 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Interest rate reduction | 5 | 341 | 341 | — | (76 | ) | |||||||||||||||||||||||
Combination of concession types | 21 | 1,772 | 1,772 | — | (204 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 43 | 603 | 603 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 60 | 60 | — | (3 | ) | |||||||||||||||||||||||
Other | 8 | 47 | 47 | — | — | ||||||||||||||||||||||||
Combination of concession types | 23 | 341 | 341 | — | (36 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 7 | 38 | 38 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 291 | 291 | — | (63 | ) | |||||||||||||||||||||||
Combination of concession types | 19 | 906 | 906 | — | (276 | ) | |||||||||||||||||||||||
Total | 193 | $ | 57,384 | $ | 57,297 | $ | (87 | ) | $ | (1,011 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Three months ended June 30, 2013 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 15 | $ | 4,870 | $ | 4,822 | $ | (48 | ) | $ | — | |||||||||||||||||||
Other | 1 | 1,460 | 1,657 | 197 | — | ||||||||||||||||||||||||
Combination of concession types | 2 | 1,490 | 980 | (510 | ) | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 5 | 15,549 | 15,530 | (19 | ) | — | |||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 7 | 17,496 | 16,722 | (774 | ) | — | |||||||||||||||||||||||
Other | 1 | 4,039 | 3,888 | (151 | ) | — | |||||||||||||||||||||||
Combination of concession types | 2 | 13,879 | 13,823 | (56 | ) | (535 | ) | ||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 364 | 363 | (1 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 8 | 1,216 | 1,358 | 142 | — | ||||||||||||||||||||||||
Combination of concession types | 18 | 69,210 | 65,890 | (3,320 | ) | (186 | ) | ||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 1 | 99 | 102 | 3 | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 1,187 | 1,294 | 107 | (278 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 2 | 101 | 103 | 2 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 99 | 99 | — | (8 | ) | |||||||||||||||||||||||
Other | 1 | 106 | 106 | — | — | ||||||||||||||||||||||||
Combination of concession types | 8 | 406 | 406 | — | (64 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 117 | 1,629 | 1,629 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 7 | 104 | 104 | — | (10 | ) | |||||||||||||||||||||||
Other | 28 | 73 | 73 | — | — | ||||||||||||||||||||||||
Combination of concession types | 62 | 1,044 | 1,044 | — | (87 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 14 | 185 | 185 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 12 | 12 | — | (2 | ) | |||||||||||||||||||||||
Combination of concession types | 30 | 707 | 707 | — | (234 | ) | |||||||||||||||||||||||
Total | 341 | $ | 135,325 | $ | 130,897 | $ | (4,428 | ) | $ | (1,404 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Six months ended June 30, 2014 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 51 | $ | 19,368 | $ | 19,199 | $ | (169 | ) | $ | — | |||||||||||||||||||
Other | 1 | 19,593 | 19,593 | — | — | ||||||||||||||||||||||||
Combination of concession types | 5 | 9,836 | 9,766 | (70 | ) | (14 | ) | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 24 | 15,371 | 15,316 | (55 | ) | — | |||||||||||||||||||||||
Interest rate reduction | 1 | 255 | 252 | (3 | ) | (48 | ) | ||||||||||||||||||||||
Combination of concession types | 2 | 409 | 462 | 53 | (113 | ) | |||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 1 | 1,398 | 1,398 | — | — | ||||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 3 | 6,558 | 6,469 | (89 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 16 | 1,744 | 1,829 | 85 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 98 | 104 | 6 | (32 | ) | |||||||||||||||||||||||
Other | 1 | 188 | 188 | — | — | ||||||||||||||||||||||||
Combination of concession types | 22 | 3,111 | 3,151 | 40 | (348 | ) | |||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 5 | 828 | 900 | 72 | — | ||||||||||||||||||||||||
Combination of concession types | 16 | 2,752 | 2,765 | 13 | (281 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 3 | 280 | 280 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 5 | 341 | 341 | — | (76 | ) | |||||||||||||||||||||||
Combination of concession types | 36 | 3,628 | 3,628 | — | (376 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 123 | 1,596 | 1,596 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 60 | 60 | — | (3 | ) | |||||||||||||||||||||||
Other | 19 | 108 | 108 | — | — | ||||||||||||||||||||||||
Combination of concession types | 46 | 591 | 591 | — | (62 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 15 | 93 | 93 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 3 | 291 | 291 | — | (63 | ) | |||||||||||||||||||||||
Other | 1 | 45 | 45 | — | — | ||||||||||||||||||||||||
Combination of concession types | 33 | 1,372 | 1,372 | — | (464 | ) | |||||||||||||||||||||||
Total | 436 | $ | 89,914 | $ | 89,797 | $ | (117 | ) | $ | (1,880 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. | ||||||||||||||||||||||||||||
Recorded investment | Financial effects of | ||||||||||||||||||||||||||||
modification | |||||||||||||||||||||||||||||
Six months ended June 30, 2013 | Number | Pre- | Post- | Recorded | Interest (b) | ||||||||||||||||||||||||
modification | modification | investment (a) | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, financial, leasing, etc. | |||||||||||||||||||||||||||||
Principal deferral | 39 | $ | 6,876 | $ | 6,804 | $ | (72 | ) | $ | — | |||||||||||||||||||
Other | 2 | 48,660 | 48,857 | 197 | — | ||||||||||||||||||||||||
Combination of concession types | 3 | 1,832 | 1,322 | (510 | ) | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Principal deferral | 13 | 34,027 | 33,893 | (134 | ) | — | |||||||||||||||||||||||
Combination of concession types | 2 | 582 | 581 | (1 | ) | (56 | ) | ||||||||||||||||||||||
Residential builder and developer | |||||||||||||||||||||||||||||
Principal deferral | 15 | 18,853 | 18,062 | (791 | ) | — | |||||||||||||||||||||||
Other | 1 | 4,039 | 3,888 | (151 | ) | — | |||||||||||||||||||||||
Combination of concession types | 3 | 15,580 | 15,514 | (66 | ) | (535 | ) | ||||||||||||||||||||||
Other commercial construction | |||||||||||||||||||||||||||||
Principal deferral | 2 | 364 | 363 | (1 | ) | — | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Principal deferral | 15 | 1,782 | 1,965 | 183 | — | ||||||||||||||||||||||||
Other | 1 | 195 | 195 | — | — | ||||||||||||||||||||||||
Combination of concession types | 38 | 71,659 | 68,426 | (3,233 | ) | (557 | ) | ||||||||||||||||||||||
Residential Alt-A | |||||||||||||||||||||||||||||
Principal deferral | 1 | 99 | 102 | 3 | — | ||||||||||||||||||||||||
Combination of concession types | 13 | 2,094 | 2,219 | 125 | (388 | ) | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||
Principal deferral | 4 | 180 | 182 | 2 | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 99 | 99 | — | (8 | ) | |||||||||||||||||||||||
Other | 1 | 106 | 106 | — | — | ||||||||||||||||||||||||
Combination of concession types | 10 | 617 | 617 | — | (97 | ) | |||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||
Principal deferral | 238 | 3,215 | 3,215 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 9 | 140 | 140 | — | (15 | ) | |||||||||||||||||||||||
Other | 45 | 232 | 232 | — | — | ||||||||||||||||||||||||
Combination of concession types | 123 | 1,597 | 1,597 | — | (129 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Principal deferral | 20 | 230 | 230 | — | — | ||||||||||||||||||||||||
Interest rate reduction | 1 | 12 | 12 | — | (2 | ) | |||||||||||||||||||||||
Other | 1 | 12 | 12 | — | — | ||||||||||||||||||||||||
Combination of concession types | 72 | 1,924 | 1,924 | — | (501 | ) | |||||||||||||||||||||||
Total | 673 | $ | 215,006 | $ | 210,557 | $ | (4,449 | ) | $ | (2,288 | ) | ||||||||||||||||||
(a) | Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. | ||||||||||||||||||||||||||||
(b) | Represents the present value of interest rate concessions discounted at the effective rate of the original loan. |
Shareholders_equity_Tables
Shareholders' equity (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Issued and Outstanding Preferred Stock | ' | ||||||||||||
Issued and outstanding preferred stock of M&T is presented below: | |||||||||||||
Shares | Carrying | Carrying | |||||||||||
issued and | value | value | |||||||||||
outstanding | June 30, 2014 | December 31, 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
Series A (a) | |||||||||||||
Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 liquidation preference per share | 230,000 | $ | 230,000 | $ | 230,000 | ||||||||
Series C (a) | |||||||||||||
Fixed Rate Cumulative Perpetual Preferred Stock, Series C, $1,000 liquidation preference per share | 151,500 | 151,500 | 151,500 | ||||||||||
Series D (b) | |||||||||||||
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, $10,000 liquidation preference per share | 50,000 | 500,000 | 500,000 | ||||||||||
Series E (c) | |||||||||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series E, $1,000 liquidation preference per share | 350,000 | 350,000 | — | ||||||||||
(a) | Dividends, if declared, were paid quarterly at a rate of 5% per year through November 14, 2013 and are paid at 6.375% thereafter. M&T has agreed to not redeem the preferred shares until on or after November 15, 2018. Warrants to purchase M&T common stock were issued in connection with the Series A and C preferred stock (Series A – 1,218,522 common shares at $73.86 per share; Series C – 407,542 common shares at $55.76 per share). In March 2013, the Series C warrants were exercised in a “cashless” exercise, resulting in the issuance of 186,589 common shares. During the six months ended June 30, 2014, 379,376 of the Series A warrants were exercised in “cashless” exercises, resulting in the issuance of 149,834 common shares. Remaining outstanding Series A warrants were 770,019 at June 30, 2014. | ||||||||||||
(b) | Dividends, if declared, will be paid semi-annually at a rate of 6.875% per year. The shares are redeemable in whole or in part on or after June 15, 2016. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. | ||||||||||||
(c) | Dividends, if declared, will be paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month London Interbank Offered Rate plus 361 basis points (hundredths of one percent). The shares are redeemable in whole or in part on or after February 15, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Pension_plans_and_other_postre1
Pension plans and other postretirement benefits (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Net Periodic Pension Expense for Defined Benefit Plans | ' | ||||||||||||||||
Net periodic defined benefit cost for defined benefit plans consisted of the following: | |||||||||||||||||
Pension | Other | ||||||||||||||||
benefits | postretirement | ||||||||||||||||
benefits | |||||||||||||||||
Three months ended June 30 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 5,160 | 6,130 | 152 | 171 | ||||||||||||
Interest cost on projected benefit obligation | 17,331 | 14,939 | 714 | 670 | |||||||||||||
Expected return on plan assets | (22,859 | ) | (21,802 | ) | — | — | |||||||||||
Amortization of prior service cost | (1,626 | ) | (1,628 | ) | (329 | ) | (329 | ) | |||||||||
Amortization of net actuarial loss | 3,897 | 10,138 | — | 80 | |||||||||||||
Net periodic benefit cost | $ | 1,903 | 7,777 | 537 | 592 | ||||||||||||
Pension | Other | ||||||||||||||||
benefits | postretirement | ||||||||||||||||
benefits | |||||||||||||||||
Six months ended June 30 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 10,260 | 12,180 | 302 | 371 | ||||||||||||
Interest cost on projected benefit obligation | 34,581 | 30,065 | 1,389 | 1,345 | |||||||||||||
Expected return on plan assets | (45,784 | ) | (43,677 | ) | — | — | |||||||||||
Amortization of prior service cost | (3,276 | ) | (3,278 | ) | (679 | ) | (679 | ) | |||||||||
Amortization of net actuarial loss | 7,247 | 20,538 | — | 180 | |||||||||||||
Net periodic benefit cost | $ | 3,028 | 15,828 | 1,012 | 1,217 | ||||||||||||
Earnings_per_common_share_Tabl
Earnings per common share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computations of Basic Earnings Per Common Share | ' | ||||||||||||||||
The computations of basic earnings per common share follow: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share) | |||||||||||||||||
Income available to common shareholders: | |||||||||||||||||
Net income | $ | 284,336 | 348,466 | $ | 513,353 | 622,579 | |||||||||||
Less: Preferred stock dividends (a) | (20,443 | ) | (13,362 | ) | (35,117 | ) | (26,725 | ) | |||||||||
Amortization of preferred stock discount (a) | — | (2,193 | ) | — | (4,340 | ) | |||||||||||
Net income available to common equity | 263,893 | 332,911 | 478,236 | 591,514 | |||||||||||||
Less: Income attributable to unvested stock-based compensation awards | (3,213 | ) | (4,373 | ) | (5,832 | ) | (7,917 | ) | |||||||||
Net income available to common shareholders | $ | 260,680 | 328,538 | $ | 472,404 | 583,597 | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 | |||||||||||||
Less: Unvested stock-based compensation awards | (1,617 | ) | (1,712 | ) | (1,603 | ) | (1,746 | ) | |||||||||
Weighted-average shares outstanding | 130,856 | 128,252 | 130,536 | 127,962 | |||||||||||||
Basic earnings per common share | $ | 1.99 | 2.56 | $ | 3.62 | 4.56 | |||||||||||
(a) | Including impact of not as yet declared cumulative dividends. | ||||||||||||||||
Computations of Diluted Earnings Per Common Share | ' | ||||||||||||||||
The computations of diluted earnings per common share follow: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share) | |||||||||||||||||
Net income available to common equity | $ | 263,893 | 332,911 | $ | 478,236 | 591,514 | |||||||||||
Less: Income attributable to unvested stock-based compensation awards | (3,198 | ) | (4,354 | ) | (5,807 | ) | (7,881 | ) | |||||||||
Net income available to common shareholders | $ | 260,695 | 328,557 | $ | 472,429 | 583,633 | |||||||||||
Adjusted weighted-average shares outstanding: | |||||||||||||||||
Common and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 | |||||||||||||
Less: Unvested stock-based compensation awards | (1,617 | ) | (1,712 | ) | (1,603 | ) | (1,746 | ) | |||||||||
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 972 | 765 | 943 | 866 | |||||||||||||
Adjusted weighted-average shares outstanding | 131,828 | 129,017 | 131,479 | 128,828 | |||||||||||||
Diluted earnings per common share | $ | 1.98 | 2.55 | $ | 3.59 | 4.53 |
Comprehensive_income_Tables
Comprehensive income (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
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 Securities | Defined | Other | Total | Income | Net | ||||||||||||||||||||||||
benefit | amount | tax | |||||||||||||||||||||||||||
With | All | plans | before tax | ||||||||||||||||||||||||||
OTTI | other | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance—January 1, 2014 | $ | 37,255 | 18,450 | (161,617 | ) | 115 | $ | (105,797 | ) | 41,638 | $ | (64,159 | ) | ||||||||||||||||
Other comprehensive income before reclassifications: Unrealized holding gains, net | 10,842 | 156,764 | — | — | 167,606 | (65,774 | ) | 101,832 | |||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 479 | 479 | (166 | ) | 313 | |||||||||||||||||||||
Unrealized losses on cash flow hedges | — | — | — | (1,170 | ) | (1,170 | ) | 459 | (711 | ) | |||||||||||||||||||
Total other comprehensive income before reclassifications | 10,842 | 156,764 | — | (691 | ) | 166,915 | (65,481 | ) | 101,434 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||||||||||||||||||||||||
Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities | 1 | 1,702 | — | — | 1,703 | (a) | (669 | ) | 1,034 | ||||||||||||||||||||
Amortization of prior service credit | — | — | (3,955 | ) | — | (3,955 | )(d) | 1,552 | (2,403 | ) | |||||||||||||||||||
Amortization of actuarial losses | — | — | 7,247 | — | 7,247 | (d) | (2,845 | ) | 4,402 | ||||||||||||||||||||
Total reclassifications | 1 | 1,702 | 3,292 | — | 4,995 | (1,962 | ) | 3,033 | |||||||||||||||||||||
Total gain (loss) during the period | 10,843 | 158,466 | 3,292 | (691 | ) | 171,910 | (67,443 | ) | 104,467 | ||||||||||||||||||||
Balance—June 30, 2014 | $ | 48,098 | 176,916 | (158,325 | ) | (576 | ) | $ | 66,113 | (25,805 | ) | $ | 40,308 | ||||||||||||||||
Investment Securities | Defined | Other | Total | Income | Net | ||||||||||||||||||||||||
benefit | amount | tax | |||||||||||||||||||||||||||
With | All | plans | before tax | ||||||||||||||||||||||||||
OTTI | other | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance—January 1, 2013 | $ | (91,835 | ) | 152,199 | (455,590 | ) | (431 | ) | $ | (395,657 | ) | 155,393 | $ | (240,264 | ) | ||||||||||||||
Other comprehensive income before reclassifications: | |||||||||||||||||||||||||||||
Unrealized holding gains(losses), net | 55,473 | (95,167 | ) | — | — | (39,694 | ) | 15,557 | (24,137 | ) | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (1,644 | ) | (1,644 | ) | 598 | (1,046 | ) | |||||||||||||||||||
Total other comprehensive income before reclassifications | 55,473 | (95,167 | ) | — | (1,644 | ) | (41,338 | ) | 16,155 | (25,183 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||||||||||||||||||||||||
Accretion of unrealized holding losses on HTM securities | 109 | 2,262 | — | — | 2,371 | (a) | (931 | ) | 1,440 | ||||||||||||||||||||
OTTI charges recognized in net income | 9,800 | — | — | — | 9,800 | (b) | (3,847 | ) | 5,953 | ||||||||||||||||||||
Losses (gains) realized in net income | 41,217 | (8,129 | ) | — | — | 33,088 | (c) | (12,987 | ) | 20,101 | |||||||||||||||||||
Amortization of prior service credit | — | — | (3,957 | ) | — | (3,957 | )(d) | 1,553 | (2,404 | ) | |||||||||||||||||||
Amortization of actuarial losses | — | — | 20,718 | — | 20,718 | (d) | (8,132 | ) | 12,586 | ||||||||||||||||||||
Total reclassifications | 51,126 | (5,867 | ) | 16,761 | — | 62,020 | (24,344 | ) | 37,676 | ||||||||||||||||||||
Total gain (loss) during the period | 106,599 | (101,034 | ) | 16,761 | (1,644 | ) | 20,682 | (8,189 | ) | 12,493 | |||||||||||||||||||
Balance—June 30, 2013 | $ | 14,764 | 51,165 | (438,829 | ) | (2,075 | ) | $ | (374,975 | ) | 147,204 | $ | (227,771 | ) | |||||||||||||||
(a) | Included in interest income | ||||||||||||||||||||||||||||
(b) | Included in OTTI losses recognized in earnings | ||||||||||||||||||||||||||||
(c) | Included in gain (loss) on bank investment securities | ||||||||||||||||||||||||||||
(d) | Included in salaries and employee benefits expense | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net | ' | ||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net consisted of the following: | |||||||||||||||||||||||||||||
Investment securities | Defined | Other | Total | ||||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||||||
With OTTI | All other | plans | |||||||||||||||||||||||||||
Balance—December 31, 2013 | $ | 22,632 | 11,294 | (98,182 | ) | 97 | $ | (64,159 | ) | ||||||||||||||||||||
Net gain (loss) during period | 6,587 | 96,279 | 1,999 | (398 | ) | 104,467 | |||||||||||||||||||||||
Balance—June 30, 2014 | $ | 29,219 | 107,573 | (96,183 | ) | (301 | ) | $ | 40,308 | ||||||||||||||||||||
Derivative_financial_instrumen1
Derivative financial instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Notional | Average | Weighted- | |||||||||||||||
amount | maturity | average rate | |||||||||||||||
Fixed | Variable | ||||||||||||||||
(in thousands) | (in years) | ||||||||||||||||
June 30, 2014 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | 1,400,000 | 3.2 | 4.42 | % | 1.18 | % | ||||||||||
Cash flow hedges: | |||||||||||||||||
Interest payments on forecasted issuance of long-term borrowings (b) | 300,000 | 5.1 | 1.82 | % | 0.23 | % | |||||||||||
$ | 1,700,000 | 3.5 | 3.96 | % | 1.02 | % | |||||||||||
December 31, 2013 | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | 1,400,000 | 3.7 | 4.42 | % | 1.2 | % | ||||||||||
(a) | Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. | ||||||||||||||||
(b) | Under the terms of this agreement, the Company was to receive settlement amounts at a variable rate and pay at a fixed rate. | ||||||||||||||||
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 | ||||||||||||||||
June 30, | December 31, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives designated and qualifying as hedging instruments | |||||||||||||||||
Fair value hedges: | |||||||||||||||||
Interest rate swap agreements (a) | $ | 93,040 | 102,875 | $ | — | — | |||||||||||
Commitments to sell real estate loans (a) | 1,032 | 6,957 | 6,412 | 487 | |||||||||||||
94,072 | 109,832 | 6,412 | 487 | ||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate swap agreements (a) | — | — | 1,170 | — | |||||||||||||
Derivatives not designated and qualifying as hedging instruments | |||||||||||||||||
Mortgage-related commitments to originate real estate loans for sale (a) | 22,215 | 7,616 | 192 | 3,675 | |||||||||||||
Commitments to sell real estate loans (a) | 1,431 | 6,120 | 6,883 | 230 | |||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | 234,436 | 274,864 | 194,393 | 234,455 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | 7,784 | 15,831 | 7,766 | 15,342 | |||||||||||||
265,866 | 304,431 | 209,234 | 253,702 | ||||||||||||||
Total derivatives | $ | 359,938 | 414,263 | $ | 216,816 | 254,189 | |||||||||||
(a) | Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. | ||||||||||||||||
(b) | Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. | ||||||||||||||||
Information About Fair Values of Derivative Instruments in Consolidated Statement of Income | ' | ||||||||||||||||
Amount of unrealized gain (loss) recognized | |||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Derivative | Hedged item | Derivative | Hedged item | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | (1,675 | ) | 1,358 | $ | (20,138 | ) | 18,853 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | $ | 1,384 | $ | 2,228 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | (786 | ) | (1,225 | ) | |||||||||||||
Total | $ | 598 | $ | 1,003 | |||||||||||||
Amount of unrealized gain (loss) recognized | |||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Derivative | Hedged item | Derivative | Hedged item | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||
Fixed rate long-term borrowings (a) | $ | (9,835 | ) | 9,278 | $ | (29,011 | ) | 27,753 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Trading: | |||||||||||||||||
Interest rate contracts (b) | $ | 1,082 | $ | 3,197 | |||||||||||||
Foreign exchange and other option and futures contracts (b) | (5,816 | ) | (1,608 | ) | |||||||||||||
Total | $ | (4,734 | ) | $ | 1,589 | ||||||||||||
(a) | Reported as other revenues from operations. | ||||||||||||||||
(b) | Reported as trading account and foreign exchange gains. |
Fair_value_measurements_Tables
Fair value measurements (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following tables present assets and liabilities at June 30, 2014 and December 31, 2013 measured at estimated fair value on a recurring basis: | |||||||||||||||||||||
Fair value | Level 1 (a) | Level 2 (a) | Level 3 | ||||||||||||||||||
measurements at | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Trading account assets | $ | 313,325 | 50,813 | 262,512 | — | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. Treasury and federal agencies | 42,921 | — | 42,921 | — | |||||||||||||||||
Obligations of states and political subdivisions | 10,242 | — | 10,242 | — | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Government issued or guaranteed | 7,617,627 | — | 7,617,627 | — | |||||||||||||||||
Privately issued | 119 | — | — | 119 | |||||||||||||||||
Collateralized debt obligations | 56,200 | — | — | 56,200 | |||||||||||||||||
Other debt securities | 124,763 | — | 124,763 | — | |||||||||||||||||
Equity securities | 156,907 | 94,974 | 61,933 | — | |||||||||||||||||
8,008,779 | 94,974 | 7,857,486 | 56,319 | ||||||||||||||||||
Real estate loans held for sale | 623,380 | — | 623,380 | — | |||||||||||||||||
Other assets (b) | 117,718 | — | 95,503 | 22,215 | |||||||||||||||||
Total assets | $ | 9,063,202 | 145,787 | 8,838,881 | 78,534 | ||||||||||||||||
Trading account liabilities | $ | 202,159 | — | 202,159 | — | ||||||||||||||||
Other liabilities (b) | 14,657 | — | 14,465 | 192 | |||||||||||||||||
Total liabilities | $ | 216,816 | — | 216,624 | 192 | ||||||||||||||||
Fair value | Level 1 (a) | Level 2 (a) | Level 3 | ||||||||||||||||||
measurements at | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Trading account assets | $ | 376,131 | 51,386 | 324,745 | — | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. Treasury and federal agencies | 37,776 | — | 37,776 | — | |||||||||||||||||
Obligations of states and political subdivisions | 10,811 | — | 10,811 | — | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Government issued or guaranteed | 4,165,086 | — | 4,165,086 | — | |||||||||||||||||
Privately issued | 1,850 | — | — | 1,850 | |||||||||||||||||
Collateralized debt obligations | 63,083 | — | — | 63,083 | |||||||||||||||||
Other debt securities | 120,085 | — | 120,085 | — | |||||||||||||||||
Equity securities | 133,095 | 82,450 | 50,645 | — | |||||||||||||||||
4,531,786 | 82,450 | 4,384,403 | 64,933 | ||||||||||||||||||
Real estate loans held for sale | 468,650 | — | 468,650 | — | |||||||||||||||||
Other assets (b) | 123,568 | — | 115,952 | 7,616 | |||||||||||||||||
Total assets | $ | 5,500,135 | 133,836 | 5,293,750 | 72,549 | ||||||||||||||||
Trading account liabilities | $ | 249,797 | — | 249,797 | — | ||||||||||||||||
Other liabilities (b) | 4,392 | — | 717 | 3,675 | |||||||||||||||||
Total liabilities | $ | 254,189 | — | 250,514 | 3,675 | ||||||||||||||||
(a) | There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the three months and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
(b) | Comprised predominantly of interest rate swap agreements used for interest rate risk management (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 months ended June 30, 2014 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—March 31, 2014 | $ | 696 | $ | 61,768 | $ | 12,589 | |||||||||||||||
Total gains realized/unrealized: | |||||||||||||||||||||
Included in earnings | — | — | 31,517 | (b) | |||||||||||||||||
Included in other comprehensive income | 205 | (e) | 4,486 | (e) | — | ||||||||||||||||
Sales | — | — | — | ||||||||||||||||||
Settlements | (782 | ) | (10,054 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (22,083 | )(d) | |||||||||||||||||
Balance—June 30, 2014 | $ | 119 | $ | 56,200 | $ | 22,023 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2014 | $ | — | $ | — | $ | 20,215 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2013 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—March 31, 2013 | $ | 993,247 | $ | 61,718 | $ | 36,119 | |||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||
Included in earnings | (46,302 | )(a) | — | 15,500 | (b) | ||||||||||||||||
Included in other comprehensive income | 90,203 | (e) | (1,277 | )(e) | — | ||||||||||||||||
Sales | (978,608 | ) | — | — | |||||||||||||||||
Settlements | (53,268 | ) | (525 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (44,211 | )(d) | |||||||||||||||||
Balance—June 30, 2013 | $ | 5,272 | $ | 59,916 | $ | 7,408 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2013 | $ | — | $ | — | $ | 4,123 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2014 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—January 1, 2014 | $ | 1,850 | $ | 63,083 | $ | 3,941 | |||||||||||||||
Total gains realized/unrealized: | |||||||||||||||||||||
Included in earnings | — | — | 53,900 | (b) | |||||||||||||||||
Included in other comprehensive income | 272 | (e) | 9,132 | (e) | — | ||||||||||||||||
Settlements | (2,003 | ) | (16,015 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (35,818 | )(d) | |||||||||||||||||
Balance—June 30, 2014 | $ | 119 | $ | 56,200 | $ | 22,023 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2014 | $ | — | $ | — | $ | 24,099 | (b) | ||||||||||||||
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2013 were as follows: | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Privately issued | Collateralized | Other assets | |||||||||||||||||||
mortgage-backed | debt | and other | |||||||||||||||||||
securities | obligations | liabilities | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance—January 1, 2013 | $ | 1,023,886 | $ | 61,869 | $ | 47,859 | |||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||
Included in earnings | (56,102 | )(a) | — | 58,812 | (b) | ||||||||||||||||
Included in other comprehensive income | 116,584 | (e) | (537 | )(e) | — | ||||||||||||||||
Sales | (978,608 | ) | — | — | |||||||||||||||||
Settlements | (100,488 | ) | (1,416 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 (c) | — | — | (99,263 | )(d) | |||||||||||||||||
Balance—June 30, 2013 | $ | 5,272 | $ | 59,916 | $ | 7,408 | |||||||||||||||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2013 | $ | — | $ | — | $ | 5,132 | (b) | ||||||||||||||
(a) | Reported as an OTTI loss or as gain (loss) on bank investment securities in the consolidated statement of income. | ||||||||||||||||||||
(b) | Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. | ||||||||||||||||||||
(c) | The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer. | ||||||||||||||||||||
(d) | Transfers out of Level 3 consist of interest rate locks transferred to closed loans. | ||||||||||||||||||||
(e) | Reported as net unrealized gains (losses) on investment securities in the consolidated statement of comprehensive income. | ||||||||||||||||||||
Quantitative Information Related to Significant Unobservable Inputs | ' | ||||||||||||||||||||
The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair value at | Valuation | Unobservable | Range | ||||||||||||||||||
June 30, 2014 | technique | input/assumptions | (weighted- | ||||||||||||||||||
average) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Privately issued mortgage–backed securities | $ | 119 | Two independent | — | — | ||||||||||||||||
pricing quotes | |||||||||||||||||||||
Collateralized debt obligations | 56,200 | Discounted cash | Probability | 15%-56% (37%) | |||||||||||||||||
flow | of default | ||||||||||||||||||||
Loss severity | 100% | ||||||||||||||||||||
Net other assets (liabilities)(a) | 22,023 | Discounted cash | Commitment | 0%-97% (18%) | |||||||||||||||||
flow | expirations | ||||||||||||||||||||
Fair value at | Valuation | Unobservable | Range | ||||||||||||||||||
December 31, | technique | input/assumptions | (weighted- | ||||||||||||||||||
2013 | average) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Privately issued mortgage–backed securities | $ | 1,850 | Two independent | — | — | ||||||||||||||||
pricing quotes | |||||||||||||||||||||
Collateralized debt obligations | 63,083 | Discounted cash | Probability | 17%-55% (39%) | |||||||||||||||||
flow | of default | ||||||||||||||||||||
Loss severity | 100% | ||||||||||||||||||||
Net other assets (liabilities)(a) | 3,941 | Discounted cash | Commitment | 0%-90% (20%) | |||||||||||||||||
flow | expirations | ||||||||||||||||||||
(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 table: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,917,436 | $ | 1,917,436 | $ | 1,835,382 | $ | 82,054 | $ | — | |||||||||||
Interest-bearing deposits at banks | 3,032,530 | 3,032,530 | — | 3,032,530 | — | ||||||||||||||||
Trading account assets | 313,325 | 313,325 | 50,813 | 262,512 | — | ||||||||||||||||
Investment securities | 12,120,195 | 12,125,379 | 94,974 | 11,814,650 | 215,755 | ||||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial loans and leases | 19,105,892 | 18,753,794 | — | — | 18,753,794 | ||||||||||||||||
Commercial real estate loans | 26,374,274 | 26,311,756 | — | 204,669 | 26,107,087 | ||||||||||||||||
Residential real estate loans | 8,656,766 | 8,712,237 | — | 5,436,622 | 3,275,615 | ||||||||||||||||
Consumer loans | 10,610,761 | 10,524,381 | — | — | 10,524,381 | ||||||||||||||||
Allowance for credit losses | (917,666 | ) | — | — | — | — | |||||||||||||||
Loans and leases, net | 63,830,027 | 64,302,168 | — | 5,641,291 | 58,660,877 | ||||||||||||||||
Accrued interest receivable | 223,497 | 223,497 | — | 223,497 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | (26,088,763 | ) | $ | (26,088,763 | ) | $ | — | $ | (26,088,763 | ) | $ | — | ||||||||
Savings deposits and NOW accounts | (40,216,607 | ) | (40,216,607 | ) | — | (40,216,607 | ) | — | |||||||||||||
Time deposits | (3,285,995 | ) | (3,306,300 | ) | — | (3,306,300 | ) | — | |||||||||||||
Deposits at Cayman Islands office | (237,890 | ) | (237,890 | ) | — | (237,890 | ) | — | |||||||||||||
Short-term borrowings | (161,631 | ) | (161,631 | ) | — | (161,631 | ) | — | |||||||||||||
Long-term borrowings | (7,391,931 | ) | (7,549,272 | ) | — | (7,549,272 | ) | — | |||||||||||||
Accrued interest payable | (54,394 | ) | (54,394 | ) | — | (54,394 | ) | — | |||||||||||||
Trading account liabilities | (202,159 | ) | (202,159 | ) | — | (202,159 | ) | — | |||||||||||||
Other financial instruments: | |||||||||||||||||||||
Commitments to originate real estate loans for sale | $ | 22,023 | $ | 22,023 | $ | — | $ | — | $ | 22,023 | |||||||||||
Commitments to sell real estate loans | (10,832 | ) | (10,832 | ) | — | (10,832 | ) | — | |||||||||||||
Other credit-related commitments | (117,940 | ) | (117,940 | ) | — | — | (117,940 | ) | |||||||||||||
Interest rate swap agreements used for interest rate risk management | 91,870 | 91,870 | — | 91,870 | — | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,672,934 | $ | 1,672,934 | $ | 1,596,877 | $ | 76,057 | $ | — | |||||||||||
Interest-bearing deposits at banks | 1,651,138 | 1,651,138 | — | 1,651,138 | — | ||||||||||||||||
Trading account assets | 376,131 | 376,131 | 51,386 | 324,745 | — | ||||||||||||||||
Investment securities | 8,796,497 | 8,690,494 | 82,450 | 8,384,106 | 223,938 | ||||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial loans and leases | 18,705,216 | 18,457,288 | — | — | 18,457,288 | ||||||||||||||||
Commercial real estate loans | 26,148,208 | 26,018,195 | — | 67,505 | 25,950,690 | ||||||||||||||||
Residential real estate loans | 8,928,221 | 8,867,872 | — | 5,432,207 | 3,435,665 | ||||||||||||||||
Consumer loans | 10,291,514 | 10,201,087 | — | — | 10,201,087 | ||||||||||||||||
Allowance for credit losses | (916,676 | ) | — | — | — | — | |||||||||||||||
Loans and leases, net | 63,156,483 | 63,544,442 | — | 5,499,712 | 58,044,730 | ||||||||||||||||
Accrued interest receivable | 222,558 | 222,558 | — | 222,558 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | (24,661,007 | ) | $ | (24,661,007 | ) | $ | — | $ | (24,661,007 | ) | $ | — | ||||||||
Savings deposits and NOW accounts | (38,611,021 | ) | (38,611,021 | ) | — | (38,611,021 | ) | — | |||||||||||||
Time deposits | (3,523,838 | ) | (3,542,789 | ) | — | (3,542,789 | ) | — | |||||||||||||
Deposits at Cayman Islands office | (322,746 | ) | (322,746 | ) | — | (322,746 | ) | — | |||||||||||||
Short-term borrowings | (260,455 | ) | (260,455 | ) | — | (260,455 | ) | — | |||||||||||||
Long-term borrowings | (5,108,870 | ) | (5,244,902 | ) | — | (5,244,902 | ) | — | |||||||||||||
Accrued interest payable | (43,419 | ) | (43,419 | ) | — | (43,419 | ) | — | |||||||||||||
Trading account liabilities | (249,797 | ) | (249,797 | ) | — | (249,797 | ) | — | |||||||||||||
Other financial instruments: | |||||||||||||||||||||
Commitments to originate real estate loans for sale | $ | 3,941 | $ | 3,941 | $ | — | $ | — | $ | 3,941 | |||||||||||
Commitments to sell real estate loans | 12,360 | 12,360 | — | 12,360 | — | ||||||||||||||||
Other credit-related commitments | (118,886 | ) | (118,886 | ) | — | — | (118,886 | ) | |||||||||||||
Interest rate swap agreements used for interest rate risk management | 102,875 | 102,875 | — | 102,875 | — |
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Company's Significant Commitments | ' | ||||||||
The following table presents the Company’s significant commitments. Certain of these commitments are not included in the Company’s consolidated balance sheet. | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Commitments to extend credit | |||||||||
Home equity lines of credit | $ | 6,246,501 | 6,218,823 | ||||||
Commercial real estate loans to be sold | 250,725 | 62,386 | |||||||
Other commercial real estate and construction | 4,482,869 | 3,919,545 | |||||||
Residential real estate loans to be sold | 596,865 | 469,869 | |||||||
Other residential real estate | 412,964 | 384,617 | |||||||
Commercial and other | 10,560,928 | 10,419,545 | |||||||
Standby letters of credit | 3,581,160 | 3,600,528 | |||||||
Commercial letters of credit | 43,653 | 53,284 | |||||||
Financial guarantees and indemnification contracts | 2,701,575 | 2,457,633 | |||||||
Commitments to sell real estate loans | 1,254,309 | 854,656 |
Segment_information_Tables
Segment information (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Information about Company's Segments | ' | ||||||||||||||||||||||||
Information about the Company’s segments is presented in the following table: | |||||||||||||||||||||||||
Three months ended June 30 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total | Inter- | Net | Total | Inter- | Net | ||||||||||||||||||||
revenues(a) | segment | income | revenues(a) | segment | income | ||||||||||||||||||||
revenues | (loss) | revenues | (loss) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business Banking | $ | 104,688 | 1,220 | 27,760 | 106,486 | 1,319 | 30,562 | ||||||||||||||||||
Commercial Banking | 252,496 | 1,356 | 105,358 | 252,907 | 1,315 | 87,220 | |||||||||||||||||||
Commercial Real Estate | 164,912 | 525 | 77,526 | 187,773 | 554 | 89,868 | |||||||||||||||||||
Discretionary Portfolio | 29,912 | (5,282 | ) | 14,980 | (14,109 | ) | (10,015 | ) | (8,036 | ) | |||||||||||||||
Residential Mortgage Banking | 110,751 | 11,772 | 27,712 | 111,764 | 21,589 | 34,143 | |||||||||||||||||||
Retail Banking | 268,494 | 3,897 | 32,034 | 292,837 | 3,598 | 51,500 | |||||||||||||||||||
All Other | 194,273 | (13,488 | ) | (1,034 | ) | 248,618 | (18,360 | ) | 63,209 | ||||||||||||||||
Total | $ | 1,125,526 | — | 284,336 | 1,186,276 | — | 348,466 | ||||||||||||||||||
Six months ended June 30 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total | Inter- | Net | Total | Inter- | Net | ||||||||||||||||||||
revenues(a) | segment | income | revenues(a) | segment | income | ||||||||||||||||||||
revenues | (loss) | revenues | (loss) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Business Banking | $ | 206,987 | 2,277 | 56,358 | $ | 211,904 | 2,513 | 63,123 | |||||||||||||||||
Commercial Banking | 501,082 | 2,553 | 205,123 | 502,757 | 2,665 | 194,607 | |||||||||||||||||||
Commercial Real Estate | 323,272 | 873 | 152,087 | 353,066 | 2,106 | 166,376 | |||||||||||||||||||
Discretionary Portfolio | 54,569 | (10,321 | ) | 26,259 | (2,068 | ) | (18,616 | ) | (6,190 | ) | |||||||||||||||
Residential Mortgage Banking | 205,339 | 21,520 | 47,123 | 231,663 | 40,287 | 68,504 | |||||||||||||||||||
Retail Banking | 530,382 | 7,402 | 61,745 | 584,022 | 6,855 | 103,850 | |||||||||||||||||||
All Other | 380,435 | (24,304 | ) | (35,342 | ) | 393,864 | (35,810 | ) | 32,309 | ||||||||||||||||
Total | $ | 2,202,066 | — | 513,353 | $ | 2,275,208 | — | 622,579 | |||||||||||||||||
Summary of Segment Information | ' | ||||||||||||||||||||||||
Average total assets | |||||||||||||||||||||||||
Six months ended | Year ended | ||||||||||||||||||||||||
30-Jun | December 31 | ||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Business Banking | $ | 5,286 | 5,010 | 5,080 | |||||||||||||||||||||
Commercial Banking | 22,742 | 21,446 | 21,655 | ||||||||||||||||||||||
Commercial Real Estate | 16,878 | 17,122 | 17,150 | ||||||||||||||||||||||
Discretionary Portfolio | 19,417 | 16,278 | 16,480 | ||||||||||||||||||||||
Residential Mortgage Banking | 3,226 | 2,752 | 2,858 | ||||||||||||||||||||||
Retail Banking | 10,229 | 11,357 | 10,997 | ||||||||||||||||||||||
All Other | 10,500 | 8,672 | 9,442 | ||||||||||||||||||||||
Total | $ | 88,278 | 82,637 | 83,662 | |||||||||||||||||||||
(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 pricing 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 $5,849,000 and $6,217,000 for the three-month periods ended June 30, 2014 and 2013, respectively, and $11,794,000 and $12,667,000 for the six-month periods ended June 30, 2014 and 2013, respectively, and is eliminated in “All Other” total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of “All Other” total revenues. |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 27, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 27, 2012 | Aug. 27, 2012 |
Hudson City [Member] | Hudson City [Member] | Hudson City [Member] | Hudson City [Member] | Common stock [Member] | Cash [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration per common share | ' | ' | 0.08403 | ' | ' | ' | ' | ' | ' |
Percentage of total consideration | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% |
Total consideration to be paid | $5,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 90,835,002,000 | 85,162,391,000 | ' | 37,700,000,000 | ' | 37,700,000,000 | ' | ' | ' |
Loans | ' | ' | ' | 23,300,000,000 | ' | 23,300,000,000 | ' | ' | ' |
Investment securities | 12,120,195,000 | 8,796,497,000 | ' | 8,200,000,000 | ' | 8,200,000,000 | ' | ' | ' |
Liabilities | 78,666,247,000 | 73,856,859,000 | ' | 32,900,000,000 | ' | 32,900,000,000 | ' | ' | ' |
Deposits | 69,829,255,000 | 67,118,612,000 | ' | 20,500,000,000 | ' | 20,500,000,000 | ' | ' | ' |
Merger-related expenses | ' | ' | ' | $0 | $7,632,000 | $0 | $12,364,000 | ' | ' |
Acquisitions_Summary_of_Merger
Acquisitions - Summary of Merger-Related Expenses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of merger-related expenses | ' | ' | ' | ' |
Salaries and employee benefits | $339,713 | $323,136 | $711,039 | $679,687 |
Equipment and net occupancy | 68,084 | 64,278 | 139,251 | 129,437 |
Printing, postage and supplies | 9,180 | 10,298 | 20,136 | 20,997 |
Other costs of operations | 239,828 | 170,682 | 463,100 | 341,088 |
Hudson City [Member] | ' | ' | ' | ' |
Summary of merger-related expenses | ' | ' | ' | ' |
Salaries and employee benefits | ' | 300 | ' | 836 |
Equipment and net occupancy | ' | 489 | ' | 690 |
Printing, postage and supplies | ' | 998 | ' | 1,825 |
Other costs of operations | ' | 5,845 | ' | 9,013 |
Total merger-related expenses | $0 | $7,632 | $0 | $12,364 |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Other securities, Amortized cost | $350,751 | $298,581 |
Other securities, Estimated fair value | 350,751 | 298,581 |
Investment securities, available for sale, amortized cost | 7,753,752 | 4,444,365 |
Investment securities available for sale, gross unrealized gains | 272,750 | 127,333 |
Investment securities available for sale, gross unrealized losses | 17,723 | 39,912 |
Investment securities available for sale, estimated fair value | 8,008,779 | 4,531,786 |
Amortized cost for held to maturity | 3,760,665 | 3,966,130 |
Gross unrealized gains for held to maturity | 71,105 | 19,904 |
Gross unrealized losses for held to maturity | 65,921 | 125,907 |
Estimated fair value for held to maturity | 3,765,849 | 3,860,127 |
Total Amortized cost | 11,865,168 | 8,709,076 |
Total for Gross unrealized gains | 343,855 | 147,237 |
Total for Gross unrealized losses | 83,644 | 165,819 |
Total for Estimated fair value | 12,125,379 | 8,690,494 |
Government Issued or Guaranteed [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 7,426,259 | 4,123,435 |
Investment securities available for sale, gross unrealized gains | 191,716 | 61,001 |
Investment securities available for sale, gross unrealized losses | 348 | 19,350 |
Investment securities available for sale, estimated fair value | 7,617,627 | 4,165,086 |
Amortized cost for held to maturity | 3,387,213 | 3,567,905 |
Gross unrealized gains for held to maturity | 67,816 | 16,160 |
Gross unrealized losses for held to maturity | 14,881 | 65,149 |
Estimated fair value for held to maturity | 3,440,148 | 3,518,916 |
Privately Issued [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 119 | 1,468 |
Investment securities available for sale, gross unrealized gains | 4 | 387 |
Investment securities available for sale, gross unrealized losses | 4 | 5 |
Investment securities available for sale, estimated fair value | 119 | 1,850 |
Amortized cost for held to maturity | 210,388 | 219,628 |
Gross unrealized gains for held to maturity | ' | ' |
Gross unrealized losses for held to maturity | 50,952 | 60,623 |
Estimated fair value for held to maturity | 159,436 | 159,005 |
Collateralized Debt Obligations [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 32,548 | 42,274 |
Investment securities available for sale, gross unrealized gains | 24,100 | 21,666 |
Investment securities available for sale, gross unrealized losses | 448 | 857 |
Investment securities available for sale, estimated fair value | 56,200 | 63,083 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 9,999 | 10,484 |
Investment securities available for sale, gross unrealized gains | 302 | 333 |
Investment securities available for sale, gross unrealized losses | 59 | 6 |
Investment securities available for sale, estimated fair value | 10,242 | 10,811 |
Amortized cost for held to maturity | 154,733 | 169,684 |
Gross unrealized gains for held to maturity | 3,289 | 3,744 |
Gross unrealized losses for held to maturity | 88 | 135 |
Estimated fair value for held to maturity | 157,934 | 173,293 |
Other Debt Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 138,362 | 137,828 |
Investment securities available for sale, gross unrealized gains | 2,185 | 1,722 |
Investment securities available for sale, gross unrealized losses | 15,784 | 19,465 |
Investment securities available for sale, estimated fair value | 124,763 | 120,085 |
Amortized cost for held to maturity | 8,331 | 8,913 |
Gross unrealized gains for held to maturity | ' | ' |
Gross unrealized losses for held to maturity | ' | ' |
Estimated fair value for held to maturity | 8,331 | 8,913 |
U.S. Treasury and federal agencies [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 42,600 | 37,396 |
Investment securities available for sale, gross unrealized gains | 324 | 382 |
Investment securities available for sale, gross unrealized losses | 3 | 2 |
Investment securities available for sale, estimated fair value | 42,921 | 37,776 |
Equity Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Investment securities, available for sale, amortized cost | 103,865 | 91,480 |
Investment securities available for sale, gross unrealized gains | 54,119 | 41,842 |
Investment securities available for sale, gross unrealized losses | 1,077 | 227 |
Investment securities available for sale, estimated fair value | $156,907 | $133,095 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
Investment | Investment | Privately Issued Mortgage-Backed Securities [Member] | Privately Issued Mortgage-Backed Securities [Member] | Privately Issued Mortgage-Backed Securities [Member] | Privately Issued Mortgage-Backed Securities [Member] | Privately Issued Mortgage-Backed Securities [Member] | Visa Class B [Member] | MasterCard Class B [Member] | ||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gain or loss on sale of Investment Securities | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gains on investment securities | ' | 116,000,000 | ' | 116,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | 13,000,000 |
Gross realized losses on investment securities | ' | 60,000,000 | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Privately issued mortgage backed securities sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' |
Net loss on securities sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' |
Pre-tax other-than-temporary impairment losses | ' | ' | ' | ' | ' | 0 | 0 | 0 | 10,000,000 | ' | ' | ' |
Number of investment securities with aggregate gross unrealized losses | 289 | ' | 289 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized losses on individual investment securities | 83,644,000 | ' | 83,644,000 | ' | 165,819,000 | ' | ' | ' | ' | ' | ' | ' |
Cost method investment securities | $351,000,000 | ' | $351,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_Securities_Changes_
Investment Securities - Changes in Credit Losses Associated with Debt Securities for Which OTTI Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Estimated credit losses - beginning balance | $187,114 | $197,809 |
Additions for credit losses not previously recognized | ' | 9,800 |
Reductions for realized losses | -186,320 | -206,815 |
Estimated credit losses - ending balance | $794 | $794 |
Investment_Securities_Amortize1
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt securities available for sale: | ' | ' |
Due in one year or less | $7,513 | ' |
Due after one year through five years | 46,209 | ' |
Due after five years through ten years | 5,009 | ' |
Due after ten years | 164,778 | ' |
Total available for sale (amortized cost) | 223,509 | ' |
Mortgage-backed securities available for sale | 7,426,378 | ' |
Total | 7,649,887 | ' |
Debt securities held to maturity: | ' | ' |
Due in one year or less | 21,159 | ' |
Due after one year through five years | 78,588 | ' |
Due after five years through ten years | 54,986 | ' |
Due after ten years | 8,331 | ' |
Total available for held to maturity (amortized cost) | 163,064 | ' |
Mortgage-backed securities held to maturity | 3,597,601 | ' |
Total | 3,760,665 | 3,966,130 |
Debt securities available for sale: | ' | ' |
Due in one year or less | 7,592 | ' |
Due after one year through five years | 46,952 | ' |
Due after five years through ten years | 5,145 | ' |
Due after ten years | 174,437 | ' |
Total available for sale (fair value) | 234,126 | ' |
Mortgage-backed securities available for sale | 7,617,746 | ' |
Total | 7,851,872 | ' |
Debt securities held to maturity: | ' | ' |
Due in one year or less | 21,326 | ' |
Due after one year through five years | 80,389 | ' |
Due after five years through ten years | 56,219 | ' |
Due after ten years | 8,331 | ' |
Total available for held to maturity (fair value) | 166,265 | ' |
Mortgage-backed securities held to maturity | 3,599,584 | ' |
Estimated fair value for held to maturity | $3,765,849 | $3,860,127 |
Investment_Securities_Investme
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | $56,623 | $1,699,426 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -1,417 | -19,458 |
Estimated fair value, 12 months or more | 113,443 | 116,330 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -16,306 | -20,454 |
Held to maturity, Estimated fair value, Less than 12 months | 149,053 | 2,643,467 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | -912 | -65,269 |
Held to maturity, Estimated fair value, 12 months or more | 893,984 | 160,563 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | -65,009 | -60,638 |
Total investment securities, fair value less than 12 months | 205,676 | 4,342,893 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | -2,329 | -84,727 |
Total of investment securities, fair value, 12 Months or More | 1,007,427 | 276,893 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | -81,315 | -81,092 |
Government Issued or Guaranteed [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | 42,896 | 1,697,094 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -158 | -19,225 |
Estimated fair value, 12 months or more | 8,254 | 5,815 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -190 | -125 |
Held to maturity, Estimated fair value, Less than 12 months | 140,724 | 2,629,950 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | -878 | -65,149 |
Held to maturity, Estimated fair value, 12 months or more | 730,795 | ' |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | -14,003 | ' |
Privately Issued Mortgage-Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Held to maturity, Estimated fair value, Less than 12 months | ' | ' |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | ' | ' |
Held to maturity, Estimated fair value, 12 months or more | 159,436 | 159,005 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | -50,952 | -60,623 |
Privately Issued Mortgage-Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | ' | ' |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | ' | ' |
Estimated fair value, 12 months or more | 77 | 98 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -4 | -5 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | 1,832 | ' |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -55 | ' |
Estimated fair value, 12 months or more | 437 | 558 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -4 | -6 |
Held to maturity, Estimated fair value, Less than 12 months | 8,329 | 13,517 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | -34 | -120 |
Held to maturity, Estimated fair value, 12 months or more | 3,753 | 1,558 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | -54 | -15 |
Collateralized Debt Obligations [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | 2,633 | ' |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -114 | ' |
Estimated fair value, 12 months or more | 5,557 | 6,257 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -334 | -857 |
Other Debt Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | 157 | 1,428 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -10 | -4 |
Estimated fair value, 12 months or more | 99,118 | 103,602 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | -15,774 | -19,461 |
Equity Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ' | ' |
Estimated fair value, Less than 12 months | 3,240 | 159 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -1,077 | -227 |
Estimated fair value, 12 months or more | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | ' | ' |
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 | 5,865 | 745 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | -3 | -2 |
Estimated fair value, 12 months or more | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | ' | ' |
Recovered_Sheet1
Loans and Leases and the Allowance for Credit Losses - Outstanding Principal Balance and Carrying Amount of Loans that is Included in Consolidated Balance Sheet (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ' | ' |
Outstanding principal balance | $3,828,214 | $4,656,811 |
Carrying amount | 3,249,071 | 4,007,452 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Outstanding principal and carrying value of acquired loans recorded at fair value | ' | ' |
Carrying amount | 396,166 | 580,685 |
Real Estate Commercial [Member] | ' | ' |
Outstanding principal and carrying value of acquired loans recorded at fair value | ' | ' |
Carrying amount | 1,285,386 | 1,541,368 |
Residential Real Estate [Member] | ' | ' |
Outstanding principal and carrying value of acquired loans recorded at fair value | ' | ' |
Carrying amount | 515,791 | 576,473 |
Consumer [Member] | ' | ' |
Outstanding principal and carrying value of acquired loans recorded at fair value | ' | ' |
Carrying amount | $1,051,728 | $1,308,926 |
Recovered_Sheet2
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Contractual principal and interest payments | $283 | $331 |
Purchased impaired loans as a percentage of total assets | 'Less than 1% of the Company's assets | ' |
Loan delinquent period | '90 days | ' |
Delinquency period for loan level collectability analysis consumer mortgage | 'More than 150 days | ' |
Real Estate Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial mortgage loans held for sale | 205 | 68 |
Residential Mortgage Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans held for sale | $419 | $401 |
Loans_and_Leases_and_the_Allow2
Loans and Leases and the Allowance for Credit Losses - Summary of Changes in Accretable Yield for Acquired Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Purchased Impaired [Member] | ' | ' | ' | ' |
Summary of changes in Accretable Yield for acquired loans | ' | ' | ' | ' |
Balance at beginning of period | $30,939 | $33,728 | $37,230 | $42,252 |
Interest income | -5,106 | -9,747 | -11,434 | -18,451 |
Reclassifications from nonaccretable balance, net | 249 | 31,168 | 286 | 31,348 |
Other | ' | ' | ' | ' |
Balance at end of period | 26,082 | 55,149 | 26,082 | 55,149 |
Other [Member] | ' | ' | ' | ' |
Summary of changes in Accretable Yield for acquired loans | ' | ' | ' | ' |
Balance at beginning of period | 485,162 | 577,609 | 538,633 | 638,272 |
Interest income | -43,452 | -67,539 | -96,085 | -129,286 |
Reclassifications from nonaccretable balance, net | 774 | 111,702 | 774 | 122,519 |
Other | 8,486 | 321 | 7,648 | -9,412 |
Balance at end of period | $450,970 | $622,093 | $450,970 | $622,093 |
Loans_and_Leases_and_the_Allow3
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | $62,564,483 | $61,664,881 |
30-89 Days past due | 596,963 | 704,658 |
Purchased impaired | 282,517 | 330,792 |
Nonaccrual0 | 880,134 | 874,156 |
Total | 64,747,693 | 64,073,159 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 18,831,026 | 18,489,474 |
30-89 Days past due | 56,292 | 77,538 |
Purchased impaired | 16,702 | 15,706 |
Nonaccrual0 | 192,193 | 110,739 |
Total | 19,105,892 | 18,705,216 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 21,335,953 | 21,236,071 |
30-89 Days past due | 142,904 | 145,749 |
Purchased impaired | 82,554 | 88,034 |
Nonaccrual0 | 188,951 | 173,048 |
Total | 21,796,778 | 21,741,858 |
Residential Builder and Developer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 1,203,959 | 1,025,984 |
30-89 Days past due | 10,417 | 8,486 |
Purchased impaired | 111,937 | 137,544 |
Nonaccrual0 | 83,624 | 96,427 |
Total | 1,419,442 | 1,276,512 |
Other commercial construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 3,075,240 | 2,986,598 |
30-89 Days past due | 11,764 | 42,234 |
Purchased impaired | 43,511 | 57,707 |
Nonaccrual0 | 23,521 | 35,268 |
Total | 3,158,054 | 3,129,838 |
Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 7,499,250 | 7,630,368 |
30-89 Days past due | 261,083 | 295,131 |
Purchased impaired | 25,231 | 29,184 |
Nonaccrual0 | 198,816 | 252,805 |
Total | 8,297,117 | 8,545,837 |
Residential Alt-A [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 258,899 | 283,253 |
30-89 Days past due | 22,064 | 18,009 |
Purchased impaired | ' | ' |
Nonaccrual0 | 78,686 | 81,122 |
Total | 359,649 | 382,384 |
Home equity lines and loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 5,917,670 | 5,972,365 |
30-89 Days past due | 34,440 | 40,537 |
Purchased impaired | 2,582 | 2,617 |
Nonaccrual0 | 83,991 | 78,516 |
Total | 6,064,260 | 6,121,789 |
Automobile [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 1,621,311 | 1,314,246 |
30-89 Days past due | 23,629 | 29,144 |
Purchased impaired | ' | ' |
Nonaccrual0 | 16,075 | 21,144 |
Total | 1,661,233 | 1,364,900 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Current | 2,821,175 | 2,726,522 |
30-89 Days past due | 34,370 | 47,830 |
Purchased impaired | ' | ' |
Nonaccrual0 | 14,277 | 25,087 |
Total | 2,885,268 | 2,804,825 |
Non-Acquired [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 289,016 | 368,510 |
Non-Acquired [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 3,910 | 4,981 |
Non-Acquired [Member] | Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 9,862 | 63,353 |
Non-Acquired [Member] | Residential Builder and Developer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | 141 |
Non-Acquired [Member] | Other commercial construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | ' |
Non-Acquired [Member] | Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 270,492 | 294,649 |
Non-Acquired [Member] | Residential Alt-A [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | ' |
Non-Acquired [Member] | Home equity lines and loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | ' |
Non-Acquired [Member] | Automobile [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | ' |
Non-Acquired [Member] | Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 4,752 | 5,386 |
Acquired [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 134,580 | 130,162 |
Acquired [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 5,769 | 6,778 |
Acquired [Member] | Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 36,554 | 35,603 |
Acquired [Member] | Residential Builder and Developer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 9,505 | 7,930 |
Acquired [Member] | Other commercial construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 4,018 | 8,031 |
Acquired [Member] | Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 42,245 | 43,700 |
Acquired [Member] | Residential Alt-A [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | ' | ' |
Acquired [Member] | Home equity lines and loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 25,577 | 27,754 |
Acquired [Member] | Automobile [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | 218 | 366 |
Acquired [Member] | Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
90 Days or more past due and accruing | $10,694 | ' |
Loans_and_Leases_and_the_Allow4
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | $916,768 | $927,117 | $916,676 | $925,860 |
Provision for credit losses | 30,000 | 57,000 | 62,000 | 95,000 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | -41,838 | -76,626 | -89,277 | -125,574 |
Recoveries | 12,736 | 19,574 | 28,267 | 31,779 |
Net charge-offs | -29,102 | -57,052 | -61,010 | -93,795 |
Ending balance | 917,666 | 927,065 | 917,666 | 927,065 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 276,835 | 257,851 | 273,383 | 246,759 |
Provision for credit losses | 25,556 | 55,647 | 38,154 | 73,527 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | -14,142 | -46,312 | -28,951 | -55,856 |
Recoveries | 4,002 | 1,681 | 9,665 | 4,437 |
Net charge-offs | -10,140 | -44,631 | -19,286 | -51,419 |
Ending balance | 292,251 | 268,867 | 292,251 | 268,867 |
Real Estate Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 324,805 | 328,016 | 324,978 | 337,101 |
Provision for credit losses | -12,229 | -10,913 | -12,113 | -11,225 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | -2,814 | -4,204 | -6,300 | -13,792 |
Recoveries | 1,492 | 11,365 | 4,689 | 12,180 |
Net charge-offs | -1,322 | 7,161 | -1,611 | -1,612 |
Ending balance | 311,254 | 324,264 | 311,254 | 324,264 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 77,062 | 90,122 | 78,656 | 88,807 |
Provision for credit losses | -1,957 | -1,438 | 2,271 | 3,598 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | -5,478 | -5,092 | -12,931 | -13,263 |
Recoveries | 2,777 | 1,719 | 4,408 | 6,169 |
Net charge-offs | -2,701 | -3,373 | -8,523 | -7,094 |
Ending balance | 72,404 | 85,311 | 72,404 | 85,311 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 162,134 | 176,793 | 164,644 | 179,418 |
Provision for credit losses | 18,676 | 13,707 | 32,817 | 28,543 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | -19,404 | -21,018 | -41,095 | -42,663 |
Recoveries | 4,465 | 4,809 | 9,505 | 8,993 |
Net charge-offs | -14,939 | -16,209 | -31,590 | -33,670 |
Ending balance | 165,871 | 174,291 | 165,871 | 174,291 |
Unallocated [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning balance | 75,932 | 74,335 | 75,015 | 73,775 |
Provision for credit losses | -46 | -3 | 871 | 557 |
Net charge-offs | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Net charge-offs | ' | ' | ' | ' |
Ending balance | $75,886 | $74,332 | $75,886 | $74,332 |
Loans_and_Leases_and_the_Allow5
Loans and Leases and the Allowance for Credit Losses - Impaired Loans and Leases (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | $908,691 | $889,226 |
Unpaid principal balance | 1,088,467 | 1,083,258 |
Related allowance | 98,840 | 92,608 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 218,359 | 118,386 |
Unpaid principal balance | 244,277 | 145,187 |
Related allowance | 39,874 | 24,614 |
Commercial Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 198,433 | 178,841 |
Unpaid principal balance | 237,324 | 216,658 |
Related allowance | 16,330 | 19,520 |
Residential Builder and Developer [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 94,197 | 105,677 |
Unpaid principal balance | 136,380 | 159,890 |
Related allowance | 1,694 | 4,379 |
Other commercial construction [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 80,832 | 93,629 |
Unpaid principal balance | 88,707 | 102,008 |
Related allowance | 4,883 | 4,022 |
Residential [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 110,576 | 180,652 |
Unpaid principal balance | 139,235 | 209,879 |
Related allowance | 4,103 | 7,146 |
Residential Alt-A [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 132,949 | 140,268 |
Unpaid principal balance | 168,133 | 176,739 |
Related allowance | 12,000 | 14,000 |
Home equity lines and loans [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 19,358 | 13,672 |
Unpaid principal balance | 20,424 | 14,796 |
Related allowance | 5,877 | 3,312 |
Automobile [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 35,426 | 40,441 |
Unpaid principal balance | 35,426 | 40,441 |
Related allowance | 9,248 | 11,074 |
Other [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 18,561 | 17,660 |
Unpaid principal balance | 18,561 | 17,660 |
Related allowance | 4,831 | 4,541 |
Impaired Financing Receivable With Related Allowance [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 633,082 | 603,626 |
Unpaid principal balance | 720,251 | 702,000 |
Related allowance | 98,840 | 92,608 |
Impaired Financing Receivable With Related Allowance [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 165,446 | 90,293 |
Unpaid principal balance | 189,110 | 112,092 |
Related allowance | 39,874 | 24,614 |
Impaired Financing Receivable With Related Allowance [Member] | Commercial Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 95,543 | 113,570 |
Unpaid principal balance | 112,623 | 132,325 |
Related allowance | 16,330 | 19,520 |
Impaired Financing Receivable With Related Allowance [Member] | Residential Builder and Developer [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 28,048 | 33,311 |
Unpaid principal balance | 36,634 | 55,122 |
Related allowance | 1,694 | 4,379 |
Impaired Financing Receivable With Related Allowance [Member] | Other commercial construction [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 71,379 | 86,260 |
Unpaid principal balance | 74,401 | 90,515 |
Related allowance | 4,883 | 4,022 |
Impaired Financing Receivable With Related Allowance [Member] | Residential [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 90,895 | 96,508 |
Unpaid principal balance | 109,723 | 114,521 |
Related allowance | 4,103 | 7,146 |
Impaired Financing Receivable With Related Allowance [Member] | Residential Alt-A [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 108,426 | 111,911 |
Unpaid principal balance | 123,349 | 124,528 |
Related allowance | 12,000 | 14,000 |
Impaired Financing Receivable With Related Allowance [Member] | Home equity lines and loans [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 19,358 | 13,672 |
Unpaid principal balance | 20,424 | 14,796 |
Related allowance | 5,877 | 3,312 |
Impaired Financing Receivable With Related Allowance [Member] | Automobile [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 35,426 | 40,441 |
Unpaid principal balance | 35,426 | 40,441 |
Related allowance | 9,248 | 11,074 |
Impaired Financing Receivable With Related Allowance [Member] | Other [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 18,561 | 17,660 |
Unpaid principal balance | 18,561 | 17,660 |
Related allowance | 4,831 | 4,541 |
Impaired Financing Receivable with No Related Allowance [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 275,609 | 285,600 |
Unpaid principal balance | 368,216 | 381,258 |
Impaired Financing Receivable with No Related Allowance [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 52,913 | 28,093 |
Unpaid principal balance | 55,167 | 33,095 |
Impaired Financing Receivable with No Related Allowance [Member] | Commercial Real Estate [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 102,890 | 65,271 |
Unpaid principal balance | 124,701 | 84,333 |
Impaired Financing Receivable with No Related Allowance [Member] | Residential Builder and Developer [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 66,149 | 72,366 |
Unpaid principal balance | 99,746 | 104,768 |
Impaired Financing Receivable with No Related Allowance [Member] | Other commercial construction [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 9,453 | 7,369 |
Unpaid principal balance | 14,306 | 11,493 |
Impaired Financing Receivable with No Related Allowance [Member] | Residential [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 19,681 | 84,144 |
Unpaid principal balance | 29,512 | 95,358 |
Impaired Financing Receivable with No Related Allowance [Member] | Residential Alt-A [Member] | ' | ' |
Schedule Of Financial Receivables [Line Items] | ' | ' |
Recorded investment | 24,523 | 28,357 |
Unpaid principal balance | $44,784 | $52,211 |
Loans_and_Leases_and_the_Allow6
Loans and Leases and the Allowance for Credit Losses - Interest Income Recognized on Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | $855,403 | $1,055,874 | $875,130 | $1,056,860 |
Interest income recognized, Total | 9,228 | 11,479 | 15,809 | 19,295 |
Interest income recognized, Cash basis | 6,807 | 8,816 | 11,071 | 14,005 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 150,625 | 183,544 | 142,466 | 172,637 |
Interest income recognized, Total | 220 | 3,408 | 768 | 5,842 |
Interest income recognized, Cash basis | 220 | 3,408 | 768 | 5,842 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 207,633 | 201,236 | 196,529 | 197,546 |
Interest income recognized, Total | 869 | 409 | 1,795 | 712 |
Interest income recognized, Cash basis | 869 | 409 | 1,795 | 712 |
Residential Builder and Developer [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 91,614 | 162,567 | 96,434 | 173,535 |
Interest income recognized, Total | 39 | 518 | 113 | 658 |
Interest income recognized, Cash basis | 39 | 384 | 113 | 449 |
Other commercial construction [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 77,801 | 97,975 | 82,546 | 98,160 |
Interest income recognized, Total | 356 | 2,479 | 1,443 | 3,114 |
Interest income recognized, Cash basis | 356 | 2,479 | 1,443 | 3,114 |
Residential [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 119,133 | 185,751 | 146,651 | 186,582 |
Interest income recognized, Total | 5,056 | 1,934 | 6,456 | 3,404 |
Interest income recognized, Cash basis | 4,468 | 1,401 | 5,370 | 2,323 |
Residential Alt-A [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 134,895 | 151,977 | 137,273 | 154,461 |
Interest income recognized, Total | 1,733 | 1,670 | 3,359 | 3,410 |
Interest income recognized, Cash basis | 660 | 516 | 1,219 | 1,107 |
Home equity lines and loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 18,762 | 12,619 | 17,219 | 12,544 |
Interest income recognized, Total | 200 | 165 | 321 | 332 |
Interest income recognized, Cash basis | 72 | 39 | 101 | 78 |
Automobile [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 36,631 | 44,641 | 38,007 | 46,134 |
Interest income recognized, Total | 589 | 740 | 1,214 | 1,516 |
Interest income recognized, Cash basis | 74 | 131 | 161 | 277 |
Other [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Average recorded investment | 18,309 | 15,564 | 18,005 | 15,261 |
Interest income recognized, Total | 166 | 156 | 340 | 307 |
Interest income recognized, Cash basis | $49 | $49 | $101 | $103 |
Loans_and_Leases_and_the_Allow7
Loans and Leases and the Allowance for Credit Losses - Summary of Loan Grades (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | $64,747,693 | $64,073,159 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 19,105,892 | 18,705,216 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 18,287,252 | 17,894,592 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 626,447 | 699,885 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 192,193 | 110,739 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 21,796,778 | 21,741,858 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 21,012,039 | 20,972,257 |
Commercial [Member] | Criticized Accrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 595,788 | 596,553 |
Commercial [Member] | Criticized Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 188,951 | 173,048 |
Residential Builder and Developer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 1,419,442 | 1,276,512 |
Residential Builder and Developer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 1,277,387 | 1,107,144 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 58,431 | 72,941 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 83,624 | 96,427 |
Other commercial construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 3,158,054 | 3,129,838 |
Other commercial construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 3,079,596 | 3,040,106 |
Other commercial construction [Member] | Criticized Accrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 54,937 | 54,464 |
Other commercial construction [Member] | Criticized Nonaccrual [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | $23,521 | $35,268 |
Loans_and_Leases_and_the_Allow8
Loans and Leases and the Allowance for Credit Losses - Allocation of Allowance for Credit Losses on Basis of Company's Impairment Methodology (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | $98,490 | ' | $92,231 | ' | ' | ' |
Allowance for credit losses | 735,320 | ' | 742,951 | ' | ' | ' |
Allowance for credit losses | 917,666 | 916,768 | 916,676 | 927,065 | 927,117 | 925,860 |
Purchased Impaired [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 7,970 | ' | 6,479 | ' | ' | ' |
Allocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 841,780 | ' | 841,661 | ' | ' | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 75,886 | ' | 75,015 | ' | ' | ' |
Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 39,874 | ' | 24,614 | ' | ' | ' |
Allowance for credit losses | 247,542 | ' | 246,096 | ' | ' | ' |
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 4,835 | ' | 2,673 | ' | ' | ' |
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 292,251 | ' | 273,383 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 22,576 | ' | 27,563 | ' | ' | ' |
Allowance for credit losses | 287,975 | ' | 296,781 | ' | ' | ' |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 703 | ' | 634 | ' | ' | ' |
Commercial Real Estate [Member] | Allocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 311,254 | ' | 324,978 | ' | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 16,084 | ' | 21,127 | ' | ' | ' |
Allowance for credit losses | 54,604 | ' | 55,864 | ' | ' | ' |
Residential Real Estate [Member] | Purchased Impaired [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 1,716 | ' | 1,665 | ' | ' | ' |
Residential Real Estate [Member] | Allocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 72,404 | ' | 78,656 | ' | ' | ' |
Consumer loans [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 19,956 | ' | 18,927 | ' | ' | ' |
Allowance for credit losses | 145,199 | ' | 144,210 | ' | ' | ' |
Consumer loans [Member] | Purchased Impaired [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | 716 | ' | 1,507 | ' | ' | ' |
Consumer loans [Member] | Allocated [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | $165,871 | ' | $164,644 | ' | ' | ' |
Loans_and_Leases_and_the_Allow9
Loans and Leases and the Allowance for Credit Losses - Recorded Investment in Loans and Leases on Basis of Company's Impairment Methodology (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | $64,747,693 | $64,073,159 |
Individually Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 906,621 | 886,858 |
Collectively Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 63,558,555 | 62,855,509 |
Purchased Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 282,517 | 330,792 |
Commercial, Financial, Leasing, etc. [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 19,105,892 | 18,705,216 |
Commercial, Financial, Leasing, etc. [Member] | Individually Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 218,359 | 118,386 |
Commercial, Financial, Leasing, etc. [Member] | Collectively Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 18,870,831 | 18,571,124 |
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 16,702 | 15,706 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 26,374,274 | 26,148,208 |
Commercial Real Estate [Member] | Individually Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 371,950 | 376,339 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 25,764,322 | 25,488,584 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 238,002 | 283,285 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 8,656,766 | 8,928,221 |
Residential Real Estate [Member] | Individually Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 242,967 | 320,360 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 8,388,568 | 8,578,677 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 25,231 | 29,184 |
Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 10,610,761 | 10,291,514 |
Consumer loans [Member] | Individually Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 73,345 | 71,773 |
Consumer loans [Member] | Collectively Evaluated for Impairment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | 10,534,834 | 10,217,124 |
Consumer loans [Member] | Purchased Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and leases, net of unearned discount | $2,582 | $2,617 |
Recovered_Sheet3
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Modification | Modification | Modification | Modification | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 193 | 341 | 436 | 673 |
Pre-modification, Recorded investment | $57,384 | $135,325 | $89,914 | $215,006 |
Post-modification, Recorded investment | 57,297 | 130,897 | 89,797 | 210,557 |
Financial effects of modification, Recorded investment | -87 | -4,428 | -117 | -4,449 |
Financial effects of modification, Interest | -1,011 | -1,404 | -1,880 | -2,288 |
Principal deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 21 | 15 | 51 | 39 |
Pre-modification, Recorded investment | 4,414 | 4,870 | 19,368 | 6,876 |
Post-modification, Recorded investment | 4,351 | 4,822 | 19,199 | 6,804 |
Financial effects of modification, Recorded investment | -63 | -48 | -169 | -72 |
Principal deferral [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 11 | 5 | 24 | 13 |
Pre-modification, Recorded investment | 8,327 | 15,549 | 15,371 | 34,027 |
Post-modification, Recorded investment | 8,314 | 15,530 | 15,316 | 33,893 |
Financial effects of modification, Recorded investment | -13 | -19 | -55 | -134 |
Principal deferral [Member] | Residential Builder and Developer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 1 | 7 | 1 | 15 |
Pre-modification, Recorded investment | 1,398 | 17,496 | 1,398 | 18,853 |
Post-modification, Recorded investment | 1,398 | 16,722 | 1,398 | 18,062 |
Financial effects of modification, Recorded investment | ' | -774 | ' | -791 |
Principal deferral [Member] | Other commercial construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 2 | 2 | 3 | 2 |
Pre-modification, Recorded investment | 6,407 | 364 | 6,558 | 364 |
Post-modification, Recorded investment | 6,318 | 363 | 6,469 | 363 |
Financial effects of modification, Recorded investment | -89 | -1 | -89 | -1 |
Principal deferral [Member] | Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 3 | 8 | 16 | 15 |
Pre-modification, Recorded investment | 142 | 1,216 | 1,744 | 1,782 |
Post-modification, Recorded investment | 166 | 1,358 | 1,829 | 1,965 |
Financial effects of modification, Recorded investment | 24 | 142 | 85 | 183 |
Principal deferral [Member] | Residential Alt-A [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 3 | 1 | 5 | 1 |
Pre-modification, Recorded investment | 662 | 99 | 828 | 99 |
Post-modification, Recorded investment | 698 | 102 | 900 | 102 |
Financial effects of modification, Recorded investment | 36 | 3 | 72 | 3 |
Principal deferral [Member] | Home equity lines and loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | 2 | 3 | 4 |
Pre-modification, Recorded investment | ' | 101 | 280 | 180 |
Post-modification, Recorded investment | ' | 103 | 280 | 182 |
Financial effects of modification, Recorded investment | ' | 2 | ' | 2 |
Principal deferral [Member] | Automobile [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 43 | 117 | 123 | 238 |
Pre-modification, Recorded investment | 603 | 1,629 | 1,596 | 3,215 |
Post-modification, Recorded investment | 603 | 1,629 | 1,596 | 3,215 |
Principal deferral [Member] | Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 7 | 14 | 15 | 20 |
Pre-modification, Recorded investment | 38 | 185 | 93 | 230 |
Post-modification, Recorded investment | 38 | 185 | 93 | 230 |
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 1 | 1 | 1 | 2 |
Pre-modification, Recorded investment | 19,593 | 1,460 | 19,593 | 48,660 |
Post-modification, Recorded investment | 19,593 | 1,657 | 19,593 | 48,857 |
Financial effects of modification, Recorded investment | ' | 197 | ' | 197 |
Other [Member] | Residential Builder and Developer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | 1 | ' | 1 |
Pre-modification, Recorded investment | ' | 4,039 | ' | 4,039 |
Post-modification, Recorded investment | ' | 3,888 | ' | 3,888 |
Financial effects of modification, Recorded investment | ' | -151 | ' | -151 |
Other [Member] | Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | ' | 1 | 1 |
Pre-modification, Recorded investment | ' | ' | 188 | 195 |
Post-modification, Recorded investment | ' | ' | 188 | 195 |
Other [Member] | Home equity lines and loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | 1 | ' | 1 |
Pre-modification, Recorded investment | ' | 106 | ' | 106 |
Post-modification, Recorded investment | ' | 106 | ' | 106 |
Other [Member] | Automobile [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 8 | 28 | 19 | 45 |
Pre-modification, Recorded investment | 47 | 73 | 108 | 232 |
Post-modification, Recorded investment | 47 | 73 | 108 | 232 |
Other [Member] | Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | ' | 1 | 1 |
Pre-modification, Recorded investment | ' | ' | 45 | 12 |
Post-modification, Recorded investment | ' | ' | 45 | 12 |
Combination of concession types [Member] | Commercial, Financial, Leasing, etc. [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 3 | 2 | 5 | 3 |
Pre-modification, Recorded investment | 9,795 | 1,490 | 9,836 | 1,832 |
Post-modification, Recorded investment | 9,727 | 980 | 9,766 | 1,322 |
Financial effects of modification, Recorded investment | -68 | -510 | -70 | -510 |
Financial effects of modification, Interest | -10 | ' | -14 | ' |
Combination of concession types [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 1 | ' | 2 | 2 |
Pre-modification, Recorded investment | 63 | ' | 409 | 582 |
Post-modification, Recorded investment | 61 | ' | 462 | 581 |
Financial effects of modification, Recorded investment | -2 | ' | 53 | -1 |
Financial effects of modification, Interest | -9 | ' | -113 | -56 |
Combination of concession types [Member] | Residential Builder and Developer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | 2 | ' | 3 |
Pre-modification, Recorded investment | ' | 13,879 | ' | 15,580 |
Post-modification, Recorded investment | ' | 13,823 | ' | 15,514 |
Financial effects of modification, Recorded investment | ' | -56 | ' | -66 |
Financial effects of modification, Interest | ' | -535 | ' | -535 |
Combination of concession types [Member] | Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 8 | 18 | 22 | 38 |
Pre-modification, Recorded investment | 923 | 69,210 | 3,111 | 71,659 |
Post-modification, Recorded investment | 991 | 65,890 | 3,151 | 68,426 |
Financial effects of modification, Recorded investment | 68 | -3,320 | 40 | -3,233 |
Financial effects of modification, Interest | -66 | -186 | -348 | -557 |
Combination of concession types [Member] | Residential Alt-A [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 6 | 8 | 16 | 13 |
Pre-modification, Recorded investment | 1,006 | 1,187 | 2,752 | 2,094 |
Post-modification, Recorded investment | 1,029 | 1,294 | 2,765 | 2,219 |
Financial effects of modification, Recorded investment | 23 | 107 | 13 | 125 |
Financial effects of modification, Interest | -220 | -278 | -281 | -388 |
Combination of concession types [Member] | Home equity lines and loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 21 | 8 | 36 | 10 |
Pre-modification, Recorded investment | 1,772 | 406 | 3,628 | 617 |
Post-modification, Recorded investment | 1,772 | 406 | 3,628 | 617 |
Financial effects of modification, Interest | -204 | -64 | -376 | -97 |
Combination of concession types [Member] | Automobile [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 23 | 62 | 46 | 123 |
Pre-modification, Recorded investment | 341 | 1,044 | 591 | 1,597 |
Post-modification, Recorded investment | 341 | 1,044 | 591 | 1,597 |
Financial effects of modification, Interest | -36 | -87 | -62 | -129 |
Combination of concession types [Member] | Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 19 | 30 | 33 | 72 |
Pre-modification, Recorded investment | 906 | 707 | 1,372 | 1,924 |
Post-modification, Recorded investment | 906 | 707 | 1,372 | 1,924 |
Financial effects of modification, Interest | -276 | -234 | -464 | -501 |
Interest rate reduction [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 1 | ' | 1 | ' |
Pre-modification, Recorded investment | 255 | ' | 255 | ' |
Post-modification, Recorded investment | 252 | ' | 252 | ' |
Financial effects of modification, Recorded investment | -3 | ' | -3 | ' |
Financial effects of modification, Interest | -48 | ' | -48 | ' |
Interest rate reduction [Member] | Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | ' | ' | 1 | ' |
Pre-modification, Recorded investment | ' | ' | 98 | ' |
Post-modification, Recorded investment | ' | ' | 104 | ' |
Financial effects of modification, Recorded investment | ' | ' | 6 | ' |
Financial effects of modification, Interest | ' | ' | -32 | ' |
Interest rate reduction [Member] | Home equity lines and loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 5 | 1 | 5 | 1 |
Pre-modification, Recorded investment | 341 | 99 | 341 | 99 |
Post-modification, Recorded investment | 341 | 99 | 341 | 99 |
Financial effects of modification, Interest | -76 | -8 | -76 | -8 |
Interest rate reduction [Member] | Automobile [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 3 | 7 | 3 | 9 |
Pre-modification, Recorded investment | 60 | 104 | 60 | 140 |
Post-modification, Recorded investment | 60 | 104 | 60 | 140 |
Financial effects of modification, Interest | -3 | -10 | -3 | -15 |
Interest rate reduction [Member] | Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of modifications | 3 | 1 | 3 | 1 |
Pre-modification, Recorded investment | 291 | 12 | 291 | 12 |
Post-modification, Recorded investment | 291 | 12 | 291 | 12 |
Financial effects of modification, Interest | ($63) | ($2) | ($63) | ($2) |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Feb. 27, 2014 | |
Schedule Of Borrowings [Line Items] | ' | ' | ' |
Junior subordinated debentures | $834,000,000 | ' | ' |
Debt Maturity, Start Year | 1-Jan-27 | ' | ' |
Debt Maturity, End Year | 31-Dec-33 | ' | ' |
Interest rate of debt instrument | ' | ' | 8.50% |
Agreements to repurchase securities | 1,400,000,000 | 1,400,000,000 | ' |
Collateral posted | 1,500,000,000 | 1,600,000,000 | ' |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ' | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' | ' |
Junior subordinated debentures | ' | ' | 350,000,000 |
2015 [Member] | ' | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' | ' |
Trust preferred capital securities | 25.00% | ' | ' |
2016 [Member] | ' | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' | ' |
Trust preferred capital securities | 0.00% | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $1 | $1 |
Warrant [Member] | Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Exercise price of each class of warrants or rights outstanding | $518.96 | $518.96 |
Warrant to purchase common stock | 95,383 | 95,383 |
Shareholders_Equity_Issued_and
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Carrying value | $1,231,500 | $881,500 |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares issued | 230,000 | ' |
Preferred stock, shares outstanding | 230,000 | ' |
Carrying value | 230,000 | 230,000 |
Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares issued | 50,000 | ' |
Preferred stock, shares outstanding | 50,000 | ' |
Carrying value | 500,000 | 500,000 |
Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares issued | 151,500 | ' |
Preferred stock, shares outstanding | 151,500 | ' |
Carrying value | 151,500 | 151,500 |
Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares issued | 350,000 | ' |
Preferred stock, shares outstanding | 350,000 | ' |
Carrying value | $350,000 | ' |
Shareholders_Equity_Issued_and1
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | Dividend Paid Rate up to November 14, 2013 [Member] | Dividend Paid Rate up to November 14, 2013 [Member] | Dividend Paid Rate thereafter November 14, 2013 [Member] | Dividend Paid Rate thereafter November 14, 2013 [Member] | Warrant [Member] | Warrant [Member] | Cash Less Exercise [Member] | |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Warrant [Member] | |||||||||
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference | $1,000 | $1,000 | $10,000 | $10,000 | $1,000 | $1,000 | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Cashless warrants exercised | 1,218,522 | ' | ' | ' | 407,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 379,376 |
Exercise price of each class of warrants or rights outstanding | $73.86 | ' | ' | ' | $55.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend rate | ' | ' | 6.88% | ' | ' | ' | 6.45% | ' | 5.00% | 5.00% | 6.38% | 6.38% | ' | ' | ' |
Date of change in the dividend rate | 14-Nov-13 | ' | ' | ' | 14-Nov-13 | ' | 14-Feb-24 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares redemption date | 15-Nov-18 | ' | 15-Jun-16 | ' | 15-Nov-18 | ' | 15-Feb-24 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,589 | 149,834 |
Warrants and rights outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 770,019 | ' | ' |
Preferred Stock, Redemption Feature, Redemption Term | ' | ' | '90 days | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' |
London Interbank offered rate plus basis points | ' | ' | ' | ' | ' | ' | 3.61% | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet4
Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Cost for Defined Benefit Plans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $5,160 | $6,130 | $10,260 | $12,180 |
Interest cost on projected benefit obligation | 17,331 | 14,939 | 34,581 | 30,065 |
Expected return on plan assets | -22,859 | -21,802 | -45,784 | -43,677 |
Amortization of prior service cost | -1,626 | -1,628 | -3,276 | -3,278 |
Amortization of net actuarial loss | 3,897 | 10,138 | 7,247 | 20,538 |
Net periodic benefit cost | 1,903 | 7,777 | 3,028 | 15,828 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 152 | 171 | 302 | 371 |
Interest cost on projected benefit obligation | 714 | 670 | 1,389 | 1,345 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization of prior service cost | -329 | -329 | -679 | -679 |
Amortization of net actuarial loss | ' | 80 | ' | 180 |
Net periodic benefit cost | $537 | $592 | $1,012 | $1,217 |
Recovered_Sheet5
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined contribution pension and retirement savings plans total expense | $12,673,000 | $12,563,000 | $28,405,000 | $28,318,000 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income available to common shareholders: | ' | ' | ' | ' |
Net income | $284,336 | $348,466 | $513,353 | $622,579 |
Less: Preferred stock dividends | -20,443 | -13,362 | -35,117 | -26,725 |
Amortization of preferred stock discount | ' | -2,193 | ' | -4,340 |
Net income available to common equity | 263,893 | 332,911 | 478,236 | 591,514 |
Less: Income attributable to unvested stock-based compensation awards | -3,213 | -4,373 | -5,832 | -7,917 |
Net income available to common shareholders | $260,680 | $328,538 | $472,404 | $583,597 |
Weighted-average shares outstanding: | ' | ' | ' | ' |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 |
Less: Unvested stock-based compensation awards | -1,617 | -1,712 | -1,603 | -1,746 |
Weighted-average shares outstanding | 130,856 | 128,252 | 130,536 | 127,962 |
Basic earnings per common share | $1.99 | $2.56 | $3.62 | $4.56 |
Earnings_Per_Common_Share_Comp1
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income available to common equity | $263,893 | $332,911 | $478,236 | $591,514 |
Less: Income attributable to unvested stock-based compensation awards | -3,198 | -4,354 | -5,807 | -7,881 |
Net income available to common shareholders | $260,695 | $328,557 | $472,429 | $583,633 |
Adjusted weighted-average shares outstanding: | ' | ' | ' | ' |
Common and unvested stock-based compensation awards | 132,473 | 129,964 | 132,139 | 129,708 |
Less: Unvested stock-based compensation awards | -1,617 | -1,712 | -1,603 | -1,746 |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 972 | 765 | 943 | 866 |
Adjusted weighted-average shares outstanding | 131,828 | 129,017 | 131,479 | 128,828 |
Diluted earnings per common share | $1.98 | $2.55 | $3.59 | $4.53 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1.7 | 4.5 | 2.4 | 4.6 |
Comprehensive_Income_Component
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Components Of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($105,797) | ($395,657) |
Unrealized holding gains (losses), net | ' | ' | 167,606 | -39,694 |
Foreign currency translation adjustment | ' | ' | 479 | -1,644 |
Unrealized losses on cash flow hedges | ' | ' | -1,170 | ' |
Total other comprehensive income before reclassifications | ' | ' | 166,915 | -41,338 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | 1,703 | 2,371 |
OTTI charges recognized in net income | ' | ' | ' | 9,800 |
Losses (gains) realized in net income | ' | ' | ' | 33,088 |
Amortization of prior service credit | ' | ' | -3,955 | -3,957 |
Amortization of actuarial losses | ' | ' | 7,247 | 20,718 |
Total reclassifications | ' | ' | 4,995 | 62,020 |
Total gain (loss) during the period | ' | ' | 171,910 | 20,682 |
Ending balance | 66,113 | -374,975 | 66,113 | -374,975 |
Beginning balance | ' | ' | 41,638 | 155,393 |
Unrealized holding gains (losses), net | ' | ' | -65,774 | 15,557 |
Foreign currency translation adjustment | ' | ' | -166 | 598 |
Unrealized losses on cash flow hedges | ' | ' | 459 | ' |
Total other comprehensive income before reclassifications | ' | ' | -65,481 | 16,155 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | -669 | -931 |
OTTI charges recognized in net income | ' | ' | ' | -3,847 |
Losses (gains) realized in net income | ' | ' | ' | -12,987 |
Amortization of prior service credit | ' | ' | 1,552 | 1,553 |
Amortization of actuarial losses | ' | ' | -2,845 | -8,132 |
Total reclassifications | ' | ' | -1,962 | -24,344 |
Total gain (loss) during the period | ' | ' | -67,443 | -8,189 |
Ending balance | -25,805 | 147,204 | -25,805 | 147,204 |
Beginning balance | ' | ' | -64,159 | -240,264 |
Unrealized holding gains (losses), net | ' | ' | 101,832 | -24,137 |
Foreign currency translation adjustment | 449 | -114 | 313 | -1,046 |
Unrealized losses on cash flow hedges | -711 | ' | -711 | ' |
Total other comprehensive income before reclassifications | ' | ' | 101,434 | -25,183 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | 1,034 | 1,440 |
OTTI charges recognized in net income | ' | ' | ' | 5,953 |
Losses (gains) realized in net income | ' | ' | ' | 20,101 |
Amortization of prior service credit | ' | ' | -2,403 | -2,404 |
Amortization of actuarial losses | ' | ' | 4,402 | 12,586 |
Total reclassifications | ' | ' | 3,033 | 37,676 |
Total gain (loss) during the period | ' | ' | 104,467 | 12,493 |
Ending Balance | 40,308 | -227,771 | 40,308 | -227,771 |
Other [Member] | ' | ' | ' | ' |
Components Of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 115 | -431 |
Unrealized holding gains (losses), net | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | 479 | -1,644 |
Unrealized losses on cash flow hedges | ' | ' | -1,170 | ' |
Total other comprehensive income before reclassifications | ' | ' | -691 | -1,644 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | ' | ' |
OTTI charges recognized in net income | ' | ' | ' | ' |
Losses (gains) realized in net income | ' | ' | ' | ' |
Amortization of prior service credit | ' | ' | ' | ' |
Amortization of actuarial losses | ' | ' | ' | ' |
Total reclassifications | ' | ' | ' | ' |
Total gain (loss) during the period | ' | ' | -691 | -1,644 |
Ending balance | -576 | -2,075 | -576 | -2,075 |
Investment Securities With OTTI [Member] | ' | ' | ' | ' |
Components Of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 37,255 | -91,835 |
Unrealized holding gains (losses), net | ' | ' | 10,842 | 55,473 |
Foreign currency translation adjustment | ' | ' | ' | ' |
Unrealized losses on cash flow hedges | ' | ' | ' | ' |
Total other comprehensive income before reclassifications | ' | ' | 10,842 | 55,473 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | 1 | 109 |
OTTI charges recognized in net income | ' | ' | ' | 9,800 |
Losses (gains) realized in net income | ' | ' | ' | 41,217 |
Amortization of prior service credit | ' | ' | ' | ' |
Amortization of actuarial losses | ' | ' | ' | ' |
Total reclassifications | ' | ' | 1 | 51,126 |
Total gain (loss) during the period | ' | ' | 10,843 | 106,599 |
Ending balance | 48,098 | 14,764 | 48,098 | 14,764 |
Investment Securities All Other [Member] | ' | ' | ' | ' |
Components Of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 18,450 | 152,199 |
Unrealized holding gains (losses), net | ' | ' | 156,764 | -95,167 |
Foreign currency translation adjustment | ' | ' | ' | ' |
Unrealized losses on cash flow hedges | ' | ' | ' | ' |
Total other comprehensive income before reclassifications | ' | ' | 156,764 | -95,167 |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | 1,702 | 2,262 |
OTTI charges recognized in net income | ' | ' | ' | ' |
Losses (gains) realized in net income | ' | ' | ' | -8,129 |
Amortization of prior service credit | ' | ' | ' | ' |
Amortization of actuarial losses | ' | ' | ' | ' |
Total reclassifications | ' | ' | 1,702 | -5,867 |
Total gain (loss) during the period | ' | ' | 158,466 | -101,034 |
Ending balance | 176,916 | 51,165 | 176,916 | 51,165 |
Defined Benefit Plans [Member] | ' | ' | ' | ' |
Components Of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -161,617 | -455,590 |
Unrealized holding gains (losses), net | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' |
Unrealized losses on cash flow hedges | ' | ' | ' | ' |
Total other comprehensive income before reclassifications | ' | ' | ' | ' |
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities | ' | ' | ' | ' |
OTTI charges recognized in net income | ' | ' | ' | ' |
Losses (gains) realized in net income | ' | ' | ' | ' |
Amortization of prior service credit | ' | ' | -3,955 | -3,957 |
Amortization of actuarial losses | ' | ' | 7,247 | 20,718 |
Total reclassifications | ' | ' | 3,292 | 16,761 |
Total gain (loss) during the period | ' | ' | 3,292 | 16,761 |
Ending balance | -158,325 | -438,829 | -158,325 | -438,829 |
Beginning balance | ' | ' | -98,182 | ' |
Total gain (loss) during the period | ' | ' | 1,999 | ' |
Ending Balance | ($96,183) | ' | ($96,183) | ' |
Comprehensive_Income_Accumulat
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | ($64,159) | ($240,264) |
Net gain (loss) during period | 104,467 | 12,493 |
Ending Balance | 40,308 | -227,771 |
Investment Securities With OTTI [Member] | Investment Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 22,632 | ' |
Net gain (loss) during period | 6,587 | ' |
Ending Balance | 29,219 | ' |
Investment Securities All Other [Member] | Investment Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 11,294 | ' |
Net gain (loss) during period | 96,279 | ' |
Ending Balance | 107,573 | ' |
Defined Benefit Plans [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -98,182 | ' |
Net gain (loss) during period | 1,999 | ' |
Ending Balance | -96,183 | ' |
Accumulated Other Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 97 | ' |
Net gain (loss) during period | -398 | ' |
Ending Balance | ($301) | ' |
Recovered_Sheet6
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Credit Risk Derivative [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Foreign Currency And Other Option And Futures Contracts [Member] | Foreign Currency And Other Option And Futures Contracts [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in net interest income due to interest rate swap agreements | ' | ' | ' | $12,000,000 | $10,000,000 | $23,000,000 | $19,000,000 | ' | ' | ' | ' |
Fair value hedges | ' | ' | ' | 1,400,000,000 | ' | 1,400,000,000 | ' | ' | ' | ' | ' |
Senior notes, anticipated future issuance | ' | ' | ' | 300,000,000 | ' | 300,000,000 | ' | ' | ' | ' | ' |
Notional value of interest rate contracts entered into trading purposes | 1,700,000,000 | ' | ' | ' | ' | ' | ' | 17,600,000,000 | 17,400,000,000 | 866,000,000 | 1,400,000,000 |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 31,000,000 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of derivative financial instruments in a liability position | 177,000,000 | 194,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net liability positions with counterparties | 107,000,000 | 107,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post collateral requirements relating to positions | 92,000,000 | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of derivative financial instruments in a net liability position | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of collateral already posted for derivative financial instruments | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of additional collateral to be posted for derivative financial instruments | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of derivative financial instruments in asset position | 133,000,000 | 183,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset positions with counterparties | 63,000,000 | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Counterparties posted collateral relating to positions | $63,000,000 | $93,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet7
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Notional Amount | $1,700,000 | ' |
Average Maturity (in years) | '3 years 6 months | ' |
Weighted-Average Rate, Fixed | 3.96% | ' |
Weighted-Average Rate, Variable | 1.02% | ' |
Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 300,000 | ' |
Average Maturity (in years) | '5 years 1 month 6 days | ' |
Weighted-Average Rate, Fixed | 1.82% | ' |
Weighted-Average Rate, Variable | 0.23% | ' |
Fixed rate long-term borrowings [Member] | Fair Value Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | $1,400,000 | $1,400,000 |
Average Maturity (in years) | '3 years 2 months 12 days | '3 years 8 months 12 days |
Weighted-Average Rate, Fixed | 4.42% | 4.42% |
Weighted-Average Rate, Variable | 1.18% | 1.20% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | $359,938 | $414,263 |
Liability derivatives, Fair value | 216,816 | 254,189 |
Derivatives not designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 265,866 | 304,431 |
Liability derivatives, Fair value | 209,234 | 253,702 |
Fair Value Hedges [Member] | Derivatives designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 94,072 | 109,832 |
Liability derivatives, Fair value | 6,412 | 487 |
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 | 93,040 | 102,875 |
Interest rate swap agreements [Member] | Cash Flow Hedging [Member] | Derivatives designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives, Fair value | 1,170 | ' |
Commitments to sell real estate loans [Member] | Derivatives not designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 1,431 | 6,120 |
Liability derivatives, Fair value | 6,883 | 230 |
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 | 1,032 | 6,957 |
Liability derivatives, Fair value | 6,412 | 487 |
Mortgage-related commitments to originate real estate loans for sale [Member] | Derivatives not designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 22,215 | 7,616 |
Liability derivatives, Fair value | 192 | 3,675 |
Interest rate contracts [Member] | Derivatives not designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 234,436 | 274,864 |
Liability derivatives, Fair value | 194,393 | 234,455 |
Foreign exchange and other option and futures contracts [Member] | Derivatives not designated and qualifying as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives, Fair value | 7,784 | 15,831 |
Liability derivatives, Fair value | $7,766 | $15,342 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives not designated as hedging instruments, Derivatives | $598 | $1,003 | ($4,734) | $1,589 |
Interest rate contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives not designated as hedging instruments, Derivatives | 1,384 | 2,228 | 1,082 | 3,197 |
Foreign exchange and other option and futures contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives not designated as hedging instruments, Derivatives | -786 | -1,225 | -5,816 | -1,608 |
Interest rate swap agreements [Member] | Fixed rate long-term borrowings [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives in fair value hedging relationships, Derivatives | -1,675 | -20,138 | -9,835 | -29,011 |
Derivatives in fair value hedging relationships, Hedged item | $1,358 | $18,853 | $9,278 | $27,753 |
Recovered_Sheet8
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Variable Interest Entity Disclosure [Abstract] | ' | ' | ' |
Residential mortgage loans securitized with Ginnie Mae | $923,000,000 | $75,000,000 | ' |
Residential mortgage loans securitized formerly held in Company's portfolio | 296,000,000 | ' | ' |
Residential mortgage loans securitized newly originated | 627,000,000 | ' | ' |
Resulting securities retained | 917,000,000 | ' | ' |
Recognized gain | 7,000,000 | ' | ' |
Gains of newly originated loans | 10,000,000 | ' | ' |
Amount of Loans guaranteed | 1,000,000,000 | ' | ' |
Carrying value of loans in the Securitization trusts | ' | 110,000,000 | 121,000,000 |
Combined outstanding principal amount of mortgage-backed securities issued by qualified special purpose trust held by unrelated parties | ' | 18,000,000 | 18,000,000 |
Other assets for its "investment" in the common securities recognized by the company of various trusts | ' | 34,000,000 | 34,000,000 |
Total assets of real estate partnerships in which the company invested | ' | 1,300,000,000 | 1,300,000,000 |
Maximum exposure to loss of investments in real estate partnerships | ' | 236,000,000 | 236,000,000 |
Unfunded commitments included in company's maximum exposure to loss of investments in real estate partnerships | ' | $53,000,000 | $45,000,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Securities issued by financial institutions and other entities backed by trust preferred securities at cost | $33 | ' | $33 | ' | $42 |
Fair value of securities issued by financial institutions and other entities backed by trust preferred securities | 56 | ' | 56 | ' | 63 |
Loans measured at fair value on nonrecurring basis | 212 | 254 | 212 | 254 | 222 |
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | 32 | 34 | 47 | 69 | ' |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 8 | ' | 15 | 15 | ' |
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 | 129 | 167 | 129 | 167 | 173 |
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 | $83 | $87 | $83 | $87 | $49 |
Minimum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Discount margin over LIBOR | ' | ' | 4.00% | ' | ' |
Discount rates for fair value estimations | ' | ' | 5.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Discount margin over LIBOR | ' | ' | 11.00% | ' | ' |
Discount rates for fair value estimations | ' | ' | 80.00% | ' | ' |
Weighted Average [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Discount margin over LIBOR | ' | ' | 8.00% | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading account assets | $313,325 | $376,131 |
Investment securities | 8,008,779 | 4,531,786 |
Real estate loans held for sale | 623,380 | 468,650 |
Other assets | 117,718 | 123,568 |
Total assets | 9,063,202 | 5,500,135 |
Trading account liabilities | 202,159 | 249,797 |
Other liabilities | 14,657 | 4,392 |
Total liabilities | 216,816 | 254,189 |
U.S. Treasury and federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 42,921 | 37,776 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 10,242 | 10,811 |
Government Issued or Guaranteed [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 7,617,627 | 4,165,086 |
Privately Issued Mortgage-Backed Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 119 | 1,850 |
Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 56,200 | 63,083 |
Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 124,763 | 120,085 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 156,907 | 133,095 |
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 assets | 50,813 | 51,386 |
Investment securities | 94,974 | 82,450 |
Real estate loans held for sale | ' | ' |
Other assets | ' | ' |
Total assets | 145,787 | 133,836 |
Trading account liabilities | ' | ' |
Other liabilities | ' | ' |
Total liabilities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Issued or Guaranteed [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Privately Issued Mortgage-Backed Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 94,974 | 82,450 |
Significant Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading account assets | 262,512 | 324,745 |
Investment securities | 7,857,486 | 4,384,403 |
Real estate loans held for sale | 623,380 | 468,650 |
Other assets | 95,503 | 115,952 |
Total assets | 8,838,881 | 5,293,750 |
Trading account liabilities | 202,159 | 249,797 |
Other liabilities | 14,465 | 717 |
Total liabilities | 216,624 | 250,514 |
Significant Observable Inputs (Level 2) [Member] | U.S. Treasury and federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 42,921 | 37,776 |
Significant Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 10,242 | 10,811 |
Significant Observable Inputs (Level 2) [Member] | Government Issued or Guaranteed [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 7,617,627 | 4,165,086 |
Significant Observable Inputs (Level 2) [Member] | Privately Issued Mortgage-Backed Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 124,763 | 120,085 |
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 61,933 | 50,645 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading account assets | ' | ' |
Investment securities | 56,319 | 64,933 |
Real estate loans held for sale | ' | ' |
Other assets | 22,215 | 7,616 |
Total assets | 78,534 | 72,549 |
Trading account liabilities | ' | ' |
Other liabilities | 192 | 3,675 |
Total liabilities | 192 | 3,675 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and federal agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Government Issued or Guaranteed [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Privately Issued Mortgage-Backed Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 119 | 1,850 |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 56,200 | 63,083 |
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mortgage-backed Securities, Privately issued [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | $696 | $993,247 | $1,850 | $1,023,886 |
Total gains (losses) realized/unrealized: | ' | ' | ' | ' |
Included in earnings | ' | -46,302 | ' | -56,102 |
Included in other comprehensive income | 205 | 90,203 | 272 | 116,584 |
Sales | ' | -978,608 | ' | -978,608 |
Settlements | -782 | -53,268 | -2,003 | -100,488 |
Ending Balance | 119 | 5,272 | 119 | 5,272 |
Other Assets and Other Liabilities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | 12,589 | 36,119 | 3,941 | 47,859 |
Total gains (losses) realized/unrealized: | ' | ' | ' | ' |
Included in earnings | 31,517 | 15,500 | 53,900 | 58,812 |
Transfers in and/or out of Level 3 | -22,083 | -44,211 | -35,818 | -99,263 |
Ending Balance | 22,023 | 7,408 | 22,023 | 7,408 |
Changes in unrealized gains included in earnings related to assets still held at end of period | 20,215 | 4,123 | 24,099 | 5,132 |
Collateralized Debt Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning Balance | 61,768 | 61,718 | 63,083 | 61,869 |
Total gains (losses) realized/unrealized: | ' | ' | ' | ' |
Included in other comprehensive income | 4,486 | -1,277 | 9,132 | -537 |
Settlements | -10,054 | -525 | -16,015 | -1,416 |
Ending Balance | $56,200 | $59,916 | $56,200 | $59,916 |
Fair_Value_Measurements_Quanti
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Mortgage-backed Securities, Privately issued [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Investments | $119 | $1,850 | $696 | $5,272 | $993,247 | $1,023,886 |
Valuation technique | 'Two independent pricing quotes | 'Two independent pricing quotes | ' | ' | ' | ' |
Unobservable inputs/ assumptions | '- | ' | ' | ' | ' | ' |
Mortgage-backed Securities, Privately issued [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Probability of default | ' | ' | ' | ' | ' | ' |
Mortgage-backed Securities, Privately issued [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Probability of default | ' | ' | ' | ' | ' | ' |
Collateralized Debt Obligations [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Investments | 56,200 | 63,083 | 61,768 | 59,916 | 61,718 | 61,869 |
Valuation technique | 'Discounted cash flow | 'Discounted cash flow | ' | ' | ' | ' |
Unobservable inputs/ assumptions | 'Probability of default Loss severity | ' | ' | ' | ' | ' |
Collateralized Debt Obligations [Member] | Weighted Average [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Probability of default | -37.00% | -39.00% | ' | ' | ' | ' |
Loss severity | 100.00% | 100.00% | ' | ' | ' | ' |
Collateralized Debt Obligations [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Probability of default | 15.00% | 17.00% | ' | ' | ' | ' |
Loss severity | ' | ' | ' | ' | ' | ' |
Collateralized Debt Obligations [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Probability of default | 56.00% | 55.00% | ' | ' | ' | ' |
Loss severity | ' | ' | ' | ' | ' | ' |
Other Assets and Other Liabilities [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Investments | $22,023 | $3,941 | $12,589 | $7,408 | $36,119 | $47,859 |
Valuation technique | 'Discounted cash flow | 'Discounted cash flow | ' | ' | ' | ' |
Unobservable inputs/ assumptions | 'Commitment expirations | ' | ' | ' | ' | ' |
Other Assets and Other Liabilities [Member] | Weighted Average [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Commitment expirations weighted-average | -18.00% | -20.00% | ' | ' | ' | ' |
Other Assets and Other Liabilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Commitment expirations | 0.00% | 0.00% | ' | ' | ' | ' |
Other Assets and Other Liabilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Commitment expirations | 97.00% | 90.00% | ' | ' | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financial assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,917,436 | ' | $1,672,934 | $1,474,502 | ' | $1,986,615 |
Interest-bearing deposits at banks | 3,032,530 | ' | 1,651,138 | ' | ' | ' |
Trading account assets | 313,325 | ' | 376,131 | ' | ' | ' |
Investment securities | 12,120,195 | ' | 8,796,497 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | -917,666 | -916,768 | -916,676 | -927,065 | -927,117 | -925,860 |
Loans and leases, net | 63,830,027 | ' | 63,156,483 | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | -26,088,763 | ' | -24,661,007 | ' | ' | ' |
Time deposits | -3,285,995 | ' | -3,523,838 | ' | ' | ' |
Deposits at Cayman Islands office | -237,890 | ' | -322,746 | ' | ' | ' |
Long-term borrowings | -7,391,931 | ' | -5,108,870 | ' | ' | ' |
Trading account liabilities | -202,159 | ' | -249,797 | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,835,382 | ' | 1,596,877 | ' | ' | ' |
Interest-bearing deposits at banks | ' | ' | ' | ' | ' | ' |
Trading account assets | 50,813 | ' | 51,386 | ' | ' | ' |
Investment securities | 94,974 | ' | 82,450 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Commercial loans and leases | ' | ' | ' | ' | ' | ' |
Commercial real estate loans | ' | ' | ' | ' | ' | ' |
Residential real estate loans | ' | ' | ' | ' | ' | ' |
Consumer loans | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' | ' | ' |
Loans and leases, net | ' | ' | ' | ' | ' | ' |
Accrued interest receivable | ' | ' | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | ' | ' | ' | ' | ' | ' |
Savings deposits and NOW accounts | ' | ' | ' | ' | ' | ' |
Time deposits | ' | ' | ' | ' | ' | ' |
Deposits at Cayman Islands office | ' | ' | ' | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
Long-term borrowings | ' | ' | ' | ' | ' | ' |
Accrued interest payable | ' | ' | ' | ' | ' | ' |
Trading account liabilities | ' | ' | ' | ' | ' | ' |
Other financial instruments: | ' | ' | ' | ' | ' | ' |
Commitments to originate real estate loans for sale | ' | ' | ' | ' | ' | ' |
Commitments to sell real estate loans | ' | ' | ' | ' | ' | ' |
Other credit-related commitments | ' | ' | ' | ' | ' | ' |
Interest rate swap agreements used for interest rate risk management | ' | ' | ' | ' | ' | ' |
Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 82,054 | ' | 76,057 | ' | ' | ' |
Interest-bearing deposits at banks | 3,032,530 | ' | 1,651,138 | ' | ' | ' |
Trading account assets | 262,512 | ' | 324,745 | ' | ' | ' |
Investment securities | 11,814,650 | ' | 8,384,106 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Commercial loans and leases | ' | ' | ' | ' | ' | ' |
Commercial real estate loans | 204,669 | ' | 67,505 | ' | ' | ' |
Residential real estate loans | 5,436,622 | ' | 5,432,207 | ' | ' | ' |
Consumer loans | ' | ' | ' | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' | ' | ' |
Loans and leases, net | 5,641,291 | ' | 5,499,712 | ' | ' | ' |
Accrued interest receivable | 223,497 | ' | 222,558 | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | -26,088,763 | ' | -24,661,007 | ' | ' | ' |
Savings deposits and NOW accounts | -40,216,607 | ' | -38,611,021 | ' | ' | ' |
Time deposits | -3,306,300 | ' | -3,542,789 | ' | ' | ' |
Deposits at Cayman Islands office | -237,890 | ' | -322,746 | ' | ' | ' |
Short-term borrowings | -161,631 | ' | -260,455 | ' | ' | ' |
Long-term borrowings | -7,549,272 | ' | -5,244,902 | ' | ' | ' |
Accrued interest payable | -54,394 | ' | -43,419 | ' | ' | ' |
Trading account liabilities | -202,159 | ' | -249,797 | ' | ' | ' |
Other financial instruments: | ' | ' | ' | ' | ' | ' |
Commitments to sell real estate loans | -10,832 | ' | 12,360 | ' | ' | ' |
Other credit-related commitments | ' | ' | ' | ' | ' | ' |
Interest rate swap agreements used for interest rate risk management | 91,870 | ' | 102,875 | ' | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' |
Interest-bearing deposits at banks | ' | ' | ' | ' | ' | ' |
Trading account assets | ' | ' | ' | ' | ' | ' |
Investment securities | 215,755 | ' | 223,938 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Commercial loans and leases | 18,753,794 | ' | 18,457,288 | ' | ' | ' |
Commercial real estate loans | 26,107,087 | ' | 25,950,690 | ' | ' | ' |
Residential real estate loans | 3,275,615 | ' | 3,435,665 | ' | ' | ' |
Consumer loans | 10,524,381 | ' | 10,201,087 | ' | ' | ' |
Allowance for credit losses | ' | ' | ' | ' | ' | ' |
Loans and leases, net | 58,660,877 | ' | 58,044,730 | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | ' | ' | ' | ' | ' | ' |
Savings deposits and NOW accounts | ' | ' | ' | ' | ' | ' |
Time deposits | ' | ' | ' | ' | ' | ' |
Deposits at Cayman Islands office | ' | ' | ' | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' |
Long-term borrowings | ' | ' | ' | ' | ' | ' |
Accrued interest payable | ' | ' | ' | ' | ' | ' |
Trading account liabilities | ' | ' | ' | ' | ' | ' |
Other financial instruments: | ' | ' | ' | ' | ' | ' |
Commitments to originate real estate loans for sale | 22,023 | ' | 3,941 | ' | ' | ' |
Commitments to sell real estate loans | ' | ' | ' | ' | ' | ' |
Other credit-related commitments | -117,940 | ' | -118,886 | ' | ' | ' |
Interest rate swap agreements used for interest rate risk management | ' | ' | ' | ' | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,917,436 | ' | 1,672,934 | ' | ' | ' |
Interest-bearing deposits at banks | 3,032,530 | ' | 1,651,138 | ' | ' | ' |
Trading account assets | 313,325 | ' | 376,131 | ' | ' | ' |
Investment securities | 12,120,195 | ' | 8,796,497 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Commercial loans and leases | 19,105,892 | ' | 18,705,216 | ' | ' | ' |
Commercial real estate loans | 26,374,274 | ' | 26,148,208 | ' | ' | ' |
Residential real estate loans | 8,656,766 | ' | 8,928,221 | ' | ' | ' |
Consumer loans | 10,610,761 | ' | 10,291,514 | ' | ' | ' |
Allowance for credit losses | -917,666 | ' | -916,676 | ' | ' | ' |
Loans and leases, net | 63,830,027 | ' | 63,156,483 | ' | ' | ' |
Accrued interest receivable | 223,497 | ' | 222,558 | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | -26,088,763 | ' | -24,661,007 | ' | ' | ' |
Savings deposits and NOW accounts | -40,216,607 | ' | -38,611,021 | ' | ' | ' |
Time deposits | -3,285,995 | ' | -3,523,838 | ' | ' | ' |
Deposits at Cayman Islands office | -237,890 | ' | -322,746 | ' | ' | ' |
Short-term borrowings | -161,631 | ' | -260,455 | ' | ' | ' |
Long-term borrowings | -7,391,931 | ' | -5,108,870 | ' | ' | ' |
Accrued interest payable | -54,394 | ' | -43,419 | ' | ' | ' |
Trading account liabilities | -202,159 | ' | -249,797 | ' | ' | ' |
Other financial instruments: | ' | ' | ' | ' | ' | ' |
Commitments to originate real estate loans for sale | 22,023 | ' | 3,941 | ' | ' | ' |
Commitments to sell real estate loans | -10,832 | ' | 12,360 | ' | ' | ' |
Other credit-related commitments | -117,940 | ' | -118,886 | ' | ' | ' |
Interest rate swap agreements used for interest rate risk management | 91,870 | ' | 102,875 | ' | ' | ' |
Estimate Fair Value [Member] | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,917,436 | ' | 1,672,934 | ' | ' | ' |
Interest-bearing deposits at banks | 3,032,530 | ' | 1,651,138 | ' | ' | ' |
Trading account assets | 313,325 | ' | 376,131 | ' | ' | ' |
Investment securities | 12,125,379 | ' | 8,690,494 | ' | ' | ' |
Loans and leases: | ' | ' | ' | ' | ' | ' |
Commercial loans and leases | 18,753,794 | ' | 18,457,288 | ' | ' | ' |
Commercial real estate loans | 26,311,756 | ' | 26,018,195 | ' | ' | ' |
Residential real estate loans | 8,712,237 | ' | 8,867,872 | ' | ' | ' |
Consumer loans | 10,524,381 | ' | 10,201,087 | ' | ' | ' |
Loans and leases, net | 64,302,168 | ' | 63,544,442 | ' | ' | ' |
Accrued interest receivable | 223,497 | ' | 222,558 | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' |
Noninterest-bearing deposits | -26,088,763 | ' | -24,661,007 | ' | ' | ' |
Savings deposits and NOW accounts | -40,216,607 | ' | -38,611,021 | ' | ' | ' |
Time deposits | -3,306,300 | ' | -3,542,789 | ' | ' | ' |
Deposits at Cayman Islands office | -237,890 | ' | -322,746 | ' | ' | ' |
Short-term borrowings | -161,631 | ' | -260,455 | ' | ' | ' |
Long-term borrowings | -7,549,272 | ' | -5,244,902 | ' | ' | ' |
Accrued interest payable | -54,394 | ' | -43,419 | ' | ' | ' |
Trading account liabilities | -202,159 | ' | -249,797 | ' | ' | ' |
Other financial instruments: | ' | ' | ' | ' | ' | ' |
Commitments to originate real estate loans for sale | 22,023 | ' | 3,941 | ' | ' | ' |
Commitments to sell real estate loans | -10,832 | ' | 12,360 | ' | ' | ' |
Other credit-related commitments | -117,940 | ' | -118,886 | ' | ' | ' |
Interest rate swap agreements used for interest rate risk management | $91,870 | ' | $102,875 | ' | ' | ' |
Recovered_Sheet9
Commitments and Contingencies - Company's Significant Commitments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit | ' | ' |
Home equity lines of credit | $6,246,501 | $6,218,823 |
Commercial real estate loans to be sold | 250,725 | 62,386 |
Other commercial real estate and construction | 4,482,869 | 3,919,545 |
Residential real estate loans to be sold | 596,865 | 469,869 |
Other residential real estate | 412,964 | 384,617 |
Commercial and other | 10,560,928 | 10,419,545 |
Standby letters of credit | 3,581,160 | 3,600,528 |
Commercial letters of credit | 43,653 | 53,284 |
Financial guarantees and indemnification contracts | 2,701,575 | 2,457,633 |
Commitments to sell real estate loans | $1,254,309 | $854,656 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | $2,300,000,000 | $2,300,000,000 |
Outstanding loan principal balances reinsured | 12,000,000 | ' |
Range of reasonably possible losses, minimum | 0 | ' |
Range of reasonably possible losses, maximum | $40,000,000 | ' |
Segment_Information_Informatio
Segment Information - Information about Company's Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | $284,336 | $348,466 | $513,353 | $622,579 |
Business Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 27,760 | 30,562 | 56,358 | 63,123 |
Commercial Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 105,358 | 87,220 | 205,123 | 194,607 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 77,526 | 89,868 | 152,087 | 166,376 |
Discretionary Portfolio [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 14,980 | -8,036 | 26,259 | -6,190 |
Residential Mortgage Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 27,712 | 34,143 | 47,123 | 68,504 |
Retail Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | 32,034 | 51,500 | 61,745 | 103,850 |
Other Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss) | -1,034 | 63,209 | -35,342 | 32,309 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,125,526 | 1,186,276 | 2,202,066 | 2,275,208 |
Operating Segments [Member] | Business Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 104,688 | 106,486 | 206,987 | 211,904 |
Operating Segments [Member] | Commercial Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 252,496 | 252,907 | 501,082 | 502,757 |
Operating Segments [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 164,912 | 187,773 | 323,272 | 353,066 |
Operating Segments [Member] | Discretionary Portfolio [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 29,912 | -14,109 | 54,569 | -2,068 |
Operating Segments [Member] | Residential Mortgage Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 110,751 | 111,764 | 205,339 | 231,663 |
Operating Segments [Member] | Retail Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 268,494 | 292,837 | 530,382 | 584,022 |
Operating Segments [Member] | Other Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 194,273 | 248,618 | 380,435 | 393,864 |
Intersegment activity eliminated in consolidated totals [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' |
Intersegment activity eliminated in consolidated totals [Member] | Business Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,220 | 1,319 | 2,277 | 2,513 |
Intersegment activity eliminated in consolidated totals [Member] | Commercial Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,356 | 1,315 | 2,553 | 2,665 |
Intersegment activity eliminated in consolidated totals [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 525 | 554 | 873 | 2,106 |
Intersegment activity eliminated in consolidated totals [Member] | Discretionary Portfolio [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | -5,282 | -10,015 | -10,321 | -18,616 |
Intersegment activity eliminated in consolidated totals [Member] | Residential Mortgage Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 11,772 | 21,589 | 21,520 | 40,287 |
Intersegment activity eliminated in consolidated totals [Member] | Retail Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 3,897 | 3,598 | 7,402 | 6,855 |
Intersegment activity eliminated in consolidated totals [Member] | Other Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | ($13,488) | ($18,360) | ($24,304) | ($35,810) |
Segment_Information_Summary_of
Segment Information - Summary of Segment Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | |||
Sales Information [Line Items] | ' | ' | ' |
Average Assets | $88,278 | $83,662 | $82,637 |
Business Banking [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 5,286 | 5,080 | 5,010 |
Commercial Banking [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 22,742 | 21,655 | 21,446 |
Commercial Real Estate [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 16,878 | 17,150 | 17,122 |
Discretionary Portfolio [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 19,417 | 16,480 | 16,278 |
Residential Mortgage Banking [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 3,226 | 2,858 | 2,752 |
Retail Banking [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | 10,229 | 10,997 | 11,357 |
Other Segments [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Average Assets | $10,500 | $9,442 | $8,672 |
Segment_Information_Summary_of1
Segment Information - Summary of Segment Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Taxable-equivalent adjustment | $5,849,000 | $6,217,000 | $11,794,000 | $12,667,000 |
Relationship_with_Bayview_Lend1
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Bayview Lending Group And Bayview Financial [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Outstanding principal balances of mortgage servicing rights | $5,200,000,000 | ' | $5,200,000,000 | ' | $5,500,000,000 |
Revenues from servicing | 7,000,000 | 8,000,000 | 14,000,000 | 16,000,000 | ' |
Bayview Lending Group [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Minority interest in Bayview Lending Group LLC | 20.00% | ' | 20.00% | ' | ' |
Carrying value of minority interest investment in Bayview Lending Group LLC | 56,000,000 | ' | 56,000,000 | ' | ' |
Bayview Financial [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Revenues from servicing | 27,000,000 | 2,000,000 | 53,000,000 | 4,000,000 | ' |
Outstanding principal balances of residential mortgage loans from Bayview Financial | 44,600,000,000 | ' | 44,600,000,000 | ' | 45,600,000,000 |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | $210,000,000 | ' | $210,000,000 | ' | $220,000,000 |