Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | M&T BANK CORPORATION | ||
Entity Central Index Key | 0000036270 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 22,178,197,910 | ||
Entity Common Stock, Shares Outstanding | 130,436,633 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.50 par value | ||
Trading Symbol | MTB | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-9861 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 16-0968385 | ||
Entity Address, Address Line One | One M&T Plaza | ||
Entity Address, City or Town | Buffalo | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14203 | ||
City Area Code | 716 | ||
Local Phone Number | 635-4000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference [Text Block] | (1) Portions of the Proxy Statement for the 2020 Annual Meeting of Shareholders of M&T Bank Corporation in Parts II and III. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 1,432,805 | $ 1,605,439 |
Interest-bearing deposits at banks | 7,190,154 | 8,105,197 |
Federal funds sold | 3,500 | |
Trading account | 470,129 | 185,584 |
Investment securities (includes pledged securities that can be sold or repledged of $200,339 at December 31, 2019; $487,365 at December 31, 2018) | ||
Available for sale (cost: $6,258,276 at December 31, 2019; $8,869,423 at December 31, 2018) | 6,318,776 | 8,682,509 |
Held to maturity (fair value: $2,699,206 at December 31, 2019; $3,255,483 at December 31, 2018) | 2,656,917 | 3,316,640 |
Equity and other securities (cost: $487,041 at December 31, 2019; $677,187 at December 31, 2018) | 521,558 | 693,664 |
Total investment securities | 9,497,251 | 12,692,813 |
Loans and leases | 91,188,525 | 88,733,492 |
Unearned discount | (265,656) | (267,015) |
Loans and leases, net of unearned discount | 90,922,869 | 88,466,477 |
Allowance for credit losses | (1,051,071) | (1,019,444) |
Loans and leases, net | 89,871,798 | 87,447,033 |
Premises and equipment | 1,140,924 | 647,408 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 29,034 | 47,067 |
Accrued interest and other assets | 5,644,050 | 4,773,750 |
Total assets | 119,872,757 | 120,097,403 |
Liabilities | ||
Noninterest-bearing deposits | 32,396,407 | 32,256,668 |
Savings and interest-checking deposits | 54,932,162 | 50,963,744 |
Time deposits | 5,757,456 | 6,124,254 |
Deposits at Cayman Islands office | 1,684,044 | 811,906 |
Total deposits | 94,770,069 | 90,156,572 |
Short-term borrowings | 62,363 | 4,398,378 |
Accrued interest and other liabilities | 2,337,490 | 1,637,348 |
Long-term borrowings | 6,986,186 | 8,444,914 |
Total liabilities | 104,156,108 | 104,637,212 |
Shareholders' equity | ||
Preferred stock, $1.00 par, 1,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 350,000 shares at December 31, 2019 and 731,500 shares at December 31, 2018; Liquidation preference of $10,000 per share: 90,000 shares at December 31, 2019 and 50,000 shares at December 31, 2018 | 1,250,000 | 1,231,500 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,741,898 shares issued at December 31, 2019; 159,765,044 shares issued at December 31, 2018 | 79,871 | 79,883 |
Common stock issuable, 21,534 shares at December 31, 2019; 24,563 shares at December 31, 2018 | 1,566 | 1,726 |
Additional paid-in capital | 6,593,539 | 6,579,342 |
Retained earnings | 12,820,916 | 11,516,672 |
Accumulated other comprehensive income (loss), net | (206,680) | (420,081) |
Treasury stock — common, at cost — 29,174,402 shares at December 31, 2019; 21,255,275 shares at December 31, 2018 | (4,822,563) | (3,528,851) |
Total shareholders’ equity | 15,716,649 | 15,460,191 |
Total liabilities and shareholders’ equity | $ 119,872,757 | $ 120,097,403 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pledged securities that can be sold or repledged | $ 200,339 | $ 487,365 |
Investment securities, available for sale, amortized cost | 6,258,276 | 8,869,423 |
Investment securities, held to maturity, fair value | 2,699,206 | 3,255,483 |
Equity and other securities, cost | $ 487,041 | $ 677,187 |
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 | 159,741,898 | 159,765,044 |
Common stock issuable, shares | 21,534 | 24,563 |
Treasury stock, common shares | 29,174,402 | 21,255,275 |
Series A Series C Series And E Preferred Stock [Member] | ||
Preferred stock, shares issued | 350,000 | 731,500 |
Preferred stock, shares outstanding | 350,000 | 731,500 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series F And Series G Preferred Stock [Member] | ||
Preferred stock, shares issued | 90,000 | 50,000 |
Preferred stock, shares outstanding | 90,000 | 50,000 |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | |||
Loans and leases, including fees | $ 4,442,182 | $ 4,164,561 | $ 3,742,867 |
Investment securities | |||
Fully taxable | 288,532 | 323,912 | 361,157 |
Exempt from federal taxes | 321 | 665 | 1,431 |
Deposits at banks | 141,397 | 108,182 | 61,326 |
Other | 7,161 | 1,391 | 1,014 |
Total interest income | 4,879,593 | 4,598,711 | 4,167,795 |
Interest expense | |||
Savings and interest-checking deposits | 368,003 | 215,411 | 133,177 |
Time deposits | 95,426 | 51,423 | 61,505 |
Deposits at Cayman Islands office | 21,917 | 5,633 | 1,186 |
Short-term borrowings | 24,741 | 5,386 | 1,511 |
Long-term borrowings | 239,242 | 248,556 | 189,372 |
Total interest expense | 749,329 | 526,409 | 386,751 |
Net interest income | 4,130,264 | 4,072,302 | 3,781,044 |
Provision for credit losses | 176,000 | 132,000 | 168,000 |
Net interest income after provision for credit losses | 3,954,264 | 3,940,302 | 3,613,044 |
Other income | |||
Brokerage services income | 48,922 | 51,069 | 61,445 |
Trading account and foreign exchange gains | 62,044 | 32,547 | 35,301 |
Gain (loss) on bank investment securities | 18,037 | (6,301) | 21,279 |
Other revenues from operations | 469,320 | 451,321 | 440,538 |
Total other income | 2,061,679 | 1,856,000 | 1,851,143 |
Other expense | |||
Salaries and employee benefits | 1,900,797 | 1,752,264 | 1,648,794 |
Equipment and net occupancy | 324,079 | 298,828 | 295,084 |
Outside data processing and software | 229,731 | 199,025 | 184,670 |
FDIC assessments | 41,535 | 68,526 | 101,871 |
Advertising and marketing | 93,472 | 85,710 | 69,203 |
Printing, postage and supplies | 39,893 | 35,658 | 35,960 |
Amortization of core deposit and other intangible assets | 19,490 | 24,522 | 31,366 |
Other costs of operations | 819,685 | 823,529 | 773,377 |
Total other expense | 3,468,682 | 3,288,062 | 3,140,325 |
Income before taxes | 2,547,261 | 2,508,240 | 2,323,862 |
Income taxes | 618,112 | 590,160 | 915,556 |
Net income | 1,929,149 | 1,918,080 | 1,408,306 |
Net income available to common shareholders | |||
Basic | 1,849,509 | 1,836,028 | 1,327,503 |
Diluted | $ 1,849,511 | $ 1,836,035 | $ 1,327,517 |
Net income per common share | |||
Basic | $ 13.76 | $ 12.75 | $ 8.72 |
Diluted | $ 13.75 | $ 12.74 | $ 8.70 |
Mortgage Banking Revenues [Member] | |||
Other income | |||
Revenue from contract with customer | $ 457,770 | $ 360,442 | $ 363,827 |
Service Charges on Deposit Accounts [Member] | |||
Other income | |||
Revenue from contract with customer | 432,978 | 429,337 | 427,372 |
Trust Income [Member] | |||
Other income | |||
Revenue from contract with customer | $ 572,608 | $ 537,585 | $ 501,381 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Partners Capital [Abstract] | |||
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | |||
Net unrealized gains (losses) on investment securities | 184,906 | (86,523) | (19,766) |
Cash flow hedges adjustments | 108,520 | 6,091 | (9,912) |
Foreign currency translation adjustments | 1,091 | (2,225) | 2,241 |
Defined benefit plans liability adjustments | (81,116) | 43,243 | 22,288 |
Total other comprehensive income (loss) | 213,401 | (39,414) | (5,149) |
Total comprehensive income | $ 2,142,550 | $ 1,878,666 | $ 1,403,157 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 176,000 | 132,000 | 168,000 |
Depreciation and amortization of premises and equipment | 209,937 | 104,864 | 109,587 |
Amortization of capitalized servicing rights | 71,888 | 49,619 | 56,172 |
Amortization of core deposit and other intangible assets | 19,490 | 24,522 | 31,366 |
Provision for deferred income taxes | 57,548 | 15,857 | 400,790 |
Asset write-downs | 7,701 | 24,774 | 15,429 |
Net (gain) loss on sales of assets | 31,526 | (23,503) | (53,467) |
Net change in accrued interest receivable, payable | 30,923 | (7,162) | (17,896) |
Net change in other accrued income and expense | 75,930 | 13,436 | (201,981) |
Net change in loans originated for sale | 130,230 | (150,695) | 711,657 |
Net change in trading account assets and liabilities | (382,767) | (11,940) | 153,972 |
Net cash provided by operating activities | 2,357,555 | 2,089,852 | 2,781,935 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities Available for sale | 107 | 418 | 534,160 |
Proceeds from sales of investment securities equity and other | 1,169,876 | 650,858 | 178,468 |
Proceeds from maturities of investment securities Available for sale | 2,621,603 | 1,997,263 | 2,131,118 |
Proceeds from maturities of investment securities Held to maturity | 1,162,820 | 478,172 | 528,585 |
Purchases of investment securities Available for sale | (28,120) | (12,494) | (251,185) |
Purchases of investment securities Held to maturity | (495,277) | (444,703) | (1,425,690) |
Purchases of investment securities equity and other | (979,734) | (834,856) | (132,378) |
Net (increase) decrease in loans and leases | (2,795,263) | (475,895) | 1,931,492 |
Net (increase) decrease in interest-bearing deposits at banks | 915,043 | (3,026,294) | (78,265) |
Capital expenditures, net | (178,049) | (97,676) | (78,966) |
Net (increase) decrease in loan servicing advances | (470,078) | 307,252 | 37,761 |
Other, net | (195,921) | 47,904 | 19,825 |
Net cash provided (used) by investing activities | 727,007 | (1,410,051) | 3,394,925 |
Cash flows from financing activities | |||
Net increase (decrease) in deposits | 4,616,082 | (2,272,505) | (3,075,322) |
Net increase (decrease) in short-term borrowings | (4,336,015) | 4,223,279 | 11,657 |
Proceeds from long-term borrowings | 1,773,189 | 2,145,950 | |
Payments on long-term borrowings | (1,553,493) | (1,459,081) | (3,433,440) |
Purchases of treasury stock | (1,349,785) | (2,194,396) | (1,205,905) |
Dividends paid — common | (552,138) | (510,382) | (457,402) |
Dividends paid — preferred | (67,454) | (72,521) | (72,734) |
Redemption of Series A and Series C preferred stock | (381,500) | ||
Other, net | (25,393) | 17,167 | 10,675 |
Net cash used by financing activities | (3,253,696) | (495,250) | (6,076,521) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (169,134) | 184,551 | 100,339 |
Cash, cash equivalents and restricted cash at beginning of period | 1,605,439 | 1,420,888 | 1,320,549 |
Cash, cash equivalents and restricted cash at end of period | 1,436,305 | 1,605,439 | 1,420,888 |
Supplemental disclosure of cash flow information | |||
Interest received during the period | 4,892,301 | 4,568,991 | 4,155,723 |
Interest paid during the period | 735,787 | 516,230 | 405,290 |
Income taxes paid during the period | 320,513 | 375,116 | 494,205 |
Supplemental schedule of noncash investing and financing activities | |||
Real estate acquired in settlement of loans | 90,072 | 72,408 | 121,292 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 5,379 | 22,448 | 36,747 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | 83 | $ 365 | $ 422 |
Adoption of lease accounting standard - Right-of-use assets | 393,877 | ||
Adoption of lease accounting standard - Other liabilities | 398,810 | ||
Additions to right-of-use assets under operating leases | 132,219 | ||
Series G Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of Series G preferred stock | $ 396,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series A And Series C [Member] | Series G Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A And Series C [Member] | Preferred Stock [Member]Series G Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series G Preferred Stock [Member] | Additional Paid-in Capital [Member]Series A Warrants [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | Treasury Stock [Member]Series A Warrants [Member] | |
Beginning balance at Dec. 31, 2016 | $ 16,486,622 | $ 1,231,500 | $ 79,973 | $ 2,145 | $ 6,676,948 | $ 9,222,488 | $ (294,636) | $ (431,796) | ||||||||
Total comprehensive income | 1,403,157 | 1,408,306 | (5,149) | |||||||||||||
Reclassification of income tax effects to retained earnings | 64,029 | 64,029 | (64,029) | |||||||||||||
Preferred stock cash dividends | (72,734) | (72,734) | ||||||||||||||
Exercise of stock warrants into common stock | $ (28,746) | $ 28,746 | ||||||||||||||
Purchases of treasury stock | (1,205,905) | (1,205,905) | ||||||||||||||
Stock-based compensation transactions, net | 96,879 | (64) | (298) | (57,347) | (85) | 154,673 | ||||||||||
Common stock cash dividends | (457,200) | (457,200) | ||||||||||||||
Ending balance at Dec. 31, 2017 | 16,250,819 | 1,231,500 | 79,909 | 1,847 | 6,590,855 | 10,164,804 | (363,814) | (1,454,282) | ||||||||
Cumulative effect of change inaccounting principle — equity securities | (16,853) | [1] | 16,853 | (16,853) | ||||||||||||
Total comprehensive income | 1,878,666 | 1,918,080 | (39,414) | |||||||||||||
Preferred stock cash dividends | (72,521) | (72,521) | ||||||||||||||
Exercise of stock warrants into common stock | $ (22,394) | $ 22,394 | ||||||||||||||
Purchases of treasury stock | (2,194,396) | (2,194,396) | ||||||||||||||
Stock-based compensation transactions, net | 108,081 | (26) | (121) | 10,881 | (86) | 97,433 | ||||||||||
Common stock cash dividends | (510,458) | (510,458) | ||||||||||||||
Ending balance at Dec. 31, 2018 | 15,460,191 | 1,231,500 | 79,883 | 1,726 | 6,579,342 | 11,516,672 | (420,081) | (3,528,851) | ||||||||
Total comprehensive income | 2,142,550 | 1,929,149 | 213,401 | |||||||||||||
Preferred stock cash dividends | (72,482) | (72,482) | ||||||||||||||
Redemption of Series A and Series C preferred stock | $ (381,500) | $ (381,500) | ||||||||||||||
Issuance of Series G preferred stock | $ 396,000 | $ 400,000 | $ (4,000) | |||||||||||||
Purchases of treasury stock | (1,349,785) | (1,349,785) | ||||||||||||||
Stock-based compensation transactions, net | 73,891 | (12) | (160) | 18,197 | (207) | 56,073 | ||||||||||
Common stock cash dividends | (552,216) | (552,216) | ||||||||||||||
Ending balance at Dec. 31, 2019 | $ 15,716,649 | $ 1,250,000 | $ 79,871 | $ 1,566 | $ 6,593,539 | $ 12,820,916 | $ (206,680) | $ (4,822,563) | ||||||||
[1] | Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Treasury Stock [Member] | Series A Warrants [Member] | |||
Exercise of warrants into shares of common stock | 257,630 | 374,786 | |
Exercise of warrants into shares of common stock | 136,676 | 204,133 | |
Retained Earnings [Member] | |||
Common stock per share dividend amount | $ 4.10 | $ 3.55 | $ 3 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies M&T Bank Corporation (“M&T”) is a bank holding company headquartered in Buffalo, New York. Through subsidiaries, M&T provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. Banking activities are largely focused on consumers residing in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas. The accounting and reporting policies of M&T and subsidiaries (“the Company”) are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant accounting policies are as follows: Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 25 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 19. Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and foreign exchange gains” in the consolidated statement of income. Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and, beginning in 2018, unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Prior to 2018, equity securities with readily determinable fair values were classified as available for sale. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. Individual debt securities are written down through a charge to earnings when declines in value below the cost basis of a security are considered to be other than temporary. In cases where fair value is less than amortized cost and the Company intends to sell a debt security, it is more likely than not to be required to sell a debt security before recovery of its amortized cost basis, or the Company does not expect to recover the entire amortized cost basis of a debt security, an other-than-temporary impairment is considered to have occurred. If the Company intends to sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the debt security’s amortized cost basis and its fair value. If the Company does not expect to recover the entire amortized cost basis of the security, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. Subsequently, the Company accounts for the other-than-temporarily impaired debt security as if the security had been purchased on the measurement date of the other-than-temporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. Realized gains and losses on the sales of investment securities are determined using the specific identification method. Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated by the Company or were acquired in a business combination. Originated loans and leases Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income when principal or interest is delinquent 90 days, unless management determines that the loan status clearly warrants other treatment. Nonaccrual commercial loans and commercial real estate loans are returned to accrual status when borrowers have demonstrated an ability to repay their loans and there are no delinquent principal and interest payments. Consumer loans not secured by residential real estate are returned to accrual status when all past due principal and interest payments have been paid by the borrower. Loans secured by residential real estate are returned to accrual status when they are deemed to have an insignificant delay in payments of 90 days or less. Loan balances are charged off when it becomes evident that such balances are not fully collectible. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectible. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Commitments to sell real estate loans are utilized by the Company to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale recorded in the consolidated balance sheet includes changes in estimated fair market value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Except for consumer and residential mortgage loans that are considered smaller balance homogenous loans and are evaluated collectively, 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. Impaired loans are classified as either nonaccrual or as loans renegotiated at below market rates which continue to accrue interest, provided that a credit assessment of the borrower’s financial condition results in an expectation of full repayment under the modified contractual terms. Certain loans greater than 90 days delinquent are not considered impaired if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and are generally not considered impaired. Impairment of a loan is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of collateral if the loan is collateral-dependent. Interest received on impaired loans placed on nonaccrual status is generally applied to reduce the carrying value of the loan or, if principal is considered fully collectible, recognized as interest income. Residual value estimates for commercial leases are generally determined through internal or external reviews of the leased property. The Company reviews commercial lease residual values at least annually and recognizes residual value impairments deemed to be other than temporary. Loans and leases acquired in a business combination Loans acquired in a business combination subsequent to December 31, 2008 were initially recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represent specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans and other loans acquired at a discount that was, in part, attributable to credit quality, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans was recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected cash flows required the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows resulted first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then-remaining lives of the loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. Allowance for credit losses The allowance for credit losses represents, in management’s judgment, the amount of losses inherent in the loan and lease portfolio as of the balance sheet date. The allowance is determined by management’s evaluation of the loan and lease portfolio based on such factors as the differing economic risks associated with each loan category, the current financial condition of specific borrowers, the economic environment in which borrowers operate, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or indemnifications. The effects of probable decreases in expected principal cash flows on loans acquired at a discount are also considered in the establishment of the allowance for credit losses. Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets and the present value of expected future cash flows associated with the servicing rights calculated using assumptions that market participants would use in estimating future servicing income and expense. Such assumptions include estimates of the cost of servicing loans, loan default rates, an appropriate discount rate, and prepayment speeds. For purposes of evaluating and measuring impairment of capitalized servicing rights, the Company stratifies such assets based on the predominant risk characteristics of the underlying financial instruments that are expected to have the most impact on projected prepayments, cost of servicing and other factors affecting future cash flows associated with the servicing rights. Such factors may include financial asset or loan type, note rate and term. The amount of impairment recognized is the amount by which the carrying value of the capitalized servicing rights for a stratum exceeds estimated fair value. Impairment is recognized through a valuation allowance. Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives of five to ten years. The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and, beginning in 2018, is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. Prior to 2018, hedge ineffectiveness for fair value and cash flow hedges was recorded in “other revenues from operations” in the consolidated statement of income. In addition, for cash flow hedges, the effective portion of the derivative’s unrealized gain or loss was initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affected earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as trading account assets or liabilities with resultant changes in fair value being recognized in “trading account and foreign exchange gains” in the consolidated statement of income. Stock-based compensation Stock-based compensation expense is recognized over the vesting period of the stock-based grant based on the estimated grant date value of the stock-based compensation, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | 2. Investment securities On January 1, 2018, the Company adopted amended guidance requiring equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in the consolidated statement of income. This amended guidance excludes equity method investments, investments in consolidated subsidiaries, exchange membership ownership interests, and Federal Home Loan Bank of New York and Federal Reserve Bank of New York capital stock. Upon adoption the Company reclassified $17 million, after-tax effect, from accumulated other comprehensive income to retained earnings, representing the difference between fair value and the cost basis of equity investments with readily determinable fair values at January 1, 2018. The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,742 $ 41 $ 16 $ 9,767 Obligations of states and political subdivisions 776 2 3 775 Mortgage-backed securities: Government issued or guaranteed 6,113,913 88,634 21,607 6,180,940 Privately issued 16 — — 16 Other debt securities 133,829 2,046 8,597 127,278 6,258,276 90,723 30,223 6,318,776 Investment securities held to maturity: U.S. Treasury and federal agencies 249,862 286 — 250,148 Obligations of states and political subdivisions 4,140 16 — 4,156 Mortgage-backed securities: Government issued or guaranteed 2,306,180 50,381 1,992 2,354,569 Privately issued 93,496 11,779 18,181 87,094 Other debt securities 3,239 — — 3,239 2,656,917 62,462 20,173 2,699,206 Total debt securities $ 8,915,193 $ 153,185 $ 50,396 $ 9,017,982 Equity and other securities: Readily marketable equity — at fair value $ 105,524 $ 34,786 $ 269 $ 140,041 Other — at cost 381,517 — — 381,517 Total equity and other securities $ 487,041 $ 34,786 $ 269 $ 521,558 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,346,782 $ — $ 9,851 $ 1,336,931 Obligations of states and political subdivisions 1,660 4 5 1,659 Mortgage-backed securities: Government issued or guaranteed 7,383,340 15,754 182,103 7,216,991 Privately issued 24 — 2 22 Other debt securities 137,617 770 11,481 126,906 8,869,423 16,528 203,442 8,682,509 Investment securities held to maturity: U.S. Treasury and federal agencies 446,542 — 239 446,303 Obligations of states and political subdivisions 7,494 22 12 7,504 Mortgage-backed securities: Government issued or guaranteed 2,745,776 4,165 55,111 2,694,830 Privately issued 113,160 12,345 22,327 103,178 Other debt securities 3,668 — — 3,668 3,316,640 16,532 77,689 3,255,483 Total debt securities $ 12,186,063 $ 33,060 $ 281,131 $ 11,937,992 Equity and other securities: Readily marketable equity — at fair value $ 77,440 $ 17,295 $ 818 $ 93,917 Other — at cost 599,747 — — 599,747 Total equity and other securities $ 677,187 $ 17,295 $ 818 $ 693,664 No investment in securities of a single non-U.S. Government, government agency or government guaranteed issuer exceeded ten percent of shareholders’ equity at December 31, 2019. As of December 31, 2019, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Cost Estimated Fair Value A or Better BBB BB B or Less Not Rated (In thousands) Obligations of states and political subdivisions $ 4,916 $ 4,931 $ 4,809 $ 122 $ — $ — $ — Privately issued mortgage-backed securities 93,512 87,110 8,015 8,768 — 20,671 49,656 Other debt securities 137,068 130,517 4,740 74,770 19,106 — 31,901 Total $ 235,496 $ 222,558 $ 17,564 $ 83,660 $ 19,106 $ 20,671 $ 81,557 The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2019 2018 (In thousands) Collateralized mortgage obligations: Amortized cost $ 94,817 $ 115,171 Estimated fair value 88,410 105,155 Gross realized gains on investment securities were $23 million in 2017. During 2017, the Company sold a portion of its Fannie Mae and Freddie Mac preferred stock holdings held in the available-for-sale investment securities portfolio for a gain of $18 million. There were no significant gross realized gains or losses from sales of investment securities in 2019 or 2018. There were no significant gross realized losses from sales of investment securities in 2017. At December 31, 2019, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Cost Estimated Fair Value (In thousands) Debt securities available for sale: Due in one year or less $ 4,418 4,427 Due after one year through five years 10,717 10,777 Due after five years through ten years 99,212 98,616 Due after ten years 30,000 24,000 144,347 137,820 Mortgage-backed securities available for sale 6,113,929 6,180,956 $ 6,258,276 6,318,776 Debt securities held to maturity: Due in one year or less $ 251,457 251,749 Due after one year through five years 2,545 2,555 Due after ten years 3,239 3,239 257,241 257,543 Mortgage-backed securities held to maturity 2,399,676 2,441,663 $ 2,656,917 2,699,206 A summary of investment securities that as of December 31, 2019 and 2018 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 Losses Fair Value Unrealized Losses (In thousands) December 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,406 (7 ) 2,893 (9 ) Obligations of states and political subdivisions — — 277 (3 ) Mortgage-backed securities: Government issued or guaranteed 117,299 (222 ) 2,002,364 (21,385 ) Other debt securities 6,600 (354 ) 56,313 (8,243 ) 125,305 (583 ) 2,061,847 (29,640 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 2,727 (5 ) 145,235 (1,987 ) Privately issued — — 49,656 (18,181 ) 2,727 (5 ) 194,891 (20,168 ) Total $ 128,032 (588 ) 2,256,738 (49,808 ) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 273 (2 ) 1,335,559 (9,849 ) Obligations of states and political subdivisions 629 (5 ) — — Mortgage-backed securities: Government issued or guaranteed 405,558 (2,892 ) 5,646,773 (179,211 ) Privately issued 22 (2 ) — — Other debt securities 53,478 (2,187 ) 66,014 (9,294 ) 459,960 (5,088 ) 7,048,346 (198,354 ) Investment securities held to maturity: U.S. Treasury and federal agencies 446,303 (239 ) — — Obligations of states and political subdivisions — — 3,126 (12 ) Mortgage-backed securities: Government issued or guaranteed 179,354 (989 ) 2,082,723 (54,122 ) Privately issued — — 51,943 (22,327 ) 625,657 (1,228 ) 2,137,792 (76,461 ) Total $ 1,085,617 (6,316 ) 9,186,138 (274,815 ) The Company owned 641 individual investment securities with aggregate gross unrealized losses of $50 million at December 31, 2019. Based on a review of each of the securities in the investment securities portfolio at December 31, 2019, the Company concluded that it expected to recover the amortized cost basis of its investment. As of December 31, 2019, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At December 31, 2019, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $382 million of cost method investment securities. At December 31, 2019, investment securities with a carrying value of $1.9 billion, including $1.5 billion of investment securities available for sale, were pledged to secure borrowings from various FHLBs, repurchase agreements, governmental deposits, interest rate swap agreements and available lines of credit as described in note 8. Investment securities pledged by the Company to secure obligations whereby the secured party is permitted by contract or custom to sell or repledge such collateral totaled $200 million at December 31, 2019. The pledged securities included securities of the U.S. Treasury and federal agencies and mortgage-backed securities. |
Loans and leases
Loans and leases | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and leases | 3. Loans and leases Total loans and leases outstanding were comprised of the following: December 31 2019 2018 (In thousands) Loans Commercial, financial, etc. $ 22,575,700 $ 21,730,012 Real estate: Residential 16,098,125 17,150,658 Commercial 26,718,325 25,666,200 Construction 9,010,297 8,823,635 Consumer 15,373,881 13,956,086 Total loans 89,776,328 87,326,591 Leases Commercial 1,412,197 1,406,901 Total loans and leases 91,188,525 88,733,492 Less: unearned discount (265,656 ) (267,015 ) Total loans and leases, net of unearned discount $ 90,922,869 $ 88,466,477 One-to-four family residential mortgage loans held for sale were $414 million at December 31, 2019 and $205 million at December 31, 2018. Commercial real estate loans held for sale were $28 million at December 31, 2019 and $347 million at December 31, 2018. As of December 31, 2019, approximately $3.9 billion of commercial real estate loan balances serviced for others had been sold with recourse in conjunction with the Company’s participation in the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program. At December 31, 2019, the Company estimated that the recourse obligations described above were not material to the Company’s consolidated financial position. There have been no material losses incurred as a result of those credit recourse arrangements. In addition to recourse obligations, as described in note 21, 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. Charges incurred for such obligation were not material in 2019, 2018 or 2017. A summary of current, past due and nonaccrual loans as of December 31, 2019 and 2018 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More (a) Accruing Loans Acquired a Discount Past Due 90 days or More (b) Purchased Impaired (c) Nonaccrual Total (In thousands) December 31, 2019 Commercial, financial, leasing, etc. $ 23,290,797 184,011 16,776 27 — 346,557 $ 23,838,168 Real estate: Commercial 26,311,414 165,579 6,740 — 15,601 158,474 26,657,808 Residential builder and developer 1,521,315 21,195 — — 753 3,982 1,547,245 Other commercial construction 7,204,148 95,346 3,360 — 1,237 32,770 7,336,861 Residential 12,760,040 451,274 486,515 5,788 143,145 235,663 14,082,425 Residential — limited documentation 1,858,037 65,215 181 — 66,809 83,427 2,073,669 Consumer: Home equity lines and loans 4,386,511 30,229 — 1,662 — 63,215 4,481,617 Recreational finance 5,484,997 36,827 — 99 — 14,219 5,536,142 Automobile 3,787,221 78,478 — — — 21,293 3,886,992 Other 1,395,240 45,978 5,156 32,056 — 3,512 1,481,942 Total $ 87,999,720 1,174,132 518,728 39,632 227,545 963,112 $ 90,922,869 December 31, 2018 Commercial, financial, leasing, etc. $ 22,701,020 39,798 2,567 168 — 234,423 $ 22,977,976 Real estate: Commercial 25,250,983 134,474 11,457 10 9,769 203,672 25,610,365 Residential builder and developer 1,665,178 20,333 — — — 4,798 1,690,309 Other commercial construction 6,982,077 43,615 14,344 — 641 22,205 7,062,882 Residential 13,591,790 404,808 189,682 6,650 203,044 233,352 14,629,326 Residential — limited documentation 2,278,040 72,544 — — 89,851 84,685 2,525,120 Consumer: Home equity lines and loans 4,758,513 25,416 — 5,033 — 71,292 4,860,254 Recreational finance 4,085,781 29,947 — 235 — 11,199 4,127,162 Automobile 3,555,757 79,804 — — — 23,359 3,658,920 Other 1,271,811 15,598 4,477 27,654 — 4,623 1,324,163 Total $ 86,140,950 866,337 222,527 39,750 303,305 893,608 $ 88,466,477 (a) (b) (c) If nonaccrual and renegotiated loans had been accruing interest at their originally contracted terms, interest income on such loans would have amounted to $68 million in 2019, $69 million in 2018 and $64 million in 2017. The actual amounts included in interest income on such loans were $33 million in each of 2019 and 2018 and $31 million in 2017. The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date and included in the consolidated balance sheet were as follows: December 31 2019 2018 (In thousands) Outstanding principal balance $ 769,414 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 21,114 27,073 Commercial real estate 94,890 135,047 Residential real estate 341,807 473,511 Consumer 77,785 91,860 $ 535,596 $ 727,491 Purchased impaired loans included in the table above totaled $228 million at December 31, 2019 and $303 million at December 31, 2018, representing less than 1% of the Company’s assets as of each date. A summary of changes in the accretable yield for loans acquired at a discount for the years ended December 31, 2019, 2018 and 2017 follows: For the Year Ended December 31, 2019 2018 2017 Purchased Impaired Other Acquired Purchased Impaired Other Acquired Purchased Impaired Other Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 $ 157,918 $ 133,162 $ 154,233 $ 201,153 Interest income (49,017 ) (36,452 ) (37,819 ) (63,856 ) (47,452 ) (82,605 ) Reclassifications from nonaccretable balance 36,718 15,534 27,111 22,849 51,137 16,437 Other (a) — (3,909 ) — 4,752 — (1,823 ) Balance at end of period $ 134,911 $ 72,080 $ 147,210 $ 96,907 $ 157,918 $ 133,162 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the years ended December 31, 2019, 2018 and 2017: Post-modification (a) Year Ended December 31, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 150 $ 63,715 $ 10,485 $ — $ — $ 52,871 $ 63,356 Real estate: Commercial 51 48,315 5,193 — — 26,152 31,345 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 3 1,559 — — — 1,500 1,500 Residential 83 21,695 10,819 — — 11,907 22,726 Residential — limited documentation 6 1,409 399 — — 1,044 1,443 Consumer: Home equity lines and loans 41 4,127 176 — — 4,004 4,180 Recreational finance 10 265 265 — — — 265 Automobile 66 1,141 1,076 — — 65 1,141 Total 412 $ 143,556 $ 29,481 $ — $ — $ 97,543 $ 127,024 Year Ended December 31, 2018 Commercial, financial, leasing, etc. 203 $ 102,445 $ 50,490 $ 803 $ 6,210 $ 45,411 $ 102,914 Real estate: Commercial 83 30,217 16,870 175 4,686 9,000 30,731 Other commercial construction 1 752 746 — — — 746 Residential 134 34,798 19,962 — — 18,110 38,072 Residential — limited documentation 9 1,887 827 — — 1,423 2,250 Consumer: Home equity lines and loans 47 3,952 224 — — 3,755 3,979 Recreational finance 7 202 202 — — — 202 Automobile 73 1,330 1,318 — — 12 1,330 Total 557 $ 175,583 $ 90,639 $ 978 $ 10,896 $ 77,711 $ 180,224 Post-modification (a) Year Ended December 31, 2017 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 217 $ 111,036 $ 25,051 $ — $ 6,459 $ 57,153 $ 88,663 Real estate: Commercial 83 44,924 17,039 — 868 22,975 40,882 Residential builder and developer 3 12,291 — — — 10,879 10,879 Other commercial construction 2 168 168 — — — 168 Residential 141 31,827 16,633 — — 17,974 34,607 Residential — limited documentation 20 4,230 911 — — 3,661 4,572 Consumer: Home equity lines and loans 110 10,049 1,137 — 491 8,585 10,213 Recreational finance 9 160 160 — — — 160 Automobile 69 1,378 1,203 — — 175 1,378 Total 654 $ 216,063 $ 62,302 $ — $ 7,818 $ 121,402 $ 191,522 (a) 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 December 31, 2019, 2018 and 2017 and for which there was a subsequent payment default during the respective year were not material. Borrowings by directors and certain officers of M&T and its banking subsidiaries, and by associates of such persons, exclusive of loans aggregating less than $60,000, amounted to $28 million and $77 million at December 31, 2019 and 2018, respectively. During 2019, new borrowings by such persons amounted to $1 million (including any borrowings of new directors or officers that were outstanding at the time of their election) and repayments and other reductions (including reductions resulting from individuals ceasing to be directors or officers) were $50 million. At December 31, 2019, approximately $11.9 billion of commercial loans and leases, $13.3 billion of commercial real estate loans, $11.5 billion of one-to-four family residential real estate loans, $2.3 billion of home equity loans and lines of credit and $7.5 billion of other consumer loans were pledged to secure outstanding borrowings from the FHLB of New York and available lines of credit as described in note 8. The Company’s loan and lease portfolio includes commercial lease financing receivables consisting of direct financing and leveraged leases for machinery and equipment, railroad equipment, commercial trucks and trailers, and aircraft. Certain leases contain payment schedules that are tied to variable interest rate indices. In general, early termination options are provided if the lessee is not in default, returns the leased equipment and pays an early termination fee. Additionally, options to purchase the underlying asset by the lessee are generally at the fair market value of the equipment. Effective January 1, 2019, the Company adopted new guidance related to lease accounting published by the Financial Accounting Standards Board (“FASB”). Under the new guidance, the accounting applied by lessors is largely unchanged from previous GAAP, however, the guidance eliminates the accounting model for leveraged leases that commence after the effective date of the guidance. A summary of lease financing receivables follows: December 31 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,164,567 $ 1,155,464 Estimated residual value of leased assets 84,540 85,169 Unearned income (106,780 ) (110,458 ) Investment in direct financings 1,142,327 1,130,175 Leveraged leases: Lease payments receivable 82,065 85,007 Estimated residual value of leased assets 81,025 81,261 Unearned income (31,596 ) (33,717 ) Investment in leveraged leases 131,494 132,551 Total investment in leases $ 1,273,821 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 70,245 $ 74,995 Included within the estimated residual value of leased assets at December 31, 2019 and 2018 were $37 million and $39 million, respectively, in residual value associated with direct financing leases that are guaranteed by the lessees or others. At December 31, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2020 $ 332,719 2021 297,875 2022 227,652 2023 161,296 2024 84,433 Later years 142,657 $ 1,246,632 The amount of foreclosed residential real estate property held by the Company was $76 million and $77 million at December 31, 2019 and 2018, respectively. There were $402 million and $391 million at December 31, 2019 and 2018, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at December 31, 2019, approximately 36% were government guaranteed. |
Allowance for credit losses
Allowance for credit losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for credit losses | 4. Allowance for credit losses Changes in the allowance for credit losses for the years ended December 31, 2019, 2018 and 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 2019 Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 69,702 (10,726 ) (8,585 ) 126,029 (420 ) 176,000 Net charge-offs Charge-offs (58,244 ) (12,664 ) (12,711 ) (154,089 ) — (237,708 ) Recoveries 24,581 3,936 8,204 56,614 — 93,335 Net charge-offs (33,663 ) (8,728 ) (4,507 ) (97,475 ) — (144,373 ) Ending balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 2018 Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 33,967 (41,181 ) 12,401 127,068 (255 ) 132,000 Net charge-offs Charge-offs (60,414 ) (12,286 ) (15,345 ) (143,196 ) — (231,241 ) Recoveries 27,903 21,037 6,664 45,883 — 101,487 Net (charge-offs) recoveries (32,511 ) 8,751 (8,681 ) (97,313 ) — (129,754 ) Ending balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 2017 Beginning balance $ 330,833 362,719 61,127 156,288 78,030 $ 988,997 Provision for credit losses 41,511 6,715 16,094 103,410 270 168,000 Net charge-offs Charge-offs (64,941 ) (7,931 ) (20,799 ) (130,927 ) — (224,598 ) Recoveries 21,196 12,582 8,983 42,038 — 84,799 Net (charge-offs) recoveries (43,745 ) 4,651 (11,816 ) (88,889 ) — (139,799 ) Ending balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Despite the allocations in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In establishing the allowance for credit losses, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted 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 loans 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 that is applied to commercial and commercial real estate credits on an individual loan basis. Loan grades are assigned loss factors that reflect the Company’s loss estimate for each group of loans and leases. Factors considered in assigning loan grades and loss 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. The following tables provide information with respect to loans and leases that were considered impaired as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. December 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 230,444 257,745 74,435 153,478 175,549 46,034 Real estate: Commercial 60,745 73,026 7,713 110,253 125,117 11,937 Residential builder and developer 9,559 9,856 121 5,981 6,557 462 Other commercial construction 12,425 24,908 1,354 10,563 11,113 640 Residential 125,623 145,497 6,873 124,974 147,817 5,402 Residential — limited documentation 64,268 77,359 2,300 74,156 90,066 3,000 Consumer: Home equity lines and loans 46,325 51,238 8,957 47,982 53,248 9,135 Recreational finance 5,270 9,579 1,095 6,138 9,163 1,261 Automobile 3,256 3,344 703 3,527 3,599 729 Other 4,542 8,341 915 5,203 8,380 1,046 562,457 660,893 104,466 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 139,127 152,132 — 105,507 136,128 — Real estate: Commercial 117,751 131,406 — 113,376 124,657 — Residential builder and developer 3,378 3,378 — 2,593 2,602 — Other commercial construction 20,345 21,306 — 11,710 11,880 — Residential 18,090 23,365 — 15,379 20,496 — Residential — limited documentation 4,985 8,348 — 5,631 9,796 — 303,676 339,935 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 369,571 409,877 74,435 258,985 311,677 46,034 Real estate: Commercial 178,496 204,432 7,713 223,629 249,774 11,937 Residential builder and developer 12,937 13,234 121 8,574 9,159 462 Other commercial construction 32,770 46,214 1,354 22,273 22,993 640 Residential 143,713 168,862 6,873 140,353 168,313 5,402 Residential — limited documentation 69,253 85,707 2,300 79,787 99,862 3,000 Consumer: Home equity lines and loans 46,325 51,238 8,957 47,982 53,248 9,135 Recreational finance 5,270 9,579 1,095 6,138 9,163 1,261 Automobile 3,256 3,344 703 3,527 3,599 729 Other 4,542 8,341 915 5,203 8,380 1,046 Total $ 866,133 1,000,828 104,466 796,451 936,168 79,646 Year Ended December 31, 2019 Year Ended December 31, 2018 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 303,712 8,960 8,960 263,018 7,873 7,873 Real estate: Commercial 208,200 5,850 5,850 194,451 10,880 10,880 Residential builder and developer 10,863 357 357 8,699 1,779 1,779 Other commercial construction 26,440 634 634 11,467 3,474 3,474 Residential 142,400 9,200 3,567 129,593 8,386 3,456 Residential — limited documentation 74,399 5,463 881 82,854 6,118 1,723 Consumer: Home equity lines and loans 47,168 1,639 270 48,591 1,698 289 Recreational finance 5,707 558 17 1,849 333 9 Automobile 3,445 214 72 9,262 690 69 Other 5,025 525 11 4,413 230 13 Total $ 827,359 33,400 20,619 754,197 41,461 29,565 Year Ended December 31, 2017 Interest Income Recognized Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 240,157 3,894 3,894 Real estate: Commercial 207,616 4,497 4,497 Residential builder and developer 16,209 6,419 6,419 Other commercial construction 15,142 1,001 1,001 Residential 110,646 7,177 3,406 Residential — 93,097 5,981 1,607 Consumer: Home equity lines and loans 47,323 1,681 400 Recreational finance 1,041 212 9 Automobile 15,045 1,025 81 Other 2,322 96 2 Total $ 748,598 31,983 21,316 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. 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 loans and commercial real estate loans. Real Estate Commercial, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) December 31, 2019 Pass $ 22,595,821 25,728,725 1,419,162 7,092,799 Criticized accrual 895,790 770,609 124,101 211,292 Criticized nonaccrual 346,557 158,474 3,982 32,770 Total $ 23,838,168 26,657,808 1,547,245 7,336,861 December 31, 2018 Pass $ 21,693,705 24,539,706 1,546,002 6,890,562 Criticized accrual 1,049,848 866,987 139,509 150,115 Criticized nonaccrual 234,423 203,672 4,798 22,205 Total $ 22,977,976 25,610,365 1,690,309 7,062,882 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 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 by giving consideration to estimated collateral values. The carrying value of residential real estate loans and home equity loans and lines of credit for which a partial charge-off has been recognized totaled $25 million and $19 million, respectively, at December 31, 2019 and $29 million and $23 million, respectively, at December 31, 2018. Residential real estate loans and home equity loans and lines of credit that were more than 150 days past due but did not require a partial charge-off because the net realizable value of the collateral exceeded the outstanding customer balance were $18 million and $29 million, respectively, at December 31, 2019 and $21 million and $31 million, respectively, at December 31, 2018. 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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) December 31, 2019 Individually evaluated for impairment $ 74,435 9,188 9,173 11,670 $ 104,466 Collectively evaluated for impairment 291,659 313,013 43,656 217,448 865,776 Purchased impaired — — 3,204 — 3,204 Allocated $ 366,094 322,201 56,033 229,118 973,446 Unallocated 77,625 Total $ 1,051,071 December 31, 2018 Individually evaluated for impairment $ 46,034 13,039 8,402 12,171 $ 79,646 Collectively evaluated for impairment 284,021 328,616 48,326 188,393 849,356 Purchased impaired — — 12,397 — 12,397 Allocated $ 330,055 341,655 69,125 200,564 941,399 Unallocated 78,045 Total $ 1,019,444 The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) December 31, 2019 Individually evaluated for impairment $ 369,571 224,203 212,966 59,393 $ 866,133 Collectively evaluated for impairment 23,468,597 35,300,120 15,733,174 15,327,300 89,829,191 Purchased impaired — 17,591 209,954 — 227,545 Total $ 23,838,168 35,541,914 16,156,094 15,386,693 $ 90,922,869 December 31, 2018 Individually evaluated for impairment $ 258,985 254,476 220,140 62,850 $ 796,451 Collectively evaluated for impairment 22,718,991 34,098,670 16,641,411 13,907,649 87,366,721 Purchased impaired — 10,410 292,895 — 303,305 Total $ 22,977,976 34,363,556 17,154,446 13,970,499 $ 88,466,477 |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Premises and equipment | 5. Premises and equipment The detail of premises and equipment was as follows: December 31 2019 2018 (In thousands) Land $ 96,118 $ 97,082 Buildings 482,182 465,482 Leasehold improvements 262,438 240,731 Furniture and equipment — owned 739,724 669,782 Furniture and equipment — capital leases 14,232 18,582 1,594,694 1,491,659 Less: accumulated depreciation and amortization Owned assets 882,272 835,218 Capital leases 8,425 9,033 890,697 844,251 Right of use assets — operating leases 436,927 — Premises and equipment, net $ 1,140,924 $ 647,408 The January 1, 2019 adoption of new lease accounting guidance from the FASB resulted in the Company recording right-of-use assets and lease liabilities in the consolidated balance sheet for all operating leases with a term greater than twelve months. In addition, the Company elected the practical expedients that (1) reassessment is not needed for whether any existing contracts are or contain leases, (2) reassessment of the classification of existing operating and finance leases is not required, and (3) a lease that has a term of twelve months or less is not required to apply the asset and liability recognition requirements. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If it is determined that a contract contains a lease, the consideration in the contract is separated between lease and nonlease components (for example, taxes or common area maintenance). In calculating the present value of the lease payments, the Company has utilized its incremental secured borrowing rate based on the lease term. The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements, which prior to the adoption of the guidance were not reflected in the consolidated balance sheet. As of December 31, 2019, the Company recognized $488 million of operating lease liabilities as a component of “accrued interest and other liabilities” in the consolidated balance sheet. The Company’s noncancelable operating lease agreements expire at various dates over the next 22 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a landlord's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense when incurred. The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 100,669 Short-term lease cost 105 Variable lease cost 2,332 Total lease cost $ 103,106 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 132,219 Cash paid toward lease liabilities 101,869 Weighted-average remaining lease term 7 years Weighted-average discount rate 3.01 % Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2020 $ 100,447 2021 95,199 2022 79,794 2023 62,766 2024 50,539 Later years 154,585 Total lease payments 543,330 Less: imputed interest 55,775 Total $ 487,555 Net lease expense for all operating leases totaled $111 million in 2018 and $114 million in 2017. All other operating leasing activities were not material to the Company’s consolidated results of operations. Minimum lease payments required under capital leases are not material. |
Capitalized servicing assets
Capitalized servicing assets | 12 Months Ended |
Dec. 31, 2019 | |
Transfers And Servicing [Abstract] | |
Capitalized servicing assets | 6. Capitalized servicing assets Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2019 2018 2017 2019 2018 2017 (In thousands) Beginning balance $ 120,509 $ 114,978 $ 117,351 $ 114,663 $ 114,076 $ 103,764 Originations 26,067 28,985 28,792 41,370 26,298 34,620 Purchases 144,326 454 699 — — — Amortization (46,491 ) (23,908 ) (31,864 ) (25,397 ) (25,711 ) (24,308 ) 244,411 120,509 114,978 130,636 114,663 114,076 Valuation allowance (7,000 ) — — — — — Ending balance, net $ 237,411 $ 120,509 $ 114,978 $ 130,636 $ 114,663 $ 114,076 Residential mortgage loans serviced for others were $32.3 billion at December 31, 2019, $22.2 billion at December 31, 2018 and $22.6 billion at December 31, 2017. Excluded from residential mortgage loans serviced for others were loans sub-serviced for others of $62.8 billion, $56.8 billion and $56.6 billion at December 31, 2019, 2018, and 2017, respectively. On January 31, 2019, the Company purchased servicing rights for residential real estate loans that had outstanding principal balances at that date of approximately $13.3 billion. The purchase price of such servicing rights was approximately $144 million. Commercial mortgage loans serviced for others were $17.6 billion at December 31, 2019, $15.5 billion at December 31, 2018 and $13.6 billion at December 31, 2017. Excluded from commercial mortgage loans serviced for others were loans sub-serviced for others of $3.4 billion at December 31, 2019, $2.7 billion at December 31, 2018 and $2.6 billion at December 31, 2017. The estimated fair value of capitalized residential mortgage loan servicing assets was approximately $297 million at December 31, 2019 and $240 million at December 31, 2018. The fair value of capitalized residential mortgage loan servicing assets was estimated using weighted-average discount rates of 10.6% and 11.4% at December 31, 2019 and 2018, respectively, and contemporaneous prepayment assumptions that vary by loan type. At December 31, 2019 and 2018, the discount rate represented a weighted-average option-adjusted spread (“OAS”) of 928 basis points (hundredths of one percent) and 963 basis points, respectively, over market implied forward London Interbank Offered Rates (“LIBOR”). The estimated fair value of capitalized residential mortgage loan servicing rights may vary significantly in subsequent periods due to changing interest rates and the effect thereof on prepayment speeds. The estimated fair value of capitalized commercial mortgage loan servicing assets was approximately $153 million and $135 million at December 31, 2019 and 2018, respectively. An 18% discount rate was used to estimate the fair value of capitalized commercial mortgage loan servicing rights at December 31, 2019 and 2018 with no prepayment assumptions because, in general, the servicing agreements allow the Company to share in customer loan prepayment fees and thereby recover the remaining carrying value of the capitalized servicing rights associated with such loan. The Company’s ability to realize the carrying value of capitalized commercial mortgage servicing rights is more dependent on the borrowers’ abilities to repay the underlying loans than on prepayments or changes in interest rates. The key economic assumptions used to determine the fair value of significant portfolios of capitalized servicing rights at December 31, 2019 and the sensitivity of such value to changes in those assumptions are summarized in the table that follows. Those calculated sensitivities are hypothetical and actual changes in the fair value of capitalized servicing rights may differ significantly from the amounts presented herein. The effect of a variation in a particular assumption on the fair value of the servicing rights is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities. The changes in assumptions are presumed to be instantaneous. Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 15.84 % Impact on fair value of 10% adverse change $ (16,555 ) Impact on fair value of 20% adverse change (31,475 ) Weighted-average OAS 9.28 % Impact on fair value of 10% adverse change $ (8,070 ) Impact on fair value of 20% adverse change (15,663 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ (6,948 ) Impact on fair value of 20% adverse change (13,395 ) |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | 7. Goodwill and other intangible assets The Company does not amortize goodwill, however, core deposit and other intangible assets are amortized over the estimated life of each respective asset. At December 31, 2019 the Company reduced by $933 million the gross carrying amount and accumulated amortization associated with intangible assets that had been fully amortized and, therefore, had no remaining net carrying amount. Total amortizing intangible assets were comprised of the following: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2019 Core deposit $ 131,664 $ 105,802 $ 25,862 Other 6,757 3,585 3,172 Total $ 138,421 $ 109,387 $ 29,034 December 31, 2018 Core deposit $ 887,459 $ 843,572 $ 43,887 Other 182,568 179,388 3,180 Total $ 1,070,027 $ 1,022,960 $ 47,067 Amortization of core deposit and other intangible assets was generally computed using accelerated methods over original amortization periods of three to ten years. The weighted-average original amortization period was approximately eight years. Amortization expense for core deposit and other intangible assets was $19 million, $25 million and $31 million for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated amortization expense in future years for such intangible assets is as follows: (In thousands) Year ending December 31: 2020 $ 14,869 2021 10,167 2022 3,998 $ 29,034 The Company completed annual goodwill impairment tests as of October 1, 2019 , 2018 and 2017 . For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations, which has historically been the Company’s core relationship business reporting units. Goodwill was generally assigned based on the implied fair value of the acquired goodwill applicable to the benefited reporting units at the time of each respective acquisition. The implied fair value of the goodwill was determined as the difference between the estimated incremental overall fair value of the reporting unit and the estimated fair value of the net assets assigned to the reporting unit as of each respective acquisition date. To test for goodwill impairment at each evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. The methodologies used to estimate fair values of reporting units as of the acquisition dates and as of the evaluation dates were similar. For the Company’s core customer relationship business reporting units, fair value was estimated as the present value of the expected future cash flows of the reporting unit. Based on the results of the goodwill impairment tests, the Company concluded that the amount of recorded goodwill was not impaired at the respective testing dates. A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2019 and 2018 for purposes of testing for impairment is as follows: (In thousands) Business Banking $ 864,366 Commercial Banking 1,401,873 Commercial Real Estate 654,389 Discretionary Portfolio — Residential Mortgage Banking — Retail Banking 1,309,191 All Other 363,293 Total $ 4,593,112 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 8. Borrowings The amounts and interest rates of short-term borrowings were as follows: Federal Funds Purchased and Repurchase Agreements Other Short-term Borrowings Total (Dollars in thousands) At December 31, 2019 Amount outstanding $ 62,363 $ — $ 62,363 Weighted-average interest rate 0.14 % — 0.14 % For the year ended December 31, 2019 Highest amount at a month-end $ 3,402,566 $ 5,000,000 Daily-average amount outstanding 260,322 799,068 $ 1,059,390 Weighted-average interest rate 1.86 % 2.49 % 2.34 % At December 31, 2018 Amount outstanding $ 198,378 $ 4,200,000 $ 4,398,378 Weighted-average interest rate 1.68 % 2.63 % 2.58 % For the year ended December 31, 2018 Highest amount at a month-end $ 2,654,416 $ 4,200,000 Daily-average amount outstanding 261,200 69,465 $ 330,665 Weighted-average interest rate 1.49 % 2.16 % 1.63 % At December 31, 2017 Amount outstanding $ 175,099 $ — $ 175,099 Weighted-average interest rate 0.92 % — 0.92 % For the year ended December 31, 2017 Highest amount at a month-end $ 204,977 $ 1,500,000 Daily-average amount outstanding 188,459 16,164 $ 204,623 Weighted-average interest rate 0.69 % 1.27 % 0.74 % Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, short-term repurchase agreements outstanding at December 31, 2019 matured on the next business day following year-end. At December 31, 2019, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 1,869 Unused 32,578,083 At December 31, 2019, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $18.2 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately $14.4 billion at December 31, 2019. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities. Long-term borrowings were as follows: December 31, 2019 2018 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,756 $ 249,688 3.55% due 2023 520,454 506,021 Senior notes of M&T Bank: Variable rate due 2021 349,893 349,794 Variable rate due 2022 249,758 249,658 2.25% due 2019 — 645,801 2.05% due 2020 749,254 737,793 2.10% due 2020 749,864 741,965 2.625% due 2021 654,136 646,301 2.50% due 2022 652,714 634,525 2.90% due 2025 749,572 749,488 Advances from FHLB: Fixed rates 1,815 576,446 Agreements to repurchase securities 101,679 409,154 Subordinated notes of M&T Bank: Variable rate due 2020 409,361 409,361 Variable rate due 2021 500,000 500,000 3.40% due 2027 514,353 481,692 Junior subordinated debentures of M&T associated with preferred capital securities: Fixed rates: BSB Capital Trust I — 8.125%, due 2028 15,728 15,705 Provident Trust I — 8.29%, due 2028 28,235 27,489 Southern Financial Statutory Trust I — 10.60%, due 2030 6,770 6,713 Variable rates: First Maryland Capital I — due 2027 147,871 147,333 First Maryland Capital II — due 2027 149,943 149,280 Allfirst Asset Trust — due 2029 96,930 96,785 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 55,867 55,143 Southern Financial Capital Trust III — due 2033 8,236 8,141 Other 8,533 35,174 $ 6,986,186 $ 8,444,914 The senior notes of M&T were issued in July 2018. The variable rate notes pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rates for those notes were 2.62% at December 31, 2019 and 2.51% at December 31, 2018. The variable rate senior notes of M&T Bank pay interest quarterly at rates that are indexed to the three-month LIBOR. The contractual interest rates for those notes ranged from 2.21 % to 2.54 % at December 31, 2019 and 2.76 % to 3.25 % at December 31, 2018. The weighted-average contractual interest rate was 2.34 % at December 31, 2019 and 2.96 % at December 31, 2018. Long-term fixed rate advances from the FHLB had weighted-average contractual interest rates of 5.82% at December 31, 2019 and 2.06% at December 31, 2018. Advances from the FHLB outstanding at December 31, 2019 mature in 2029 and 2035 and are secured by residential real estate loans, commercial real estate loans and investment securities. The remaining long-term agreement to repurchase securities at December 31, 2019 had a contractual interest rate of 4.29%. Agreements to repurchase securities outstanding at December 31, 2018 had contractual interest rates that ranged from 4.09% to 4.58%. The outstanding agreement at December 31, 2019 has a repurchase date in 2020, however, the contractual maturities of the underlying investment securities extend beyond such repurchase date. The agreement is subject to legally enforceable master netting arrangements, however, the Company has not offset any amounts related to the agreement in its consolidated financial statements. The Company posted collateral consisting primarily of government guaranteed mortgage-backed securities of $108 million and $428 million at December 31, 2019 and 2018, respectively. The subordinated notes of M&T Bank are unsecured and are subordinate to the claims of its other creditors. The notes that mature in 2020 pay interest monthly at a rate that is indexed to the one-month LIBOR. The contractual interest rate was 3.02% and 3.72% at December 31, 2019 and 2018, respectively. The notes that mature in 2021 pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rate was 2.55% at December 31, 2019 and 3.38% at December 31, 2018. The fixed and variable rate junior subordinated deferrable interest debentures of M&T (“Junior Subordinated Debentures”) are held by various trusts and were issued in connection with the issuance by those trusts of preferred capital securities (“Capital Securities”) and common securities (“Common Securities”). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, the Capital Securities qualify for inclusion in Tier 2 regulatory capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from 2.76% to 5.34% at December 31, 2019 and from 3.39% to 5.69% at December 31, 2018. The weighted-average variable rates payable on those Junior Subordinated Debentures were 3.37% at December 31, 2019 and 3.94% at December 31, 2018. Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033 ) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. Long-term borrowings at December 31, 2019 mature as follows: (In thousands) Year ending December 31: 2020 $ 2,010,251 2021 1,506,667 2022 907,794 2023 770,211 2024 479 Later years 1,790,784 $ 6,986,186 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' equity | 9. 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 as of December 31, 2019 and 2018 is presented below: December 31, 2019 December 31, 2018 Shares Issued and Outstanding Carrying Value Shares Issued and Outstanding Carrying Value (Dollars in thousands) Series A (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share — — 230,000 $ 230,000 Series C (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share — — 151,500 $ 151,500 Series E (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (d) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 40,000 $ 400,000 — — (a) The shares were fully redeemed in August 2019, having received the approval of the Federal Reserve to redeem such shares after issuing the Series G preferred stock (b) 90 days (c) Dividends, if declared, are paid semi-annually at a rate of 5.125 % through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Declared dividends per share were $ 512.50 in each of 2019, 2018 and 2017. (d) Dividends, if declared, are paid semi-annually at a rate of 5.0% through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174%. The shares are redeemable in whole or in part on or after August 1, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 10. Revenue from contracts with customers Effective January 1, 2018 the Company adopted amended accounting and disclosure guidance for revenue from contracts with customers under the modified retrospective approach. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and foreign exchange gains, investment securities gains, loan and letter of credit fees, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of the amended guidance for revenue from contracts with customers. As a result of the adoption, the Company began reporting credit card interchange revenue net of $25 million and $14 million of rewards in other revenues from operations for the years ended December 31, 2019 and 2018, respectively. Credit card rewards expense of $13 million for the year ended December 31, 2017 was included in other costs of operations. The adjustment to beginning retained earnings as well as the impact of any changes in timing of revenue recognition of noninterest income items within the scope of the guidance was not material to the Company’s consolidated financial position at December 31, 2017 or its consolidated results of operations for the year ended December 31, 2018. For noninterest income revenue streams, the Company recognizes the expected amount of consideration as revenue when the performance obligations related to the services under the terms of a contract are satisfied. The Company’s contracts generally do not contain terms that necessitate significant judgment to determine the amount of revenue to recognize. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 60,690 93,044 9,828 — 4 263,659 5,753 $ 432,978 Trust income 31 963 — — — — 571,614 572,608 Brokerage services income — — — — — — 48,922 48,922 Other revenues from operations: Merchant discount and credit card fees 36,844 52,161 2,516 — — 12,140 3,381 107,042 Other — 7,498 8,615 1,776 3,492 36,144 34,088 91,613 $ 97,565 153,666 20,959 1,776 3,496 311,943 663,758 $ 1,253,163 Year Ended December 31, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 62,323 96,407 9,870 — 10 254,590 6,137 $ 429,337 Trust income 9 917 — — — — 536,659 537,585 Brokerage services income — — — — — — 51,069 51,069 Other revenues from operations: Merchant discount and credit card fees 34,557 52,051 2,213 — — 14,924 2,208 105,953 Other — 8,796 7,259 1,738 3,814 38,529 30,233 90,369 $ 96,889 158,171 19,342 1,738 3,824 308,043 626,306 $ 1,214,313 Service charges on deposit accounts include fees deducted directly from customer account balances, such as account maintenance, insufficient funds and other transactional service charges, and also include debit card interchange revenue resulting from customer initiated transactions. Account maintenance charges are generally recognized as revenue on a monthly basis, whereas other fees are recognized after the respective service is provided. Trust income includes fees related to the Institutional Client Services (“ICS”) business and the Wealth Advisory Services (“WAS”) business. Revenues from the ICS business are largely derived from a variety of trustee, agency, investment, cash management and administrative services, whereas revenues from the WAS business are mainly derived from asset management, fiduciary services, and family office services. Trust fees may be billed in arrears or in advance and are recognized as revenues as the Company’s performance obligations are satisfied. Certain fees are based on a percentage of assets invested or under management and are recognized as the service is performed and constraints regarding the uncertainty of the amount of fees are resolved. Brokerage services income includes revenues from the sale of mutual funds and annuities and securities brokerage fees. Such revenues are generally recognized at the time of transaction execution. Mutual fund and other distribution fees are recognized upon initial placement of customer funds as well as in future periods as such customers continue to hold amounts in those mutual funds. Other revenues from operations include merchant discount and credit card fees such as interchange fees and merchant discount fees that are generally recognized when the cardholder’s transaction is approved and settled. Beginning in 2018, credit card rewards accrued to cardholders are recognized as a reduction of interchange revenue. Also included in other revenues from operations are insurance commissions, ATM surcharge fees, and advisory fees. Insurance commissions are recognized at the time the insurance policy is executed with the customer. Insurance renewal commissions are recognized upon subsequent renewal of the policy. ATM surcharge fees are included in revenue at the time of the respective ATM transaction. Advisory fees are generally recognized at the conclusion of the advisory engagement when the Company has satisfied its service obligation. |
Stock-based compensation plans
Stock-based compensation plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based compensation plans | 11. Stock-based compensation plans Stock-based compensation expense was $76 million in 2019, $66 million in 2018 and $61 million in 2017. The Company recognized income tax benefits related to stock-based compensation of $19 million in 2019, $24 million in 2018 and $35 million in The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. At December 31, 2019 and 2018, respectively, there were 3,742,478 and 2,833,428 shares available for future grant under the Company’s equity incentive compensation plan. Stock awards Stock awards are comprised of restricted stock and restricted stock units. Stock awards granted since 2014 generally vest over three years. Stock awards granted prior to 2014 vested over four years. A portion of stock awards granted after 2013 require a performance condition to be met before such awards vest. The Company may issue shares from treasury stock to the extent available or issue new shares. The number of restricted shares issued was 181,939 in 2017 with a weighted-average grant date fair value of $30 million. There were no restricted shares issued in 2019 or 2018. The number of restricted stock units issued was 448,487 in 2019, 348,512 in 2018 and 235,983 in 2017, with a weighted-average grant date fair value of $74 million, $66 million and $38 million, respectively. Unrecognized compensation expense associated with restricted stock units was $22 million as of December 31, 2019 and is expected to be recognized over a weighted-average period of approximately one year. A summary of restricted stock and restricted stock unit activity follows: Restricted Stock Units Outstanding Weighted- Average Grant Price Restricted Stock Outstanding Weighted- Average Grant Price Unvested at January 1, 2019 556,875 $ 170.07 179,439 $ 144.18 Granted 448,487 164.63 — — Vested (298,243 ) 157.90 (113,894 ) 133.69 Cancelled (15,892 ) 173.48 (1,954 ) 161.42 Unvested at December 31, 2019 691,227 $ 171.72 63,591 $ 162.45 Stock option awards Stock options issued generally vest over three years and are exercisable over terms not exceeding ten years and one day. The Company used an option pricing model to estimate the grant date present value of stock options granted. The Company granted 164,244 and 116,852 stock options in 2019 and 2018, respectively. Stock options granted in 2017 were not significant. The fair value of options granted in each of 2019, 2018 and 2017 was not material. A summary of stock option activity follows: Weighted-Average Stock Options Outstanding Exercise Price Life (In Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 220,591 $ 157.98 Granted 164,244 164.54 Exercised (76,181 ) 122.55 Expired (3,202 ) 176.41 Outstanding at December 31, 2019 305,452 $ 170.15 8.0 $ 2,301 Exercisable at December 31, 2019 66,076 $ 159.96 5.1 $ 1,454 For 2019, 2018 and 2017, M&T received $9 million, $60 million and $72 million, respectively, in cash and realized tax benefits from the exercise of stock options of $1 million, $3 million and $10 million, respectively. The intrinsic value of stock options exercised during those periods was $3 million, $16 million and $31 million, respectively. As of December 31, 2019, the amount of unrecognized compensation cost related to non-vested stock options was not material. The total grant date fair value of stock options vested during 2019, 2018 and 2017 was not material. Upon the exercise of stock options, the Company may issue shares from treasury stock to the extent available or issue new shares. Stock purchase plan The stock purchase plan provides eligible employees of the Company with the right to purchase shares of M&T common stock at a discount through accumulated payroll deductions. In connection with the employee stock purchase plan, shares of M&T common stock issued were 71,676 in 2019, 58,167 in 2018 and 66,504 in 2017. As of December 31, 2019, there were 2,310,751 shares available for issuance under the plan. M&T received cash for shares purchased through the employee stock purchase plan of $11 million in 2019 and $10 million in each of 2018 and 2017. Compensation expense recognized for the stock purchase plan was not significant in 2019, 2018 or 2017. Deferred bonus plan The Company provided a deferred bonus plan pursuant to which eligible employees could elect to defer all or a portion of their annual incentive compensation awards and allocate such awards to several investment options, including M&T common stock. Participants could elect the timing of distributions from the plan. Such distributions are payable in cash with the exception of balances allocated to M&T common stock which are distributable in the form of M&T common stock. Shares of M&T common stock distributable pursuant to the terms of the deferred bonus plan were 16,491 and 18,292 at December 31, 2019 and 2018, respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. Directors’ stock plan The Company maintains a compensation plan for non-employee members of the Company’s boards of directors and directors advisory councils that allows such members to receive all or a portion of their compensation in shares of M&T common stock. Through December 31, 2019, 282,532 shares had been issued in connection with the directors’ stock plan. Through acquisitions, the Company assumed obligations to issue shares of M&T common stock related to deferred directors compensation plans. Shares of common stock issuable under such plans were 5,043 and 6,271 at December 31, 2019 and 2018 , respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. |
Pension plans and other postret
Pension plans and other postretirement benefits | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 12. 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. The Company uses a December 31 measurement date for all of its plans. Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2019 2018 2017 (In thousands) Service cost $ 17,294 $ 20,346 $ 20,193 Interest cost on benefit obligation 81,579 74,704 79,270 Expected return on plan assets (122,139 ) (123,127 ) (108,524 ) Amortization of prior service cost 557 557 557 Recognized net actuarial loss 21,992 43,793 29,263 Net periodic pension cost (benefit) $ (717 ) $ 16,273 $ 20,759 Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2019 2018 2017 (In thousands) Service cost $ 859 $ 938 $ 1,172 Interest cost on benefit obligation 2,344 2,293 3,716 Amortization of prior service credit (4,730 ) (4,729 ) (1,359 ) Recognized net actuarial gain (1,247 ) (826 ) (988 ) Net other postretirement benefits cost (benefit) $ (2,774 ) $ (2,324 ) $ 2,541 Service cost is reflected in salaries and employee benefits expense. The other components of net periodic benefit expense are reflected in other costs of operations. Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,949,613 $ 2,188,736 $ 59,991 $ 68,637 Service cost 17,294 20,346 859 938 Interest cost 81,579 74,704 2,344 2,293 Plan participants’ contributions — — 2,749 2,974 Actuarial (gain) loss 298,713 (228,897 ) (687 ) (4,758 ) Medicare Part D reimbursement — — 370 508 Benefits paid (99,870 ) (105,276 ) (9,134 ) (10,601 ) Benefit obligation at end of year 2,247,329 1,949,613 56,492 59,991 Change in plan assets: Fair value of plan assets at beginning of year 1,833,833 2,014,891 — — Actual return on plan assets 293,546 (90,657 ) — — Employer contributions 10,431 14,875 6,015 7,119 Plan participants’ contributions — — 2,749 2,974 Medicare Part D reimbursement — — 370 508 Benefits paid (99,870 ) (105,276 ) (9,134 ) (10,601 ) Fair value of plan assets at end of year 2,037,940 1,833,833 — — Funded status $ (209,389 ) $ (115,780 ) $ (56,492 ) $ (59,991 ) Accrued liabilities recognized in the consolidated balance sheet $ (209,389 ) $ (115,780 ) $ (56,492 ) $ (59,991 ) Amounts recognized in accumulated other comprehensive income (“AOCI”) were: Net loss (gain) $ 507,029 $ 401,716 $ (17,308 ) $ (17,868 ) Net prior service cost (credit) 1,834 2,391 (27,007 ) (31,737 ) Pre-tax adjustment to AOCI 508,863 404,107 (44,315 ) (49,605 ) Taxes (133,779 ) (106,240 ) 11,650 13,041 Net adjustment to AOCI $ 375,084 $ 297,867 $ (32,665 ) $ (36,564 ) The Company has an unfunded supplemental pension plan for certain key executives and others. The projected benefit obligation and accumulated benefit obligation included in the preceding data related to such plan were $154 million as of December 31, 2019 and $143 million as of December 31, 2018. The accumulated benefit obligation for all defined benefit pension plans was $2.2 billion and $1.9 billion at December 31, 2019 and 2018, respectively. GAAP requires an employer to recognize in its balance sheet as an asset or liability the overfunded or underfunded status of a defined benefit postretirement plan, measured as the difference between the fair value of plan assets and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit expense, are recognized as a component of other comprehensive income. Amortization of net gains and losses is included in annual net periodic benefit expense if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the benefit obligation or the fair value of the plan assets. As indicated in the preceding table, as of December 31, 2019 the Company recorded a minimum liability adjustment of $465 million ($509 million related to pension plans and $(44) million related to other postretirement benefits) with a corresponding reduction of shareholders’ equity, net of applicable deferred taxes, of $342 million. In aggregate, the benefit plans realized a net loss during 2019 that resulted in an increase to the minimum liability adjustment from that which was recorded at December 31, 2018 of $110 million. The net loss in 2019 was mainly the result of lowering the discount rate used to measure the benefit obligation of all plans to 3.25% at December 31, 2019 from 4.25% used at the prior year-end, offset, in part, by the amortization of actuarial losses and a return on plan assets that exceeded the assumed expected return. Pension Plans Other Postretirement Benefit Plans Total (In thousands) 2019 Net loss (gain) $ 127,305 $ (687 ) $ 126,618 Amortization of prior service (cost) credit (557 ) 4,730 4,173 Amortization of actuarial (loss) gain (21,992 ) 1,247 (20,745 ) Total recognized in other comprehensive income, pre-tax $ 104,756 $ 5,290 $ 110,046 2018 Net gain $ (15,113 ) $ (4,758 ) $ (19,871 ) Amortization of prior service (cost) credit (557 ) 4,729 4,172 Amortization of actuarial (loss) gain (43,793 ) 826 (42,967 ) Total recognized in other comprehensive income, pre-tax $ (59,463 ) $ 797 $ (58,666 ) The following table reflects the amortization of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit expense during 2020: Pension Plans Other Postretirement Benefit Plans (In thousands) Amortization of net prior service cost (credit) $ 557 $ (4,738 ) Amortization of net loss (gain) 55,851 (1,223 ) The Company also provides a qualified defined contribution pension plan to eligible employees who were not participants in the defined benefit pension plan as of December 31, 2005 and to other employees who have elected to participate in the defined contribution plan. The Company makes contributions to the defined contribution plan each year in an amount that is based on an individual participant’s total compensation (generally defined as total wages, incentive compensation, commissions and bonuses) and years of service. Participants do not contribute to the defined contribution pension plan. Pension expense recorded in 2019, 2018 and 2017 associated with the defined contribution pension plan was approximately $32 million, $29 million and $30 million, respectively. Assumptions The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Discount rate 3.25 % 4.25 % 3.25 % 4.25 % Rate of increase in future compensation levels 4.29 % 4.31 % — — The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2019 2018 2017 2019 2018 2017 Discount rate 4.25 % 3.50 % 4.00 % 4.25 % 3.50 % 4.00 % Long-term rate of return on plan assets 6.50 % 6.50 % 6.50 % — — — Rate of increase in future compensation levels 4.31 % 4.33 % 4.39 % — — — The discount rate used by the Company to determine the present value of the Company’s future benefit obligations reflects specific market yields for a hypothetical portfolio of highly rated corporate bonds that would produce cash flows similar to the Company’s benefit plan obligations and the level of market interest rates in general as of the year-end. The expected long-term rate of return assumption as of each measurement date was developed through analysis of historical market returns, current market conditions, anticipated future asset allocations, the funds’ past experience, and expectations on potential future market returns. The expected rate of return assumption represents a long-term average view of the performance of the plan assets, a return that may or may not be achieved during any one calendar year. The Company’s defined benefit pension plan is sensitive to the long-term rate of return on plan assets and the discount rate. To demonstrate the sensitivity of pension expense to changes in these assumptions, with all other assumptions held constant, 25 basis point increases in: the rate of return on plan assets would have resulted in a decrease in pension expense of approximately $5 million; and the discount rate would have resulted in a decrease in pension expense of approximately $8 million. Decreases of 25 basis points in those assumptions would have resulted in similar changes in amount, but in the opposite direction from the changes presented in the preceding sentence. Additionally, an increase of 25 basis points in the discount rate would have decreased the benefit obligation by $75 million and a decrease of 25 basis points in the discount rate would have increased the benefit obligation by $79 million at December 31, 2019. For measurement of other postretirement benefits, a 6.25% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2020. The rate was assumed to decrease to 5.00% over nine years. A one-percentage point change in assumed health care cost trend rates would have had the following effects: +1% -1% (In thousands) Increase (decrease) in: Service and interest cost $ 49 $ (45 ) Accumulated postretirement benefit obligation 834 (747 ) Plan assets The Company’s policy is to invest the pension plan assets in a prudent manner for the purpose of providing benefit payments to participants and mitigating reasonable expenses of administration. The Company’s investment strategy is designed to provide a total return that, over the long-term, places an emphasis on the preservation of capital. The strategy attempts to maximize investment returns on assets at a level of risk deemed appropriate by the Company while complying with applicable regulations and laws. The investment strategy utilizes asset diversification as a principal determinant for establishing an appropriate risk profile while emphasizing total return realized from capital appreciation, dividends and interest income. The target allocations for plan assets are generally 25 to 60 percent equity securities, 10 to 65 percent debt securities, and 5 to 60 percent money-market investments/cash equivalents and other investments, although holdings could be more or less than these general guidelines based on market conditions at the time and actions taken or recommended by the investment managers providing advice to the Company. Assets are managed by a combination of internal and external investment managers. Equity securities may include investments in domestic and international equities, through individual securities, mutual funds and exchange-traded funds. Debt securities may include investments in corporate bonds of companies from diversified industries, mortgage-backed securities guaranteed by government agencies and U.S. Treasury securities, through individual securities and mutual funds. Additionally, the Company’s defined benefit pension plan held $439 million (22% of total assets) of real estate funds, private investments, hedge funds and other investments at December 31, 2019. Returns on invested assets are periodically compared with target market indices for each asset type to aid management in evaluating such returns. Furthermore, management regularly reviews the investment policy and may, if deemed appropriate, make changes to the target allocations noted above. The fair values of the Company’s pension plan assets at December 31, 2019 and 2018, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 38,461 $ 33,870 $ 4,591 $ — Equity securities: M&T 148,603 148,603 — — Domestic(a) 219,663 219,663 — — International(b) 10,476 10,476 — — Mutual funds: Domestic(a) 238,872 238,872 — — International(b) 381,433 381,433 — — 999,047 999,047 — — Debt securities: Corporate(c) 112,783 — 112,783 — Government 190,679 — 190,679 — International 6,648 — 6,648 — Mutual funds: Domestic(d) 249,075 249,075 — — 559,185 249,075 310,110 — Other: Diversified mutual fund 86,980 86,980 — — Real estate partnerships 21,905 3,939 — 17,966 Private equity / debt 87,966 — — 87,966 Hedge funds 231,807 116,029 — 115,778 Guaranteed deposit fund 10,527 — — 10,527 439,185 206,948 — 232,237 Total(e) $ 2,035,878 $ 1,488,940 $ 314,701 $ 232,237 Fair Value Measurement of Plan Assets At December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 23,049 $ 10,794 $ 12,255 $ — Equity securities: M&T 125,299 125,299 — — Domestic(a) 191,640 191,640 — — International(b) 7,752 7,752 — — Mutual funds: Domestic(a) 216,523 216,523 — — International(b) 316,923 316,923 — — 858,137 858,137 — — Debt securities: Corporate(c) 103,672 — 103,672 — Government 182,034 — 182,034 — International 2,140 — 2,140 — Mutual funds: Domestic(d) 280,902 280,902 — — International 20,661 20,661 — — 589,409 301,563 287,846 — Other: Diversified mutual fund 74,446 74,446 — — Real estate partnerships 11,807 2,791 — 9,016 Private equity / debt 63,699 — — 63,699 Hedge funds 200,811 125,309 — 75,502 Guaranteed deposit fund 10,415 — — 10,415 361,178 202,546 — 158,632 Total(e) $ 1,831,773 $ 1,373,040 $ 300,101 $ 158,632 (a) (b) (c) (d) (e) Pension plan assets included common stock of M&T with a fair value of $149 million (7% of total plan assets) at December 31, 2019 and $125 million (7% of total plan assets) at December 31, 2018. No investment in securities of a non-U.S. Government or government agency issuer exceeded ten percent of plan assets at December 31, 2019. The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2019 were as follows: Balance – January 1, 2019 Purchases (Sales) Total Realized/ Unrealized Gains (Losses) Balance – December 31, 2019 (In thousands) Other Real estate partnerships $ 9,016 $ 7,623 $ 1,327 $ 17,966 Private equity/debt 63,699 9,531 14,736 87,966 Hedge funds 75,502 27,000 13,276 115,778 Guaranteed deposit fund 10,415 — 112 10,527 Total $ 158,632 $ 44,154 $ 29,451 $ 232,237 The Company makes contributions to its funded qualified defined benefit pension plan as required by government regulation or as deemed appropriate by management after considering factors such as the fair value of plan assets, expected returns on such assets, and the present value of benefit obligations of the plan. The Company made voluntary contributions of $200 million to the qualified defined benefit pension plan in 2017. Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Benefits Other Postretirement Benefits (In thousands) Year ending December 31: 2020 $ 100,800 $ 6,622 2021 104,385 4,036 2022 107,368 3,972 2023 111,990 3,904 2024 115,962 3,829 2025 through 2029 619,663 17,919 The Company has a retirement savings plan (“RSP”) that is a defined contribution plan in which eligible employees of the Company may defer up to 50% of qualified compensation via contributions to the plan. The Company makes an employer matching contribution in an amount equal to 75% of an employee’s contribution, up to 4.5% of the employee’s qualified compensation. Employees’ accounts, including employee contributions, employer matching contributions and accumulated earnings thereon, are at all times fully vested and nonforfeitable. Employee benefits expense resulting from the Company’s contributions to the RSP totaled $48 million, $43 million and $38 million in 2019, 2018 and 2017, respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes The components of income tax expense were as follows: Year Ended December 31 2019 2018 2017 (In thousands) Current Federal $ 359,668 $ 408,428 $ 363,043 State and local 132,696 113,706 94,714 Total current 492,364 522,134 457,757 Deferred Federal 40,769 (12,780 ) 367,308 State and local 16,779 28,637 33,482 Total deferred 57,548 15,857 400,790 Amortization of investments in qualified affordable housing projects 68,200 52,169 57,009 Total income taxes applicable to pre-tax income $ 618,112 $ 590,160 $ 915,556 The Company files a consolidated federal income tax return reflecting taxable income earned by all domestic subsidiaries. In prior years, applicable federal tax law allowed certain financial institutions the option of deducting as bad debt expense for tax purposes amounts in excess of actual losses. In accordance with GAAP, such financial institutions were not required to provide deferred income taxes on such excess. Recapture of the excess tax bad debt reserve established under the previously allowed method will result in taxable income if M&T Bank fails to maintain bank status as defined in the Internal Revenue Code or charges are made to the reserve for other than bad debt losses. At December 31, 2019, M&T Bank’s tax bad debt reserve for which no federal income taxes have been provided was $137 million. No actions are planned that would cause this reserve to become wholly or partially taxable. Income taxes attributable to gains or losses on bank investment securities were an expense of $5 million in 2019 and $7 million in 2017, and a benefit of $2 million in 2018. No alternative minimum tax expense was recognized in 2017. The Tax Cuts and Jobs Act (“Tax Act”) was signed into law on December 22, 2017, reducing the corporate federal income tax rate from 35% to 21% effective January 1, 2018 and making other changes to U.S. corporate income tax laws, including eliminating the alternative minimum tax as of January 1, 2018. GAAP requires that the impact of the provisions of the Tax Act be accounted for in the period of enactment. Accordingly, the incremental income tax expense recorded by the Company in the fourth quarter of 2017 related to the Tax Act was $85 million. That additional expense was largely attributable to the reduction in carrying value of net deferred tax assets reflecting lower future tax benefits resulting from the lower corporate income tax rate. During 2018 the Company received approval from the Internal Revenue Service to change the timing of recognition of certain loan fees retroactive to 2017. Given the reduction of the federal income tax rate, the change resulted in a $15 million reduction of income tax expense in 2018. Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2019 2018 2017 (In thousands) Income taxes at statutory federal income tax rate $ 534,925 $ 526,730 $ 813,352 Increase (decrease) in taxes: Tax-exempt income (27,319 ) (26,186 ) (40,778 ) State and local income taxes, net of federal income tax effect 118,085 112,451 83,327 Qualified affordable housing project federal tax credits, net (15,324 ) (12,240 ) (16,015 ) Initial impact of enactment of Tax Act — — 85,431 Other 7,745 (10,595 ) (9,761 ) $ 618,112 $ 590,160 $ 915,556 Deferred tax assets (liabilities) were comprised of the following at December 31: 2019 2018 2017 (In thousands) Losses on loans and other assets $ 309,523 $ 322,818 $ 345,609 Operating lease liabilities 128,178 — — Retirement benefits 55,048 30,057 45,322 Postretirement and other employee benefits 24,023 23,563 26,009 Incentive and other compensation plans 26,861 24,796 25,050 Interest on loans — — 37,900 Stock-based compensation 27,912 26,759 26,676 Unrealized losses — 52,580 — Losses on cash flow hedges — 1,861 4,033 Other 69,863 43,880 66,247 Gross deferred tax assets 641,408 526,314 576,846 Right of use assets and other leasing transactions (326,626 ) (186,787 ) (181,159 ) Unrealized gains (13,322 ) — (94,285 ) Capitalized servicing rights (56,649 ) (54,894 ) (51,781 ) Depreciation and amortization (66,925 ) (61,881 ) (52,733 ) Interest on loans (23,552 ) (18,920 ) — Gains on cash flow hedges (36,845 ) — — Other (40,472 ) (30,211 ) (25,632 ) Gross deferred tax liabilities (564,391 ) (352,693 ) (405,590 ) Net deferred tax asset $ 77,017 $ 173,621 $ 171,256 The Company believes that it is more likely than not that the deferred tax assets will be realized through taxable earnings or alternative tax strategies. The income tax credits shown in the statement of income of M&T in note 25 arise principally from operating losses before dividends from subsidiaries. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, State and Local Tax Accrued Interest Unrecognized Income Tax Benefits (In thousands) Gross unrecognized tax benefits at January 1, 2017 $ 35,889 $ 7,915 $ 43,804 Increases as a result of tax positions taken during 2017 13,019 — 13,019 Increases as a result of tax positions taken in prior years — 1,379 1,379 Decreases as a result of settlements with taxing authorities (332 ) (168 ) (500 ) Decreases as a result of tax positions taken in prior years (3,144 ) (3,475 ) (6,619 ) Gross unrecognized tax benefits at December 31, 2017 45,432 5,651 51,083 Increases as a result of tax positions taken during 2018 13,426 — 13,426 Increases as a result of tax positions taken in prior years — 1,969 1,969 Decreases as a result of settlements with taxing authorities (664 ) (289 ) (953 ) Decreases as a result of tax positions taken in prior years (1,920 ) (702 ) (2,622 ) Gross unrecognized tax benefits at December 31, 2018 56,274 6,629 62,903 Increases as a result of tax positions taken during 2019 6,996 — 6,996 Increases as a result of tax positions taken in prior years 3,265 3,255 6,520 Decreases as a result of tax positions taken in prior years (7,566 ) (2,685 ) (10,251 ) Gross unrecognized tax benefits at December 31, 2019 $ 58,969 $ 7,199 66,168 Less: Federal, state and local income tax benefits (13,208 ) Net unrecognized tax benefits at December 31, 2019 that, if recognized, would impact the effective income tax rate $ 52,960 The Company’s policy is to recognize interest and penalties, if any, related to unrecognized tax benefits in income taxes in the consolidated statement of income. The balance of accrued interest at December 31, 2019 is included in the table above. The Company’s federal, state and local income tax returns are routinely subject to examinations from various governmental taxing authorities. Such examinations may result in challenges to the tax return treatment applied by the Company to specific transactions. Management believes that the assumptions and judgment used to record tax-related assets or liabilities have been appropriate. Should determinations rendered by tax authorities ultimately indicate that management’s assumptions were inappropriate, the result and adjustments required could have a material effect on the Company’s results of operations. Examinations by the Internal Revenue Service of the Company’s federal income tax returns have been largely concluded through 2018, although under statute the income tax returns from 2016 through 2018 could be adjusted. The Company also files income tax returns in over forty states and numerous local jurisdictions. Substantially all material state and local matters have been concluded for years through 2013. It is not reasonably possible to estimate when examinations for any subsequent years will be completed. |
Earnings per common share
Earnings per common share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 14. Earnings per common share The computations of basic earnings per common share follow: Year Ended December 31 2019 2018 2017 (In thousands, except per share) Income available to common shareholders: Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Less: Preferred stock dividends(a) (69,441 ) (72,521 ) (72,734 ) Net income available to common equity 1,859,708 1,845,559 1,335,572 Less: Income attributable to unvested stock-based compensation awards (10,199 ) (9,531 ) (8,069 ) Net income available to common shareholders $ 1,849,509 $ 1,836,028 $ 1,327,503 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 135,169 144,740 153,092 Less: Unvested stock-based compensation awards (741 ) (748 ) (933 ) Weighted-average shares outstanding 134,428 143,992 152,159 Basic earnings per common share $ 13.76 $ 12.75 $ 8.72 (a) The computations of diluted earnings per common share follow: Year Ended December 31 2019 2018 2017 (In thousands, except per share) Net income available to common equity $ 1,859,708 $ 1,845,559 $ 1,335,572 Less: Income attributable to unvested stock-based compensation awards (10,197 ) (9,524 ) (8,055 ) Net income available to common shareholders $ 1,849,511 $ 1,836,035 $ 1,327,517 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 135,169 144,740 153,092 Less: Unvested stock-based compensation awards (741 ) (748 ) (933 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 34 159 392 Adjusted weighted-average shares outstanding 134,462 144,151 152,551 Diluted earnings per common share $ 13.75 $ 12.74 $ 8.70 GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether Stock-based compensation awards and warrants to purchase common stock of M&T representing common shares of |
Comprehensive income
Comprehensive income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive income | 15. Comprehensive income In February 2018, the FASB issued accounting guidance related to reclassification of certain tax effects from AOCI so that following enactment of the Tax Act the tax effects of items within AOCI reflect the appropriate tax. The guidance provided for a reclassification from AOCI to retained earnings for the effect of remeasuring deferred tax assets and liabilities related to items within AOCI at the 21 percent corporate tax rate established by the Tax Act. The impact of that reclassification was an increase in retained earnings as of December 31, 2017 resulting from items remaining in AOCI as of that date as follows: (In thousands) Net unrealized losses on investment securities $ 8,065 Defined benefit plans liability adjustments 53,960 Cash flow hedges and other 2,004 Increase to retained earnings $ 64,029 The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other Investment Defined Benefit Total Amount Income Securities (a) Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 247,411 — — 247,411 (65,009 ) 182,402 Foreign currency translation adjustment — — 1,381 1,381 (290 ) 1,091 Unrealized gains on cash flow hedges — — 160,373 160,373 (42,163 ) 118,210 Current year benefit plans losses — (126,618 ) — (126,618 ) 33,287 (93,331 ) Total other comprehensive income (loss) before reclassifications 247,411 (126,618 ) 161,754 282,547 (74,175 ) 208,372 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 3,394 — — 3,394 (c) (892 ) 2,502 Losses realized in net income 3 — — 3 (d) (1 ) 2 Accretion of net gain on terminated cash flow hedges — — (136 ) (136 ) (e) 36 (100 ) Net yield adjustment from cash flow hedges currently in effect — — (13,011 ) (13,011 ) (c) 3,421 (9,590 ) Amortization of prior service credit — (4,173 ) — (4,173 ) (f) 1,097 (3,076 ) Amortization of actuarial losses — 20,745 — 20,745 (f) (5,454 ) 15,291 Total other comprehensive income (loss) 250,808 (110,046 ) 148,607 289,369 (75,968 ) 213,401 Balance — December 31, 2019 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Balance — January 1, 2018 $ (59,957 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (a) (22,795 ) — — (22,795 ) 5,942 (16,853 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (121,589 ) — — (121,589 ) 31,946 (89,643 ) Foreign currency translation adjustment — — (2,817 ) (2,817 ) 592 (2,225 ) Unrealized losses on cash flow hedges — — (4,965 ) (4,965 ) 1,306 (3,659 ) Current year benefit plans gains — 19,871 — 19,871 (5,224 ) 14,647 Total other comprehensive income (loss) before reclassifications (121,589 ) 19,871 (7,782 ) (109,500 ) 28,620 (80,880 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 4,252 — — 4,252 (c) (1,118 ) 3,134 Gains realized in net income (18 ) — — (18 ) (d) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (111 ) (111 ) (e) 29 (82 ) Net yield adjustment from cash flow hedges currently in effect — — 13,339 13,339 (c) (3,507 ) 9,832 Amortization of prior service credit — (4,172 ) — (4,172 ) (f) 1,097 (3,075 ) Amortization of actuarial losses — 42,967 — 42,967 (f) (11,296 ) 31,671 Total other comprehensive income (loss) (117,355 ) 58,666 5,446 (53,243 ) 13,829 (39,414 ) Balance — December 31, 2018 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Defined Total Investment Securities Benefit Amount Income With OTTI All Other Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2017 $ 46,725 (73,785 ) (449,917 ) (8,268 ) $ (485,245 ) 190,609 $ (294,636 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (8,746 ) (6,259 ) — — (15,005 ) 7,269 (7,736 ) Foreign currency translation adjustment — — — 4,447 4,447 (2,206 ) 2,241 Unrealized losses on cash flow hedges — — — (12,291 ) (12,291 ) 4,837 (7,454 ) Current year benefit plans gains — — 9,276 — 9,276 (3,650 ) 5,626 Total other comprehensive income (loss) before reclassifications (8,746 ) (6,259 ) 9,276 (7,844 ) (13,573 ) 6,250 (7,323 ) Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on HTM securities — 3,387 — — 3,387 (c) (1,333 ) 2,054 Gains realized in net income (18,351 ) (2,928 ) — — (21,279 ) (d) 7,195 (14,084 ) Accretion of net gain on terminated cash flow hedges — — — (137 ) (137 ) (e) 54 (83 ) Net yield adjustment from cash flow hedges currently in effect — — — (3,916 ) (3,916 ) (c) 1,541 (2,375 ) Amortization of prior service credit — — (802 ) — (802 ) (f) 315 (487 ) Amortization of actuarial losses — — 28,275 — 28,275 (f) (11,126 ) 17,149 Total other comprehensive income (loss) (27,097 ) (5,800 ) 36,749 (11,897 ) (8,045 ) 2,896 (5,149 ) Reclassification of income tax effects to retained earnings — — — — — (64,029 ) (64,029 ) Balance — December 31, 2017 $ 19,628 (79,585 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) (a) Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required. (b) Other-than-temporary impairment. (c) Included in interest income. (d) Included in gain (loss) on bank investment securities. (e) Included in interest expense. (f) Included in other costs of operations. Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Securities Benefit Plans Other Total (In thousands) Balance at January 1, 2017 $ (16,319 ) $ (272,874 ) $ (5,443 ) $ (294,636 ) Net gain (loss) during 2017 (19,766 ) 22,288 (7,671 ) (5,149 ) Reclassification of income tax effects to retained earnings (8,065 ) (53,960 ) (2,004 ) (64,029 ) Balance at December 31, 2017 (44,150 ) (304,546 ) (15,118 ) (363,814 ) Cumulative effect of change in accounting principle — equity securities (16,853 ) — — (16,853 ) Net gain (loss) during 2018 (86,523 ) 43,243 3,866 (39,414 ) Balance at December 31, 2018 (147,526 ) (261,303 ) (11,252 ) (420,081 ) Net gain (loss) during 2019 184,906 (81,116 ) 109,611 213,401 Balance at December 31, 2019 $ 37,380 $ (342,419 ) $ 98,359 $ (206,680 ) |
Other income and other expense
Other income and other expense | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other income and other expense | 16. Other income and other expense The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2019 2018 2017 (In thousands) Other income: Credit-related fee income $ 86,792 $ 82,614 $ 77,580 Other expense: Professional services 330,900 312,998 289,862 Accrual for Wilmington Trust Corporation legal-related matters 135,000 Amortization of capitalized mortgage servicing rights 71,888 |
International activities
International activities | 12 Months Ended |
Dec. 31, 2019 | |
International Activities [Abstract] | |
International Activities | 17. International activities The Company engages in limited international activities including certain trust-related services in Europe, collecting Eurodollar deposits, engaging in foreign currency transactions associated with customer activity, providing credit to support the international activities of domestic companies and holding certain loans to foreign borrowers. Assets and revenues associated with international activities represent less than 1% of the Company’s consolidated assets and revenues. International assets included $186 million and $172 million of loans to foreign borrowers at December 31, 2019 and 2018, respectively. Deposits at M&T Bank’s Cayman Islands office were $1.68 billion and $812 million at December 31, 2019 and 2018, respectively. The Company uses such deposits to facilitate customer demand and as an alternative to short-term borrowings when the costs of such deposits seem reasonable. Deposits at M&T Bank’s office in Ontario, Canada were $23 million at December 31, 2019 and $22 million at December 31, 2018. Revenues from providing international trust-related services were approximately $32 million in 2019, $29 million in 2018 and $24 million in 2017. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 18. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material as of December 31, 2019. The net effect of interest rate swap agreements was to decrease net interest income by $2 million in 2019 and $25 million in 2018, and to increase net interest income by $25 million in 2017. Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (In thousands) (In (In December 31, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 3,800,000 2.2 2.51 % 2.27 % $ (567 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 53,750,000 1.4 2.44 % 1.73 % (1,195 ) Total $ 57,550,000 1.5 $ (1,762 ) December 31, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.8 2.47 % 3.02 % $ 4,219 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 15,400,000 1.3 1.52 % 2.35 % 1,311 Total $ 19,850,000 1.7 $ 5,530 (a) C (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) Includes notional amount and terms of $40.4 billion of forward-starting interest rate swap agreements that will become effective in 2020-2022. (d) Includes notional amount and terms of $12.6 billion of forward-starting interest rate swap agreements. The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2019 mature as follows: (In thousands) Year ending December 31: 2020 $ 12,200,000 2021 28,350,000 2022 16,000,000 2023 500,000 2027 500,000 $ 57,550,000 The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale. Derivative financial instruments used for trading account 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 account purposes had notional values of $48.6 billion and $42.9 billion at December 31, 2019 and 2018, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $1.2 billion and $763 million at December 31, 2019 and 2018, respectively. Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value December 31 December 31 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 232 $ 5,530 $ 1,994 $ — Commitments to sell real estate loans (a) 1,195 1,090 421 6,434 1,427 6,620 2,415 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,965 9,304 1,225 1,592 Commitments to sell real estate loans (a) 3,074 3,702 3,548 4,535 Trading: Interest rate contracts (b) 398,295 118,687 68,103 169,255 Foreign exchange and other option and futures contracts (b) 12,506 10,549 11,800 8,870 425,840 142,242 84,676 184,252 Total derivatives $ 427,267 $ 148,862 $ 87,091 $ 190,686 (a) (b) Amount of Gain (Loss) Recognized Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 95,006 (94,742 ) $ (10,006 ) 10,969 $ (52,392 ) 51,628 Derivatives not designated as hedging Trading: Interest rate contracts (b) $ 24,701 $ 4,506 $ 5,398 Foreign exchange and other option and futures contracts (b) 8,511 9,416 6,821 Total $ 33,212 $ 13,922 $ 12,219 (a) (b) Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item December 31 December 31 2019 2018 2019 2018 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 3,840,775 $ 4,394,109 $ 43,640 $ (51,102 ) The amount of gain (loss) recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was not material. The Company also has commitments to sell and commitments to originate residential and commercial real estate loans that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $18 million at each of December 31, 2019 and 2018. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position, which are subject to enforceable master netting arrangements, was $51 million and $21 million at December 31, 2019 and 2018, respectively, for which the Company was required to post collateral relating to those positions of $50 million and $18 million at December 31, 2019 and 2018, 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 ratings were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on December 31, 2019 was not significant. If the credit risk-related contingent features had been triggered on December 31, 2019, the Company would not have been required to post any additional collateral with counterparties. The aggregate fair value of derivative financial instruments in an asset position, which are subject to enforceable master netting arrangements, was $6 million and $18 million at December 31, 2019 and 2018, respectively. Counterparties posted collateral relating to those positions of $5 million and $16 million at December 31, 2019 and 2018, 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. In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $84 million and $65 million at December 31, 2019 and 2018, respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company. |
Variable interest entities
Variable interest entities | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Variable interest entities | 19. Variable interest entities The Company’s securitization activity has consisted of securitizing loans originated for sale into government issued or guaranteed mortgage-backed securities. The amounts of those securitizations in 2019, 2018 and 2017 are presented in the Company’s consolidated statement of cash flows. The Company has not recognized any losses as a result of having securitized assets. As described in note 8, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of December 31, 2019 and 2018, the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet and recognized $23 million in other assets for its “investment” in the common securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the junior subordinated debentures associated with preferred capital securities described in note 8. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.5 billion at of December 31, 2019 and $1.1 billion at December 31, 2018. Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s carrying amount of its investments in such partnerships was $ 748 million, including $ 414 million of unfunded commitments, at December 31, 2019 and $ 523 million, including $ 280 million of unfunded commitments, at December 31, 2018 . Contingent commitments to provide additional capital contributions to these partnerships were not material at December 31, 2019 . The Company has not provided financial or other support to the partnerships that was not contractually required. The Company’s maximum exposure to loss from its investments in such partnerships as of December 31, 2019 was $ 984 million, including possible recapture of certain tax credits. Management currently estimates that no material losses are probable as a result of the Company’s involvement with such entities. The Company, in its position as limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, in accordance with the accounting provisions for variable interest entities, the partnership entities are not included in the Company’s consolidated financial statements. The Company’s investment in qualified affordable housing projects is amortized to income taxes in the consolidated statement of income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 20. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at December 31, 2019. 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 include interest rate contracts and foreign exchange contracts with customers who require such services with offsetting positions with third parties to minimize the Company’s risk with respect to such transactions. The Company generally determines the fair value of its 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 and other arrangements have been classified as Level 1 valuations. Valuations of investments in municipal and other bonds can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale and equity securities The majority of the Company’s available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are 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 is adjusted to reflect the Company’s anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities . The following tables present assets and liabilities at December 31, 2019 and 2018 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) December 31, 2019 Trading account assets $ 470,129 $ 49,040 $ 421,089 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,767 — 9,767 — Obligations of states and political subdivisions 775 — 775 — Mortgage-backed securities: Government issued or guaranteed 6,180,940 — 6,180,940 — Privately issued 16 — — 16 Other debt securities 127,278 — 127,278 — 6,318,776 — 6,318,760 16 Equity securities 140,041 100,637 39,404 — Real estate loans held for sale 442,079 — 442,079 — Other assets (b) 16,466 — 4,501 11,965 Total assets $ 7,387,491 $ 149,677 $ 7,225,833 $ 11,981 Trading account liabilities $ 79,903 $ — $ 79,903 $ — Other liabilities (b) 7,188 — 5,963 1,225 Total liabilities $ 87,091 $ — $ 85,866 $ 1,225 December 31, 2018 Trading account assets $ 185,584 $ 46,018 $ 139,566 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,336,931 — 1,336,931 — Obligations of states and political subdivisions 1,659 — 1,659 — Mortgage-backed securities: Government issued or guaranteed 7,216,991 — 7,216,991 — Privately issued 22 — — 22 Other debt securities 126,906 — 126,906 — 8,682,509 — 8,682,487 22 Equity securities 93,917 71,989 21,928 — Real estate loans held for sale 551,697 — 551,697 — Other assets (b) 19,626 — 10,322 9,304 Total assets $ 9,533,333 $ 118,007 $ 9,406,000 $ 9,326 Trading account liabilities $ 178,125 $ — $ 178,125 $ — Other liabilities (b) 12,561 — 10,969 1,592 Total liabilities $ 190,686 $ — $ 189,094 $ 1,592 (a) (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2019, 2018 and 2017 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets (In thousands) 2019 Balance — January 1, 2019 $ 22 $ 7,712 Total gains realized/unrealized: Included in earnings — 129,398 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (126,370 ) (c) Balance — December 31, 2019 $ 16 10,740 Changes in unrealized gains included in earnings related to assets still held at December 31, 2019 $ — 11,146 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains realized/unrealized: Included in earnings — 58,740 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (59,331 ) (c) Balance — December 31, 2018 $ 22 7,712 Changes in unrealized gains included in earnings related to assets still held at December 31, 2018 $ — 7,386 (b) 2017 Balance — January 1, 2017 $ 44 7,325 Total gains realized/unrealized: Included in earnings — 77,832 (b) Settlements (16 ) — Transfers out of Level 3 (a) — (76,854 ) (c) Balance — December 31, 2017 $ 28 8,303 Changes in unrealized gains included in earnings related to assets still held at December 31, 2017 $ — 7,978 (b) (a) (b) (c) 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 10 % to 85 % at December 31, 2019 . As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles, and the related non-recurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans. As these recovery rates are not readily observable by market participants, such valuation adjustments have been classified as Level 3. Loans subject to nonrecurring fair value measurement were $305 million at December 31, 2019 , ( $115 million and $190 million of which were classified as Level 2 and Level 3, respectively), $ 268 million at December 31, 2018 ($ 120 million and $ 148 million of which were classified as Level 2 and Level 3, respectively), and $ 210 million at December 31, 2017 ($ 145 million and $ 65 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized during the years ended December 31, 2019 , 2018 and 2017 for partial charge-offs of loans and loan impairment reserves on loans held by the Company at the end of each of those years were decreases of $110 million, $ 83 million and $ 56 million, respectively. Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken in foreclosure of defaulted loans subject to nonrecurring fair value measurement were $21 Significant unobservable inputs to level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2019 and 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In December 31, 2019 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 10,740 Discounted cash flow Commitment expirations 0%-99% (13%) December 31, 2018 Recurring fair value measurements Privately issued mortgage- backed securities $ 22 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,712 Discounted cash flow Commitment expirations 0%-95% (13%) (a) Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,432,805 1,432,805 1,394,984 37,821 — Interest-bearing deposits at banks 7,190,154 7,190,154 — 7,190,154 — Federal funds sold 3,500 3,500 — 3,500 — Trading account assets 470,129 470,129 49,040 421,089 — Investment securities 9,497,251 9,539,540 100,637 9,351,793 87,110 Loans and leases: Commercial loans and leases 23,838,168 23,510,908 — — 23,510,908 Commercial real estate loans 35,541,914 35,517,180 — 28,338 35,488,842 Residential real estate loans 16,156,094 16,227,274 — 3,990,848 12,236,426 Consumer loans 15,386,693 15,413,262 — — 15,413,262 Allowance for credit losses (1,051,071 ) — — — — Loans and leases, net 89,871,798 90,668,624 — 4,019,186 86,649,438 Accrued interest receivable 333,142 333,142 — 333,142 — Financial liabilities: Noninterest-bearing deposits $ (32,396,407 ) (32,396,407 ) — (32,396,407 ) — Savings and interest-checking deposits (54,932,162 ) (54,932,162 ) — (54,932,162 ) — Time deposits (5,757,456 ) (5,829,347 ) — (5,829,347 ) — Deposits at Cayman Islands office (1,684,044 ) (1,684,044 ) — (1,684,044 ) — Short-term borrowings (62,363 ) (62,363 ) — (62,363 ) — Long-term borrowings (6,986,186 ) (7,063,165 ) — (7,063,165 ) — Accrued interest payable (105,374 ) (105,374 ) — (105,374 ) — Trading account liabilities (79,903 ) (79,903 ) — (79,903 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 10,740 10,740 — — 10,740 Commitments to sell real estate loans 300 300 — 300 — Other credit-related commitments (136,470 ) (136,470 ) — — (136,470 ) Interest rate swap agreements used for interest rate risk management (1,762 ) (1,762 ) — (1,762 ) — December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,605,439 1,605,439 1,528,302 77,137 — Interest-bearing deposits at banks 8,105,197 8,105,197 — 8,105,197 — Trading account assets 185,584 185,584 46,018 139,566 — Investment securities 12,692,813 12,631,656 71,989 12,456,467 103,200 Loans and leases: Commercial loans and leases 22,977,976 22,587,387 — — 22,587,387 Commercial real estate loans 34,363,556 33,832,558 — 346,775 33,485,783 Residential real estate loans 17,154,446 16,974,545 — 3,920,447 13,054,098 Consumer loans 13,970,499 13,819,545 — — 13,819,545 Allowance for credit losses (1,019,444 ) — — — — Loans and leases, net 87,447,033 87,214,035 — 4,267,222 82,946,813 Accrued interest receivable 353,965 353,965 — 353,965 — Financial liabilities: Noninterest-bearing deposits $ (32,256,668 ) (32,256,668 ) — (32,256,668 ) — Savings and interest-checking deposits (50,963,744 ) (50,963,744 ) — (50,963,744 ) — Time deposits (6,124,254 ) (6,201,957 ) — (6,201,957 ) — Deposits at Cayman Islands office (811,906 ) (811,906 ) — (811,906 ) — Short-term borrowings (4,398,378 ) (4,398,378 ) — (4,398,378 ) — Long-term borrowings (8,444,914 ) (8,385,289 ) — (8,385,289 ) — Accrued interest payable (95,274 ) (95,274 ) — (95,274 ) — Trading account liabilities (178,125 ) (178,125 ) — (178,125 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,712 7,712 — — 7,712 Commitments to sell real estate loans (6,177 ) (6,177 ) — (6,177 ) — Other credit-related commitments (131,688 ) (131,688 ) — — (131,688 ) Interest rate swap agreements used for interest rate risk management 5,530 5,530 — 5,530 — With the exception of marketable securities, certain off-balance sheet financial instruments and mortgage loans originated for sale, the Company’s financial instruments are not readily marketable and market prices do not exist. The Company, in attempting to comply with the provisions of GAAP that require disclosures of fair value of financial instruments, has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 21. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company’s significant commitments. Certain of these commitments are not included in the Company’s consolidated balance sheet. December 31 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,442,160 5,484,197 Commercial real estate loans to be sold 164,076 229,401 Other commercial real estate 9,029,608 7,556,722 Residential real estate loans to be sold 423,056 245,211 Other residential real estate 448,375 219,351 Commercial and other 16,170,731 14,363,803 Standby letters of credit 2,441,432 2,326,991 Commercial letters of credit 41,059 55,808 Financial guarantees and indemnification contracts 4,108,572 3,529,136 Commitments to sell real estate loans 906,037 940,692 Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $9.1 billion and $8.6 billion at December 31, 2019 and 2018, respectively, that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. Financial guarantees and indemnification contracts are predominantly comprised of recourse obligations associated with sold loans and other guarantees and commitments. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company’s involvement in the Fannie Mae DUS program. The Company’s maximum credit risk for recourse associated with loans sold under this program totaled approximately $3.9 billion and $3.4 billion at December 31, 2019 and 2018, respectively. 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 recorded in the consolidated balance sheet at estimated fair market value. The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At December 31, 2019, the Company believes that its obligation to loan purchasers was not material to the Company’s consolidated financial position. Wilmington Trust, N.A., a wholly owned bank subsidiary of M&T, provides retirement services, including serving in certain trustee roles relating to Employee Stock Ownership Plans (“ESOPs”). Beginning in 2010, the U.S. Department of Labor (“DOL”) announced that it would increase its focus on ESOP transactions, particularly with regard to valuation issues relating to ESOP transactions. Beginning in late 2013, Wilmington Trust, N.A. began receiving requests for information and subpoenas relating to certain ESOP transactions for which it acted as trustee. In June 2016, Wilmington Trust, N.A. received a DOL subpoena seeking information on its global ESOP trustee business. In addition to these investigations, the DOL has commenced three lawsuits against Wilmington Trust, N.A. relating to its role as trustee of three ESOP transactions. In July 2019, Wilmington Trust, N.A. reached a settlement in principle with the DOL to resolve certain pending DOL ESOP matters. Although a formal settlement agreement has yet to be finalized and executed, the Company does not expect that the agreed-upon settlement will have a material incremental impact on the Company’s consolidated financial position or results of operations. Wilmington Trust, N.A. is also currently a defendant in five pending private party lawsuits relating to its role as trustee for five ESOP transactions. Under applicable transaction documents, Wilmington Trust, N.A. may be entitled to indemnification by the ESOP plan sponsors. These matters could result in damages, settlements, penalties, restitution, reputational damage or additional costs and expenses. M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and other matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $0 and $50 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 | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment information | 22. Segment information Reportable segments have been determined based upon the Company’s internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company’s segments was compiled utilizing the accounting policies described in note 1 with certain exceptions. The more significant of these exceptions are described herein. The Company allocates interest income or interest expense using a methodology that charges users of funds (assets) interest expense and credits providers of funds (liabilities) with income based on the maturity, prepayment and/or repricing characteristics of the assets and liabilities. A provision for credit losses is allocated to segments in an amount based largely on actual net charge-offs incurred by the segment during the period plus or minus an amount necessary to adjust the segment’s allowance for credit losses due to changes in loan balances. In contrast, the level of the consolidated provision for credit losses is determined using the methodologies described in notes 1 and 4. The net effects of these allocations are recorded in the “All Other” category. Indirect fixed and variable expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expenses and bankwide expense accruals (including amortization of core deposit and other intangible assets associated with acquisitions of financial institutions) are generally not allocated to segments. Income taxes are allocated to segments based on the Company’s marginal statutory tax rate adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk). The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2019, 2018 and 2017 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net interest income(a) $ 451,307 $ 434,579 $ 393,948 $ 828,888 $ 821,812 $ 809,301 $ 692,526 $ 665,220 $ 649,378 $ 209,807 $ 228,051 $ 277,095 Noninterest income 113,855 111,600 112,512 289,558 288,908 283,447 214,970 183,955 169,966 26,919 (9,690 ) 23,851 565,162 546,179 506,460 1,118,446 1,110,720 1,092,748 907,496 849,175 819,344 236,726 218,361 300,946 Provision for credit losses 16,501 10,916 15,598 25,580 8,976 11,876 1,537 3,159 (7,524 ) 3,608 6,683 31,119 Amortization of core deposit and other intangible assets — — — — — — 1,060 1,060 1,060 — — — Depreciation and other amortization 412 382 393 554 496 509 25,560 25,852 24,410 263 187 279 Other noninterest expense 319,136 305,340 294,493 384,013 364,102 339,936 240,736 217,387 207,493 52,901 65,393 76,021 Income (loss) before taxes 229,113 229,541 195,976 708,299 737,146 740,427 638,603 601,717 593,905 179,954 146,098 193,527 Income tax expense (benefit) 60,617 61,279 80,043 187,835 198,229 303,556 152,977 148,807 229,770 36,342 29,872 58,559 Net income (loss) $ 168,496 $ 168,262 $ 115,933 $ 520,464 $ 538,917 $ 436,871 $ 485,626 $ 452,910 $ 364,135 $ 143,612 $ 116,226 $ 134,968 Average total assets (in millions) $ 5,793 $ 5,631 $ 5,602 $ 28,142 $ 26,626 $ 26,573 $ 23,921 $ 22,885 $ 22,741 $ 29,081 $ 32,123 $ 37,203 Capital expenditures (in millions) $ 1 $ — $ — $ 2 $ — $ — $ — $ — $ 1 $ — $ 1 $ — For the Years Ended December 31, 2019, 2018 and 2017 Residential Mortgage Banking Retail Banking All Other Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net interest income(a) $ 20,008 $ 13,933 $ 30,328 $ 1,389,788 $ 1,351,165 $ 1,210,066 $ 537,940 $ 557,542 $ 410,928 $ 4,130,264 $ 4,072,302 $ 3,781,044 Noninterest income 393,372 305,560 321,589 327,562 324,228 329,833 695,443 651,439 609,945 2,061,679 1,856,000 1,851,143 413,380 319,493 351,917 1,717,350 1,675,393 1,539,899 1,233,383 1,208,981 1,020,873 6,191,943 5,928,302 5,632,187 Provision for credit losses 382 (2,178 ) 1,254 122,135 112,572 107,412 6,257 (8,128 ) 8,265 176,000 132,000 168,000 Amortization of core deposit and other intangible assets — — — — — — 18,430 23,462 30,306 19,490 24,522 31,366 Depreciation and other amortization 46,901 24,288 32,011 38,394 35,274 38,234 68,840 68,004 69,923 180,924 154,483 165,759 Other noninterest expense 274,414 241,624 247,639 839,636 789,783 758,153 1,157,432 1,125,428 1,019,465 3,268,268 3,109,057 2,943,200 Income (loss) before taxes 91,683 55,759 71,013 717,185 737,764 636,100 (17,576 ) 215 (107,086 ) 2,547,261 2,508,240 2,323,862 Income tax expense (benefit) 19,355 10,272 25,446 189,611 196,467 258,934 (28,625 ) (54,766 ) (40,752 ) 618,112 590,160 915,556 Net income (loss) $ 72,328 $ 45,487 $ 45,567 $ 527,574 $ 541,297 $ 377,166 $ 11,049 $ 54,981 $ (66,334 ) $ 1,929,149 $ 1,918,080 $ 1,408,306 Average total assets (in millions) $ 2,611 $ 2,161 $ 2,355 $ 15,083 $ 13,656 $ 12,702 $ 14,953 $ 13,877 $ 13,684 $ 119,584 $ 116,959 $ 120,860 Capital expenditures (in millions) $ 1 $ 1 $ — $ 76 $ 31 $ 34 $ 98 $ 65 $ 44 $ 178 $ 98 $ 79 (a) The Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals through the Company’s banking office network and several other delivery channels, including business banking centers, telephone banking, Internet banking and automated teller machines. The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets the Company serves. Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services. The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers. Activities of this segment include the origination, sales and servicing of commercial real estate loans. Commercial real estate loans held for sale are included in the Commercial Real Estate Segment. The Discretionary Portfolio segment includes securities; residential real estate loans and other assets; short-term and long-term borrowed funds; brokered deposits; and Cayman Islands branch deposits. This segment also provides foreign exchange services to customers. The Residential Mortgage Banking segment originates and services residential real estate loans for consumers and sells substantially all originated loans in the secondary market to investors or to the Discretionary Portfolio segment. The segment periodically purchases servicing rights to loans that have been originated by other entities. Residential real estate loans held for sale are included in the Residential Mortgage Banking segment. The Retail Banking segment offers a variety of services to consumers through several delivery channels that include banking offices, automated teller machines, and telephone, mobile and Internet banking. The “All Other” category includes other operating activities of the Company that are not directly attributable to the reported segments; the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions; merger-related gains and expenses resulting from acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain nonrecurring transactions; the residual effects of unallocated support systems and general and administrative expenses; and the impact of interest rate risk management strategies. The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2019 2018 2017 (In thousands) Revenues $ (48,559 ) $ (41,285 ) $ (43,941 ) Expenses (18,218 ) (24,660 ) (32,623 ) Income taxes (benefit) (7,976 ) (4,371 ) (4,606 ) Net income (loss) (22,365 ) (12,254 ) (6,712 ) The Company conducts substantially all of its operations in the United States. There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues. |
Regulatory matters
Regulatory matters | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory matters | 23. Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations. Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years. For purposes of this test, at December 31, 2019, approximately $605 million was available for payment of dividends to M&T from banking subsidiaries. M&T may pay dividends and repurchase stock only in accordance with a capital plan that the Federal Reserve Board has not objected to. Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets. Securities of affiliates are not eligible as collateral for this purpose. The bank subsidiaries are required to maintain reserves against certain deposit liabilities. During the maintenance periods that included December 31, 2019 and 2018, cash and due from banks and interest-earning deposits at banks included a daily average of $666 million and $684 million, respectively, for such purpose. M&T and its subsidiary banks are required to comply with applicable capital adequacy regulations established by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company’s financial statements. Pursuant to the rules in effect as of December 31, 2019, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized ● Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % 6.5 % ● Tier 1 capital to risk-weighted assets 6.0 % 8.0 % ● Total capital to risk-weighted assets 8.0 % 10.0 % ● Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % In addition, capital regulations require a “capital conservation buffer” of 2.5% composed entirely of CET1 on top of the minimum risk-weighted asset ratios. The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2019 and 2018 are presented below: M&T (Consolidated) M&T Bank Wilmington Trust, N.A. (Dollars in thousands) December 31, 2019: Common equity Tier 1 capital Amount $ 10,053,887 $ 10,649,953 $ 606,538 Ratio(a) 9.73 % 10.34 % 56.35 % Tier 1 capital Amount 11,303,836 10,649,953 606,538 Ratio(a) 10.94 % 10.34 % 56.35 % Total capital Amount 13,480,612 12,342,834 608,130 Ratio(a) 13.05 % 11.99 % 56.50 % Leverage Amount 11,303,836 10,649,953 606,538 Ratio(b) 9.59 % 9.08 % 13.12 % December 31, 2018: Common equity Tier 1 capital Amount $ 9,960,811 $ 10,636,136 $ 585,767 Ratio(a) 10.13 % 10.84 % 60.69 % Tier 1 capital Amount 11,193,770 10,636,136 585,767 Ratio(a) 11.38 % 10.84 % 60.69 % Total capital Amount 13,454,137 12,475,296 589,671 Ratio(a) 13.68 % 12.72 % 61.10 % Leverage Amount 11,193,770 10,636,136 585,767 Ratio(b) 9.88 % 9.42 % 12.51 % (a) (b) |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 24. 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. That investment had no remaining carrying value at December 31, 2019 as a result of cumulative losses recognized and cash distributions received in prior years. Income recognized by M&T is included in other revenues from operations and totaled $37 million in 2019 and $24 million in 2018. Income recognized in 2017 was not significant. Bayview Financial Holdings, L.P. (together with its affiliates, “Bayview Financial”), a privately-held specialty financial company, is BLG’s majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $ 2.2 billion and $ 2.5 billion at December 31, 2019 and 2018 , respectively. Revenues from those servicing rights were $ 12 million, $ 14 million and $ 17 million during 2019 , 2018 and 2017 , respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $ 62.8 billion and $ 56.8 billion at December 31, 2019 and 2018 , respectively. Revenues earned for sub-servicing loans for Bayview Financial were $ 125 million, $ 114 million and $ 103 million in 2019 , 2018 and 2017 , respectively. In addition, the Company held $ 93 million and $ 113 million of mortgage-backed securities in its held-to-maturity portfolio at December 31, 2019 and 2018 , respectively, that were securitized by Bayview Financial. At December 31, 2019, the Company held $ 88 million of Bayview Financial’s $ 702 million syndicated loan facility. |
Parent company financial statem
Parent company financial statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent company financial statements | 25. Parent company financial statements Condensed Balance Sheet December 31 2019 2018 (In thousands) Assets Cash in subsidiary bank $ 83,531 $ 40,609 Due from consolidated bank subsidiaries Money-market savings 876,819 856,881 Current income tax receivable 1,261 1,117 Total due from consolidated bank subsidiaries 878,080 857,998 Investments in consolidated subsidiaries Banks 15,732,008 15,491,277 Other 301,765 324,360 Investments in trust preferred entities (note 19) 23,022 23,241 Other assets 67,732 64,187 Total assets $ 17,086,138 $ 16,801,672 Liabilities Accrued expenses and other liabilities $ 74,235 $ 63,719 Long-term borrowings 1,295,254 1,277,762 Total liabilities 1,369,489 1,341,481 Shareholders’ equity 15,716,649 15,460,191 Total liabilities and shareholders’ equity $ 17,086,138 $ 16,801,672 Condensed Statement of Income Year Ended December 31 2019 2018 2017 (In thousands, except per share) Income Dividends from consolidated bank subsidiaries $ 2,025,000 $ 1,250,000 $ 1,540,000 Equity in earnings of Bayview Lending Group LLC 36,740 23,500 352 Other income 7,216 2,417 9,493 Total income 2,068,956 1,275,917 1,549,845 Expense Interest on long-term borrowings 51,938 36,354 21,591 Other expense 25,236 23,894 19,636 Total expense 77,174 60,248 41,227 Income before income taxes and equity in undistributed income of subsidiaries 1,991,782 1,215,669 1,508,618 Income tax credits 8,313 8,446 26,453 Income before equity in undistributed income of subsidiaries 2,000,095 1,224,115 1,535,071 Equity in undistributed income of subsidiaries Net income of subsidiaries 1,954,054 1,943,965 1,413,235 Less: dividends received (2,025,000 ) (1,250,000 ) (1,540,000 ) Equity in undistributed income of subsidiaries (70,946 ) 693,965 (126,765 ) Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Net income per common share Basic $ 13.76 $ 12.75 $ 8.72 Diluted 13.75 12.74 8.70 Condensed Statement of Cash Flows Year Ended December 31 2019 2018 2017 (In thousands) Cash flows from operating activities Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries 70,946 (693,965 ) 126,765 Provision for deferred income taxes 5,263 4,949 4,543 Net change in accrued income and expense (34,525 ) (8,242 ) (170 ) Gain on sale of assets — — (2,995 ) Net cash provided by operating activities 1,970,833 1,220,822 1,536,449 Cash flows from investing activities Proceeds from sales or maturities of investment securities 100 — — Other, net 51,235 29,933 12,407 Net cash provided by investing activities 51,335 29,933 12,407 Cash flows from financing activities Purchases of treasury stock (1,349,785 ) (2,194,396 ) (1,205,905 ) Dividends paid — common (552,138 ) (510,382 ) (457,402 ) Dividends paid — preferred (67,454 ) (72,521 ) (72,734 ) Proceeds from long-term borrowings — 748,595 — Redemption of Series A and Series C preferred stock (381,500 ) — — Proceeds from issuance of Series G preferred stock 396,000 — — Other, net (4,431 ) 45,913 34,524 Net cash used by financing activities (1,959,308 ) (1,982,791 ) (1,701,517 ) Net increase (decrease) in cash and cash equivalents 62,860 (732,036 ) (152,661 ) Cash and cash equivalents at beginning of year 897,490 1,629,526 1,782,187 Cash and cash equivalents at end of year $ 960,350 $ 897,490 $ 1,629,526 Supplemental disclosure of cash flow information Interest received during the year $ 1,752 $ 2,219 $ 2,313 Interest paid during the year 49,451 17,482 18,498 Income taxes received during the year 6,251 6,362 21,740 |
Recent accounting developments
Recent accounting developments | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 26. Recent accounting developments The following table provides a description of accounting standards that were adopted by the Company in 2019 as well as standards that are not effective that could have an impact to M&T’s consolidated financial statements upon adoption. Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2019 Leases The new guidance requires lessees to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months. While the guidance requires all leases to be recognized in the balance sheet, there continues to be a differentiation between finance leases and operating leases for purposes of income statement recognition and cash flow statement presentation. For finance leases, interest on the lease liability and amortization of the right-of-use asset is recognized separately in the statement of income. Repayments of principal on those lease liabilities are classified within financing activities and payments of interest on the lease liability are classified within operating activities in the statement of cash flows. For operating leases, a single lease cost is recognized in the statement of income and allocated over the lease term, generally on a straight-line basis. All cash payments are presented within operating activities in the statement of cash flows. The accounting applied by lessors is largely unchanged, however, the guidance eliminates the accounting model for leveraged leases for leases that commence after the effective date of the guidance. January 1, 2019 The Company adopted the guidance on January 1, 2019 and applied the guidance retrospectively at the beginning of the period of adoption. The Company occupies certain banking offices and uses certain equipment under noncancelable operating lease agreements which prior to the adoption of the guidance were not reflected in its consolidated balance sheet. Upon adoption, the Company recognized a right-of-use asset of $394 million and increased liabilities by $399 million as a result of recognizing lease liabilities in its consolidated balance sheet. The new guidance did not have a material impact on the Company’s consolidated statement of income. Premium Amortization on Purchased Callable Debt Securities The amended guidance requires the premium on callable debt securities to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. January 1, 2019 The Company adopted the amended guidance effective January 1, 2019 and applied the modified retrospective approach for reporting purposes. The adoption did not have a material effect on the Company’s consolidated financial position nor on its results of operations. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 2019 Measurement of Credit Losses on Financial Instruments The amended guidance replaces the incurred loss model for determining the allowance for credit losses. The guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses will represent a valuation account that is deducted from the amortized cost basis of the financial assets to present their net carrying value at the amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as expected increases or decreases of expected credit losses that have taken place during the period. When determining the allowance, expected credit losses over the contractual term of the financial asset(s) (taking into account prepayments) will be estimated considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amended guidance also requires recording an allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The initial allowance for these assets will be added to the purchase price at acquisition rather than being reported as an expense. Subsequent changes in the allowance will be recorded through the income statement as an expense adjustment. In addition, the amended guidance requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The calculation of credit losses for available-for-sale securities will be similar to how it is determined under existing guidance. January 1, 2020 The Company has completed its development, validation, and implementation of models and processes used to estimate current expected credit losses as required by the credit losses guidance. The Company’s approach for estimating current expected credit losses for loans includes utilizing macro-economic assumptions to project losses over a two-year reasonable and supportable forecast period. Subsequent to the forecast period, the Company reverts to longer term historical loss experience to estimate expected credit losses over the remaining contractual life. Based on portfolio composition, current economic conditions, and reasonable and supportable forecasts of future conditions, the Company recognized an increase to the allowance for credit losses of $132 million upon adoption of the standard on January 1, 2020 as compared with the allowance for credit losses recognized on its consolidated balance sheet at December 31, 2019. The effect on the allowance for credit losses is primarily attributable to increases in reserves for residential mortgage loans and consumer loans, which generally have longer estimated lives as compared with commercial and commercial real estate loans. The adoption did not have a material effect on the allowance for credit losses on held-to-maturity debt securities as most of this portfolio consists of U.S. Treasury and federal agency securities. Simplifying the Test for Goodwill Impairment The amended guidance eliminates step 2 from the goodwill impairment test. January 1, 2020 The Company adopted the amended guidance effective January 1, 2020 using a prospective transition method and will incorporate the guidance as necessary when circumstances arise for the guidance to be utilized. The Company does not expect the guidance will have a material impact on its consolidated financial statements, unless at some point in the future one of its reporting units were to fail step 1 of the goodwill impairment test. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 2019 Changes to the Disclosure Requirements for Fair Value Measurements The amended guidance modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are a result of the disclosure framework project that focuses on improvements to the effectiveness of disclosures in the notes to financial statements. The amendments remove, modify, and add certain disclosure requirements. The disclosure requirements being removed relating to public companies are (1) the amount and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. The disclosure requirements being modified relating to public companies are (1) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s asset and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly, and (2) the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as a result of the use of unobservable inputs. The disclosure requirements being added relating to public companies are (1) to disclose the changes in unrealized gains and losses for the period for recurring Level 3 fair value measurements, and (2) to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. January 1, 2020 Early adoption permitted The Company adopted the amended guidance effective January 1, 2020 using a prospective transition method for the amendments relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty. The 2020 first quarter disclosures will reflect this prospective application. All other amendments will be applied retrospectively. The Company does not expect the guidance to have a material impact on its consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amended guidance requires a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize and which costs to expense. January 1, 2020 Early adoption permitted The Company adopted the amended guidance effective January 1, 2020 using a prospective transition method. The impact of the guidance on the Company’s consolidated financial statements will be dependent on the nature and amount of actual expenditures, but is not expected to be material. Improvements to Related Party Guidance for VIEs The amended guidance requires that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. January 1, 2020 Early adoption permitted The guidance did not have a material impact on the Company’s consolidated financial statements. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 2019 Changes to the Disclosure Requirements for Defined Benefit Plans The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The disclosure requirements being removed relating to public companies are (1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, (2) the amount and timing of plan assets expected to be returned to the employer, (3) the 2001 disclosure requirement relating to Japanese Welfare Pension Insurance Law, (4) related party disclosures about the amount of future annual benefits covered by insurance, and (5) the effects of a one-percentage-point change in assumed health care cost trends on the benefit cost and obligation. The disclosure requirements being added relating to public companies are (1) the weighted-average interest crediting rates for cash balance plans , and (2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. January 1, 2021 Early adoption permitted The amendments should be applied retrospectively. The Company does not expect the guidance to have a material impact on its consolidated financial statements. Clarifying the Interactions Between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging The amendments clarify the following guidance: 1. That an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in the equity securities investments guidance immediately before applying or upon discontinuing the equity method of accounting. 2. For the purpose of applying the derivatives and hedging guidance an entity should not consider whether, upon the settlement of a forward contract or exercise of a purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method of accounting or the fair value option in accordance with the financial instruments guidance. An entity also would evaluate the remaining characteristics in the derivatives and hedging guidance to determine the accounting for those forward contracts and purchased options. January 1, 2021 Early adoption permitted The amendments should be applied on a prospective basis. The Company does not expect the guidance will have a material impact on its consolidated financial statements. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 2019 Simplifying the Accounting for Income Taxes The amendments remove the following exceptions for accounting for income taxes: 1. Exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. January 1, 2021 Early adoption permitted The amendments related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption of the amendments in an interim period would require recognition of any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an early adoption election would require adoption of all the amendments in the same period. The Company is evaluating the impact that the guidance will have on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 25 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 19. |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. |
Trading account | Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and foreign exchange gains” in the consolidated statement of income. |
Investment securities | Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and, beginning in 2018, unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Prior to 2018, equity securities with readily determinable fair values were classified as available for sale. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. Individual debt securities are written down through a charge to earnings when declines in value below the cost basis of a security are considered to be other than temporary. In cases where fair value is less than amortized cost and the Company intends to sell a debt security, it is more likely than not to be required to sell a debt security before recovery of its amortized cost basis, or the Company does not expect to recover the entire amortized cost basis of a debt security, an other-than-temporary impairment is considered to have occurred. If the Company intends to sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the debt security’s amortized cost basis and its fair value. If the Company does not expect to recover the entire amortized cost basis of the security, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. Subsequently, the Company accounts for the other-than-temporarily impaired debt security as if the security had been purchased on the measurement date of the other-than-temporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. Realized gains and losses on the sales of investment securities are determined using the specific identification method. |
Loans and leases | Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated by the Company or were acquired in a business combination. Originated loans and leases Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income when principal or interest is delinquent 90 days, unless management determines that the loan status clearly warrants other treatment. Nonaccrual commercial loans and commercial real estate loans are returned to accrual status when borrowers have demonstrated an ability to repay their loans and there are no delinquent principal and interest payments. Consumer loans not secured by residential real estate are returned to accrual status when all past due principal and interest payments have been paid by the borrower. Loans secured by residential real estate are returned to accrual status when they are deemed to have an insignificant delay in payments of 90 days or less. Loan balances are charged off when it becomes evident that such balances are not fully collectible. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectible. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Commitments to sell real estate loans are utilized by the Company to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale recorded in the consolidated balance sheet includes changes in estimated fair market value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Except for consumer and residential mortgage loans that are considered smaller balance homogenous loans and are evaluated collectively, 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. Impaired loans are classified as either nonaccrual or as loans renegotiated at below market rates which continue to accrue interest, provided that a credit assessment of the borrower’s financial condition results in an expectation of full repayment under the modified contractual terms. Certain loans greater than 90 days delinquent are not considered impaired if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and are generally not considered impaired. Impairment of a loan is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of collateral if the loan is collateral-dependent. Interest received on impaired loans placed on nonaccrual status is generally applied to reduce the carrying value of the loan or, if principal is considered fully collectible, recognized as interest income. Residual value estimates for commercial leases are generally determined through internal or external reviews of the leased property. The Company reviews commercial lease residual values at least annually and recognizes residual value impairments deemed to be other than temporary. Loans and leases acquired in a business combination Loans acquired in a business combination subsequent to December 31, 2008 were initially recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represent specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans and other loans acquired at a discount that was, in part, attributable to credit quality, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans was recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected cash flows required the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows resulted first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then-remaining lives of the loans. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. |
Allowance for credit losses | Allowance for credit losses The allowance for credit losses represents, in management’s judgment, the amount of losses inherent in the loan and lease portfolio as of the balance sheet date. The allowance is determined by management’s evaluation of the loan and lease portfolio based on such factors as the differing economic risks associated with each loan category, the current financial condition of specific borrowers, the economic environment in which borrowers operate, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or indemnifications. The effects of probable decreases in expected principal cash flows on loans acquired at a discount are also considered in the establishment of the allowance for credit losses. |
Assets taken in foreclosure of defaulted loans | Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. |
Premises and equipment | Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. |
Capitalized servicing rights | Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets and the present value of expected future cash flows associated with the servicing rights calculated using assumptions that market participants would use in estimating future servicing income and expense. Such assumptions include estimates of the cost of servicing loans, loan default rates, an appropriate discount rate, and prepayment speeds. For purposes of evaluating and measuring impairment of capitalized servicing rights, the Company stratifies such assets based on the predominant risk characteristics of the underlying financial instruments that are expected to have the most impact on projected prepayments, cost of servicing and other factors affecting future cash flows associated with the servicing rights. Such factors may include financial asset or loan type, note rate and term. The amount of impairment recognized is the amount by which the carrying value of the capitalized servicing rights for a stratum exceeds estimated fair value. Impairment is recognized through a valuation allowance. |
Sales and securitizations of financial assets | Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. |
Goodwill and core deposit and other intangible assets | Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives of five to ten years. The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. |
Derivative financial instruments | Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and, beginning in 2018, is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. Prior to 2018, hedge ineffectiveness for fair value and cash flow hedges was recorded in “other revenues from operations” in the consolidated statement of income. In addition, for cash flow hedges, the effective portion of the derivative’s unrealized gain or loss was initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affected earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as trading account assets or liabilities with resultant changes in fair value being recognized in “trading account and foreign exchange gains” in the consolidated statement of income. |
Stock-based compensation | Stock-based compensation Stock-based compensation expense is recognized over the vesting period of the stock-based grant based on the estimated grant date value of the stock-based compensation, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. |
Income taxes | Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. |
Earnings per common share | Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. |
Treasury stock | Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | On January 1, 2018, the Company adopted amended guidance requiring equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in the consolidated statement of income. This amended guidance excludes equity method investments, investments in consolidated subsidiaries, exchange membership ownership interests, and Federal Home Loan Bank of New York and Federal Reserve Bank of New York capital stock. Upon adoption the Company reclassified $17 million, after-tax effect, from accumulated other comprehensive income to retained earnings, representing the difference between fair value and the cost basis of equity investments with readily determinable fair values at January 1, 2018. The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,742 $ 41 $ 16 $ 9,767 Obligations of states and political subdivisions 776 2 3 775 Mortgage-backed securities: Government issued or guaranteed 6,113,913 88,634 21,607 6,180,940 Privately issued 16 — — 16 Other debt securities 133,829 2,046 8,597 127,278 6,258,276 90,723 30,223 6,318,776 Investment securities held to maturity: U.S. Treasury and federal agencies 249,862 286 — 250,148 Obligations of states and political subdivisions 4,140 16 — 4,156 Mortgage-backed securities: Government issued or guaranteed 2,306,180 50,381 1,992 2,354,569 Privately issued 93,496 11,779 18,181 87,094 Other debt securities 3,239 — — 3,239 2,656,917 62,462 20,173 2,699,206 Total debt securities $ 8,915,193 $ 153,185 $ 50,396 $ 9,017,982 Equity and other securities: Readily marketable equity — at fair value $ 105,524 $ 34,786 $ 269 $ 140,041 Other — at cost 381,517 — — 381,517 Total equity and other securities $ 487,041 $ 34,786 $ 269 $ 521,558 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,346,782 $ — $ 9,851 $ 1,336,931 Obligations of states and political subdivisions 1,660 4 5 1,659 Mortgage-backed securities: Government issued or guaranteed 7,383,340 15,754 182,103 7,216,991 Privately issued 24 — 2 22 Other debt securities 137,617 770 11,481 126,906 8,869,423 16,528 203,442 8,682,509 Investment securities held to maturity: U.S. Treasury and federal agencies 446,542 — 239 446,303 Obligations of states and political subdivisions 7,494 22 12 7,504 Mortgage-backed securities: Government issued or guaranteed 2,745,776 4,165 55,111 2,694,830 Privately issued 113,160 12,345 22,327 103,178 Other debt securities 3,668 — — 3,668 3,316,640 16,532 77,689 3,255,483 Total debt securities $ 12,186,063 $ 33,060 $ 281,131 $ 11,937,992 Equity and other securities: Readily marketable equity — at fair value $ 77,440 $ 17,295 $ 818 $ 93,917 Other — at cost 599,747 — — 599,747 Total equity and other securities $ 677,187 $ 17,295 $ 818 $ 693,664 |
Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities | As of December 31, 2019, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Cost Estimated Fair Value A or Better BBB BB B or Less Not Rated (In thousands) Obligations of states and political subdivisions $ 4,916 $ 4,931 $ 4,809 $ 122 $ — $ — $ — Privately issued mortgage-backed securities 93,512 87,110 8,015 8,768 — 20,671 49,656 Other debt securities 137,068 130,517 4,740 74,770 19,106 — 31,901 Total $ 235,496 $ 222,558 $ 17,564 $ 83,660 $ 19,106 $ 20,671 $ 81,557 |
Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations | The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2019 2018 (In thousands) Collateralized mortgage obligations: Amortized cost $ 94,817 $ 115,171 Estimated fair value 88,410 105,155 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At December 31, 2019, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Cost Estimated Fair Value (In thousands) Debt securities available for sale: Due in one year or less $ 4,418 4,427 Due after one year through five years 10,717 10,777 Due after five years through ten years 99,212 98,616 Due after ten years 30,000 24,000 144,347 137,820 Mortgage-backed securities available for sale 6,113,929 6,180,956 $ 6,258,276 6,318,776 Debt securities held to maturity: Due in one year or less $ 251,457 251,749 Due after one year through five years 2,545 2,555 Due after ten years 3,239 3,239 257,241 257,543 Mortgage-backed securities held to maturity 2,399,676 2,441,663 $ 2,656,917 2,699,206 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of December 31, 2019 and 2018 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 Losses Fair Value Unrealized Losses (In thousands) December 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,406 (7 ) 2,893 (9 ) Obligations of states and political subdivisions — — 277 (3 ) Mortgage-backed securities: Government issued or guaranteed 117,299 (222 ) 2,002,364 (21,385 ) Other debt securities 6,600 (354 ) 56,313 (8,243 ) 125,305 (583 ) 2,061,847 (29,640 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 2,727 (5 ) 145,235 (1,987 ) Privately issued — — 49,656 (18,181 ) 2,727 (5 ) 194,891 (20,168 ) Total $ 128,032 (588 ) 2,256,738 (49,808 ) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 273 (2 ) 1,335,559 (9,849 ) Obligations of states and political subdivisions 629 (5 ) — — Mortgage-backed securities: Government issued or guaranteed 405,558 (2,892 ) 5,646,773 (179,211 ) Privately issued 22 (2 ) — — Other debt securities 53,478 (2,187 ) 66,014 (9,294 ) 459,960 (5,088 ) 7,048,346 (198,354 ) Investment securities held to maturity: U.S. Treasury and federal agencies 446,303 (239 ) — — Obligations of states and political subdivisions — — 3,126 (12 ) Mortgage-backed securities: Government issued or guaranteed 179,354 (989 ) 2,082,723 (54,122 ) Privately issued — — 51,943 (22,327 ) 625,657 (1,228 ) 2,137,792 (76,461 ) Total $ 1,085,617 (6,316 ) 9,186,138 (274,815 ) |
Loans and leases (Tables)
Loans and leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Total Loans and Leases Outstanding | Total loans and leases outstanding were comprised of the following: December 31 2019 2018 (In thousands) Loans Commercial, financial, etc. $ 22,575,700 $ 21,730,012 Real estate: Residential 16,098,125 17,150,658 Commercial 26,718,325 25,666,200 Construction 9,010,297 8,823,635 Consumer 15,373,881 13,956,086 Total loans 89,776,328 87,326,591 Leases Commercial 1,412,197 1,406,901 Total loans and leases 91,188,525 88,733,492 Less: unearned discount (265,656 ) (267,015 ) Total loans and leases, net of unearned discount $ 90,922,869 $ 88,466,477 |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of December 31, 2019 and 2018 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More (a) Accruing Loans Acquired a Discount Past Due 90 days or More (b) Purchased Impaired (c) Nonaccrual Total (In thousands) December 31, 2019 Commercial, financial, leasing, etc. $ 23,290,797 184,011 16,776 27 — 346,557 $ 23,838,168 Real estate: Commercial 26,311,414 165,579 6,740 — 15,601 158,474 26,657,808 Residential builder and developer 1,521,315 21,195 — — 753 3,982 1,547,245 Other commercial construction 7,204,148 95,346 3,360 — 1,237 32,770 7,336,861 Residential 12,760,040 451,274 486,515 5,788 143,145 235,663 14,082,425 Residential — limited documentation 1,858,037 65,215 181 — 66,809 83,427 2,073,669 Consumer: Home equity lines and loans 4,386,511 30,229 — 1,662 — 63,215 4,481,617 Recreational finance 5,484,997 36,827 — 99 — 14,219 5,536,142 Automobile 3,787,221 78,478 — — — 21,293 3,886,992 Other 1,395,240 45,978 5,156 32,056 — 3,512 1,481,942 Total $ 87,999,720 1,174,132 518,728 39,632 227,545 963,112 $ 90,922,869 December 31, 2018 Commercial, financial, leasing, etc. $ 22,701,020 39,798 2,567 168 — 234,423 $ 22,977,976 Real estate: Commercial 25,250,983 134,474 11,457 10 9,769 203,672 25,610,365 Residential builder and developer 1,665,178 20,333 — — — 4,798 1,690,309 Other commercial construction 6,982,077 43,615 14,344 — 641 22,205 7,062,882 Residential 13,591,790 404,808 189,682 6,650 203,044 233,352 14,629,326 Residential — limited documentation 2,278,040 72,544 — — 89,851 84,685 2,525,120 Consumer: Home equity lines and loans 4,758,513 25,416 — 5,033 — 71,292 4,860,254 Recreational finance 4,085,781 29,947 — 235 — 11,199 4,127,162 Automobile 3,555,757 79,804 — — — 23,359 3,658,920 Other 1,271,811 15,598 4,477 27,654 — 4,623 1,324,163 Total $ 86,140,950 866,337 222,527 39,750 303,305 893,608 $ 88,466,477 (a) (b) (c) |
Outstanding Principal Balance and Carrying Amount of Loans and Included in Consolidated Balance Sheet | The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date and included in the consolidated balance sheet were as follows: December 31 2019 2018 (In thousands) Outstanding principal balance $ 769,414 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 21,114 27,073 Commercial real estate 94,890 135,047 Residential real estate 341,807 473,511 Consumer 77,785 91,860 $ 535,596 $ 727,491 |
Summary of Changes in Accretable Yield for Acquired Loans | A summary of changes in the accretable yield for loans acquired at a discount for the years ended December 31, 2019, 2018 and 2017 follows: For the Year Ended December 31, 2019 2018 2017 Purchased Impaired Other Acquired Purchased Impaired Other Acquired Purchased Impaired Other Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 $ 157,918 $ 133,162 $ 154,233 $ 201,153 Interest income (49,017 ) (36,452 ) (37,819 ) (63,856 ) (47,452 ) (82,605 ) Reclassifications from nonaccretable balance 36,718 15,534 27,111 22,849 51,137 16,437 Other (a) — (3,909 ) — 4,752 — (1,823 ) Balance at end of period $ 134,911 $ 72,080 $ 147,210 $ 96,907 $ 157,918 $ 133,162 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the years ended December 31, 2019, 2018 and 2017: Post-modification (a) Year Ended December 31, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 150 $ 63,715 $ 10,485 $ — $ — $ 52,871 $ 63,356 Real estate: Commercial 51 48,315 5,193 — — 26,152 31,345 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 3 1,559 — — — 1,500 1,500 Residential 83 21,695 10,819 — — 11,907 22,726 Residential — limited documentation 6 1,409 399 — — 1,044 1,443 Consumer: Home equity lines and loans 41 4,127 176 — — 4,004 4,180 Recreational finance 10 265 265 — — — 265 Automobile 66 1,141 1,076 — — 65 1,141 Total 412 $ 143,556 $ 29,481 $ — $ — $ 97,543 $ 127,024 Year Ended December 31, 2018 Commercial, financial, leasing, etc. 203 $ 102,445 $ 50,490 $ 803 $ 6,210 $ 45,411 $ 102,914 Real estate: Commercial 83 30,217 16,870 175 4,686 9,000 30,731 Other commercial construction 1 752 746 — — — 746 Residential 134 34,798 19,962 — — 18,110 38,072 Residential — limited documentation 9 1,887 827 — — 1,423 2,250 Consumer: Home equity lines and loans 47 3,952 224 — — 3,755 3,979 Recreational finance 7 202 202 — — — 202 Automobile 73 1,330 1,318 — — 12 1,330 Total 557 $ 175,583 $ 90,639 $ 978 $ 10,896 $ 77,711 $ 180,224 Post-modification (a) Year Ended December 31, 2017 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 217 $ 111,036 $ 25,051 $ — $ 6,459 $ 57,153 $ 88,663 Real estate: Commercial 83 44,924 17,039 — 868 22,975 40,882 Residential builder and developer 3 12,291 — — — 10,879 10,879 Other commercial construction 2 168 168 — — — 168 Residential 141 31,827 16,633 — — 17,974 34,607 Residential — limited documentation 20 4,230 911 — — 3,661 4,572 Consumer: Home equity lines and loans 110 10,049 1,137 — 491 8,585 10,213 Recreational finance 9 160 160 — — — 160 Automobile 69 1,378 1,203 — — 175 1,378 Total 654 $ 216,063 $ 62,302 $ — $ 7,818 $ 121,402 $ 191,522 (a) |
Summary of Lease Financing Receivables | A summary of lease financing receivables follows: December 31 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,164,567 $ 1,155,464 Estimated residual value of leased assets 84,540 85,169 Unearned income (106,780 ) (110,458 ) Investment in direct financings 1,142,327 1,130,175 Leveraged leases: Lease payments receivable 82,065 85,007 Estimated residual value of leased assets 81,025 81,261 Unearned income (31,596 ) (33,717 ) Investment in leveraged leases 131,494 132,551 Total investment in leases $ 1,273,821 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 70,245 $ 74,995 |
Minimum Future Lease Payments to be Received from Lease Financings | At December 31, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2020 $ 332,719 2021 297,875 2022 227,652 2023 161,296 2024 84,433 Later years 142,657 $ 1,246,632 |
Allowance for credit losses (Ta
Allowance for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the years ended December 31, 2019, 2018 and 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 2019 Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 69,702 (10,726 ) (8,585 ) 126,029 (420 ) 176,000 Net charge-offs Charge-offs (58,244 ) (12,664 ) (12,711 ) (154,089 ) — (237,708 ) Recoveries 24,581 3,936 8,204 56,614 — 93,335 Net charge-offs (33,663 ) (8,728 ) (4,507 ) (97,475 ) — (144,373 ) Ending balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 2018 Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 33,967 (41,181 ) 12,401 127,068 (255 ) 132,000 Net charge-offs Charge-offs (60,414 ) (12,286 ) (15,345 ) (143,196 ) — (231,241 ) Recoveries 27,903 21,037 6,664 45,883 — 101,487 Net (charge-offs) recoveries (32,511 ) 8,751 (8,681 ) (97,313 ) — (129,754 ) Ending balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 2017 Beginning balance $ 330,833 362,719 61,127 156,288 78,030 $ 988,997 Provision for credit losses 41,511 6,715 16,094 103,410 270 168,000 Net charge-offs Charge-offs (64,941 ) (7,931 ) (20,799 ) (130,927 ) — (224,598 ) Recoveries 21,196 12,582 8,983 42,038 — 84,799 Net (charge-offs) recoveries (43,745 ) 4,651 (11,816 ) (88,889 ) — (139,799 ) Ending balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 |
Impaired Loans and Leases | The following tables provide information with respect to loans and leases that were considered impaired as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. December 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 230,444 257,745 74,435 153,478 175,549 46,034 Real estate: Commercial 60,745 73,026 7,713 110,253 125,117 11,937 Residential builder and developer 9,559 9,856 121 5,981 6,557 462 Other commercial construction 12,425 24,908 1,354 10,563 11,113 640 Residential 125,623 145,497 6,873 124,974 147,817 5,402 Residential — limited documentation 64,268 77,359 2,300 74,156 90,066 3,000 Consumer: Home equity lines and loans 46,325 51,238 8,957 47,982 53,248 9,135 Recreational finance 5,270 9,579 1,095 6,138 9,163 1,261 Automobile 3,256 3,344 703 3,527 3,599 729 Other 4,542 8,341 915 5,203 8,380 1,046 562,457 660,893 104,466 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 139,127 152,132 — 105,507 136,128 — Real estate: Commercial 117,751 131,406 — 113,376 124,657 — Residential builder and developer 3,378 3,378 — 2,593 2,602 — Other commercial construction 20,345 21,306 — 11,710 11,880 — Residential 18,090 23,365 — 15,379 20,496 — Residential — limited documentation 4,985 8,348 — 5,631 9,796 — 303,676 339,935 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 369,571 409,877 74,435 258,985 311,677 46,034 Real estate: Commercial 178,496 204,432 7,713 223,629 249,774 11,937 Residential builder and developer 12,937 13,234 121 8,574 9,159 462 Other commercial construction 32,770 46,214 1,354 22,273 22,993 640 Residential 143,713 168,862 6,873 140,353 168,313 5,402 Residential — limited documentation 69,253 85,707 2,300 79,787 99,862 3,000 Consumer: Home equity lines and loans 46,325 51,238 8,957 47,982 53,248 9,135 Recreational finance 5,270 9,579 1,095 6,138 9,163 1,261 Automobile 3,256 3,344 703 3,527 3,599 729 Other 4,542 8,341 915 5,203 8,380 1,046 Total $ 866,133 1,000,828 104,466 796,451 936,168 79,646 |
Interest Income Recognized on Impaired Loans | Year Ended December 31, 2019 Year Ended December 31, 2018 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 303,712 8,960 8,960 263,018 7,873 7,873 Real estate: Commercial 208,200 5,850 5,850 194,451 10,880 10,880 Residential builder and developer 10,863 357 357 8,699 1,779 1,779 Other commercial construction 26,440 634 634 11,467 3,474 3,474 Residential 142,400 9,200 3,567 129,593 8,386 3,456 Residential — limited documentation 74,399 5,463 881 82,854 6,118 1,723 Consumer: Home equity lines and loans 47,168 1,639 270 48,591 1,698 289 Recreational finance 5,707 558 17 1,849 333 9 Automobile 3,445 214 72 9,262 690 69 Other 5,025 525 11 4,413 230 13 Total $ 827,359 33,400 20,619 754,197 41,461 29,565 Year Ended December 31, 2017 Interest Income Recognized Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 240,157 3,894 3,894 Real estate: Commercial 207,616 4,497 4,497 Residential builder and developer 16,209 6,419 6,419 Other commercial construction 15,142 1,001 1,001 Residential 110,646 7,177 3,406 Residential — 93,097 5,981 1,607 Consumer: Home equity lines and loans 47,323 1,681 400 Recreational finance 1,041 212 9 Automobile 15,045 1,025 81 Other 2,322 96 2 Total $ 748,598 31,983 21,316 |
Summary of Loan Grades | The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans. Real Estate Commercial, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) December 31, 2019 Pass $ 22,595,821 25,728,725 1,419,162 7,092,799 Criticized accrual 895,790 770,609 124,101 211,292 Criticized nonaccrual 346,557 158,474 3,982 32,770 Total $ 23,838,168 26,657,808 1,547,245 7,336,861 December 31, 2018 Pass $ 21,693,705 24,539,706 1,546,002 6,890,562 Criticized accrual 1,049,848 866,987 139,509 150,115 Criticized nonaccrual 234,423 203,672 4,798 22,205 Total $ 22,977,976 25,610,365 1,690,309 7,062,882 |
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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) December 31, 2019 Individually evaluated for impairment $ 74,435 9,188 9,173 11,670 $ 104,466 Collectively evaluated for impairment 291,659 313,013 43,656 217,448 865,776 Purchased impaired — — 3,204 — 3,204 Allocated $ 366,094 322,201 56,033 229,118 973,446 Unallocated 77,625 Total $ 1,051,071 December 31, 2018 Individually evaluated for impairment $ 46,034 13,039 8,402 12,171 $ 79,646 Collectively evaluated for impairment 284,021 328,616 48,326 188,393 849,356 Purchased impaired — — 12,397 — 12,397 Allocated $ 330,055 341,655 69,125 200,564 941,399 Unallocated 78,045 Total $ 1,019,444 |
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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) December 31, 2019 Individually evaluated for impairment $ 369,571 224,203 212,966 59,393 $ 866,133 Collectively evaluated for impairment 23,468,597 35,300,120 15,733,174 15,327,300 89,829,191 Purchased impaired — 17,591 209,954 — 227,545 Total $ 23,838,168 35,541,914 16,156,094 15,386,693 $ 90,922,869 December 31, 2018 Individually evaluated for impairment $ 258,985 254,476 220,140 62,850 $ 796,451 Collectively evaluated for impairment 22,718,991 34,098,670 16,641,411 13,907,649 87,366,721 Purchased impaired — 10,410 292,895 — 303,305 Total $ 22,977,976 34,363,556 17,154,446 13,970,499 $ 88,466,477 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | The detail of premises and equipment was as follows: December 31 2019 2018 (In thousands) Land $ 96,118 $ 97,082 Buildings 482,182 465,482 Leasehold improvements 262,438 240,731 Furniture and equipment — owned 739,724 669,782 Furniture and equipment — capital leases 14,232 18,582 1,594,694 1,491,659 Less: accumulated depreciation and amortization Owned assets 882,272 835,218 Capital leases 8,425 9,033 890,697 844,251 Right of use assets — operating leases 436,927 — Premises and equipment, net $ 1,140,924 $ 647,408 |
Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases | The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 100,669 Short-term lease cost 105 Variable lease cost 2,332 Total lease cost $ 103,106 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 132,219 Cash paid toward lease liabilities 101,869 Weighted-average remaining lease term 7 years Weighted-average discount rate 3.01 % |
Summary of Minimum Lease Payments Under Noncancelable Operating Leases | Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2020 $ 100,447 2021 95,199 2022 79,794 2023 62,766 2024 50,539 Later years 154,585 Total lease payments 543,330 Less: imputed interest 55,775 Total $ 487,555 |
Capitalized servicing assets (T
Capitalized servicing assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers And Servicing [Abstract] | |
Servicing Asset at Amortized Cost | Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2019 2018 2017 2019 2018 2017 (In thousands) Beginning balance $ 120,509 $ 114,978 $ 117,351 $ 114,663 $ 114,076 $ 103,764 Originations 26,067 28,985 28,792 41,370 26,298 34,620 Purchases 144,326 454 699 — — — Amortization (46,491 ) (23,908 ) (31,864 ) (25,397 ) (25,711 ) (24,308 ) 244,411 120,509 114,978 130,636 114,663 114,076 Valuation allowance (7,000 ) — — — — — Ending balance, net $ 237,411 $ 120,509 $ 114,978 $ 130,636 $ 114,663 $ 114,076 |
Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions | Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 15.84 % Impact on fair value of 10% adverse change $ (16,555 ) Impact on fair value of 20% adverse change (31,475 ) Weighted-average OAS 9.28 % Impact on fair value of 10% adverse change $ (8,070 ) Impact on fair value of 20% adverse change (15,663 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ (6,948 ) Impact on fair value of 20% adverse change (13,395 ) |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Total amortizing intangible assets were comprised of the following: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2019 Core deposit $ 131,664 $ 105,802 $ 25,862 Other 6,757 3,585 3,172 Total $ 138,421 $ 109,387 $ 29,034 December 31, 2018 Core deposit $ 887,459 $ 843,572 $ 43,887 Other 182,568 179,388 3,180 Total $ 1,070,027 $ 1,022,960 $ 47,067 |
Estimated Amortization Expense in Future Years | Estimated amortization expense in future years for such intangible assets is as follows: (In thousands) Year ending December 31: 2020 $ 14,869 2021 10,167 2022 3,998 $ 29,034 |
Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment | A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2019 and 2018 for purposes of testing for impairment is as follows: (In thousands) Business Banking $ 864,366 Commercial Banking 1,401,873 Commercial Real Estate 654,389 Discretionary Portfolio — Residential Mortgage Banking — Retail Banking 1,309,191 All Other 363,293 Total $ 4,593,112 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Amounts and Interest Rates of Short-term Borrowings | The amounts and interest rates of short-term borrowings were as follows: Federal Funds Purchased and Repurchase Agreements Other Short-term Borrowings Total (Dollars in thousands) At December 31, 2019 Amount outstanding $ 62,363 $ — $ 62,363 Weighted-average interest rate 0.14 % — 0.14 % For the year ended December 31, 2019 Highest amount at a month-end $ 3,402,566 $ 5,000,000 Daily-average amount outstanding 260,322 799,068 $ 1,059,390 Weighted-average interest rate 1.86 % 2.49 % 2.34 % At December 31, 2018 Amount outstanding $ 198,378 $ 4,200,000 $ 4,398,378 Weighted-average interest rate 1.68 % 2.63 % 2.58 % For the year ended December 31, 2018 Highest amount at a month-end $ 2,654,416 $ 4,200,000 Daily-average amount outstanding 261,200 69,465 $ 330,665 Weighted-average interest rate 1.49 % 2.16 % 1.63 % At December 31, 2017 Amount outstanding $ 175,099 $ — $ 175,099 Weighted-average interest rate 0.92 % — 0.92 % For the year ended December 31, 2017 Highest amount at a month-end $ 204,977 $ 1,500,000 Daily-average amount outstanding 188,459 16,164 $ 204,623 Weighted-average interest rate 0.69 % 1.27 % 0.74 % |
Lines of Credit Under Formal Agreements | At December 31, 2019, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 1,869 Unused 32,578,083 |
Long-term Borrowings | Long-term borrowings were as follows: December 31, 2019 2018 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,756 $ 249,688 3.55% due 2023 520,454 506,021 Senior notes of M&T Bank: Variable rate due 2021 349,893 349,794 Variable rate due 2022 249,758 249,658 2.25% due 2019 — 645,801 2.05% due 2020 749,254 737,793 2.10% due 2020 749,864 741,965 2.625% due 2021 654,136 646,301 2.50% due 2022 652,714 634,525 2.90% due 2025 749,572 749,488 Advances from FHLB: Fixed rates 1,815 576,446 Agreements to repurchase securities 101,679 409,154 Subordinated notes of M&T Bank: Variable rate due 2020 409,361 409,361 Variable rate due 2021 500,000 500,000 3.40% due 2027 514,353 481,692 Junior subordinated debentures of M&T associated with preferred capital securities: Fixed rates: BSB Capital Trust I — 8.125%, due 2028 15,728 15,705 Provident Trust I — 8.29%, due 2028 28,235 27,489 Southern Financial Statutory Trust I — 10.60%, due 2030 6,770 6,713 Variable rates: First Maryland Capital I — due 2027 147,871 147,333 First Maryland Capital II — due 2027 149,943 149,280 Allfirst Asset Trust — due 2029 96,930 96,785 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 55,867 55,143 Southern Financial Capital Trust III — due 2033 8,236 8,141 Other 8,533 35,174 $ 6,986,186 $ 8,444,914 |
Maturity of Long-term Borrowings | Long-term borrowings at December 31, 2019 mature as follows: (In thousands) Year ending December 31: 2020 $ 2,010,251 2021 1,506,667 2022 907,794 2023 770,211 2024 479 Later years 1,790,784 $ 6,986,186 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of December 31, 2019 and 2018 is presented below: December 31, 2019 December 31, 2018 Shares Issued and Outstanding Carrying Value Shares Issued and Outstanding Carrying Value (Dollars in thousands) Series A (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share — — 230,000 $ 230,000 Series C (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share — — 151,500 $ 151,500 Series E (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (d) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 40,000 $ 400,000 — — (a) The shares were fully redeemed in August 2019, having received the approval of the Federal Reserve to redeem such shares after issuing the Series G preferred stock (b) 90 days (c) Dividends, if declared, are paid semi-annually at a rate of 5.125 % through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026 . Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Declared dividends per share were $ 512.50 in each of 2019, 2018 and 2017. (d) Dividends, if declared, are paid semi-annually at a rate of 5.0% through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174%. The shares are redeemable in whole or in part on or after August 1, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Noted Accounting Guidance | The following tables summarize sources of the Company’s noninterest income during 2019 and 2018 that are subject to the amended guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 60,690 93,044 9,828 — 4 263,659 5,753 $ 432,978 Trust income 31 963 — — — — 571,614 572,608 Brokerage services income — — — — — — 48,922 48,922 Other revenues from operations: Merchant discount and credit card fees 36,844 52,161 2,516 — — 12,140 3,381 107,042 Other — 7,498 8,615 1,776 3,492 36,144 34,088 91,613 $ 97,565 153,666 20,959 1,776 3,496 311,943 663,758 $ 1,253,163 Year Ended December 31, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 62,323 96,407 9,870 — 10 254,590 6,137 $ 429,337 Trust income 9 917 — — — — 536,659 537,585 Brokerage services income — — — — — — 51,069 51,069 Other revenues from operations: Merchant discount and credit card fees 34,557 52,051 2,213 — — 14,924 2,208 105,953 Other — 8,796 7,259 1,738 3,814 38,529 30,233 90,369 $ 96,889 158,171 19,342 1,738 3,824 308,043 626,306 $ 1,214,313 |
Stock-based compensation plans
Stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock and Restricted Stock Unit Activity | A summary of restricted stock and restricted stock unit activity follows: Restricted Stock Units Outstanding Weighted- Average Grant Price Restricted Stock Outstanding Weighted- Average Grant Price Unvested at January 1, 2019 556,875 $ 170.07 179,439 $ 144.18 Granted 448,487 164.63 — — Vested (298,243 ) 157.90 (113,894 ) 133.69 Cancelled (15,892 ) 173.48 (1,954 ) 161.42 Unvested at December 31, 2019 691,227 $ 171.72 63,591 $ 162.45 |
Summary of Stock Option Activity | A summary of stock option activity follows: Weighted-Average Stock Options Outstanding Exercise Price Life (In Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 220,591 $ 157.98 Granted 164,244 164.54 Exercised (76,181 ) 122.55 Expired (3,202 ) 176.41 Outstanding at December 31, 2019 305,452 $ 170.15 8.0 $ 2,301 Exercisable at December 31, 2019 66,076 $ 159.96 5.1 $ 1,454 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Pension Expense for Defined Benefit Plans | Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2019 2018 2017 (In thousands) Service cost $ 17,294 $ 20,346 $ 20,193 Interest cost on benefit obligation 81,579 74,704 79,270 Expected return on plan assets (122,139 ) (123,127 ) (108,524 ) Amortization of prior service cost 557 557 557 Recognized net actuarial loss 21,992 43,793 29,263 Net periodic pension cost (benefit) $ (717 ) $ 16,273 $ 20,759 Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2019 2018 2017 (In thousands) Service cost $ 859 $ 938 $ 1,172 Interest cost on benefit obligation 2,344 2,293 3,716 Amortization of prior service credit (4,730 ) (4,729 ) (1,359 ) Recognized net actuarial gain (1,247 ) (826 ) (988 ) Net other postretirement benefits cost (benefit) $ (2,774 ) $ (2,324 ) $ 2,541 |
Data Relating to Funding Position of Defined Benefit Plans | Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,949,613 $ 2,188,736 $ 59,991 $ 68,637 Service cost 17,294 20,346 859 938 Interest cost 81,579 74,704 2,344 2,293 Plan participants’ contributions — — 2,749 2,974 Actuarial (gain) loss 298,713 (228,897 ) (687 ) (4,758 ) Medicare Part D reimbursement — — 370 508 Benefits paid (99,870 ) (105,276 ) (9,134 ) (10,601 ) Benefit obligation at end of year 2,247,329 1,949,613 56,492 59,991 Change in plan assets: Fair value of plan assets at beginning of year 1,833,833 2,014,891 — — Actual return on plan assets 293,546 (90,657 ) — — Employer contributions 10,431 14,875 6,015 7,119 Plan participants’ contributions — — 2,749 2,974 Medicare Part D reimbursement — — 370 508 Benefits paid (99,870 ) (105,276 ) (9,134 ) (10,601 ) Fair value of plan assets at end of year 2,037,940 1,833,833 — — Funded status $ (209,389 ) $ (115,780 ) $ (56,492 ) $ (59,991 ) Accrued liabilities recognized in the consolidated balance sheet $ (209,389 ) $ (115,780 ) $ (56,492 ) $ (59,991 ) Amounts recognized in accumulated other comprehensive income (“AOCI”) were: Net loss (gain) $ 507,029 $ 401,716 $ (17,308 ) $ (17,868 ) Net prior service cost (credit) 1,834 2,391 (27,007 ) (31,737 ) Pre-tax adjustment to AOCI 508,863 404,107 (44,315 ) (49,605 ) Taxes (133,779 ) (106,240 ) 11,650 13,041 Net adjustment to AOCI $ 375,084 $ 297,867 $ (32,665 ) $ (36,564 ) |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans. Pension Plans Other Postretirement Benefit Plans Total (In thousands) 2019 Net loss (gain) $ 127,305 $ (687 ) $ 126,618 Amortization of prior service (cost) credit (557 ) 4,730 4,173 Amortization of actuarial (loss) gain (21,992 ) 1,247 (20,745 ) Total recognized in other comprehensive income, pre-tax $ 104,756 $ 5,290 $ 110,046 2018 Net gain $ (15,113 ) $ (4,758 ) $ (19,871 ) Amortization of prior service (cost) credit (557 ) 4,729 4,172 Amortization of actuarial (loss) gain (43,793 ) 826 (42,967 ) Total recognized in other comprehensive income, pre-tax $ (59,463 ) $ 797 $ (58,666 ) |
Amortization of Amounts in Accumulated Other Comprehensive Income Expected to be Recognized as Components of Net Periodic Benefit Expense | The following table reflects the amortization of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit expense during 2020: Pension Plans Other Postretirement Benefit Plans (In thousands) Amortization of net prior service cost (credit) $ 557 $ (4,738 ) Amortization of net loss (gain) 55,851 (1,223 ) |
Assumed Weighted-Average Rates Used to Determine Benefit Obligations | The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Discount rate 3.25 % 4.25 % 3.25 % 4.25 % Rate of increase in future compensation levels 4.29 % 4.31 % — — |
Assumed Weighted-Average Rates Used to Determine Net Benefit Expense | The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2019 2018 2017 2019 2018 2017 Discount rate 4.25 % 3.50 % 4.00 % 4.25 % 3.50 % 4.00 % Long-term rate of return on plan assets 6.50 % 6.50 % 6.50 % — — — Rate of increase in future compensation levels 4.31 % 4.33 % 4.39 % — — — |
Effects on One-Percentage Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have had the following effects: +1% -1% (In thousands) Increase (decrease) in: Service and interest cost $ 49 $ (45 ) Accumulated postretirement benefit obligation 834 (747 ) |
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company’s pension plan assets at December 31, 2019 and 2018, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 38,461 $ 33,870 $ 4,591 $ — Equity securities: M&T 148,603 148,603 — — Domestic(a) 219,663 219,663 — — International(b) 10,476 10,476 — — Mutual funds: Domestic(a) 238,872 238,872 — — International(b) 381,433 381,433 — — 999,047 999,047 — — Debt securities: Corporate(c) 112,783 — 112,783 — Government 190,679 — 190,679 — International 6,648 — 6,648 — Mutual funds: Domestic(d) 249,075 249,075 — — 559,185 249,075 310,110 — Other: Diversified mutual fund 86,980 86,980 — — Real estate partnerships 21,905 3,939 — 17,966 Private equity / debt 87,966 — — 87,966 Hedge funds 231,807 116,029 — 115,778 Guaranteed deposit fund 10,527 — — 10,527 439,185 206,948 — 232,237 Total(e) $ 2,035,878 $ 1,488,940 $ 314,701 $ 232,237 Fair Value Measurement of Plan Assets At December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 23,049 $ 10,794 $ 12,255 $ — Equity securities: M&T 125,299 125,299 — — Domestic(a) 191,640 191,640 — — International(b) 7,752 7,752 — — Mutual funds: Domestic(a) 216,523 216,523 — — International(b) 316,923 316,923 — — 858,137 858,137 — — Debt securities: Corporate(c) 103,672 — 103,672 — Government 182,034 — 182,034 — International 2,140 — 2,140 — Mutual funds: Domestic(d) 280,902 280,902 — — International 20,661 20,661 — — 589,409 301,563 287,846 — Other: Diversified mutual fund 74,446 74,446 — — Real estate partnerships 11,807 2,791 — 9,016 Private equity / debt 63,699 — — 63,699 Hedge funds 200,811 125,309 — 75,502 Guaranteed deposit fund 10,415 — — 10,415 361,178 202,546 — 158,632 Total(e) $ 1,831,773 $ 1,373,040 $ 300,101 $ 158,632 (a) (b) (c) (d) (e) |
Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis | The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2019 were as follows: Balance – January 1, 2019 Purchases (Sales) Total Realized/ Unrealized Gains (Losses) Balance – December 31, 2019 (In thousands) Other Real estate partnerships $ 9,016 $ 7,623 $ 1,327 $ 17,966 Private equity/debt 63,699 9,531 14,736 87,966 Hedge funds 75,502 27,000 13,276 115,778 Guaranteed deposit fund 10,415 — 112 10,527 Total $ 158,632 $ 44,154 $ 29,451 $ 232,237 |
Defined Benefit Plan Estimated Future Benefit Payments | Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Benefits Other Postretirement Benefits (In thousands) Year ending December 31: 2020 $ 100,800 $ 6,622 2021 104,385 4,036 2022 107,368 3,972 2023 111,990 3,904 2024 115,962 3,829 2025 through 2029 619,663 17,919 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Year Ended December 31 2019 2018 2017 (In thousands) Current Federal $ 359,668 $ 408,428 $ 363,043 State and local 132,696 113,706 94,714 Total current 492,364 522,134 457,757 Deferred Federal 40,769 (12,780 ) 367,308 State and local 16,779 28,637 33,482 Total deferred 57,548 15,857 400,790 Amortization of investments in qualified affordable housing projects 68,200 52,169 57,009 Total income taxes applicable to pre-tax income $ 618,112 $ 590,160 $ 915,556 |
Schedule of Income Tax Expense Benefit Reconciliation | Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2019 2018 2017 (In thousands) Income taxes at statutory federal income tax rate $ 534,925 $ 526,730 $ 813,352 Increase (decrease) in taxes: Tax-exempt income (27,319 ) (26,186 ) (40,778 ) State and local income taxes, net of federal income tax effect 118,085 112,451 83,327 Qualified affordable housing project federal tax credits, net (15,324 ) (12,240 ) (16,015 ) Initial impact of enactment of Tax Act — — 85,431 Other 7,745 (10,595 ) (9,761 ) $ 618,112 $ 590,160 $ 915,556 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) were comprised of the following at December 31: 2019 2018 2017 (In thousands) Losses on loans and other assets $ 309,523 $ 322,818 $ 345,609 Operating lease liabilities 128,178 — — Retirement benefits 55,048 30,057 45,322 Postretirement and other employee benefits 24,023 23,563 26,009 Incentive and other compensation plans 26,861 24,796 25,050 Interest on loans — — 37,900 Stock-based compensation 27,912 26,759 26,676 Unrealized losses — 52,580 — Losses on cash flow hedges — 1,861 4,033 Other 69,863 43,880 66,247 Gross deferred tax assets 641,408 526,314 576,846 Right of use assets and other leasing transactions (326,626 ) (186,787 ) (181,159 ) Unrealized gains (13,322 ) — (94,285 ) Capitalized servicing rights (56,649 ) (54,894 ) (51,781 ) Depreciation and amortization (66,925 ) (61,881 ) (52,733 ) Interest on loans (23,552 ) (18,920 ) — Gains on cash flow hedges (36,845 ) — — Other (40,472 ) (30,211 ) (25,632 ) Gross deferred tax liabilities (564,391 ) (352,693 ) (405,590 ) Net deferred tax asset $ 77,017 $ 173,621 $ 171,256 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, State and Local Tax Accrued Interest Unrecognized Income Tax Benefits (In thousands) Gross unrecognized tax benefits at January 1, 2017 $ 35,889 $ 7,915 $ 43,804 Increases as a result of tax positions taken during 2017 13,019 — 13,019 Increases as a result of tax positions taken in prior years — 1,379 1,379 Decreases as a result of settlements with taxing authorities (332 ) (168 ) (500 ) Decreases as a result of tax positions taken in prior years (3,144 ) (3,475 ) (6,619 ) Gross unrecognized tax benefits at December 31, 2017 45,432 5,651 51,083 Increases as a result of tax positions taken during 2018 13,426 — 13,426 Increases as a result of tax positions taken in prior years — 1,969 1,969 Decreases as a result of settlements with taxing authorities (664 ) (289 ) (953 ) Decreases as a result of tax positions taken in prior years (1,920 ) (702 ) (2,622 ) Gross unrecognized tax benefits at December 31, 2018 56,274 6,629 62,903 Increases as a result of tax positions taken during 2019 6,996 — 6,996 Increases as a result of tax positions taken in prior years 3,265 3,255 6,520 Decreases as a result of tax positions taken in prior years (7,566 ) (2,685 ) (10,251 ) Gross unrecognized tax benefits at December 31, 2019 $ 58,969 $ 7,199 66,168 Less: Federal, state and local income tax benefits (13,208 ) Net unrecognized tax benefits at December 31, 2019 that, if recognized, would impact the effective income tax rate $ 52,960 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Year Ended December 31 2019 2018 2017 (In thousands, except per share) Income available to common shareholders: Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Less: Preferred stock dividends(a) (69,441 ) (72,521 ) (72,734 ) Net income available to common equity 1,859,708 1,845,559 1,335,572 Less: Income attributable to unvested stock-based compensation awards (10,199 ) (9,531 ) (8,069 ) Net income available to common shareholders $ 1,849,509 $ 1,836,028 $ 1,327,503 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 135,169 144,740 153,092 Less: Unvested stock-based compensation awards (741 ) (748 ) (933 ) Weighted-average shares outstanding 134,428 143,992 152,159 Basic earnings per common share $ 13.76 $ 12.75 $ 8.72 (a) |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Year Ended December 31 2019 2018 2017 (In thousands, except per share) Net income available to common equity $ 1,859,708 $ 1,845,559 $ 1,335,572 Less: Income attributable to unvested stock-based compensation awards (10,197 ) (9,524 ) (8,055 ) Net income available to common shareholders $ 1,849,511 $ 1,836,035 $ 1,327,517 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 135,169 144,740 153,092 Less: Unvested stock-based compensation awards (741 ) (748 ) (933 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 34 159 392 Adjusted weighted-average shares outstanding 134,462 144,151 152,551 Diluted earnings per common share $ 13.75 $ 12.74 $ 8.70 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Impact of Reclassification from AOCI to Retained Earnings | The impact of that reclassification was an increase in retained earnings as of December 31, 2017 resulting from items remaining in AOCI as of that date as follows: (In thousands) Net unrealized losses on investment securities $ 8,065 Defined benefit plans liability adjustments 53,960 Cash flow hedges and other 2,004 Increase to retained earnings $ 64,029 |
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 Investment Defined Benefit Total Amount Income Securities (a) Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 247,411 — — 247,411 (65,009 ) 182,402 Foreign currency translation adjustment — — 1,381 1,381 (290 ) 1,091 Unrealized gains on cash flow hedges — — 160,373 160,373 (42,163 ) 118,210 Current year benefit plans losses — (126,618 ) — (126,618 ) 33,287 (93,331 ) Total other comprehensive income (loss) before reclassifications 247,411 (126,618 ) 161,754 282,547 (74,175 ) 208,372 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 3,394 — — 3,394 (c) (892 ) 2,502 Losses realized in net income 3 — — 3 (d) (1 ) 2 Accretion of net gain on terminated cash flow hedges — — (136 ) (136 ) (e) 36 (100 ) Net yield adjustment from cash flow hedges currently in effect — — (13,011 ) (13,011 ) (c) 3,421 (9,590 ) Amortization of prior service credit — (4,173 ) — (4,173 ) (f) 1,097 (3,076 ) Amortization of actuarial losses — 20,745 — 20,745 (f) (5,454 ) 15,291 Total other comprehensive income (loss) 250,808 (110,046 ) 148,607 289,369 (75,968 ) 213,401 Balance — December 31, 2019 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Balance — January 1, 2018 $ (59,957 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (a) (22,795 ) — — (22,795 ) 5,942 (16,853 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (121,589 ) — — (121,589 ) 31,946 (89,643 ) Foreign currency translation adjustment — — (2,817 ) (2,817 ) 592 (2,225 ) Unrealized losses on cash flow hedges — — (4,965 ) (4,965 ) 1,306 (3,659 ) Current year benefit plans gains — 19,871 — 19,871 (5,224 ) 14,647 Total other comprehensive income (loss) before reclassifications (121,589 ) 19,871 (7,782 ) (109,500 ) 28,620 (80,880 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 4,252 — — 4,252 (c) (1,118 ) 3,134 Gains realized in net income (18 ) — — (18 ) (d) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (111 ) (111 ) (e) 29 (82 ) Net yield adjustment from cash flow hedges currently in effect — — 13,339 13,339 (c) (3,507 ) 9,832 Amortization of prior service credit — (4,172 ) — (4,172 ) (f) 1,097 (3,075 ) Amortization of actuarial losses — 42,967 — 42,967 (f) (11,296 ) 31,671 Total other comprehensive income (loss) (117,355 ) 58,666 5,446 (53,243 ) 13,829 (39,414 ) Balance — December 31, 2018 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Defined Total Investment Securities Benefit Amount Income With OTTI All Other Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2017 $ 46,725 (73,785 ) (449,917 ) (8,268 ) $ (485,245 ) 190,609 $ (294,636 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (8,746 ) (6,259 ) — — (15,005 ) 7,269 (7,736 ) Foreign currency translation adjustment — — — 4,447 4,447 (2,206 ) 2,241 Unrealized losses on cash flow hedges — — — (12,291 ) (12,291 ) 4,837 (7,454 ) Current year benefit plans gains — — 9,276 — 9,276 (3,650 ) 5,626 Total other comprehensive income (loss) before reclassifications (8,746 ) (6,259 ) 9,276 (7,844 ) (13,573 ) 6,250 (7,323 ) Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on HTM securities — 3,387 — — 3,387 (c) (1,333 ) 2,054 Gains realized in net income (18,351 ) (2,928 ) — — (21,279 ) (d) 7,195 (14,084 ) Accretion of net gain on terminated cash flow hedges — — — (137 ) (137 ) (e) 54 (83 ) Net yield adjustment from cash flow hedges currently in effect — — — (3,916 ) (3,916 ) (c) 1,541 (2,375 ) Amortization of prior service credit — — (802 ) — (802 ) (f) 315 (487 ) Amortization of actuarial losses — — 28,275 — 28,275 (f) (11,126 ) 17,149 Total other comprehensive income (loss) (27,097 ) (5,800 ) 36,749 (11,897 ) (8,045 ) 2,896 (5,149 ) Reclassification of income tax effects to retained earnings — — — — — (64,029 ) (64,029 ) Balance — December 31, 2017 $ 19,628 (79,585 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) (a) Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required. (b) Other-than-temporary impairment. (c) Included in interest income. (d) Included in gain (loss) on bank investment securities. (e) Included in interest expense. (f) Included in other costs of operations. |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Securities Benefit Plans Other Total (In thousands) Balance at January 1, 2017 $ (16,319 ) $ (272,874 ) $ (5,443 ) $ (294,636 ) Net gain (loss) during 2017 (19,766 ) 22,288 (7,671 ) (5,149 ) Reclassification of income tax effects to retained earnings (8,065 ) (53,960 ) (2,004 ) (64,029 ) Balance at December 31, 2017 (44,150 ) (304,546 ) (15,118 ) (363,814 ) Cumulative effect of change in accounting principle — equity securities (16,853 ) — — (16,853 ) Net gain (loss) during 2018 (86,523 ) 43,243 3,866 (39,414 ) Balance at December 31, 2018 (147,526 ) (261,303 ) (11,252 ) (420,081 ) Net gain (loss) during 2019 184,906 (81,116 ) 109,611 213,401 Balance at December 31, 2019 $ 37,380 $ (342,419 ) $ 98,359 $ (206,680 ) |
Other income and other expense
Other income and other expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Income and Other Expense | The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2019 2018 2017 (In thousands) Other income: Credit-related fee income $ 86,792 $ 82,614 $ 77,580 Other expense: Professional services 330,900 312,998 289,862 Accrual for Wilmington Trust Corporation legal-related matters 135,000 Amortization of capitalized mortgage servicing rights 71,888 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Information about Interest Rate Swap Agreements | Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Weighted- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (In thousands) (In (In December 31, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 3,800,000 2.2 2.51 % 2.27 % $ (567 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 53,750,000 1.4 2.44 % 1.73 % (1,195 ) Total $ 57,550,000 1.5 $ (1,762 ) December 31, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.8 2.47 % 3.02 % $ 4,219 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 15,400,000 1.3 1.52 % 2.35 % 1,311 Total $ 19,850,000 1.7 $ 5,530 (a) C (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) Includes notional amount and terms of $40.4 billion of forward-starting interest rate swap agreements that will become effective in 2020-2022. (d) Includes notional amount and terms of $12.6 billion of forward-starting interest rate swap agreements. |
Notional Amount of Interest Rate Swap Agreements Outstanding Maturity | The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2019 mature as follows: (In thousands) Year ending December 31: 2020 $ 12,200,000 2021 28,350,000 2022 16,000,000 2023 500,000 2027 500,000 $ 57,550,000 |
Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet | Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value December 31 December 31 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 232 $ 5,530 $ 1,994 $ — Commitments to sell real estate loans (a) 1,195 1,090 421 6,434 1,427 6,620 2,415 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,965 9,304 1,225 1,592 Commitments to sell real estate loans (a) 3,074 3,702 3,548 4,535 Trading: Interest rate contracts (b) 398,295 118,687 68,103 169,255 Foreign exchange and other option and futures contracts (b) 12,506 10,549 11,800 8,870 425,840 142,242 84,676 184,252 Total derivatives $ 427,267 $ 148,862 $ 87,091 $ 190,686 (a) (b) Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item December 31 December 31 2019 2018 2019 2018 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 3,840,775 $ 4,394,109 $ 43,640 $ (51,102 ) |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 95,006 (94,742 ) $ (10,006 ) 10,969 $ (52,392 ) 51,628 Derivatives not designated as hedging Trading: Interest rate contracts (b) $ 24,701 $ 4,506 $ 5,398 Foreign exchange and other option and futures contracts (b) 8,511 9,416 6,821 Total $ 33,212 $ 13,922 $ 12,219 (a) (b) |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at December 31, 2019 and 2018 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) December 31, 2019 Trading account assets $ 470,129 $ 49,040 $ 421,089 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,767 — 9,767 — Obligations of states and political subdivisions 775 — 775 — Mortgage-backed securities: Government issued or guaranteed 6,180,940 — 6,180,940 — Privately issued 16 — — 16 Other debt securities 127,278 — 127,278 — 6,318,776 — 6,318,760 16 Equity securities 140,041 100,637 39,404 — Real estate loans held for sale 442,079 — 442,079 — Other assets (b) 16,466 — 4,501 11,965 Total assets $ 7,387,491 $ 149,677 $ 7,225,833 $ 11,981 Trading account liabilities $ 79,903 $ — $ 79,903 $ — Other liabilities (b) 7,188 — 5,963 1,225 Total liabilities $ 87,091 $ — $ 85,866 $ 1,225 December 31, 2018 Trading account assets $ 185,584 $ 46,018 $ 139,566 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,336,931 — 1,336,931 — Obligations of states and political subdivisions 1,659 — 1,659 — Mortgage-backed securities: Government issued or guaranteed 7,216,991 — 7,216,991 — Privately issued 22 — — 22 Other debt securities 126,906 — 126,906 — 8,682,509 — 8,682,487 22 Equity securities 93,917 71,989 21,928 — Real estate loans held for sale 551,697 — 551,697 — Other assets (b) 19,626 — 10,322 9,304 Total assets $ 9,533,333 $ 118,007 $ 9,406,000 $ 9,326 Trading account liabilities $ 178,125 $ — $ 178,125 $ — Other liabilities (b) 12,561 — 10,969 1,592 Total liabilities $ 190,686 $ — $ 189,094 $ 1,592 (a) (b) |
Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2019, 2018 and 2017 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets (In thousands) 2019 Balance — January 1, 2019 $ 22 $ 7,712 Total gains realized/unrealized: Included in earnings — 129,398 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (126,370 ) (c) Balance — December 31, 2019 $ 16 10,740 Changes in unrealized gains included in earnings related to assets still held at December 31, 2019 $ — 11,146 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains realized/unrealized: Included in earnings — 58,740 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (59,331 ) (c) Balance — December 31, 2018 $ 22 7,712 Changes in unrealized gains included in earnings related to assets still held at December 31, 2018 $ — 7,386 (b) 2017 Balance — January 1, 2017 $ 44 7,325 Total gains realized/unrealized: Included in earnings — 77,832 (b) Settlements (16 ) — Transfers out of Level 3 (a) — (76,854 ) (c) Balance — December 31, 2017 $ 28 8,303 Changes in unrealized gains included in earnings related to assets still held at December 31, 2017 $ — 7,978 (b) (a) (b) (c) |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2019 and 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In December 31, 2019 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 10,740 Discounted cash flow Commitment expirations 0%-99% (13%) December 31, 2018 Recurring fair value measurements Privately issued mortgage- backed securities $ 22 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,712 Discounted cash flow Commitment expirations 0%-95% (13%) (a) |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) | The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,432,805 1,432,805 1,394,984 37,821 — Interest-bearing deposits at banks 7,190,154 7,190,154 — 7,190,154 — Federal funds sold 3,500 3,500 — 3,500 — Trading account assets 470,129 470,129 49,040 421,089 — Investment securities 9,497,251 9,539,540 100,637 9,351,793 87,110 Loans and leases: Commercial loans and leases 23,838,168 23,510,908 — — 23,510,908 Commercial real estate loans 35,541,914 35,517,180 — 28,338 35,488,842 Residential real estate loans 16,156,094 16,227,274 — 3,990,848 12,236,426 Consumer loans 15,386,693 15,413,262 — — 15,413,262 Allowance for credit losses (1,051,071 ) — — — — Loans and leases, net 89,871,798 90,668,624 — 4,019,186 86,649,438 Accrued interest receivable 333,142 333,142 — 333,142 — Financial liabilities: Noninterest-bearing deposits $ (32,396,407 ) (32,396,407 ) — (32,396,407 ) — Savings and interest-checking deposits (54,932,162 ) (54,932,162 ) — (54,932,162 ) — Time deposits (5,757,456 ) (5,829,347 ) — (5,829,347 ) — Deposits at Cayman Islands office (1,684,044 ) (1,684,044 ) — (1,684,044 ) — Short-term borrowings (62,363 ) (62,363 ) — (62,363 ) — Long-term borrowings (6,986,186 ) (7,063,165 ) — (7,063,165 ) — Accrued interest payable (105,374 ) (105,374 ) — (105,374 ) — Trading account liabilities (79,903 ) (79,903 ) — (79,903 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 10,740 10,740 — — 10,740 Commitments to sell real estate loans 300 300 — 300 — Other credit-related commitments (136,470 ) (136,470 ) — — (136,470 ) Interest rate swap agreements used for interest rate risk management (1,762 ) (1,762 ) — (1,762 ) — December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,605,439 1,605,439 1,528,302 77,137 — Interest-bearing deposits at banks 8,105,197 8,105,197 — 8,105,197 — Trading account assets 185,584 185,584 46,018 139,566 — Investment securities 12,692,813 12,631,656 71,989 12,456,467 103,200 Loans and leases: Commercial loans and leases 22,977,976 22,587,387 — — 22,587,387 Commercial real estate loans 34,363,556 33,832,558 — 346,775 33,485,783 Residential real estate loans 17,154,446 16,974,545 — 3,920,447 13,054,098 Consumer loans 13,970,499 13,819,545 — — 13,819,545 Allowance for credit losses (1,019,444 ) — — — — Loans and leases, net 87,447,033 87,214,035 — 4,267,222 82,946,813 Accrued interest receivable 353,965 353,965 — 353,965 — Financial liabilities: Noninterest-bearing deposits $ (32,256,668 ) (32,256,668 ) — (32,256,668 ) — Savings and interest-checking deposits (50,963,744 ) (50,963,744 ) — (50,963,744 ) — Time deposits (6,124,254 ) (6,201,957 ) — (6,201,957 ) — Deposits at Cayman Islands office (811,906 ) (811,906 ) — (811,906 ) — Short-term borrowings (4,398,378 ) (4,398,378 ) — (4,398,378 ) — Long-term borrowings (8,444,914 ) (8,385,289 ) — (8,385,289 ) — Accrued interest payable (95,274 ) (95,274 ) — (95,274 ) — Trading account liabilities (178,125 ) (178,125 ) — (178,125 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,712 7,712 — — 7,712 Commitments to sell real estate loans (6,177 ) (6,177 ) — (6,177 ) — Other credit-related commitments (131,688 ) (131,688 ) — — (131,688 ) Interest rate swap agreements used for interest rate risk management 5,530 5,530 — 5,530 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities Outstanding | The following table presents the Company’s significant commitments. Certain of these commitments are not included in the Company’s consolidated balance sheet. December 31 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,442,160 5,484,197 Commercial real estate loans to be sold 164,076 229,401 Other commercial real estate 9,029,608 7,556,722 Residential real estate loans to be sold 423,056 245,211 Other residential real estate 448,375 219,351 Commercial and other 16,170,731 14,363,803 Standby letters of credit 2,441,432 2,326,991 Commercial letters of credit 41,059 55,808 Financial guarantees and indemnification contracts 4,108,572 3,529,136 Commitments to sell real estate loans 906,037 940,692 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2019, 2018 and 2017 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net interest income(a) $ 451,307 $ 434,579 $ 393,948 $ 828,888 $ 821,812 $ 809,301 $ 692,526 $ 665,220 $ 649,378 $ 209,807 $ 228,051 $ 277,095 Noninterest income 113,855 111,600 112,512 289,558 288,908 283,447 214,970 183,955 169,966 26,919 (9,690 ) 23,851 565,162 546,179 506,460 1,118,446 1,110,720 1,092,748 907,496 849,175 819,344 236,726 218,361 300,946 Provision for credit losses 16,501 10,916 15,598 25,580 8,976 11,876 1,537 3,159 (7,524 ) 3,608 6,683 31,119 Amortization of core deposit and other intangible assets — — — — — — 1,060 1,060 1,060 — — — Depreciation and other amortization 412 382 393 554 496 509 25,560 25,852 24,410 263 187 279 Other noninterest expense 319,136 305,340 294,493 384,013 364,102 339,936 240,736 217,387 207,493 52,901 65,393 76,021 Income (loss) before taxes 229,113 229,541 195,976 708,299 737,146 740,427 638,603 601,717 593,905 179,954 146,098 193,527 Income tax expense (benefit) 60,617 61,279 80,043 187,835 198,229 303,556 152,977 148,807 229,770 36,342 29,872 58,559 Net income (loss) $ 168,496 $ 168,262 $ 115,933 $ 520,464 $ 538,917 $ 436,871 $ 485,626 $ 452,910 $ 364,135 $ 143,612 $ 116,226 $ 134,968 Average total assets (in millions) $ 5,793 $ 5,631 $ 5,602 $ 28,142 $ 26,626 $ 26,573 $ 23,921 $ 22,885 $ 22,741 $ 29,081 $ 32,123 $ 37,203 Capital expenditures (in millions) $ 1 $ — $ — $ 2 $ — $ — $ — $ — $ 1 $ — $ 1 $ — For the Years Ended December 31, 2019, 2018 and 2017 Residential Mortgage Banking Retail Banking All Other Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net interest income(a) $ 20,008 $ 13,933 $ 30,328 $ 1,389,788 $ 1,351,165 $ 1,210,066 $ 537,940 $ 557,542 $ 410,928 $ 4,130,264 $ 4,072,302 $ 3,781,044 Noninterest income 393,372 305,560 321,589 327,562 324,228 329,833 695,443 651,439 609,945 2,061,679 1,856,000 1,851,143 413,380 319,493 351,917 1,717,350 1,675,393 1,539,899 1,233,383 1,208,981 1,020,873 6,191,943 5,928,302 5,632,187 Provision for credit losses 382 (2,178 ) 1,254 122,135 112,572 107,412 6,257 (8,128 ) 8,265 176,000 132,000 168,000 Amortization of core deposit and other intangible assets — — — — — — 18,430 23,462 30,306 19,490 24,522 31,366 Depreciation and other amortization 46,901 24,288 32,011 38,394 35,274 38,234 68,840 68,004 69,923 180,924 154,483 165,759 Other noninterest expense 274,414 241,624 247,639 839,636 789,783 758,153 1,157,432 1,125,428 1,019,465 3,268,268 3,109,057 2,943,200 Income (loss) before taxes 91,683 55,759 71,013 717,185 737,764 636,100 (17,576 ) 215 (107,086 ) 2,547,261 2,508,240 2,323,862 Income tax expense (benefit) 19,355 10,272 25,446 189,611 196,467 258,934 (28,625 ) (54,766 ) (40,752 ) 618,112 590,160 915,556 Net income (loss) $ 72,328 $ 45,487 $ 45,567 $ 527,574 $ 541,297 $ 377,166 $ 11,049 $ 54,981 $ (66,334 ) $ 1,929,149 $ 1,918,080 $ 1,408,306 Average total assets (in millions) $ 2,611 $ 2,161 $ 2,355 $ 15,083 $ 13,656 $ 12,702 $ 14,953 $ 13,877 $ 13,684 $ 119,584 $ 116,959 $ 120,860 Capital expenditures (in millions) $ 1 $ 1 $ — $ 76 $ 31 $ 34 $ 98 $ 65 $ 44 $ 178 $ 98 $ 79 (a) |
Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category | The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2019 2018 2017 (In thousands) Revenues $ (48,559 ) $ (41,285 ) $ (43,941 ) Expenses (18,218 ) (24,660 ) (32,623 ) Income taxes (benefit) (7,976 ) (4,371 ) (4,606 ) Net income (loss) (22,365 ) (12,254 ) (6,712 ) |
Regulatory matters (Tables)
Regulatory matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Required Minimum and Well Capitalized Capital Ratios | Pursuant to the rules in effect as of December 31, 2019, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized ● Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % 6.5 % ● Tier 1 capital to risk-weighted assets 6.0 % 8.0 % ● Total capital to risk-weighted assets 8.0 % 10.0 % ● Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % |
Capital Ratios and Amounts of Company and its Banking Subsidiaries | The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2019 and 2018 are presented below: M&T (Consolidated) M&T Bank Wilmington Trust, N.A. (Dollars in thousands) December 31, 2019: Common equity Tier 1 capital Amount $ 10,053,887 $ 10,649,953 $ 606,538 Ratio(a) 9.73 % 10.34 % 56.35 % Tier 1 capital Amount 11,303,836 10,649,953 606,538 Ratio(a) 10.94 % 10.34 % 56.35 % Total capital Amount 13,480,612 12,342,834 608,130 Ratio(a) 13.05 % 11.99 % 56.50 % Leverage Amount 11,303,836 10,649,953 606,538 Ratio(b) 9.59 % 9.08 % 13.12 % December 31, 2018: Common equity Tier 1 capital Amount $ 9,960,811 $ 10,636,136 $ 585,767 Ratio(a) 10.13 % 10.84 % 60.69 % Tier 1 capital Amount 11,193,770 10,636,136 585,767 Ratio(a) 11.38 % 10.84 % 60.69 % Total capital Amount 13,454,137 12,475,296 589,671 Ratio(a) 13.68 % 12.72 % 61.10 % Leverage Amount 11,193,770 10,636,136 585,767 Ratio(b) 9.88 % 9.42 % 12.51 % (a) (b) |
Parent company financial stat_2
Parent company financial statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed Balance Sheet December 31 2019 2018 (In thousands) Assets Cash in subsidiary bank $ 83,531 $ 40,609 Due from consolidated bank subsidiaries Money-market savings 876,819 856,881 Current income tax receivable 1,261 1,117 Total due from consolidated bank subsidiaries 878,080 857,998 Investments in consolidated subsidiaries Banks 15,732,008 15,491,277 Other 301,765 324,360 Investments in trust preferred entities (note 19) 23,022 23,241 Other assets 67,732 64,187 Total assets $ 17,086,138 $ 16,801,672 Liabilities Accrued expenses and other liabilities $ 74,235 $ 63,719 Long-term borrowings 1,295,254 1,277,762 Total liabilities 1,369,489 1,341,481 Shareholders’ equity 15,716,649 15,460,191 Total liabilities and shareholders’ equity $ 17,086,138 $ 16,801,672 |
Condensed Statement of Income | Condensed Statement of Income Year Ended December 31 2019 2018 2017 (In thousands, except per share) Income Dividends from consolidated bank subsidiaries $ 2,025,000 $ 1,250,000 $ 1,540,000 Equity in earnings of Bayview Lending Group LLC 36,740 23,500 352 Other income 7,216 2,417 9,493 Total income 2,068,956 1,275,917 1,549,845 Expense Interest on long-term borrowings 51,938 36,354 21,591 Other expense 25,236 23,894 19,636 Total expense 77,174 60,248 41,227 Income before income taxes and equity in undistributed income of subsidiaries 1,991,782 1,215,669 1,508,618 Income tax credits 8,313 8,446 26,453 Income before equity in undistributed income of subsidiaries 2,000,095 1,224,115 1,535,071 Equity in undistributed income of subsidiaries Net income of subsidiaries 1,954,054 1,943,965 1,413,235 Less: dividends received (2,025,000 ) (1,250,000 ) (1,540,000 ) Equity in undistributed income of subsidiaries (70,946 ) 693,965 (126,765 ) Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Net income per common share Basic $ 13.76 $ 12.75 $ 8.72 Diluted 13.75 12.74 8.70 |
Condensed Statement of Cash Flow | Condensed Statement of Cash Flows Year Ended December 31 2019 2018 2017 (In thousands) Cash flows from operating activities Net income $ 1,929,149 $ 1,918,080 $ 1,408,306 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries 70,946 (693,965 ) 126,765 Provision for deferred income taxes 5,263 4,949 4,543 Net change in accrued income and expense (34,525 ) (8,242 ) (170 ) Gain on sale of assets — — (2,995 ) Net cash provided by operating activities 1,970,833 1,220,822 1,536,449 Cash flows from investing activities Proceeds from sales or maturities of investment securities 100 — — Other, net 51,235 29,933 12,407 Net cash provided by investing activities 51,335 29,933 12,407 Cash flows from financing activities Purchases of treasury stock (1,349,785 ) (2,194,396 ) (1,205,905 ) Dividends paid — common (552,138 ) (510,382 ) (457,402 ) Dividends paid — preferred (67,454 ) (72,521 ) (72,734 ) Proceeds from long-term borrowings — 748,595 — Redemption of Series A and Series C preferred stock (381,500 ) — — Proceeds from issuance of Series G preferred stock 396,000 — — Other, net (4,431 ) 45,913 34,524 Net cash used by financing activities (1,959,308 ) (1,982,791 ) (1,701,517 ) Net increase (decrease) in cash and cash equivalents 62,860 (732,036 ) (152,661 ) Cash and cash equivalents at beginning of year 897,490 1,629,526 1,782,187 Cash and cash equivalents at end of year $ 960,350 $ 897,490 $ 1,629,526 Supplemental disclosure of cash flow information Interest received during the year $ 1,752 $ 2,219 $ 2,313 Interest paid during the year 49,451 17,482 18,498 Income taxes received during the year 6,251 6,362 21,740 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |
Delinquent period of loans resulting in accrued interest being charged against income | 90 days |
Delinquent period of loans secured by real estate resulting in charge off | 150 days |
Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Loans secured by real estate delinquent period threshold for return to accrual status | 90 days |
Consumer loan delinquent period threshold for consideration for charge off | 180 days |
Estimated useful lives | 10 years |
Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Consumer loan delinquent period threshold for consideration for charge off | 91 days |
Estimated useful lives | 5 years |
Income tax benefit recognition criteria percentage threshold | 50.00% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Investment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investment Holdings [Line Items] | |||
Gross realized gains on investment securities | $ 23,000,000 | ||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | 0 |
Number of investment securities with aggregate gross unrealized losses | Investment | 641 | ||
Unrealized losses on individual investment securities | $ 50,000,000 | ||
Cost method investment securities | 382,000,000 | ||
Investment securities pledged to secure debt carrying value | 1,900,000,000 | ||
Pledged securities that can be sold or repledged | 200,339,000 | $ 487,365,000 | |
Available-for-Sale Securities [Member] | |||
Investment Holdings [Line Items] | |||
Investment securities pledged to secure debt carrying value | $ 1,500,000,000 | ||
Government Agency [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 | ||
Non-U.S. Government [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 | ||
Government Issued or Guaranteed [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 | ||
Collateralized Debt Obligations [Member] | Fannie Mae And Freddie Mac Preferred Stock | |||
Investment Holdings [Line Items] | |||
Net gain on securities sold | $ 18,000,000 | ||
Retained Earnings [Member] | Adjustments for New Accounting Pronouncement [Member] | |||
Investment Holdings [Line Items] | |||
Reclassification from accumulated comprehensive income to retained earnings, net of tax | $ 17,000,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 6,258,276 | $ 8,869,423 |
Investment securities available for sale, gross unrealized gains | 90,723 | 16,528 |
Investment securities available for sale, gross unrealized losses | 30,223 | 203,442 |
Investment securities available for sale, estimated fair value | 6,318,776 | 8,682,509 |
Amortized cost for held to maturity | 2,656,917 | 3,316,640 |
Gross unrealized gains for held to maturity | 62,462 | 16,532 |
Gross unrealized losses for held to maturity | 20,173 | 77,689 |
Estimated fair value for held to maturity | 2,699,206 | 3,255,483 |
Equity and other securities, Amortized Cost | 487,041 | 677,187 |
Equity securities, Gross Unrealized Gains | 34,786 | 17,295 |
Equity securities, Gross Unrealized Losses | 269 | 818 |
Equity and other securities, Estimated Fair Value | 521,558 | 693,664 |
Other securities, Amortized cost | 381,517 | 599,747 |
Other securities, Estimated fair value | 381,517 | 599,747 |
Total debt securities Amortized cost | 8,915,193 | 12,186,063 |
Total debt securities Gross unrealized gains | 153,185 | 33,060 |
Total debt securities Gross unrealized losses | 50,396 | 281,131 |
Total debt securities Estimated fair value | 9,017,982 | 11,937,992 |
Readily marketable securities Amortized cost | 105,524 | 77,440 |
Readily marketable securities Gross unrealized gains | 34,786 | 17,295 |
Readily marketable securities Gross unrealized losses | 269 | 818 |
Readily marketable securities Estimated fair value | 140,041 | 93,917 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 9,742 | 1,346,782 |
Investment securities available for sale, gross unrealized gains | 41 | |
Investment securities available for sale, gross unrealized losses | 16 | 9,851 |
Investment securities available for sale, estimated fair value | 9,767 | 1,336,931 |
Amortized cost for held to maturity | 249,862 | 446,542 |
Gross unrealized gains for held to maturity | 286 | |
Gross unrealized losses for held to maturity | 239 | |
Estimated fair value for held to maturity | 250,148 | 446,303 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 776 | 1,660 |
Investment securities available for sale, gross unrealized gains | 2 | 4 |
Investment securities available for sale, gross unrealized losses | 3 | 5 |
Investment securities available for sale, estimated fair value | 775 | 1,659 |
Amortized cost for held to maturity | 4,140 | 7,494 |
Gross unrealized gains for held to maturity | 16 | 22 |
Gross unrealized losses for held to maturity | 12 | |
Estimated fair value for held to maturity | 4,156 | 7,504 |
Government Issued or Guaranteed [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 6,113,913 | 7,383,340 |
Investment securities available for sale, gross unrealized gains | 88,634 | 15,754 |
Investment securities available for sale, gross unrealized losses | 21,607 | 182,103 |
Investment securities available for sale, estimated fair value | 6,180,940 | 7,216,991 |
Amortized cost for held to maturity | 2,306,180 | 2,745,776 |
Gross unrealized gains for held to maturity | 50,381 | 4,165 |
Gross unrealized losses for held to maturity | 1,992 | 55,111 |
Estimated fair value for held to maturity | 2,354,569 | 2,694,830 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 16 | 24 |
Investment securities available for sale, gross unrealized losses | 2 | |
Investment securities available for sale, estimated fair value | 16 | 22 |
Amortized cost for held to maturity | 93,496 | 113,160 |
Gross unrealized gains for held to maturity | 11,779 | 12,345 |
Gross unrealized losses for held to maturity | 18,181 | 22,327 |
Estimated fair value for held to maturity | 87,094 | 103,178 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 133,829 | 137,617 |
Investment securities available for sale, gross unrealized gains | 2,046 | 770 |
Investment securities available for sale, gross unrealized losses | 8,597 | 11,481 |
Investment securities available for sale, estimated fair value | 127,278 | 126,906 |
Amortized cost for held to maturity | 3,239 | 3,668 |
Estimated fair value for held to maturity | $ 3,239 | $ 3,668 |
Investment Securities - Investm
Investment Securities - Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | $ 235,496 |
Total securities with disclosed rating, Estimated Fair Value | 222,558 |
A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 17,564 |
BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 83,660 |
BB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 19,106 |
B or Less [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 20,671 |
Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 81,557 |
Obligations of States and Political Subdivisions [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 4,916 |
Total securities with disclosed rating, Estimated Fair Value | 4,931 |
Obligations of States and Political Subdivisions [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 4,809 |
Obligations of States and Political Subdivisions [Member] | BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 122 |
Privately Issued [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 93,512 |
Total securities with disclosed rating, Estimated Fair Value | 87,110 |
Privately Issued [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 8,015 |
Privately Issued [Member] | BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 8,768 |
Privately Issued [Member] | B or Less [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 20,671 |
Privately Issued [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 49,656 |
Other Debt Securities [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 137,068 |
Total securities with disclosed rating, Estimated Fair Value | 130,517 |
Other Debt Securities [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 4,740 |
Other Debt Securities [Member] | BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 74,770 |
Other Debt Securities [Member] | BB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 19,106 |
Other Debt Securities [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | $ 31,901 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Collateralized mortgage obligations, Amortized cost | $ 94,817 | $ 115,171 |
Collateralized mortgage obligations, Estimated fair value | $ 88,410 | $ 105,155 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Due in one year or less | $ 4,418 | |
Due after one year through five years | 10,717 | |
Due after five years through ten years | 99,212 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 144,347 | |
Mortgage-backed securities available for sale | 6,113,929 | |
Investment securities available for sale, amortized cost | 6,258,276 | $ 8,869,423 |
Debt securities held to maturity: | ||
Due in one year or less | 251,457 | |
Due after one year through five years | 2,545 | |
Due after ten years | 3,239 | |
Total available for held to maturity (amortized cost) | 257,241 | |
Mortgage-backed securities held to maturity | 2,399,676 | |
Amortized cost for held to maturity | 2,656,917 | 3,316,640 |
Debt securities available for sale: | ||
Due in one year or less | 4,427 | |
Due after one year through five years | 10,777 | |
Due after five years through ten years | 98,616 | |
Due after ten years | 24,000 | |
Total available for sale (fair value) | 137,820 | |
Mortgage-backed securities available for sale | 6,180,956 | |
Total | 6,318,776 | 8,682,509 |
Debt securities held to maturity: | ||
Due in one year or less | 251,749 | |
Due after one year through five years | 2,555 | |
Due after ten years | 3,239 | |
Total available for held to maturity (fair value) | 257,543 | |
Mortgage-backed securities held to maturity | 2,441,663 | |
Total | $ 2,699,206 | $ 3,255,483 |
Investment Securities - Inves_2
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 125,305 | $ 459,960 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (583) | (5,088) |
Estimated fair value, 12 months or more | 2,061,847 | 7,048,346 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (29,640) | (198,354) |
Held to maturity, Estimated fair value, Less than 12 months | 2,727 | 625,657 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (5) | (1,228) |
Held to maturity, Estimated fair value, 12 months or more | 194,891 | 2,137,792 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (20,168) | (76,461) |
Total investment securities, fair value less than 12 months | 128,032 | 1,085,617 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (588) | (6,316) |
Total of investment securities, fair value, 12 Months or More | 2,256,738 | 9,186,138 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (49,808) | (274,815) |
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 | 1,406 | 273 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (7) | (2) |
Estimated fair value, 12 months or more | 2,893 | 1,335,559 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (9) | (9,849) |
Held to maturity, Estimated fair value, Less than 12 months | 446,303 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (239) | |
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 | 629 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (5) | |
Estimated fair value, 12 months or more | 277 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (3) | |
Held to maturity, Estimated fair value, 12 months or more | 3,126 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (12) | |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 117,299 | 405,558 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (222) | (2,892) |
Estimated fair value, 12 months or more | 2,002,364 | 5,646,773 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (21,385) | (179,211) |
Held to maturity, Estimated fair value, Less than 12 months | 2,727 | 179,354 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (5) | (989) |
Held to maturity, Estimated fair value, 12 months or more | 145,235 | 2,082,723 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (1,987) | (54,122) |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 6,600 | 53,478 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (354) | (2,187) |
Estimated fair value, 12 months or more | 56,313 | 66,014 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (8,243) | (9,294) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 22 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2) | |
Held to maturity, Estimated fair value, 12 months or more | 49,656 | 51,943 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ (18,181) | $ (22,327) |
Loans and Leases - Total Loans
Loans and Leases - Total Loans and Leases Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | ||
Total loans | $ 89,776,328 | $ 87,326,591 |
Leases | ||
Total loans and leases | 91,188,525 | 88,733,492 |
Unearned discount | (265,656) | (267,015) |
Loans and leases, net of unearned discount | 90,922,869 | 88,466,477 |
Commercial Financial Loan [Member] | ||
Loans | ||
Total loans | 22,575,700 | 21,730,012 |
Residential Real Estate [Member] | ||
Loans | ||
Total loans | 16,098,125 | 17,150,658 |
Commercial Real Estate [Member] | ||
Loans | ||
Total loans | 26,718,325 | 25,666,200 |
Construction Real Estate [Member] | ||
Loans | ||
Total loans | 9,010,297 | 8,823,635 |
Consumer Real Estate [Member] | ||
Loans | ||
Total loans | 15,373,881 | 13,956,086 |
Commercial Lease [Member] | ||
Loans | ||
Total loans | $ 1,412,197 | $ 1,406,901 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans And Leases Receivable [Line Items] | |||
Charges incurred for reimbursement of loan | $ 0 | $ 0 | $ 0 |
Interest income that would have been recognized on nonaccrual and renegotiated loans if those loans were accruing interest at their originally contracted terms | 68,000,000 | 69,000,000 | 64,000,000 |
Interest on nonaccrual and renegotiated loans included in interest income | 33,000,000 | 33,000,000 | $ 31,000,000 |
Contractual principal and interest payments | 228,000,000 | 303,000,000 | |
Guaranteed amount included in the estimated residual value of leased assets associated with direct financing leases | 37,000,000 | 39,000,000 | |
Amount of foreclosed residential real estate property held | 76,000,000 | 77,000,000 | |
Loans secured by residential real estate that were in the process of foreclosure | $ 402,000,000 | 391,000,000 | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 36.00% | ||
Commercial Loans and Leases [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings from the FHLB of New York | $ 11,900,000,000 | ||
Residential Mortgage Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 11,500,000,000 | ||
Home Equity Loans and Lines of Credit [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 2,300,000,000 | ||
Other Consumer Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans pledged to secure outstanding borrowings from the FHLB of New York | $ 7,500,000,000 | ||
Director and Certain Officers [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Exclusion limit of loans from related party disclosure | less than $60,000 | ||
Borrowing by directors and certain officers of M&T and its banking subsidiaries and their associates | $ 28,000,000 | $ 77,000,000 | |
New borrowings by directors, certain officers and their associates | 1,000,000 | ||
Repayments and other reductions of borrowings by directors, certain officers and their associates | $ 50,000,000 | ||
Maximum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Purchased impaired loans as a percentage of total assets | 1.00% | 1.00% | |
Commercial Real Estate [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loans serviced for others sold with credit recourse | $ 3,900,000,000 | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 13,300,000,000 | ||
Residential Mortgage Loans [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 414,000,000 | $ 205,000,000 | |
RealEstateLoanMember | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | $ 28,000,000 | $ 347,000,000 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 87,999,720 | $ 86,140,950 |
30-89 Days Past Due | 1,174,132 | 866,337 |
Accruing Loans Past Due 90 Days or More | 518,728 | 222,527 |
Purchased Impaired | 227,545 | 303,305 |
Nonaccrual | 963,112 | 893,608 |
Loans and leases, net of unearned discount | 90,922,869 | 88,466,477 |
Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 39,632 | 39,750 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 23,290,797 | 22,701,020 |
30-89 Days Past Due | 184,011 | 39,798 |
Accruing Loans Past Due 90 Days or More | 16,776 | 2,567 |
Nonaccrual | 346,557 | 234,423 |
Loans and leases, net of unearned discount | 23,838,168 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 27 | 168 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 26,311,414 | 25,250,983 |
30-89 Days Past Due | 165,579 | 134,474 |
Accruing Loans Past Due 90 Days or More | 6,740 | 11,457 |
Purchased Impaired | 15,601 | 9,769 |
Nonaccrual | 158,474 | 203,672 |
Loans and leases, net of unearned discount | 26,657,808 | 25,610,365 |
Commercial [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 10 | |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,521,315 | 1,665,178 |
30-89 Days Past Due | 21,195 | 20,333 |
Purchased Impaired | 753 | |
Nonaccrual | 3,982 | 4,798 |
Loans and leases, net of unearned discount | 1,547,245 | 1,690,309 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,204,148 | 6,982,077 |
30-89 Days Past Due | 95,346 | 43,615 |
Accruing Loans Past Due 90 Days or More | 3,360 | 14,344 |
Purchased Impaired | 1,237 | 641 |
Nonaccrual | 32,770 | 22,205 |
Loans and leases, net of unearned discount | 7,336,861 | 7,062,882 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 12,760,040 | 13,591,790 |
30-89 Days Past Due | 451,274 | 404,808 |
Accruing Loans Past Due 90 Days or More | 486,515 | 189,682 |
Purchased Impaired | 143,145 | 203,044 |
Nonaccrual | 235,663 | 233,352 |
Loans and leases, net of unearned discount | 14,082,425 | 14,629,326 |
Residential [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 5,788 | 6,650 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,858,037 | 2,278,040 |
30-89 Days Past Due | 65,215 | 72,544 |
Accruing Loans Past Due 90 Days or More | 181 | |
Purchased Impaired | 66,809 | 89,851 |
Nonaccrual | 83,427 | 84,685 |
Loans and leases, net of unearned discount | 2,073,669 | 2,525,120 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,386,511 | 4,758,513 |
30-89 Days Past Due | 30,229 | 25,416 |
Nonaccrual | 63,215 | 71,292 |
Loans and leases, net of unearned discount | 4,481,617 | 4,860,254 |
Home Equity Lines and Loans [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 1,662 | 5,033 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 5,484,997 | 4,085,781 |
30-89 Days Past Due | 36,827 | 29,947 |
Nonaccrual | 14,219 | 11,199 |
Loans and leases, net of unearned discount | 5,536,142 | 4,127,162 |
Recreational Finance [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 99 | 235 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,787,221 | 3,555,757 |
30-89 Days Past Due | 78,478 | 79,804 |
Nonaccrual | 21,293 | 23,359 |
Loans and leases, net of unearned discount | 3,886,992 | 3,658,920 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,395,240 | 1,271,811 |
30-89 Days Past Due | 45,978 | 15,598 |
Accruing Loans Past Due 90 Days or More | 5,156 | 4,477 |
Nonaccrual | 3,512 | 4,623 |
Loans and leases, net of unearned discount | 1,481,942 | 1,324,163 |
Other [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | $ 32,056 | $ 27,654 |
Loans and Leases - Outstanding
Loans and Leases - Outstanding Principal Balance and Carrying Amount of Loans and Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Outstanding principal balance | $ 769,414 | $ 1,016,785 |
Carrying amount | 535,596 | 727,491 |
Commercial, Financial, Leasing, etc. [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 21,114 | 27,073 |
Commercial Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 94,890 | 135,047 |
Residential Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 341,807 | 473,511 |
Consumer [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | $ 77,785 | $ 91,860 |
Loans and Leases - Summary of_2
Loans and Leases - Summary of Changes in Accretable Yield for Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased Impaired [Member] | |||
Summary of changes in Accretable Yield for acquired loans | |||
Balance at beginning of period | $ 147,210 | $ 157,918 | $ 154,233 |
Interest income | (49,017) | (37,819) | (47,452) |
Reclassifications from nonaccretable balance | 36,718 | 27,111 | 51,137 |
Balance at end of period | 134,911 | 147,210 | 157,918 |
Other Acquired [Member] | |||
Summary of changes in Accretable Yield for acquired loans | |||
Balance at beginning of period | 96,907 | 133,162 | 201,153 |
Interest income | (36,452) | (63,856) | (82,605) |
Reclassifications from nonaccretable balance | 15,534 | 22,849 | 16,437 |
Other | (3,909) | 4,752 | (1,823) |
Balance at end of period | $ 72,080 | $ 96,907 | $ 133,162 |
Loans and Leases - Loan Modific
Loans and Leases - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Modification | Dec. 31, 2018USD ($)Modification | Dec. 31, 2017USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 412 | 557 | 654 |
Pre-modification Recorded Investment | $ 143,556 | $ 175,583 | $ 216,063 |
Post- modification | $ 127,024 | $ 180,224 | $ 191,522 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 51 | 83 | 83 |
Pre-modification Recorded Investment | $ 48,315 | $ 30,217 | $ 44,924 |
Post- modification | $ 31,345 | $ 30,731 | $ 40,882 |
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 150 | 203 | 217 |
Pre-modification Recorded Investment | $ 63,715 | $ 102,445 | $ 111,036 |
Post- modification | $ 63,356 | $ 102,914 | $ 88,663 |
Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 3 | 1 | 2 |
Pre-modification Recorded Investment | $ 1,559 | $ 752 | $ 168 |
Post- modification | $ 1,500 | $ 746 | $ 168 |
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 83 | 134 | 141 |
Pre-modification Recorded Investment | $ 21,695 | $ 34,798 | $ 31,827 |
Post- modification | $ 22,726 | $ 38,072 | $ 34,607 |
Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 6 | 9 | 20 |
Pre-modification Recorded Investment | $ 1,409 | $ 1,887 | $ 4,230 |
Post- modification | $ 1,443 | $ 2,250 | $ 4,572 |
Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 41 | 47 | 110 |
Pre-modification Recorded Investment | $ 4,127 | $ 3,952 | $ 10,049 |
Post- modification | $ 4,180 | $ 3,979 | $ 10,213 |
Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 10 | 7 | 9 |
Pre-modification Recorded Investment | $ 265 | $ 202 | $ 160 |
Post- modification | $ 265 | $ 202 | $ 160 |
Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 66 | 73 | 69 |
Pre-modification Recorded Investment | $ 1,141 | $ 1,330 | $ 1,378 |
Post- modification | $ 1,141 | 1,330 | $ 1,378 |
Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 2 | 3 | |
Pre-modification Recorded Investment | $ 1,330 | $ 12,291 | |
Post- modification | 1,068 | 10,879 | |
Principal Deferral [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 29,481 | 90,639 | 62,302 |
Principal Deferral [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 5,193 | 16,870 | 17,039 |
Principal Deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 10,485 | 50,490 | 25,051 |
Principal Deferral [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 746 | 168 | |
Principal Deferral [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 10,819 | 19,962 | 16,633 |
Principal Deferral [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 399 | 827 | 911 |
Principal Deferral [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 176 | 224 | 1,137 |
Principal Deferral [Member] | Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 265 | 202 | 160 |
Principal Deferral [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 1,076 | 1,318 | 1,203 |
Principal Deferral [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 1,068 | ||
Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 978 | ||
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 175 | ||
Interest Rate Reduction [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 803 | ||
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 10,896 | 7,818 | |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 4,686 | 868 | |
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 6,210 | 6,459 | |
Other [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 491 | ||
Combination of Concession Types [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 97,543 | 77,711 | 121,402 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 26,152 | 9,000 | 22,975 |
Combination of Concession Types [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 52,871 | 45,411 | 57,153 |
Combination of Concession Types [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 1,500 | ||
Combination of Concession Types [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 11,907 | 18,110 | 17,974 |
Combination of Concession Types [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 1,044 | 1,423 | 3,661 |
Combination of Concession Types [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | 4,004 | 3,755 | 8,585 |
Combination of Concession Types [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | $ 65 | $ 12 | 175 |
Combination of Concession Types [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post- modification | $ 10,879 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Lease Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Direct financings: | ||
Lease payments receivable | $ 1,164,567 | $ 1,155,464 |
Estimated residual value of leased assets | 84,540 | 85,169 |
Unearned income | (106,780) | (110,458) |
Investment in direct financings | 1,142,327 | 1,130,175 |
Leveraged leases: | ||
Lease payments receivable | 82,065 | 85,007 |
Estimated residual value of leased assets | 81,025 | 81,261 |
Unearned income | (31,596) | (33,717) |
Investment in leveraged leases | 131,494 | 132,551 |
Total investment in leases | 1,273,821 | 1,262,726 |
Deferred taxes payable arising from leveraged leases | $ 70,245 | $ 74,995 |
Loans and Leases - Minimum Futu
Loans and Leases - Minimum Future Lease Payments to be Received from Lease Financings (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Receivables [Abstract] | |
2020 | $ 332,719 |
2021 | 297,875 |
2022 | 227,652 |
2023 | 161,296 |
2024 | 84,433 |
Later years | 142,657 |
Total | $ 1,246,632 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 1,019,444 | $ 1,017,198 | $ 988,997 |
Provision for credit losses | 176,000 | 132,000 | 168,000 |
Net charge-offs | |||
Charge-offs | (237,708) | (231,241) | (224,598) |
Recoveries | 93,335 | 101,487 | 84,799 |
Net (charge-offs) recoveries | (144,373) | (129,754) | (139,799) |
Ending balance | 1,051,071 | 1,019,444 | 1,017,198 |
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 330,055 | 328,599 | 330,833 |
Provision for credit losses | 69,702 | 33,967 | 41,511 |
Net charge-offs | |||
Charge-offs | (58,244) | (60,414) | (64,941) |
Recoveries | 24,581 | 27,903 | 21,196 |
Net (charge-offs) recoveries | (33,663) | (32,511) | (43,745) |
Ending balance | 366,094 | 330,055 | 328,599 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 341,655 | 374,085 | 362,719 |
Provision for credit losses | (10,726) | (41,181) | 6,715 |
Net charge-offs | |||
Charge-offs | (12,664) | (12,286) | (7,931) |
Recoveries | 3,936 | 21,037 | 12,582 |
Net (charge-offs) recoveries | (8,728) | 8,751 | 4,651 |
Ending balance | 322,201 | 341,655 | 374,085 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 69,125 | 65,405 | 61,127 |
Provision for credit losses | (8,585) | 12,401 | 16,094 |
Net charge-offs | |||
Charge-offs | (12,711) | (15,345) | (20,799) |
Recoveries | 8,204 | 6,664 | 8,983 |
Net (charge-offs) recoveries | (4,507) | (8,681) | (11,816) |
Ending balance | 56,033 | 69,125 | 65,405 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 200,564 | 170,809 | 156,288 |
Provision for credit losses | 126,029 | 127,068 | 103,410 |
Net charge-offs | |||
Charge-offs | (154,089) | (143,196) | (130,927) |
Recoveries | 56,614 | 45,883 | 42,038 |
Net (charge-offs) recoveries | (97,475) | (97,313) | (88,889) |
Ending balance | 229,118 | 200,564 | 170,809 |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 78,045 | 78,300 | 78,030 |
Provision for credit losses | (420) | (255) | 270 |
Net charge-offs | |||
Ending balance | $ 77,625 | $ 78,045 | $ 78,300 |
Allowance for Credit Losses - I
Allowance for Credit Losses - Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | $ 562,457 | $ 542,255 |
Unpaid principal balance with related allowance | 660,893 | 630,609 |
Related allowance | 104,466 | 79,646 |
Recorded investment with no related allowance | 303,676 | 254,196 |
Unpaid principal balance with no related allowance | 339,935 | 305,559 |
Recorded investment | 866,133 | 796,451 |
Unpaid principal balance | 1,000,828 | 936,168 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 60,745 | 110,253 |
Unpaid principal balance with related allowance | 73,026 | 125,117 |
Related allowance | 7,713 | 11,937 |
Recorded investment with no related allowance | 117,751 | 113,376 |
Unpaid principal balance with no related allowance | 131,406 | 124,657 |
Recorded investment | 178,496 | 223,629 |
Unpaid principal balance | 204,432 | 249,774 |
Automobile [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 3,256 | 3,527 |
Unpaid principal balance with related allowance | 3,344 | 3,599 |
Related allowance | 703 | 729 |
Recorded investment | 3,256 | 3,527 |
Unpaid principal balance | 3,344 | 3,599 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 230,444 | 153,478 |
Unpaid principal balance with related allowance | 257,745 | 175,549 |
Related allowance | 74,435 | 46,034 |
Recorded investment with no related allowance | 139,127 | 105,507 |
Unpaid principal balance with no related allowance | 152,132 | 136,128 |
Recorded investment | 369,571 | 258,985 |
Unpaid principal balance | 409,877 | 311,677 |
Residential Builder and Developer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 9,559 | 5,981 |
Unpaid principal balance with related allowance | 9,856 | 6,557 |
Related allowance | 121 | 462 |
Recorded investment with no related allowance | 3,378 | 2,593 |
Unpaid principal balance with no related allowance | 3,378 | 2,602 |
Recorded investment | 12,937 | 8,574 |
Unpaid principal balance | 13,234 | 9,159 |
Other Commercial Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 12,425 | 10,563 |
Unpaid principal balance with related allowance | 24,908 | 11,113 |
Related allowance | 1,354 | 640 |
Recorded investment with no related allowance | 20,345 | 11,710 |
Unpaid principal balance with no related allowance | 21,306 | 11,880 |
Recorded investment | 32,770 | 22,273 |
Unpaid principal balance | 46,214 | 22,993 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 125,623 | 124,974 |
Unpaid principal balance with related allowance | 145,497 | 147,817 |
Related allowance | 6,873 | 5,402 |
Recorded investment with no related allowance | 18,090 | 15,379 |
Unpaid principal balance with no related allowance | 23,365 | 20,496 |
Recorded investment | 143,713 | 140,353 |
Unpaid principal balance | 168,862 | 168,313 |
Residential Limited Documentation [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 64,268 | 74,156 |
Unpaid principal balance with related allowance | 77,359 | 90,066 |
Related allowance | 2,300 | 3,000 |
Recorded investment with no related allowance | 4,985 | 5,631 |
Unpaid principal balance with no related allowance | 8,348 | 9,796 |
Recorded investment | 69,253 | 79,787 |
Unpaid principal balance | 85,707 | 99,862 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 46,325 | 47,982 |
Unpaid principal balance with related allowance | 51,238 | 53,248 |
Related allowance | 8,957 | 9,135 |
Recorded investment | 46,325 | 47,982 |
Unpaid principal balance | 51,238 | 53,248 |
Recreational Finance [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 5,270 | 6,138 |
Unpaid principal balance with related allowance | 9,579 | 9,163 |
Related allowance | 1,095 | 1,261 |
Recorded investment | 5,270 | 6,138 |
Unpaid principal balance | 9,579 | 9,163 |
Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded investment with related allowance | 4,542 | 5,203 |
Unpaid principal balance with related allowance | 8,341 | 8,380 |
Related allowance | 915 | 1,046 |
Recorded investment | 4,542 | 5,203 |
Unpaid principal balance | $ 8,341 | $ 8,380 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | $ 827,359 | $ 754,197 | $ 748,598 |
Interest income recognized, Total | 33,400 | 41,461 | 31,983 |
Interest income recognized, Cash basis | 20,619 | 29,565 | 21,316 |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 208,200 | 194,451 | 207,616 |
Interest income recognized, Total | 5,850 | 10,880 | 4,497 |
Interest income recognized, Cash basis | 5,850 | 10,880 | 4,497 |
Commercial, Financial, Leasing, etc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 303,712 | 263,018 | 240,157 |
Interest income recognized, Total | 8,960 | 7,873 | 3,894 |
Interest income recognized, Cash basis | 8,960 | 7,873 | 3,894 |
Residential Builder and Developer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 10,863 | 8,699 | 16,209 |
Interest income recognized, Total | 357 | 1,779 | 6,419 |
Interest income recognized, Cash basis | 357 | 1,779 | 6,419 |
Other Commercial Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 26,440 | 11,467 | 15,142 |
Interest income recognized, Total | 634 | 3,474 | 1,001 |
Interest income recognized, Cash basis | 634 | 3,474 | 1,001 |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 142,400 | 129,593 | 110,646 |
Interest income recognized, Total | 9,200 | 8,386 | 7,177 |
Interest income recognized, Cash basis | 3,567 | 3,456 | 3,406 |
Residential Limited Documentation [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 74,399 | 82,854 | 93,097 |
Interest income recognized, Total | 5,463 | 6,118 | 5,981 |
Interest income recognized, Cash basis | 881 | 1,723 | 1,607 |
Home Equity Lines and Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 47,168 | 48,591 | 47,323 |
Interest income recognized, Total | 1,639 | 1,698 | 1,681 |
Interest income recognized, Cash basis | 270 | 289 | 400 |
Recreational Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 5,707 | 1,849 | 1,041 |
Interest income recognized, Total | 558 | 333 | 212 |
Interest income recognized, Cash basis | 17 | 9 | 9 |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 3,445 | 9,262 | 15,045 |
Interest income recognized, Total | 214 | 690 | 1,025 |
Interest income recognized, Cash basis | 72 | 69 | 81 |
Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average recorded investment | 5,025 | 4,413 | 2,322 |
Interest income recognized, Total | 525 | 230 | 96 |
Interest income recognized, Cash basis | $ 11 | $ 13 | $ 2 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Loan Grades (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 90,922,869 | $ 88,466,477 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,838,168 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,595,821 | 21,693,705 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 895,790 | 1,049,848 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 346,557 | 234,423 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,657,808 | 25,610,365 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,728,725 | 24,539,706 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 770,609 | 866,987 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 158,474 | 203,672 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,547,245 | 1,690,309 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,419,162 | 1,546,002 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 124,101 | 139,509 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,982 | 4,798 |
Other Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,336,861 | 7,062,882 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,092,799 | 6,890,562 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 211,292 | 150,115 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 32,770 | $ 22,205 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum delinquency period for loan level collectability analysis consumer mortgage | 150 days | |
Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value of loans for which partial charge-off has been recognized | $ 25 | $ 29 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | 18 | 21 |
Home Equity Loans and Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value of loans for which partial charge-off has been recognized | 19 | 23 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | $ 29 | $ 31 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Allocation of Allowance for Credit Losses on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 104,466 | $ 79,646 | ||
Allowance for credit losses | 865,776 | 849,356 | ||
Allowance for credit losses | 1,051,071 | 1,019,444 | $ 1,017,198 | $ 988,997 |
Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 3,204 | 12,397 | ||
Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 973,446 | 941,399 | ||
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 77,625 | 78,045 | $ 78,300 | $ 78,030 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 74,435 | 46,034 | ||
Allowance for credit losses | 291,659 | 284,021 | ||
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 366,094 | 330,055 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 9,188 | 13,039 | ||
Allowance for credit losses | 313,013 | 328,616 | ||
Commercial Real Estate [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 322,201 | 341,655 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 9,173 | 8,402 | ||
Allowance for credit losses | 43,656 | 48,326 | ||
Residential Real Estate [Member] | Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 3,204 | 12,397 | ||
Residential Real Estate [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 56,033 | 69,125 | ||
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 11,670 | 12,171 | ||
Allowance for credit losses | 217,448 | 188,393 | ||
Consumer Loans [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 229,118 | $ 200,564 |
Allowance for Credit Losses - R
Allowance for Credit Losses - Recorded Investment in Loans and Leases on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 90,922,869 | $ 88,466,477 |
Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 866,133 | 796,451 |
Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 89,829,191 | 87,366,721 |
Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 227,545 | 303,305 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,838,168 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 369,571 | 258,985 |
Commercial, Financial, Leasing, etc. [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,468,597 | 22,718,991 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 35,541,914 | 34,363,556 |
Commercial Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 224,203 | 254,476 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 35,300,120 | 34,098,670 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,591 | 10,410 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,156,094 | 17,154,446 |
Residential Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 212,966 | 220,140 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,733,174 | 16,641,411 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 209,954 | 292,895 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,386,693 | 13,970,499 |
Consumer Loans [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 59,393 | 62,850 |
Consumer Loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 15,327,300 | $ 13,907,649 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 96,118 | $ 97,082 |
Buildings | 482,182 | 465,482 |
Leasehold improvements | 262,438 | 240,731 |
Premises and equipment, gross | 1,594,694 | 1,491,659 |
Less: accumulated depreciation and amortization | 890,697 | 844,251 |
Right of use assets — operating leases | 436,927 | |
Premises and equipment, net | 1,140,924 | 647,408 |
Owned Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 739,724 | 669,782 |
Less: accumulated depreciation and amortization | 882,272 | 835,218 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 14,232 | 18,582 |
Less: accumulated depreciation and amortization | $ 8,425 | $ 9,033 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |||
Operating lease liabilities | $ 487,555 | ||
Period of noncancelable operating lease in years | 22 years | ||
Net lease expense | $ 111,000 | $ 114,000 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 100,669 |
Short-term lease cost | 105 |
Variable lease cost | 2,332 |
Total lease cost | 103,106 |
Other information | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 132,219 |
Cash paid toward lease liabilities | $ 101,869 |
Weighted-average remaining lease term | 7 years |
Weighted-average discount rate | 3.01% |
Premises and Equipment - Summ_3
Premises and Equipment - Summary of Minimum Lease Payments Under Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |
2020 | $ 100,447 |
2021 | 95,199 |
2022 | 79,794 |
2023 | 62,766 |
2024 | 50,539 |
Later years | 154,585 |
Total lease payments | 543,330 |
Less: imputed interest | 55,775 |
Operating lease liabilities | $ 487,555 |
Capitalized Servicing Assets -
Capitalized Servicing Assets - Changes in Capitalized Servicing Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Residential Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | $ 120,509 | $ 114,978 | $ 117,351 |
Originations | 26,067 | 28,985 | 28,792 |
Purchases | 144,326 | 454 | 699 |
Amortization | (46,491) | (23,908) | (31,864) |
Amortized value, ending balance | 244,411 | 120,509 | 114,978 |
Valuation allowance | (7,000) | ||
Ending balance, net | 237,411 | 120,509 | 114,978 |
Commercial Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | 114,663 | 114,076 | 103,764 |
Originations | 41,370 | 26,298 | 34,620 |
Amortization | (25,397) | (25,711) | (24,308) |
Amortized value, ending balance | 130,636 | 114,663 | 114,076 |
Ending balance, net | $ 130,636 | $ 114,663 | $ 114,076 |
Capitalized Servicing Assets _2
Capitalized Servicing Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Residential Mortgage Loans [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 32,300 | $ 22,200 | $ 32,300 | $ 22,200 | $ 22,600 | |
Fair value of residential loan servicing assets | $ 297 | $ 240 | $ 297 | $ 240 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 10.60% | 11.40% | ||||
Residential Mortgage Loans [Member] | LIBOR [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 9.28% | 9.63% | ||||
Residential Mortgage Sub Servicing Loan [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 62,800 | $ 56,800 | $ 62,800 | $ 56,800 | 56,600 | |
Residential Real Estate [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value of residential loan servicing assets | $ 13,300 | |||||
Purchase price of servicing rights | $ 144 | |||||
Commercial Mortgage Loans [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | 17,600 | 15,500 | 17,600 | 15,500 | 13,600 | |
Fair value of residential loan servicing assets | $ 153 | $ 135 | $ 153 | 135 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 18.00% | 18.00% | 18.00% | |||
Commercial Mortgage Sub Servicing Loan [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 3,400 | $ 2,700 | $ 3,400 | $ 2,700 | $ 2,600 |
Capitalized Servicing Assets _3
Capitalized Servicing Assets - Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
Residential Mortgage Loans [Member] | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Weighted-average prepayment speeds | 15.84% | ||
Impact on fair value of 10% adverse change | $ (16,555) | $ (16,555) | |
Impact on fair value of 20% adverse change | $ (31,475) | $ (31,475) | |
Weighted-average OAS | 9.28% | 9.28% | |
Impact on fair value of 10% adverse change | $ (8,070) | $ (8,070) | |
Impact on fair value of 20% adverse change | $ (15,663) | $ (15,663) | |
Weighted-average discount rate | 10.60% | 11.40% | |
Commercial Mortgage Loans [Member] | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Weighted-average discount rate | 18.00% | 18.00% | 18.00% |
Impact on fair value of 10% adverse change | $ (6,948) | $ (6,948) | |
Impact on fair value of 20% adverse change | $ (13,395) | $ (13,395) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Reduction in gross carrying amount and accumulated amortization of intangible assets | $ 933,000 | ||
Amortization of core deposit and other intangible assets | $ 19,490 | $ 24,522 | $ 31,366 |
Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 10 years | ||
Core Deposit and Other Intangible Assets [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 8 years | ||
Amortization of core deposit and other intangible assets | $ 19,000 | $ 25,000 | $ 31,000 |
Core Deposit and Other Intangible Assets [Member] | Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Core Deposit and Other Intangible Assets [Member] | Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 10 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Total Amortizing Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 138,421 | $ 1,070,027 |
Accumulated Amortization | 109,387 | 1,022,960 |
Net Carrying Amount | 29,034 | 47,067 |
Core Deposit [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 131,664 | 887,459 |
Accumulated Amortization | 105,802 | 843,572 |
Net Carrying Amount | 25,862 | 43,887 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,757 | 182,568 |
Accumulated Amortization | 3,585 | 179,388 |
Net Carrying Amount | $ 3,172 | $ 3,180 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Amortization Expense in Future Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 14,869 | |
2021 | 10,167 | |
2022 | 3,998 | |
Net Carrying Amount | $ 29,034 | $ 47,067 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 4,593,112 | $ 4,593,112 |
Business Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 864,366 | |
Commercial Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,401,873 | |
Commercial Real Estate [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 654,389 | |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,309,191 | |
All Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 363,293 |
Borrowings - Amounts and Intere
Borrowings - Amounts and Interest Rates of Short-term Borrowings (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 0.14% | 2.58% | 0.92% |
Daily-average amount outstanding | $ 1,059,390,000 | $ 330,665,000 | $ 204,623,000 |
Weighted-average interest rate | 2.34% | 1.63% | 0.74% |
Federal funds purchased and short term borrowings | $ 62,363,000 | $ 4,398,378,000 | $ 175,099,000 |
Federal Funds Purchased and Repurchase Agreements [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 0.14% | 1.68% | 0.92% |
Highest amount at a month-end | $ 3,402,566,000 | $ 2,654,416,000 | $ 204,977,000 |
Daily-average amount outstanding | $ 260,322,000 | $ 261,200,000 | $ 188,459,000 |
Weighted-average interest rate | 1.86% | 1.49% | 0.69% |
Federal Funds Purchased and Repurchase Agreements | $ 62,363,000 | $ 198,378,000 | $ 175,099,000 |
Other Short-term Borrowings [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 2.63% | ||
Highest amount at a month-end | 5,000,000,000 | $ 4,200,000,000 | 1,500,000,000 |
Daily-average amount outstanding | $ 799,068,000 | $ 69,465,000 | $ 16,164,000 |
Weighted-average interest rate | 2.49% | 2.16% | 1.27% |
Other Short-term Borrowings | $ 4,200,000,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Contractual interest rates of long-term agreements to repurchase securities | 4.29% | |
Minimum contractual interest rates of long-term agreements to repurchase securities | 4.09% | |
Maximum contractual interest rates of long-term agreements to repurchase securities | 4.58% | |
Repurchase dates of the long-term agreements outstanding | 2020 | |
Collateral posted | $ 108,000,000 | $ 428,000,000 |
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 2.76% | 3.39% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 5.34% | 5.69% |
FHLBs Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing facilities available with FHLB's amount | $ 18,200,000,000 | |
Federal Reserve Bank of New York [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility | $ 14,400,000,000 | |
Senior Notes Issued in July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 2.62% | 2.51% |
Variable Rate Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average variable rates payable | 2.34% | 2.96% |
Variable Rate Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 2.21% | 2.76% |
Variable Rate Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 2.54% | 3.25% |
Long Term Fixed Rate Advances From Fhlb | ||
Debt Instrument [Line Items] | ||
Advances from the FHLB earliest maturity date | 2029 | |
Advances from the FHLB latest maturity date, | 2035 | |
Long Term Fixed Rate Advances From Fhlb | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Variable contractual interest rate of long-term debt | 5.82% | 2.06% |
Subordinated Capital Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of debt instrument | 3.02% | 3.72% |
Subordinated Variable Rate Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of debt instrument | 2.55% | 3.38% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average variable rates payable | 3.37% | 3.94% |
Short-term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Stated maturity | 1 year |
Borrowings - Lines of Credit Un
Borrowings - Lines of Credit Under Formal Agreements (Detail) - M&T Bank [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Schedule Of Borrowings [Line Items] | |
Outstanding borrowings | $ 1,869 |
Unused | $ 32,578,083 |
Borrowings - Long-term Borrowin
Borrowings - Long-term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Borrowings [Line Items] | ||
Fixed rates advances from FHLB | $ 1,815 | $ 576,446 |
Agreements to repurchase securities | 101,679 | 409,154 |
Other | 8,533 | 35,174 |
Long-term borrowings | 6,986,186 | 8,444,914 |
Variable Rate Term Loans Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,756 | 249,688 |
Variable Rate Term Loans Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 349,893 | 349,794 |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 520,454 | 506,021 |
Variable Rate Term Loans Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,758 | 249,658 |
Fixed Rate Term Loans 2.25% Due 2019 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 645,801 | |
Fixed Rate Term Loans 2.05% Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 749,254 | 737,793 |
Fixed Rate Term Loans 2.10% Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 749,864 | 741,965 |
Fixed Rate Term Loans 2.625% Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 654,136 | 646,301 |
Fixed Rate Term Loans 2.50% Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 652,714 | 634,525 |
Fixed Rate Term Loans 2.90% Due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 749,572 | 749,488 |
Variable Rate Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 409,361 | 409,361 |
Variable Rate Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 500,000 | 500,000 |
3.40% due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 514,353 | 481,692 |
BSB Capital Trust I - 8.125%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,728 | 15,705 |
Provident Trust I - 8.29%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 28,235 | 27,489 |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 6,770 | 6,713 |
First Maryland Capital I - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 147,871 | 147,333 |
First Maryland Capital II - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 149,943 | 149,280 |
Allfirst Asset Trust - due 2029 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 96,930 | 96,785 |
BSB Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,464 | 15,464 |
Provident Statutory Trust III - Due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 55,867 | 55,143 |
Southern Financial Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | $ 8,236 | $ 8,141 |
Borrowings - Long-term Borrow_2
Borrowings - Long-term Borrowings (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Rate Term Loans Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2023 | 2023 |
Variable Rate Term Loans Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2021 | 2021 |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2023 | 2023 |
Interest rate of debt instrument | 3.55% | 3.55% |
Variable Rate Term Loans Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2022 | 2022 |
Fixed Rate Term Loans 2.25% Due 2019 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2019 | 2019 |
Interest rate of debt instrument | 2.25% | 2.25% |
Fixed Rate Term Loans 2.10% Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2020 | 2020 |
Interest rate of debt instrument | 2.10% | 2.10% |
Fixed Rate Term Loans 2.05% Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2020 | 2020 |
Interest rate of debt instrument | 2.05% | 2.05% |
Fixed Rate Term Loans 2.625% Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2021 | 2021 |
Interest rate of debt instrument | 2.625% | 2.625% |
Fixed Rate Term Loans 2.90% Due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2025 | 2025 |
Interest rate of debt instrument | 2.90% | 2.90% |
Fixed Rate Term Loans 2.50% Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2022 | 2022 |
Interest rate of debt instrument | 2.50% | 2.50% |
Variable Rate Due 2020 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2020 | 2020 |
Variable Rate Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2021 | 2021 |
3.40% due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
Interest rate of debt instrument | 3.40% | 3.40% |
BSB Capital Trust I - 8.125%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2028 | 2028 |
Interest rate of debt instrument | 8.125% | 8.125% |
Provident Trust I - 8.29%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2028 | 2028 |
Interest rate of debt instrument | 8.29% | 8.29% |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2030 | 2030 |
Interest rate of debt instrument | 10.60% | 10.60% |
First Maryland Capital I - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
First Maryland Capital II - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
Allfirst Asset Trust - due 2029 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2029 | 2029 |
BSB Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Provident Statutory Trust III - Due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Southern Financial Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Borrowings - Maturity of Long-t
Borrowings - Maturity of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 2,010,251 | |
2021 | 1,506,667 | |
2022 | 907,794 | |
2023 | 770,211 | |
2024 | 479 | |
Later years | 1,790,784 | |
Long-term borrowings | $ 6,986,186 | $ 8,444,914 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Carrying Value | $ 1,250,000 | $ 1,231,500 |
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 | |
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 | |
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 350,000 | 350,000 |
Preferred stock, Shares Outstanding | 350,000 | 350,000 |
Carrying Value | $ 350,000 | $ 350,000 |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 50,000 | 50,000 |
Preferred stock, Shares Outstanding | 50,000 | 50,000 |
Carrying Value | $ 500,000 | $ 500,000 |
Series G Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 40,000 | |
Preferred stock, Shares Outstanding | 40,000 | |
Carrying Value | $ 400,000 |
Shareholders' Equity - Issued_2
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | |
Preferred stock, dividend declared per share | 47.8125 | 63.75 | $ 63.75 |
Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | 1,000 | 1,000 | |
Preferred stock, dividend declared per share | 47.8125 | 63.75 | 63.75 |
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | 1,000 | 1,000 | |
Preferred stock, dividend declared per share | $ 64.50 | $ 64.50 | 64.50 |
Preferred stock dividend rate | 6.45% | 6.45% | |
Date of change in the dividend rate | Feb. 14, 2024 | Feb. 14, 2024 | |
London Interbank offered rate plus basis points | 3.61% | 3.61% | |
Preferred shares redemption date | Feb. 15, 2024 | Feb. 15, 2024 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Preferred stock, dividend declared per share | $ 512.50 | $ 512.50 | $ 512.50 |
Preferred stock dividend rate | 5.125% | 5.125% | |
Date of change in the dividend rate | Oct. 31, 2026 | Oct. 31, 2026 | |
London Interbank offered rate plus basis points | 3.52% | 3.52% | |
Preferred shares redemption date | Nov. 1, 2026 | Nov. 1, 2026 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Series G Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Preferred stock, dividend declared per share | $ 125.694 | ||
Preferred stock dividend rate | 5.00% | 5.00% | |
Date of change in the dividend rate | Jul. 31, 2024 | Jul. 31, 2024 | |
Preferred shares redemption date | Aug. 1, 2024 | Aug. 1, 2024 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
U S treasury rate plus additional rate | 3.174% | 3.174% | |
Dividend payment terms | five-year | five-year |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||
Uncollected amounts receivable | $ 62 | $ 56 | |
Accrued interest and other liabilities [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Deferred revenue | 43 | 43 | |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Expense recognized on credit card rewards in other costs of operations | $ 25 | $ 14 | $ 13 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail1) | Dec. 31, 2018 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Period of satisfaction of contract with customer | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Noted Accounting Guidance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | $ 48,922 | $ 51,069 | $ 61,445 |
Other revenues from operations: | |||
Total other income | 2,061,679 | 1,856,000 | 1,851,143 |
Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 432,978 | 429,337 | 427,372 |
Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 572,608 | 537,585 | $ 501,381 |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 48,922 | 51,069 | |
Other revenues from operations: | |||
Merchant discount and credit card fees | 107,042 | 105,953 | |
Other | 91,613 | 90,369 | |
Total other income | 1,253,163 | 1,214,313 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 432,978 | 429,337 | |
ASU 2014-09 [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 572,608 | 537,585 | |
ASU 2014-09 [Member] | Business Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 36,844 | 34,557 | |
Total other income | 97,565 | 96,889 | |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 60,690 | 62,323 | |
ASU 2014-09 [Member] | Business Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 31 | 9 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 52,161 | 52,051 | |
Other | 7,498 | 8,796 | |
Total other income | 153,666 | 158,171 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 93,044 | 96,407 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 963 | 917 | |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 2,516 | 2,213 | |
Other | 8,615 | 7,259 | |
Total other income | 20,959 | 19,342 | |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 9,828 | 9,870 | |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | |||
Other revenues from operations: | |||
Other | 1,776 | 1,738 | |
Total other income | 1,776 | 1,738 | |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | |||
Other revenues from operations: | |||
Other | 3,492 | 3,814 | |
Total other income | 3,496 | 3,824 | |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 4 | 10 | |
ASU 2014-09 [Member] | Retail Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 12,140 | 14,924 | |
Other | 36,144 | 38,529 | |
Total other income | 311,943 | 308,043 | |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 263,659 | 254,590 | |
ASU 2014-09 [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 48,922 | 51,069 | |
Other revenues from operations: | |||
Merchant discount and credit card fees | 3,381 | 2,208 | |
Other | 34,088 | 30,233 | |
Total other income | 663,758 | 626,306 | |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 5,753 | 6,137 | |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | $ 571,614 | $ 536,659 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 76 | $ 66 | $ 61 | |
Recognized income tax benefits related to stock-based compensation | $ 19 | $ 24 | $ 35 | |
Shares under equity incentive compensation plan for future grant | 3,742,478 | 2,833,428 | ||
Stock Options Outstanding, Granted | 164,244 | 116,852 | ||
Directors Stock Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares issuable under deferred compensation plans | 5,043 | 6,271 | ||
Shares issued in connection with deferred compensation plans | 282,532 | |||
Deferred Bonus Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares issuable under deferred compensation plans | 16,491 | 18,292 | ||
Stock Purchase Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares under equity incentive compensation plan for future grant | 2,310,751 | |||
Shares issued | 71,676 | 58,167 | 66,504 | |
Cash received from exercise of stock options | $ 11 | $ 10 | $ 10 | |
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | 3 years | 3 years | 4 years |
Shares issued | 0 | 0 | 181,939 | |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 1 year | |||
Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value | $ 30 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares issued | 448,487 | 348,512 | 235,983 | |
Weighted-average grant date fair value | $ 74 | $ 66 | $ 38 | |
Unrecognized compensation cost related to non-vested awards | $ 22 | |||
Stock Option Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock options exercisable period, maximum | 10 years 1 day | |||
Cash realized from exercise of stock options | $ 9 | 60 | 72 | |
Tax benefits realized from exercise of stock options | 1 | 3 | 10 | |
Intrinsic value of stock options exercised | $ 3 | $ 16 | $ 31 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of Restricted Stock and Restricted Stock Unit Activity (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 556,875 |
Restricted Stock Outstanding, Granted | shares | 448,487 |
Restricted Stock Outstanding, Vested | shares | (298,243) |
Restricted Stock Outstanding, Cancelled | shares | (15,892) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 691,227 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 170.07 |
Weighted-Average Grant Price, Granted | $ / shares | 164.63 |
Weighted-Average Grant Price, Vested | $ / shares | 157.90 |
Weighted-Average Grant Price, Cancelled | $ / shares | 173.48 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 171.72 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 179,439 |
Restricted Stock Outstanding, Vested | shares | (113,894) |
Restricted Stock Outstanding, Cancelled | shares | (1,954) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 63,591 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 144.18 |
Weighted-Average Grant Price, Vested | $ / shares | 133.69 |
Weighted-Average Grant Price, Cancelled | $ / shares | 161.42 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 162.45 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock Options Outstanding, Beginning balance | 220,591 | |
Stock Options Outstanding, Granted | 164,244 | 116,852 |
Stock Options Outstanding, Exercised | (76,181) | |
Stock Options Outstanding, Expired | (3,202) | |
Stock Options Outstanding, Ending balance | 305,452 | 220,591 |
Stock Options Outstanding, Exercisable | 66,076 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 157.98 | |
Weighted-Average Exercise Price, Granted | 164.54 | |
Weighted-Average Exercise Price, Exercised | 122.55 | |
Weighted-Average Exercise Price, Expired | 176.41 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | 170.15 | $ 157.98 |
Weighted-Average Exercise Price, Exercisable | $ 159.96 | |
Weighted-Average Life (In Years), Outstanding, Ending balance | 8 years | |
Weighted-Average Life (In Years), Exercisable | 5 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 2,301 | |
Aggregate Intrinsic Value, Exercisable | $ 1,454 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 17,294 | $ 20,346 | $ 20,193 |
Interest cost on benefit obligation | 81,579 | 74,704 | 79,270 |
Expected return on plan assets | (122,139) | (123,127) | (108,524) |
Amortization of prior service cost | 557 | 557 | 557 |
Recognized net actuarial (gain) loss | 21,992 | 43,793 | 29,263 |
Net periodic pension cost (benefit) | (717) | 16,273 | 20,759 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 859 | 938 | 1,172 |
Interest cost on benefit obligation | 2,344 | 2,293 | 3,716 |
Amortization of prior service cost | (4,730) | (4,729) | (1,359) |
Recognized net actuarial (gain) loss | (1,247) | (826) | (988) |
Net periodic pension cost (benefit) | $ (2,774) | $ (2,324) | $ 2,541 |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Data Relating to Funding Position of Defined Benefit Plans (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 1,831,773,000 | ||
Employer contributions | 0 | $ 0 | $ 200,000 |
Fair value of plan assets at end of year | 2,035,878,000 | 1,831,773,000 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 1,949,613,000 | 2,188,736,000 | |
Service cost | 17,294,000 | 20,346,000 | 20,193,000 |
Interest cost | 81,579,000 | 74,704,000 | 79,270,000 |
Actuarial (gain) loss | 298,713,000 | (228,897,000) | |
Benefits paid | (99,870,000) | (105,276,000) | |
Benefit obligation at end of year | 2,247,329,000 | 1,949,613,000 | 2,188,736,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,833,833,000 | 2,014,891,000 | |
Actual return on plan assets | 293,546,000 | (90,657,000) | |
Employer contributions | 10,431,000 | 14,875,000 | |
Benefits paid | (99,870,000) | (105,276,000) | |
Fair value of plan assets at end of year | 2,037,940,000 | 1,833,833,000 | 2,014,891,000 |
Funded status | (209,389,000) | (115,780,000) | |
Accrued liabilities recognized in the consolidated balance sheet | (209,389,000) | (115,780,000) | |
Net loss (gain) | 507,029,000 | 401,716,000 | |
Net prior service cost (credit) | 1,834,000 | 2,391,000 | |
Pre-tax adjustment to AOCI | 508,863,000 | 404,107,000 | |
Taxes | (133,779,000) | (106,240,000) | |
Net adjustment to AOCI | 375,084,000 | 297,867,000 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 59,991,000 | 68,637,000 | |
Service cost | 859,000 | 938,000 | 1,172,000 |
Interest cost | 2,344,000 | 2,293,000 | 3,716,000 |
Plan participants’ contributions | 2,749,000 | 2,974,000 | |
Actuarial (gain) loss | (687,000) | (4,758,000) | |
Medicare Part D reimbursement | 370,000 | 508,000 | |
Benefits paid | (9,134,000) | (10,601,000) | |
Benefit obligation at end of year | 56,492,000 | 59,991,000 | $ 68,637,000 |
Change in plan assets: | |||
Employer contributions | 6,015,000 | 7,119,000 | |
Plan participants’ contributions | 2,749,000 | 2,974,000 | |
Medicare Part D reimbursement | 370,000 | 508,000 | |
Benefits paid | (9,134,000) | (10,601,000) | |
Funded status | (56,492,000) | (59,991,000) | |
Accrued liabilities recognized in the consolidated balance sheet | (56,492,000) | (59,991,000) | |
Net loss (gain) | (17,308,000) | (17,868,000) | |
Net prior service cost (credit) | (27,007,000) | (31,737,000) | |
Pre-tax adjustment to AOCI | (44,315,000) | (49,605,000) | |
Taxes | 11,650,000 | 13,041,000 | |
Net adjustment to AOCI | $ (32,665,000) | $ (36,564,000) |
Pension Plans and Other Postr_5
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum pension liability | $ 465,000,000 | ||
Minimum pension liability adjustment net of tax | $ 342,000,000 | ||
Increase in minimum liability adjustment | $ 110,000,000 | ||
Discount rate | 3.25% | 4.25% | |
Defined contribution pension and retirement savings plans total expense | $ 32,000,000 | $ 29,000,000 | $ 30,000,000 |
Assumptions used calculating net periodic benefit sensitivity rate increase decrease discount rate | 0.25% | ||
Effect of 25 basis point increase in rate of return on pension expense | $ 5,000,000 | ||
Effect of 25 basis point decrease in rate of return on pension expense | 8,000,000 | ||
Effect of 25 basis point decrease in discount rate on benefit obligation | 75,000,000 | ||
Effect of 25 basis point increase in discount rate on benefit obligation | $ 79,000,000 | ||
Annual rate of increase in health care cost assumed for next fiscal year | 6.25% | ||
Defined Benefit Plan, ultimate health care cost trend rate | 5.00% | ||
Period for decreasing the annual rate | over nine years | ||
Defined benefit pension plans | $ 439,000,000 | ||
Percentage of total assets | 22.00% | ||
Defined benefit plan fair value of plan assets | $ 2,035,878,000 | 1,831,773,000 | |
Qualified benefit pension plans | $ 0 | ||
Percentage of pension plan assets that is not exceeded by investment in security of single Non-US Government of Government agency | 10.00% | ||
Employer contributions | $ 0 | 0 | 200,000 |
Percentage of eligible employees contribution for Retirement Savings Plan | 50.00% | ||
Percentage of employer matching contribution to employee's contribution | 75.00% | ||
Maximum employer contribution on Employee's qualified contribution | 4.50% | ||
Qualified defined contribution plans expense during the period | $ 48,000,000 | 43,000,000 | 38,000,000 |
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 25.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60.00% | ||
Total Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 10.00% | ||
Total Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 65.00% | ||
Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 439,185,000 | 361,178,000 | |
Other Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 5.00% | ||
Other Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60.00% | ||
M&T Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 148,603,000 | $ 125,299,000 | |
Percentage of common stock in total plan assets | 7.00% | 7.00% | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 154,000,000 | $ 143,000,000 | |
Accumulated benefit obligation | 154,000,000 | 143,000,000 | |
Employer contributions | 10,000,000 | 15,000,000 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 2,247,329,000 | 1,949,613,000 | 2,188,736,000 |
Accumulated benefit obligation | 2,200,000,000 | $ 1,900,000,000 | |
Minimum pension liability | $ 509,000,000 | ||
Discount rate | 3.25% | 4.25% | |
Defined benefit plan fair value of plan assets | $ 2,037,940,000 | $ 1,833,833,000 | 2,014,891,000 |
Employer contributions | 10,431,000 | 14,875,000 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 56,492,000 | $ 59,991,000 | $ 68,637,000 |
Minimum pension liability | $ 44,000,000 | ||
Discount rate | 3.25% | 4.25% | |
Employer contributions | $ 6,015,000 | $ 7,119,000 |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | $ 126,618 | $ (19,871) | |
Amortization of prior service (cost) credit | 4,173 | 4,172 | $ 802 |
Amortization of actuarial (loss) gain | (20,745) | 42,967 | $ (28,275) |
Total recognized in other comprehensive income, pre-tax | 110,046 | 58,666 | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | 127,305 | (15,113) | |
Amortization of prior service (cost) credit | (557) | (557) | |
Amortization of actuarial (loss) gain | (21,992) | 43,793 | |
Total recognized in other comprehensive income, pre-tax | 104,756 | 59,463 | |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | (687) | (4,758) | |
Amortization of prior service (cost) credit | 4,730 | 4,729 | |
Amortization of actuarial (loss) gain | 1,247 | (826) | |
Total recognized in other comprehensive income, pre-tax | $ 5,290 | $ (797) |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefits - Amortization of Amounts in Accumulated Other Comprehensive Income Expected to be Recognized as Components of Net Periodic Benefit Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Amortization of net prior service cost (credit) | $ 557 |
Amortization of net loss (gain) | 55,851 |
Other Postretirement Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Amortization of net prior service cost (credit) | (4,738) |
Amortization of net loss (gain) | $ (1,223) |
Pension Plans and Other Postr_8
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Benefit Obligations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 3.25% | 4.25% |
Pension Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 3.25% | 4.25% |
Rate of increase in future compensation levels | 4.29% | 4.31% |
Other Postretirement Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 3.25% | 4.25% |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Net Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 4.25% | 3.50% | 4.00% |
Long-term rate of return on plan assets | 6.50% | 6.50% | 6.50% |
Rate of increase in future compensation levels | 4.31% | 4.33% | 4.39% |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 4.25% | 3.50% | 4.00% |
Pension Plans and Other Post_10
Pension Plans and Other Postretirement Benefits - Effects on One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Service and interest cost | $ 49 |
Accumulated postretirement benefit obligation | 834 |
Service and interest cost | (45) |
Accumulated postretirement benefit obligation | $ (747) |
Pension Plans and Other Post_11
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 2,035,878 | $ 1,831,773 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,488,940 | 1,373,040 |
Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 314,701 | 300,101 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 232,237 | 158,632 |
Money-Market Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 38,461 | 23,049 |
Money-Market Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 33,870 | 10,794 |
Money-Market Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 4,591 | 12,255 |
M&T Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 148,603 | 125,299 |
M&T Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 148,603 | 125,299 |
Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 219,663 | 191,640 |
Domestic Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 219,663 | 191,640 |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 10,476 | 7,752 |
International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 10,476 | 7,752 |
Domestic Mutual Fund Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 238,872 | 216,523 |
Domestic Mutual Fund Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 238,872 | 216,523 |
International Mutual Fund Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 381,433 | 316,923 |
International Mutual Fund Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 381,433 | 316,923 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 999,047 | 858,137 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 999,047 | 858,137 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 112,783 | 103,672 |
Corporate Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 112,783 | 103,672 |
Government Agency [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 190,679 | 182,034 |
Government Agency [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 190,679 | 182,034 |
Non-U.S. Government [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 6,648 | 2,140 |
Non-U.S. Government [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 6,648 | 2,140 |
Domestic Mutual Fund Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 249,075 | 280,902 |
Domestic Mutual Fund Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 249,075 | 280,902 |
Total Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 559,185 | 589,409 |
Total Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 249,075 | 301,563 |
Total Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 310,110 | 287,846 |
Other Diversified Mutual Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 86,980 | 74,446 |
Other Diversified Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 86,980 | 74,446 |
Other Real Estate Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 21,905 | 11,807 |
Other Real Estate Partnerships [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 3,939 | 2,791 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 17,966 | 9,016 |
Other Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 87,966 | 63,699 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 87,966 | 63,699 |
Other Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 231,807 | 200,811 |
Other Hedge Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 116,029 | 125,309 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 115,778 | 75,502 |
Guaranteed Deposit Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 10,527 | 10,415 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 10,527 | 10,415 |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 439,185 | 361,178 |
Other Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 206,948 | 202,546 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 232,237 | 158,632 |
International Mutual Fund Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 20,661 | |
International Mutual Fund Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 20,661 |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest and dividend receivable on plan assets | $ 2 | $ 2 |
High-Yielding Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 20.00% | 23.00% |
Investment Grade Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 80.00% | 77.00% |
Pension Plans and Other Post_13
Pension Plans and Other Postretirement Benefits - Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | $ 1,831,773 |
Fair value of plan assets at end of year | 2,035,878 |
Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 158,632 |
Fair value of plan assets at end of year | 232,237 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 9,016 |
Purchase(Sales) | 7,623 |
Total Realized/Unrealized Gains (Losses) | 1,327 |
Fair value of plan assets at end of year | 17,966 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 63,699 |
Purchase(Sales) | 9,531 |
Total Realized/Unrealized Gains (Losses) | 14,736 |
Fair value of plan assets at end of year | 87,966 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 75,502 |
Purchase(Sales) | 27,000 |
Total Realized/Unrealized Gains (Losses) | 13,276 |
Fair value of plan assets at end of year | 115,778 |
Guaranteed Deposit Fund [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,415 |
Fair value of plan assets at end of year | 10,527 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,415 |
Total Realized/Unrealized Gains (Losses) | 112 |
Fair value of plan assets at end of year | 10,527 |
Other Securities [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 361,178 |
Fair value of plan assets at end of year | 439,185 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 158,632 |
Purchase(Sales) | 44,154 |
Total Realized/Unrealized Gains (Losses) | 29,451 |
Fair value of plan assets at end of year | $ 232,237 |
Pension Plans and Other Post_14
Pension Plans and Other Postretirement Benefits - Defined Benefit Plan Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2020 | $ 100,800 |
2021 | 104,385 |
2022 | 107,368 |
2023 | 111,990 |
2024 | 115,962 |
2025 through 2029 | 619,663 |
Other Postretirement Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2020 | 6,622 |
2021 | 4,036 |
2022 | 3,972 |
2023 | 3,904 |
2024 | 3,829 |
2025 through 2029 | $ 17,919 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 359,668 | $ 408,428 | $ 363,043 |
State and local | 132,696 | 113,706 | 94,714 |
Total current | 492,364 | 522,134 | 457,757 |
Deferred | |||
Federal | 40,769 | (12,780) | 367,308 |
State and local | 16,779 | 28,637 | 33,482 |
Total deferred | 57,548 | 15,857 | 400,790 |
Amortization of investments in qualified affordable housing projects | 68,200 | 52,169 | 57,009 |
Income taxes | $ 618,112 | $ 590,160 | $ 915,556 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)State | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Tax bad debt reserve | $ 137,000,000 | |||
Income taxes attributable to gains or losses on bank investment securities | $ 5,000,000 | $ (2,000,000) | $ 7,000,000 | |
Alternative minimum tax expense recognized for gains or losses on bank investment securities | $ 0 | |||
Federal income tax rate | 21.00% | 21.00% | 35.00% | |
Incremental income tax expense related to Tax Act | $ 85,000,000 | |||
Reduction in income tax expense due to reduction of federal tax rate | $ 15,000,000 | |||
Number of state and local jurisdictions where company files income tax returns | State | 40 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Taxes Expenses Benefit Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory federal income tax rate | $ 534,925 | $ 526,730 | $ 813,352 |
Increase (decrease) in taxes: | |||
Tax-exempt income | (27,319) | (26,186) | (40,778) |
State and local income taxes, net of federal income tax effect | 118,085 | 112,451 | 83,327 |
Qualified affordable housing project federal tax credits, net | (15,324) | (12,240) | (16,015) |
Initial impact of enactment of Tax Act | 85,431 | ||
Other | 7,745 | (10,595) | (9,761) |
Income taxes | $ 618,112 | $ 590,160 | $ 915,556 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | |||
Losses on loans and other assets | $ 309,523 | $ 322,818 | $ 345,609 |
Operating lease liabilities | 128,178 | ||
Retirement benefits | 55,048 | 30,057 | 45,322 |
Postretirement and other employee benefits | 24,023 | 23,563 | 26,009 |
Incentive and other compensation plans | 26,861 | 24,796 | 25,050 |
Interest on loans | 37,900 | ||
Stock-based compensation | 27,912 | 26,759 | 26,676 |
Unrealized losses | 52,580 | ||
Losses on cash flow hedges | 1,861 | 4,033 | |
Other | 69,863 | 43,880 | 66,247 |
Gross deferred tax assets | 641,408 | 526,314 | 576,846 |
Right of use assets and other leasing transactions | (326,626) | (186,787) | (181,159) |
Unrealized gains | (13,322) | (94,285) | |
Capitalized servicing rights | (56,649) | (54,894) | (51,781) |
Depreciation and amortization | (66,925) | (61,881) | (52,733) |
Interest on loans | (23,552) | (18,920) | |
Gains on cash flow hedges | (36,845) | ||
Other | (40,472) | (30,211) | (25,632) |
Gross deferred tax liabilities | (564,391) | (352,693) | (405,590) |
Net deferred tax asset | $ 77,017 | $ 173,621 | $ 171,256 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal, State and Local Tax [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | $ 56,274 | $ 45,432 | $ 35,889 |
Increases as a result of tax positions taken during the period | 6,996 | 13,426 | 13,019 |
Increases as a result of tax positions taken in prior years | 3,265 | ||
Decreases as a result of settlements with taxing authorities | (664) | (332) | |
Decreases as a result of tax positions taken in prior years | (7,566) | (1,920) | (3,144) |
Ending Balance | 58,969 | 56,274 | 45,432 |
Accrued Interest [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 6,629 | 5,651 | 7,915 |
Increases as a result of tax positions taken in prior years | 3,255 | 1,969 | 1,379 |
Decreases as a result of settlements with taxing authorities | (289) | (168) | |
Decreases as a result of tax positions taken in prior years | (2,685) | (702) | (3,475) |
Ending Balance | 7,199 | 6,629 | 5,651 |
Unrecognized Income Tax Benefits [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 62,903 | 51,083 | 43,804 |
Increases as a result of tax positions taken during the period | 6,996 | 13,426 | 13,019 |
Increases as a result of tax positions taken in prior years | 6,520 | 1,969 | 1,379 |
Decreases as a result of settlements with taxing authorities | (953) | (500) | |
Decreases as a result of tax positions taken in prior years | (10,251) | (2,622) | (6,619) |
Ending Balance | 66,168 | $ 62,903 | $ 51,083 |
Less: Federal, state and local income tax benefits | (13,208) | ||
Net unrecognized tax benefits that, if recognized, would impact the effective income tax rate | $ 52,960 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income available to common shareholders: | |||
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Less: Preferred stock dividends | (69,441) | (72,521) | (72,734) |
Net income available to common equity | 1,859,708 | 1,845,559 | 1,335,572 |
Less: Income attributable to unvested stock-based compensation awards | (10,199) | (9,531) | (8,069) |
Net income available to common shareholders | $ 1,849,509 | $ 1,836,028 | $ 1,327,503 |
Weighted-average shares outstanding: | |||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 135,169 | 144,740 | 153,092 |
Less: Unvested stock-based compensation awards | (741) | (748) | (933) |
Weighted-average shares outstanding | 134,428 | 143,992 | 152,159 |
Basic earnings per common share | $ 13.76 | $ 12.75 | $ 8.72 |
Earnings Per Common Share - C_2
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net income available to common equity | $ 1,859,708 | $ 1,845,559 | $ 1,335,572 |
Less: Income attributable to unvested stock-based compensation awards | (10,197) | (9,524) | (8,055) |
Net income available to common shareholders | $ 1,849,511 | $ 1,836,035 | $ 1,327,517 |
Adjusted weighted-average shares outstanding: | |||
Common and unvested stock-based compensation awards | 135,169 | 144,740 | 153,092 |
Less: Unvested stock-based compensation awards | (741) | (748) | (933) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 34 | 159 | 392 |
Adjusted weighted-average shares outstanding | 134,462 | 144,151 | 152,551 |
Diluted earnings per common share | $ 13.75 | $ 12.74 | $ 8.70 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 238,000 | 194,000 | 401,000 |
Comprehensive Income - Addition
Comprehensive Income - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Federal income tax rate | 21.00% | 21.00% | 35.00% |
Comprehensive Income - Impact o
Comprehensive Income - Impact of Reclassification from AOCI to Retained Earnings (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Increase to retained earnings | $ 64,029 |
Net Unrealized Losses on Investment Securities [Member] | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Increase to retained earnings | 8,065 |
Defined Benefit Plans Liability Adjustments [Member] | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Increase to retained earnings | 53,960 |
Cash Flow Hedges and Other [Member] | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Increase to retained earnings | $ 2,004 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (569,328) | $ (493,290) | $ (485,245) | |
Unrealized holding gains (losses), net, before tax | 247,411 | (121,589) | (15,005) | |
Foreign currency translation adjustment, before tax | 1,381 | (2,817) | 4,447 | |
Unrealized losses on cash flow hedges, before tax | 160,373 | (4,965) | (12,291) | |
Current year benefit plans gains, before tax | (126,618) | 19,871 | 9,276 | |
Total other comprehensive income (loss), before tax | 282,547 | (109,500) | (13,573) | |
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 3,394 | 4,252 | 3,387 | |
Gains realized in net income, before tax | 3 | (18) | (21,279) | |
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (136) | (111) | (137) | |
Net yield adjustment from cash flow hedges currently in effect, before tax | (13,011) | 13,339 | (3,916) | |
Amortization of prior service credit, before tax | (4,173) | (4,172) | (802) | |
Amortization of actuarial losses, before tax | 20,745 | (42,967) | 28,275 | |
Total other comprehensive income (loss), before tax | 289,369 | (53,243) | (8,045) | |
Reclassification of income tax effects to retained earnings | (64,029) | |||
Ending balance, before tax | (279,959) | (569,328) | (493,290) | |
Cumulative effect of change in accounting principles — equity securities, before tax | [1] | (22,795) | ||
Amortization of actuarial (loss) gain | (20,745) | 42,967 | (28,275) | |
Beginning balance, tax | 149,247 | 129,476 | 190,609 | |
Unrealized holding gains (losses), net, tax | (65,009) | 31,946 | 7,269 | |
Foreign currency translation adjustment, tax | (290) | 592 | (2,206) | |
Unrealized losses on cash flow hedges, tax | (42,163) | 1,306 | 4,837 | |
Current year benefit plans gains, tax | 33,287 | (5,224) | (3,650) | |
Total other comprehensive income (loss), tax | (74,175) | 28,620 | 6,250 | |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (892) | (1,118) | (1,333) | |
Gains realized in net income, tax | (1) | 4 | 7,195 | |
Accretion of net gain on terminated cash flow hedges, tax | 36 | 29 | 54 | |
Net yield adjustment from cash flow hedges currently in effect, tax | 3,421 | (3,507) | 1,541 | |
Amortization of prior service credit, tax | 1,097 | 1,097 | 315 | |
Amortization of actuarial losses, tax | (5,454) | (11,296) | (11,126) | |
Total other comprehensive income (loss), tax | (75,968) | 13,829 | 2,896 | |
Reclassification of income tax effects to retained earnings, tax | (64,029) | |||
Ending balance, tax | 73,279 | 149,247 | 129,476 | |
Cumulative effect of change in accounting principles — equity securities, tax | [1] | 5,942 | ||
Beginning balance, net of tax | (420,081) | (363,814) | (294,636) | |
Unrealized holding gains (losses), net of tax | 182,402 | (89,643) | (7,736) | |
Foreign currency translation adjustments | 1,091 | (2,225) | 2,241 | |
Unrealized losses on cash flow hedges, net of tax | 118,210 | (3,659) | (7,454) | |
Current year benefit plans gains, net of tax | (93,331) | 14,647 | 5,626 | |
Total other comprehensive income (loss) before reclassifications, net of tax | 208,372 | (80,880) | (7,323) | |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 2,502 | 3,134 | 2,054 | |
Gains realized in net income, net of tax | 2 | (14) | (14,084) | |
Accretion of net gain on terminated cash flow hedges, net of tax | (100) | (82) | (83) | |
Net yield adjustment from cash flow hedges currently in effect, net of tax | (9,590) | 9,832 | (2,375) | |
Amortization of prior service credit, net of tax | (3,076) | (3,075) | (487) | |
Amortization of actuarial losses, net of tax | 15,291 | 31,671 | 17,149 | |
Total other comprehensive income (loss) | 213,401 | (39,414) | (5,149) | |
Ending balance, net of tax | (206,680) | (420,081) | (363,814) | |
Cumulative effect of change inaccounting principle — equity securities | [1] | (16,853) | ||
Reclassification of income tax effects to retained earnings, before tax | (64,029) | |||
Gains realized in net income, net of tax | 2 | (14) | (14,084) | |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (200,107) | (59,957) | ||
Unrealized holding gains (losses), net, before tax | 247,411 | (121,589) | ||
Total other comprehensive income (loss), before tax | 247,411 | (121,589) | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 3,394 | 4,252 | ||
Gains realized in net income, before tax | 3 | (18) | ||
Total other comprehensive income (loss), before tax | 250,808 | (117,355) | ||
Reclassification of income tax effects to retained earnings | 8,065 | |||
Ending balance, before tax | 50,701 | (200,107) | (59,957) | |
Cumulative effect of change in accounting principles — equity securities, before tax | [1] | (22,795) | ||
Total other comprehensive income (loss) | 184,906 | (86,523) | (19,766) | |
Cumulative effect of change inaccounting principle — equity securities | (16,853) | |||
Reclassification of income tax effects to retained earnings, before tax | 8,065 | |||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (354,502) | (413,168) | (449,917) | |
Current year benefit plans gains, before tax | (126,618) | 19,871 | 9,276 | |
Total other comprehensive income (loss), before tax | (126,618) | 19,871 | 9,276 | |
Amortization of prior service credit, before tax | (4,173) | (4,172) | (802) | |
Amortization of actuarial losses, before tax | 20,745 | (42,967) | 28,275 | |
Total other comprehensive income (loss), before tax | (110,046) | 58,666 | 36,749 | |
Reclassification of income tax effects to retained earnings | 53,960 | |||
Ending balance, before tax | (464,548) | (354,502) | (413,168) | |
Amortization of actuarial (loss) gain | (20,745) | 42,967 | (28,275) | |
Total other comprehensive income (loss) | (81,116) | 43,243 | 22,288 | |
Reclassification of income tax effects to retained earnings, before tax | 53,960 | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (14,719) | (20,165) | (8,268) | |
Foreign currency translation adjustment, before tax | 1,381 | (2,817) | 4,447 | |
Unrealized losses on cash flow hedges, before tax | 160,373 | (4,965) | (12,291) | |
Total other comprehensive income (loss), before tax | 161,754 | (7,782) | (7,844) | |
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (136) | (111) | (137) | |
Net yield adjustment from cash flow hedges currently in effect, before tax | (13,011) | 13,339 | (3,916) | |
Total other comprehensive income (loss), before tax | 148,607 | 5,446 | (11,897) | |
Ending balance, before tax | $ 133,888 | (14,719) | (20,165) | |
Investment Securities With OTTI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 19,628 | 46,725 | ||
Unrealized holding gains (losses), net, before tax | (8,746) | |||
Total other comprehensive income (loss), before tax | (8,746) | |||
Gains realized in net income, before tax | (18,351) | |||
Total other comprehensive income (loss), before tax | (27,097) | |||
Ending balance, before tax | 19,628 | |||
Investment Securities All Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (79,585) | (73,785) | ||
Unrealized holding gains (losses), net, before tax | (6,259) | |||
Total other comprehensive income (loss), before tax | (6,259) | |||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 3,387 | |||
Gains realized in net income, before tax | (2,928) | |||
Total other comprehensive income (loss), before tax | (5,800) | |||
Ending balance, before tax | $ (79,585) | |||
[1] | Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required. |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 15,460,191 | $ 16,250,819 | $ 16,486,622 | |
Cumulative effect of change inaccounting principle — equity securities | [1] | (16,853) | ||
Net gain (loss) during period | 213,401 | (39,414) | (5,149) | |
Reclassification of income tax effects to retained earnings | 64,029 | |||
Ending balance | 15,716,649 | 15,460,191 | 16,250,819 | |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (147,526) | (44,150) | (16,319) | |
Cumulative effect of change inaccounting principle — equity securities | (16,853) | |||
Net gain (loss) during period | 184,906 | (86,523) | (19,766) | |
Reclassification of income tax effects to retained earnings | (8,065) | |||
Ending balance | 37,380 | (147,526) | (44,150) | |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (261,303) | (304,546) | (272,874) | |
Net gain (loss) during period | (81,116) | 43,243 | 22,288 | |
Reclassification of income tax effects to retained earnings | (53,960) | |||
Ending balance | (342,419) | (261,303) | (304,546) | |
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (11,252) | (15,118) | (5,443) | |
Net gain (loss) during period | 109,611 | 3,866 | (7,671) | |
Reclassification of income tax effects to retained earnings | (2,004) | |||
Ending balance | 98,359 | (11,252) | (15,118) | |
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (420,081) | (363,814) | (294,636) | |
Cumulative effect of change inaccounting principle — equity securities | (16,853) | |||
Net gain (loss) during period | 213,401 | (39,414) | (5,149) | |
Reclassification of income tax effects to retained earnings | (64,029) | |||
Ending balance | $ (206,680) | $ (420,081) | $ (363,814) | |
[1] | Beginning January 1, 2018, equity securities with readily determinable market values are required to be measured at fair value with changes in fair value recognized in the income statement. Prior to that date, such changes in fair value were reflected in other comprehensive income. Separate presentation of investment securities with an other-than-temporary impairment change is no longer required. |
Other Income and Other Expens_2
Other Income and Other Expense - Other Income and Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income: | |||
Credit-related fee income | $ 86,792 | $ 82,614 | $ 77,580 |
Other expense: | |||
Professional services | 330,900 | 312,998 | 289,862 |
Amortization of capitalized mortgage servicing rights | $ 71,888 | 49,619 | $ 56,172 |
Wilmington Trust Corporation [Member] | |||
Other expense: | |||
Accrual for Wilmington Trust Corporation legal-related matters | $ 135,000 |
International Activities - Addi
International Activities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
International Activities [Line Items] | |||
Revenues from international trust-related services | $ 32,000 | $ 29,000 | $ 24,000 |
Loans to foreign borrowers | 89,871,798 | 87,447,033 | |
Deposits at foreign office | 1,684,044 | 811,906 | |
Cayman Islands [Member] | |||
International Activities [Line Items] | |||
Deposits at foreign office | 1,680,000 | 812,000 | |
Canada [Member] | |||
International Activities [Line Items] | |||
Deposits at foreign office | 23,000 | 22,000 | |
Geographic Distribution, Foreign [Member] | |||
International Activities [Line Items] | |||
Loans to foreign borrowers | $ 186,000 | $ 172,000 | |
Geographic Concentration Risk [Member] | Assets, Total [Member] | |||
International Activities [Line Items] | |||
Concentration risk percentage | 1.00% | ||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
International Activities [Line Items] | |||
Concentration risk percentage | 1.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 57,550,000,000 | $ 19,850,000,000 | |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 18,000,000 | 18,000,000 | |
Aggregate fair value of derivative financial instruments in a liability position | 51,000,000 | 21,000,000 | |
Aggregate fair value of derivative financial instruments in asset position | 6,000,000 | 18,000,000 | |
Collateral relating to net asset positions | 5,000,000 | 16,000,000 | |
Counterparties [Member] | |||
Derivative [Line Items] | |||
Post collateral requirements relating to positions | 50,000,000 | 18,000,000 | |
Clearinghouse Credit Facilities [Member] | |||
Derivative [Line Items] | |||
Amount of initial margin posted | 84,000,000 | 65,000,000 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Increase decrease in net interest income due to interest rate swap agreements | (2,000,000) | 25,000,000 | $ 25,000,000 |
Notional amounts of derivative contracts entered into for trading account purposes | 57,550,000,000 | ||
Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 48,600,000,000 | 42,900,000,000 | |
Foreign Currency and Other Option and Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 1,200,000 | $ 763,000,000 | |
Credit Risk Derivative [Member] | |||
Derivative [Line Items] | |||
Fair value of additional collateral to be posted for derivative financial instruments | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 57,550,000,000 | $ 19,850,000,000 |
Average Maturity (in years) | 1 year 6 months | 1 year 8 months 12 days |
Estimated Fair Value Gain (Loss) | $ (1,762,000) | $ 5,530,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 53,750,000,000 | $ 15,400,000,000 |
Average Maturity (in years) | 1 year 4 months 24 days | 1 year 3 months 18 days |
Weighted-Average Rate, Fixed | 2.44% | 1.52% |
Weighted-Average Rate, Variable | 1.73% | 2.35% |
Estimated Fair Value Gain (Loss) | $ (1,195,000) | $ 1,311,000 |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 3,800,000,000 | $ 4,450,000,000 |
Average Maturity (in years) | 2 years 2 months 12 days | 2 years 9 months 18 days |
Weighted-Average Rate, Fixed | 2.51% | 2.47% |
Weighted-Average Rate, Variable | 2.27% | 3.02% |
Estimated Fair Value Gain (Loss) | $ (567,000) | $ 4,219,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 57,550,000,000 | $ 19,850,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 12,600,000,000 | |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 45,100,000 | 54,700,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 140,700,000 | $ 9,100,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 40,400,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Outstanding Maturity (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Total | $ 57,550,000,000 | $ 19,850,000,000 |
Interest Rate Swap Agreements [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
2020 | 12,200,000,000 | |
2021 | 28,350,000,000 | |
2022 | 16,000,000,000 | |
2023 | 500,000,000 | |
2027 | 500,000,000 | |
Total | $ 57,550,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 427,267 | $ 148,862 |
Liability Derivatives, Fair Value | 87,091 | 190,686 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 425,840 | 142,242 |
Liability Derivatives, Fair Value | 84,676 | 184,252 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 1,427 | 6,620 |
Liability Derivatives, Fair Value | 2,415 | 6,434 |
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 | 232 | 5,530 |
Liability Derivatives, Fair Value | 1,994 | |
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 | 3,074 | 3,702 |
Liability Derivatives, Fair Value | 3,548 | 4,535 |
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 | 1,195 | 1,090 |
Liability Derivatives, Fair Value | 421 | 6,434 |
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 | 11,965 | 9,304 |
Liability Derivatives, Fair Value | 1,225 | 1,592 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 398,295 | 118,687 |
Liability Derivatives, Fair Value | 68,103 | 169,255 |
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 | 12,506 | 10,549 |
Liability Derivatives, Fair Value | $ 11,800 | $ 8,870 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (43.3) | $ (170.7) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (281.3) | $ (49.7) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ 33,212 | $ 13,922 | $ 12,219 |
Interest Rate Swap Agreements [Member] | Fixed Rate Long-Term Borrowings [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | Fair Value Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives in fair value hedging relationships, Derivatives | 95,006 | (10,006) | (52,392) |
Derivatives in fair value hedging relationships, Hedged item | (94,742) | 10,969 | 51,628 |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | 24,701 | 4,506 | 5,398 |
Foreign Exchange and Other Option and Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ 8,511 | $ 9,416 | $ 6,821 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 3,840,775 | $ 4,394,109 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 43,640 | $ (51,102) |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss on securitization of assets | $ 0 | $ 0 | $ 0 |
Other assets for its "investment" in the common securities recognized by the company of various trusts | 23,000,000 | 23,000,000 | |
Total assets of partnerships in which the company invested | 119,872,757,000 | 120,097,403,000 | |
Investment in partnership carrying amount | 748,000,000 | 523,000,000 | |
Unfunded commitments includes carrrying amount of its investments | 414,000,000 | 280,000,000 | |
Maximum exposure to loss of investments in real estate partnerships | 984,000,000 | ||
Variable Interest Entity Primary Beneficiary [Member] | |||
Total assets of partnerships in which the company invested | $ 1,500,000,000 | $ 1,100,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 6,318,776 | $ 8,682,509 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 9,767 | 1,336,931 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 775 | 1,659 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 6,180,940 | 7,216,991 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 127,278 | 126,906 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 470,129 | 185,584 |
Investment securities | 6,318,776 | 8,682,509 |
Equity securities | 140,041 | 93,917 |
Real estate loans held for sale | 442,079 | 551,697 |
Other assets | 16,466 | 19,626 |
Total assets | 7,387,491 | 9,533,333 |
Trading account liabilities | 79,903 | 178,125 |
Other liabilities | 7,188 | 12,561 |
Total liabilities | 87,091 | 190,686 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 49,040 | 46,018 |
Equity securities | 100,637 | 71,989 |
Total assets | 149,677 | 118,007 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 421,089 | 139,566 |
Investment securities | 6,318,760 | 8,682,487 |
Equity securities | 39,404 | 21,928 |
Real estate loans held for sale | 442,079 | 551,697 |
Other assets | 4,501 | 10,322 |
Total assets | 7,225,833 | 9,406,000 |
Trading account liabilities | 79,903 | 178,125 |
Other liabilities | 5,963 | 10,969 |
Total liabilities | 85,866 | 189,094 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 16 | 22 |
Other assets | 11,965 | 9,304 |
Total assets | 11,981 | 9,326 |
Other liabilities | 1,225 | 1,592 |
Total liabilities | 1,225 | 1,592 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 9,767 | 1,336,931 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 9,767 | 1,336,931 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 775 | 1,659 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 775 | 1,659 |
Fair Value Measurements, Recurring [Member] | Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 6,180,940 | 7,216,991 |
Fair Value Measurements, Recurring [Member] | Government Issued or Guaranteed [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 6,180,940 | 7,216,991 |
Fair Value Measurements, Recurring [Member] | Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 16 | 22 |
Fair Value Measurements, Recurring [Member] | Privately Issued Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 16 | 22 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 127,278 | 126,906 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 127,278 | $ 126,906 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Transfer of asset from level 1 to 2 | $ 0 | $ 0 |
Transfer of asset from level 2 to 1 | 0 | 0 |
Transfer of liabilities from level 1 to 2 | 0 | 0 |
Transfer of liabilities from level 2 to 1 | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Privately Issued Mortgage-Backed Securities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 22 | $ 28 | $ 44 |
Total gains realized/unrealized: | |||
Settlements | (6) | (6) | (16) |
Ending Balance | 16 | 22 | 28 |
Other Assets and Other Liabilities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 7,712 | 8,303 | 7,325 |
Total gains realized/unrealized: | |||
Included in earnings | 129,398 | 58,740 | 77,832 |
Transfers out of Level 3 | (126,370) | (59,331) | (76,854) |
Ending Balance | 10,740 | 7,712 | 8,303 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 11,146 | $ 7,386 | $ 7,978 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | ||
Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount rates for fair value estimations | 10.00% | ||
Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount rates for fair value estimations | 85.00% | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | $ 110 | $ 83 | $ 56 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loans measured at fair value on nonrecurring basis | 305 | 268 | 210 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 21 | 28 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loans measured at fair value on nonrecurring basis | 115 | 120 | 145 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loans measured at fair value on nonrecurring basis | $ 190 | $ 148 | $ 65 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Privately Issued Mortgage-Backed Securities [Member] | Two Independent Pricing Quotes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements for certain Level 3 Assets and Liabilities | $ 16 | $ 22 |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements for certain Level 3 Assets and Liabilities | $ 10,740 | $ 7,712 |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 0.00% | 0.00% |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 99.00% | 95.00% |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 13.00% | 13.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Interest-bearing deposits at banks | $ 7,190,154 | $ 8,105,197 | ||
Federal funds sold | 3,500 | |||
Investment securities | 9,497,251 | 12,692,813 | ||
Loans and leases: | ||||
Commercial loans and leases | 89,776,328 | 87,326,591 | ||
Allowance for credit losses | (1,051,071) | (1,019,444) | $ (1,017,198) | $ (988,997) |
Loans and leases, net | 89,871,798 | 87,447,033 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (32,396,407) | (32,256,668) | ||
Savings and interest-checking deposits | (54,932,162) | (50,963,744) | ||
Time deposits | (5,757,456) | (6,124,254) | ||
Deposits at Cayman Islands office | (1,684,044) | (811,906) | ||
Long-term borrowings | (6,986,186) | (8,444,914) | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,432,805 | 1,605,439 | ||
Interest-bearing deposits at banks | 7,190,154 | 8,105,197 | ||
Federal funds sold | 3,500 | |||
Trading account assets | 470,129 | 185,584 | ||
Investment securities | 9,497,251 | 12,692,813 | ||
Loans and leases: | ||||
Consumer loans | 15,386,693 | 13,970,499 | ||
Allowance for credit losses | (1,051,071) | (1,019,444) | ||
Loans and leases, net | 89,871,798 | 87,447,033 | ||
Accrued interest receivable | 333,142 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (32,396,407) | (32,256,668) | ||
Savings and interest-checking deposits | (54,932,162) | (50,963,744) | ||
Time deposits | (5,757,456) | (6,124,254) | ||
Deposits at Cayman Islands office | (1,684,044) | (811,906) | ||
Short-term borrowings | (62,363) | (4,398,378) | ||
Long-term borrowings | (6,986,186) | (8,444,914) | ||
Accrued interest payable | (105,374) | (95,274) | ||
Trading account liabilities | (79,903) | (178,125) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 10,740 | 7,712 | ||
Commitments to sell real estate loans | 300 | (6,177) | ||
Other credit-related commitments | (136,470) | (131,688) | ||
Interest rate swap agreements used for interest rate risk management | (1,762) | 5,530 | ||
Estimate Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,432,805 | 1,605,439 | ||
Interest-bearing deposits at banks | 7,190,154 | 8,105,197 | ||
Federal funds sold | 3,500 | |||
Trading account assets | 470,129 | 185,584 | ||
Investment securities | 9,539,540 | 12,631,656 | ||
Loans and leases: | ||||
Consumer loans | 15,413,262 | 13,819,545 | ||
Loans and leases, net | 90,668,624 | 87,214,035 | ||
Accrued interest receivable | 333,142 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (32,396,407) | (32,256,668) | ||
Savings and interest-checking deposits | (54,932,162) | (50,963,744) | ||
Time deposits | (5,829,347) | (6,201,957) | ||
Deposits at Cayman Islands office | (1,684,044) | (811,906) | ||
Short-term borrowings | (62,363) | (4,398,378) | ||
Long-term borrowings | (7,063,165) | (8,385,289) | ||
Accrued interest payable | (105,374) | (95,274) | ||
Trading account liabilities | (79,903) | (178,125) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 10,740 | 7,712 | ||
Commitments to sell real estate loans | 300 | (6,177) | ||
Other credit-related commitments | (136,470) | (131,688) | ||
Interest rate swap agreements used for interest rate risk management | (1,762) | 5,530 | ||
Estimate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,394,984 | 1,528,302 | ||
Trading account assets | 49,040 | 46,018 | ||
Investment securities | 100,637 | 71,989 | ||
Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 37,821 | 77,137 | ||
Interest-bearing deposits at banks | 7,190,154 | 8,105,197 | ||
Federal funds sold | 3,500 | |||
Trading account assets | 421,089 | 139,566 | ||
Investment securities | 9,351,793 | 12,456,467 | ||
Loans and leases: | ||||
Loans and leases, net | 4,019,186 | 4,267,222 | ||
Accrued interest receivable | 333,142 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (32,396,407) | (32,256,668) | ||
Savings and interest-checking deposits | (54,932,162) | (50,963,744) | ||
Time deposits | (5,829,347) | (6,201,957) | ||
Deposits at Cayman Islands office | (1,684,044) | (811,906) | ||
Short-term borrowings | (62,363) | (4,398,378) | ||
Long-term borrowings | (7,063,165) | (8,385,289) | ||
Accrued interest payable | (105,374) | (95,274) | ||
Trading account liabilities | (79,903) | (178,125) | ||
Other financial instruments: | ||||
Commitments to sell real estate loans | 300 | (6,177) | ||
Interest rate swap agreements used for interest rate risk management | (1,762) | 5,530 | ||
Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment securities | 87,110 | 103,200 | ||
Loans and leases: | ||||
Consumer loans | 15,413,262 | 13,819,545 | ||
Loans and leases, net | 86,649,438 | 82,946,813 | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 10,740 | 7,712 | ||
Other credit-related commitments | (136,470) | (131,688) | ||
Commercial Loans and Leases [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 23,838,168 | 22,977,976 | ||
Commercial Loans and Leases [Member] | Estimate Fair Value [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 23,510,908 | 22,587,387 | ||
Commercial Loans and Leases [Member] | Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 23,510,908 | 22,587,387 | ||
Commercial [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 35,541,914 | 34,363,556 | ||
Commercial [Member] | Estimate Fair Value [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 35,517,180 | 33,832,558 | ||
Commercial [Member] | Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 28,338 | 346,775 | ||
Commercial [Member] | Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 35,488,842 | 33,485,783 | ||
Residential Real Estate Loans | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 16,156,094 | 17,154,446 | ||
Residential Real Estate Loans | Estimate Fair Value [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 16,227,274 | 16,974,545 | ||
Residential Real Estate Loans | Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 3,990,848 | 3,920,447 | ||
Residential Real Estate Loans | Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | $ 12,236,426 | $ 13,054,098 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,442,160 | $ 5,484,197 |
Commercial real estate loans to be sold | 164,076 | 229,401 |
Other commercial real estate | 9,029,608 | 7,556,722 |
Residential real estate loans to be sold | 423,056 | 245,211 |
Other residential real estate | 448,375 | 219,351 |
Commercial and other | 16,170,731 | 14,363,803 |
Standby letters of credit | 2,441,432 | 2,326,991 |
Commercial letters of credit | 41,059 | 55,808 |
Financial guarantees and indemnification contracts | 4,108,572 | 3,529,136 |
Commitments to sell real estate loans | $ 906,037 | $ 940,692 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Commitments to extend credit to commercial customers | $ 9,100,000,000 | $ 8,600,000,000 |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,900,000,000 | $ 3,400,000,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | 0 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | $ 50,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 4,130,264 | $ 4,072,302 | $ 3,781,044 |
Noninterest income | 2,061,679 | 1,856,000 | 1,851,143 |
Total income | 6,191,943 | 5,928,302 | 5,632,187 |
Provision for credit losses | 176,000 | 132,000 | 168,000 |
Amortization of core deposit and other intangible assets | 19,490 | 24,522 | 31,366 |
Depreciation and other amortization | 180,924 | 154,483 | 165,759 |
Other noninterest expense | 3,268,268 | 3,109,057 | 2,943,200 |
Income before taxes | 2,547,261 | 2,508,240 | 2,323,862 |
Income tax expense (benefit) | 618,112 | 590,160 | 915,556 |
Net income | 1,929,149 | 1,918,080 | 1,408,306 |
Average total assets | 119,584,000 | 116,959,000 | 120,860,000 |
Capital expenditures | 178,000 | 98,000 | 79,000 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 537,940 | 557,542 | 410,928 |
Noninterest income | 695,443 | 651,439 | 609,945 |
Total income | 1,233,383 | 1,208,981 | 1,020,873 |
Provision for credit losses | 6,257 | (8,128) | 8,265 |
Amortization of core deposit and other intangible assets | 18,430 | 23,462 | 30,306 |
Depreciation and other amortization | 68,840 | 68,004 | 69,923 |
Other noninterest expense | 1,157,432 | 1,125,428 | 1,019,465 |
Income before taxes | (17,576) | 215 | (107,086) |
Income tax expense (benefit) | (28,625) | (54,766) | (40,752) |
Net income | 11,049 | 54,981 | (66,334) |
Average total assets | 14,953,000 | 13,877,000 | 13,684,000 |
Capital expenditures | 98,000 | 65,000 | 44,000 |
Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 451,307 | 434,579 | 393,948 |
Noninterest income | 113,855 | 111,600 | 112,512 |
Total income | 565,162 | 546,179 | 506,460 |
Provision for credit losses | 16,501 | 10,916 | 15,598 |
Depreciation and other amortization | 412 | 382 | 393 |
Other noninterest expense | 319,136 | 305,340 | 294,493 |
Income before taxes | 229,113 | 229,541 | 195,976 |
Income tax expense (benefit) | 60,617 | 61,279 | 80,043 |
Net income | 168,496 | 168,262 | 115,933 |
Average total assets | 5,793,000 | 5,631,000 | 5,602,000 |
Capital expenditures | 1,000 | ||
Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 828,888 | 821,812 | 809,301 |
Noninterest income | 289,558 | 288,908 | 283,447 |
Total income | 1,118,446 | 1,110,720 | 1,092,748 |
Provision for credit losses | 25,580 | 8,976 | 11,876 |
Depreciation and other amortization | 554 | 496 | 509 |
Other noninterest expense | 384,013 | 364,102 | 339,936 |
Income before taxes | 708,299 | 737,146 | 740,427 |
Income tax expense (benefit) | 187,835 | 198,229 | 303,556 |
Net income | 520,464 | 538,917 | 436,871 |
Average total assets | 28,142,000 | 26,626,000 | 26,573,000 |
Capital expenditures | 2,000 | ||
Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 692,526 | 665,220 | 649,378 |
Noninterest income | 214,970 | 183,955 | 169,966 |
Total income | 907,496 | 849,175 | 819,344 |
Provision for credit losses | 1,537 | 3,159 | (7,524) |
Amortization of core deposit and other intangible assets | 1,060 | 1,060 | 1,060 |
Depreciation and other amortization | 25,560 | 25,852 | 24,410 |
Other noninterest expense | 240,736 | 217,387 | 207,493 |
Income before taxes | 638,603 | 601,717 | 593,905 |
Income tax expense (benefit) | 152,977 | 148,807 | 229,770 |
Net income | 485,626 | 452,910 | 364,135 |
Average total assets | 23,921,000 | 22,885,000 | 22,741,000 |
Capital expenditures | 1,000 | ||
Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 209,807 | 228,051 | 277,095 |
Noninterest income | 26,919 | (9,690) | 23,851 |
Total income | 236,726 | 218,361 | 300,946 |
Provision for credit losses | 3,608 | 6,683 | 31,119 |
Depreciation and other amortization | 263 | 187 | 279 |
Other noninterest expense | 52,901 | 65,393 | 76,021 |
Income before taxes | 179,954 | 146,098 | 193,527 |
Income tax expense (benefit) | 36,342 | 29,872 | 58,559 |
Net income | 143,612 | 116,226 | 134,968 |
Average total assets | 29,081,000 | 32,123,000 | 37,203,000 |
Capital expenditures | 1,000 | ||
Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 20,008 | 13,933 | 30,328 |
Noninterest income | 393,372 | 305,560 | 321,589 |
Total income | 413,380 | 319,493 | 351,917 |
Provision for credit losses | 382 | (2,178) | 1,254 |
Depreciation and other amortization | 46,901 | 24,288 | 32,011 |
Other noninterest expense | 274,414 | 241,624 | 247,639 |
Income before taxes | 91,683 | 55,759 | 71,013 |
Income tax expense (benefit) | 19,355 | 10,272 | 25,446 |
Net income | 72,328 | 45,487 | 45,567 |
Average total assets | 2,611,000 | 2,161,000 | 2,355,000 |
Capital expenditures | 1,000 | 1,000 | |
Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,389,788 | 1,351,165 | 1,210,066 |
Noninterest income | 327,562 | 324,228 | 329,833 |
Total income | 1,717,350 | 1,675,393 | 1,539,899 |
Provision for credit losses | 122,135 | 112,572 | 107,412 |
Depreciation and other amortization | 38,394 | 35,274 | 38,234 |
Other noninterest expense | 839,636 | 789,783 | 758,153 |
Income before taxes | 717,185 | 737,764 | 636,100 |
Income tax expense (benefit) | 189,611 | 196,467 | 258,934 |
Net income | 527,574 | 541,297 | 377,166 |
Average total assets | 15,083,000 | 13,656,000 | 12,702,000 |
Capital expenditures | $ 76,000 | $ 31,000 | $ 34,000 |
Segment Information - Informa_2
Segment Information - Information about Company's Segments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Taxable-equivalent adjustment | $ 22,863,000 | $ 21,897,000 | $ 34,570,000 |
Segment Information - Intersegm
Segment Information - Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 6,191,943 | $ 5,928,302 | $ 5,632,187 |
Income taxes (benefit) | 618,112 | 590,160 | 915,556 |
Net income (loss) | 1,929,149 | 1,918,080 | 1,408,306 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (48,559) | (41,285) | (43,941) |
Expenses | (18,218) | (24,660) | (32,623) |
Income taxes (benefit) | (7,976) | (4,371) | (4,606) |
Net income (loss) | $ (22,365) | $ (12,254) | $ (6,712) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Percent of maximum revenue from single customer on total revenues | 10.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | |||
Funds available for payment of dividends to M&T from banking subsidiaries | $ 605 | ||
Required subsidiary noninterest-earning reserves against certain deposit liabilities | $ 666 | $ 684 | |
Capital conservation buffer | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Required Minimum and Well Capitalized Capital Ratios (Detail) | Dec. 31, 2019 |
Banking And Thrift [Abstract] | |
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 4.50% |
Tier 1 capital to risk-weighted assets, Minimum | 6.00% |
Total capital to risk-weighted assets, Minimum | 8.00% |
Leverage — Tier 1 capital to average total assets, as defined | 4.00% |
Common equity Tier 1 ("CET1") to risk-weighted assets, Well Capitalized | 6.50% |
Tier 1 capital to risk-weighted assets, Well capitalized | 8.00% |
Total capital to risk-weighted assets, Well capitalized | 10.00% |
Leverage — Tier 1 capital to average total assets, as defined | 5.00% |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios and Amounts of Company and its Banking Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Ratio | 4.50% | |
Ratio | 6.00% | |
Ratio | 8.00% | |
M&T Bank Corporation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 10,053,887 | $ 9,960,811 |
Ratio | 9.73% | 10.13% |
Amount | $ 11,303,836 | $ 11,193,770 |
Ratio | 10.94% | 11.38% |
Amount | $ 13,480,612 | $ 13,454,137 |
Ratio | 13.05% | 13.68% |
Amount | $ 11,303,836 | $ 11,193,770 |
Ratio | 9.59% | 9.88% |
M&T Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 10,649,953 | $ 10,636,136 |
Ratio | 10.34% | 10.84% |
Amount | $ 10,649,953 | $ 10,636,136 |
Ratio | 10.34% | 10.84% |
Amount | $ 12,342,834 | $ 12,475,296 |
Ratio | 11.99% | 12.72% |
Amount | $ 10,649,953 | $ 10,636,136 |
Ratio | 9.08% | 9.42% |
Wilmington Trust, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 606,538 | $ 585,767 |
Ratio | 56.35% | 60.69% |
Amount | $ 606,538 | $ 585,767 |
Ratio | 56.35% | 60.69% |
Amount | $ 608,130 | $ 589,671 |
Ratio | 56.50% | 61.10% |
Amount | $ 606,538 | $ 585,767 |
Ratio | 13.12% | 12.51% |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 6,986,186,000 | $ 8,444,914,000 | |
Bayview Lending Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Minority interest in Bayview Lending Group LLC | 20.00% | ||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | ||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | 37,000,000 | 24,000,000 | $ 0 |
Bayview Lending Group and Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of mortgage servicing rights | 2,200,000,000 | 2,500,000,000 | |
Revenue from contract with customer | 12,000,000 | 14,000,000 | 17,000,000 |
Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 62,800,000,000 | 56,800,000,000 | |
Revenues from sub-servicing | 125,000,000 | 114,000,000 | $ 103,000,000 |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 93,000,000 | $ 113,000,000 | |
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | 702,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 88,000,000 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in consolidated subsidiaries | ||||
Total assets | $ 119,872,757 | $ 120,097,403 | ||
Liabilities | ||||
Long-term borrowings | 6,986,186 | 8,444,914 | ||
Total liabilities | 104,156,108 | 104,637,212 | ||
Shareholders’ equity | 15,716,649 | 15,460,191 | $ 16,250,819 | $ 16,486,622 |
Total liabilities and shareholders’ equity | 119,872,757 | 120,097,403 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash in subsidiary bank | 83,531 | 40,609 | ||
Due from consolidated bank subsidiaries | ||||
Money-market savings | 876,819 | 856,881 | ||
Current income tax receivable | 1,261 | 1,117 | ||
Total due from consolidated bank subsidiaries | 878,080 | 857,998 | ||
Investments in consolidated subsidiaries | ||||
Banks | 15,732,008 | 15,491,277 | ||
Other | 301,765 | 324,360 | ||
Investments in trust preferred entities (note 19) | 23,022 | 23,241 | ||
Other assets | 67,732 | 64,187 | ||
Total assets | 17,086,138 | 16,801,672 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 74,235 | 63,719 | ||
Long-term borrowings | 1,295,254 | 1,277,762 | ||
Total liabilities | 1,369,489 | 1,341,481 | ||
Shareholders’ equity | 15,716,649 | 15,460,191 | ||
Total liabilities and shareholders’ equity | $ 17,086,138 | $ 16,801,672 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Condensed Statement of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expense | |||
Interest on long-term borrowings | $ 239,242 | $ 248,556 | $ 189,372 |
Other expense | 3,468,682 | 3,288,062 | 3,140,325 |
Income tax credits | (618,112) | (590,160) | (915,556) |
Equity in undistributed income of subsidiaries | |||
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Net income per common share | |||
Basic | $ 13.76 | $ 12.75 | $ 8.72 |
Diluted | $ 13.75 | $ 12.74 | $ 8.70 |
Parent Company [Member] | |||
Income | |||
Dividends from consolidated bank subsidiaries | $ 2,025,000 | $ 1,250,000 | $ 1,540,000 |
Equity in earnings of Bayview Lending Group LLC | 36,740 | 23,500 | 352 |
Other income | 7,216 | 2,417 | 9,493 |
Total income | 2,068,956 | 1,275,917 | 1,549,845 |
Expense | |||
Interest on long-term borrowings | 51,938 | 36,354 | 21,591 |
Other expense | 25,236 | 23,894 | 19,636 |
Total expense | 77,174 | 60,248 | 41,227 |
Income before income taxes and equity in undistributed income of subsidiaries | 1,991,782 | 1,215,669 | 1,508,618 |
Income tax credits | 8,313 | 8,446 | 26,453 |
Income before equity in undistributed income of subsidiaries | 2,000,095 | 1,224,115 | 1,535,071 |
Equity in undistributed income of subsidiaries | |||
Net income of subsidiaries | 1,954,054 | 1,943,965 | 1,413,235 |
Less: dividends received | (2,025,000) | (1,250,000) | (1,540,000) |
Equity in undistributed income of subsidiaries | (70,946) | 693,965 | (126,765) |
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Net income per common share | |||
Basic | $ 13.76 | $ 12.75 | $ 8.72 |
Diluted | $ 13.75 | $ 12.74 | $ 8.70 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 1,929,149 | $ 1,918,080 | $ 1,408,306 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for deferred income taxes | 57,548 | 15,857 | 400,790 |
Gain on sale of assets | 31,526 | (23,503) | (53,467) |
Net cash provided by operating activities | 2,357,555 | 2,089,852 | 2,781,935 |
Cash flows from investing activities | |||
Other, net | (195,921) | 47,904 | 19,825 |
Cash flows from financing activities | |||
Purchases of treasury stock | (1,349,785) | (2,194,396) | (1,205,905) |
Dividends paid — common | (552,138) | (510,382) | (457,402) |
Dividends paid — preferred | (67,454) | (72,521) | (72,734) |
Proceeds from long-term borrowings | 1,773,189 | 2,145,950 | |
Redemption of Series A and Series C preferred stock | (381,500) | ||
Other, net | (25,393) | 17,167 | 10,675 |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 4,892,301 | 4,568,991 | 4,155,723 |
Income taxes received during the year | 320,513 | 375,116 | 494,205 |
Series G Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of Series G preferred stock | 396,000 | ||
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income | 1,929,149 | 1,918,080 | 1,408,306 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | 70,946 | (693,965) | 126,765 |
Provision for deferred income taxes | 5,263 | 4,949 | 4,543 |
Net change in accrued income and expense | (34,525) | (8,242) | (170) |
Gain on sale of assets | (2,995) | ||
Net cash provided by operating activities | 1,970,833 | 1,220,822 | 1,536,449 |
Cash flows from investing activities | |||
Proceeds from sales or maturities of investment securities | 100 | ||
Other, net | 51,235 | 29,933 | 12,407 |
Net cash provided by investing activities | 51,335 | 29,933 | 12,407 |
Cash flows from financing activities | |||
Purchases of treasury stock | (1,349,785) | (2,194,396) | (1,205,905) |
Dividends paid — common | (552,138) | (510,382) | (457,402) |
Dividends paid — preferred | (67,454) | (72,521) | (72,734) |
Proceeds from long-term borrowings | 748,595 | ||
Redemption of Series A and Series C preferred stock | (381,500) | ||
Other, net | (4,431) | 45,913 | 34,524 |
Net cash used by financing activities | (1,959,308) | (1,982,791) | (1,701,517) |
Net increase (decrease) in cash and cash equivalents | 62,860 | (732,036) | (152,661) |
Cash and cash equivalents at beginning of year | 897,490 | 1,629,526 | 1,782,187 |
Cash and cash equivalents at end of year | 960,350 | 897,490 | 1,629,526 |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 1,752 | 2,219 | 2,313 |
Interest paid during the year | 49,451 | 17,482 | 18,498 |
Income taxes received during the year | 6,251 | $ 6,362 | $ 21,740 |
Parent Company [Member] | Series G Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of Series G preferred stock | $ 396,000 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Recognized right of use asset | $ 436,927 | |||
Recognizing lease liabilities | 487,555 | |||
Allowance for credit losses | $ 1,051,071 | $ 1,019,444 | $ 1,017,198 | $ 988,997 |
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Lessee, operating lease term | 12 months | |||
Recognized right of use asset | $ 394,000 | |||
Recognizing lease liabilities | 399,000 | |||
ASU 2016-13 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Allowance for credit losses | $ 132,000 |