Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MTB | |
Entity Registrant Name | M&T BANK CORPORATION | |
Entity Central Index Key | 0000036270 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 128,272,673 | |
Entity File Number | 1-9861 | |
Entity Tax Identification Number | 16-0968385 | |
Entity Incorporation, State or Country Code | NY | |
Title of 12(b) Security | Common Stock, $.50 par value | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | One M & T Plaza | |
Entity Address, Postal Zip Code | 14203 | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
City Area Code | 716 | |
Local Phone Number | 635-4000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 1,298,192 | $ 1,432,805 |
Interest-bearing deposits at banks | 8,896,307 | 7,190,154 |
Federal funds sold | 3,500 | |
Trading account | 1,224,291 | 470,129 |
Investment securities (includes pledged securities that can be sold or repledged of $195,217 at March 31, 2020; $200,339 at December 31, 2019) | ||
Available for sale (cost: $5,948,056 at March 31, 2020; $6,258,276 at December 31, 2019) | 6,139,979 | 6,318,776 |
Held to maturity (fair value: $2,397,849 at March 31, 2020; $2,699,206 at December 31, 2019) | 2,300,642 | 2,656,917 |
Equity and other securities (cost: $502,234 at March 31, 2020; $487,041 at December 31, 2019) | 515,969 | 521,558 |
Total investment securities | 8,956,590 | 9,497,251 |
Loans and leases | 94,408,178 | 91,188,525 |
Unearned discount | (265,903) | (265,656) |
Loans and leases, net of unearned discount | 94,142,275 | 90,922,869 |
Allowance for credit losses | (1,384,366) | (1,051,071) |
Loans and leases, net | 92,757,909 | 89,871,798 |
Premises and equipment | 1,154,558 | 1,140,924 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 25,121 | 29,034 |
Accrued interest and other assets | 5,671,753 | 5,644,050 |
Total assets | 124,577,833 | 119,872,757 |
Liabilities | ||
Noninterest-bearing deposits | 35,554,715 | 32,396,407 |
Savings and interest-checking deposits | 57,956,331 | 54,932,162 |
Time deposits | 5,454,341 | 5,757,456 |
Deposits at Cayman Islands office | 1,217,921 | 1,684,044 |
Total deposits | 100,183,308 | 94,770,069 |
Short-term borrowings | 59,180 | 62,363 |
Accrued interest and other liabilities | 2,198,116 | 2,337,490 |
Long-term borrowings | 6,321,435 | 6,986,186 |
Total liabilities | 108,762,039 | 104,156,108 |
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 March 31, 2020 and December 31, 2019; Liquidation preference of $10,000 per share: 90,000 shares at March 31, 2020 and December 31, 2019 | 1,250,000 | 1,250,000 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,741,898 shares issued at March 31, 2020 and December 31, 2019 | 79,871 | 79,871 |
Common stock issuable, 17,641 shares at March 31, 2020; 21,534 shares at December 31, 2019 | 1,292 | 1,566 |
Additional paid-in capital | 6,588,407 | 6,593,539 |
Retained earnings | 12,837,390 | 12,820,916 |
Accumulated other comprehensive income (loss), net | 209,833 | (206,680) |
Treasury stock — common, at cost — 31,477,259 shares at March 31, 2020; 29,174,402 shares at December 31, 2019 | (5,150,999) | (4,822,563) |
Total shareholders’ equity | 15,815,794 | 15,716,649 |
Total liabilities and shareholders’ equity | $ 124,577,833 | $ 119,872,757 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Pledged securities that can be sold or repledged | $ 195,217 | $ 200,339 |
Investment securities, available for sale, amortized cost | 5,948,056 | 6,258,276 |
Investment securities, held to maturity, fair value | 2,397,849 | 2,699,206 |
Equity and other securities, cost | $ 502,234 | $ 487,041 |
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 | 159,741,898 |
Common stock issuable, shares | 17,641 | 21,534 |
Treasury stock, common shares | 31,477,259 | 29,174,402 |
Series A Series C Series And E Preferred Stock [Member] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series F And Series G Preferred Stock [Member] | ||
Preferred stock, shares issued | 90,000 | 90,000 |
Preferred stock, shares outstanding | 90,000 | 90,000 |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income | ||
Loans and leases, including fees | $ 1,046,821 | $ 1,117,913 |
Investment securities | ||
Fully taxable | 50,110 | 80,411 |
Exempt from federal taxes | 75 | 95 |
Deposits at banks | 18,966 | 27,407 |
Other | 4,447 | 483 |
Total interest income | 1,120,419 | 1,226,309 |
Interest expense | ||
Savings and interest-checking deposits | 78,002 | 76,138 |
Time deposits | 21,872 | 21,081 |
Deposits at Cayman Islands office | 3,419 | 4,738 |
Short-term borrowings | 23 | 6,713 |
Long-term borrowings | 40,298 | 67,579 |
Total interest expense | 143,614 | 176,249 |
Net interest income | 976,805 | 1,050,060 |
Provision for credit losses | 250,000 | 22,000 |
Net interest income after provision for credit losses | 726,805 | 1,028,060 |
Other income | ||
Brokerage services income | 13,129 | 12,476 |
Trading account and foreign exchange gains | 21,016 | 10,802 |
Gain (loss) on bank investment securities | (20,782) | 11,841 |
Other revenues from operations | 133,176 | 134,437 |
Total other income | 529,360 | 500,765 |
Other expense | ||
Salaries and employee benefits | 536,843 | 499,200 |
Equipment and net occupancy | 79,640 | 79,347 |
Outside data processing and software | 64,410 | 52,417 |
FDIC assessments | 12,271 | 9,426 |
Advertising and marketing | 22,375 | 20,275 |
Printing, postage and supplies | 10,852 | 9,855 |
Amortization of core deposit and other intangible assets | 3,913 | 5,020 |
Other costs of operations | 176,112 | 218,808 |
Total other expense | 906,416 | 894,348 |
Income before taxes | 349,749 | 634,477 |
Income taxes | 80,927 | 151,735 |
Net income | 268,822 | 482,742 |
Net income available to common shareholders | ||
Basic | 250,701 | 462,086 |
Diluted | $ 250,701 | $ 462,086 |
Net income per common share | ||
Basic | $ 1.93 | $ 3.35 |
Diluted | $ 1.93 | $ 3.35 |
Average common shares outstanding | ||
Basic | 129,696 | 137,889 |
Diluted | 129,755 | 137,920 |
Mortgage Banking Revenues [Member] | ||
Other income | ||
Revenue from contract with customer | $ 127,909 | $ 95,311 |
Service Charges on Deposit Accounts [Member] | ||
Other income | ||
Revenue from contract with customer | 106,161 | 103,112 |
Trust Income [Member] | ||
Other income | ||
Revenue from contract with customer | $ 148,751 | $ 132,786 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Partners Capital [Abstract] | ||
Net income | $ 268,822 | $ 482,742 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||
Net unrealized gains on investment securities | 97,448 | 84,591 |
Cash flow hedges adjustments | 312,720 | 44,921 |
Foreign currency translation adjustments | (2,943) | 275 |
Defined benefit plans liability adjustments | 9,288 | 2,285 |
Total other comprehensive income (loss) | 416,513 | 132,072 |
Total comprehensive income | $ 685,335 | $ 614,814 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net income | $ 268,822 | $ 482,742 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 250,000 | 22,000 |
Depreciation and amortization of premises and equipment | 54,756 | 50,982 |
Amortization of capitalized servicing rights | 18,991 | 16,170 |
Amortization of core deposit and other intangible assets | 3,913 | 5,020 |
Provision for deferred income taxes | (36,243) | 13,441 |
Asset write-downs | 2,990 | 1,919 |
Net gain on sales of assets | (3,933) | (5,171) |
Net change in accrued interest receivable, payable | (13,863) | (35,071) |
Net change in other accrued income and expense | (73,363) | (171,304) |
Net change in loans originated for sale | (158,193) | 202,670 |
Net change in trading account assets and liabilities | (708,319) | (170,092) |
Net cash provided (used) by operating activities | (394,442) | 413,306 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities equity and other | 2,536 | 312,743 |
Proceeds from maturities of investment securities Available for sale | 303,994 | 371,714 |
Proceeds from maturities of investment securities Held to maturity | 359,615 | 99,960 |
Purchases of investment securities Available for sale | (2,951) | (1,595) |
Purchases of investment securities Held to maturity | (5,996) | (495,277) |
Purchases of investment securities equity and other | (17,728) | (103,795) |
Net increase in loans and leases | (3,105,967) | (412,670) |
Net (increase) decrease in interest-bearing deposits at banks | (1,706,153) | 502,300 |
Capital expenditures, net | (51,547) | (30,710) |
Net (increase) decrease in loan servicing advances | (48,866) | 22,891 |
Other, net | 420,700 | 5,700 |
Net cash provided (used) by investing activities | (3,852,363) | 271,261 |
Cash flows from financing activities | ||
Net increase in deposits | 5,413,829 | 313,849 |
Net decrease in short-term borrowings | (3,183) | (795,812) |
Payments on long-term borrowings | (753,123) | (1,139) |
Purchases of treasury stock | (373,750) | (365,628) |
Dividends paid — common | (143,170) | (139,595) |
Dividends paid — preferred | (21,344) | (17,368) |
Other, net | (10,567) | (17,053) |
Net cash provided (used) by financing activities | 4,108,692 | (1,022,746) |
Net decrease in cash, cash equivalents and restricted cash | (138,113) | (338,179) |
Cash, cash equivalents and restricted cash at beginning of period | 1,436,305 | 1,605,439 |
Cash, cash equivalents and restricted cash at end of period | 1,298,192 | 1,267,260 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 1,159,094 | 1,194,023 |
Interest paid during the period | 158,861 | 191,309 |
Income taxes paid during the period | 44,660 | 149,548 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 17,295 | 24,840 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 5,379 | |
Securitization of residential mortgage loans allocated to capitalized servicing rights | 83 | |
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 | $ 17,421 | $ 20,410 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | |
Beginning 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 | 614,814 | 482,742 | 132,072 | ||||||
Preferred stock cash dividends | [1] | (18,130) | (18,130) | ||||||
Purchases of treasury stock | (365,628) | (365,628) | |||||||
Stock-based compensation transactions, net | 35,144 | (12) | (212) | (10,862) | (51) | 46,281 | |||
Common stock cash dividends | (138,862) | (138,862) | |||||||
Ending balance at Mar. 31, 2019 | 15,587,529 | 1,231,500 | 79,871 | 1,514 | 6,568,480 | 11,842,371 | (288,009) | (3,848,198) | |
Beginning balance at Dec. 31, 2019 | 15,716,649 | 1,250,000 | 79,871 | 1,566 | 6,593,539 | 12,820,916 | (206,680) | (4,822,563) | |
Adoption of new accounting standard for credit losses | 132,457 | ||||||||
Adoption of new accounting standard for credit losses | ASU 2016-13 [Member] | (91,925) | (91,925) | |||||||
Total comprehensive income | 685,335 | 268,822 | 416,513 | ||||||
Preferred stock cash dividends | [1] | (17,078) | (17,078) | ||||||
Purchases of treasury stock | (373,750) | (373,750) | |||||||
Stock-based compensation transactions, net | 39,806 | (274) | (5,132) | (102) | 45,314 | ||||
Common stock cash dividends | (143,243) | (143,243) | |||||||
Ending balance at Mar. 31, 2020 | $ 15,815,794 | $ 1,250,000 | $ 79,871 | $ 1,292 | $ 6,588,407 | $ 12,837,390 | $ 209,833 | $ (5,150,999) | |
[1] | For the three-month periods ended March 31, 2020, dividends per preferred share were: Preferred Series E - $16.125; Preferred Series F - $128.125; and Preferred Series G - $125.694. Dividends per preferred share for the three-months ended March 31, 2019 were: Preferred Series A - $15.9375; Preferred Series C - $15.9375; Preferred Series E - $16.125; and Preferred Series F - $128.125 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retained Earnings [Member] | ||
Common stock per share dividend amount | $ 1.10 | $ 1 |
Preferred Series A [Member] | ||
Preferred stock per share dividend amount | 15.9375 | |
Preferred Series C [Member] | ||
Preferred stock per share dividend amount | 15.9375 | |
Preferred Series E [Member] | ||
Preferred stock per share dividend amount | 16.125 | 16.125 |
Preferred Series F [Member] | ||
Preferred stock per share dividend amount | 128.125 | $ 128.125 |
Preferred Series G [Member] | ||
Preferred stock per share dividend amount | $ 125.694 |
Significant accounting policies
Significant accounting policies and current environment | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant accounting policies and current environment | 1. Significant accounting policies and current environment The consolidated interim financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”), except that effective January 1, 2020 the Company adopted accounting guidance related to the recognition of expected credit losses that is discussed in notes 2, 3 and 15 herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | 2 . Investment securities 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) March 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 10,429 $ 147 $ 3 $ 10,573 Obligations of states and political subdivisions 683 1 2 682 Mortgage-backed securities: Government issued or guaranteed 5,802,064 210,850 1,850 6,011,064 Privately issued 16 — — 16 Other debt securities 134,864 703 17,923 117,644 5,948,056 211,701 19,778 6,139,979 Investment securities held to maturity: U.S. Treasury and federal agencies 2,999 1 — 3,000 Obligations of states and political subdivisions 2,445 10 — 2,455 Mortgage-backed securities: Government issued or guaranteed 2,202,453 108,412 2 2,310,863 Privately issued 89,617 9,499 20,713 78,403 Other debt securities 3,128 — — 3,128 2,300,642 117,922 20,715 2,397,849 Total debt securities $ 8,248,698 $ 329,623 $ 40,493 $ 8,537,828 Equity and other securities: Readily marketable equity — at fair value $ 120,425 $ 13,735 $ — $ 134,160 Other — at cost 381,809 — — 381,809 Total equity and other securities $ 502,234 $ 13,735 $ — $ 515,969 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 2. Investment securities, continued There were no significant gross realized gains or losses from sales of investment securities for the quarters ended March 31, 2020 and 2019. Unrealized losses on equity securities were $21 million during the three months ended March 31, 2020, compared with unrealized gains of $12 million during the three months ended March 31, 2019. At March 31, 2020, 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 $ 7,559 7,576 Due after one year through five years 9,123 9,342 Due after five years through ten years 99,294 87,831 Due after ten years 30,000 24,150 145,976 128,899 Mortgage-backed securities available for sale 5,802,080 6,011,080 $ 5,948,056 6,139,979 Debt securities held to maturity: Due in one year or less $ 4,594 4,600 Due after one year through five years 850 855 Due after ten years 3,128 3,128 8,572 8,583 Mortgage-backed securities held to maturity 2,292,070 2,389,266 $ 2,300,642 2,397,849 2. Investment securities, continued A summary of investment securities that as of March 31, 2020 and December 31, 2019 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) March 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 985 (3 ) — — Obligations of states and political subdivisions — — 186 (2 ) Mortgage-backed securities: Government issued or guaranteed 77,383 (1,055 ) 40,838 (795 ) Other debt securities 52,512 (6,691 ) 53,341 (11,232 ) 130,880 (7,749 ) 94,365 (12,029 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed — — 136 (2 ) Privately issued 14,602 (16 ) 46,103 (20,697 ) 14,602 (16 ) 46,239 (20,699 ) Total $ 145,482 (7,765 ) 140,604 (32,728 ) 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 ) The Company owned 364 individual debt securities with aggregate gross unrealized losses of $40 million at March 31, 2020. Based on a review of each of the securities in the investment securities portfolio at March 31, 2020, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2020, 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 March 31, 2020, 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 equity securities. 2. Investment securities, continued As described in notes 3 and 15, on January 1, 2020 the Company adopted amended accounting guidance that requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present their net carrying value that is expected to be collected over their contractual term. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at January 1, 2020 or March 31, 2020 as the substantial majority of such investment securities are obligations backed by the U.S. government or its agencies. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 3. Loans and leases and the allowance for credit losses Effective January 1, 2020 the Company adopted amended accounting guidance which requires an allowance for credit losses be deducted from the amortized cost basis of financial assets to present the net carrying value that is expected to be collected over their contractual term 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 in the income statement as an adjustment to the provision for credit losses. The new guidance replaced the previous incurred loss model for determining the allowance for credit losses. The adoption resulted in a $132 million increase in the allowance for credit losses at January 1, 2020. Prior to January 1, 2020, the Company generally recognized the excess of cash flows expected at acquisition over the estimated fair value of the acquired loans as interest income over the remaining lives of such loans regardless of the borrowers’ repayment status. Effective with the adoption of the new accounting standard, the Company’s nonaccrual loan policy now applies to loans acquired at a discount. That change added $171 million to nonaccrual loans as of the January 1, 2020 adoption date. Past due and nonaccrual loans A summary of current, past due and nonaccrual loans as of March 31, 2020 and December 31, 2019 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) March 31, 2020 Commercial, financial, leasing, etc. $ 25,727,500 219,577 9,924 286,647 $ 26,243,648 Real estate: Commercial 27,148,337 185,572 35,103 188,469 27,557,481 Residential builder and developer 1,426,646 36,607 4,204 3,204 1,470,661 Other commercial construction 7,427,735 191,193 2,101 34,935 7,655,964 Residential 12,414,544 499,077 474,016 293,638 13,681,275 Residential — limited documentation 1,755,197 87,225 — 119,317 1,961,739 Consumer: Home equity lines and loans 4,287,438 30,396 — 63,071 4,380,905 Recreational finance 5,778,723 35,559 — 13,405 5,827,687 Automobile 3,843,504 65,585 — 19,251 3,928,340 Other 1,374,200 15,595 4,969 39,811 1,434,575 Total $ 91,183,824 1,366,386 530,317 1,061,748 $ 94,142,275 3. Loans and leases and the allowance for credit losses, continued 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 (a) Excludes loans acquired at a discount. (b) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. (c) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. One-to-four family residential mortgage loans held for sale were $374 million and $414 million at March 31, 2020 and December 31, 2019, respectively. Commercial real estate loans held for sale were $250 million at March 31, 2020 and $28 million at December 31, 2019. The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date for which interest income was recognized based on expected future cash flows that were included in the consolidated balance sheet at December 31, 2019 were as follows: (In thousands) Outstanding principal balance $ 769,414 Carrying amount: Commercial, financial, leasing, etc. 21,114 Commercial real estate 94,890 Residential real estate 341,807 Consumer 77,785 $ 535,596 3. Loans and leases and the allowance for credit losses, continued Purchased impaired loans included in the table above totaled Purchased Other Impaired Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 Interest income (18,082 ) (9,717 ) Reclassifications from nonaccretable balance 11,189 4,865 Other (a) — 1,632 Balance at end of period $ 140,317 $ 93,687 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. Credit quality indicators The Company utilizes a loan grading system to differentiate risk amongst its commercial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. Loan officers in different geographic locations with the support of the Company’s credit department personnel continuously review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades include borrower-specific information related to expected future cash flows and operating results, collateral values, geographic location, financial condition and performance, payment status, and other information. At least annually, updated financial information is obtained from commercial borrowers associated with pass grade loans and additional analysis is performed. On a quarterly basis, the Company’s centralized credit department reviews all criticized commercial loans and commercial real estate loans greater than $1 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. 3. Loans and leases and the allowance f or credit losses, continued The following table summarizes the loan grades applied at March 31, 2020 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 1,095,201 2,767,657 1,936,195 1,197,480 966,014 1,708,564 15,369,119 35,360 $ 25,075,590 Criticized accrual 1,404 19,433 93,675 29,493 33,443 71,221 621,491 11,251 881,411 Criticized nonaccrual 470 9,299 26,006 31,206 20,789 43,176 149,303 6,398 286,647 Total commercial, financial, leasing, etc. $ 1,097,075 2,796,389 2,055,876 1,258,179 1,020,246 1,822,961 16,139,913 53,009 $ 26,243,648 Real estate: Commercial: Loan grades: Pass $ 1,371,675 5,272,662 4,130,012 3,170,722 3,808,737 8,005,615 917,651 — $ 26,677,074 Criticized accrual 3,936 94,202 62,334 41,201 77,229 380,061 32,975 — 691,938 Criticized nonaccrual — 3,574 5,640 20,081 38,353 120,378 443 — 188,469 Total commercial real estate $ 1,375,611 5,370,438 4,197,986 3,232,004 3,924,319 8,506,054 951,069 — $ 27,557,481 Residential builder and developer: Loan grades: Pass $ 116,793 639,055 286,402 67,825 20,183 20,312 236,688 — $ 1,387,258 Criticized accrual 3,528 19,862 2,185 17,169 — 21,226 16,229 — 80,199 Criticized nonaccrual — — 1,162 — 536 1,506 — — 3,204 Total residential builder and developer $ 120,321 658,917 289,749 84,994 20,719 43,044 252,917 — $ 1,470,661 Other commercial construction: Loan grades: Pass $ 265,269 2,103,938 2,461,589 1,503,162 569,710 395,373 79,664 — $ 7,378,705 Criticized accrual — 26,780 35,264 28,020 143,403 8,857 — — 242,324 Criticized nonaccrual — — — 350 7,851 21,592 5,142 — 34,935 Total other commercial construction $ 265,269 2,130,718 2,496,853 1,531,532 720,964 425,822 84,806 — $ 7,655,964 3. Loans and leases and the allowance for credit losses, continued The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at March 31, 2020 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Residential: Current $ 704,732 1,520,330 650,458 641,908 756,672 8,094,685 45,759 — $ 12,414,544 30-89 days past due 1,029 6,951 13,882 38,945 16,851 419,583 1,836 — 499,077 Accruing loans past due 90 days or more — 4,496 22,933 113,273 25,993 307,321 — — 474,016 Nonaccrual — — 1,609 5,356 981 285,465 227 — 293,638 Total residential $ 705,761 1,531,777 688,882 799,482 800,497 9,107,054 47,822 — $ 13,681,275 Residential - limited documentation: Current $ — — — — — 1,755,197 — — $ 1,755,197 30-89 days past due — — — — — 87,225 — — 87,225 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 119,317 — — 119,317 Total residential - limited documentation $ — — — — — 1,961,739 — — $ 1,961,739 Consumer: Home equity lines and loans: Current $ 411 5,576 3,298 3,251 516 68,281 2,822,191 1,383,914 $ 4,287,438 30-89 days past due — — — — — 4,129 — 26,267 30,396 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — 20 — — 6,034 401 56,616 63,071 Total home equity lines and loans $ 411 5,576 3,318 3,251 516 78,444 2,822,592 1,466,797 $ 4,380,905 3. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 566,034 2,151,461 1,126,908 775,213 435,562 723,545 — — $ 5,778,723 30-89 days past due 775 7,022 6,779 6,380 4,114 10,489 — — 35,559 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — 1,810 2,470 4,297 1,517 3,311 — — 13,405 Total recreational finance $ 566,809 2,160,293 1,136,157 785,890 441,193 737,345 — — $ 5,827,687 Automobile: Current $ 388,305 1,449,075 884,926 670,264 295,567 155,367 — — $ 3,843,504 30-89 days past due 427 11,910 16,391 17,837 11,256 7,764 — — 65,585 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — 2,930 5,418 4,854 3,219 2,830 — — 19,251 Total automobile $ 388,732 1,463,915 906,735 692,955 310,042 165,961 — — $ 3,928,340 Other: Current $ 60,112 191,347 83,549 54,055 11,047 40,868 931,015 2,207 $ 1,374,200 30-89 days past due 24 4,025 932 466 135 1,207 7,773 1,033 15,595 Accruing loans past due 90 days or more — — — — — 379 4,590 — 4,969 Nonaccrual 2,032 262 450 222 48 928 35,560 309 39,811 Total other $ 62,168 195,634 84,931 54,743 11,230 43,382 978,938 3,549 $ 1,434,575 Total loans and leases at March 31, 2020 $ 4,582,157 16,313,657 11,860,487 8,443,030 7,249,726 22,891,806 21,278,057 1,523,355 $ 94,142,275 The following table summarizes the loan grades applied at December 31, 2019 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 3. Loans and leases and the allowance for credit losses, continued Allowance for credit losses For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by loan type. Changes in the allowance for credit losses for the three months ended March 31, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 Adoption of new accounting standard (61,474 ) 23,656 53,896 194,004 (77,625 ) 132,457 Provision for credit losses 66,594 88,666 9,291 85,449 — 250,000 Net charge-offs Charge-offs (16,383 ) (1,272 ) (5,102 ) (44,947 ) — (67,704 ) Recoveries 3,261 438 1,674 13,169 — 18,542 Net charge-offs (13,122 ) (834 ) (3,428 ) (31,778 ) — (49,162 ) Ending balance $ 358,092 433,689 115,792 476,793 — $ 1,384,366 Changes in the allowance for credit losses for the three months ended March 31, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 6,271 (4,203 ) (2,447 ) 22,883 (504 ) 22,000 Net charge-offs Charge-offs (8,500 ) (283 ) (3,372 ) (32,945 ) — (45,100 ) Recoveries 7,794 826 1,830 12,543 — 22,993 Net (charge-offs) recoveries (706 ) 543 (1,542 ) (20,402 ) — (22,107 ) Ending balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. A description of the methodologies used by the Company to estimate its allowance for credit losses prior to January 1, 2020 is included in note 4 of Notes to Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In establishing the allowance for credit losses subsequent to December 31, 2019, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes and also estimates losses for loans and leases with similar risk characteristics on a collective basis. The amounts of specific loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are 3. Loans and leases and the allowance for credit losses, continued reviewed and assessed for reasonableness by the Company’s credit department. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge off and for purposes of estimating losses in determining the allowance for credit losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month periods ended March 31, 2020 and 2019 follows. March 31, 2020 January 1, 2020 Three Months Ended March 31, 2020 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 153,924 132,723 286,647 346,743 1,738 Real estate: Commercial 62,675 125,794 188,469 173,796 1,092 Residential builder and developer 3,204 — 3,204 4,708 48 Other commercial construction 12,039 22,896 34,935 35,881 861 Residential 67,221 226,417 293,638 322,504 6,819 Residential — limited documentation 26,444 92,873 119,317 114,667 201 Consumer: Home equity lines and loans 26,230 36,841 63,071 65,039 1,459 Recreational finance 6,704 6,701 13,405 14,308 152 Automobile 9,802 9,449 19,251 21,293 47 Other 4,182 35,629 39,811 35,394 154 Total $ 372,425 689,323 1,061,748 1,134,333 12,571 3. Loans and leases and the allowance for credit losses, continued March 31, 2019 January 1, 2019 Three Months Ended March 31, 2019 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 150,467 95,352 245,819 234,423 3,081 Real estate: Commercial 82,538 125,171 207,709 203,672 1,096 Residential builder and developer 1,636 2,756 4,392 4,798 184 Other commercial construction 12,557 7,342 19,899 22,205 637 Residential 52,948 157,318 210,266 233,352 3,599 Residential — limited documentation 19,874 64,989 84,863 84,685 252 Consumer: Home equity lines and loans 27,814 41,431 69,245 71,292 1,310 Recreational finance 6,112 4,860 10,972 11,199 142 Automobile 13,788 7,421 21,209 23,359 54 Other 6,884 353 7,237 4,623 122 Total $ 374,618 506,993 881,611 893,608 10,477 In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. To estimate expected losses the Company generally utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, gross domestic product and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At both January 1 and March 31, 2020, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. The Company also considered the impact of portfolio concentrations, changes in underwriting practices, product expansions into new markets, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process. The Company’s reserve for off-balance sheet credit exposures was not material at March 31, 2020 and December 31, 2019. Loan modifications During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. 3. Loans and leases and the allowance for credit losses, continued The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month periods ended March 31, 2020 and 2019: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Combination of Concession Types Total Three Months Ended March 31, 2020 (Dollars in thousands) Commercial, financial, leasing, etc. 32 $ 12,692 $ 5,066 $ — $ 6,987 $ 12,053 Real estate: Commercial 10 39,642 1,355 — 35,968 37,323 Residential 27 10,178 3,247 — 8,977 12,224 Residential — limited documentation 9 2,980 2,667 — 1,232 3,899 Consumer: Home equity lines and loans 6 738 412 — 334 746 Recreational finance 3 90 90 — — 90 Automobile 9 182 182 — — 182 Total 96 $ 66,502 $ 13,019 $ — $ 53,498 $ 66,517 Three Months Ended March 31, 2019 Commercial, financial, leasing, etc. 65 $ 30,615 $ 6,474 $ — $ 24,270 $ 30,744 Real estate: Commercial 15 9,241 987 — 7,967 8,954 Residential builder and developer 2 1,330 1,068 — — 1,068 Other commercial construction 1 418 — — 366 366 Residential 17 3,816 1,751 — 2,273 4,024 Residential — limited documentation 1 236 239 — — 239 Consumer: Home equity lines and loans 7 476 37 — 454 491 Recreational finance 4 88 88 — — 88 Automobile 20 317 280 — 37 317 Total 132 $ 46,537 $ 10,924 $ — $ 35,367 $ 46,291 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. Troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended March 31, 2020 and 2019 and for which there was a subsequent payment default during the three-month periods ended March 31, 2020 and 2019, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $75 million and $76 million at March 31, 2020 and December 31, 2019, respectively. There were $345 million and $402 million at March 31, 2020 and December 31, 2019, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at March 31, 2020, approximately 42% were government guaranteed. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | 4. Borrowings M&T had $526 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at March 31, 2020 that are held by various trusts that were issued in connection with the issuance by those trusts of preferred capital securities ("Capital Securities") and common securities ("Common Securities"). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust's securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, the securities are includable in M&T’s Tier 2 regulatory capital. Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. Also included in long-term borrowings is an agreement to repurchase securities that totaled $101 million and $102 million at March 31, 2020 and December 31, 2019, respectively. The outstanding agreement 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 $107 million and $108 million at March 31, 2020 and December 31, 2019, respectively . |
Revenue from contracts with cus
Revenue from contracts with customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 5. Revenue from contracts with customers A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and 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 accounting guidance for revenue from contracts with customers. 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. The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At March 31, 2020 5. Revenue from contracts with customers, continued and December 31, 2019, the Company had $57 million and $62 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are classified in accrued interest and other assets in the Company’s consolidated balance sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At March 31, 2020 and December 31, 2019, the Company had deferred revenue of $41 million and $43 million, respectively, related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the consolidated balance sheet. The following tables summarize sources of the Company’s noninterest income during the three-month periods ended March 31, 2020 and 2019 that are subject to the noted accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended March 31, 2020 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,250 24,157 2,812 — — 61,670 2,272 $ 106,161 Trust income 12 304 — — — — 148,435 148,751 Brokerage services income — — — — — — 13,129 13,129 Other revenues from operations: Merchant discount and credit card fees 10,331 13,316 849 — — 2,271 400 27,167 Other — 2,186 843 857 922 5,982 12,516 23,306 $ 25,593 39,963 4,504 857 922 69,923 176,752 $ 318,514 Three Months Ended March 31, 2019 Classification in consolidated statement of income Service charges on deposit accounts $ 15,109 23,210 2,526 — 2 61,151 1,114 $ 103,112 Trust income 5 214 — — — — 132,567 132,786 Brokerage services income — — — — — — 12,476 12,476 Other revenues from operations: Merchant discount and credit card fees 8,882 12,092 606 — — 3,138 420 25,138 Other — 1,002 1,788 401 1,064 8,494 10,488 23,237 $ 23,996 36,518 4,920 401 1,066 72,783 157,065 $ 296,749 |
Pension plans and other postret
Pension plans and other postretirement benefits | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 6. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2020 2019 2020 2019 (In thousands) Service cost $ 4,714 4,087 223 200 Interest cost on projected benefit obligation 17,886 20,200 419 603 Expected return on plan assets (31,475 ) (30,600 ) — — Amortization of prior service cost (credit) 125 125 (1,175 ) (1,175 ) Amortization of net actuarial loss (gain) 13,950 4,450 (300 ) (300 ) Net periodic cost (benefit) $ 5,200 (1,738 ) (833 ) (672 ) 6. Pension plans and other postretirement benefits, continued Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $27 million and $22 million for the three months ended March 31, 2020 and 2019, respectively, and are included in salaries and employee benefits expense. |
Earnings per common share
Earnings per common share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 7. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended March 31 2020 2019 (In thousands, except per share) Income available to common shareholders: Net income $ 268,822 482,742 Less: Preferred stock dividends (a) (17,078 ) (18,130 ) Net income available to common equity 251,744 464,612 Less: Income attributable to unvested stock-based compensation awards (1,043 ) (2,526 ) Net income available to common shareholders $ 250,701 462,086 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 130,440 138,637 Less: Unvested stock-based compensation awards (744 ) (748 ) Weighted-average shares outstanding 129,696 137,889 Basic earnings per common share $ 1.93 3.35 (a) Including impact of not as yet declared cumulative dividends. The computations of diluted earnings per common share follow: Three Months Ended March 31 2020 2019 (In thousands, except per share) Net income available to common equity $ 251,744 464,612 Less: Income attributable to unvested stock-based compensation awards (1,043 ) (2,526 ) Net income available to common shareholders $ 250,701 462,086 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 130,440 138,637 Less: Unvested stock-based compensation awards (744 ) (748 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 59 31 Adjusted weighted-average shares outstanding 129,755 137,920 Diluted earnings per common share $ 1.93 3.35 7. Earnings per common share, continued GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities. Stock-based compensation awards and warrants to purchase common stock of M&T representing 464,694 and 280,818 common shares during the three-month periods ended March 31, 2020 and 2019, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Comprehensive income
Comprehensive income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Comprehensive income | 8. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Amount Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2020 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 131,423 — — 131,423 (34,544 ) 96,879 Foreign currency translation adjustment — — (3,225 ) (3,225 ) 282 (2,943 ) Unrealized gains on cash flow hedges — — 456,333 456,333 (119,970 ) 336,363 Total other comprehensive income before reclassifications 131,423 — 453,108 584,531 (154,232 ) 430,299 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 772 — — 772 (a) (203 ) 569 Accretion of net gain on terminated cash flow hedges — — (34 ) (34 ) (c) 9 (25 ) Net yield adjustment from cash flow hedges currently in effect — — (32,041 ) (32,041 ) (a) 8,423 (23,618 ) Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 13,650 — 13,650 (d) (3,588 ) 10,062 Total other comprehensive income 132,195 12,600 421,033 565,828 (149,315 ) 416,513 Balance — March 31, 2020 $ 182,896 (451,948 ) 554,921 $ 285,869 (76,036 ) $ 209,833 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 113,805 — — 113,805 (29,902 ) 83,903 Foreign currency translation adjustment — — 348 348 (73 ) 275 Unrealized gains on cash flow hedges — — 54,347 54,347 (14,288 ) 40,059 Total other comprehensive income before reclassifications 113,805 — 54,695 168,500 (44,263 ) 124,237 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 928 — — 928 (a) (245 ) 683 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 6,625 6,625 (a) (1,742 ) 4,883 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 4,150 — 4,150 (d) (1,091 ) 3,059 Total other comprehensive income 114,740 3,100 61,292 179,132 (47,060 ) 132,072 Balance — March 31, 2019 $ (85,367 ) (351,402 ) 46,573 $ (390,196 ) 102,187 $ (288,009 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. 8. Comprehensive income, continued Accumulated other comprehensive income (loss), net consisted of the following: Defined Cash Flow Investment Benefit Hedges Securities Plans and Total (In thousands) Balance — December 31, 2019 $ 37,380 (342,419 ) 98,359 $ (206,680 ) Net gain during period 97,448 9,288 309,777 416,513 Balance — March 31, 2020 $ 134,828 (333,131 ) 408,136 $ 209,833 |
Derivative financial instrument
Derivative financial instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 9. 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 March 31, 2020. The net effect of interest rate swap agreements was to increase net interest income by $36 million during the three months ended March 31, 2020 and to decrease net interest income by $13 million during the three months ended March 31, 2019. 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 March 31, 2020 Fair value hedges: Fixed rate long-term borrowings (b) $ 3,050,000 2.5 2.61 % 1.34 % $ (959 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 55,100,000 1.5 2.53 % 1.09 % 3,942 Total $ 58,150,000 1.6 $ 2,983 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)(d) 53,750,000 1.4 2.44 % 1.73 % (1,195 ) Total $ 57,550,000 1.5 $ (1,762 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at March 31, 2020 and December 31, 2019 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $134.2 million and $45.1 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $559.9 million and $140.7 million, respectively. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) (d) . 9. Derivative financial instruments, continued 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 $36.7 billion and $48.6 billion at March 31, 2020 and December 31, 2019, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $928 million and $1.2 billion at March 31, 2020 and December 31, 2019, 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 March 31, December 31, March 31, December 31, 2020 2019 2020 2019 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 4,543 $ 232 $ 1,560 $ 1,994 Commitments to sell real estate loans (a) 831 1,195 11,167 421 5,374 1,427 12,727 2,415 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 35,063 11,965 36 1,225 Commitments to sell real estate loans (a) 3,910 3,074 26,212 3,548 Trading: Interest rate contracts (b) 1,153,277 398,295 108,345 68,103 Foreign exchange and other option and futures contracts (b) 20,662 12,506 17,401 11,800 1,212,912 425,840 151,994 84,676 Total derivatives $ 1,218,286 $ 427,267 $ 164,721 $ 87,091 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. The impact of variation margin payments at March 31, 2020 and December 31, 2019 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $3.3 million and $43.3 million, respectively, and in a liability position of $945.1 million and $281.3 million, respectively. 9. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 88,710 (87,824 ) $ 34,180 (34,014 ) Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 12,786 $ 2,711 Foreign exchange and other option and futures contracts (b) 4,352 1,613 Total $ 17,138 $ 4,324 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and foreign exchange gains. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 3,179,012 $ 3,840,775 $ 131,464 $ 43,640 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 $27 million and $18 million at March 31, 2020 and December 31, 2019, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position and the net liability positions with counterparties, which are subject to enforceable master netting arrangements, was $151 million and $51 million at March 31, 2020 and December 31, 2019, respectively. The Company was required to post collateral relating to those positions of $146 million and $50 million at March 31, 2020 and December 31, 2019, 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 9. Derivative financial instruments, continued rating were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on March 31, 2020 was not significant. If the credit risk-related contingent features had been triggered on March 31, 2020, the Company would not have been required to post any additional collateral to counterparties. The aggregate fair value of derivative financial instruments in an asset position and the net asset positions with counterparties, which are subject to enforceable master netting arrangements, was $2 million and $6 million at March 31, 2020 and December 31, 2019, respectively. Counterparties posted collateral relating to those positions of $81 thousand and $5 million at March 31, 2020 and December 31, 2019, 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 $125 million and $84 million at March 31, 2020 and December 31, 2019, respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company. |
Variable interest entities and
Variable interest entities and asset securitizations | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 10. Variable interest entities and asset securitizations The Company’s securitization activity has consisted of securitizing loans originated for sale into government issued or guaranteed mortgage-backed securities. The amounts of those securitizations during the three-month periods ended March 31, 2020 and 2019 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 4, 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 March 31, 2020 and December 31, 2019, 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 4. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.6 billion at March 31, 2020 and $1.5 billion at December 31, 2019. 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 $724 million, including $345 million of unfunded commitments, at March 31, 2020 and $748 million, including $414 million of unfunded commitments, at December 31, 2019. Contingent commitments to provide additional capital contributions to these partnerships were not material at March 31, 2020. 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 March 31, 2020 was $953 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 10. Variable interest entities and asset securitizations, continued 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 | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 11. 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 March 31, 2020. Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. • Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. • Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company's assets and liabilities that are measured on a recurring basis at estimated fair value. Trading account assets and liabilities Trading account assets and liabilities consist primarily of interest rate 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. 11. Fair value measuremen ts, continued 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 are adjusted to reflect the Company's anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. 11. Fair value measurements, continued The following tables present assets and liabilities at March 31, 2020 and December 31, 2019 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) March 31, 2020 Trading account assets $ 1,224,291 $ 47,497 $ 1,176,794 $ — Investment securities available for sale: U.S. Treasury and federal agencies 10,573 — 10,573 — Obligations of states and political subdivisions 682 — 682 — Mortgage-backed securities: Government issued or guaranteed 6,011,064 — 6,011,064 — Privately issued 16 — — 16 Other debt securities 117,644 — 117,644 — 6,139,979 — 6,139,963 16 Equity securities 134,160 115,206 18,954 — Real estate loans held for sale 625,236 — 625,236 — Other assets (a) 44,347 — 9,284 35,063 Total assets $ 8,168,013 $ 162,703 $ 7,970,231 $ 35,079 Trading account liabilities $ 125,746 $ — $ 125,746 $ — Other liabilities (a) 38,975 — 38,939 36 Total liabilities $ 164,721 $ — $ 164,685 $ 36 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 (a) 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 (a) 7,188 — 5,963 1,225 Total liabilities $ 87,091 $ — $ 85,866 $ 1,225 (a) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). 11. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended March 31, 2020 and 2019 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2020 (In thousands) Balance — January 1, 2020 $ 16 10,740 Total gains realized/unrealized: Included in earnings — 44,081 (a) Settlements — — Transfers out of Level 3 — (19,794 ) (b) Balance — March 31, 2020 $ 16 35,027 Changes in unrealized gains included in earnings related to assets still held at March 31, 2020 $ — 32,584 (a) 2019 Balance — January 1, 2019 $ 22 7,712 Total gains realized/unrealized: Included in earnings — 16,546 (a) Settlements (6 ) — Transfers out of Level 3 — (16,825 ) (b) Balance — March 31, 2019 $ 16 7,433 Changes in unrealized gains included in earnings related to assets still held at March 31, 2019 $ — 8,525 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. 11. Fair value measurements, continued 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 been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were in the range of 15% to 90% with a weighted-average of 43% at March 31, 2020. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles, and the related nonrecurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans, which at March 31, 2020 was 49%. 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 $196 million at March 31, 2020 ($116 million and $80 million of which were classified as Level 2 and Level 3, respectively), $305 million at December 31, 2019 ($115 million and $190 million of which were classified as Level 2 and Level 3, respectively) and $199 million at March 31, 2019 ($121 million and $78 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on March 31, 2020 and 2019 were decreases of $21 million and $20 million for the three-month periods ended March 31, 2020 and 2019, 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 $14 million and $9 million at March 31, 2020 and 2019, respectively. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month periods ended March 31, 2020 and 2019. Capitalized servicing rights Capitalized servicing rights are initially measured at fair value in the Company’s consolidated balance sheet. The Company utilizes the amortization method to subsequently measure its capitalized servicing assets. In accordance with GAAP, the Company must record impairment charges, on a nonrecurring basis, when the carrying value of certain strata exceed their estimated fair value. To estimate the fair value of servicing rights, the Company considers market prices for similar assets, if available, and the present value of expected future cash flows associated with the servicing rights calculated using assumptions that market participants would use in estimating future servicing income and expense. Such assumptions include estimates of the cost of servicing loans, loan default rates, an appropriate discount rate, and prepayment speeds. For purposes of evaluating and measuring impairment of 11. Fair value measurements, continued capitalized servicing rights, the Company stratifies such assets based on the predominant risk characteristics of the underlying financial instruments that are expected to have the most impact on projected prepayments, cost of servicing and other factors affecting future cash flows associated with the servicing rights. Such factors may include financial asset or loan type, note rate and term. The amount of impairment recognized is the amount by which the carrying value of the capitalized servicing rights for a stratum exceed estimated fair value. Impairment is recognized through a valuation allowance. The determination of fair value of capitalized servicing rights is considered a Level 3 valuation. Capitalized servicing rights related to residential mortgage loans of $182 million and $188 million at March 31, 2020 and December 31, 2019, respectively, required a valuation allowance of $17 million and $7 million, respectively. No valuation allowance on capitalized servicing rights was required at March 31, 2019. Significant unobservable inputs used in this Level 3 valuation included weighted-average prepayment speeds of 18.65% and 18.50% at March 31, 2020 and December 31, 2019, respectively, and a weighted-average option-adjusted spread of 900 basis points at each date. Changes in fair value recognized for impairment of capitalized servicing rights were $10 million during the three months ended March 31, 2020. No impairment was recognized during the three months ended March 31, 2019 Significant unobservable inputs to Level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at March 31, 2020 and December 31, 2019: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In March 31, 2020 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 35,027 Discounted cash flow Commitment expirations 0%-100% (16%) 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%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) 11. Fair value measurements, continued Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: March 31, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,298,192 1,298,192 1,256,378 41,814 — Interest-bearing deposits at banks 8,896,307 8,896,307 — 8,896,307 — Trading account assets 1,224,291 1,224,291 47,497 1,176,794 — Investment securities 8,956,590 9,053,797 115,206 8,860,172 78,419 Loans and leases: Commercial loans and leases 26,243,648 25,609,215 — — 25,609,215 Commercial real estate loans 36,684,106 35,576,538 — 250,414 35,326,124 Residential real estate loans 15,643,014 15,824,640 — 3,957,633 11,867,007 Consumer loans 15,571,507 15,100,531 — — 15,100,531 Allowance for credit losses (1,384,366 ) — — — — Loans and leases, net 92,757,909 92,110,924 — 4,208,047 87,902,877 Accrued interest receivable 329,898 329,898 — 329,898 — Financial liabilities: Noninterest-bearing deposits $ (35,554,715 ) (35,554,715 ) — (35,554,715 ) — Savings and interest-checking deposits (57,956,331 ) (57,956,331 ) — (57,956,331 ) — Time deposits (5,454,341 ) (5,512,518 ) — (5,512,518 ) — Deposits at Cayman Islands office (1,217,921 ) (1,217,921 ) — (1,217,921 ) — Short-term borrowings (59,180 ) (59,180 ) — (59,180 ) — Long-term borrowings (6,321,435 ) (6,233,069 ) — (6,233,069 ) — Accrued interest payable (88,267 ) (88,267 ) — (88,267 ) — Trading account liabilities (125,746 ) (125,746 ) — (125,746 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 35,027 35,027 — — 35,027 Commitments to sell real estate loans (32,638 ) (32,638 ) — (32,638 ) — Other credit-related commitments (142,012 ) (142,012 ) — — (142,012 ) Interest rate swap agreements used for interest rate risk management 2,983 2,983 — 2,983 — 11. Fair value measurements, continued 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 ) — 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, |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. 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. March 31, December 31, 2020 2019 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,480,697 $ 5,442,160 Commercial real estate loans to be sold 291,459 164,076 Other commercial real estate 9,021,342 9,029,608 Residential real estate loans to be sold 711,970 423,056 Other residential real estate 810,145 448,375 Commercial and other 15,220,152 16,170,731 Standby letters of credit 2,440,312 2,441,432 Commercial letters of credit 34,841 41,059 Financial guarantees and indemnification contracts 4,072,127 4,108,572 Commitments to sell real estate loans 1,323,837 906,037 Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts in the preceding table, the Company had discretionary funding commitments to commercial customers of $8.9 billion and $9.1 billion at March 31, 2020 and December 31, 2019, 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 oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company's involvement in the Fannie Mae Delegated Underwriting and Servicing program. The Company's maximum credit risk for recourse associated with loans sold under this program totaled approximately $3.8 billion and $3.9 billion at March 31, 2020 and December 31, 2019, 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 generally 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. 12. Commitments and contingencies, continued 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 March 31, 2020, 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 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. On April 28, 2020, Wilmington Trust N.A. and the DOL executed a formal settlement agreement. The total amount of the settlement was $88 million, which included $80 million in payments to 21 ESOPs. The settlement amount is within the Company’s reserve for litigation matters as of March 31, 2020. Wilmington Trust, N.A. has also been named as a defendant in five private party lawsuits relating to its role as trustee for five ESOP transactions. Two of the five private party lawsuits relating to ESOP transactions have been resolved through settlements, which have been preliminarily approved by Courts, and are in the process of administration. Neither of the two settlements is material. 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 other pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. The Company increased its recorded liability for legal-related matters by $50 million during the three months ended March 31, 2019. To the extent pending or threatened litigation could result in exposure in excess of the recorded 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 estimated to be between $0 and $50 million as of March 31, 2020. Although the Company does not believe that the outcome of pending legal matters will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment information | 13. Segment information Reportable segments have been determined based upon the Company's internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 22 of Notes to Financial Statements in the 2019 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, the financial information of the reported segments is not necessarily comparable with similar information reported by other financial institutions. 13. Segment information, continued 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 following table: Three Months Ended March 31 2020 2019 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 137,833 885 32,926 $ 139,322 856 43,271 Commercial Banking 291,776 1,053 143,732 267,490 840 132,218 Commercial Real Estate 223,305 409 117,408 219,173 354 117,498 Discretionary Portfolio 49,219 (13,037 ) 25,668 63,917 (9,299 ) 39,172 Residential 125,561 21,417 24,616 83,761 14,514 12,941 Retail Banking 402,683 267 110,246 430,891 2,511 145,066 All Other 275,788 (10,994 ) (185,774 ) 346,271 (9,776 ) (7,424 ) Total $ 1,506,165 — 268,822 $ 1,550,825 — 482,742 Average Total Assets Three Months Ended March 31 Year Ended December 2020 2019 2019 (In millions) Business Banking $ 6,006 5,702 5,793 Commercial Banking 29,172 27,858 28,142 Commercial Real Estate 24,849 23,572 23,921 Discretionary Portfolio 27,143 30,341 29,081 Residential Mortgage Banking 3,218 2,071 2,611 Retail Banking 16,002 14,403 15,083 All Other 14,195 12,892 14,953 Total $ 120,585 116,839 119,584 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $5,063,000 and $5,967,000 for the three-month periods ended March 31, 2020 and 2019, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 14. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $2.1 billion and $2.2 billion at March 31, 2020 and December 31, 2019, respectively. Revenues from those servicing rights were 14. Relationship with Bayview Lendi ng Group LLC and Bayview Financial Holdings, L.P., continued $3 million for each of the three-month periods ended March 31, 2020 and 2019. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $61.9 billion and $62.8 billion at March 31, 2020 and December 31, 2019, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $37 million and $28 million for the three-month periods ended March 31, 2020 and 2019, respectively. In addition, the Company held $90 million and $93 million of mortgage-backed securities in its held-to-maturity portfolio at March 31, 2020 and December 31, 2019, respectively, that were securitized by Bayview Financial. At March 31, 2020, the Company held $85 million of Bayview Financial’s $690 million syndicated loan facility. |
Recent accounting developments
Recent accounting developments | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 15. Recent accounting developments The following table provides a description of accounting standards that were adopted by the Company in 2020 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 2020 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 in the income statement as an adjustment the to the provision for credit losses. In addition, the amended guidance requires credit losses relating to debt securities to be recorded through an allowance for credit losses. January 1, 2020 The Company adopted the guidance on January 1, 2020. 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 as of January 1, 2020 as compared with the allowance for credit losses recognized on its consolidated balance sheet at December 31, 2019. The $132 million increase was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. The effect on the allowance for credit losses was 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 for debt 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. 15. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2020 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 The Company adopted the amended guidance effective January 1, 2020. A prospective transition method is being used for the amendments relating to disclosures being added under the guidance. Such disclosures relate 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. All other amendments relating to removing or modifying certain disclosures will be applied retrospectively. The adoption of the guidance did not have a material impact on the Company’s 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 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 The guidance did not have a material impact on the Company’s consolidated financial statements. 15. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of March 31, 2020 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. 15. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of March 31, 2020 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. 15. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of March 31, 2020 Reference Rate Reform The amendments provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a onetime election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. Beginning March 12, 2020 The amendments for contract modifications can be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The Company is evaluating the impact that the guidance will have on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies and current environment (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated interim financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”), except that effective January 1, 2020 the Company adopted accounting guidance related to the recognition of expected credit losses that is discussed in notes 2, 3 and 15 herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Risk and Uncertainty | The United States has been operating under a state of emergency related to the Coronavirus Disease 2019 (“COVID-19”) pandemic since March 13, 2020. The direct and indirect effects of the COVID-19 pandemic have resulted in a dramatic reduction in economic activity that has severely hampered the ability for businesses and consumers to meet their current repayment obligations. The effects of the pandemic contributed to a significant increase in the provision for credit losses during the first quarter of 2020. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), in addition to providing financial assistance to both businesses and consumers, creates a forbearance program for federally-backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the national emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. The banking regulatory agencies have likewise issued guidance encouraging financial institutions to work prudently with borrowers who are, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. That guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allow modifications made on a good faith basis in response to COVID-19 to borrowers who were generally current with their payments prior to any relief, to not be treated as troubled debt restructurings. Modifications may include payment deferrals, fee waivers, extensions of repayment term, or other delays in payment. The Company has begun working with its customers affected by COVID-19 and expects a significant amount of modifications across many of its loan portfolios in the near term. To the extent that such modifications meet the criteria previously described, such modifications are not expected to be classified as troubled debt restructurings. |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) March 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 10,429 $ 147 $ 3 $ 10,573 Obligations of states and political subdivisions 683 1 2 682 Mortgage-backed securities: Government issued or guaranteed 5,802,064 210,850 1,850 6,011,064 Privately issued 16 — — 16 Other debt securities 134,864 703 17,923 117,644 5,948,056 211,701 19,778 6,139,979 Investment securities held to maturity: U.S. Treasury and federal agencies 2,999 1 — 3,000 Obligations of states and political subdivisions 2,445 10 — 2,455 Mortgage-backed securities: Government issued or guaranteed 2,202,453 108,412 2 2,310,863 Privately issued 89,617 9,499 20,713 78,403 Other debt securities 3,128 — — 3,128 2,300,642 117,922 20,715 2,397,849 Total debt securities $ 8,248,698 $ 329,623 $ 40,493 $ 8,537,828 Equity and other securities: Readily marketable equity — at fair value $ 120,425 $ 13,735 $ — $ 134,160 Other — at cost 381,809 — — 381,809 Total equity and other securities $ 502,234 $ 13,735 $ — $ 515,969 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 And Estimated Fair Value Of Debt Securities By Contractual Maturity Table Text Block | At March 31, 2020, 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 $ 7,559 7,576 Due after one year through five years 9,123 9,342 Due after five years through ten years 99,294 87,831 Due after ten years 30,000 24,150 145,976 128,899 Mortgage-backed securities available for sale 5,802,080 6,011,080 $ 5,948,056 6,139,979 Debt securities held to maturity: Due in one year or less $ 4,594 4,600 Due after one year through five years 850 855 Due after ten years 3,128 3,128 8,572 8,583 Mortgage-backed securities held to maturity 2,292,070 2,389,266 $ 2,300,642 2,397,849 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of March 31, 2020 and December 31, 2019 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) March 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 985 (3 ) — — Obligations of states and political subdivisions — — 186 (2 ) Mortgage-backed securities: Government issued or guaranteed 77,383 (1,055 ) 40,838 (795 ) Other debt securities 52,512 (6,691 ) 53,341 (11,232 ) 130,880 (7,749 ) 94,365 (12,029 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed — — 136 (2 ) Privately issued 14,602 (16 ) 46,103 (20,697 ) 14,602 (16 ) 46,239 (20,699 ) Total $ 145,482 (7,765 ) 140,604 (32,728 ) 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 ) |
Loans and leases and the allo_2
Loans and leases and the allowance for credit losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of March 31, 2020 and December 31, 2019 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) March 31, 2020 Commercial, financial, leasing, etc. $ 25,727,500 219,577 9,924 286,647 $ 26,243,648 Real estate: Commercial 27,148,337 185,572 35,103 188,469 27,557,481 Residential builder and developer 1,426,646 36,607 4,204 3,204 1,470,661 Other commercial construction 7,427,735 191,193 2,101 34,935 7,655,964 Residential 12,414,544 499,077 474,016 293,638 13,681,275 Residential — limited documentation 1,755,197 87,225 — 119,317 1,961,739 Consumer: Home equity lines and loans 4,287,438 30,396 — 63,071 4,380,905 Recreational finance 5,778,723 35,559 — 13,405 5,827,687 Automobile 3,843,504 65,585 — 19,251 3,928,340 Other 1,374,200 15,595 4,969 39,811 1,434,575 Total $ 91,183,824 1,366,386 530,317 1,061,748 $ 94,142,275 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 (a) Excludes loans acquired at a discount. (b) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. (c) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. |
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 for which interest income was recognized based on expected future cash flows that were included in the consolidated balance sheet at December 31, 2019 were as follows: (In thousands) Outstanding principal balance $ 769,414 Carrying amount: Commercial, financial, leasing, etc. 21,114 Commercial real estate 94,890 Residential real estate 341,807 Consumer 77,785 $ 535,596 |
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 three months ended March 31, 2019 follows: Purchased Other Impaired Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 Interest income (18,082 ) (9,717 ) Reclassifications from nonaccretable balance 11,189 4,865 Other (a) — 1,632 Balance at end of period $ 140,317 $ 93,687 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at March 31, 2020 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 1,095,201 2,767,657 1,936,195 1,197,480 966,014 1,708,564 15,369,119 35,360 $ 25,075,590 Criticized accrual 1,404 19,433 93,675 29,493 33,443 71,221 621,491 11,251 881,411 Criticized nonaccrual 470 9,299 26,006 31,206 20,789 43,176 149,303 6,398 286,647 Total commercial, financial, leasing, etc. $ 1,097,075 2,796,389 2,055,876 1,258,179 1,020,246 1,822,961 16,139,913 53,009 $ 26,243,648 Real estate: Commercial: Loan grades: Pass $ 1,371,675 5,272,662 4,130,012 3,170,722 3,808,737 8,005,615 917,651 — $ 26,677,074 Criticized accrual 3,936 94,202 62,334 41,201 77,229 380,061 32,975 — 691,938 Criticized nonaccrual — 3,574 5,640 20,081 38,353 120,378 443 — 188,469 Total commercial real estate $ 1,375,611 5,370,438 4,197,986 3,232,004 3,924,319 8,506,054 951,069 — $ 27,557,481 Residential builder and developer: Loan grades: Pass $ 116,793 639,055 286,402 67,825 20,183 20,312 236,688 — $ 1,387,258 Criticized accrual 3,528 19,862 2,185 17,169 — 21,226 16,229 — 80,199 Criticized nonaccrual — — 1,162 — 536 1,506 — — 3,204 Total residential builder and developer $ 120,321 658,917 289,749 84,994 20,719 43,044 252,917 — $ 1,470,661 Other commercial construction: Loan grades: Pass $ 265,269 2,103,938 2,461,589 1,503,162 569,710 395,373 79,664 — $ 7,378,705 Criticized accrual — 26,780 35,264 28,020 143,403 8,857 — — 242,324 Criticized nonaccrual — — — 350 7,851 21,592 5,142 — 34,935 Total other commercial construction $ 265,269 2,130,718 2,496,853 1,531,532 720,964 425,822 84,806 — $ 7,655,964 |
Summary of loans in Accrual and Nonaccrual Status | . A summary of loans in accrual and nonaccrual status at March 31, 2020 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Residential: Current $ 704,732 1,520,330 650,458 641,908 756,672 8,094,685 45,759 — $ 12,414,544 30-89 days past due 1,029 6,951 13,882 38,945 16,851 419,583 1,836 — 499,077 Accruing loans past due 90 days or more — 4,496 22,933 113,273 25,993 307,321 — — 474,016 Nonaccrual — — 1,609 5,356 981 285,465 227 — 293,638 Total residential $ 705,761 1,531,777 688,882 799,482 800,497 9,107,054 47,822 — $ 13,681,275 Residential - limited documentation: Current $ — — — — — 1,755,197 — — $ 1,755,197 30-89 days past due — — — — — 87,225 — — 87,225 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 119,317 — — 119,317 Total residential - limited documentation $ — — — — — 1,961,739 — — $ 1,961,739 Consumer: Home equity lines and loans: Current $ 411 5,576 3,298 3,251 516 68,281 2,822,191 1,383,914 $ 4,287,438 30-89 days past due — — — — — 4,129 — 26,267 30,396 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — 20 — — 6,034 401 56,616 63,071 Total home equity lines and loans $ 411 5,576 3,318 3,251 516 78,444 2,822,592 1,466,797 $ 4,380,905 3. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 566,034 2,151,461 1,126,908 775,213 435,562 723,545 — — $ 5,778,723 30-89 days past due 775 7,022 6,779 6,380 4,114 10,489 — — 35,559 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — 1,810 2,470 4,297 1,517 3,311 — — 13,405 Total recreational finance $ 566,809 2,160,293 1,136,157 785,890 441,193 737,345 — — $ 5,827,687 Automobile: Current $ 388,305 1,449,075 884,926 670,264 295,567 155,367 — — $ 3,843,504 30-89 days past due 427 11,910 16,391 17,837 11,256 7,764 — — 65,585 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — 2,930 5,418 4,854 3,219 2,830 — — 19,251 Total automobile $ 388,732 1,463,915 906,735 692,955 310,042 165,961 — — $ 3,928,340 Other: Current $ 60,112 191,347 83,549 54,055 11,047 40,868 931,015 2,207 $ 1,374,200 30-89 days past due 24 4,025 932 466 135 1,207 7,773 1,033 15,595 Accruing loans past due 90 days or more — — — — — 379 4,590 — 4,969 Nonaccrual 2,032 262 450 222 48 928 35,560 309 39,811 Total other $ 62,168 195,634 84,931 54,743 11,230 43,382 978,938 3,549 $ 1,434,575 Total loans and leases at March 31, 2020 $ 4,582,157 16,313,657 11,860,487 8,443,030 7,249,726 22,891,806 21,278,057 1,523,355 $ 94,142,275 |
Summary of Loan Grades | The following table summarizes the loan grades applied at December 31, 2019 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 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended March 31, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 Adoption of new accounting standard (61,474 ) 23,656 53,896 194,004 (77,625 ) 132,457 Provision for credit losses 66,594 88,666 9,291 85,449 — 250,000 Net charge-offs Charge-offs (16,383 ) (1,272 ) (5,102 ) (44,947 ) — (67,704 ) Recoveries 3,261 438 1,674 13,169 — 18,542 Net charge-offs (13,122 ) (834 ) (3,428 ) (31,778 ) — (49,162 ) Ending balance $ 358,092 433,689 115,792 476,793 — $ 1,384,366 Changes in the allowance for credit losses for the three months ended March 31, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 6,271 (4,203 ) (2,447 ) 22,883 (504 ) 22,000 Net charge-offs Charge-offs (8,500 ) (283 ) (3,372 ) (32,945 ) — (45,100 ) Recoveries 7,794 826 1,830 12,543 — 22,993 Net (charge-offs) recoveries (706 ) 543 (1,542 ) (20,402 ) — (22,107 ) Ending balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 |
Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans | Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month periods ended March 31, 2020 and 2019 follows. March 31, 2020 January 1, 2020 Three Months Ended March 31, 2020 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 153,924 132,723 286,647 346,743 1,738 Real estate: Commercial 62,675 125,794 188,469 173,796 1,092 Residential builder and developer 3,204 — 3,204 4,708 48 Other commercial construction 12,039 22,896 34,935 35,881 861 Residential 67,221 226,417 293,638 322,504 6,819 Residential — limited documentation 26,444 92,873 119,317 114,667 201 Consumer: Home equity lines and loans 26,230 36,841 63,071 65,039 1,459 Recreational finance 6,704 6,701 13,405 14,308 152 Automobile 9,802 9,449 19,251 21,293 47 Other 4,182 35,629 39,811 35,394 154 Total $ 372,425 689,323 1,061,748 1,134,333 12,571 3. Loans and leases and the allowance for credit losses, continued March 31, 2019 January 1, 2019 Three Months Ended March 31, 2019 Amortized Cost with Allowance Amortized Cost without Allowance Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 150,467 95,352 245,819 234,423 3,081 Real estate: Commercial 82,538 125,171 207,709 203,672 1,096 Residential builder and developer 1,636 2,756 4,392 4,798 184 Other commercial construction 12,557 7,342 19,899 22,205 637 Residential 52,948 157,318 210,266 233,352 3,599 Residential — limited documentation 19,874 64,989 84,863 84,685 252 Consumer: Home equity lines and loans 27,814 41,431 69,245 71,292 1,310 Recreational finance 6,112 4,860 10,972 11,199 142 Automobile 13,788 7,421 21,209 23,359 54 Other 6,884 353 7,237 4,623 122 Total $ 374,618 506,993 881,611 893,608 10,477 |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month periods ended March 31, 2020 and 2019: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Combination of Concession Types Total Three Months Ended March 31, 2020 (Dollars in thousands) Commercial, financial, leasing, etc. 32 $ 12,692 $ 5,066 $ — $ 6,987 $ 12,053 Real estate: Commercial 10 39,642 1,355 — 35,968 37,323 Residential 27 10,178 3,247 — 8,977 12,224 Residential — limited documentation 9 2,980 2,667 — 1,232 3,899 Consumer: Home equity lines and loans 6 738 412 — 334 746 Recreational finance 3 90 90 — — 90 Automobile 9 182 182 — — 182 Total 96 $ 66,502 $ 13,019 $ — $ 53,498 $ 66,517 Three Months Ended March 31, 2019 Commercial, financial, leasing, etc. 65 $ 30,615 $ 6,474 $ — $ 24,270 $ 30,744 Real estate: Commercial 15 9,241 987 — 7,967 8,954 Residential builder and developer 2 1,330 1,068 — — 1,068 Other commercial construction 1 418 — — 366 366 Residential 17 3,816 1,751 — 2,273 4,024 Residential — limited documentation 1 236 239 — — 239 Consumer: Home equity lines and loans 7 476 37 — 454 491 Recreational finance 4 88 88 — — 88 Automobile 20 317 280 — 37 317 Total 132 $ 46,537 $ 10,924 $ — $ 35,367 $ 46,291 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 the three-month periods ended March 31, 2020 and 2019 that are subject to the noted accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended March 31, 2020 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,250 24,157 2,812 — — 61,670 2,272 $ 106,161 Trust income 12 304 — — — — 148,435 148,751 Brokerage services income — — — — — — 13,129 13,129 Other revenues from operations: Merchant discount and credit card fees 10,331 13,316 849 — — 2,271 400 27,167 Other — 2,186 843 857 922 5,982 12,516 23,306 $ 25,593 39,963 4,504 857 922 69,923 176,752 $ 318,514 Three Months Ended March 31, 2019 Classification in consolidated statement of income Service charges on deposit accounts $ 15,109 23,210 2,526 — 2 61,151 1,114 $ 103,112 Trust income 5 214 — — — — 132,567 132,786 Brokerage services income — — — — — — 12,476 12,476 Other revenues from operations: Merchant discount and credit card fees 8,882 12,092 606 — — 3,138 420 25,138 Other — 1,002 1,788 401 1,064 8,494 10,488 23,237 $ 23,996 36,518 4,920 401 1,066 72,783 157,065 $ 296,749 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Defined Benefit Cost for Defined Benefit Plans | Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2020 2019 2020 2019 (In thousands) Service cost $ 4,714 4,087 223 200 Interest cost on projected benefit obligation 17,886 20,200 419 603 Expected return on plan assets (31,475 ) (30,600 ) — — Amortization of prior service cost (credit) 125 125 (1,175 ) (1,175 ) Amortization of net actuarial loss (gain) 13,950 4,450 (300 ) (300 ) Net periodic cost (benefit) $ 5,200 (1,738 ) (833 ) (672 ) |
Earnings per common share (Tabl
Earnings per common share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended March 31 2020 2019 (In thousands, except per share) Income available to common shareholders: Net income $ 268,822 482,742 Less: Preferred stock dividends (a) (17,078 ) (18,130 ) Net income available to common equity 251,744 464,612 Less: Income attributable to unvested stock-based compensation awards (1,043 ) (2,526 ) Net income available to common shareholders $ 250,701 462,086 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 130,440 138,637 Less: Unvested stock-based compensation awards (744 ) (748 ) Weighted-average shares outstanding 129,696 137,889 Basic earnings per common share $ 1.93 3.35 (a) Including impact of not as yet declared cumulative dividends. |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three Months Ended March 31 2020 2019 (In thousands, except per share) Net income available to common equity $ 251,744 464,612 Less: Income attributable to unvested stock-based compensation awards (1,043 ) (2,526 ) Net income available to common shareholders $ 250,701 462,086 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 130,440 138,637 Less: Unvested stock-based compensation awards (744 ) (748 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 59 31 Adjusted weighted-average shares outstanding 129,755 137,920 Diluted earnings per common share $ 1.93 3.35 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Amount Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2020 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 131,423 — — 131,423 (34,544 ) 96,879 Foreign currency translation adjustment — — (3,225 ) (3,225 ) 282 (2,943 ) Unrealized gains on cash flow hedges — — 456,333 456,333 (119,970 ) 336,363 Total other comprehensive income before reclassifications 131,423 — 453,108 584,531 (154,232 ) 430,299 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 772 — — 772 (a) (203 ) 569 Accretion of net gain on terminated cash flow hedges — — (34 ) (34 ) (c) 9 (25 ) Net yield adjustment from cash flow hedges currently in effect — — (32,041 ) (32,041 ) (a) 8,423 (23,618 ) Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 13,650 — 13,650 (d) (3,588 ) 10,062 Total other comprehensive income 132,195 12,600 421,033 565,828 (149,315 ) 416,513 Balance — March 31, 2020 $ 182,896 (451,948 ) 554,921 $ 285,869 (76,036 ) $ 209,833 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 113,805 — — 113,805 (29,902 ) 83,903 Foreign currency translation adjustment — — 348 348 (73 ) 275 Unrealized gains on cash flow hedges — — 54,347 54,347 (14,288 ) 40,059 Total other comprehensive income before reclassifications 113,805 — 54,695 168,500 (44,263 ) 124,237 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 928 — — 928 (a) (245 ) 683 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 6,625 6,625 (a) (1,742 ) 4,883 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 4,150 — 4,150 (d) (1,091 ) 3,059 Total other comprehensive income 114,740 3,100 61,292 179,132 (47,060 ) 132,072 Balance — March 31, 2019 $ (85,367 ) (351,402 ) 46,573 $ (390,196 ) 102,187 $ (288,009 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. 8. Comprehensive income, continued |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Defined Cash Flow Investment Benefit Hedges Securities Plans and Total (In thousands) Balance — December 31, 2019 $ 37,380 (342,419 ) 98,359 $ (206,680 ) Net gain during period 97,448 9,288 309,777 416,513 Balance — March 31, 2020 $ 134,828 (333,131 ) 408,136 $ 209,833 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Fair value hedges: Fixed rate long-term borrowings (b) $ 3,050,000 2.5 2.61 % 1.34 % $ (959 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 55,100,000 1.5 2.53 % 1.09 % 3,942 Total $ 58,150,000 1.6 $ 2,983 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)(d) 53,750,000 1.4 2.44 % 1.73 % (1,195 ) Total $ 57,550,000 1.5 $ (1,762 ) (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at March 31, 2020 and December 31, 2019 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $134.2 million and $45.1 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $559.9 million and $140.7 million, respectively. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) (d) . |
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 March 31, December 31, March 31, December 31, 2020 2019 2020 2019 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 4,543 $ 232 $ 1,560 $ 1,994 Commitments to sell real estate loans (a) 831 1,195 11,167 421 5,374 1,427 12,727 2,415 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 35,063 11,965 36 1,225 Commitments to sell real estate loans (a) 3,910 3,074 26,212 3,548 Trading: Interest rate contracts (b) 1,153,277 398,295 108,345 68,103 Foreign exchange and other option and futures contracts (b) 20,662 12,506 17,401 11,800 1,212,912 425,840 151,994 84,676 Total derivatives $ 1,218,286 $ 427,267 $ 164,721 $ 87,091 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. The impact of variation margin payments at March 31, 2020 and December 31, 2019 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $3.3 million and $43.3 million, respectively, and in a liability position of $945.1 million and $281.3 million, respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 3,179,012 $ 3,840,775 $ 131,464 $ 43,640 |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | 9. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 88,710 (87,824 ) $ 34,180 (34,014 ) Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 12,786 $ 2,711 Foreign exchange and other option and futures contracts (b) 4,352 1,613 Total $ 17,138 $ 4,324 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and foreign exchange gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at March 31, 2020 and December 31, 2019 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) March 31, 2020 Trading account assets $ 1,224,291 $ 47,497 $ 1,176,794 $ — Investment securities available for sale: U.S. Treasury and federal agencies 10,573 — 10,573 — Obligations of states and political subdivisions 682 — 682 — Mortgage-backed securities: Government issued or guaranteed 6,011,064 — 6,011,064 — Privately issued 16 — — 16 Other debt securities 117,644 — 117,644 — 6,139,979 — 6,139,963 16 Equity securities 134,160 115,206 18,954 — Real estate loans held for sale 625,236 — 625,236 — Other assets (a) 44,347 — 9,284 35,063 Total assets $ 8,168,013 $ 162,703 $ 7,970,231 $ 35,079 Trading account liabilities $ 125,746 $ — $ 125,746 $ — Other liabilities (a) 38,975 — 38,939 36 Total liabilities $ 164,721 $ — $ 164,685 $ 36 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 (a) 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 (a) 7,188 — 5,963 1,225 Total liabilities $ 87,091 $ — $ 85,866 $ 1,225 (a) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). |
Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended March 31, 2020 and 2019 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2020 (In thousands) Balance — January 1, 2020 $ 16 10,740 Total gains realized/unrealized: Included in earnings — 44,081 (a) Settlements — — Transfers out of Level 3 — (19,794 ) (b) Balance — March 31, 2020 $ 16 35,027 Changes in unrealized gains included in earnings related to assets still held at March 31, 2020 $ — 32,584 (a) 2019 Balance — January 1, 2019 $ 22 7,712 Total gains realized/unrealized: Included in earnings — 16,546 (a) Settlements (6 ) — Transfers out of Level 3 — (16,825 ) (b) Balance — March 31, 2019 $ 16 7,433 Changes in unrealized gains included in earnings related to assets still held at March 31, 2019 $ — 8,525 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at March 31, 2020 and December 31, 2019: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In March 31, 2020 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 35,027 Discounted cash flow Commitment expirations 0%-100% (16%) 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%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) | The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: March 31, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,298,192 1,298,192 1,256,378 41,814 — Interest-bearing deposits at banks 8,896,307 8,896,307 — 8,896,307 — Trading account assets 1,224,291 1,224,291 47,497 1,176,794 — Investment securities 8,956,590 9,053,797 115,206 8,860,172 78,419 Loans and leases: Commercial loans and leases 26,243,648 25,609,215 — — 25,609,215 Commercial real estate loans 36,684,106 35,576,538 — 250,414 35,326,124 Residential real estate loans 15,643,014 15,824,640 — 3,957,633 11,867,007 Consumer loans 15,571,507 15,100,531 — — 15,100,531 Allowance for credit losses (1,384,366 ) — — — — Loans and leases, net 92,757,909 92,110,924 — 4,208,047 87,902,877 Accrued interest receivable 329,898 329,898 — 329,898 — Financial liabilities: Noninterest-bearing deposits $ (35,554,715 ) (35,554,715 ) — (35,554,715 ) — Savings and interest-checking deposits (57,956,331 ) (57,956,331 ) — (57,956,331 ) — Time deposits (5,454,341 ) (5,512,518 ) — (5,512,518 ) — Deposits at Cayman Islands office (1,217,921 ) (1,217,921 ) — (1,217,921 ) — Short-term borrowings (59,180 ) (59,180 ) — (59,180 ) — Long-term borrowings (6,321,435 ) (6,233,069 ) — (6,233,069 ) — Accrued interest payable (88,267 ) (88,267 ) — (88,267 ) — Trading account liabilities (125,746 ) (125,746 ) — (125,746 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 35,027 35,027 — — 35,027 Commitments to sell real estate loans (32,638 ) (32,638 ) — (32,638 ) — Other credit-related commitments (142,012 ) (142,012 ) — — (142,012 ) Interest rate swap agreements used for interest rate risk management 2,983 2,983 — 2,983 — 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 ) — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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. March 31, December 31, 2020 2019 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,480,697 $ 5,442,160 Commercial real estate loans to be sold 291,459 164,076 Other commercial real estate 9,021,342 9,029,608 Residential real estate loans to be sold 711,970 423,056 Other residential real estate 810,145 448,375 Commercial and other 15,220,152 16,170,731 Standby letters of credit 2,440,312 2,441,432 Commercial letters of credit 34,841 41,059 Financial guarantees and indemnification contracts 4,072,127 4,108,572 Commitments to sell real estate loans 1,323,837 906,037 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company's segments is presented in the following table: Three Months Ended March 31 2020 2019 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 137,833 885 32,926 $ 139,322 856 43,271 Commercial Banking 291,776 1,053 143,732 267,490 840 132,218 Commercial Real Estate 223,305 409 117,408 219,173 354 117,498 Discretionary Portfolio 49,219 (13,037 ) 25,668 63,917 (9,299 ) 39,172 Residential 125,561 21,417 24,616 83,761 14,514 12,941 Retail Banking 402,683 267 110,246 430,891 2,511 145,066 All Other 275,788 (10,994 ) (185,774 ) 346,271 (9,776 ) (7,424 ) Total $ 1,506,165 — 268,822 $ 1,550,825 — 482,742 Average Total Assets Three Months Ended March 31 Year Ended December 2020 2019 2019 (In millions) Business Banking $ 6,006 5,702 5,793 Commercial Banking 29,172 27,858 28,142 Commercial Real Estate 24,849 23,572 23,921 Discretionary Portfolio 27,143 30,341 29,081 Residential Mortgage Banking 3,218 2,071 2,611 Retail Banking 16,002 14,403 15,083 All Other 14,195 12,892 14,953 Total $ 120,585 116,839 119,584 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $5,063,000 and $5,967,000 for the three-month periods ended March 31, 2020 and 2019, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 5,948,056 | $ 6,258,276 |
Investment securities available for sale, gross unrealized gains | 211,701 | 90,723 |
Investment securities available for sale, gross unrealized losses | 19,778 | 30,223 |
Investment securities available for sale, estimated fair value | 6,139,979 | 6,318,776 |
Amortized cost for held to maturity | 2,300,642 | 2,656,917 |
Gross unrealized gains for held to maturity | 117,922 | 62,462 |
Gross unrealized losses for held to maturity | 20,715 | 20,173 |
Estimated fair value for held to maturity | 2,397,849 | 2,699,206 |
Equity and other securities, Amortized Cost | 502,234 | 487,041 |
Equity securities, Gross Unrealized Gains | 13,735 | 34,786 |
Equity securities, Gross Unrealized Losses | 269 | |
Equity and other securities, Estimated Fair Value | 515,969 | 521,558 |
Other securities, Amortized cost | 381,809 | 381,517 |
Other securities, Estimated fair value | 381,809 | 381,517 |
Total debt securities Amortized cost | 8,248,698 | 8,915,193 |
Total debt securities Gross unrealized gains | 329,623 | 153,185 |
Total debt securities Gross unrealized losses | 40,493 | 50,396 |
Total debt securities Estimated fair value | 8,537,828 | 9,017,982 |
Readily marketable securities Amortized cost | 120,425 | 105,524 |
Readily marketable securities Gross unrealized gains | 13,735 | 34,786 |
Readily marketable securities Gross unrealized losses | 269 | |
Readily marketable securities Estimated fair value | 134,160 | 140,041 |
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 | 10,429 | 9,742 |
Investment securities available for sale, gross unrealized gains | 147 | 41 |
Investment securities available for sale, gross unrealized losses | 3 | 16 |
Investment securities available for sale, estimated fair value | 10,573 | 9,767 |
Amortized cost for held to maturity | 2,999 | 249,862 |
Gross unrealized gains for held to maturity | 1 | 286 |
Estimated fair value for held to maturity | 3,000 | 250,148 |
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 | 683 | 776 |
Investment securities available for sale, gross unrealized gains | 1 | 2 |
Investment securities available for sale, gross unrealized losses | 2 | 3 |
Investment securities available for sale, estimated fair value | 682 | 775 |
Amortized cost for held to maturity | 2,445 | 4,140 |
Gross unrealized gains for held to maturity | 10 | 16 |
Estimated fair value for held to maturity | 2,455 | 4,156 |
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 | 5,802,064 | 6,113,913 |
Investment securities available for sale, gross unrealized gains | 210,850 | 88,634 |
Investment securities available for sale, gross unrealized losses | 1,850 | 21,607 |
Investment securities available for sale, estimated fair value | 6,011,064 | 6,180,940 |
Amortized cost for held to maturity | 2,202,453 | 2,306,180 |
Gross unrealized gains for held to maturity | 108,412 | 50,381 |
Gross unrealized losses for held to maturity | 2 | 1,992 |
Estimated fair value for held to maturity | 2,310,863 | 2,354,569 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 16 | 16 |
Investment securities available for sale, estimated fair value | 16 | 16 |
Amortized cost for held to maturity | 89,617 | 93,496 |
Gross unrealized gains for held to maturity | 9,499 | 11,779 |
Gross unrealized losses for held to maturity | 20,713 | 18,181 |
Estimated fair value for held to maturity | 78,403 | 87,094 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 134,864 | 133,829 |
Investment securities available for sale, gross unrealized gains | 703 | 2,046 |
Investment securities available for sale, gross unrealized losses | 17,923 | 8,597 |
Investment securities available for sale, estimated fair value | 117,644 | 127,278 |
Amortized cost for held to maturity | 3,128 | 3,239 |
Estimated fair value for held to maturity | $ 3,128 | $ 3,239 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2020USD ($)Security | Mar. 31, 2019USD ($) | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 |
Gains (losses) on equity securities | $ (20,782,000) | $ 11,841,000 |
Number of debt securities with aggregate gross unrealized losses | Security | 364 | |
Unrealized losses on individual debt securities | $ (40,000,000) | |
Cost method equity securities | $ 382,000,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities available for sale: | ||
Due in one year or less | $ 7,559 | |
Due after one year through five years | 9,123 | |
Due after five years through ten years | 99,294 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 145,976 | |
Mortgage-backed securities available for sale | 5,802,080 | |
Investment securities available for sale, amortized cost | 5,948,056 | $ 6,258,276 |
Debt securities held to maturity: | ||
Due in one year or less | 4,594 | |
Due after one year through five years | 850 | |
Due after ten years | 3,128 | |
Total available for held to maturity (amortized cost) | 8,572 | |
Mortgage-backed securities held to maturity | 2,292,070 | |
Amortized cost for held to maturity | 2,300,642 | 2,656,917 |
Debt securities available for sale: | ||
Due in one year or less | 7,576 | |
Due after one year through five years | 9,342 | |
Due after five years through ten years | 87,831 | |
Due after ten years | 24,150 | |
Total available for sale (fair value) | 128,899 | |
Mortgage-backed securities available for sale | 6,011,080 | |
Total | 6,139,979 | 6,318,776 |
Debt securities held to maturity: | ||
Due in one year or less | 4,600 | |
Due after one year through five years | 855 | |
Due after ten years | 3,128 | |
Total available for held to maturity (fair value) | 8,583 | |
Mortgage-backed securities held to maturity | 2,389,266 | |
Total | $ 2,397,849 | $ 2,699,206 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 130,880 | $ 125,305 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (7,749) | (583) |
Estimated fair value, 12 months or more | 94,365 | 2,061,847 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (12,029) | (29,640) |
Held to maturity, Estimated fair value, Less than 12 months | 14,602 | 2,727 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (16) | (5) |
Held to maturity, Estimated fair value, 12 months or more | 46,239 | 194,891 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (20,699) | (20,168) |
Total investment securities, fair value less than 12 months | 145,482 | 128,032 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (7,765) | (588) |
Total of investment securities, fair value, 12 Months or More | 140,604 | 2,256,738 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (32,728) | (49,808) |
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 | 985 | 1,406 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (3) | (7) |
Estimated fair value, 12 months or more | 2,893 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (9) | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, 12 months or more | 186 | 277 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (2) | (3) |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 77,383 | 117,299 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1,055) | (222) |
Estimated fair value, 12 months or more | 40,838 | 2,002,364 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (795) | (21,385) |
Held to maturity, Estimated fair value, Less than 12 months | 2,727 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (5) | |
Held to maturity, Estimated fair value, 12 months or more | 136 | 145,235 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (2) | (1,987) |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 52,512 | 6,600 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (6,691) | (354) |
Estimated fair value, 12 months or more | 53,341 | 56,313 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (11,232) | (8,243) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, Less than 12 months | 14,602 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (16) | |
Held to maturity, Estimated fair value, 12 months or more | 46,103 | 49,656 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ (20,697) | $ (18,181) |
Loans and Leases and the Allo_3
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Loans And Leases Receivable [Line Items] | |||
Increase in allowance for credit loss | $ 132 | ||
Effect of change in allowance for credit loss to non accrual loan | $ 171 | ||
Contractual principal and interest payments | $ 228 | ||
Amount of foreclosed residential real estate property held | $ 75 | 76 | |
Loans secured by residential real estate that were in the process of foreclosure | $ 345 | $ 402 | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 42.00% | ||
Maximum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Purchased impaired loans as a percentage of total assets | 1.00% | ||
Loan delinquent period | 150 days | ||
Minimum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Loan delinquent period | 90 days | ||
Minimum [Member] | Commercial Loans and Commercial Real Estate [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Amount of real estate loan as reported as accruing or nonaccruing | $ 1 | ||
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | 374 | $ 414 | |
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Mortgage loans held for sale | $ 250 | $ 28 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 91,183,824 | $ 87,999,720 |
30-89 Days Past Due | 1,366,386 | 1,174,132 |
Accruing Loans Past Due 90 Days or More | 530,317 | 518,728 |
Nonaccrual | 1,061,748 | 963,112 |
Loans and leases, net of unearned discount | 94,142,275 | 90,922,869 |
Purchased Impaired | 227,545 | |
Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 39,632 | |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,727,500 | 23,290,797 |
30-89 Days Past Due | 219,577 | 184,011 |
Accruing Loans Past Due 90 Days or More | 9,924 | 16,776 |
Nonaccrual | 286,647 | 346,557 |
Loans and leases, net of unearned discount | 26,243,648 | 23,838,168 |
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 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 27,148,337 | 26,311,414 |
30-89 Days Past Due | 185,572 | 165,579 |
Accruing Loans Past Due 90 Days or More | 35,103 | 6,740 |
Nonaccrual | 188,469 | 158,474 |
Loans and leases, net of unearned discount | 27,557,481 | 26,657,808 |
Purchased Impaired | 15,601 | |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,426,646 | 1,521,315 |
30-89 Days Past Due | 36,607 | 21,195 |
Accruing Loans Past Due 90 Days or More | 4,204 | |
Nonaccrual | 3,204 | 3,982 |
Loans and leases, net of unearned discount | 1,470,661 | 1,547,245 |
Purchased Impaired | 753 | |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,427,735 | 7,204,148 |
30-89 Days Past Due | 191,193 | 95,346 |
Accruing Loans Past Due 90 Days or More | 2,101 | 3,360 |
Nonaccrual | 34,935 | 32,770 |
Loans and leases, net of unearned discount | 7,655,964 | 7,336,861 |
Purchased Impaired | 1,237 | |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 12,414,544 | 12,760,040 |
30-89 Days Past Due | 499,077 | 451,274 |
Accruing Loans Past Due 90 Days or More | 474,016 | 486,515 |
Nonaccrual | 293,638 | 235,663 |
Loans and leases, net of unearned discount | 13,681,275 | 14,082,425 |
Purchased Impaired | 143,145 | |
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 | |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,755,197 | 1,858,037 |
30-89 Days Past Due | 87,225 | 65,215 |
Accruing Loans Past Due 90 Days or More | 181 | |
Nonaccrual | 119,317 | 83,427 |
Loans and leases, net of unearned discount | 1,961,739 | 2,073,669 |
Purchased Impaired | 66,809 | |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,287,438 | 4,386,511 |
30-89 Days Past Due | 30,396 | 30,229 |
Nonaccrual | 63,071 | 63,215 |
Loans and leases, net of unearned discount | 4,380,905 | 4,481,617 |
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 | |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 5,778,723 | 5,484,997 |
30-89 Days Past Due | 35,559 | 36,827 |
Nonaccrual | 13,405 | 14,219 |
Loans and leases, net of unearned discount | 5,827,687 | 5,536,142 |
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 | |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,843,504 | 3,787,221 |
30-89 Days Past Due | 65,585 | 78,478 |
Nonaccrual | 19,251 | 21,293 |
Loans and leases, net of unearned discount | 3,928,340 | 3,886,992 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,374,200 | 1,395,240 |
30-89 Days Past Due | 15,595 | 45,978 |
Accruing Loans Past Due 90 Days or More | 4,969 | 5,156 |
Nonaccrual | 39,811 | 3,512 |
Loans and leases, net of unearned discount | $ 1,434,575 | 1,481,942 |
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 |
Loans and Leases and the Allo_5
Loans and Leases and the Allowance for Credit Losses - Outstanding Principal Balance and Carrying Amount of Loans and Included in Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Outstanding principal and carrying value of acquired loans recorded at fair value | |
Outstanding principal balance | $ 769,414 |
Carrying amount | 535,596 |
Commercial, Financial, Leasing, etc. [Member] | |
Outstanding principal and carrying value of acquired loans recorded at fair value | |
Carrying amount | 21,114 |
Commercial Real Estate [Member] | |
Outstanding principal and carrying value of acquired loans recorded at fair value | |
Carrying amount | 94,890 |
One-to-Four Family Residential [Member] | |
Outstanding principal and carrying value of acquired loans recorded at fair value | |
Carrying amount | 341,807 |
Consumer [Member] | |
Outstanding principal and carrying value of acquired loans recorded at fair value | |
Carrying amount | $ 77,785 |
Loans and Leases and the Allo_6
Loans and Leases and the Allowance for Credit Losses - Summary of Changes in Accretable Yield for Acquired Loans (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Purchased Impaired [Member] | |
Summary of changes in Accretable Yield for acquired loans | |
Balance at beginning of period | $ 147,210 |
Interest income | (18,082) |
Reclassifications from nonaccretable balance | 11,189 |
Balance at end of period | 140,317 |
Other Acquired [Member] | |
Summary of changes in Accretable Yield for acquired loans | |
Balance at beginning of period | 96,907 |
Interest income | (9,717) |
Reclassifications from nonaccretable balance | 4,865 |
Other | 1,632 |
Balance at end of period | $ 93,687 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | $ 94,142,275 | $ 90,922,869 | |||
Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 21,278,057 | ||||
Revolving Loans Converted to Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,523,355 | ||||
Commercial, Financial, Leasing, etc. [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 26,243,648 | 23,838,168 | |||
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 25,075,590 | 22,595,821 | |||
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 881,411 | 895,790 | |||
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 286,647 | 346,557 | |||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 16,139,913 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 15,369,119 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 621,491 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 149,303 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 53,009 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 35,360 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 11,251 | ||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 6,398 | ||||
Commercial [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 27,557,481 | 26,657,808 | |||
Commercial [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 26,677,074 | 25,728,725 | |||
Commercial [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 691,938 | 770,609 | |||
Commercial [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 188,469 | 158,474 | |||
Commercial [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 951,069 | ||||
Commercial [Member] | Revolving Loans [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 917,651 | ||||
Commercial [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 32,975 | ||||
Commercial [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 443 | ||||
Residential Builder and Developer [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,470,661 | 1,547,245 | |||
Residential Builder and Developer [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,387,258 | 1,419,162 | |||
Residential Builder and Developer [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 80,199 | 124,101 | |||
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 3,204 | 3,982 | |||
Residential Builder and Developer [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 252,917 | ||||
Residential Builder and Developer [Member] | Revolving Loans [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 236,688 | ||||
Residential Builder and Developer [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 16,229 | ||||
Other Commercial Construction [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 7,655,964 | 7,336,861 | |||
Other Commercial Construction [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 7,378,705 | 7,092,799 | |||
Other Commercial Construction [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 242,324 | 211,292 | |||
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 34,935 | 32,770 | |||
Other Commercial Construction [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 84,806 | ||||
Other Commercial Construction [Member] | Revolving Loans [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 79,664 | ||||
Other Commercial Construction [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 5,142 | ||||
Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 4,582,157 | 16,313,657 | $ 11,860,487 | $ 8,443,030 | $ 7,249,726 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,097,075 | 2,796,389 | 2,055,876 | 1,258,179 | 1,020,246 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,095,201 | 2,767,657 | 1,936,195 | 1,197,480 | 966,014 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,404 | 19,433 | 93,675 | 29,493 | 33,443 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 470 | 9,299 | 26,006 | 31,206 | 20,789 |
Term Loans [Member] | Commercial [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,375,611 | 5,370,438 | 4,197,986 | 3,232,004 | 3,924,319 |
Term Loans [Member] | Commercial [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,371,675 | 5,272,662 | 4,130,012 | 3,170,722 | 3,808,737 |
Term Loans [Member] | Commercial [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 3,936 | 94,202 | 62,334 | 41,201 | 77,229 |
Term Loans [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 3,574 | 5,640 | 20,081 | 38,353 | |
Term Loans [Member] | Residential Builder and Developer [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 120,321 | 658,917 | 289,749 | 84,994 | 20,719 |
Term Loans [Member] | Residential Builder and Developer [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 116,793 | 639,055 | 286,402 | 67,825 | 20,183 |
Term Loans [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 3,528 | 19,862 | 2,185 | 17,169 | |
Term Loans [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,162 | 536 | |||
Term Loans [Member] | Other Commercial Construction [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 265,269 | 2,130,718 | 2,496,853 | 1,531,532 | 720,964 |
Term Loans [Member] | Other Commercial Construction [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 265,269 | 2,103,938 | 2,461,589 | 1,503,162 | 569,710 |
Term Loans [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | $ 26,780 | $ 35,264 | 28,020 | 143,403 | |
Term Loans [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | $ 350 | $ 7,851 | |||
Term Loans Prior Period [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 22,891,806 | ||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,822,961 | ||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,708,564 | ||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 71,221 | ||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 43,176 | ||||
Term Loans Prior Period [Member] | Commercial [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 8,506,054 | ||||
Term Loans Prior Period [Member] | Commercial [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 8,005,615 | ||||
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 380,061 | ||||
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 120,378 | ||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 43,044 | ||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 20,312 | ||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 21,226 | ||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,506 | ||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 425,822 | ||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Pass [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 395,373 | ||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 8,857 | ||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | $ 21,592 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | |||||
Current | $ 91,183,824 | $ 87,999,720 | |||
30-89 Days Past Due | 1,366,386 | 1,174,132 | |||
Accruing Loans Past Due 90 Days or More | 530,317 | 518,728 | |||
Nonaccrual | 1,061,748 | 963,112 | |||
Loans and leases, net of unearned discount | 94,142,275 | 90,922,869 | |||
Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 21,278,057 | ||||
Revolving Loans Converted to Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 1,523,355 | ||||
Residential [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 12,414,544 | 12,760,040 | |||
30-89 Days Past Due | 499,077 | 451,274 | |||
Accruing Loans Past Due 90 Days or More | 474,016 | 486,515 | |||
Nonaccrual | 293,638 | 235,663 | |||
Loans and leases, net of unearned discount | 13,681,275 | 14,082,425 | |||
Residential [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 45,759 | ||||
30-89 Days Past Due | 1,836 | ||||
Nonaccrual | 227 | ||||
Loans and leases, net of unearned discount | 47,822 | ||||
Residential Limited Documentation [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 1,755,197 | 1,858,037 | |||
30-89 Days Past Due | 87,225 | 65,215 | |||
Accruing Loans Past Due 90 Days or More | 181 | ||||
Nonaccrual | 119,317 | 83,427 | |||
Loans and leases, net of unearned discount | 1,961,739 | 2,073,669 | |||
Home Equity Lines and Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 4,287,438 | 4,386,511 | |||
30-89 Days Past Due | 30,396 | 30,229 | |||
Nonaccrual | 63,071 | 63,215 | |||
Loans and leases, net of unearned discount | 4,380,905 | 4,481,617 | |||
Home Equity Lines and Loans [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 2,822,191 | ||||
Nonaccrual | 401 | ||||
Loans and leases, net of unearned discount | 2,822,592 | ||||
Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 1,383,914 | ||||
30-89 Days Past Due | 26,267 | ||||
Nonaccrual | 56,616 | ||||
Loans and leases, net of unearned discount | 1,466,797 | ||||
Recreational Finance [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 5,778,723 | 5,484,997 | |||
30-89 Days Past Due | 35,559 | 36,827 | |||
Nonaccrual | 13,405 | 14,219 | |||
Loans and leases, net of unearned discount | 5,827,687 | 5,536,142 | |||
Automobile [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 3,843,504 | 3,787,221 | |||
30-89 Days Past Due | 65,585 | 78,478 | |||
Nonaccrual | 19,251 | 21,293 | |||
Loans and leases, net of unearned discount | 3,928,340 | 3,886,992 | |||
Other [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 1,374,200 | 1,395,240 | |||
30-89 Days Past Due | 15,595 | 45,978 | |||
Accruing Loans Past Due 90 Days or More | 4,969 | 5,156 | |||
Nonaccrual | 39,811 | 3,512 | |||
Loans and leases, net of unearned discount | 1,434,575 | 1,481,942 | |||
Other [Member] | Revolving Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 931,015 | ||||
30-89 Days Past Due | 7,773 | ||||
Accruing Loans Past Due 90 Days or More | 4,590 | ||||
Nonaccrual | 35,560 | ||||
Loans and leases, net of unearned discount | 978,938 | ||||
Other [Member] | Revolving Loans Converted to Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 2,207 | ||||
30-89 Days Past Due | 1,033 | ||||
Nonaccrual | 309 | ||||
Loans and leases, net of unearned discount | 3,549 | ||||
Term Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 4,582,157 | 16,313,657 | $ 11,860,487 | $ 8,443,030 | $ 7,249,726 |
Term Loans [Member] | Residential [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 704,732 | 1,520,330 | 650,458 | 641,908 | 756,672 |
30-89 Days Past Due | 1,029 | 6,951 | 13,882 | 38,945 | 16,851 |
Accruing Loans Past Due 90 Days or More | 4,496 | 22,933 | 113,273 | 25,993 | |
Nonaccrual | 1,609 | 5,356 | 981 | ||
Loans and leases, net of unearned discount | 705,761 | 1,531,777 | 688,882 | 799,482 | 800,497 |
Term Loans [Member] | Home Equity Lines and Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 411 | 5,576 | 3,298 | 3,251 | 516 |
Nonaccrual | 20 | ||||
Loans and leases, net of unearned discount | 411 | 5,576 | 3,318 | 3,251 | 516 |
Term Loans [Member] | Recreational Finance [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 566,034 | 2,151,461 | 1,126,908 | 775,213 | 435,562 |
30-89 Days Past Due | 775 | 7,022 | 6,779 | 6,380 | 4,114 |
Nonaccrual | 1,810 | 2,470 | 4,297 | 1,517 | |
Loans and leases, net of unearned discount | 566,809 | 2,160,293 | 1,136,157 | 785,890 | 441,193 |
Term Loans [Member] | Automobile [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 388,305 | 1,449,075 | 884,926 | 670,264 | 295,567 |
30-89 Days Past Due | 427 | 11,910 | 16,391 | 17,837 | 11,256 |
Nonaccrual | 2,930 | 5,418 | 4,854 | 3,219 | |
Loans and leases, net of unearned discount | 388,732 | 1,463,915 | 906,735 | 692,955 | 310,042 |
Term Loans [Member] | Other [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 60,112 | 191,347 | 83,549 | 54,055 | 11,047 |
30-89 Days Past Due | 24 | 4,025 | 932 | 466 | 135 |
Nonaccrual | 2,032 | 262 | 450 | 222 | 48 |
Loans and leases, net of unearned discount | 62,168 | $ 195,634 | $ 84,931 | $ 54,743 | $ 11,230 |
Term Loans Prior Period [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans and leases, net of unearned discount | 22,891,806 | ||||
Term Loans Prior Period [Member] | Residential [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 8,094,685 | ||||
30-89 Days Past Due | 419,583 | ||||
Accruing Loans Past Due 90 Days or More | 307,321 | ||||
Nonaccrual | 285,465 | ||||
Loans and leases, net of unearned discount | 9,107,054 | ||||
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 1,755,197 | ||||
30-89 Days Past Due | 87,225 | ||||
Nonaccrual | 119,317 | ||||
Loans and leases, net of unearned discount | 1,961,739 | ||||
Term Loans Prior Period [Member] | Home Equity Lines and Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 68,281 | ||||
30-89 Days Past Due | 4,129 | ||||
Nonaccrual | 6,034 | ||||
Loans and leases, net of unearned discount | 78,444 | ||||
Term Loans Prior Period [Member] | Recreational Finance [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 723,545 | ||||
30-89 Days Past Due | 10,489 | ||||
Nonaccrual | 3,311 | ||||
Loans and leases, net of unearned discount | 737,345 | ||||
Term Loans Prior Period [Member] | Automobile [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 155,367 | ||||
30-89 Days Past Due | 7,764 | ||||
Nonaccrual | 2,830 | ||||
Loans and leases, net of unearned discount | 165,961 | ||||
Term Loans Prior Period [Member] | Other [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Current | 40,868 | ||||
30-89 Days Past Due | 1,207 | ||||
Accruing Loans Past Due 90 Days or More | 379 | ||||
Nonaccrual | 928 | ||||
Loans and leases, net of unearned discount | $ 43,382 |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Summary of Loan Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 94,142,275 | $ 90,922,869 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,243,648 | 23,838,168 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,075,590 | 22,595,821 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 881,411 | 895,790 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 286,647 | 346,557 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 27,557,481 | 26,657,808 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,677,074 | 25,728,725 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 691,938 | 770,609 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 188,469 | 158,474 |
Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,470,661 | 1,547,245 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,387,258 | 1,419,162 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 80,199 | 124,101 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,204 | 3,982 |
Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,655,964 | 7,336,861 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,378,705 | 7,092,799 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 242,324 | 211,292 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 34,935 | $ 32,770 |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 1,051,071 | $ 1,019,444 |
Adoption of new accounting standard | 132,457 | |
Provision for credit losses | 250,000 | 22,000 |
Net charge-offs | ||
Charge-offs | (67,704) | (45,100) |
Recoveries | 18,542 | 22,993 |
Net charge-offs | 49,162 | (22,107) |
Ending balance | 1,384,366 | 1,019,337 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 366,094 | 330,055 |
Adoption of new accounting standard | (61,474) | |
Provision for credit losses | 66,594 | 6,271 |
Net charge-offs | ||
Charge-offs | (16,383) | (8,500) |
Recoveries | 3,261 | 7,794 |
Net charge-offs | 13,122 | (706) |
Ending balance | 358,092 | 335,620 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 322,201 | 341,655 |
Adoption of new accounting standard | 23,656 | |
Provision for credit losses | 88,666 | (4,203) |
Net charge-offs | ||
Charge-offs | (1,272) | (283) |
Recoveries | 438 | 826 |
Net charge-offs | 834 | 543 |
Ending balance | 433,689 | 337,995 |
One-to-Four Family Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 56,033 | 69,125 |
Adoption of new accounting standard | 53,896 | |
Provision for credit losses | 9,291 | (2,447) |
Net charge-offs | ||
Charge-offs | (5,102) | (3,372) |
Recoveries | 1,674 | 1,830 |
Net charge-offs | 3,428 | (1,542) |
Ending balance | 115,792 | 65,136 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 229,118 | 200,564 |
Adoption of new accounting standard | 194,004 | |
Provision for credit losses | 85,449 | 22,883 |
Net charge-offs | ||
Charge-offs | (44,947) | (32,945) |
Recoveries | 13,169 | 12,543 |
Net charge-offs | 31,778 | (20,402) |
Ending balance | 476,793 | 203,045 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 77,625 | 78,045 |
Adoption of new accounting standard | $ (77,625) | |
Provision for credit losses | (504) | |
Net charge-offs | ||
Ending balance | $ 77,541 |
Loans and Leases and the All_11
Loans and Leases and the Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | $ 372,425 | $ 374,618 | ||
Amortized Cost without Allowance | 689,323 | 506,993 | ||
Total | 1,061,748 | 881,611 | ||
Amortized Cost | $ 1,134,333 | $ 893,608 | ||
Interest Income Recognized | 12,571 | 10,477 | ||
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 153,924 | 150,467 | ||
Amortized Cost without Allowance | 132,723 | 95,352 | ||
Total | 286,647 | 245,819 | ||
Amortized Cost | 346,743 | 234,423 | ||
Interest Income Recognized | 1,738 | 3,081 | ||
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 62,675 | 82,538 | ||
Amortized Cost without Allowance | 125,794 | 125,171 | ||
Total | 188,469 | 207,709 | ||
Amortized Cost | 173,796 | 203,672 | ||
Interest Income Recognized | 1,092 | 1,096 | ||
Residential Builder and Developer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 3,204 | 1,636 | ||
Amortized Cost without Allowance | 2,756 | |||
Total | 3,204 | 4,392 | ||
Amortized Cost | 4,708 | 4,798 | ||
Interest Income Recognized | 48 | 184 | ||
Other Commercial Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 12,039 | 12,557 | ||
Amortized Cost without Allowance | 22,896 | 7,342 | ||
Total | 34,935 | 19,899 | ||
Amortized Cost | 35,881 | 22,205 | ||
Interest Income Recognized | 861 | 637 | ||
Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 67,221 | 52,948 | ||
Amortized Cost without Allowance | 226,417 | 157,318 | ||
Total | 293,638 | 210,266 | ||
Amortized Cost | 322,504 | 233,352 | ||
Interest Income Recognized | 6,819 | 3,599 | ||
Residential Limited Documentation [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 26,444 | 19,874 | ||
Amortized Cost without Allowance | 92,873 | 64,989 | ||
Total | 119,317 | 84,863 | ||
Amortized Cost | 114,667 | 84,685 | ||
Interest Income Recognized | 201 | 252 | ||
Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 26,230 | 27,814 | ||
Amortized Cost without Allowance | 36,841 | 41,431 | ||
Total | 63,071 | 69,245 | ||
Amortized Cost | 65,039 | 71,292 | ||
Interest Income Recognized | 1,459 | 1,310 | ||
Recreational Finance [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 6,704 | 6,112 | ||
Amortized Cost without Allowance | 6,701 | 4,860 | ||
Total | 13,405 | 10,972 | ||
Amortized Cost | 14,308 | 11,199 | ||
Interest Income Recognized | 152 | 142 | ||
Automobile [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 9,802 | 13,788 | ||
Amortized Cost without Allowance | 9,449 | 7,421 | ||
Total | 19,251 | 21,209 | ||
Amortized Cost | 21,293 | 23,359 | ||
Interest Income Recognized | 47 | 54 | ||
Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amortized Cost with Allowance | 4,182 | 6,884 | ||
Amortized Cost without Allowance | 35,629 | 353 | ||
Total | 39,811 | 7,237 | ||
Amortized Cost | $ 35,394 | $ 4,623 | ||
Interest Income Recognized | $ 154 | $ 122 |
Loans and Leases and the All_12
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)Modification | Mar. 31, 2019USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 96 | 132 |
Pre-modification Recorded Investment | $ 66,502 | $ 46,537 |
Post- modification | 66,517 | 46,291 |
Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 13,019 | 10,924 |
Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 53,498 | $ 35,367 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 32 | 65 |
Pre-modification Recorded Investment | $ 12,692 | $ 30,615 |
Post- modification | 12,053 | 30,744 |
Commercial, Financial, Leasing, etc. [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 5,066 | 6,474 |
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 6,987 | $ 24,270 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 2 | |
Pre-modification Recorded Investment | $ 1,330 | |
Post- modification | 1,068 | |
Residential Builder and Developer [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 1,068 | |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 27 | 17 |
Pre-modification Recorded Investment | $ 10,178 | $ 3,816 |
Post- modification | 12,224 | 4,024 |
Residential [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 3,247 | 1,751 |
Residential [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 8,977 | $ 2,273 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 9 | 1 |
Pre-modification Recorded Investment | $ 2,980 | $ 236 |
Post- modification | 3,899 | 239 |
Residential Limited Documentation [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 2,667 | $ 239 |
Residential Limited Documentation [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 1,232 | |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 6 | 7 |
Pre-modification Recorded Investment | $ 738 | $ 476 |
Post- modification | 746 | 491 |
Home Equity Lines and Loans [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 412 | 37 |
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 334 | $ 454 |
Automobile [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 9 | 20 |
Pre-modification Recorded Investment | $ 182 | $ 317 |
Post- modification | 182 | 317 |
Automobile [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 182 | 280 |
Automobile [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 37 | |
Other Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 1 | |
Pre-modification Recorded Investment | $ 418 | |
Post- modification | 366 | |
Other Commercial Construction [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 366 | |
Recreational Finance [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 3 | 4 |
Pre-modification Recorded Investment | $ 90 | $ 88 |
Post- modification | 90 | 88 |
Recreational Finance [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 90 | $ 88 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 10 | 15 |
Pre-modification Recorded Investment | $ 39,642 | $ 9,241 |
Post- modification | 37,323 | 8,954 |
Commercial Real Estate [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 1,355 | 987 |
Commercial Real Estate [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 35,968 | $ 7,967 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instruments [Abstract] | ||
Junior subordinated debentures | $ 526 | |
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Agreements to repurchase securities | $ 101 | $ 102 |
Collateral posted | $ 107 | $ 108 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Mar. 31, 2019 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Period of satisfaction of contract with customer | 1 year |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 57 | $ 62 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 41 | $ 43 |
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 | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | $ 13,129 | $ 12,476 | |
Other revenues from operations: | |||
Total other income | 529,360 | 500,765 | |
Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 106,161 | 103,112 | |
Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | $ 148,751 | 132,786 | |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 13,129 | $ 12,476 | |
Other revenues from operations: | |||
Merchant discount and credit card fees | 27,167 | 25,138 | |
Other | 23,306 | 23,237 | |
Total other income | 318,514 | 296,749 | |
ASU 2014-09 [Member] | Business Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 10,331 | 8,882 | |
Total other income | 25,593 | 23,996 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 13,316 | 12,092 | |
Other | 2,186 | 1,002 | |
Total other income | 39,963 | 36,518 | |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 849 | 606 | |
Other | 843 | 1,788 | |
Total other income | 4,504 | 4,920 | |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | |||
Other revenues from operations: | |||
Other | 857 | 401 | |
Total other income | 857 | 401 | |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | |||
Other revenues from operations: | |||
Other | 922 | 1,064 | |
Total other income | 922 | 1,066 | |
ASU 2014-09 [Member] | Retail Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 2,271 | 3,138 | |
Other | 5,982 | 8,494 | |
Total other income | 69,923 | 72,783 | |
ASU 2014-09 [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 13,129 | 12,476 | |
Other revenues from operations: | |||
Merchant discount and credit card fees | 400 | 420 | |
Other | 12,516 | 10,488 | |
Total other income | 176,752 | 157,065 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 106,161 | 103,112 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Business Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 15,250 | 15,109 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 24,157 | 23,210 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Real Estate [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 2,812 | 2,526 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Residential Mortgage Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | ||
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Retail Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 61,670 | 61,151 | |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 2,272 | 1,114 | |
ASU 2014-09 [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 148,751 | 132,786 | |
ASU 2014-09 [Member] | Trust Income [Member] | Business Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 12 | 5 | |
ASU 2014-09 [Member] | Trust Income [Member] | Commercial Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 304 | 214 | |
ASU 2014-09 [Member] | Trust Income [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | $ 148,435 | $ 132,567 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Defined Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,714 | $ 4,087 |
Interest cost on projected benefit obligation | 17,886 | 20,200 |
Expected return on plan assets | (31,475) | (30,600) |
Amortization of prior service cost (credit) | 125 | 125 |
Amortization of net actuarial loss (gain) | 13,950 | 4,450 |
Net periodic cost (benefit) | 5,200 | (1,738) |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 223 | 200 |
Interest cost on projected benefit obligation | 419 | 603 |
Amortization of prior service cost (credit) | (1,175) | (1,175) |
Amortization of net actuarial loss (gain) | (300) | (300) |
Net periodic cost (benefit) | $ (833) | $ (672) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Defined contribution pension and retirement savings plans total expense | $ 27 | $ 22 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income available to common shareholders: | ||
Net income | $ 268,822 | $ 482,742 |
Less: Preferred stock dividends | (17,078) | (18,130) |
Net income available to common equity | 251,744 | 464,612 |
Less: Income attributable to unvested stock-based compensation awards | (1,043) | (2,526) |
Net income available to common shareholders | $ 250,701 | $ 462,086 |
Weighted-average shares outstanding: | ||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 130,440 | 138,637 |
Less: Unvested stock-based compensation awards | (744) | (748) |
Weighted-average shares outstanding | 129,696 | 137,889 |
Basic earnings per common share | $ 1.93 | $ 3.35 |
Earnings Per Common Share - C_2
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income available to common equity | $ 251,744 | $ 464,612 |
Less: Income attributable to unvested stock-based compensation awards | (1,043) | (2,526) |
Net income available to common shareholders | $ 250,701 | $ 462,086 |
Adjusted weighted-average shares outstanding: | ||
Common and unvested stock-based compensation awards | 130,440 | 138,637 |
Less: Unvested stock-based compensation awards | (744) | (748) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 59 | 31 |
Adjusted weighted-average shares outstanding | 129,755 | 137,920 |
Diluted earnings per common share | $ 1.93 | $ 3.35 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 464,694 | 280,818 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | $ (279,959) | $ (569,328) |
Unrealized holding gains (losses), net, before tax | 131,423 | 113,805 |
Foreign currency translation adjustment, before tax | (3,225) | 348 |
Unrealized gains (losses) on cash flow hedges, before tax | 456,333 | 54,347 |
Total other comprehensive income (loss) before reclassifications, before tax | 584,531 | 168,500 |
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 772 | 928 |
Accretion of net gain on terminated cash flow hedges, before tax | (34) | (28) |
Net yield adjustment from cash flow hedges currently in effect, before tax | (32,041) | 6,625 |
Amortization of prior service credit, before tax | (1,050) | (1,050) |
Amortization of actuarial losses, before tax | 13,650 | 4,150 |
Total other comprehensive income (loss), before tax | 565,828 | 179,132 |
Ending balance, before tax | 285,869 | (390,196) |
Losses realized in net income, before tax | 7 | |
Beginning balance, tax | 73,279 | 149,247 |
Unrealized holding gains (losses), net, tax | (34,544) | (29,902) |
Foreign currency translation adjustment, tax | 282 | (73) |
Unrealized gains (losses) on cash flow hedges, tax | (119,970) | (14,288) |
Total other comprehensive income (loss) before reclassifications, tax | (154,232) | (44,263) |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (203) | (245) |
Accretion of net gain on terminated cash flow hedges, tax | 9 | 7 |
Net yield adjustment from cash flow hedges currently in effect, tax | 8,423 | (1,742) |
Amortization of prior service credit, tax | 276 | 276 |
Amortization of actuarial losses, tax | (3,588) | (1,091) |
Total other comprehensive income (loss), tax | (149,315) | (47,060) |
Ending balance, tax | (76,036) | 102,187 |
Unrealized holding losses, net, tax | (34,544) | (29,902) |
Losses realized in net income, tax | (2) | |
Beginning balance, net of tax | (206,680) | (420,081) |
Unrealized holding gains (losses), net of tax | 96,879 | 83,903 |
Foreign currency translation adjustment | (2,943) | 275 |
Unrealized gains (losses) on cash flow hedges, net of tax | 336,363 | 40,059 |
Total other comprehensive income (loss) before reclassifications, net of tax | 430,299 | 124,237 |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 569 | 683 |
Accretion of net gain on terminated cash flow hedges, net of tax | (25) | (21) |
Net yield adjustment from cash flow hedges currently in effect, net of tax | (23,618) | 4,883 |
Amortization of prior service credit, net of tax | (774) | (774) |
Amortization of actuarial losses, net of tax | 10,062 | 3,059 |
Total other comprehensive income (loss) | 416,513 | 132,072 |
Ending balance, net of tax | 209,833 | (288,009) |
Losses realized in net income, net of tax | 5 | |
Investment Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | 50,701 | (200,107) |
Unrealized holding gains (losses), net, before tax | 131,423 | 113,805 |
Total other comprehensive income (loss) before reclassifications, before tax | 131,423 | 113,805 |
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 772 | 928 |
Total other comprehensive income (loss), before tax | 132,195 | 114,740 |
Ending balance, before tax | 182,896 | (85,367) |
Losses realized in net income, before tax | 7 | |
Total other comprehensive income (loss) | 97,448 | |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | (464,548) | (354,502) |
Amortization of prior service credit, before tax | (1,050) | (1,050) |
Amortization of actuarial losses, before tax | 13,650 | 4,150 |
Total other comprehensive income (loss), before tax | 12,600 | 3,100 |
Ending balance, before tax | (451,948) | (351,402) |
Total other comprehensive income (loss) | 9,288 | |
Other [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | 133,888 | (14,719) |
Foreign currency translation adjustment, before tax | (3,225) | 348 |
Unrealized gains (losses) on cash flow hedges, before tax | 456,333 | 54,347 |
Total other comprehensive income (loss) before reclassifications, before tax | 453,108 | 54,695 |
Accretion of net gain on terminated cash flow hedges, before tax | (34) | (28) |
Net yield adjustment from cash flow hedges currently in effect, before tax | (32,041) | 6,625 |
Total other comprehensive income (loss), before tax | 421,033 | 61,292 |
Ending balance, before tax | $ 554,921 | $ 46,573 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 15,716,649 | $ 15,460,191 |
Net gain during period | 416,513 | 132,072 |
Ending balance | 15,815,794 | 15,587,529 |
Investment Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 37,380 | |
Net gain during period | 97,448 | |
Ending balance | 134,828 | |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (342,419) | |
Net gain during period | 9,288 | |
Ending balance | (333,131) | |
Cash Flow Hedges and Other [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 98,359 | |
Net gain during period | 309,777 | |
Ending balance | 408,136 | |
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (206,680) | (420,081) |
Net gain during period | 416,513 | |
Ending balance | $ 209,833 | $ (288,009) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 58,150,000,000 | $ 57,550,000,000 | |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 27,000,000 | 18,000,000 | |
Aggregate fair value of derivative financial instruments in a liability position | 151,000,000 | 51,000,000 | |
Aggregate fair value of derivative financial instruments in asset position | 2,000,000 | 6,000,000 | |
Net fair value of derivative financial instruments in a net asset position | 2,000,000 | 6,000,000 | |
Collateral relating to net asset positions | 81,000 | 5,000,000 | |
Counterparties [Member] | |||
Derivative [Line Items] | |||
Post collateral requirements relating to positions | 146,000,000 | 50,000,000 | |
Clearinghouse Credit Facilities [Member] | |||
Derivative [Line Items] | |||
Amount of initial margin posted | 125,000,000 | 84,000,000 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Increase decrease in net interest income due to interest rate swap agreements | 36,000,000 | $ 13,000,000 | |
Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 36,700,000,000 | 48,600,000,000 | |
Foreign Currency and Other Option and Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 928,000,000 | $ 1,200,000,000 | |
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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Amount | $ 58,150,000,000 | $ 57,550,000,000 |
Average Maturity (in years) | 1 year 7 months 6 days | 1 year 6 months |
Estimated Fair Value Gain (Loss) | $ 2,983,000 | $ (1,762,000) |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 55,100,000,000 | $ 53,750,000,000 |
Average Maturity (in years) | 1 year 6 months | 1 year 4 months 24 days |
Weighted-Average Rate, Fixed | 2.53% | 2.44% |
Weighted-Average Rate, Variable | 1.09% | 1.73% |
Estimated Fair Value Gain (Loss) | $ 3,942,000 | $ (1,195,000) |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 3,050,000,000 | $ 3,800,000,000 |
Average Maturity (in years) | 2 years 6 months | 2 years 2 months 12 days |
Weighted-Average Rate, Fixed | 2.61% | 2.51% |
Weighted-Average Rate, Variable | 1.34% | 2.27% |
Estimated Fair Value Gain (Loss) | $ (959,000) | $ (567,000) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Amount | $ 58,150,000,000 | $ 57,550,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 41,750,000,000 | 40,400,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 134,200,000 | 45,100,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | $ 559,900,000 | $ 140,700,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 1,218,286 | $ 427,267 |
Liability Derivatives, Fair Value | 164,721 | 87,091 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 1,212,912 | 425,840 |
Liability Derivatives, Fair Value | 151,994 | 84,676 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 5,374 | 1,427 |
Liability Derivatives, Fair Value | 12,727 | 2,415 |
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 | 4,543 | 232 |
Liability Derivatives, Fair Value | 1,560 | 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 | 3,910 | 3,074 |
Liability Derivatives, Fair Value | 26,212 | 3,548 |
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 | 831 | 1,195 |
Liability Derivatives, Fair Value | 11,167 | 421 |
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 | 35,063 | 11,965 |
Liability Derivatives, Fair Value | 36 | 1,225 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 1,153,277 | 398,295 |
Liability Derivatives, Fair Value | 108,345 | 68,103 |
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 | 20,662 | 12,506 |
Liability Derivatives, Fair Value | $ 17,401 | $ 11,800 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (3.3) | $ (43.3) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (945.1) | $ (281.3) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | $ 17,138 | $ 4,324 |
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 | 88,710 | 34,180 |
Derivatives in fair value hedging relationships, Hedged item | (87,824) | (34,014) |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | 12,786 | 2,711 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | $ 4,352 | $ 1,613 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 3,179,012 | $ 3,840,775 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 131,464 | $ 43,640 |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Loss on securitization of assets | $ 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 | 124,577,833,000 | 119,872,757,000 | |
Investment in partnership carrying amount | 724,000,000 | 748,000,000 | |
Unfunded commitments includes carrrying amount of its investments | 345,000,000 | 414,000,000 | |
Maximum exposure to loss of investments in real estate partnerships | 953,000,000 | ||
Investments amortized to income tax expense | 21,000,000 | 17,000,000 | |
Federal tax credits and other federal tax benefits recognized | 26,000,000 | $ 20,000,000 | |
Variable Interest Entity Primary Beneficiary [Member] | |||
Total assets of partnerships in which the company invested | $ 1,600,000,000 | $ 1,500,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 6,139,979 | $ 6,318,776 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 10,573 | 9,767 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 682 | 775 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 6,011,064 | 6,180,940 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 117,644 | 127,278 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 1,224,291 | 470,129 |
Investment securities | 6,139,979 | 6,318,776 |
Equity securities | 134,160 | 140,041 |
Real estate loans held for sale | 625,236 | 442,079 |
Other assets | 44,347 | 16,466 |
Total assets | 8,168,013 | 7,387,491 |
Trading account liabilities | 125,746 | 79,903 |
Other liabilities | 38,975 | 7,188 |
Total liabilities | 164,721 | 87,091 |
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 | 47,497 | 49,040 |
Equity securities | 115,206 | 100,637 |
Total assets | 162,703 | 149,677 |
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 | 1,176,794 | 421,089 |
Investment securities | 6,139,963 | 6,318,760 |
Equity securities | 18,954 | 39,404 |
Real estate loans held for sale | 625,236 | 442,079 |
Other assets | 9,284 | 4,501 |
Total assets | 7,970,231 | 7,225,833 |
Trading account liabilities | 125,746 | 79,903 |
Other liabilities | 38,939 | 5,963 |
Total liabilities | 164,685 | 85,866 |
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 | 16 |
Other assets | 35,063 | 11,965 |
Total assets | 35,079 | 11,981 |
Other liabilities | 36 | 1,225 |
Total liabilities | 36 | 1,225 |
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 | 10,573 | 9,767 |
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 | 10,573 | 9,767 |
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 | 682 | 775 |
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 | 682 | 775 |
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 | 6,011,064 | 6,180,940 |
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 | 6,011,064 | 6,180,940 |
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 | 16 |
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 | 16 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 117,644 | 127,278 |
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 | $ 117,644 | $ 127,278 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 16 | $ 22 |
Total gains realized/unrealized: | ||
Settlements | (6) | |
Ending Balance | 16 | 16 |
Other Assets and Other Liabilities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 10,740 | 7,712 |
Total gains realized/unrealized: | ||
Included in earnings | 44,081 | 16,546 |
Transfers out of Level 3 | (19,794) | (16,825) |
Ending Balance | 35,027 | 7,433 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 32,584 | $ 8,525 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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 | 15.00% | ||
Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Discount rates for fair value estimations | 90.00% | ||
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 | $ 21 | $ 20 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Capitalized servicing rights | 182 | $ 188 | |
Capitalized servicing rights, valuation allowance | 17 | 0 | $ 7 |
Changes in fair value recognized for impairment of capitalized servicing rights | $ 10 | 0 | |
Weighted-average prepayment speeds | 18.65% | 18.50% | |
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 900.00% | 900.00% | |
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 | $ 196 | 199 | $ 305 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 14 | 9 | |
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 | 116 | 121 | 115 |
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 | $ 80 | $ 78 | $ 190 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements | $ 35,027 | $ 10,740 |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 0.00% | 0.00% |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 100.00% | 99.00% |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 16.00% | 13.00% |
Two Independent Pricing Quotes [Member] | Privately Issued [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements | $ 16 | $ 16 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||||
Interest-bearing deposits at banks | $ 8,896,307 | $ 7,190,154 | ||
Investment securities | 8,956,590 | 9,497,251 | ||
Federal funds sold | 3,500 | |||
Loans and leases: | ||||
Allowance for credit losses | (1,384,366) | (1,051,071) | $ (1,019,337) | $ (1,019,444) |
Loans and leases, net | 92,757,909 | 89,871,798 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (35,554,715) | (32,396,407) | ||
Savings and interest-checking deposits | (57,956,331) | (54,932,162) | ||
Time deposits | (5,454,341) | (5,757,456) | ||
Deposits at Cayman Islands office | (1,217,921) | (1,684,044) | ||
Long-term borrowings | (6,321,435) | (6,986,186) | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,298,192 | 1,432,805 | ||
Interest-bearing deposits at banks | 8,896,307 | 7,190,154 | ||
Trading account assets | 1,224,291 | 470,129 | ||
Investment securities | 8,956,590 | 9,497,251 | ||
Federal funds sold | 3,500 | |||
Loans and leases: | ||||
Consumer loans | 15,571,507 | 15,386,693 | ||
Allowance for credit losses | (1,384,366) | (1,051,071) | ||
Loans and leases, net | 92,757,909 | 89,871,798 | ||
Accrued interest receivable | 329,898 | 333,142 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (35,554,715) | (32,396,407) | ||
Savings and interest-checking deposits | (57,956,331) | (54,932,162) | ||
Time deposits | (5,454,341) | (5,757,456) | ||
Deposits at Cayman Islands office | (1,217,921) | (1,684,044) | ||
Short-term borrowings | (59,180) | (62,363) | ||
Long-term borrowings | (6,321,435) | (6,986,186) | ||
Accrued interest payable | (88,267) | (105,374) | ||
Trading account liabilities | (125,746) | (79,903) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 35,027 | 10,740 | ||
Commitments to sell real estate loans | (32,638) | 300 | ||
Other credit-related commitments | (142,012) | (136,470) | ||
Interest rate swap agreements used for interest rate risk management | 2,983 | (1,762) | ||
Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 26,243,648 | 23,838,168 | ||
Carrying Amount [Member] | Commercial [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 36,684,106 | 35,541,914 | ||
Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 15,643,014 | 16,156,094 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,298,192 | 1,432,805 | ||
Interest-bearing deposits at banks | 8,896,307 | 7,190,154 | ||
Trading account assets | 1,224,291 | 470,129 | ||
Investment securities | 9,053,797 | 9,539,540 | ||
Federal funds sold | 3,500 | |||
Loans and leases: | ||||
Consumer loans | 15,100,531 | 15,413,262 | ||
Loans and leases, net | 92,110,924 | 90,668,624 | ||
Accrued interest receivable | 329,898 | 333,142 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (35,554,715) | (32,396,407) | ||
Savings and interest-checking deposits | (57,956,331) | (54,932,162) | ||
Time deposits | (5,512,518) | (5,829,347) | ||
Deposits at Cayman Islands office | (1,217,921) | (1,684,044) | ||
Short-term borrowings | (59,180) | (62,363) | ||
Long-term borrowings | (6,233,069) | (7,063,165) | ||
Accrued interest payable | (88,267) | (105,374) | ||
Trading account liabilities | (125,746) | (79,903) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 35,027 | 10,740 | ||
Commitments to sell real estate loans | (32,638) | 300 | ||
Other credit-related commitments | (142,012) | (136,470) | ||
Interest rate swap agreements used for interest rate risk management | 2,983 | (1,762) | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,256,378 | 1,394,984 | ||
Trading account assets | 47,497 | 49,040 | ||
Investment securities | 115,206 | 100,637 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 41,814 | 37,821 | ||
Interest-bearing deposits at banks | 8,896,307 | 7,190,154 | ||
Trading account assets | 1,176,794 | 421,089 | ||
Investment securities | 8,860,172 | 9,351,793 | ||
Federal funds sold | 3,500 | |||
Loans and leases: | ||||
Loans and leases, net | 4,208,047 | 4,019,186 | ||
Accrued interest receivable | 329,898 | 333,142 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (35,554,715) | (32,396,407) | ||
Savings and interest-checking deposits | (57,956,331) | (54,932,162) | ||
Time deposits | (5,512,518) | (5,829,347) | ||
Deposits at Cayman Islands office | (1,217,921) | (1,684,044) | ||
Short-term borrowings | (59,180) | (62,363) | ||
Long-term borrowings | (6,233,069) | (7,063,165) | ||
Accrued interest payable | (88,267) | (105,374) | ||
Trading account liabilities | (125,746) | (79,903) | ||
Other financial instruments: | ||||
Commitments to sell real estate loans | (32,638) | 300 | ||
Interest rate swap agreements used for interest rate risk management | 2,983 | (1,762) | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment securities | 78,419 | 87,110 | ||
Loans and leases: | ||||
Consumer loans | 15,100,531 | 15,413,262 | ||
Loans and leases, net | 87,902,877 | 86,649,438 | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 35,027 | 10,740 | ||
Other credit-related commitments | (142,012) | (136,470) | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 25,609,215 | 23,510,908 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial Loans And Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 25,609,215 | 23,510,908 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 35,576,538 | 35,517,180 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 250,414 | 28,338 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 35,326,124 | 35,488,842 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 15,824,640 | 16,227,274 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Residential Real Estate Loans [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | 3,957,633 | 3,990,848 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Residential Real Estate Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Commercial loans and leases | $ 11,867,007 | $ 12,236,426 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,480,697 | $ 5,442,160 |
Commercial real estate loans to be sold | 291,459 | 164,076 |
Other commercial real estate | 9,021,342 | 9,029,608 |
Residential real estate loans to be sold | 711,970 | 423,056 |
Other residential real estate | 810,145 | 448,375 |
Commercial and other | 15,220,152 | 16,170,731 |
Standby letters of credit | 2,440,312 | 2,441,432 |
Commercial letters of credit | 34,841 | 41,059 |
Financial guarantees and indemnification contracts | 4,072,127 | 4,108,572 |
Commitments to sell real estate loans | $ 1,323,837 | $ 906,037 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2020USD ($)ESOP | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Commitments to extend credit to commercial customers | $ 8,900,000,000 | $ 9,100,000,000 | |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,800,000,000 | $ 3,900,000,000 | |
Settlement amount | 88,000,000 | ||
Increased recorded liability for legal-related matters | $ 50,000,000 | ||
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 | ||
Employee Stock Ownership Plans [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement amount | $ 80,000,000 | ||
Number of ESOPs | ESOP | 21 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net income | $ 268,822 | $ 482,742 |
Net Income (Loss) | 268,822 | 482,742 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,506,165 | 1,550,825 |
Business Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 32,926 | 43,271 |
Net Income (Loss) | 32,926 | 43,271 |
Business Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 137,833 | 139,322 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 885 | 856 |
Commercial Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 143,732 | 132,218 |
Net Income (Loss) | 143,732 | 132,218 |
Commercial Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 291,776 | 267,490 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,053 | 840 |
Commercial Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 117,408 | 117,498 |
Net Income (Loss) | 117,408 | 117,498 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 223,305 | 219,173 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 409 | 354 |
Discretionary Portfolio [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 25,668 | 39,172 |
Net Income (Loss) | 25,668 | 39,172 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 49,219 | 63,917 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | (13,037) | (9,299) |
Residential Mortgage Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 24,616 | 12,941 |
Net Income (Loss) | 24,616 | 12,941 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 125,561 | 83,761 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 21,417 | 14,514 |
Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 110,246 | 145,066 |
Net Income (Loss) | 110,246 | 145,066 |
Retail Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 402,683 | 430,891 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 267 | 2,511 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | (185,774) | (7,424) |
Net Income (Loss) | (185,774) | (7,424) |
All Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 275,788 | 346,271 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | $ (10,994) | $ (9,776) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 120,585 | $ 119,584 | $ 116,839 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 6,006 | 5,793 | 5,702 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 29,172 | 28,142 | 27,858 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 24,849 | 23,921 | 23,572 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 27,143 | 29,081 | 30,341 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 3,218 | 2,611 | 2,071 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 16,002 | 15,083 | 14,403 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 14,195 | $ 14,953 | $ 12,892 |
Segment Information - Summary_2
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Taxable-equivalent adjustment | $ 5,063,000 | $ 5,967,000 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 6,321,435,000 | $ 6,986,186,000 | |
Bayview Lending Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
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 | 23,000,000 | $ 37,000,000 | |
Bayview Lending Group and Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of mortgage servicing rights | 2,100,000,000 | 2,200,000,000 | |
Revenue from contract with customer | 3,000,000 | 3,000,000 | |
Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 61,900,000,000 | 62,800,000,000 | |
Revenues from sub-servicing | 37,000,000 | $ 28,000,000 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 90,000,000 | $ 93,000,000 | |
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | 690,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 85,000,000 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 1,384,366 | $ 1,051,071 | $ 1,019,337 | $ 1,019,444 | |
ASU 2016-13 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 132,000 | ||||
Cumulative effect adjustment to retained earnings | $ 132,000 |