Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Entity [Abstract] | ||
Entity Registrant Name | BBVA USA BANCSHARES, INC. | |
Entity Central Index Key | 0001409775 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 222,963,891 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 1,117,458 | $ 1,217,319 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 5,356,141 | 2,115,307 |
Cash and cash equivalents | 6,473,599 | 3,332,626 |
Trading account assets | 564,000 | 237,656 |
Debt securities available for sale | 7,612,590 | 10,981,216 |
Debt securities held to maturity (fair value of $6,514,496 and $2,925,420 at September 30, 2019 and December 31, 2018, respectively) | 6,334,634 | 2,885,613 |
Loans held for sale, at fair value | 134,314 | 68,766 |
Loans | 63,320,571 | 65,186,554 |
Allowance for loan losses | 942,191 | 885,242 |
Net loans | 62,378,380 | 64,301,312 |
Premises and equipment, net | 1,085,635 | 1,152,958 |
Bank owned life insurance | 746,819 | 736,171 |
Goodwill | 4,983,296 | 4,983,296 |
Other assets | 2,600,820 | 2,267,560 |
Total assets | 92,914,087 | 90,947,174 |
Deposits: | ||
Noninterest bearing | 21,019,303 | 20,183,876 |
Interest bearing | 52,550,139 | 51,984,111 |
Total deposits | 73,569,442 | 72,167,987 |
FHLB and other borrowings | 3,709,949 | 3,987,590 |
Federal funds purchased and securities sold under agreements to repurchase | 117,421 | 102,275 |
Other short-term borrowings | 45 | 0 |
Accrued expenses and other liabilities | 1,415,612 | 1,176,793 |
Total liabilities | 78,812,469 | 77,434,645 |
Shareholder’s Equity: | ||
Series A Preferred stock, $.0.01 par value, liquidation preference $200,000 per share, authorized — 30,000,000 shares, issued — 1,150 at both September 30, 2019 and December 31, 2018 | 229,475 | 229,475 |
Common stock — $0.01 par value; authorized — 300,000,000 shares, issued — 222,963,891 and 222,950,751 shares at September 30, 2019 and December 31, 2018, respectively | 2,230 | 2,230 |
Surplus | 14,359,966 | 14,545,849 |
Accumulated deficit | (585,859) | (1,107,198) |
Accumulated other comprehensive income (loss) | 66,009 | (186,848) |
Total BBVA USA Bancshares, Inc. shareholder’s equity | 14,071,821 | 13,483,508 |
Noncontrolling interests | 29,797 | 29,021 |
Total shareholder’s equity | 14,101,618 | 13,512,529 |
Total liabilities and shareholder’s equity | $ 92,914,087 | $ 90,947,174 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, estimated fair value | $ 6,514,496 | $ 2,925,420 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 200,000 | $ 200,000 |
Preferred stock, number of shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, number of shares issued | 1,150 | 1,150 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, number of shares authorized | 300,000,000 | 300,000,000 |
Common stock, number of shares issued | 222,963,891 | 222,950,751 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 771,245 | $ 751,470 | $ 2,359,500 | $ 2,126,411 |
Interest on debt securities available for sale | 36,051 | 53,201 | 134,698 | 163,595 |
Interest on debt securities held to maturity | 38,893 | 16,110 | 101,701 | 41,598 |
Interest on trading account assets | 487 | 833 | 1,627 | 2,507 |
Interest and dividends on other earning assets | 46,528 | 17,449 | 105,319 | 44,240 |
Total interest income | 893,204 | 839,063 | 2,702,845 | 2,378,351 |
Interest expense: | ||||
Interest on deposits | 203,979 | 139,898 | 588,811 | 353,568 |
Interest on FHLB and other borrowings | 32,975 | 37,131 | 104,901 | 93,799 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 15,137 | 3,169 | 24,886 | 5,104 |
Interest on other short-term borrowings | 72 | 579 | 368 | 1,490 |
Total interest expense | 252,163 | 180,777 | 718,966 | 453,961 |
Net interest income | 641,041 | 658,286 | 1,983,879 | 1,924,390 |
Provision for loan losses | 140,629 | 94,964 | 477,939 | 243,273 |
Net interest income after provision for loan losses | 500,412 | 563,322 | 1,505,940 | 1,681,117 |
Noninterest income: | ||||
Noninterest income | 210,564 | 181,370 | 595,091 | 554,537 |
Corporate and correspondent investment sales | 11,799 | 12,490 | 24,298 | 40,901 |
Mortgage banking | 8,204 | 6,717 | 19,011 | 23,078 |
Bank owned life insurance | 3,508 | 4,597 | 12,895 | 13,187 |
Investment securities gains, net | 21,003 | 0 | 29,961 | 0 |
Other | 66,241 | 53,285 | 182,104 | 154,600 |
Total noninterest income | 321,319 | 258,459 | 863,360 | 786,303 |
Noninterest expense: | ||||
Salaries, benefits and commissions | 295,092 | 292,679 | 884,111 | 868,971 |
Professional services | 72,903 | 68,403 | 210,583 | 197,625 |
Equipment | 63,908 | 63,739 | 191,940 | 190,759 |
Net occupancy | 42,241 | 42,514 | 123,298 | 125,607 |
Money transfer expense | 18,005 | 16,120 | 50,273 | 46,143 |
Securities impairment: | ||||
Other-than-temporary impairment | 0 | 418 | 221 | 989 |
Less: non-credit portion recognized in other comprehensive income | 0 | 135 | 108 | 397 |
Total securities impairment | 0 | 283 | 113 | 592 |
Other | 106,738 | 121,772 | 318,856 | 318,271 |
Total noninterest expense | 598,887 | 605,510 | 1,779,174 | 1,747,968 |
Net income before income tax expense | 222,844 | 216,271 | 590,126 | 719,452 |
Income tax expense | 39,899 | 41,756 | 106,014 | 151,849 |
Net income | 182,945 | 174,515 | 484,112 | 567,603 |
Less: net income attributable to noncontrolling interests | 514 | 426 | 1,669 | 1,482 |
Net income attributable to BBVA USA Bancshares, Inc. | 182,431 | 174,089 | 482,443 | 566,121 |
Less: preferred stock dividends | 4,561 | 4,576 | 13,771 | 12,699 |
Net income attributable to common shareholder | 177,870 | 169,513 | 468,672 | 553,422 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Noninterest income | 65,143 | 60,325 | 185,782 | 175,067 |
Card and merchant processing fees | ||||
Noninterest income: | ||||
Noninterest income | 50,385 | 44,219 | 146,742 | 127,945 |
Investment services sales fees | ||||
Noninterest income: | ||||
Noninterest income | 29,287 | 28,286 | 87,316 | 88,176 |
Money transfer income | ||||
Noninterest income: | ||||
Noninterest income | 26,020 | 23,441 | 73,273 | 68,049 |
Investment banking and advisory fees | ||||
Noninterest income: | ||||
Noninterest income | 28,324 | 13,956 | 67,939 | 62,398 |
Asset management fees | ||||
Noninterest income: | ||||
Noninterest income | $ 11,405 | $ 11,143 | $ 34,039 | $ 32,902 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 182,945 | $ 174,515 | $ 484,112 | $ 567,603 |
Other comprehensive income, net of tax: | ||||
Net unrealized gains (losses) arising during period from debt securities available for sale | 32,464 | (31,189) | 169,868 | (106,320) |
Less: reclassification adjustment for net gains on sale of debt securities available for sale in net income | 16,023 | 0 | 22,857 | 0 |
Net change in net unrealized holding gains (losses) on debt securities available for sale | 16,441 | (31,189) | 147,011 | (106,320) |
Change in unamortized net holding losses on debt securities held to maturity | 2,223 | 1,989 | 5,905 | 6,522 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | 0 | (30,487) |
Less: non-credit related impairment on debt securities held to maturity | 0 | 103 | 82 | 303 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 175 | 208 | 675 | 623 |
Net change in unamortized holding gains (losses) on debt securities held to maturity | 2,398 | 2,094 | 6,498 | (23,645) |
Unrealized holding gains arising during period from cash flow hedge instruments | 33,662 | 10,996 | 131,665 | 19,340 |
Change in defined benefit plans | 0 | 0 | 3,119 | (3,379) |
Other comprehensive income (loss), net of tax | 52,501 | (18,099) | 288,293 | (114,004) |
Comprehensive income | 235,446 | 156,416 | 772,405 | 453,599 |
Less: comprehensive income attributable to noncontrolling interests | 514 | 426 | 1,669 | 1,482 |
Comprehensive income attributable to BBVA USA Bancshares, Inc. | $ 234,932 | $ 155,990 | $ 770,736 | $ 452,117 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | ASU 2016-01 | $ 13 | $ (13) | ||||||
Balance, as adjusted | $ 13,013,310 | $ 229,475 | $ 2,230 | $ 14,818,608 | (1,868,646) | (197,418) | $ 29,061 | |
Balance, beginning of period at Dec. 31, 2017 | 13,013,310 | 229,475 | 2,230 | 14,818,608 | (1,868,659) | (197,405) | 29,061 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 567,603 | 566,121 | 1,482 | |||||
Other comprehensive income (loss), net of tax | (114,004) | (114,004) | ||||||
Preferred stock dividends | (13,735) | (12,699) | (1,036) | |||||
Common stock dividends | (110,000) | (110,000) | ||||||
Capital contribution | 25 | 25 | ||||||
Vesting of restricted stock | (712) | (712) | ||||||
Balance, end of period at Sep. 30, 2018 | 13,342,487 | 229,475 | 2,230 | 14,695,197 | (1,302,525) | (311,422) | 29,532 | |
Balance, beginning of period at Jun. 30, 2018 | 13,190,644 | 229,475 | 2,230 | 14,699,773 | (1,476,614) | (293,323) | 29,103 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 174,515 | 174,089 | 426 | |||||
Other comprehensive income (loss), net of tax | (18,099) | (18,099) | ||||||
Preferred stock dividends | (4,576) | (4,576) | ||||||
Capital contribution | 3 | 3 | ||||||
Balance, end of period at Sep. 30, 2018 | 13,342,487 | 229,475 | 2,230 | 14,695,197 | (1,302,525) | (311,422) | 29,532 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | ASU 2016-02, 2017-12, 2018-02 | [1] | 3,460 | 38,896 | (35,436) | ||||
Balance, as adjusted | 13,515,989 | 229,475 | 2,230 | 14,545,849 | (1,068,302) | (222,284) | 29,021 | |
Balance, beginning of period at Dec. 31, 2018 | 13,512,529 | 229,475 | 2,230 | 14,545,849 | (1,107,198) | (186,848) | 29,021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 484,112 | 482,443 | 1,669 | |||||
Other comprehensive income (loss), net of tax | 288,293 | 288,293 | ||||||
Issuance of common stock | 802 | 802 | ||||||
Preferred stock dividends | (14,808) | (13,771) | (1,037) | |||||
Common stock dividends | (170,000) | (170,000) | ||||||
Capital contribution | 144 | 144 | ||||||
Vesting of restricted stock | (2,914) | (2,914) | ||||||
Balance, end of period at Sep. 30, 2019 | 14,101,618 | 229,475 | 2,230 | 14,359,966 | (585,859) | 66,009 | 29,797 | |
Balance, beginning of period at Jun. 30, 2019 | 13,870,723 | 229,475 | 2,230 | 14,364,527 | (768,290) | 13,508 | 29,273 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 182,945 | 182,431 | 514 | |||||
Other comprehensive income (loss), net of tax | 52,501 | 52,501 | ||||||
Preferred stock dividends | (4,561) | (4,561) | ||||||
Capital contribution | 10 | 10 | ||||||
Balance, end of period at Sep. 30, 2019 | $ 14,101,618 | $ 229,475 | $ 2,230 | $ 14,359,966 | $ (585,859) | $ 66,009 | $ 29,797 | |
[1] | Related to the Company's adoption of ASU 2016-02, ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1, Basis of Presentation, for additional information. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net income | $ 484,112 | $ 567,603 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 194,040 | 183,839 |
Securities impairment | 113 | 592 |
Amortization of intangibles | 0 | 3,933 |
Accretion of discount, loan fees and purchase market adjustments, net | (26,732) | (48,771) |
Provision for loan losses | 477,939 | 243,273 |
Net change in trading account assets | (326,344) | 3,747 |
Net change in trading account liabilities | (5,891) | 61,599 |
Originations and purchases of mortgage loans held for sale | (554,488) | (486,143) |
Sale of mortgage loans held for sale | 509,685 | 494,542 |
Deferred tax benefit | (11,611) | (949) |
Investment securities gains, net | (29,961) | 0 |
Net gain on sale of premises and equipment | (7,077) | (194) |
Gain on sale of loans | (925) | 0 |
Gain on sale of mortgage loans held for sale | (20,745) | (14,858) |
Net loss (gain) on sale of other real estate and other assets | 1,436 | (122) |
Decrease (increase) in other assets | 95,117 | (171,203) |
(Decrease) increase in other liabilities | (14,147) | 23,883 |
Net cash provided by operating activities | 764,521 | 860,771 |
Investing Activities: | ||
Proceeds from sales of debt securities available for sale | 2,442,176 | 0 |
Proceeds from prepayments, maturities and calls of debt securities available for sale | 3,556,157 | 2,749,439 |
Purchases of debt securities available for sale | (2,454,096) | (2,947,622) |
Proceeds from sales of equity securities | 180,375 | 640,662 |
Purchases of equity securities | (182,504) | (648,083) |
Proceeds from prepayments, maturities and calls of debt securities held to maturity | 234,157 | 267,913 |
Purchases of debt securities held to maturity | (3,688,706) | (709,510) |
Net change in loan portfolio | 93,914 | (3,058,583) |
Proceeds from sales of loans | 1,353,379 | 46,055 |
Purchases of premises and equipment | (88,647) | (90,163) |
Proceeds from sales of premises and equipment | 12,812 | 3,604 |
Proceeds from settlement of BOLI policies | 3,331 | 4,321 |
Cash payments for premiums of BOLI policies | (26) | (26) |
Proceeds from sales of other real estate owned | 21,569 | 15,943 |
Net cash provided by (used in) investing activities | 1,483,891 | (3,726,050) |
Financing Activities: | ||
Net increase in total deposits | 1,414,158 | 1,135,463 |
Net increase in federal funds purchased and securities sold under agreements to repurchase | 15,146 | 58,413 |
Net increase in other short-term borrowings | 45 | 50,718 |
Proceeds from FHLB and other borrowings | 4,436,995 | 17,273,916 |
Repayment of FHLB and other borrowings | (4,790,177) | (16,130,158) |
Capital contribution for non-controlling interest | 144 | 25 |
Vesting of restricted stock | (2,914) | (712) |
Issuance of common stock | 802 | 0 |
Common dividends paid | (170,000) | (110,000) |
Preferred dividends paid | (14,808) | (13,735) |
Net cash provided by financing activities | 889,391 | 2,263,930 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,137,803 | (601,349) |
Cash, cash equivalents and restricted cash at beginning of year | 3,501,380 | 4,270,950 |
Cash, cash equivalents and restricted cash at end of period | $ 6,639,183 | $ 3,669,601 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation General Effective June 10, 2019, the Company amended its Certificate of Formation to change its legal name from BBVA Compass Bancshares, Inc. to BBVA USA Bancshares, Inc. The accounting and reporting policies of the Company and the methods of applying those policies that materially affect the consolidated financial statements conform with U.S. GAAP and with general financial services industry practices. The accompanying unaudited consolidated financial statements include the accounts of BBVA USA Bancshares, Inc. and its subsidiaries and have been prepared in conformity with U.S. GAAP for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the condensed consolidated financial statements have been included. Operating results for the three and nine months ended September 30, 2019 , are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 . These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . The Company has evaluated subsequent events for potential recognition and disclosure through the filing date of this Quarterly Report on Form 10-Q to determine if either recognition or disclosure of significant events or transactions is required. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, the most significant of which relate to the allowance for loan losses, goodwill impairment, fair value measurements and income taxes. Actual results could differ from those estimates. Recently Adopted Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes ASC Topic 840, Leases . Subsequently, the FASB issued ASU 2018-01 in January 2018 which provides a practical expedient for land easements and issued ASU 2018-11 in July 2018 which includes an option to recognize a cumulative effect adjustment to retained earnings in the period of adoption instead of applying the guidance to prior comparative periods. This ASU, as amended, requires lessees to recognize right-of-use assets and associated liabilities that arise from leases, with the exception of short-term leases. Subsequent accounting for leases varies depending on whether the lease is classified as an operating lease or a finance lease. This ASU, as amended, does not make significant changes to lessor accounting. There are several new qualitative and quantitative disclosures required. Upon transition, lessees and lessors have the option to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective transition approach or to apply the modified retrospective approach with an additional, optional transition method that initially applies this ASU as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted this ASU, as amended, on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to retained earnings without restating comparable periods. The Company also elected the transition relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short term leases with a term of less than one year. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. At January 1, 2019, the Company recognized right-of-use assets of $290 million and lease liabilities of $332 million . The right-of-use assets and corresponding lease liabilities, recorded upon adoption, were primarily based on the present value of unpaid future minimum lease payments as of January 1, 2019. Those amounts were impacted by assumptions related to renewals and/or extensions of existing lease contracts and the interest rate used to discount those future lease obligations. Additionally, the Company recognized a cumulative effect adjustment of approximately $3.5 million at adoption to increase the beginning balance of retained earnings as of January 1, 2019 for the remaining deferred gains on sale-leaseback transactions which occurred prior to adoption. This ASU will not have a material impact on the timing of expense recognition on the Company's results of operations. See Note 7 , Leases , for the required disclosures in accordance with this ASU. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over a period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. The Company adopted this ASU on January 1, 2019. The adoption of this standard had no impact on the financial condition or results of operations of the Company. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In October 2018, the FASB issued ASU 2018-16, Inclusion of the SOFR OIS Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the OIS rate based on SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The Company adopted these ASUs on January 1, 2019. The adoption of these standards did not have a material impact on the financial condition or results of operations of the Company. The adoption resulted in an immaterial cumulative effect adjustment to the opening balance of retained earnings. For additional information on the Company’s derivative and hedging activities, see Note 5 , Derivatives and Hedging . Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company adopted this ASU on January 1, 2019 and reclassified approximately $35.4 million from accumulated other comprehensive income to retained earnings. Recently Issued Accounting Standards Not Yet Adopted Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduces new guidance for the accounting for credit losses on instruments within its scope. The new approach changes the impairment model for most financial assets, and will require the use of an “expected credit loss” model for financial instruments measured at amortized cost and certain other instruments. This model applies to receivables, loans, debt securities, and off-balance sheet credit exposures. This model requires entities to estimate the lifetime expected credit loss on such instruments and record an allowance that represents the portion of the amortized cost basis that the entity does not expect to collect. This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not a credit loss exists. The amended model states that an entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra account to the amortized cost basis, instead of a direct reduction of the amortized cost basis of the investment, as under current guidance. As a result, entities will recognize improvements to estimated credit losses on available-for-sale debt securities immediately in earnings as opposed to in interest income over time. There are also additional disclosure requirements included in this guidance. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early application of this ASU is permitted. The Company intends to adopt this standard on January 1, 2020. Adoption will be applied on a modified retrospective basis with the cumulative effect of initially applying the amendments recognized in retained earnings at the date of initial application. However, certain provisions of the guidance are only required to be applied on a prospective basis. The Company’s implementation process includes data sourcing and validation, loss model development, development of governance processes, development of a qualitative framework, documentation and governance surrounding economic forecast for credit loss purposes, evaluation of technical accounting topics, updates to allowance policies and methodology documentation, development of reporting processes and related internal controls, and overall operational readiness for adoption of the amended guidance, which will continue throughout 2019, including parallel runs alongside the Company’s current allowance process. Parallel runs that have been more focused on the operational process have been performed in the second and third quarters of 2019. Parallel runs will be enhanced throughout the remainder of 2019 to include the qualitative framework, supporting analytics, end-to-end governance, internal controls and disclosures. The Company provides updates to senior management and the Audit Committee. These communications provide an update on the status of the implementation project plan and any identified risks. The Company is currently in the process of evaluating the impact of the amended guidance on its Condensed Consolidated Financial Statements. It currently expects the allowance for loan losses to increase upon adoption given that the allowance will be required to cover the expected life of the loan portfolio upon adoption. The extent of this impact is still being evaluated and will depend on economic conditions, economic forecasts and the composition and credit quality of the Company's loan portfolio at the time of adoption. The amended guidance in this ASU eliminates the current accounting model for purchased-credit-impaired loans, but requires an allowance to be recognized for purchased-credit-deteriorated assets (those that have experienced more-than-insignificant deterioration in credit quality since origination). The Company will have no impact from purchased-credit-deteriorated assets upon adoption. Upon adoption, the Company does not expect to record a material allowance with respect to HTM and AFS securities as the portfolios consist primarily of agency-backed securities that inherently have minimal nonpayment risk. In November 2018, the FASB issued ASU 2018-19 and in April and May 2019, the FASB issued ASU 2019-04 and ASU 2019-05, respectively, which made minor clarifications to the guidance in ASU 2016-13. The FASB has also established a Transition Resource Group for Credit Losses to evaluate implementation issues arising from the amended guidance and make recommendations to the FASB on which issues may warrant the issuance of additional clarifying guidance. The Company continues to monitor the issues discussed by the Transition Resource Group and the recommended amendments proposed to the FASB as part of its implementation analysis. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a prospective method. Based on the Company’s most recent qualitative goodwill impairment assessment performed as of October 31, 2018, there were no reporting units for which it was more-likely-than-not that the carrying amount of a reporting unit exceeded its respective fair value; therefore, this ASU would not currently have an impact on the Company’s Consolidated Financial Statements or related disclosures. However, if upon adoption, which is expected to occur on January 1, 2020, the carrying amount of a reporting unit exceeds its respective fair value, the Company would be required to recognize an impairment charge for the amount that the carrying value exceeds the fair value. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this ASU modify the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurements . This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on its fair value disclosures. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. |
Debt Securities Available for S
Debt Securities Available for Sale and Debt Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available for Sale and Debt Securities Held to Maturity | Debt Securities Available for Sale and Debt Securities Held to Maturity The following tables present the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity. September 30, 2019 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 3,186,688 $ 20,413 $ 38,600 $ 3,168,501 Agency mortgage-backed securities 1,477,410 18,125 9,710 1,485,825 Agency collateralized mortgage obligations 2,950,019 13,760 6,318 2,957,461 States and political subdivisions 756 47 — 803 Total $ 7,614,873 $ 52,345 $ 54,628 $ 7,612,590 Debt securities held to maturity: U.S. Treasury and other U.S. government agencies $ 1,285,850 $ 62,972 $ — $ 1,348,822 Collateralized mortgage obligations: Agency 4,318,121 114,366 11,071 4,421,416 Non-agency 39,657 8,132 196 47,593 Asset-backed securities and other 55,222 1,350 1,336 55,236 States and political subdivisions 635,784 12,384 6,739 641,429 Total $ 6,334,634 $ 199,204 $ 19,342 $ 6,514,496 December 31, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 5,525,902 $ 13,000 $ 107,435 $ 5,431,467 Agency mortgage-backed securities 2,156,872 9,402 36,453 2,129,821 Agency collateralized mortgage obligations 3,492,538 4,021 77,580 3,418,979 States and political subdivisions 886 63 — 949 Total $ 11,176,198 $ 26,486 $ 221,468 $ 10,981,216 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 2,089,860 $ 26,988 $ 10,338 $ 2,106,510 Non-agency 46,834 7,198 1,129 52,903 Asset-backed securities and other 61,304 2,346 471 63,179 States and political subdivisions 687,615 18,545 3,332 702,828 Total $ 2,885,613 $ 55,077 $ 15,270 $ 2,925,420 The investments held within the states and political subdivision caption of debt securities held to maturity relate to private placement transactions underwritten as loans by the Company but that meet the definition of a security within ASC Topic 320, Investments – Debt Securities . The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale debt securities and held to maturity debt securities that were in a loss position at September 30, 2019 and December 31, 2018 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2019 Securities in a loss position for less than 12 months Securities in a loss position for 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 83,020 $ 86 $ 854,321 $ 38,514 $ 937,341 $ 38,600 Agency mortgage-backed securities 33,955 64 881,426 9,646 915,381 9,710 Agency collateralized mortgage obligations 483,488 723 752,903 5,595 1,236,391 6,318 Total $ 600,463 $ 873 $ 2,488,650 $ 53,755 $ 3,089,113 $ 54,628 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 752,834 $ 11,071 $ — $ — $ 752,834 $ 11,071 Non-agency 8,109 99 5,320 97 13,429 196 Asset-backed securities and other 43,549 879 9,278 457 52,827 1,336 States and political subdivisions 171,340 6,595 30,926 144 202,266 6,739 Total $ 975,832 $ 18,644 $ 45,524 $ 698 $ 1,021,356 $ 19,342 December 31, 2018 Securities in a loss position for less than 12 months Securities in a loss position for 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 338 $ 1 $ 3,879,564 $ 107,434 $ 3,879,902 $ 107,435 Agency mortgage-backed securities 68,404 279 1,533,156 36,174 1,601,560 36,453 Agency collateralized mortgage obligations 116,052 132 2,710,008 77,448 2,826,060 77,580 Total $ 184,794 $ 412 $ 8,122,728 $ 221,056 $ 8,307,522 $ 221,468 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ — $ — $ 845,512 $ 10,338 $ 845,512 $ 10,338 Non-agency 3,715 71 13,195 1,058 16,910 1,129 Asset-backed securities and other 6,911 87 5,994 384 12,905 471 States and political subdivisions 116,925 2,148 118,834 1,184 235,759 3,332 Total $ 127,551 $ 2,306 $ 983,535 $ 12,964 $ 1,111,086 $ 15,270 As indicated in the previous tables, at September 30, 2019 , the Company held debt securities in unrealized loss positions. The Company does not intend to sell these securities nor is it more-likely-than-not-that it will be required to sell these securities before their anticipated recovery. The Company regularly evaluates each available for sale and held to maturity debt security in a loss position for OTTI. In its evaluation, the Company considers such factors as the length of time and the extent to which the fair value has been below cost, the financial condition of the issuer, the Company’s intent to hold the security to an expected recovery in market value and whether it is more-likely-than-not-that the Company will have to sell the security before its fair value recovers. Activity related to the credit loss component of the OTTI is recognized in earnings. The portion of OTTI related to all other factors is recognized in other comprehensive income. Management does not believe that any individual unrealized loss in the Company’s debt securities available for sale or held to maturity portfolios, presented in the preceding tables, represents an OTTI at either September 30, 2019 or December 31, 2018 , other than those noted below. The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In Thousands) Balance at beginning of period $ 23,529 $ 23,133 $ 23,416 $ 22,824 Reductions for securities paid off during the period (realized) — — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — — — Additions for the credit component on debt securities in which OTTI was previously recognized — 283 113 592 Balance at end of period $ 23,529 $ 23,416 $ 23,529 $ 23,416 For the three months ended September 30, 2019 , there was no OTTI recognized and for the three months ended September 30, 2018 , there was $283 thousand of OTTI recognized on held to maturity securities. For the nine months ended September 30, 2019 and 2018 , there was $113 thousand and $592 thousand , respectively, of OTTI recognized on held to maturity securities. The debt securities primarily impacted by credit impairment are held to maturity non-agency collateralized mortgage obligations. The contractual maturities of the securities portfolios are presented in the following table. September 30, 2019 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Maturing within one year $ 399,828 $ 399,391 Maturing after one but within five years 2,185,935 2,202,123 Maturing after five but within ten years 66,633 67,896 Maturing after ten years 535,048 499,894 3,187,444 3,169,304 Mortgage-backed securities and collateralized mortgage obligations 4,427,429 4,443,286 Total $ 7,614,873 $ 7,612,590 Debt securities held to maturity: Maturing within one year $ 834 $ 835 Maturing after one but within five years 825,404 858,940 Maturing after five but within ten years 937,617 971,268 Maturing after ten years 213,001 214,444 1,976,856 2,045,487 Collateralized mortgage obligations 4,357,778 4,469,009 Total $ 6,334,634 $ 6,514,496 The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Gross gains $ 21,003 $ — $ 29,961 $ — Gross losses — — — — Net realized gains $ 21,003 $ — $ 29,961 $ — |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table presents the composition of the loan portfolio. September 30, 2019 December 31, 2018 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,683,130 $ 26,562,319 Real estate – construction 2,005,347 1,997,537 Commercial real estate – mortgage 13,074,173 13,016,796 Total commercial loans 39,762,650 41,576,652 Consumer loans: Residential real estate – mortgage 13,503,327 13,422,156 Equity lines of credit 2,618,112 2,747,217 Equity loans 263,444 298,614 Credit card 936,147 818,308 Consumer direct 2,388,358 2,553,588 Consumer indirect 3,848,533 3,770,019 Total consumer loans 23,557,921 23,609,902 Total loans $ 63,320,571 $ 65,186,554 Allowance for Loan Losses and Credit Quality The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below: Commercial, Financial and Agricultural Commercial Real Estate (1) Residential Real Estate (2) Consumer (3) Total (In Thousands) Three months ended September 30, 2019 Allowance for loan losses: Beginning balance $ 456,054 $ 117,786 $ 100,351 $ 303,469 $ 977,660 Provision for loan losses 28,787 6,410 3,214 102,218 140,629 Loans charged-off (73,178 ) (2,270 ) (4,835 ) (121,400 ) (201,683 ) Loan recoveries 3,236 79 3,183 19,087 25,585 Net charge-offs (69,942 ) (2,191 ) (1,652 ) (102,313 ) (176,098 ) Ending balance $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Three months ended September 30, 2018 Allowance for loan losses: Beginning balance $ 431,510 $ 113,246 $ 98,032 $ 217,212 $ 860,000 Provision for loan losses 9,560 896 1,446 83,062 94,964 Loans charged-off (20,142 ) (2,328 ) (5,570 ) (73,599 ) (101,639 ) Loan recoveries 6,167 316 3,454 12,131 22,068 Net charge-offs (13,975 ) (2,012 ) (2,116 ) (61,468 ) (79,571 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 Nine Months Ended September 30, 2019 Allowance for loan losses: Beginning balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ 885,242 Provision for loan losses 142,185 9,906 5,147 320,701 477,939 Loan charge-offs (132,006 ) (2,407 ) (14,526 ) (345,028 ) (493,967 ) Loan recoveries 11,405 2,069 9,363 50,140 72,977 Net charge-offs (120,601 ) (338 ) (5,163 ) (294,888 ) (420,990 ) Ending balance $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ 842,760 Provision (credit) for loan losses 39,397 (9,184 ) (7,339 ) 220,399 243,273 Loan charge-offs (42,968 ) (3,217 ) (15,123 ) (210,195 ) (271,503 ) Loan recoveries 10,031 6,398 9,968 34,466 60,863 Net (charge-offs) recoveries (32,937 ) 3,181 (5,155 ) (175,729 ) (210,640 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 (1) Includes commercial real estate – mortgage and real estate – construction loans. (2) Includes residential real estate – mortgage, equity lines of credit and equity loans. (3) Includes credit card, consumer direct and consumer indirect loans. The table below provides a summary of the allowance for loan losses and related loan balances by portfolio. Commercial, Financial and Agricultural Commercial Real Estate (1) Residential Real Estate (2) Consumer (3) Total (In Thousands) September 30, 2019 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 92,309 $ 11,645 $ 23,629 $ 1,083 $ 128,666 Collectively evaluated for impairment 322,590 110,360 78,284 302,291 813,525 Total allowance for loan losses $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Ending balance of loans: Individually evaluated for impairment $ 269,636 $ 83,201 $ 156,814 $ 7,498 $ 517,149 Collectively evaluated for impairment 24,413,494 14,996,319 16,228,069 7,165,540 62,803,422 Total loans $ 24,683,130 $ 15,079,520 $ 16,384,883 $ 7,173,038 $ 63,320,571 December 31, 2018 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 73,072 $ 6,283 $ 26,008 $ 1,880 $ 107,243 Collectively evaluated for impairment 320,243 106,154 75,921 275,681 777,999 Total allowance for loan losses $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ 885,242 Ending balance of loans: Individually evaluated for impairment $ 386,282 $ 85,250 $ 153,342 $ 5,135 $ 630,009 Collectively evaluated for impairment 26,176,037 14,929,083 16,314,645 7,136,780 64,556,545 Total loans $ 26,562,319 $ 15,014,333 $ 16,467,987 $ 7,141,915 $ 65,186,554 (1) Includes commercial real estate – mortgage and real estate – construction loans. (2) Includes residential real estate – mortgage, equity lines of credit and equity loans. (3) Includes credit card, consumer direct and consumer indirect loans. The following tables present information on individually evaluated impaired loans, by loan class. September 30, 2019 Individually Evaluated Impaired Loans With No Recorded Allowance Individually Evaluated Impaired Loans With a Recorded Allowance Recorded Investment Unpaid Principal Balance Allowance Recorded Investment Unpaid Principal Balance Allowance (In Thousands) Commercial, financial and agricultural $ 106,174 $ 109,976 $ — $ 163,462 $ 211,790 $ 92,309 Real estate – construction — — — 120 120 11 Commercial real estate – mortgage 52,645 57,164 — 30,436 32,695 11,634 Residential real estate – mortgage — — — 111,609 111,609 8,616 Equity lines of credit — — — 15,968 15,973 12,155 Equity loans — — — 29,237 30,086 2,858 Credit card — — — — — — Consumer direct — — — 7,311 9,307 899 Consumer indirect — — — 187 187 184 Total loans $ 158,819 $ 167,140 $ — $ 358,330 $ 411,767 $ 128,666 December 31, 2018 Individually Evaluated Impaired Loans With No Recorded Allowance Individually Evaluated Impaired Loans With a Recorded Allowance Recorded Investment Unpaid Principal Balance Allowance Recorded Investment Unpaid Principal Balance Allowance (In Thousands) Commercial, financial and agricultural $ 162,011 $ 196,316 $ — $ 224,271 $ 262,947 $ 73,072 Real estate – construction — — — 138 138 6 Commercial real estate – mortgage 45,628 48,404 — 39,484 44,463 6,277 Residential real estate – mortgage — — — 104,787 104,787 8,711 Equity lines of credit — — — 16,012 16,016 13,334 Equity loans — — — 32,543 33,258 3,963 Credit card — — — — — — Consumer direct — — — 4,715 4,715 1,473 Consumer indirect — — — 420 420 407 Total loans $ 207,639 $ 244,720 $ — $ 422,370 $ 466,744 $ 107,243 The following tables present information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 318,790 $ 496 $ 286,815 $ 29 Real estate – construction 584 2 12,182 1 Commercial real estate – mortgage 77,165 221 80,779 238 Residential real estate – mortgage 109,450 691 105,743 660 Equity lines of credit 16,553 164 16,885 184 Equity loans 29,455 268 33,836 295 Credit card — — — — Consumer direct 7,360 102 923 9 Consumer indirect 203 — 550 1 Total loans $ 559,560 $ 1,944 $ 537,713 $ 1,417 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 377,390 $ 2,033 $ 268,037 $ 622 Real estate – construction 436 6 10,060 5 Commercial real estate – mortgage 79,910 687 82,350 648 Residential real estate – mortgage 107,456 2,021 109,262 2,029 Equity lines of credit 15,617 514 17,833 571 Equity loans 30,568 816 34,814 897 Credit card — — — — Consumer direct 6,459 233 2,197 24 Consumer indirect 280 — 707 4 Total loans $ 618,116 $ 6,310 $ 525,260 $ 4,800 Detailed information on the Company's allowance for loan losses methodology and the Company's impaired loan policy are included in the Notes to the Company's Consolidated Financial Statements for the year ended December 31, 2018 . The Company monitors the credit quality of its commercial portfolio using an internal dual risk rating, which considers both the obligor and the facility. The obligor risk ratings are defined by ranges of default probabilities of the borrowers, through internally assigned letter grades (AAA through D2) and the facility risk ratings are defined by ranges of the loss given default. The combination of those two approaches results in the assessment of the likelihood of loss and it is mapped to the regulatory classifications. The Company assigns internal risk ratings at loan origination and at regular intervals subsequent to origination. Loan review intervals are dependent on the size and risk grade of the loan, and are generally conducted at least annually. Additional reviews are conducted when information affecting the loan’s risk grade becomes available. The general characteristics of the risk grades are as follows: • The Company’s internally assigned letter grades “AAA” through “B-” correspond to the regulatory classification “Pass.” These loans do not have any identified potential or well-defined weaknesses and have a high likelihood of orderly repayment. Exceptions exist when either the facility is fully secured by a CD and held at the Company or the facility is secured by properly margined and controlled marketable securities. • Internally assigned letter grades “CCC+” through “CCC” correspond to the regulatory classification “Special Mention.” Loans within this classification have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. • Internally assigned letter grades “CCC-” through “D1” correspond to the regulatory classification “Substandard.” A loan classified as substandard is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the loan. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • The internally assigned letter grade “D2” corresponds to the regulatory classification “Doubtful.” Loans classified as doubtful have all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The Company considers payment history as the best indicator of credit quality for the consumer portfolio. Nonperforming loans in the tables below include loans classified as nonaccrual, loans 90 days or more past due and loans modified in a TDR 90 days or more past due. The following tables, which exclude loans held for sale, illustrate the credit quality indicators associated with the Company’s loans, by loan class. Commercial September 30, 2019 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,417,187 $ 1,921,410 $ 12,718,589 Special Mention 661,147 10,430 170,527 Substandard 502,442 73,507 171,154 Doubtful 102,354 — 13,903 $ 24,683,130 $ 2,005,347 $ 13,074,173 December 31, 2018 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 25,395,640 $ 1,971,852 $ 12,620,421 Special Mention 412,129 12,372 215,322 Substandard 631,706 13,313 170,303 Doubtful 122,844 — 10,750 $ 26,562,319 $ 1,997,537 $ 13,016,796 Consumer September 30, 2019 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,345,060 $ 2,579,161 $ 254,015 $ 916,110 $ 2,363,237 $ 3,805,994 Nonperforming 158,267 38,951 9,429 20,037 25,121 42,539 $ 13,503,327 $ 2,618,112 $ 263,444 $ 936,147 $ 2,388,358 $ 3,848,533 December 31, 2018 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,248,822 $ 2,707,289 $ 287,392 $ 801,297 $ 2,535,724 $ 3,742,394 Nonperforming 173,334 39,928 11,222 17,011 17,864 27,625 $ 13,422,156 $ 2,747,217 $ 298,614 $ 818,308 $ 2,553,588 $ 3,770,019 The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. September 30, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Accruing TDRs Total Past Due and Impaired Not Past Due or Impaired Total (In Thousands) Commercial, financial and agricultural $ 30,779 $ 24,036 $ 11,179 $ 301,021 $ 1,552 $ 368,567 $ 24,314,563 $ 24,683,130 Real estate – construction 3,831 185 532 1,616 76 6,240 1,999,107 2,005,347 Commercial real estate – mortgage 13,939 41 2,375 110,632 3,492 130,479 12,943,694 13,074,173 Residential real estate – mortgage 74,796 22,329 4,778 153,078 60,537 315,518 13,187,809 13,503,327 Equity lines of credit 11,088 4,616 2,072 36,879 — 54,655 2,563,457 2,618,112 Equity loans 2,452 978 524 8,728 24,789 37,471 225,973 263,444 Credit card 10,372 8,092 20,037 — — 38,501 897,646 936,147 Consumer direct 35,762 23,075 17,773 7,348 7,360 91,318 2,297,040 2,388,358 Consumer indirect 81,075 26,294 8,599 33,940 — 149,908 3,698,625 3,848,533 Total loans $ 264,094 $ 109,646 $ 67,869 $ 653,242 $ 97,806 $ 1,192,657 $ 62,127,914 $ 63,320,571 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Accruing TDRs Total Past Due and Impaired Not Past Due or Impaired Total (In Thousands) Commercial, financial and agricultural $ 17,257 $ 11,784 $ 8,114 $ 400,389 $ 18,926 $ 456,470 $ 26,105,849 $ 26,562,319 Real estate – construction 218 8,849 544 2,851 116 12,578 1,984,959 1,997,537 Commercial real estate – mortgage 11,678 3,375 2,420 110,144 3,661 131,278 12,885,518 13,016,796 Residential real estate – mortgage 80,366 29,852 5,927 167,099 57,446 340,690 13,081,466 13,422,156 Equity lines of credit 14,007 5,109 2,226 37,702 — 59,044 2,688,173 2,747,217 Equity loans 3,471 843 180 10,939 26,768 42,201 256,413 298,614 Credit card 9,516 7,323 17,011 — — 33,850 784,458 818,308 Consumer direct 37,336 19,543 13,336 4,528 2,684 77,427 2,476,161 2,553,588 Consumer indirect 100,434 32,172 9,791 17,834 — 160,231 3,609,788 3,770,019 Total loans $ 274,283 $ 118,850 $ 59,549 $ 751,486 $ 109,601 $ 1,313,769 $ 63,872,785 $ 65,186,554 Policies related to the Company's nonaccrual and past due loans are included in the Company's Consolidated Financial Statements for the year ended December 31, 2018 . It is the Company’s policy to classify TDRs that are not accruing interest as nonaccrual loans. It is also the Company’s policy to classify TDR past due loans that are accruing interest as TDRs and not according to their past due status. The tables above reflect this policy. Modifications to borrowers' loan agreements are considered TDRs if a concession is granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be considered. Within each of the Company’s loan classes, TDRs typically involve modification of the loan interest rate to a below market rate or an extension or deferment of the loan. During the three months ended September 30, 2019 , $7.8 million of TDR modifications included an interest rate concession and $25.0 million of TDR modifications resulted from modifications to the loan’s structure. During the three months ended September 30, 2018 , $1.9 million of TDR modifications included an interest rate concession and $106.5 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2019 , $17.3 million of TDR modifications included an interest rate concession and $57.8 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2018 , $25.3 million of TDR modifications included an interest rate concession and $113.0 million of TDR modifications resulted from modifications to the loan’s structure. The following tables present an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 4 $ 1,411 1 $ 104,065 Real estate – construction — — — — Commercial real estate – mortgage 2 18,115 1 679 Residential real estate – mortgage 29 8,523 17 2,025 Equity lines of credit 3 259 3 80 Equity loans 1 49 7 464 Credit card — — — — Consumer direct 110 4,401 2 1,098 Consumer indirect 1 2 — — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 10 $ 28,330 5 $ 121,263 Real estate – construction — — 2 307 Commercial real estate – mortgage 6 20,638 3 2,313 Residential real estate – mortgage 65 15,574 50 10,862 Equity lines of credit 5 353 7 197 Equity loans 8 456 19 2,235 Credit card — — — — Consumer direct 178 9,176 3 1,104 Consumer indirect 1 2 — — The impact to the allowance for loan losses related to modifications classified as TDRs were approximately $6.7 million and $18.3 million for the three and nine months ended September 30, 2019 , respectively. The impact to the allowance for loan losses related to modifications classified as TDRs were $(100) thousand and $11.2 million for the three and nine months ended September 30, 2018 , respectively. The Company considers TDRs aged 90 days or more past due, charged off or classified as nonaccrual subsequent to modification, where the loan was not classified as a nonperforming loan at the time of modification, as subsequently defaulted. The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The tables exclude loans classified as held for sale as of period-end and includes loans no longer in default as of period-end. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage 1 599 — — Residential real estate – mortgage 1 234 2 327 Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct 1 600 — — Consumer indirect — — — — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage 1 599 — — Residential real estate – mortgage 2 455 4 474 Equity lines of credit — — — — Equity loans 2 151 3 167 Credit card — — — — Consumer direct 4 2,610 — — Consumer indirect — — — — All commercial and consumer loans modified in a TDR are considered to be impaired, even if they maintain their accrual status. At September 30, 2019 and December 31, 2018 , there were $60.4 million and $54.2 million , respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. Foreclosure Proceedings OREO totaled $19 million and $17 million at September 30, 2019 and December 31, 2018 , respectively. OREO included $16 million and $14 million of foreclosed residential real estate properties at September 30, 2019 and December 31, 2018 , respectively. As of September 30, 2019 and December 31, 2018 , there were $53 million and $62 million , respectively, of loans secured by residential real estate properties for which formal foreclosure proceedings were in process. |
Loan Sales and Servicing
Loan Sales and Servicing | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Loan Sales and Servicing | Loan Sales and Servicing Loans held for sale were $134 million and $69 million at September 30, 2019 and December 31, 2018 , respectively, and were comprised entirely of residential real estate - mortgage loans. The following table summarizes the Company's activity in the loans held for sale portfolio and loan sales, excluding activity related to loans originated for sale in the secondary market. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Loans transferred from held for investment to held for sale $ — $ — $ 1,196,883 $ — Charge-offs on loans recognized at transfer from held for investment to held for sale — — — — Loans and loans held for sale sold 10,897 37,580 1,092,195 46,055 The following table summarizes the Company's sales of loans originated for sale in the secondary market. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 188,550 $ 148,967 $ 488,940 $ 479,684 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 8,101 5,409 20,745 14,858 Servicing fees recognized (2) 2,703 2,544 8,007 8,181 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Recorded as a component of mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. September 30, 2019 December 31, 2018 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,514,658 $ 4,588,273 MSRs (2) 37,265 51,539 (1) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (2) Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets. The fair value of MSRs is significantly affected by mortgage interest rates available in the marketplace, which influence mortgage loan prepayment speeds. In general, during periods of declining rates, the fair value of MSRs declines due to increasing prepayments attributable to increased mortgage-refinance activity. During periods of rising interest rates, the fair value of MSRs generally increases due to reduced refinance activity. The Company maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the fair value of the MSR portfolio. This strategy includes the purchase of various trading securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these securities are expected to economically hedge a portion of the change in the fair value of the MSR portfolio. The following table is an analysis of the activity in the Company’s MSRs. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Carrying value, at beginning of period $ 41,966 $ 54,276 $ 51,539 $ 49,597 Additions 1,600 1,594 4,305 5,266 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (4,269 ) 2,533 (11,303 ) 9,403 Due to other changes in fair value (1) (2,032 ) (3,091 ) (7,276 ) (8,954 ) Carrying value, at end of period $ 37,265 $ 55,312 $ 37,265 $ 55,312 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. See Note 9 , Fair Value Measurements , for additional disclosures related to the assumptions and estimates used in determining fair value of MSRs. At September 30, 2019 and December 31, 2018 , the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: September 30, 2019 December 31, 2018 (Dollars in Thousands) Fair value of MSRs $ 37,265 $ 51,539 Composition of residential loans serviced for others: Fixed rate mortgage loans 98.0 % 97.7 % Adjustable rate mortgage loans 2.0 2.3 Total 100.0 % 100.0 % Weighted average life (in years) 4.1 6.6 Prepayment speed: 18.1 % 7.4 % Effect on fair value of a 10% increase $ (2,939 ) $ (1,432 ) Effect on fair value of a 20% increase (5,007 ) (2,778 ) Weighted average option adjusted spread: 6.4 % 6.5 % Effect on fair value of a 10% increase $ (1,055 ) $ (1,627 ) Effect on fair value of a 20% increase (1,568 ) (3,116 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one assumption may result in changes to another, which may magnify or counteract the effect of the change. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The Company is a party to derivative instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. The Company has made an accounting policy decision not to offset derivative fair value amounts under master netting agreements. See Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 , for additional information on the Company's accounting policies related to derivative instruments and hedging activities. For derivatives cleared through central clearing houses the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the balance sheet and related disclosures and there is no fair value presented for these contracts. The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) (In Thousands) Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps related to long-term debt $ 2,923,950 $ 30,240 $ — $ 2,923,950 $ 13,479 $ 28,479 Total fair value hedges 30,240 — 13,479 28,479 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 7,000,000 — — 1,500,000 2,367 — Swaps related to FHLB advances 120,000 — 3,419 120,000 — 1,938 Foreign currency contracts: Forwards related to currency fluctuations 1,380 51 — 5,272 174 — Total cash flow hedges 51 3,419 2,541 1,938 Total derivatives designated as hedging instruments $ 30,291 $ 3,419 $ 16,020 $ 30,417 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 307,980 $ 252 $ 605 $ 166,641 $ 187 $ 1,021 Option contracts related to mortgage servicing rights 75,000 234 — — — — Interest rate lock commitments 180,127 4,038 — 91,395 2,012 — Equity contracts: Purchased equity option related to equity-linked CDs 209,724 6,989 — 450,660 14,185 — Written equity option related to equity-linked CDs 179,156 — 5,966 389,030 — 12,434 Foreign exchange contracts: Forwards and swaps related to commercial loans 525,441 3,532 1,128 413,127 1,565 1,109 Spots related to commercial loans 15,343 4 28 19,911 24 2 Swap associated with sale of Visa, Inc. Class B shares 148,907 — 5,494 111,466 — 3,706 Futures contracts (3) 4,470,000 — — 3,223,000 — — Trading account assets and liabilities: Interest rate contracts for customers 35,268,019 415,139 114,662 34,436,223 149,269 130,704 Foreign exchange contracts for customers 1,094,649 29,693 27,447 1,140,665 19,465 17,341 Total trading account assets and liabilities 444,832 142,109 168,734 148,045 Total free-standing derivative instruments not designated as hedging instruments $ 459,881 $ 155,330 $ 186,707 $ 166,317 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. (3) Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. Hedging Derivatives The Company uses derivative instruments to manage the risk of earnings fluctuations caused by interest rate volatility. For those financial instruments that qualify and are designated as a hedging relationship, either a fair value hedge or cash flow hedge, the effect of interest rate movements on the hedged assets or liabilities will generally be offset by change in fair value of the derivative instrument. Fair Value Hedges The Company enters into fair value hedging relationships using interest rate swaps to mitigate the Company’s exposure to losses in value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to the pricing of specific balance sheet assets and liabilities. Interest rate swaps are used to convert the Company’s fixed rate long-term debt to a variable rate. The critical terms of the interest rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. The Company recognized no gains or losses for the three and nine months ended September 30, 2019 and 2018 , related to hedged firm commitments no longer qualifying as a fair value hedge. At September 30, 2019 , the fair value hedges had a weighted average expected remaining term of 3.6 years . Cash Flow Hedges The Company enters into cash flow hedging relationships using interest rate swaps and options, such as caps and floors, to mitigate exposure to the variability in future cash flows or other forecasted transactions associated with its floating rate assets and liabilities. The Company uses interest rate swaps and options to hedge the repricing characteristics of its floating rate commercial loans and FHLB advances. The Company also uses foreign currency forward contracts to hedge its exposure to fluctuations in foreign currency exchange rates due to a portion of money transfer expense being denominated in foreign currency. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. The initial assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate. There were no gains or losses reclassified from other comprehensive income because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the three and nine months ended September 30, 2019 and 2018 . At September 30, 2019 , cash flow hedges not terminated had a net fair value of $(3) million and a weighted average life of 3.6 years . Net losses of $1.3 million are expected to be reclassified to income over the next 12 months as net settlements occur. The maximum length of time over which the entity is hedging its exposure to the variability in future cash flows for forecasted transactions is 4.3 years . The following table presents the effect of hedging derivative instruments on the Company’s Unaudited Condensed Consolidated Statements of Income. Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Three Months Ended September 30, 2019 Total amounts presented in the unaudited condensed consolidated statements of income $ 771,245 $ 32,975 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (136 ) Recognized on derivatives — 9,369 Recognized on hedged items — (8,999 ) Net income (expense) recognized on fair value hedges $ — $ 234 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (295 ) $ (254 ) Net income (expense) recognized on cash flow hedges $ (295 ) $ (254 ) Three Months Ended September 30, 2018 Total amounts presented in the unaudited condensed consolidated statements of income $ 751,470 $ 37,131 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 243 Recognized on derivatives — (13,181 ) Recognized on hedged items — 12,920 Net income (expense) recognized on fair value hedges $ — $ (18 ) Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (13,782 ) $ (251 ) Net income (expense) recognized on cash flow hedges $ (13,782 ) $ (251 ) (1) See Note 10 , Comprehensive Income , for gain or loss recognized for cash flow hedges in accumulated other comprehensive income. (2) Pre-tax Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Nine Months Ended September 30, 2019 Total amounts presented in the unaudited condensed consolidated statements of income $ 2,359,500 $ 104,901 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (4,192 ) Recognized on derivatives — 76,315 Recognized on hedged items — (72,510 ) Net income (expense) recognized on fair value hedges $ — $ (387 ) Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (2,765 ) $ (584 ) Net income (expense) recognized on cash flow hedges $ (2,765 ) $ (584 ) Nine Months Ended September 30, 2018 Total amounts presented in the unaudited condensed consolidated statements of income $ 2,126,411 $ 93,799 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 3,529 Recognized on derivatives — (63,679 ) Recognized on hedged items — 60,472 Net income (expense) recognized on fair value hedges $ — $ 322 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (35,839 ) $ (1,048 ) Net income (expense) recognized on cash flow hedges $ (35,839 ) $ (1,048 ) (1) See Note 10 , Comprehensive Income , for gain or loss recognized for cash flow hedges in accumulated other comprehensive income. (2) Pre-tax The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets in fair value hedging relationships. September 30, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities Carrying Amount of Hedged Liabilities Hedged Items Currently Designated Hedged Items No Longer Designated (In Thousands) FHLB and other borrowings $ 3,481,608 $ 45,962 $ 2,430 Derivatives Not Designated As Hedges Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of the Company’s overall risk management strategy. Economic hedges are those that do not qualify to be treated as a fair value hedge, cash flow hedge or foreign currency hedge for accounting purposes, but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company. The Company holds a portfolio of futures, forwards and interest rate lock commitments as well as options related to its equity-linked CDs to mitigate its economic risk exposure. The Company also enters into a variety of interest rate contracts and foreign exchange contracts in its trading activities. See Note 13, Derivatives and Hedging, in the Notes to the December 31, 2018 , Consolidated Financial Statements for a description of the Company's derivatives not designated as hedges. The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2019 2018 2019 2018 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ 14 $ 195 $ (1,365 ) $ 400 Interest rate contracts: Interest rate lock commitments Mortgage banking income 191 (475 ) 2,026 (281 ) Option contracts related to mortgage servicing rights Mortgage banking income 285 — 1,313 (38 ) Forward contracts related to residential mortgage loans held for sale Mortgage banking income 530 708 481 553 Interest rate contracts for customers Corporate and correspondent investment sales 7,398 8,639 13,490 28,559 Equity contracts: Purchased equity option related to equity-linked CDs Other expense (2,187 ) (4,945 ) (7,196 ) (20,550 ) Written equity option related to equity-linked CDs Other expense 1,942 4,539 6,469 18,641 Foreign currency contracts: Forward and swap contracts related to commercial loans Other income 13,787 5,333 15,484 23,717 Spot contracts related to commercial loans Other income (1,263 ) (2,649 ) (1,065 ) (3,768 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 4,085 3,514 11,547 11,811 Derivatives Credit and Market Risks By using derivative instruments, the Company is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the extent of the Company’s fair value gain in a derivative. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty owes the Company and, therefore, creates a credit risk for the Company. When the fair value of a derivative instrument contract is negative, the Company owes the counterparty and, therefore, it has no credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically. Credit losses are also mitigated through collateral agreements and other contract provisions with derivative counterparties. Market risk is the adverse effect that a change in interest rates or implied volatility rates has on the value of a financial instrument. The Company manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The Company’s derivatives activities are monitored by its Asset/Liability Committee as part of its risk-management oversight. The Company’s Asset/Liability Committee is responsible for mandating various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate risk management and trading strategies. Entering into interest rate swap agreements and options involves not only the risk of dealing with counterparties and their ability to meet the terms of the contracts but also interest rate risk associated with unmatched positions. At September 30, 2019 , interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $445 million related to derivative instruments in the trading account portfolio, which does not take into consideration master netting arrangements or the value of the collateral. There were no credit losses associated with derivative instruments classified as trading for the three and nine months ended September 30, 2019 and 2018 . At September 30, 2019 and December 31, 2018 , there were no material nonperforming derivative positions classified as trading. The Company’s derivative positions designated as hedging instruments are primarily executed in the over-the-counter market. These positions at September 30, 2019 , have credit risk of $30 million , which does not take into consideration master netting arrangements or the value of the collateral. There were no credit losses associated with derivative instruments classified as nontrading for the three and nine months ended September 30, 2019 and 2018 . At September 30, 2019 and December 31, 2018 , there were no nonperforming derivative positions classified as nontrading. As of September 30, 2019 and December 31, 2018 , the Company had recorded the right to reclaim cash collateral of $110 million and $97 million , respectively, within other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $40 million and $22 million , respectively, within deposits on the Company’s Unaudited Condensed Consolidated Balance Sheets. Contingent Features Certain of the Company’s derivative instruments contain provisions that require the Company’s debt maintain a certain credit rating from each of the major credit rating agencies. If the Company’s debt were to fall below this rating, it would be in violation of these provisions, and the counterparties to the derivative instruments could demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on September 30, 2019 , was $54 million for which the Company has collateral requirements of $52 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on September 30, 2019 , the Company’s collateral requirements to its counterparties would increase by $2 million . The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position on December 31, 2018 , was $24 million for which the Company had collateral requirements of $23 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on December 31, 2018 , the Company’s collateral requirements to its counterparties would have increased by $1 million . Netting of Derivative Instruments The Company is party to master netting arrangements with its financial institution counterparties for some of its derivative and hedging activities. The Company does not offset assets and liabilities under these master netting arrangements for financial statement presentation purposes. The master netting arrangements provide for single net settlement of all derivative instrument arrangements, as well as collateral, in the event of default with respect to, or termination of, any one contract with the respective counterparties. Cash collateral is usually posted by the counterparty with a net liability position in accordance with contract thresholds. The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2019 Derivative financial assets: Subject to a master netting arrangement $ 75,652 $ — $ 75,652 $ — $ 32,770 $ 42,882 Not subject to a master netting arrangement 414,520 — 414,520 — — 414,520 Total derivative financial assets $ 490,172 $ — $ 490,172 $ — $ 32,770 $ 457,402 Derivative financial liabilities: Subject to a master netting arrangement $ 111,107 $ — $ 111,107 $ — $ 109,616 $ 1,491 Not subject to a master netting arrangement 47,642 — 47,642 — — 47,642 Total derivative financial liabilities $ 158,749 $ — $ 158,749 $ — $ 109,616 $ 49,133 December 31, 2018 Derivative financial assets: Subject to a master netting arrangement $ 82,168 $ — $ 82,168 $ — $ 18,932 $ 63,236 Not subject to a master netting arrangement 120,559 — 120,559 — — 120,559 Total derivative financial assets $ 202,727 $ — $ 202,727 $ — $ 18,932 $ 183,795 Derivative financial liabilities: Subject to a master netting arrangement $ 99,579 $ — $ 99,579 $ — $ 96,917 $ 2,662 Not subject to a master netting arrangement 97,155 — 97,155 — — 97,155 Total derivative financial liabilities $ 196,734 $ — $ 196,734 $ — $ 96,917 $ 99,817 (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activities
Securities Financing Activities | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Securities Financing Activities | Securities Financing Activities Netting of Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase The Company has various financial assets and liabilities that are subject to enforceable master netting agreements or similar agreements. The Company's derivatives that are subject to enforceable master netting agreements or similar transactions are discussed in Note 5 , Derivatives and Hedging . The Company enters into agreements under which it purchases or sells securities subject to an obligation to resell or repurchase the same or similar securities. Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recorded at the amounts at which the securities were purchased or sold plus accrued interest. The securities pledged as collateral are generally U.S. Treasury securities and other U.S. government agency securities and mortgage-backed securities. Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a MRA. Under the terms of the MRA, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received or pledged. The Company offsets the assets and liabilities under netting arrangements for the balance sheet presentation of securities purchased under agreements to resell and securities sold under agreements to repurchase provided certain criteria are met that permit balance sheet netting. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2019 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 2,576,433 $ 2,446,653 $ 129,780 $ 129,780 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,564,074 $ 2,446,653 $ 117,421 $ 117,421 $ — $ — December 31, 2018 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 246,844 $ 136,897 $ 109,947 $ 109,947 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 239,172 $ 136,897 $ 102,275 $ 102,275 $ — $ — (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. Collateral Associated with Securities Financing Activities Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company's related activity, by collateral type and remaining contractual maturity. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) September 30, 2019 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 776,238 $ 978,287 $ 110,048 $ 664,750 $ 2,529,323 Mortgage-backed securities — — 34,751 — 34,751 Total $ 776,238 $ 978,287 $ 144,799 $ 664,750 $ 2,564,074 December 31, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 190,650 $ — $ — $ — $ 190,650 Mortgage-backed securities — — 48,522 — 48,522 Total $ 190,650 $ — $ 48,522 $ — $ 239,172 In the event of a significant decline in fair value of the collateral pledged for the securities sold under agreements to repurchase, the Company would be required to provide additional collateral. The Company minimizes the risk by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. At September 30, 2019 , the fair value of collateral received related to securities purchased under agreements to resell was $2.7 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $2.6 billion . At December 31, 2018 , the fair value of collateral received related to securities purchased under agreements to resell was $251 million and the fair value of collateral pledged for securities sold under agreements to repurchase was $247 million . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain land, office space, and branches. These leases are generally for periods of 10 to 20 years with various renewal options. The Company, by policy, does not include renewal options for facility leases as part of its right-of-use assets and lease liabilities unless they are deemed reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of lease liability. Variable lease payments that are not dependent on an index or a rate or changes in variable payments based on an index or rate after the commencement date are excluded from the measurement of the lease liability and recognized in profit and loss in accordance with Topic 842. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. The Company has made a policy election to not apply the recognition requirements of ASC 842 to all short-term leases. Instead, the short-term lease payments will be recognized in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As a practical expedient, the Company has also made a policy election to not separate nonlease components from lease components and instead account for each separate lease component and the nonlease components associated with that lease component as a single lease component. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The discount rate is determined as the rate implicit in the lease or when a rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The following table summarizes the Company’s lease portfolio classification and respective right-of-use asset balances and lease liability balances which are included in other assets and accrued expenses and other liabilities, respectively, on the Company’s Unaudited Condensed Consolidated Balance Sheets. September 30, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,897 $ 276,169 $ 285,066 Lease liability balance 12,747 317,929 330,676 The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Unaudited Condensed Consolidated Statements of Income during the period. Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 (In Thousands) Interest on lease liabilities $ 150 $ 463 Amortization of right-of-use assets 331 992 Finance lease cost 481 1,455 Operating lease cost 12,949 38,753 Variable lease cost 5,372 13,817 Sublease income (2,137 ) (5,689 ) Total lease cost $ 16,665 $ 48,336 The table below presents supplemental cash flow information arising from lease transactions and noncash information on lease liabilities arising from obtaining right-of-use assets. Nine Months Ended September 30, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 40,751 Operating cash flows from finance leases 463 Financing cash flows from finance leases 1,181 Right-of-use assets obtained in exchange for lease obligations Operating leases 29,901 Finance leases — The weighted-average remaining lease term and discount rates at September 30, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.6 years 9.9 years 9.9 years Weighted-average discount rate 4.7 % 3.3 % 3.4 % The following table provides the annual undiscounted future minimum payments under finance and noncanceable operating leases at September 30, 2019 : Finance Operating Total (In Thousands) Remainder of 2019 $ 553 $ 13,857 $ 14,410 2020 2,233 54,540 56,773 2021 2,143 50,448 52,591 2022 1,923 45,444 47,367 2023 1,501 39,568 41,069 2024 1,410 30,732 32,142 Thereafter 5,696 137,660 143,356 Total $ 15,459 $ 372,249 $ 387,708 At September 30, 2019 the Company had no additional operating or finance leases that had not yet commenced that would create significant rights and obligations for the Company as a lessee. The table below presents a reconciliation of the undiscounted cash flows to the finance lease liabilities and operating lease liabilities. September 30, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 15,459 $ 372,249 $ 387,708 Less: imputed interest 2,712 54,320 57,032 Total discounted lease liability $ 12,747 $ 317,929 $ 330,676 |
Leases | Leases The Company leases certain land, office space, and branches. These leases are generally for periods of 10 to 20 years with various renewal options. The Company, by policy, does not include renewal options for facility leases as part of its right-of-use assets and lease liabilities unless they are deemed reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of lease liability. Variable lease payments that are not dependent on an index or a rate or changes in variable payments based on an index or rate after the commencement date are excluded from the measurement of the lease liability and recognized in profit and loss in accordance with Topic 842. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. The Company has made a policy election to not apply the recognition requirements of ASC 842 to all short-term leases. Instead, the short-term lease payments will be recognized in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. As a practical expedient, the Company has also made a policy election to not separate nonlease components from lease components and instead account for each separate lease component and the nonlease components associated with that lease component as a single lease component. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The discount rate is determined as the rate implicit in the lease or when a rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The following table summarizes the Company’s lease portfolio classification and respective right-of-use asset balances and lease liability balances which are included in other assets and accrued expenses and other liabilities, respectively, on the Company’s Unaudited Condensed Consolidated Balance Sheets. September 30, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,897 $ 276,169 $ 285,066 Lease liability balance 12,747 317,929 330,676 The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Unaudited Condensed Consolidated Statements of Income during the period. Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 (In Thousands) Interest on lease liabilities $ 150 $ 463 Amortization of right-of-use assets 331 992 Finance lease cost 481 1,455 Operating lease cost 12,949 38,753 Variable lease cost 5,372 13,817 Sublease income (2,137 ) (5,689 ) Total lease cost $ 16,665 $ 48,336 The table below presents supplemental cash flow information arising from lease transactions and noncash information on lease liabilities arising from obtaining right-of-use assets. Nine Months Ended September 30, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 40,751 Operating cash flows from finance leases 463 Financing cash flows from finance leases 1,181 Right-of-use assets obtained in exchange for lease obligations Operating leases 29,901 Finance leases — The weighted-average remaining lease term and discount rates at September 30, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.6 years 9.9 years 9.9 years Weighted-average discount rate 4.7 % 3.3 % 3.4 % The following table provides the annual undiscounted future minimum payments under finance and noncanceable operating leases at September 30, 2019 : Finance Operating Total (In Thousands) Remainder of 2019 $ 553 $ 13,857 $ 14,410 2020 2,233 54,540 56,773 2021 2,143 50,448 52,591 2022 1,923 45,444 47,367 2023 1,501 39,568 41,069 2024 1,410 30,732 32,142 Thereafter 5,696 137,660 143,356 Total $ 15,459 $ 372,249 $ 387,708 At September 30, 2019 the Company had no additional operating or finance leases that had not yet commenced that would create significant rights and obligations for the Company as a lessee. The table below presents a reconciliation of the undiscounted cash flows to the finance lease liabilities and operating lease liabilities. September 30, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 15,459 $ 372,249 $ 387,708 Less: imputed interest 2,712 54,320 57,032 Total discounted lease liability $ 12,747 $ 317,929 $ 330,676 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Commitments to Extend Credit & Standby and Commercial Letters of Credit The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit: September 30, 2019 December 31, 2018 (In Thousands) Commitments to extend credit $ 27,374,025 $ 28,827,897 Standby and commercial letters of credit 988,247 1,249,205 Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby and commercial letters of credit are commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions, and expire in decreasing amounts with terms ranging from one to four years. The credit risk involved in issuing letters of credit and commitments is essentially the same as that involved in extending loan facilities to customers. The fair value of the letters of credit and commitments typically approximates the fee received from the customer for issuing such commitments. These fees are deferred and are recognized over the commitment period. At September 30, 2019 and December 31, 2018 , the recorded amount of these deferred fees was $7 million and $8 million , respectively. The Company holds various assets as collateral supporting those commitments for which collateral is deemed necessary. At September 30, 2019 , the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $988 million . At September 30, 2019 and December 31, 2018 , the Company had reserves related to letters of credit and unfunded commitments recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheet of $64 million and $66 million , respectively. Loan Sale Recourse The Company has potential recourse related to specific FNMA securitizations. At both September 30, 2019 and December 31, 2018 , the amount of potential recourse was $19 million of which the Company had reserved $793 thousand which is recorded in accrued expenses and other liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets for the respective periods. The Company also issues standard representations and warranties related to mortgage loan sales to government-sponsored agencies. Although these agreements often do not specify limitations, the Company does not believe that any payments related to these representations and warranties would materially change the financial condition or results of operations of the Company. At September 30, 2019 and December 31, 2018 , the Company had $1.3 million and $1.2 million , respectively, of reserves in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets related to potential losses from loans sold. Legal and Regulatory Proceedings In the ordinary course of business, the Company is subject to legal proceedings, including claims, litigation, investigations and administrative proceedings, all of which are considered incidental to the normal conduct of business. The Company believes it has substantial defenses to the claims asserted against it in its currently outstanding legal proceedings and, with respect to such legal proceedings, intends to defend itself vigorously. Set forth below are descriptions of certain of the Company’s significant legal proceedings. In January 2014 , the Bank was named as a defendant in a lawsuit filed in the District Court of Dallas County, Texas, David Bagwell, individually and as Trustee of the David S. Bagwell Trust, et al. v. BBVA USA, et al. , wherein the plaintiffs (who are the borrowers and guarantors of the underlying loans) allege that BBVA USA wrongfully sold their loans to a third party after representing that it would not do so. The plaintiffs seek unspecified monetary relief. Following trial in December 2017 , the jury rendered a verdict in favor of the plaintiffs totaling $98 million . On June 27, 2018 , the court entered a judgment in favor of the plaintiffs in the amount of $96 million , which includes prejudgment interest. The Bank has appealed and will vigorously contest the judgment on appeal. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In March 2015 , the Bank was named as a defendant in a lawsuit filed in the United States District Court for the Southern District of Texas, Lomix Limited Partnership, et al. v. BBVA USA , wherein the plaintiffs (who are the borrower and guarantors of the underlying loan) allege that the Bank wrongfully sold their loan to a third party, and wrongfully disclosed the guarantors’ personal financial information in connection with the sale of the loan. The plaintiffs seek unspecified monetary relief. On February 28, 2019 , the Court granted partial summary judgment in favor of BBVA USA, leaving only a nominal claim for damages. The plaintiffs disclaimed nominal damages and the Court entered a final judgment in favor of BBVA USA. Plaintiffs filed a notice of appeal with the Fifth Circuit Court of Appeals on April 5, 2019 , but later withdrew the appeal on or about August 26, 2019 , prompting the appellate court to dismiss the matter on that same date. In January 2016 , BSI was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Southern District of Texas, In re Plains All American Pipeline, L.P. Securities Litigation , wherein the plaintiffs challenge statements made in registration materials and prospectuses filed with the SEC in connection with eight securities offerings of stock and notes issued by Plains GP Holdings and Plains All American Pipeline and underwritten by BSI, among others. The plaintiffs seek unspecified monetary relief. On April 2, 2018 , the court granted the defendants' motion to dismiss with prejudice. The plaintiffs appealed to the United States Court of Appeals for the Fifth Circuit. After briefing and oral argument, on July 16, 2019 , the appellate court issued an opinion affirming the trial court’s dismissal of BSI. Additional review and/or appeal of the Fifth Circuit’s opinion is possible. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In October 2016 , BSI was named as a defendant in a putative class action lawsuit filed in the District Court of Harris County, Texas, St. Lucie County Fire District Firefighters' Pension Trust, individually and on behalf of all others similarly situated v. Southwestern Energy Company, et al. , wherein the plaintiffs allege that Southwestern Energy Company, its officers and directors, and the underwriting defendants (including BSI) made inaccurate and misleading statements in the registration statement and prospectus related to a securities offering. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In December 2016 , the Bank was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Northern District of Alabama, Robert Hossfeld, individually and on behalf of all others similarly situated v. BBVA USA , alleging violations of the Telephone Consumer Protection Act in the context of customer satisfaction survey calls to the cell phones of individuals who have not given, or who have withdrawn, consent to receive calls on their cell phones. The plaintiffs seek unspecified monetary relief. The parties reached a settlement on November 6, 2018 , and the Court entered a Preliminary Approval of Settlement Order on February 19, 2019 . The Court entered its Order and Final Judgment approving the settlement on September 12, 2019 . The Company and the Bank have been named in two proceedings involving David L. Powell: one that was filed in January 2017 with the Federal Conciliation and Arbitration Labor Board of Mexico City, Mexico, David Lannon Powell Finneran v. BBVA USA Bancshares, Inc., et al. , and one that was filed in April 2018 in the United States District Court for the Northern District of Texas, David L. Powell, et al. v. BBVA USA . Powell alleges discrimination and wrongful termination in both proceedings, and seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In November 2017 , the Bank was named as a defendant in a lawsuit filed in the United States District Court for the Southern District of New York and subsequently transferred to the United States District Court for the Northern District of Texas, Stabilis Fund II, LLC v. BBVA USA , alleging that the Bank fraudulently induced the plaintiff to purchase a loan that subsequently became the subject of litigation. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In March 2018 , the Company and BSI were named as defendants in a putative class action lawsuit filed in the United States District Court for the Southern District of New York, In re Mexican Government Bonds Antitrust Litigation, alleging that the defendant financial institutions engaged in collusion with respect to the purchase and sale of Mexican government bonds. Five substantially similar lawsuits were filed and consolidated with the original lawsuit. The plaintiffs seek injunctive and unspecified monetary relief. On September 30, 2019 , the Court issued an Opinion and Order dismissing plaintiffs’ claims for failure to state a claim, while granting plaintiffs an opportunity to explain why the Court should grant leave to amend plaintiff's complaint. On October 21, 2019 plaintiffs filed a letter stating they intend to move for leave to amend. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In March 2019 , the Company and its subsidiary, Simple Finance Technology Corp., were named as defendants in a putative class action lawsuit filed in the United States District Court for the Northern District of California, Amitahbo Chattopadhyay v. BBVA USA Bancshares, Inc., et al . Plaintiff claims that Simple and the Company only permit United States citizens to open Simple accounts (which are exclusively originated through online channels). Plaintiff alleges that this constitutes alienage discrimination and violations of California's Unruh Act. The Company believes that there are substantial defenses to these claims and intends to defend them vigorously. In July 2019 , the Company was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Northern District of Alabama, Ferguson v. BBVA USA Bancshares, Inc. , wherein the plaintiffs allege certain investment options within the Company’s employee retirement plan violate provisions of ERISA. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. The Company is or may become involved from time to time in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies, law enforcement authorities and self-regulatory bodies regarding the Company’s business. Such matters may result in material adverse consequences, including without limitation adverse judgments, settlements, fines, penalties, orders, injunctions, alterations in the Company’s business practices or other actions, and could result in additional expenses and collateral costs, including reputational damage, which could have a material adverse impact on the Company’s business, consolidated financial position, results of operations or cash flows. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments. Where a loss is not probable or the amount of a probable loss is not reasonably estimable, the Company does not accrue legal reserves. At September 30, 2019 , the Company had accrued legal reserves in the amount of $24 million . Additionally, for those matters where a loss is reasonably possible and the amount of loss is reasonably estimable, the Company estimates the amount of losses that it could incur beyond the accrued legal reserves. Under U.S. GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote" if “the chance of the future event or events occurring is slight.” For a limited number of legal matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of related reserves, if any. Management currently estimates these losses to range from $0 to approximately $87 million . This estimated range of reasonably possible losses is based on information available at September 30, 2019 . The matters underlying the estimated range will change from time to time, and the actual results may vary significantly from this estimate. Those matters for which an estimate is not possible are not included within this estimated range; therefore, this estimated range does not represent the Company’s maximum loss exposure. While the outcome of legal proceedings and the timing of the ultimate resolution are inherently difficult to predict, based on information currently available, advice of counsel and available insurance coverage, the Company believes that it has established adequate legal reserves. Further, based upon available information, the Company is of the opinion that these legal proceedings, individually or in the aggregate, will not have a material adverse effect on the Company’s financial condition or results of operations. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to the Company’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period. Income Tax Review The Company is subject to review and examination from various tax authorities. The Company is currently under examination by a number of states, and has received notices of proposed adjustments related to state income taxes due for prior years. Management believes that adequate provisions for income taxes have been recorded. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements See Note 19, Fair Value Measurements, in the Notes to the December 31, 2018 , Consolidated Financial Statements for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Recurring fair value measurements Assets: Trading account assets: U.S. Treasury and other U.S. government agencies $ 118,767 $ 118,767 $ — $ — State and political subdivisions 401 — 401 — Interest rate contracts 415,139 — 415,139 — Foreign exchange contracts 29,693 — 29,693 — Total trading account assets 564,000 118,767 445,233 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 3,168,501 2,600,606 567,895 — Mortgage-backed securities 1,485,825 — 1,485,825 — Collateralized mortgage obligations 2,957,461 — 2,957,461 — States and political subdivisions 803 — 803 — Total debt securities available for sale 7,612,590 2,600,606 5,011,984 — Loans held for sale 134,314 — 134,314 — Derivative assets: Interest rate contracts 34,764 234 30,492 4,038 Equity contracts 6,989 — 6,989 — Foreign exchange contracts 3,587 — 3,587 — Total derivative assets 45,340 234 41,068 4,038 Other assets: Equity securities 23,522 23,522 — — MSR 37,265 — — 37,265 SBIC 120,248 — — 120,248 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 45 $ 45 $ — $ — Interest rate contracts 114,662 — 114,662 — Foreign exchange contracts 27,447 — 27,447 — Total trading account liabilities 142,154 45 142,109 — Derivative liabilities: Interest rate contracts 4,024 — 4,024 — Equity contracts 5,966 — 5,966 — Foreign exchange contracts 1,156 — 1,156 — Total derivative liabilities 11,146 — 11,146 — Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) (In Thousands) Recurring fair value measurements Assets: Trading account assets: U.S. Treasury and other U.S. government agencies $ 68,922 $ 68,922 $ — $ — Interest rate contracts 149,269 — 149,269 — Foreign exchange contracts 19,465 — 19,465 — Total trading account assets 237,656 68,922 168,734 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 5,431,467 4,746,335 685,132 — Mortgage-backed securities 2,129,821 — 2,129,821 — Collateralized mortgage obligations 3,418,979 — 3,418,979 — States and political subdivisions 949 — 949 — Total debt securities available for sale 10,981,216 4,746,335 6,234,881 — Loans held for sale 68,766 — 68,766 — Derivative assets: Interest rate contracts 18,045 — 16,033 2,012 Equity contracts 14,185 — 14,185 — Foreign exchange contracts 1,763 — 1,763 — Total derivative assets 33,993 — 31,981 2,012 Other assets: Equity securities 17,839 17,839 — — MSR 51,539 — — 51,539 SBIC 80,074 — — 80,074 Liabilities: Trading account liabilities: Interest rate contracts $ 130,704 $ — $ 130,704 $ — Foreign exchange contracts 17,341 — 17,341 — Total trading account liabilities 148,045 — 148,045 — Derivative liabilities: Interest rate contracts 31,438 — 31,438 — Equity contracts 12,434 — 12,434 — Foreign exchange contracts 1,111 — 1,111 — Total derivative liabilities 44,983 — 44,983 — There were no transfers between Levels 1 or 2 of the fair value hierarchy for the three and nine months ended September 30, 2019 and 2018 . It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values. The following tables reconcile the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, June 30, 2018 $ 2,610 $ 54,276 $ 41,513 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) (475 ) (558 ) — Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 1,209 Issuances — 1,594 — Sales — — — Settlements — — — Balance, September 30, 2018 $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ (475 ) $ (558 ) $ — Balance, June 30, 2019 $ 3,847 $ 41,966 $ 102,065 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) 191 (6,301 ) 10,239 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 7,944 Issuances — 1,600 — Sales — — — Settlements — — — Balance, September 30, 2019 $ 4,038 $ 37,265 $ 120,248 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019 $ 191 $ (6,301 ) $ 10,239 (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2017 $ 2,416 $ 49,597 $ 45,042 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) (281 ) 449 (6,673 ) Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 4,353 Issuances — 5,266 — Sales — — — Settlements — — — Balance, September 30, 2018 $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ (281 ) $ 449 $ (6,673 ) Balance, December 31, 2018 $ 2,012 $ 51,539 $ 80,074 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) 2,026 (18,579 ) 24,310 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 15,864 Issuances — 4,305 — Sales — — — Settlements — — — Balance, September 30, 2019 $ 4,038 $ 37,265 $ 120,248 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019 $ 2,026 $ (18,579 ) $ 24,310 (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Assets Measured at Fair Value on a Nonrecurring Basis Periodically, certain assets may be recorded at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets due to impairment. The following tables represent those assets that were subject to fair value adjustments during the three and nine months ended September 30, 2019 and 2018 , and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2019 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 1,036 $ — $ — $ 1,036 $ — $ (113 ) Impaired loans (1) 6,270 — — 6,270 (69,615 ) (113,140 ) OREO 18,931 — — 18,931 (1,169 ) (3,928 ) Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2018 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 3,955 $ — $ — $ 3,955 $ (283 ) $ (592 ) Impaired loans (1) 11,875 — — 11,875 (17,225 ) (28,666 ) OREO 18,706 — — 18,706 (1,322 ) (2,407 ) (1) Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. The following is a description of the methodologies applied for valuing these assets: Debt securities held to maturity – Nonrecurring fair value adjustments on debt securities held to maturity reflect impairment write-downs which the Company believes are other than temporary. For analyzing these securities, the Company has retained a third-party valuation firm. Impairment is determined through the use of cash flow models that estimate cash flows on the underlying mortgages using security-specific collateral and the transaction structure. The cash flow models incorporate the remaining cash flows which are adjusted for future expected credit losses. Future expected credit losses are determined by using various assumptions such as current default rates, prepayment rates, and loss severities. The Company develops these assumptions through the use of market data published by third-party sources in addition to historical analysis which includes actual delinquency and default information through the current period. The expected cash flows are then discounted at the interest rate used to recognize interest income on the security to arrive at a present value amount. As the fair value assessments are derived using a discounted cash flow modeling approach and include at least one significant unobservable input, the nonrecurring fair value adjustments are classified as Level 3. Impaired Loans – Impaired loans measured at fair value on a non-recurring basis represent the carrying value of impaired loans for which adjustments are based on the appraised value of the collateral. Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs that are generally based on the fair value of the underlying collateral supporting the loan. Loans subjected to nonrecurring fair value adjustments based on the current estimated fair value of the collateral are classified as Level 3. OREO – OREO is recorded at the lower of recorded balance or fair value, which is based on appraisals and third-party price opinions, less estimated costs to sell. The fair value is classified as Level 3. The tables below present information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs September 30, 2019 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 4,038 Discounted cash flow Closing ratios (pull-through) 8.8% - 99.9% (64.6%) Cap grids 0.2% - 2.3% (0.9%) Other assets - MSRs 37,265 Discounted cash flow Option adjusted spread 6.0% - 9.0% (6.4%) Constant prepayment rate or life speed 0.0% - 89.7% (17.4%) Cost to service $65 - $4,000 ($90) Other assets - SBIC investments 120,248 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 1,036 Discounted cash flow Prepayment rate 9.9% Default rate 6.0% Loss severity 61.9% Impaired loans 6,270 Appraised value Appraised value 0.0% - 70.0% (11.8%) OREO 18,931 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs December 31, 2018 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,012 Discounted cash flow Closing ratios (pull-through) 15.0% - 99.6% (61.5%) Cap grids 0.5% - 3.1% (1.0%) Other assets - MSRs 51,539 Discounted cash flow Option adjusted spread 6.3% - 8.5% (6.5%) Constant prepayment rate or life speed 0.0% - 43.6% (9.6%) Cost to service $65 - $4,000 ($84) Other assets - SBIC investments 80,074 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 4,380 Discounted cash flow Prepayment rate 8.4% Default rate 9.4% Loss severity 83.5% Impaired loans 57,968 Appraised value Appraised value 0.0% - 70.0% (14.6%) OREO 16,869 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. The following provides a description of the sensitivity of the valuation technique to changes in unobservable inputs for recurring fair value measurements. Recurring Fair Value Measurements Using Significant Unobservable Inputs Interest Rate Contracts - Interest Rate Lock Commitments Significant unobservable inputs used in the valuation of interest rate contracts are pull-through and cap grids. Increases or decreases in the pull-through or cap grids will have a corresponding impact in the value of interest rate contracts. Other Assets - MSRs The significant unobservable inputs used in the fair value measurement of MSRs are option-adjusted spreads, constant prepayment rate or life speed, and cost to service assumptions. The impact of prepayments and changes in the option-adjusted spread are based on a variety of underlying inputs. Increases or decreases to the underlying cash flow inputs will have a corresponding impact on the value of the MSR asset. The impact of the costs to service assumption will have a directionally opposite change in the fair value of the MSR asset. Other Assets - SBIC Investments The significant unobservable inputs used in the fair value measurement of SBIC Investments are initially based upon transaction price. Increases or decreases in valuation factors such as recent or proposed purchase or sale of debt or equity of the issuer, pricing by other dealers in similar securities, size of position held, liquidity of the market will have a corresponding impact in the value of SBIC investments. Fair Value of Financial Instruments The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments, excluding financial instruments measured at fair value on a recurring basis, are as follows: September 30, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 6,473,599 $ 6,473,599 $ 6,473,599 $ — $ — Debt securities held to maturity 6,334,634 6,514,496 1,348,822 4,421,416 744,258 Loans, net 62,378,380 60,545,039 — — 60,545,039 Liabilities: Deposits $ 73,569,442 $ 73,602,165 $ — $ 73,602,165 $ — FHLB and other borrowings 3,709,949 3,732,704 — 3,732,704 — Federal funds purchased and securities sold under agreements to repurchase 117,421 117,421 — 117,421 — December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,332,626 $ 3,332,626 $ 3,332,626 $ — $ — Debt securities held to maturity 2,885,613 2,925,420 — 2,106,510 818,910 Loans, net 64,301,312 61,186,996 — — 61,186,996 Liabilities: Deposits $ 72,167,987 $ 72,175,418 $ — $ 72,175,418 $ — FHLB and other borrowings 3,987,590 3,935,945 — 3,935,945 — Federal funds purchased and securities sold under agreements to repurchase 102,275 102,275 — 102,275 — Fair Value Option The Company has elected to apply the fair value option for single family real estate mortgage loans originated for resale in the secondary market. The election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other loans held for sale primarily because they are not economically hedged using derivative instruments. At both September 30, 2019 and December 31, 2018 , no loans held for sale for which the fair value option was elected were 90 days or more past due or were in nonaccrual. Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest and fees on loans in the Company's Unaudited Condensed Consolidated Statements of Income. Net gains (losses) of $887 thousand and $(47) thousand resulting from changes in fair value of these loans were recorded in noninterest income during the three months ended September 30, 2019 and 2018 , respectively. Net gains (losses) of $1.6 million and $(420) thousand resulting from changes in fair value of these loans were recorded in noninterest income during the nine months ended September 30, 2019 and 2018 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $530 thousand and $708 thousand for the three months ended September 30, 2019 and 2018 , respectively, and $481 thousand and $553 thousand for the nine months ended September 30, 2019 and 2018 , respectively. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (In Thousands) September 30, 2019 Residential mortgage loans held for sale $ 134,314 $ 130,043 $ 4,271 December 31, 2018 Residential mortgage loans held for sale $ 68,766 $ 66,052 $ 2,714 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances arising from nonowner sources. The following summarizes the change in the components of other comprehensive income. Three Months Ended September 30, 2019 2018 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from debt securities available for sale $ 42,553 $ 10,089 $ 32,464 $ (40,831 ) $ (9,642 ) $ (31,189 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 21,003 4,980 16,023 — — — Net change in unrealized gains (losses) on debt securities available for sale 21,550 5,109 16,441 (40,831 ) (9,642 ) (31,189 ) Change in unamortized net holding losses on debt securities held to maturity 2,915 692 2,223 2,604 615 1,989 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — — — — Less: non-credit related impairment on debt securities held to maturity — — — 135 32 103 Change in unamortized non-credit related impairment on debt securities held to maturity 229 54 175 271 63 208 Net change in unamortized holding gains on debt securities held to maturity 3,144 746 2,398 2,740 646 2,094 Unrealized holding gains arising during period from cash flow hedge instruments 44,121 10,459 33,662 15,187 4,191 10,996 Change in defined benefit plans — — — — — — Other comprehensive income (loss) $ 68,815 $ 16,314 $ 52,501 $ (22,904 ) $ (4,805 ) $ (18,099 ) Nine Months Ended September 30, 2019 2018 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from debt securities available for sale $ 222,660 $ 52,792 $ 169,868 $ (139,236 ) $ (32,916 ) $ (106,320 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 29,961 7,104 22,857 — — — Net change in unrealized gains (losses) on debt securities available for sale 192,699 45,688 147,011 (139,236 ) (32,916 ) (106,320 ) Change in unamortized net holding losses on debt securities held to maturity 7,741 1,836 5,905 8,538 2,016 6,522 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — (39,904 ) (9,417 ) (30,487 ) Less: non-credit related impairment on debt securities held to maturity 108 26 82 397 94 303 Change in unamortized non-credit related impairment on debt securities held to maturity 885 210 675 815 192 623 Net change in unamortized holding gains (losses) on debt securities held to maturity 8,518 2,020 6,498 (30,948 ) (7,303 ) (23,645 ) Unrealized holding gains arising during period from cash flow hedge instruments 172,571 40,906 131,665 26,894 7,554 19,340 Change in defined benefit plans 4,089 970 3,119 (4,425 ) (1,046 ) (3,379 ) Other comprehensive income (loss) $ 377,877 $ 89,584 $ 288,293 $ (147,715 ) $ (33,711 ) $ (114,004 ) Activity in accumulated other comprehensive income (loss), net of tax was as follows: Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity Accumulated Gains (Losses) on Cash Flow Hedging Instruments Defined Benefit Plan Adjustment Unamortized Impairment Losses on Debt Securities Held to Maturity Total (In Thousands) Balance, December 31, 2017 $ (132,821 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,405 ) Cumulative effect of adoption of ASU 2016-01 (13 ) — — — (13 ) $ (132,834 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,418 ) Other comprehensive loss before reclassifications (136,807 ) (8,838 ) — (303 ) (145,948 ) Amounts reclassified from accumulated other comprehensive income (loss) 6,522 28,178 (3,379 ) 623 31,944 Net current period other comprehensive (loss) income (130,285 ) 19,340 (3,379 ) 320 (114,004 ) Balance, September 30, 2018 $ (263,119 ) $ (5,425 ) $ (37,607 ) $ (5,271 ) $ (311,422 ) Balance, December 31, 2018 $ (158,433 ) $ 6,175 $ (29,495 ) $ (5,095 ) $ (186,848 ) Cumulative effect of adoption of ASUs (1) (25,844 ) (1,040 ) (7,351 ) (1,201 ) (35,436 ) $ (184,277 ) $ 5,135 $ (36,846 ) $ (6,296 ) $ (222,284 ) Other comprehensive income (loss) before reclassifications 169,868 129,110 — (82 ) 298,896 Amounts reclassified from accumulated other comprehensive income (loss) (16,952 ) 2,555 3,119 675 (10,603 ) Net current period other comprehensive income 152,916 131,665 3,119 593 288,293 Balance, September 30, 2019 $ (31,361 ) $ 136,800 $ (33,727 ) $ (5,703 ) $ 66,009 (1) Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1 , Basis of Presentation , for additional information. The following table presents information on reclassifications out of accumulated other comprehensive income (loss). Details About Accumulated Other Comprehensive Income (Loss) Components Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (1) Condensed Consolidated Statements of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ 21,003 $ — $ 29,961 $ — Investment securities gains, net (2,915 ) (2,604 ) (7,741 ) (8,538 ) Interest on debt securities held to maturity 18,088 (2,604 ) 22,220 (8,538 ) (4,288 ) 615 (5,268 ) 2,016 Income tax (expense) benefit $ 13,800 $ (1,989 ) $ 16,952 $ (6,522 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (295 ) $ (13,782 ) $ (2,765 ) $ (35,839 ) Interest and fees on loans (254 ) (251 ) (584 ) (1,048 ) Interest on FHLB and other borrowings (549 ) (14,033 ) (3,349 ) (36,887 ) 130 3,314 794 8,709 Income tax benefit $ (419 ) $ (10,719 ) $ (2,555 ) $ (28,178 ) Net of tax Defined Benefit Plan Adjustment $ — $ — $ (4,089 ) $ 4,425 (2) — — 970 (1,046 ) Income tax benefit (expense) $ — $ — $ (3,119 ) $ 3,379 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (229 ) $ (271 ) $ (885 ) $ (815 ) Interest on debt securities held to maturity 54 63 210 192 Income tax benefit $ (175 ) $ (208 ) $ (675 ) $ (623 ) Net of tax (1) Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 17, Benefit Plans, in the Notes to the December 31, 2018, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for Sta
Supplemental Disclosure for Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure for Statement of Cash Flows | Supplemental Disclosure for Statement of Cash Flows The following table presents the Company’s supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2019 2018 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 686,126 $ 387,311 Net income taxes paid 94,033 121,156 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 25,067 $ 17,249 Transfer of available for sale debt securities to held to maturity debt securities — 1,017,275 Transfer of loans to loans held for sale 1,196,883 — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Unaudited Condensed Consolidated Statements of Cash Flows. Nine Months Ended September 30, 2019 2018 (In Thousands) Cash and cash equivalents $ 6,473,599 $ 3,526,911 Restricted cash in other assets 165,584 142,690 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,639,183 $ 3,669,601 Restricted cash primarily represents cash collateral related to the Company's derivatives as well as amounts restricted for regulatory purposes related to BSI and BBVA Transfer Holdings, Inc. Restricted cash is included in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operating segments are based on the Company’s organizational structure. Each segment reflects the manner in which financial information is evaluated by management. The operating segment results include certain overhead allocations and intercompany transactions. All intercompany transactions have been eliminated to determine the consolidated balances. The Company operates primarily in the United States, and, accordingly, revenue and assets outside the United States are not material. There are no individual customers whose attributable revenues exceed 10% of consolidated revenue. The following tables present the segment information for the Company’s existing segments. Three Months Ended September 30, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 280,377 $ 316,978 $ 26,647 $ (40,912 ) $ 57,951 $ 641,041 Allocated provision for loan losses 33,653 69,885 13,955 491 22,645 140,629 Noninterest income 67,001 127,109 58,961 24,882 43,366 321,319 Noninterest expense 172,879 309,074 39,311 5,009 72,614 598,887 Net income (loss) before income tax expense (benefit) 140,846 65,128 32,342 (21,530 ) 6,058 222,844 Income tax expense (benefit) 29,578 13,677 6,792 (4,521 ) (5,627 ) 39,899 Net income (loss) 111,268 51,451 25,550 (17,009 ) 11,685 182,945 Less: net income attributable to noncontrolling interests 87 — — 400 27 514 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 111,181 $ 51,451 $ 25,550 $ (17,409 ) $ 11,658 $ 182,431 Average assets $ 39,756,495 $ 19,110,008 $ 7,855,727 $ 19,898,446 $ 8,321,780 $ 94,942,456 Three Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 342,790 $ 378,064 $ 48,591 $ (24,882 ) $ (86,277 ) $ 658,286 Allocated provision (credit) for loan losses 37,897 61,060 (15,807 ) (553 ) 12,367 94,964 Noninterest income 63,874 115,821 32,223 5,235 41,306 258,459 Noninterest expense 173,121 293,720 43,379 7,109 88,181 605,510 Net income (loss) before income tax expense (benefit) 195,646 139,105 53,242 (26,203 ) (145,519 ) 216,271 Income tax expense (benefit) 41,086 29,212 11,181 (5,503 ) (34,220 ) 41,756 Net income (loss) 154,560 109,893 42,061 (20,700 ) (111,299 ) 174,515 Less: net income attributable to noncontrolling interests 24 — — 405 (3 ) 426 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 154,536 $ 109,893 $ 42,061 $ (21,105 ) $ (111,296 ) $ 174,089 Average assets $ 39,016,626 $ 18,839,497 $ 8,311,665 $ 16,257,647 $ 7,693,233 $ 90,118,668 Nine Months Ended September 30, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 878,854 $ 1,000,057 $ 92,895 $ (79,718 ) $ 91,791 $ 1,983,879 Allocated provision (credit) for loan losses 169,770 229,561 39,210 (147 ) 39,545 477,939 Noninterest income 195,224 363,187 147,865 40,027 117,057 863,360 Noninterest expense 525,797 914,767 118,373 15,013 205,224 1,779,174 Net income (loss) before income tax expense (benefit) 378,511 218,916 83,177 (54,557 ) (35,921 ) 590,126 Income tax expense (benefit) 79,487 45,972 17,467 (11,457 ) (25,455 ) 106,014 Net income (loss) 299,024 172,944 65,710 (43,100 ) (10,466 ) 484,112 Less: net income attributable to noncontrolling interests 349 — — 1,207 113 1,669 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 298,675 $ 172,944 $ 65,710 $ (44,307 ) $ (10,579 ) $ 482,443 Average assets $ 39,886,487 $ 19,145,739 $ 7,770,444 $ 18,713,337 $ 8,284,884 $ 93,800,891 Nine Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,003,541 $ 1,085,582 $ 144,509 $ (56,237 ) $ (253,005 ) $ 1,924,390 Allocated provision (credit) for loan losses 75,166 120,594 (45,630 ) (1,063 ) 94,206 243,273 Noninterest income 188,012 340,317 122,204 17,133 118,637 786,303 Noninterest expense 506,149 871,560 119,763 17,912 232,584 1,747,968 Net income (loss) before income tax expense (benefit) 610,238 433,745 192,580 (55,953 ) (461,158 ) 719,452 Income tax expense (benefit) 128,150 91,086 40,442 (11,750 ) (96,079 ) 151,849 Net income (loss) 482,088 342,659 152,138 (44,203 ) (365,079 ) 567,603 Less: net income attributable to noncontrolling interests 282 — — 1,227 (27 ) 1,482 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 481,806 $ 342,659 $ 152,138 $ (45,430 ) $ (365,052 ) $ 566,121 Average assets $ 38,332,544 $ 18,538,673 $ 8,346,850 $ 16,096,911 $ 7,667,498 $ 88,982,476 The financial information presented was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting policies that have been developed to reflect the underlying economics of the businesses. These policies address the methodologies applied and include policies related to funds transfer pricing, cost allocations and capital allocations. Funds transfer pricing was used in the determination of net interest income earned primarily on loans and deposits. The method employed for funds transfer pricing is a matched funding concept whereby lines of business which are fund providers are credited and those that are fund users are charged based on maturity, prepayment and/or repricing characteristics applied on an instrument level. Provision for loan losses is allocated to each segment based on internal management accounting policies for the allowance for loan losses and the related provision which differs from the policies for consolidated purposes. The difference between the consolidated provision for loan losses and the segments' provision for loan losses is reflected in Corporate Support and Other and reflects a current year revision in policy. Costs for centrally managed operations are generally allocated to the lines of business based on the utilization of services provided or other appropriate indicators. Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to, or providing services to, customers. Results of operations for the business segments reflect these fee sharing allocations. Capital is allocated to the lines of business based upon the underlying risks in each business considering economic and regulatory capital standards. The development and application of these methodologies is a dynamic process. Accordingly, prior period financial results have been revised to reflect management accounting enhancements and changes in the Company's organizational structure. The 2018 segment information has been revised to conform to the 2019 presentation. In addition, unlike financial accounting, there is no authoritative literature for management accounting similar to U.S. GAAP. Consequently, reported results are not necessarily comparable with those presented by other financial institutions. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables depict the disaggregation of revenue according to revenue type and segment. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2019 Service charges on deposit accounts $ 12,750 $ 50,700 $ 1,693 $ — $ 65,143 Card and merchant processing fees 9,698 36,806 — 3,881 50,385 Investment services sales fees 29,287 — — — 29,287 Money transfer income — — — 26,020 26,020 Investment banking and advisory fees — — 28,324 — 28,324 Asset management fees 11,405 — — — 11,405 63,140 87,506 30,017 29,901 210,564 Other revenues (1) 3,861 39,603 28,944 38,347 110,755 Total noninterest income $ 67,001 $ 127,109 $ 58,961 $ 68,248 $ 321,319 Three Months Ended September 30, 2018 Service charges on deposit accounts $ 11,911 $ 46,653 $ 1,761 $ — $ 60,325 Card and merchant processing fees 7,113 33,786 — 3,320 44,219 Investment services sales fees 28,286 — — — 28,286 Money transfer income — — — 23,441 23,441 Investment banking and advisory fees — — 13,956 — 13,956 Asset management fees 11,143 — — — 11,143 58,453 80,439 15,717 26,761 181,370 Other revenues (1) 5,421 35,382 16,506 19,780 77,089 Total noninterest income $ 63,874 $ 115,821 $ 32,223 $ 46,541 $ 258,459 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2019 Service charges on deposit accounts $ 37,784 $ 143,002 $ 4,996 $ — $ 185,782 Card and merchant processing fees 27,158 108,302 — 11,282 146,742 Investment services sales fees 87,316 — — — 87,316 Money transfer income — — — 73,273 73,273 Investment banking and advisory fees — — 67,939 — 67,939 Asset management fees 34,039 — — — 34,039 186,297 251,304 72,935 84,555 595,091 Other revenues (1) 8,927 111,883 74,930 72,529 268,269 Total noninterest income $ 195,224 $ 363,187 $ 147,865 $ 157,084 $ 863,360 Nine Months Ended September 30, 2018 Service charges on deposit accounts $ 34,681 $ 135,277 $ 5,109 $ — $ 175,067 Card and merchant processing fees 21,220 97,090 — 9,635 127,945 Investment services sales fees 88,176 — — — 88,176 Money transfer income — — — 68,049 68,049 Investment banking and advisory fees — — 62,398 — 62,398 Asset management fees 32,902 — — — 32,902 176,979 232,367 67,507 77,684 554,537 Other revenues (1) 11,033 107,950 54,697 58,086 231,766 Total noninterest income $ 188,012 $ 340,317 $ 122,204 $ 135,770 $ 786,303 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company enters into various transactions with BBVA that affect the Company’s business and operations. The following discloses the significant transactions between the Company and BBVA during 2019 and 2018 . The Company believes all of the transactions entered into between the Company and BBVA were transacted on terms that were no more or less beneficial to the Company than similar transactions entered into with unrelated market participants, including interest rates and transaction costs. The Company foresees executing similar transactions with BBVA in the future. Derivatives The Company has entered into various derivative contracts as noted below with BBVA as the upstream counterparty. The total notional amount of outstanding derivative contracts between the Company and BBVA are $3.6 billion and $4.1 billion as of September 30, 2019 and December 31, 2018 , respectively. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. September 30, 2019 December 31, 2018 (In Thousands) Derivative contracts: Fair value hedges $ 17,447 $ (24,839 ) Cash flow hedges 51 174 Free-standing derivatives not designated as hedging instruments (3,968 ) 23,378 Securities Purchased Under Agreements to Resell/ Securities Sold Under Agreements to Repurchase The Company enters into agreements with BBVA as the counterparty under which it purchases/sells securities subject to an obligation to resell/repurchase the same or similar securities. The following represents the amount of securities purchased under agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2019 December 31, 2018 (In Thousands) Securities purchased under agreements to resell $ 77,280 $ 109,947 Securities sold under agreements to repurchase 83,967 — Borrowings BSI, a wholly owned subsidiary of the Company, had a $420 million revolving note and cash subordination agreement with BBVA that was executed on March 16, 2012 , with an original maturity date of March 16, 2018 . On March 16, 2017 , the agreement was amended to increase the available amount to $450 million and the maturity date was extended to March 16, 2023 . On March 16, 2017 , BSI entered into an uncommitted demand facility agreement with BBVA for a revolving loan facility up to $1 billion to be used for trade settlement purposes. BSI has not drawn against this facility in 2019 . At both September 30, 2019 and December 31, 2018 there was no amount outstanding under the revolving note and cash subordination agreement. There was $24 thousand in interest expense related to these agreements for the three months ended September 30, 2019 and no interest expense for the three months ended September 30, 2018 and are included in interest on other short-term borrowings within the Company's Unaudited Condensed Consolidated Statements of Income. Interest expense related to these agreements was $50 thousand and $232 thousand for the nine months ended September 30, 2019 and 2018 , respectively, and are included in interest on other short-term borrowings within the Company's Unaudited Condensed Consolidated Statements of Income. Service and Referral Agreements The Company and its affiliates entered into or were subject to various service and referral agreements with BBVA and its affiliates. Each of the agreements was done in the ordinary course of business and on market terms. Income associated with these agreements was $10.2 million and $8.6 million for the three months ended September 30, 2019 and 2018 , respectively, and is recorded as a component of noninterest income within the Company's Unaudited Condensed Consolidated Statements of Income. Expenses associated with these agreements was $9.4 million and $7.0 million for the three months ended September 30, 2019 and 2018 , respectively, and is recorded as a component of noninterest expense within the Company's Unaudited Condensed Consolidated Statements of Income. Income associated with these agreements was $21.8 million and $33.9 million for the nine months ended September 30, 2019 and 2018 , respectively, and is recorded as a component of noninterest income within the Company's Unaudited Condensed Consolidated Statements of Income. Expenses associated with these agreements was $26.0 million and $22.5 million for the nine months ended September 30, 2019 and 2018 , respectively, and is recorded as a component of noninterest expense within the Company's Unaudited Condensed Consolidated Statements of Income. Series A Preferred Stock BBVA is the sole holder of the Series A Preferred Stock that the Company issued in December 2015. At both September 30, 2019 and December 31, 2018 , the carrying amount of the Series A Preferred Stock was approximately $229 million . During the nine months ended September 30, 2019 and 2018 , the Company paid $13.8 million and $12.7 million , respectively, of preferred stock dividends to BBVA. Loan Sales to Related Parties During the nine months ended September 30, 2019 , the Company transferred to loans held for sale and subsequently sold $1.2 billion of commercial loans to BBVA, S.A. New York Branch. The Company recognized a gain on the sale of these loans of $778 thousand . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, the most significant of which relate to the allowance for loan losses, goodwill impairment, fair value measurements and income taxes. Actual results could differ from those estimates. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes ASC Topic 840, Leases . Subsequently, the FASB issued ASU 2018-01 in January 2018 which provides a practical expedient for land easements and issued ASU 2018-11 in July 2018 which includes an option to recognize a cumulative effect adjustment to retained earnings in the period of adoption instead of applying the guidance to prior comparative periods. This ASU, as amended, requires lessees to recognize right-of-use assets and associated liabilities that arise from leases, with the exception of short-term leases. Subsequent accounting for leases varies depending on whether the lease is classified as an operating lease or a finance lease. This ASU, as amended, does not make significant changes to lessor accounting. There are several new qualitative and quantitative disclosures required. Upon transition, lessees and lessors have the option to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective transition approach or to apply the modified retrospective approach with an additional, optional transition method that initially applies this ASU as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted this ASU, as amended, on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to retained earnings without restating comparable periods. The Company also elected the transition relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short term leases with a term of less than one year. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. At January 1, 2019, the Company recognized right-of-use assets of $290 million and lease liabilities of $332 million . The right-of-use assets and corresponding lease liabilities, recorded upon adoption, were primarily based on the present value of unpaid future minimum lease payments as of January 1, 2019. Those amounts were impacted by assumptions related to renewals and/or extensions of existing lease contracts and the interest rate used to discount those future lease obligations. Additionally, the Company recognized a cumulative effect adjustment of approximately $3.5 million at adoption to increase the beginning balance of retained earnings as of January 1, 2019 for the remaining deferred gains on sale-leaseback transactions which occurred prior to adoption. This ASU will not have a material impact on the timing of expense recognition on the Company's results of operations. See Note 7 , Leases , for the required disclosures in accordance with this ASU. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over a period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. The Company adopted this ASU on January 1, 2019. The adoption of this standard had no impact on the financial condition or results of operations of the Company. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In October 2018, the FASB issued ASU 2018-16, Inclusion of the SOFR OIS Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the OIS rate based on SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The Company adopted these ASUs on January 1, 2019. The adoption of these standards did not have a material impact on the financial condition or results of operations of the Company. The adoption resulted in an immaterial cumulative effect adjustment to the opening balance of retained earnings. For additional information on the Company’s derivative and hedging activities, see Note 5 , Derivatives and Hedging . Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company adopted this ASU on January 1, 2019 and reclassified approximately $35.4 million from accumulated other comprehensive income to retained earnings. Recently Issued Accounting Standards Not Yet Adopted Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduces new guidance for the accounting for credit losses on instruments within its scope. The new approach changes the impairment model for most financial assets, and will require the use of an “expected credit loss” model for financial instruments measured at amortized cost and certain other instruments. This model applies to receivables, loans, debt securities, and off-balance sheet credit exposures. This model requires entities to estimate the lifetime expected credit loss on such instruments and record an allowance that represents the portion of the amortized cost basis that the entity does not expect to collect. This allowance is deducted from the financial asset’s amortized cost basis to present the net amount expected to be collected. The new expected credit loss model will also apply to purchased financial assets with credit deterioration, superseding current accounting guidance for such assets. The amended guidance also amends the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on such securities is a credit loss, and also eliminating the option for management to consider the length of time a security has been in an unrealized loss position as a factor in concluding whether or not a credit loss exists. The amended model states that an entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra account to the amortized cost basis, instead of a direct reduction of the amortized cost basis of the investment, as under current guidance. As a result, entities will recognize improvements to estimated credit losses on available-for-sale debt securities immediately in earnings as opposed to in interest income over time. There are also additional disclosure requirements included in this guidance. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early application of this ASU is permitted. The Company intends to adopt this standard on January 1, 2020. Adoption will be applied on a modified retrospective basis with the cumulative effect of initially applying the amendments recognized in retained earnings at the date of initial application. However, certain provisions of the guidance are only required to be applied on a prospective basis. The Company’s implementation process includes data sourcing and validation, loss model development, development of governance processes, development of a qualitative framework, documentation and governance surrounding economic forecast for credit loss purposes, evaluation of technical accounting topics, updates to allowance policies and methodology documentation, development of reporting processes and related internal controls, and overall operational readiness for adoption of the amended guidance, which will continue throughout 2019, including parallel runs alongside the Company’s current allowance process. Parallel runs that have been more focused on the operational process have been performed in the second and third quarters of 2019. Parallel runs will be enhanced throughout the remainder of 2019 to include the qualitative framework, supporting analytics, end-to-end governance, internal controls and disclosures. The Company provides updates to senior management and the Audit Committee. These communications provide an update on the status of the implementation project plan and any identified risks. The Company is currently in the process of evaluating the impact of the amended guidance on its Condensed Consolidated Financial Statements. It currently expects the allowance for loan losses to increase upon adoption given that the allowance will be required to cover the expected life of the loan portfolio upon adoption. The extent of this impact is still being evaluated and will depend on economic conditions, economic forecasts and the composition and credit quality of the Company's loan portfolio at the time of adoption. The amended guidance in this ASU eliminates the current accounting model for purchased-credit-impaired loans, but requires an allowance to be recognized for purchased-credit-deteriorated assets (those that have experienced more-than-insignificant deterioration in credit quality since origination). The Company will have no impact from purchased-credit-deteriorated assets upon adoption. Upon adoption, the Company does not expect to record a material allowance with respect to HTM and AFS securities as the portfolios consist primarily of agency-backed securities that inherently have minimal nonpayment risk. In November 2018, the FASB issued ASU 2018-19 and in April and May 2019, the FASB issued ASU 2019-04 and ASU 2019-05, respectively, which made minor clarifications to the guidance in ASU 2016-13. The FASB has also established a Transition Resource Group for Credit Losses to evaluate implementation issues arising from the amended guidance and make recommendations to the FASB on which issues may warrant the issuance of additional clarifying guidance. The Company continues to monitor the issues discussed by the Transition Resource Group and the recommended amendments proposed to the FASB as part of its implementation analysis. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a prospective method. Based on the Company’s most recent qualitative goodwill impairment assessment performed as of October 31, 2018, there were no reporting units for which it was more-likely-than-not that the carrying amount of a reporting unit exceeded its respective fair value; therefore, this ASU would not currently have an impact on the Company’s Consolidated Financial Statements or related disclosures. However, if upon adoption, which is expected to occur on January 1, 2020, the carrying amount of a reporting unit exceeds its respective fair value, the Company would be required to recognize an impairment charge for the amount that the carrying value exceeds the fair value. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this ASU modify the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurements . This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on its fair value disclosures. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. |
Derivatives and Hedging | The Company has made an accounting policy decision not to offset derivative fair value amounts under master netting agreements. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a MRA. Under the terms of the MRA, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received or pledged. The Company offsets the assets and liabilities under netting arrangements for the balance sheet presentation of securities purchased under agreements to resell and securities sold under agreements to repurchase provided certain criteria are met that permit balance sheet netting. |
Debt Securities Available for_2
Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of adjusted cost and approximate fair value of investment securities available for sale and investments held to maturity | The following tables present the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity. September 30, 2019 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 3,186,688 $ 20,413 $ 38,600 $ 3,168,501 Agency mortgage-backed securities 1,477,410 18,125 9,710 1,485,825 Agency collateralized mortgage obligations 2,950,019 13,760 6,318 2,957,461 States and political subdivisions 756 47 — 803 Total $ 7,614,873 $ 52,345 $ 54,628 $ 7,612,590 Debt securities held to maturity: U.S. Treasury and other U.S. government agencies $ 1,285,850 $ 62,972 $ — $ 1,348,822 Collateralized mortgage obligations: Agency 4,318,121 114,366 11,071 4,421,416 Non-agency 39,657 8,132 196 47,593 Asset-backed securities and other 55,222 1,350 1,336 55,236 States and political subdivisions 635,784 12,384 6,739 641,429 Total $ 6,334,634 $ 199,204 $ 19,342 $ 6,514,496 December 31, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 5,525,902 $ 13,000 $ 107,435 $ 5,431,467 Agency mortgage-backed securities 2,156,872 9,402 36,453 2,129,821 Agency collateralized mortgage obligations 3,492,538 4,021 77,580 3,418,979 States and political subdivisions 886 63 — 949 Total $ 11,176,198 $ 26,486 $ 221,468 $ 10,981,216 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 2,089,860 $ 26,988 $ 10,338 $ 2,106,510 Non-agency 46,834 7,198 1,129 52,903 Asset-backed securities and other 61,304 2,346 471 63,179 States and political subdivisions 687,615 18,545 3,332 702,828 Total $ 2,885,613 $ 55,077 $ 15,270 $ 2,925,420 |
Schedule of fair value and gross unrealized losses of available for sale and held to maturity securities that were in a loss position | The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale debt securities and held to maturity debt securities that were in a loss position at September 30, 2019 and December 31, 2018 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2019 Securities in a loss position for less than 12 months Securities in a loss position for 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 83,020 $ 86 $ 854,321 $ 38,514 $ 937,341 $ 38,600 Agency mortgage-backed securities 33,955 64 881,426 9,646 915,381 9,710 Agency collateralized mortgage obligations 483,488 723 752,903 5,595 1,236,391 6,318 Total $ 600,463 $ 873 $ 2,488,650 $ 53,755 $ 3,089,113 $ 54,628 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 752,834 $ 11,071 $ — $ — $ 752,834 $ 11,071 Non-agency 8,109 99 5,320 97 13,429 196 Asset-backed securities and other 43,549 879 9,278 457 52,827 1,336 States and political subdivisions 171,340 6,595 30,926 144 202,266 6,739 Total $ 975,832 $ 18,644 $ 45,524 $ 698 $ 1,021,356 $ 19,342 December 31, 2018 Securities in a loss position for less than 12 months Securities in a loss position for 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 338 $ 1 $ 3,879,564 $ 107,434 $ 3,879,902 $ 107,435 Agency mortgage-backed securities 68,404 279 1,533,156 36,174 1,601,560 36,453 Agency collateralized mortgage obligations 116,052 132 2,710,008 77,448 2,826,060 77,580 Total $ 184,794 $ 412 $ 8,122,728 $ 221,056 $ 8,307,522 $ 221,468 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ — $ — $ 845,512 $ 10,338 $ 845,512 $ 10,338 Non-agency 3,715 71 13,195 1,058 16,910 1,129 Asset-backed securities and other 6,911 87 5,994 384 12,905 471 States and political subdivisions 116,925 2,148 118,834 1,184 235,759 3,332 Total $ 127,551 $ 2,306 $ 983,535 $ 12,964 $ 1,111,086 $ 15,270 |
Schedule of activity related to credit losses for debt securities where other than temporary impairments was recognized in other comprehensive income | The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In Thousands) Balance at beginning of period $ 23,529 $ 23,133 $ 23,416 $ 22,824 Reductions for securities paid off during the period (realized) — — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — — — Additions for the credit component on debt securities in which OTTI was previously recognized — 283 113 592 Balance at end of period $ 23,529 $ 23,416 $ 23,529 $ 23,416 |
Schedule of investments classified by contractual maturity date | The contractual maturities of the securities portfolios are presented in the following table. September 30, 2019 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Maturing within one year $ 399,828 $ 399,391 Maturing after one but within five years 2,185,935 2,202,123 Maturing after five but within ten years 66,633 67,896 Maturing after ten years 535,048 499,894 3,187,444 3,169,304 Mortgage-backed securities and collateralized mortgage obligations 4,427,429 4,443,286 Total $ 7,614,873 $ 7,612,590 Debt securities held to maturity: Maturing within one year $ 834 $ 835 Maturing after one but within five years 825,404 858,940 Maturing after five but within ten years 937,617 971,268 Maturing after ten years 213,001 214,444 1,976,856 2,045,487 Collateralized mortgage obligations 4,357,778 4,469,009 Total $ 6,334,634 $ 6,514,496 |
Schedule of gross realized gains and losses | The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Gross gains $ 21,003 $ — $ 29,961 $ — Gross losses — — — — Net realized gains $ 21,003 $ — $ 29,961 $ — |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. September 30, 2019 December 31, 2018 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,683,130 $ 26,562,319 Real estate – construction 2,005,347 1,997,537 Commercial real estate – mortgage 13,074,173 13,016,796 Total commercial loans 39,762,650 41,576,652 Consumer loans: Residential real estate – mortgage 13,503,327 13,422,156 Equity lines of credit 2,618,112 2,747,217 Equity loans 263,444 298,614 Credit card 936,147 818,308 Consumer direct 2,388,358 2,553,588 Consumer indirect 3,848,533 3,770,019 Total consumer loans 23,557,921 23,609,902 Total loans $ 63,320,571 $ 65,186,554 |
Disclosure of activity in allowance for loan losses during year | The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below: Commercial, Financial and Agricultural Commercial Real Estate (1) Residential Real Estate (2) Consumer (3) Total (In Thousands) Three months ended September 30, 2019 Allowance for loan losses: Beginning balance $ 456,054 $ 117,786 $ 100,351 $ 303,469 $ 977,660 Provision for loan losses 28,787 6,410 3,214 102,218 140,629 Loans charged-off (73,178 ) (2,270 ) (4,835 ) (121,400 ) (201,683 ) Loan recoveries 3,236 79 3,183 19,087 25,585 Net charge-offs (69,942 ) (2,191 ) (1,652 ) (102,313 ) (176,098 ) Ending balance $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Three months ended September 30, 2018 Allowance for loan losses: Beginning balance $ 431,510 $ 113,246 $ 98,032 $ 217,212 $ 860,000 Provision for loan losses 9,560 896 1,446 83,062 94,964 Loans charged-off (20,142 ) (2,328 ) (5,570 ) (73,599 ) (101,639 ) Loan recoveries 6,167 316 3,454 12,131 22,068 Net charge-offs (13,975 ) (2,012 ) (2,116 ) (61,468 ) (79,571 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 Nine Months Ended September 30, 2019 Allowance for loan losses: Beginning balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ 885,242 Provision for loan losses 142,185 9,906 5,147 320,701 477,939 Loan charge-offs (132,006 ) (2,407 ) (14,526 ) (345,028 ) (493,967 ) Loan recoveries 11,405 2,069 9,363 50,140 72,977 Net charge-offs (120,601 ) (338 ) (5,163 ) (294,888 ) (420,990 ) Ending balance $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ 842,760 Provision (credit) for loan losses 39,397 (9,184 ) (7,339 ) 220,399 243,273 Loan charge-offs (42,968 ) (3,217 ) (15,123 ) (210,195 ) (271,503 ) Loan recoveries 10,031 6,398 9,968 34,466 60,863 Net (charge-offs) recoveries (32,937 ) 3,181 (5,155 ) (175,729 ) (210,640 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 (1) Includes commercial real estate – mortgage and real estate – construction loans. (2) Includes residential real estate – mortgage, equity lines of credit and equity loans. (3) Includes credit card, consumer direct and consumer indirect loans. The table below provides a summary of the allowance for loan losses and related loan balances by portfolio. Commercial, Financial and Agricultural Commercial Real Estate (1) Residential Real Estate (2) Consumer (3) Total (In Thousands) September 30, 2019 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 92,309 $ 11,645 $ 23,629 $ 1,083 $ 128,666 Collectively evaluated for impairment 322,590 110,360 78,284 302,291 813,525 Total allowance for loan losses $ 414,899 $ 122,005 $ 101,913 $ 303,374 $ 942,191 Ending balance of loans: Individually evaluated for impairment $ 269,636 $ 83,201 $ 156,814 $ 7,498 $ 517,149 Collectively evaluated for impairment 24,413,494 14,996,319 16,228,069 7,165,540 62,803,422 Total loans $ 24,683,130 $ 15,079,520 $ 16,384,883 $ 7,173,038 $ 63,320,571 December 31, 2018 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 73,072 $ 6,283 $ 26,008 $ 1,880 $ 107,243 Collectively evaluated for impairment 320,243 106,154 75,921 275,681 777,999 Total allowance for loan losses $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ 885,242 Ending balance of loans: Individually evaluated for impairment $ 386,282 $ 85,250 $ 153,342 $ 5,135 $ 630,009 Collectively evaluated for impairment 26,176,037 14,929,083 16,314,645 7,136,780 64,556,545 Total loans $ 26,562,319 $ 15,014,333 $ 16,467,987 $ 7,141,915 $ 65,186,554 (1) Includes commercial real estate – mortgage and real estate – construction loans. (2) Includes residential real estate – mortgage, equity lines of credit and equity loans. (3) Includes credit card, consumer direct and consumer indirect loans. |
Schedule of impaired financing receivables | The following tables present information on individually evaluated impaired loans, by loan class. September 30, 2019 Individually Evaluated Impaired Loans With No Recorded Allowance Individually Evaluated Impaired Loans With a Recorded Allowance Recorded Investment Unpaid Principal Balance Allowance Recorded Investment Unpaid Principal Balance Allowance (In Thousands) Commercial, financial and agricultural $ 106,174 $ 109,976 $ — $ 163,462 $ 211,790 $ 92,309 Real estate – construction — — — 120 120 11 Commercial real estate – mortgage 52,645 57,164 — 30,436 32,695 11,634 Residential real estate – mortgage — — — 111,609 111,609 8,616 Equity lines of credit — — — 15,968 15,973 12,155 Equity loans — — — 29,237 30,086 2,858 Credit card — — — — — — Consumer direct — — — 7,311 9,307 899 Consumer indirect — — — 187 187 184 Total loans $ 158,819 $ 167,140 $ — $ 358,330 $ 411,767 $ 128,666 December 31, 2018 Individually Evaluated Impaired Loans With No Recorded Allowance Individually Evaluated Impaired Loans With a Recorded Allowance Recorded Investment Unpaid Principal Balance Allowance Recorded Investment Unpaid Principal Balance Allowance (In Thousands) Commercial, financial and agricultural $ 162,011 $ 196,316 $ — $ 224,271 $ 262,947 $ 73,072 Real estate – construction — — — 138 138 6 Commercial real estate – mortgage 45,628 48,404 — 39,484 44,463 6,277 Residential real estate – mortgage — — — 104,787 104,787 8,711 Equity lines of credit — — — 16,012 16,016 13,334 Equity loans — — — 32,543 33,258 3,963 Credit card — — — — — — Consumer direct — — — 4,715 4,715 1,473 Consumer indirect — — — 420 420 407 Total loans $ 207,639 $ 244,720 $ — $ 422,370 $ 466,744 $ 107,243 The following tables present information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 318,790 $ 496 $ 286,815 $ 29 Real estate – construction 584 2 12,182 1 Commercial real estate – mortgage 77,165 221 80,779 238 Residential real estate – mortgage 109,450 691 105,743 660 Equity lines of credit 16,553 164 16,885 184 Equity loans 29,455 268 33,836 295 Credit card — — — — Consumer direct 7,360 102 923 9 Consumer indirect 203 — 550 1 Total loans $ 559,560 $ 1,944 $ 537,713 $ 1,417 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 377,390 $ 2,033 $ 268,037 $ 622 Real estate – construction 436 6 10,060 5 Commercial real estate – mortgage 79,910 687 82,350 648 Residential real estate – mortgage 107,456 2,021 109,262 2,029 Equity lines of credit 15,617 514 17,833 571 Equity loans 30,568 816 34,814 897 Credit card — — — — Consumer direct 6,459 233 2,197 24 Consumer indirect 280 — 707 4 Total loans $ 618,116 $ 6,310 $ 525,260 $ 4,800 |
Schedule of credit quality indicators associated with the Company's loans | The following tables, which exclude loans held for sale, illustrate the credit quality indicators associated with the Company’s loans, by loan class. Commercial September 30, 2019 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,417,187 $ 1,921,410 $ 12,718,589 Special Mention 661,147 10,430 170,527 Substandard 502,442 73,507 171,154 Doubtful 102,354 — 13,903 $ 24,683,130 $ 2,005,347 $ 13,074,173 December 31, 2018 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 25,395,640 $ 1,971,852 $ 12,620,421 Special Mention 412,129 12,372 215,322 Substandard 631,706 13,313 170,303 Doubtful 122,844 — 10,750 $ 26,562,319 $ 1,997,537 $ 13,016,796 Consumer September 30, 2019 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,345,060 $ 2,579,161 $ 254,015 $ 916,110 $ 2,363,237 $ 3,805,994 Nonperforming 158,267 38,951 9,429 20,037 25,121 42,539 $ 13,503,327 $ 2,618,112 $ 263,444 $ 936,147 $ 2,388,358 $ 3,848,533 December 31, 2018 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,248,822 $ 2,707,289 $ 287,392 $ 801,297 $ 2,535,724 $ 3,742,394 Nonperforming 173,334 39,928 11,222 17,011 17,864 27,625 $ 13,422,156 $ 2,747,217 $ 298,614 $ 818,308 $ 2,553,588 $ 3,770,019 |
Schedule of past due loans | The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. September 30, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Accruing TDRs Total Past Due and Impaired Not Past Due or Impaired Total (In Thousands) Commercial, financial and agricultural $ 30,779 $ 24,036 $ 11,179 $ 301,021 $ 1,552 $ 368,567 $ 24,314,563 $ 24,683,130 Real estate – construction 3,831 185 532 1,616 76 6,240 1,999,107 2,005,347 Commercial real estate – mortgage 13,939 41 2,375 110,632 3,492 130,479 12,943,694 13,074,173 Residential real estate – mortgage 74,796 22,329 4,778 153,078 60,537 315,518 13,187,809 13,503,327 Equity lines of credit 11,088 4,616 2,072 36,879 — 54,655 2,563,457 2,618,112 Equity loans 2,452 978 524 8,728 24,789 37,471 225,973 263,444 Credit card 10,372 8,092 20,037 — — 38,501 897,646 936,147 Consumer direct 35,762 23,075 17,773 7,348 7,360 91,318 2,297,040 2,388,358 Consumer indirect 81,075 26,294 8,599 33,940 — 149,908 3,698,625 3,848,533 Total loans $ 264,094 $ 109,646 $ 67,869 $ 653,242 $ 97,806 $ 1,192,657 $ 62,127,914 $ 63,320,571 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Accruing TDRs Total Past Due and Impaired Not Past Due or Impaired Total (In Thousands) Commercial, financial and agricultural $ 17,257 $ 11,784 $ 8,114 $ 400,389 $ 18,926 $ 456,470 $ 26,105,849 $ 26,562,319 Real estate – construction 218 8,849 544 2,851 116 12,578 1,984,959 1,997,537 Commercial real estate – mortgage 11,678 3,375 2,420 110,144 3,661 131,278 12,885,518 13,016,796 Residential real estate – mortgage 80,366 29,852 5,927 167,099 57,446 340,690 13,081,466 13,422,156 Equity lines of credit 14,007 5,109 2,226 37,702 — 59,044 2,688,173 2,747,217 Equity loans 3,471 843 180 10,939 26,768 42,201 256,413 298,614 Credit card 9,516 7,323 17,011 — — 33,850 784,458 818,308 Consumer direct 37,336 19,543 13,336 4,528 2,684 77,427 2,476,161 2,553,588 Consumer indirect 100,434 32,172 9,791 17,834 — 160,231 3,609,788 3,770,019 Total loans $ 274,283 $ 118,850 $ 59,549 $ 751,486 $ 109,601 $ 1,313,769 $ 63,872,785 $ 65,186,554 |
Schedule of troubled debt restructuring loans and subsequent defaults on restructured loans | The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The tables exclude loans classified as held for sale as of period-end and includes loans no longer in default as of period-end. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage 1 599 — — Residential real estate – mortgage 1 234 2 327 Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct 1 600 — — Consumer indirect — — — — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage 1 599 — — Residential real estate – mortgage 2 455 4 474 Equity lines of credit — — — — Equity loans 2 151 3 167 Credit card — — — — Consumer direct 4 2,610 — — Consumer indirect — — — — The following tables present an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 4 $ 1,411 1 $ 104,065 Real estate – construction — — — — Commercial real estate – mortgage 2 18,115 1 679 Residential real estate – mortgage 29 8,523 17 2,025 Equity lines of credit 3 259 3 80 Equity loans 1 49 7 464 Credit card — — — — Consumer direct 110 4,401 2 1,098 Consumer indirect 1 2 — — Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 10 $ 28,330 5 $ 121,263 Real estate – construction — — 2 307 Commercial real estate – mortgage 6 20,638 3 2,313 Residential real estate – mortgage 65 15,574 50 10,862 Equity lines of credit 5 353 7 197 Equity loans 8 456 19 2,235 Credit card — — — — Consumer direct 178 9,176 3 1,104 Consumer indirect 1 2 — — |
Loan Sales and Servicing (Table
Loan Sales and Servicing (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of loans transferred to held for sale and loans sold | The following table summarizes the Company's activity in the loans held for sale portfolio and loan sales, excluding activity related to loans originated for sale in the secondary market. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Loans transferred from held for investment to held for sale $ — $ — $ 1,196,883 $ — Charge-offs on loans recognized at transfer from held for investment to held for sale — — — — Loans and loans held for sale sold 10,897 37,580 1,092,195 46,055 |
Schedule of loan sales and residential mortgage servicing rights | The following table is an analysis of the activity in the Company’s MSRs. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Carrying value, at beginning of period $ 41,966 $ 54,276 $ 51,539 $ 49,597 Additions 1,600 1,594 4,305 5,266 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (4,269 ) 2,533 (11,303 ) 9,403 Due to other changes in fair value (1) (2,032 ) (3,091 ) (7,276 ) (8,954 ) Carrying value, at end of period $ 37,265 $ 55,312 $ 37,265 $ 55,312 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. The following table summarizes the Company's sales of loans originated for sale in the secondary market. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 188,550 $ 148,967 $ 488,940 $ 479,684 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 8,101 5,409 20,745 14,858 Servicing fees recognized (2) 2,703 2,544 8,007 8,181 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Recorded as a component of mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. September 30, 2019 December 31, 2018 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,514,658 $ 4,588,273 MSRs (2) 37,265 51,539 (1) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (2) Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets. |
Schedule of sensitivity of current fair value of residential real estate mortgage servicing rights | At September 30, 2019 and December 31, 2018 , the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: September 30, 2019 December 31, 2018 (Dollars in Thousands) Fair value of MSRs $ 37,265 $ 51,539 Composition of residential loans serviced for others: Fixed rate mortgage loans 98.0 % 97.7 % Adjustable rate mortgage loans 2.0 2.3 Total 100.0 % 100.0 % Weighted average life (in years) 4.1 6.6 Prepayment speed: 18.1 % 7.4 % Effect on fair value of a 10% increase $ (2,939 ) $ (1,432 ) Effect on fair value of a 20% increase (5,007 ) (2,778 ) Weighted average option adjusted spread: 6.4 % 6.5 % Effect on fair value of a 10% increase $ (1,055 ) $ (1,627 ) Effect on fair value of a 20% increase (1,568 ) (3,116 ) |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amount and fair value of derivative instruments | The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Derivative Assets (1) Derivative Liabilities (2) Notional Amount Derivative Assets (1) Derivative Liabilities (2) (In Thousands) Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps related to long-term debt $ 2,923,950 $ 30,240 $ — $ 2,923,950 $ 13,479 $ 28,479 Total fair value hedges 30,240 — 13,479 28,479 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 7,000,000 — — 1,500,000 2,367 — Swaps related to FHLB advances 120,000 — 3,419 120,000 — 1,938 Foreign currency contracts: Forwards related to currency fluctuations 1,380 51 — 5,272 174 — Total cash flow hedges 51 3,419 2,541 1,938 Total derivatives designated as hedging instruments $ 30,291 $ 3,419 $ 16,020 $ 30,417 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 307,980 $ 252 $ 605 $ 166,641 $ 187 $ 1,021 Option contracts related to mortgage servicing rights 75,000 234 — — — — Interest rate lock commitments 180,127 4,038 — 91,395 2,012 — Equity contracts: Purchased equity option related to equity-linked CDs 209,724 6,989 — 450,660 14,185 — Written equity option related to equity-linked CDs 179,156 — 5,966 389,030 — 12,434 Foreign exchange contracts: Forwards and swaps related to commercial loans 525,441 3,532 1,128 413,127 1,565 1,109 Spots related to commercial loans 15,343 4 28 19,911 24 2 Swap associated with sale of Visa, Inc. Class B shares 148,907 — 5,494 111,466 — 3,706 Futures contracts (3) 4,470,000 — — 3,223,000 — — Trading account assets and liabilities: Interest rate contracts for customers 35,268,019 415,139 114,662 34,436,223 149,269 130,704 Foreign exchange contracts for customers 1,094,649 29,693 27,447 1,140,665 19,465 17,341 Total trading account assets and liabilities 444,832 142,109 168,734 148,045 Total free-standing derivative instruments not designated as hedging instruments $ 459,881 $ 155,330 $ 186,707 $ 166,317 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. (3) Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. |
Schedule of hedging derivative instruments | The following table presents the effect of hedging derivative instruments on the Company’s Unaudited Condensed Consolidated Statements of Income. Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Three Months Ended September 30, 2019 Total amounts presented in the unaudited condensed consolidated statements of income $ 771,245 $ 32,975 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (136 ) Recognized on derivatives — 9,369 Recognized on hedged items — (8,999 ) Net income (expense) recognized on fair value hedges $ — $ 234 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (295 ) $ (254 ) Net income (expense) recognized on cash flow hedges $ (295 ) $ (254 ) Three Months Ended September 30, 2018 Total amounts presented in the unaudited condensed consolidated statements of income $ 751,470 $ 37,131 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 243 Recognized on derivatives — (13,181 ) Recognized on hedged items — 12,920 Net income (expense) recognized on fair value hedges $ — $ (18 ) Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (13,782 ) $ (251 ) Net income (expense) recognized on cash flow hedges $ (13,782 ) $ (251 ) (1) See Note 10 , Comprehensive Income , for gain or loss recognized for cash flow hedges in accumulated other comprehensive income. (2) Pre-tax Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Nine Months Ended September 30, 2019 Total amounts presented in the unaudited condensed consolidated statements of income $ 2,359,500 $ 104,901 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (4,192 ) Recognized on derivatives — 76,315 Recognized on hedged items — (72,510 ) Net income (expense) recognized on fair value hedges $ — $ (387 ) Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (2,765 ) $ (584 ) Net income (expense) recognized on cash flow hedges $ (2,765 ) $ (584 ) Nine Months Ended September 30, 2018 Total amounts presented in the unaudited condensed consolidated statements of income $ 2,126,411 $ 93,799 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 3,529 Recognized on derivatives — (63,679 ) Recognized on hedged items — 60,472 Net income (expense) recognized on fair value hedges $ — $ 322 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (35,839 ) $ (1,048 ) Net income (expense) recognized on cash flow hedges $ (35,839 ) $ (1,048 ) (1) See Note 10 , Comprehensive Income , for gain or loss recognized for cash flow hedges in accumulated other comprehensive income. (2) Pre-tax |
Schedule of fair value hedging instruments | The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets in fair value hedging relationships. September 30, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities Carrying Amount of Hedged Liabilities Hedged Items Currently Designated Hedged Items No Longer Designated (In Thousands) FHLB and other borrowings $ 3,481,608 $ 45,962 $ 2,430 |
Schedule of other derivatives not designated as hedging instruments | The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2019 2018 2019 2018 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ 14 $ 195 $ (1,365 ) $ 400 Interest rate contracts: Interest rate lock commitments Mortgage banking income 191 (475 ) 2,026 (281 ) Option contracts related to mortgage servicing rights Mortgage banking income 285 — 1,313 (38 ) Forward contracts related to residential mortgage loans held for sale Mortgage banking income 530 708 481 553 Interest rate contracts for customers Corporate and correspondent investment sales 7,398 8,639 13,490 28,559 Equity contracts: Purchased equity option related to equity-linked CDs Other expense (2,187 ) (4,945 ) (7,196 ) (20,550 ) Written equity option related to equity-linked CDs Other expense 1,942 4,539 6,469 18,641 Foreign currency contracts: Forward and swap contracts related to commercial loans Other income 13,787 5,333 15,484 23,717 Spot contracts related to commercial loans Other income (1,263 ) (2,649 ) (1,065 ) (3,768 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 4,085 3,514 11,547 11,811 |
Schedule of assets subject to enforceable master netting arrangements | The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2019 Derivative financial assets: Subject to a master netting arrangement $ 75,652 $ — $ 75,652 $ — $ 32,770 $ 42,882 Not subject to a master netting arrangement 414,520 — 414,520 — — 414,520 Total derivative financial assets $ 490,172 $ — $ 490,172 $ — $ 32,770 $ 457,402 Derivative financial liabilities: Subject to a master netting arrangement $ 111,107 $ — $ 111,107 $ — $ 109,616 $ 1,491 Not subject to a master netting arrangement 47,642 — 47,642 — — 47,642 Total derivative financial liabilities $ 158,749 $ — $ 158,749 $ — $ 109,616 $ 49,133 December 31, 2018 Derivative financial assets: Subject to a master netting arrangement $ 82,168 $ — $ 82,168 $ — $ 18,932 $ 63,236 Not subject to a master netting arrangement 120,559 — 120,559 — — 120,559 Total derivative financial assets $ 202,727 $ — $ 202,727 $ — $ 18,932 $ 183,795 Derivative financial liabilities: Subject to a master netting arrangement $ 99,579 $ — $ 99,579 $ — $ 96,917 $ 2,662 Not subject to a master netting arrangement 97,155 — 97,155 — — 97,155 Total derivative financial liabilities $ 196,734 $ — $ 196,734 $ — $ 96,917 $ 99,817 (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Schedule of liabilities subject to enforceable master netting arrangements | The following table represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2019 Derivative financial assets: Subject to a master netting arrangement $ 75,652 $ — $ 75,652 $ — $ 32,770 $ 42,882 Not subject to a master netting arrangement 414,520 — 414,520 — — 414,520 Total derivative financial assets $ 490,172 $ — $ 490,172 $ — $ 32,770 $ 457,402 Derivative financial liabilities: Subject to a master netting arrangement $ 111,107 $ — $ 111,107 $ — $ 109,616 $ 1,491 Not subject to a master netting arrangement 47,642 — 47,642 — — 47,642 Total derivative financial liabilities $ 158,749 $ — $ 158,749 $ — $ 109,616 $ 49,133 December 31, 2018 Derivative financial assets: Subject to a master netting arrangement $ 82,168 $ — $ 82,168 $ — $ 18,932 $ 63,236 Not subject to a master netting arrangement 120,559 — 120,559 — — 120,559 Total derivative financial assets $ 202,727 $ — $ 202,727 $ — $ 18,932 $ 183,795 Derivative financial liabilities: Subject to a master netting arrangement $ 99,579 $ — $ 99,579 $ — $ 96,917 $ 2,662 Not subject to a master netting arrangement 97,155 — 97,155 — — 97,155 Total derivative financial liabilities $ 196,734 $ — $ 196,734 $ — $ 96,917 $ 99,817 (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of assets and liabilities subject to enforceable master netting arrangements | Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2019 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 2,576,433 $ 2,446,653 $ 129,780 $ 129,780 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,564,074 $ 2,446,653 $ 117,421 $ 117,421 $ — $ — December 31, 2018 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 246,844 $ 136,897 $ 109,947 $ 109,947 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 239,172 $ 136,897 $ 102,275 $ 102,275 $ — $ — (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Schedule of securities sold under agreements to repurchase | The following table presents the Company's related activity, by collateral type and remaining contractual maturity. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) September 30, 2019 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 776,238 $ 978,287 $ 110,048 $ 664,750 $ 2,529,323 Mortgage-backed securities — — 34,751 — 34,751 Total $ 776,238 $ 978,287 $ 144,799 $ 664,750 $ 2,564,074 December 31, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 190,650 $ — $ — $ — $ 190,650 Mortgage-backed securities — — 48,522 — 48,522 Total $ 190,650 $ — $ 48,522 $ — $ 239,172 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease Portfolio Classification | The following table summarizes the Company’s lease portfolio classification and respective right-of-use asset balances and lease liability balances which are included in other assets and accrued expenses and other liabilities, respectively, on the Company’s Unaudited Condensed Consolidated Balance Sheets. September 30, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,897 $ 276,169 $ 285,066 Lease liability balance 12,747 317,929 330,676 |
Components of Lease Costs | The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Unaudited Condensed Consolidated Statements of Income during the period. Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 (In Thousands) Interest on lease liabilities $ 150 $ 463 Amortization of right-of-use assets 331 992 Finance lease cost 481 1,455 Operating lease cost 12,949 38,753 Variable lease cost 5,372 13,817 Sublease income (2,137 ) (5,689 ) Total lease cost $ 16,665 $ 48,336 The table below presents supplemental cash flow information arising from lease transactions and noncash information on lease liabilities arising from obtaining right-of-use assets. Nine Months Ended September 30, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 40,751 Operating cash flows from finance leases 463 Financing cash flows from finance leases 1,181 Right-of-use assets obtained in exchange for lease obligations Operating leases 29,901 Finance leases — The weighted-average remaining lease term and discount rates at September 30, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.6 years 9.9 years 9.9 years Weighted-average discount rate 4.7 % 3.3 % 3.4 % |
Maturities of Financing Lease Liabilities | The following table provides the annual undiscounted future minimum payments under finance and noncanceable operating leases at September 30, 2019 : Finance Operating Total (In Thousands) Remainder of 2019 $ 553 $ 13,857 $ 14,410 2020 2,233 54,540 56,773 2021 2,143 50,448 52,591 2022 1,923 45,444 47,367 2023 1,501 39,568 41,069 2024 1,410 30,732 32,142 Thereafter 5,696 137,660 143,356 Total $ 15,459 $ 372,249 $ 387,708 At September 30, 2019 the Company had no additional operating or finance leases that had not yet commenced that would create significant rights and obligations for the Company as a lessee. The table below presents a reconciliation of the undiscounted cash flows to the finance lease liabilities and operating lease liabilities. September 30, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 15,459 $ 372,249 $ 387,708 Less: imputed interest 2,712 54,320 57,032 Total discounted lease liability $ 12,747 $ 317,929 $ 330,676 |
Maturities of Operating Lease Liabilities | The following table provides the annual undiscounted future minimum payments under finance and noncanceable operating leases at September 30, 2019 : Finance Operating Total (In Thousands) Remainder of 2019 $ 553 $ 13,857 $ 14,410 2020 2,233 54,540 56,773 2021 2,143 50,448 52,591 2022 1,923 45,444 47,367 2023 1,501 39,568 41,069 2024 1,410 30,732 32,142 Thereafter 5,696 137,660 143,356 Total $ 15,459 $ 372,249 $ 387,708 At September 30, 2019 the Company had no additional operating or finance leases that had not yet commenced that would create significant rights and obligations for the Company as a lessee. The table below presents a reconciliation of the undiscounted cash flows to the finance lease liabilities and operating lease liabilities. September 30, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 15,459 $ 372,249 $ 387,708 Less: imputed interest 2,712 54,320 57,032 Total discounted lease liability $ 12,747 $ 317,929 $ 330,676 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of commitments to extend credit, standby letters of credit and commercial letters of credit | The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit: September 30, 2019 December 31, 2018 (In Thousands) Commitments to extend credit $ 27,374,025 $ 28,827,897 Standby and commercial letters of credit 988,247 1,249,205 |
Fair Value of Measurements (Tab
Fair Value of Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of asset and liabilities measure at fair value on a recurring basis | The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Recurring fair value measurements Assets: Trading account assets: U.S. Treasury and other U.S. government agencies $ 118,767 $ 118,767 $ — $ — State and political subdivisions 401 — 401 — Interest rate contracts 415,139 — 415,139 — Foreign exchange contracts 29,693 — 29,693 — Total trading account assets 564,000 118,767 445,233 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 3,168,501 2,600,606 567,895 — Mortgage-backed securities 1,485,825 — 1,485,825 — Collateralized mortgage obligations 2,957,461 — 2,957,461 — States and political subdivisions 803 — 803 — Total debt securities available for sale 7,612,590 2,600,606 5,011,984 — Loans held for sale 134,314 — 134,314 — Derivative assets: Interest rate contracts 34,764 234 30,492 4,038 Equity contracts 6,989 — 6,989 — Foreign exchange contracts 3,587 — 3,587 — Total derivative assets 45,340 234 41,068 4,038 Other assets: Equity securities 23,522 23,522 — — MSR 37,265 — — 37,265 SBIC 120,248 — — 120,248 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 45 $ 45 $ — $ — Interest rate contracts 114,662 — 114,662 — Foreign exchange contracts 27,447 — 27,447 — Total trading account liabilities 142,154 45 142,109 — Derivative liabilities: Interest rate contracts 4,024 — 4,024 — Equity contracts 5,966 — 5,966 — Foreign exchange contracts 1,156 — 1,156 — Total derivative liabilities 11,146 — 11,146 — Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) (In Thousands) Recurring fair value measurements Assets: Trading account assets: U.S. Treasury and other U.S. government agencies $ 68,922 $ 68,922 $ — $ — Interest rate contracts 149,269 — 149,269 — Foreign exchange contracts 19,465 — 19,465 — Total trading account assets 237,656 68,922 168,734 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 5,431,467 4,746,335 685,132 — Mortgage-backed securities 2,129,821 — 2,129,821 — Collateralized mortgage obligations 3,418,979 — 3,418,979 — States and political subdivisions 949 — 949 — Total debt securities available for sale 10,981,216 4,746,335 6,234,881 — Loans held for sale 68,766 — 68,766 — Derivative assets: Interest rate contracts 18,045 — 16,033 2,012 Equity contracts 14,185 — 14,185 — Foreign exchange contracts 1,763 — 1,763 — Total derivative assets 33,993 — 31,981 2,012 Other assets: Equity securities 17,839 17,839 — — MSR 51,539 — — 51,539 SBIC 80,074 — — 80,074 Liabilities: Trading account liabilities: Interest rate contracts $ 130,704 $ — $ 130,704 $ — Foreign exchange contracts 17,341 — 17,341 — Total trading account liabilities 148,045 — 148,045 — Derivative liabilities: Interest rate contracts 31,438 — 31,438 — Equity contracts 12,434 — 12,434 — Foreign exchange contracts 1,111 — 1,111 — Total derivative liabilities 44,983 — 44,983 — |
Reconciliation of assets measured on a recurring basis using significant unobservable inputs | The following tables reconcile the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, June 30, 2018 $ 2,610 $ 54,276 $ 41,513 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) (475 ) (558 ) — Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 1,209 Issuances — 1,594 — Sales — — — Settlements — — — Balance, September 30, 2018 $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ (475 ) $ (558 ) $ — Balance, June 30, 2019 $ 3,847 $ 41,966 $ 102,065 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) 191 (6,301 ) 10,239 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 7,944 Issuances — 1,600 — Sales — — — Settlements — — — Balance, September 30, 2019 $ 4,038 $ 37,265 $ 120,248 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019 $ 191 $ (6,301 ) $ 10,239 (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2017 $ 2,416 $ 49,597 $ 45,042 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) (281 ) 449 (6,673 ) Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 4,353 Issuances — 5,266 — Sales — — — Settlements — — — Balance, September 30, 2018 $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ (281 ) $ 449 $ (6,673 ) Balance, December 31, 2018 $ 2,012 $ 51,539 $ 80,074 Transfers into Level 3 — — — Transfers out of Level 3 — — — Total gains or losses (realized/unrealized): Included in earnings (1) 2,026 (18,579 ) 24,310 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 15,864 Issuances — 4,305 — Sales — — — Settlements — — — Balance, September 30, 2019 $ 4,038 $ 37,265 $ 120,248 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2019 $ 2,026 $ (18,579 ) $ 24,310 (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
Schedule of carrying amounts and estimated fair values within the fair value hierarchy | The following tables represent those assets that were subject to fair value adjustments during the three and nine months ended September 30, 2019 and 2018 , and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2019 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 1,036 $ — $ — $ 1,036 $ — $ (113 ) Impaired loans (1) 6,270 — — 6,270 (69,615 ) (113,140 ) OREO 18,931 — — 18,931 (1,169 ) (3,928 ) Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2018 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 3,955 $ — $ — $ 3,955 $ (283 ) $ (592 ) Impaired loans (1) 11,875 — — 11,875 (17,225 ) (28,666 ) OREO 18,706 — — 18,706 (1,322 ) (2,407 ) (1) Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Schedule of fair value measurement inputs | The tables below present information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs September 30, 2019 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 4,038 Discounted cash flow Closing ratios (pull-through) 8.8% - 99.9% (64.6%) Cap grids 0.2% - 2.3% (0.9%) Other assets - MSRs 37,265 Discounted cash flow Option adjusted spread 6.0% - 9.0% (6.4%) Constant prepayment rate or life speed 0.0% - 89.7% (17.4%) Cost to service $65 - $4,000 ($90) Other assets - SBIC investments 120,248 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 1,036 Discounted cash flow Prepayment rate 9.9% Default rate 6.0% Loss severity 61.9% Impaired loans 6,270 Appraised value Appraised value 0.0% - 70.0% (11.8%) OREO 18,931 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs December 31, 2018 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,012 Discounted cash flow Closing ratios (pull-through) 15.0% - 99.6% (61.5%) Cap grids 0.5% - 3.1% (1.0%) Other assets - MSRs 51,539 Discounted cash flow Option adjusted spread 6.3% - 8.5% (6.5%) Constant prepayment rate or life speed 0.0% - 43.6% (9.6%) Cost to service $65 - $4,000 ($84) Other assets - SBIC investments 80,074 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 4,380 Discounted cash flow Prepayment rate 8.4% Default rate 9.4% Loss severity 83.5% Impaired loans 57,968 Appraised value Appraised value 0.0% - 70.0% (14.6%) OREO 16,869 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. |
Schedule of fair value by balance sheet location | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments, excluding financial instruments measured at fair value on a recurring basis, are as follows: September 30, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 6,473,599 $ 6,473,599 $ 6,473,599 $ — $ — Debt securities held to maturity 6,334,634 6,514,496 1,348,822 4,421,416 744,258 Loans, net 62,378,380 60,545,039 — — 60,545,039 Liabilities: Deposits $ 73,569,442 $ 73,602,165 $ — $ 73,602,165 $ — FHLB and other borrowings 3,709,949 3,732,704 — 3,732,704 — Federal funds purchased and securities sold under agreements to repurchase 117,421 117,421 — 117,421 — December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,332,626 $ 3,332,626 $ 3,332,626 $ — $ — Debt securities held to maturity 2,885,613 2,925,420 — 2,106,510 818,910 Loans, net 64,301,312 61,186,996 — — 61,186,996 Liabilities: Deposits $ 72,167,987 $ 72,175,418 $ — $ 72,175,418 $ — FHLB and other borrowings 3,987,590 3,935,945 — 3,935,945 — Federal funds purchased and securities sold under agreements to repurchase 102,275 102,275 — 102,275 — |
Schedule of differences between aggregate fair value and aggregate unpaid principle balance | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (In Thousands) September 30, 2019 Residential mortgage loans held for sale $ 134,314 $ 130,043 $ 4,271 December 31, 2018 Residential mortgage loans held for sale $ 68,766 $ 66,052 $ 2,714 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Change in components of other comprehensive income (loss) | The following summarizes the change in the components of other comprehensive income. Three Months Ended September 30, 2019 2018 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from debt securities available for sale $ 42,553 $ 10,089 $ 32,464 $ (40,831 ) $ (9,642 ) $ (31,189 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 21,003 4,980 16,023 — — — Net change in unrealized gains (losses) on debt securities available for sale 21,550 5,109 16,441 (40,831 ) (9,642 ) (31,189 ) Change in unamortized net holding losses on debt securities held to maturity 2,915 692 2,223 2,604 615 1,989 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — — — — Less: non-credit related impairment on debt securities held to maturity — — — 135 32 103 Change in unamortized non-credit related impairment on debt securities held to maturity 229 54 175 271 63 208 Net change in unamortized holding gains on debt securities held to maturity 3,144 746 2,398 2,740 646 2,094 Unrealized holding gains arising during period from cash flow hedge instruments 44,121 10,459 33,662 15,187 4,191 10,996 Change in defined benefit plans — — — — — — Other comprehensive income (loss) $ 68,815 $ 16,314 $ 52,501 $ (22,904 ) $ (4,805 ) $ (18,099 ) Nine Months Ended September 30, 2019 2018 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from debt securities available for sale $ 222,660 $ 52,792 $ 169,868 $ (139,236 ) $ (32,916 ) $ (106,320 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 29,961 7,104 22,857 — — — Net change in unrealized gains (losses) on debt securities available for sale 192,699 45,688 147,011 (139,236 ) (32,916 ) (106,320 ) Change in unamortized net holding losses on debt securities held to maturity 7,741 1,836 5,905 8,538 2,016 6,522 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — (39,904 ) (9,417 ) (30,487 ) Less: non-credit related impairment on debt securities held to maturity 108 26 82 397 94 303 Change in unamortized non-credit related impairment on debt securities held to maturity 885 210 675 815 192 623 Net change in unamortized holding gains (losses) on debt securities held to maturity 8,518 2,020 6,498 (30,948 ) (7,303 ) (23,645 ) Unrealized holding gains arising during period from cash flow hedge instruments 172,571 40,906 131,665 26,894 7,554 19,340 Change in defined benefit plans 4,089 970 3,119 (4,425 ) (1,046 ) (3,379 ) Other comprehensive income (loss) $ 377,877 $ 89,584 $ 288,293 $ (147,715 ) $ (33,711 ) $ (114,004 ) |
Schedule of accumulated other comprehensive income (loss) | Activity in accumulated other comprehensive income (loss), net of tax was as follows: Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity Accumulated Gains (Losses) on Cash Flow Hedging Instruments Defined Benefit Plan Adjustment Unamortized Impairment Losses on Debt Securities Held to Maturity Total (In Thousands) Balance, December 31, 2017 $ (132,821 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,405 ) Cumulative effect of adoption of ASU 2016-01 (13 ) — — — (13 ) $ (132,834 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,418 ) Other comprehensive loss before reclassifications (136,807 ) (8,838 ) — (303 ) (145,948 ) Amounts reclassified from accumulated other comprehensive income (loss) 6,522 28,178 (3,379 ) 623 31,944 Net current period other comprehensive (loss) income (130,285 ) 19,340 (3,379 ) 320 (114,004 ) Balance, September 30, 2018 $ (263,119 ) $ (5,425 ) $ (37,607 ) $ (5,271 ) $ (311,422 ) Balance, December 31, 2018 $ (158,433 ) $ 6,175 $ (29,495 ) $ (5,095 ) $ (186,848 ) Cumulative effect of adoption of ASUs (1) (25,844 ) (1,040 ) (7,351 ) (1,201 ) (35,436 ) $ (184,277 ) $ 5,135 $ (36,846 ) $ (6,296 ) $ (222,284 ) Other comprehensive income (loss) before reclassifications 169,868 129,110 — (82 ) 298,896 Amounts reclassified from accumulated other comprehensive income (loss) (16,952 ) 2,555 3,119 675 (10,603 ) Net current period other comprehensive income 152,916 131,665 3,119 593 288,293 Balance, September 30, 2019 $ (31,361 ) $ 136,800 $ (33,727 ) $ (5,703 ) $ 66,009 (1) Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1 , Basis of Presentation , for additional information. |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents information on reclassifications out of accumulated other comprehensive income (loss). Details About Accumulated Other Comprehensive Income (Loss) Components Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (1) Condensed Consolidated Statements of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ 21,003 $ — $ 29,961 $ — Investment securities gains, net (2,915 ) (2,604 ) (7,741 ) (8,538 ) Interest on debt securities held to maturity 18,088 (2,604 ) 22,220 (8,538 ) (4,288 ) 615 (5,268 ) 2,016 Income tax (expense) benefit $ 13,800 $ (1,989 ) $ 16,952 $ (6,522 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (295 ) $ (13,782 ) $ (2,765 ) $ (35,839 ) Interest and fees on loans (254 ) (251 ) (584 ) (1,048 ) Interest on FHLB and other borrowings (549 ) (14,033 ) (3,349 ) (36,887 ) 130 3,314 794 8,709 Income tax benefit $ (419 ) $ (10,719 ) $ (2,555 ) $ (28,178 ) Net of tax Defined Benefit Plan Adjustment $ — $ — $ (4,089 ) $ 4,425 (2) — — 970 (1,046 ) Income tax benefit (expense) $ — $ — $ (3,119 ) $ 3,379 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (229 ) $ (271 ) $ (885 ) $ (815 ) Interest on debt securities held to maturity 54 63 210 192 Income tax benefit $ (175 ) $ (208 ) $ (675 ) $ (623 ) Net of tax (1) Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 17, Benefit Plans, in the Notes to the December 31, 2018, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S_2
Supplemental Disclosure for Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow disclosures | The following table presents the Company’s supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2019 2018 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 686,126 $ 387,311 Net income taxes paid 94,033 121,156 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 25,067 $ 17,249 Transfer of available for sale debt securities to held to maturity debt securities — 1,017,275 Transfer of loans to loans held for sale 1,196,883 — |
Schedule of cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Unaudited Condensed Consolidated Statements of Cash Flows. Nine Months Ended September 30, 2019 2018 (In Thousands) Cash and cash equivalents $ 6,473,599 $ 3,526,911 Restricted cash in other assets 165,584 142,690 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,639,183 $ 3,669,601 |
Schedule of restricted cash equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Unaudited Condensed Consolidated Statements of Cash Flows. Nine Months Ended September 30, 2019 2018 (In Thousands) Cash and cash equivalents $ 6,473,599 $ 3,526,911 Restricted cash in other assets 165,584 142,690 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,639,183 $ 3,669,601 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | The following tables present the segment information for the Company’s existing segments. Three Months Ended September 30, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 280,377 $ 316,978 $ 26,647 $ (40,912 ) $ 57,951 $ 641,041 Allocated provision for loan losses 33,653 69,885 13,955 491 22,645 140,629 Noninterest income 67,001 127,109 58,961 24,882 43,366 321,319 Noninterest expense 172,879 309,074 39,311 5,009 72,614 598,887 Net income (loss) before income tax expense (benefit) 140,846 65,128 32,342 (21,530 ) 6,058 222,844 Income tax expense (benefit) 29,578 13,677 6,792 (4,521 ) (5,627 ) 39,899 Net income (loss) 111,268 51,451 25,550 (17,009 ) 11,685 182,945 Less: net income attributable to noncontrolling interests 87 — — 400 27 514 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 111,181 $ 51,451 $ 25,550 $ (17,409 ) $ 11,658 $ 182,431 Average assets $ 39,756,495 $ 19,110,008 $ 7,855,727 $ 19,898,446 $ 8,321,780 $ 94,942,456 Three Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 342,790 $ 378,064 $ 48,591 $ (24,882 ) $ (86,277 ) $ 658,286 Allocated provision (credit) for loan losses 37,897 61,060 (15,807 ) (553 ) 12,367 94,964 Noninterest income 63,874 115,821 32,223 5,235 41,306 258,459 Noninterest expense 173,121 293,720 43,379 7,109 88,181 605,510 Net income (loss) before income tax expense (benefit) 195,646 139,105 53,242 (26,203 ) (145,519 ) 216,271 Income tax expense (benefit) 41,086 29,212 11,181 (5,503 ) (34,220 ) 41,756 Net income (loss) 154,560 109,893 42,061 (20,700 ) (111,299 ) 174,515 Less: net income attributable to noncontrolling interests 24 — — 405 (3 ) 426 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 154,536 $ 109,893 $ 42,061 $ (21,105 ) $ (111,296 ) $ 174,089 Average assets $ 39,016,626 $ 18,839,497 $ 8,311,665 $ 16,257,647 $ 7,693,233 $ 90,118,668 Nine Months Ended September 30, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 878,854 $ 1,000,057 $ 92,895 $ (79,718 ) $ 91,791 $ 1,983,879 Allocated provision (credit) for loan losses 169,770 229,561 39,210 (147 ) 39,545 477,939 Noninterest income 195,224 363,187 147,865 40,027 117,057 863,360 Noninterest expense 525,797 914,767 118,373 15,013 205,224 1,779,174 Net income (loss) before income tax expense (benefit) 378,511 218,916 83,177 (54,557 ) (35,921 ) 590,126 Income tax expense (benefit) 79,487 45,972 17,467 (11,457 ) (25,455 ) 106,014 Net income (loss) 299,024 172,944 65,710 (43,100 ) (10,466 ) 484,112 Less: net income attributable to noncontrolling interests 349 — — 1,207 113 1,669 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 298,675 $ 172,944 $ 65,710 $ (44,307 ) $ (10,579 ) $ 482,443 Average assets $ 39,886,487 $ 19,145,739 $ 7,770,444 $ 18,713,337 $ 8,284,884 $ 93,800,891 Nine Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,003,541 $ 1,085,582 $ 144,509 $ (56,237 ) $ (253,005 ) $ 1,924,390 Allocated provision (credit) for loan losses 75,166 120,594 (45,630 ) (1,063 ) 94,206 243,273 Noninterest income 188,012 340,317 122,204 17,133 118,637 786,303 Noninterest expense 506,149 871,560 119,763 17,912 232,584 1,747,968 Net income (loss) before income tax expense (benefit) 610,238 433,745 192,580 (55,953 ) (461,158 ) 719,452 Income tax expense (benefit) 128,150 91,086 40,442 (11,750 ) (96,079 ) 151,849 Net income (loss) 482,088 342,659 152,138 (44,203 ) (365,079 ) 567,603 Less: net income attributable to noncontrolling interests 282 — — 1,227 (27 ) 1,482 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 481,806 $ 342,659 $ 152,138 $ (45,430 ) $ (365,052 ) $ 566,121 Average assets $ 38,332,544 $ 18,538,673 $ 8,346,850 $ 16,096,911 $ 7,667,498 $ 88,982,476 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables depict the disaggregation of revenue according to revenue type and segment. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2019 Service charges on deposit accounts $ 12,750 $ 50,700 $ 1,693 $ — $ 65,143 Card and merchant processing fees 9,698 36,806 — 3,881 50,385 Investment services sales fees 29,287 — — — 29,287 Money transfer income — — — 26,020 26,020 Investment banking and advisory fees — — 28,324 — 28,324 Asset management fees 11,405 — — — 11,405 63,140 87,506 30,017 29,901 210,564 Other revenues (1) 3,861 39,603 28,944 38,347 110,755 Total noninterest income $ 67,001 $ 127,109 $ 58,961 $ 68,248 $ 321,319 Three Months Ended September 30, 2018 Service charges on deposit accounts $ 11,911 $ 46,653 $ 1,761 $ — $ 60,325 Card and merchant processing fees 7,113 33,786 — 3,320 44,219 Investment services sales fees 28,286 — — — 28,286 Money transfer income — — — 23,441 23,441 Investment banking and advisory fees — — 13,956 — 13,956 Asset management fees 11,143 — — — 11,143 58,453 80,439 15,717 26,761 181,370 Other revenues (1) 5,421 35,382 16,506 19,780 77,089 Total noninterest income $ 63,874 $ 115,821 $ 32,223 $ 46,541 $ 258,459 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2019 Service charges on deposit accounts $ 37,784 $ 143,002 $ 4,996 $ — $ 185,782 Card and merchant processing fees 27,158 108,302 — 11,282 146,742 Investment services sales fees 87,316 — — — 87,316 Money transfer income — — — 73,273 73,273 Investment banking and advisory fees — — 67,939 — 67,939 Asset management fees 34,039 — — — 34,039 186,297 251,304 72,935 84,555 595,091 Other revenues (1) 8,927 111,883 74,930 72,529 268,269 Total noninterest income $ 195,224 $ 363,187 $ 147,865 $ 157,084 $ 863,360 Nine Months Ended September 30, 2018 Service charges on deposit accounts $ 34,681 $ 135,277 $ 5,109 $ — $ 175,067 Card and merchant processing fees 21,220 97,090 — 9,635 127,945 Investment services sales fees 88,176 — — — 88,176 Money transfer income — — — 68,049 68,049 Investment banking and advisory fees — — 62,398 — 62,398 Asset management fees 32,902 — — — 32,902 176,979 232,367 67,507 77,684 554,537 Other revenues (1) 11,033 107,950 54,697 58,086 231,766 Total noninterest income $ 188,012 $ 340,317 $ 122,204 $ 135,770 $ 786,303 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of derivative contracts between the Company and BBVA | The following represents the amount of securities purchased under agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2019 December 31, 2018 (In Thousands) Securities purchased under agreements to resell $ 77,280 $ 109,947 Securities sold under agreements to repurchase 83,967 — The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. September 30, 2019 December 31, 2018 (In Thousands) Derivative contracts: Fair value hedges $ 17,447 $ (24,839 ) Cash flow hedges 51 174 Free-standing derivatives not designated as hedging instruments (3,968 ) 23,378 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | Jan. 01, 2019USD ($) |
ASU 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Leases, right-of-use assets | $ 290 |
Lease liabilities | 332 |
Cumulative effect adjustment related to ASU adoption | 3.5 |
ASU 2018-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to retained earnings of stranded tax effects, increase (decrease) in AOCI | $ (35.4) |
Debt Securities Available for_3
Debt Securities Available for Sale and Debt Securities Held to Maturity - Adjusted cost and fair value of securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | $ 7,614,873 | $ 11,176,198 |
Available-for-sale securities, gross unrealized gain | 52,345 | 26,486 |
Available-for-sale securities, gross unrealized losses | 54,628 | 221,468 |
Debt securities available for sale | 7,612,590 | 10,981,216 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 6,334,634 | 2,885,613 |
Held-to-maturity securities, gross unrealized gain | 199,204 | 55,077 |
Held-to-maturity securities, gross unrealized losses | 19,342 | 15,270 |
Debt securities held to maturity, estimated fair value | 6,514,496 | 2,925,420 |
U.S. Treasury and other U.S. government agencies | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 3,186,688 | 5,525,902 |
Available-for-sale securities, gross unrealized gain | 20,413 | 13,000 |
Available-for-sale securities, gross unrealized losses | 38,600 | 107,435 |
Debt securities available for sale | 3,168,501 | 5,431,467 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 1,285,850 | |
Held-to-maturity securities, gross unrealized gain | 62,972 | |
Held-to-maturity securities, gross unrealized losses | 0 | |
Debt securities held to maturity, estimated fair value | 1,348,822 | |
Agency mortgage-backed securities | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 1,477,410 | 2,156,872 |
Available-for-sale securities, gross unrealized gain | 18,125 | 9,402 |
Available-for-sale securities, gross unrealized losses | 9,710 | 36,453 |
Debt securities available for sale | 1,485,825 | 2,129,821 |
Agency collateralized mortgage obligations | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 2,950,019 | 3,492,538 |
Available-for-sale securities, gross unrealized gain | 13,760 | 4,021 |
Available-for-sale securities, gross unrealized losses | 6,318 | 77,580 |
Debt securities available for sale | 2,957,461 | 3,418,979 |
State and political subdivisions | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 756 | 886 |
Available-for-sale securities, gross unrealized gain | 47 | 63 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Debt securities available for sale | 803 | 949 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 635,784 | 687,615 |
Held-to-maturity securities, gross unrealized gain | 12,384 | 18,545 |
Held-to-maturity securities, gross unrealized losses | 6,739 | 3,332 |
Debt securities held to maturity, estimated fair value | 641,429 | 702,828 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 4,318,121 | 2,089,860 |
Held-to-maturity securities, gross unrealized gain | 114,366 | 26,988 |
Held-to-maturity securities, gross unrealized losses | 11,071 | 10,338 |
Debt securities held to maturity, estimated fair value | 4,421,416 | 2,106,510 |
Non-agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 39,657 | 46,834 |
Held-to-maturity securities, gross unrealized gain | 8,132 | 7,198 |
Held-to-maturity securities, gross unrealized losses | 196 | 1,129 |
Debt securities held to maturity, estimated fair value | 47,593 | 52,903 |
Asset-backed securities and other | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 55,222 | 61,304 |
Held-to-maturity securities, gross unrealized gain | 1,350 | 2,346 |
Held-to-maturity securities, gross unrealized losses | 1,336 | 471 |
Debt securities held to maturity, estimated fair value | $ 55,236 | $ 63,179 |
Debt Securities Available for_4
Debt Securities Available for Sale and Debt Securities Held to Maturity - Fair value and unrealized losses of available for sale securities and held to maturity securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | $ 600,463 | $ 184,794 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 873 | 412 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 2,488,650 | 8,122,728 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 53,755 | 221,056 |
Available-for-sale securities, fair value | 3,089,113 | 8,307,522 |
Available-for-sale securities, unrealized losses | 54,628 | 221,468 |
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 975,832 | 127,551 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 18,644 | 2,306 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 45,524 | 983,535 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 698 | 12,964 |
Held-to-maturity securities, fair value | 1,021,356 | 1,111,086 |
Held-to-maturity securities unrealized losses | 19,342 | 15,270 |
U.S. Treasury and other U.S. government agencies | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 83,020 | 338 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 86 | 1 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 854,321 | 3,879,564 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 38,514 | 107,434 |
Available-for-sale securities, fair value | 937,341 | 3,879,902 |
Available-for-sale securities, unrealized losses | 38,600 | 107,435 |
Agency mortgage-backed securities | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 33,955 | 68,404 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 64 | 279 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 881,426 | 1,533,156 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 9,646 | 36,174 |
Available-for-sale securities, fair value | 915,381 | 1,601,560 |
Available-for-sale securities, unrealized losses | 9,710 | 36,453 |
Agency collateralized mortgage obligations | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 483,488 | 116,052 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 723 | 132 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 752,903 | 2,710,008 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 5,595 | 77,448 |
Available-for-sale securities, fair value | 1,236,391 | 2,826,060 |
Available-for-sale securities, unrealized losses | 6,318 | 77,580 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 752,834 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 11,071 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 0 | 845,512 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 0 | 10,338 |
Held-to-maturity securities, fair value | 752,834 | 845,512 |
Held-to-maturity securities unrealized losses | 11,071 | 10,338 |
Non-agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 8,109 | 3,715 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 99 | 71 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 5,320 | 13,195 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 97 | 1,058 |
Held-to-maturity securities, fair value | 13,429 | 16,910 |
Held-to-maturity securities unrealized losses | 196 | 1,129 |
Asset-backed securities and other | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 43,549 | 6,911 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 879 | 87 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 9,278 | 5,994 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 457 | 384 |
Held-to-maturity securities, fair value | 52,827 | 12,905 |
Held-to-maturity securities unrealized losses | 1,336 | 471 |
State and political subdivisions | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 171,340 | 116,925 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 6,595 | 2,148 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 30,926 | 118,834 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 144 | 1,184 |
Held-to-maturity securities, fair value | 202,266 | 235,759 |
Held-to-maturity securities unrealized losses | $ 6,739 | $ 3,332 |
Debt Securities Available for_5
Debt Securities Available for Sale and Debt Securities Held to Maturity - Other temporary impairments losses recognized in other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $ 23,529 | $ 23,133 | $ 23,416 | $ 22,824 |
Reductions for securities paid off during the period (realized) | 0 | 0 | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 0 | 0 | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 0 | 283 | 113 | 592 |
Other than temporary impairment recognized in other comprehensive income, end of period | $ 23,529 | $ 23,416 | $ 23,529 | $ 23,416 |
Debt Securities Available for_6
Debt Securities Available for Sale and Debt Securities Held to Maturity - Maturities of securities portfolios (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $ 399,828 | |
Maturing after one but within five years | 2,185,935 | |
Maturing after five but within ten years | 66,633 | |
Maturing after ten years | 535,048 | |
Total single date maturities | 3,187,444 | |
Mortgage-backed securities and collateralized mortgage obligations | 4,427,429 | |
Available-for-sale securities, amortized cost | 7,614,873 | $ 11,176,198 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 399,391 | |
Maturing after one but within five years | 2,202,123 | |
Maturing after five but within ten years | 67,896 | |
Maturing after ten years | 499,894 | |
Total single date maturities | 3,169,304 | |
Mortgage-backed securities and collateralized mortgage obligations | 4,443,286 | |
Total | 7,612,590 | 10,981,216 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 834 | |
Maturing after one but within five years | 825,404 | |
Maturing after five but within ten years | 937,617 | |
Maturing after ten years | 213,001 | |
Total single date maturities | 1,976,856 | |
Collateralized mortgage obligations | 4,357,778 | |
Held-to-maturity securities, amortized cost | 6,334,634 | 2,885,613 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 835 | |
Maturing after one but within five years | 858,940 | |
Maturing after five but within ten years | 971,268 | |
Maturing after ten years | 214,444 | |
Total single date maturities | 2,045,487 | |
Collateralized mortgage obligations | 4,469,009 | |
Total | $ 6,514,496 | $ 2,925,420 |
Debt Securities Available for_7
Debt Securities Available for Sale and Debt Securities Held to Maturity - Gross realized gains and losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains | $ 21,003 | $ 0 | $ 29,961 | $ 0 |
Gross losses | 0 | 0 | 0 | 0 |
Net realized gains | $ 21,003 | $ 0 | $ 29,961 | $ 0 |
Debt Securities Available for_8
Debt Securities Available for Sale and Debt Securities Held to Maturity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Securities impairment | $ 0 | $ 283 | $ 113 | $ 592 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 63,320,571 | $ 65,186,554 | |
Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 24,683,130 | 26,562,319 | |
Commercial Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [1] | 15,079,520 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,005,347 | 1,997,537 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,074,173 | 13,016,796 | |
Residential Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [2] | 16,384,883 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,503,327 | 13,422,156 | |
Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,618,112 | 2,747,217 | |
Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 263,444 | 298,614 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [3] | 7,173,038 | 7,141,915 |
Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 936,147 | 818,308 | |
Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,388,358 | 2,553,588 | |
Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 3,848,533 | 3,770,019 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 39,762,650 | 41,576,652 | |
Commercial | Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 24,683,130 | 26,562,319 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,005,347 | 1,997,537 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,074,173 | 13,016,796 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 23,557,921 | 23,609,902 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,503,327 | 13,422,156 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,618,112 | 2,747,217 | |
Consumer | Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 263,444 | 298,614 | |
Consumer | Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 936,147 | 818,308 | |
Consumer | Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,388,358 | 2,553,588 | |
Consumer | Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 3,848,533 | $ 3,770,019 | |
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | ||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowances for loan losses activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | $ 977,660 | $ 860,000 | $ 885,242 | $ 842,760 | |
Provision for loan losses | 140,629 | 94,964 | 477,939 | 243,273 | |
Loans charged-off | (201,683) | (101,639) | (493,967) | (271,503) | |
Loan recoveries | 25,585 | 22,068 | 72,977 | 60,863 | |
Net charge-offs | (176,098) | (79,571) | (420,990) | (210,640) | |
Allowance for loan losses, end of period | 942,191 | 875,393 | 942,191 | 875,393 | |
Commercial, Financial and Agricultural | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | 456,054 | 431,510 | 393,315 | 420,635 | |
Provision for loan losses | 28,787 | 9,560 | 142,185 | 39,397 | |
Loans charged-off | (73,178) | (20,142) | (132,006) | (42,968) | |
Loan recoveries | 3,236 | 6,167 | 11,405 | 10,031 | |
Net charge-offs | (69,942) | (13,975) | (120,601) | (32,937) | |
Allowance for loan losses, end of period | 414,899 | 427,095 | 414,899 | 427,095 | |
Commercial Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [1] | 117,786 | 113,246 | 112,437 | 118,133 |
Provision for loan losses | [1] | 6,410 | 896 | 9,906 | (9,184) |
Loans charged-off | [1] | (2,270) | (2,328) | (2,407) | (3,217) |
Loan recoveries | [1] | 79 | 316 | 2,069 | 6,398 |
Net charge-offs | [1] | (2,191) | (2,012) | (338) | 3,181 |
Allowance for loan losses, end of period | [1] | 122,005 | 112,130 | 122,005 | 112,130 |
Residential Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [2] | 100,351 | 98,032 | 101,929 | 109,856 |
Provision for loan losses | [2] | 3,214 | 1,446 | 5,147 | (7,339) |
Loans charged-off | [2] | (4,835) | (5,570) | (14,526) | (15,123) |
Loan recoveries | [2] | 3,183 | 3,454 | 9,363 | 9,968 |
Net charge-offs | [2] | (1,652) | (2,116) | (5,163) | (5,155) |
Allowance for loan losses, end of period | [2] | 101,913 | 97,362 | 101,913 | 97,362 |
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [3] | 303,469 | 217,212 | 277,561 | 194,136 |
Provision for loan losses | [3] | 102,218 | 83,062 | 320,701 | 220,399 |
Loans charged-off | [3] | (121,400) | (73,599) | (345,028) | (210,195) |
Loan recoveries | [3] | 19,087 | 12,131 | 50,140 | 34,466 |
Net charge-offs | [3] | (102,313) | (61,468) | (294,888) | (175,729) |
Allowance for loan losses, end of period | [3] | $ 303,374 | $ 238,806 | $ 303,374 | $ 238,806 |
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | ||||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Allowance for loan losses by portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | $ 128,666 | $ 107,243 | |||||
Collectively evaluated for impairment | 813,525 | 777,999 | |||||
Total allowance for loan losses | 942,191 | $ 977,660 | 885,242 | $ 875,393 | $ 860,000 | $ 842,760 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 517,149 | 630,009 | |||||
Collectively evaluated for impairment | 62,803,422 | 64,556,545 | |||||
Total | 63,320,571 | 65,186,554 | |||||
Commercial, Financial and Agricultural | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | 92,309 | 73,072 | |||||
Collectively evaluated for impairment | 322,590 | 320,243 | |||||
Total allowance for loan losses | 414,899 | 456,054 | 393,315 | 427,095 | 431,510 | 420,635 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 269,636 | 386,282 | |||||
Collectively evaluated for impairment | 24,413,494 | 26,176,037 | |||||
Total | 24,683,130 | 26,562,319 | |||||
Commercial Real Estate | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [1] | 11,645 | 6,283 | ||||
Collectively evaluated for impairment | [1] | 110,360 | 106,154 | ||||
Total allowance for loan losses | [1] | 122,005 | 117,786 | 112,437 | 112,130 | 113,246 | 118,133 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [1] | 83,201 | 85,250 | ||||
Collectively evaluated for impairment | [1] | 14,996,319 | 14,929,083 | ||||
Total | [1] | 15,079,520 | 15,014,333 | ||||
Residential Real Estate | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [2] | 23,629 | 26,008 | ||||
Collectively evaluated for impairment | [2] | 78,284 | 75,921 | ||||
Total allowance for loan losses | [2] | 101,913 | 100,351 | 101,929 | 97,362 | 98,032 | 109,856 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [2] | 156,814 | 153,342 | ||||
Collectively evaluated for impairment | [2] | 16,228,069 | 16,314,645 | ||||
Total | [2] | 16,384,883 | 16,467,987 | ||||
Consumer | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [3] | 1,083 | 1,880 | ||||
Collectively evaluated for impairment | [3] | 302,291 | 275,681 | ||||
Total allowance for loan losses | [3] | 303,374 | $ 303,469 | 277,561 | $ 238,806 | $ 217,212 | $ 194,136 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [3] | 7,498 | 5,135 | ||||
Collectively evaluated for impairment | [3] | 7,165,540 | 7,136,780 | ||||
Total | [3] | $ 7,173,038 | $ 7,141,915 | ||||
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | ||||||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||||||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Impaired loans by loan class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $ 158,819 | $ 158,819 | $ 207,639 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 167,140 | 167,140 | 244,720 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 358,330 | 358,330 | 422,370 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 411,767 | 411,767 | 466,744 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 128,666 | 128,666 | 107,243 | ||
Individually evaluated impaired loans, average recorded investment | 559,560 | $ 537,713 | 618,116 | $ 525,260 | |
Individually evaluated impaired loans, interest income recognized | 1,944 | 1,417 | 6,310 | 4,800 | |
Commercial, Financial and Agricultural | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 106,174 | 106,174 | 162,011 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 109,976 | 109,976 | 196,316 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 163,462 | 163,462 | 224,271 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 211,790 | 211,790 | 262,947 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 92,309 | 92,309 | 73,072 | ||
Individually evaluated impaired loans, average recorded investment | 318,790 | 286,815 | 377,390 | 268,037 | |
Individually evaluated impaired loans, interest income recognized | 496 | 29 | 2,033 | 622 | |
Commercial Real Estate | Real estate – construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 120 | 120 | 138 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 120 | 120 | 138 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 11 | 11 | 6 | ||
Individually evaluated impaired loans, average recorded investment | 584 | 12,182 | 436 | 10,060 | |
Individually evaluated impaired loans, interest income recognized | 2 | 1 | 6 | 5 | |
Commercial Real Estate | Commercial real estate – mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 52,645 | 52,645 | 45,628 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 57,164 | 57,164 | 48,404 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 30,436 | 30,436 | 39,484 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 32,695 | 32,695 | 44,463 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 11,634 | 11,634 | 6,277 | ||
Individually evaluated impaired loans, average recorded investment | 77,165 | 80,779 | 79,910 | 82,350 | |
Individually evaluated impaired loans, interest income recognized | 221 | 238 | 687 | 648 | |
Residential Real Estate | Residential real estate – mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 111,609 | 111,609 | 104,787 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 111,609 | 111,609 | 104,787 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 8,616 | 8,616 | 8,711 | ||
Individually evaluated impaired loans, average recorded investment | 109,450 | 105,743 | 107,456 | 109,262 | |
Individually evaluated impaired loans, interest income recognized | 691 | 660 | 2,021 | 2,029 | |
Residential Real Estate | Equity lines of credit | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 15,968 | 15,968 | 16,012 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 15,973 | 15,973 | 16,016 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 12,155 | 12,155 | 13,334 | ||
Individually evaluated impaired loans, average recorded investment | 16,553 | 16,885 | 15,617 | 17,833 | |
Individually evaluated impaired loans, interest income recognized | 164 | 184 | 514 | 571 | |
Residential Real Estate | Equity loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 29,237 | 29,237 | 32,543 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 30,086 | 30,086 | 33,258 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 2,858 | 2,858 | 3,963 | ||
Individually evaluated impaired loans, average recorded investment | 29,455 | 33,836 | 30,568 | 34,814 | |
Individually evaluated impaired loans, interest income recognized | 268 | 295 | 816 | 897 | |
Consumer | Credit card | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | 0 | ||
Individually evaluated impaired loans, average recorded investment | 0 | 0 | 0 | 0 | |
Individually evaluated impaired loans, interest income recognized | 0 | 0 | 0 | 0 | |
Consumer | Consumer direct | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 7,311 | 7,311 | 4,715 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 9,307 | 9,307 | 4,715 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 899 | 899 | 1,473 | ||
Individually evaluated impaired loans, average recorded investment | 7,360 | 923 | 6,459 | 2,197 | |
Individually evaluated impaired loans, interest income recognized | 102 | 9 | 233 | 24 | |
Consumer | Consumer indirect | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 187 | 187 | 420 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 187 | 187 | 420 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 184 | 184 | $ 407 | ||
Individually evaluated impaired loans, average recorded investment | 203 | 550 | 280 | 707 | |
Individually evaluated impaired loans, interest income recognized | $ 0 | $ 1 | $ 0 | $ 4 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Credit quality indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 63,320,571 | $ 65,186,554 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 24,683,130 | 26,562,319 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [1] | 15,079,520 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,005,347 | 1,997,537 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,074,173 | 13,016,796 | |
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [2] | 16,384,883 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,503,327 | 13,422,156 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,618,112 | 2,747,217 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 263,444 | 298,614 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [3] | 7,173,038 | 7,141,915 |
Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 936,147 | 818,308 | |
Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,388,358 | 2,553,588 | |
Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,848,533 | 3,770,019 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 39,762,650 | 41,576,652 | |
Commercial | Commercial, Financial and Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 24,683,130 | 26,562,319 | |
Commercial | Commercial, Financial and Agricultural | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,417,187 | 25,395,640 | |
Commercial | Commercial, Financial and Agricultural | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 661,147 | 412,129 | |
Commercial | Commercial, Financial and Agricultural | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 502,442 | 631,706 | |
Commercial | Commercial, Financial and Agricultural | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 102,354 | 122,844 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,005,347 | 1,997,537 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,074,173 | 13,016,796 | |
Commercial | Commercial Real Estate | Pass | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,921,410 | 1,971,852 | |
Commercial | Commercial Real Estate | Pass | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 12,718,589 | 12,620,421 | |
Commercial | Commercial Real Estate | Special Mention | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 10,430 | 12,372 | |
Commercial | Commercial Real Estate | Special Mention | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 170,527 | 215,322 | |
Commercial | Commercial Real Estate | Substandard | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 73,507 | 13,313 | |
Commercial | Commercial Real Estate | Substandard | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 171,154 | 170,303 | |
Commercial | Commercial Real Estate | Doubtful | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Commercial | Commercial Real Estate | Doubtful | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,903 | 10,750 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,557,921 | 23,609,902 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,503,327 | 13,422,156 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,618,112 | 2,747,217 | |
Consumer | Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 263,444 | 298,614 | |
Consumer | Residential Real Estate | Performing | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,345,060 | 13,248,822 | |
Consumer | Residential Real Estate | Performing | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,579,161 | 2,707,289 | |
Consumer | Residential Real Estate | Performing | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 254,015 | 287,392 | |
Consumer | Residential Real Estate | Nonperforming | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 158,267 | 173,334 | |
Consumer | Residential Real Estate | Nonperforming | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 38,951 | 39,928 | |
Consumer | Residential Real Estate | Nonperforming | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 9,429 | 11,222 | |
Consumer | Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 936,147 | 818,308 | |
Consumer | Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,388,358 | 2,553,588 | |
Consumer | Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,848,533 | 3,770,019 | |
Consumer | Consumer | Performing | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 916,110 | 801,297 | |
Consumer | Consumer | Performing | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,363,237 | 2,535,724 | |
Consumer | Consumer | Performing | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,805,994 | 3,742,394 | |
Consumer | Consumer | Nonperforming | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 20,037 | 17,011 | |
Consumer | Consumer | Nonperforming | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 25,121 | 17,864 | |
Consumer | Consumer | Nonperforming | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 42,539 | $ 27,625 | |
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | ||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Past due loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | $ 653,242 | $ 751,486 | |
Accruing TDRs | 97,806 | 109,601 | |
Total Past Due and Impaired | 1,192,657 | 1,313,769 | |
Not Past Due or Impaired | 62,127,914 | 63,872,785 | |
Total | 63,320,571 | 65,186,554 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 264,094 | 274,283 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 109,646 | 118,850 | |
90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 67,869 | 59,549 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 301,021 | 400,389 | |
Accruing TDRs | 1,552 | 18,926 | |
Total Past Due and Impaired | 368,567 | 456,470 | |
Not Past Due or Impaired | 24,314,563 | 26,105,849 | |
Total | 24,683,130 | 26,562,319 | |
Commercial, Financial and Agricultural | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 30,779 | 17,257 | |
Commercial, Financial and Agricultural | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 24,036 | 11,784 | |
Commercial, Financial and Agricultural | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 11,179 | 8,114 | |
Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [1] | 15,079,520 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,616 | 2,851 | |
Accruing TDRs | 76 | 116 | |
Total Past Due and Impaired | 6,240 | 12,578 | |
Not Past Due or Impaired | 1,999,107 | 1,984,959 | |
Total | 2,005,347 | 1,997,537 | |
Commercial Real Estate | Real estate – construction | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,831 | 218 | |
Commercial Real Estate | Real estate – construction | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 185 | 8,849 | |
Commercial Real Estate | Real estate – construction | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 532 | 544 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 110,632 | 110,144 | |
Accruing TDRs | 3,492 | 3,661 | |
Total Past Due and Impaired | 130,479 | 131,278 | |
Not Past Due or Impaired | 12,943,694 | 12,885,518 | |
Total | 13,074,173 | 13,016,796 | |
Commercial Real Estate | Commercial real estate – mortgage | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 13,939 | 11,678 | |
Commercial Real Estate | Commercial real estate – mortgage | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 41 | 3,375 | |
Commercial Real Estate | Commercial real estate – mortgage | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,375 | 2,420 | |
Residential Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [2] | 16,384,883 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 153,078 | 167,099 | |
Accruing TDRs | 60,537 | 57,446 | |
Total Past Due and Impaired | 315,518 | 340,690 | |
Not Past Due or Impaired | 13,187,809 | 13,081,466 | |
Total | 13,503,327 | 13,422,156 | |
Residential Real Estate | Residential real estate – mortgage | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 74,796 | 80,366 | |
Residential Real Estate | Residential real estate – mortgage | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 22,329 | 29,852 | |
Residential Real Estate | Residential real estate – mortgage | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,778 | 5,927 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 36,879 | 37,702 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 54,655 | 59,044 | |
Not Past Due or Impaired | 2,563,457 | 2,688,173 | |
Total | 2,618,112 | 2,747,217 | |
Residential Real Estate | Equity lines of credit | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 11,088 | 14,007 | |
Residential Real Estate | Equity lines of credit | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,616 | 5,109 | |
Residential Real Estate | Equity lines of credit | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,072 | 2,226 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 8,728 | 10,939 | |
Accruing TDRs | 24,789 | 26,768 | |
Total Past Due and Impaired | 37,471 | 42,201 | |
Not Past Due or Impaired | 225,973 | 256,413 | |
Total | 263,444 | 298,614 | |
Residential Real Estate | Equity loans | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,452 | 3,471 | |
Residential Real Estate | Equity loans | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 978 | 843 | |
Residential Real Estate | Equity loans | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 524 | 180 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [3] | 7,173,038 | 7,141,915 |
Consumer | Credit card | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 38,501 | 33,850 | |
Not Past Due or Impaired | 897,646 | 784,458 | |
Total | 936,147 | 818,308 | |
Consumer | Credit card | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 10,372 | 9,516 | |
Consumer | Credit card | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,092 | 7,323 | |
Consumer | Credit card | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 20,037 | 17,011 | |
Consumer | Consumer direct | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 7,348 | 4,528 | |
Accruing TDRs | 7,360 | 2,684 | |
Total Past Due and Impaired | 91,318 | 77,427 | |
Not Past Due or Impaired | 2,297,040 | 2,476,161 | |
Total | 2,388,358 | 2,553,588 | |
Consumer | Consumer direct | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 35,762 | 37,336 | |
Consumer | Consumer direct | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 23,075 | 19,543 | |
Consumer | Consumer direct | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 17,773 | 13,336 | |
Consumer | Consumer indirect | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 33,940 | 17,834 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 149,908 | 160,231 | |
Not Past Due or Impaired | 3,698,625 | 3,609,788 | |
Total | 3,848,533 | 3,770,019 | |
Consumer | Consumer indirect | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 81,075 | 100,434 | |
Consumer | Consumer indirect | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 26,294 | 32,172 | |
Consumer | Consumer indirect | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 8,599 | $ 9,791 | |
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | ||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Classified as troubled debt restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Commercial, Financial and Agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 1 | 10 | 5 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,411 | $ 104,065 | $ 28,330 | $ 121,263 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Real estate – construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 2 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 307 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Commercial real estate – mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 1 | 6 | 3 |
Post-Modification Outstanding Recorded Investment | $ | $ 18,115 | $ 679 | $ 20,638 | $ 2,313 |
Number of subsequent default contracts | Contract | 1 | 0 | 1 | 0 |
Recorded investment at subsequent default | $ | $ 599 | $ 0 | $ 599 | $ 0 |
Residential Real Estate | Residential real estate – mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 29 | 17 | 65 | 50 |
Post-Modification Outstanding Recorded Investment | $ | $ 8,523 | $ 2,025 | $ 15,574 | $ 10,862 |
Number of subsequent default contracts | Contract | 1 | 2 | 2 | 4 |
Recorded investment at subsequent default | $ | $ 234 | $ 327 | $ 455 | $ 474 |
Residential Real Estate | Equity lines of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 3 | 3 | 5 | 7 |
Post-Modification Outstanding Recorded Investment | $ | $ 259 | $ 80 | $ 353 | $ 197 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Real Estate | Equity loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 7 | 8 | 19 |
Post-Modification Outstanding Recorded Investment | $ | $ 49 | $ 464 | $ 456 | $ 2,235 |
Number of subsequent default contracts | Contract | 0 | 0 | 2 | 3 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 151 | $ 167 |
Consumer | Credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Consumer direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 110 | 2 | 178 | 3 |
Post-Modification Outstanding Recorded Investment | $ | $ 4,401 | $ 1,098 | $ 9,176 | $ 1,104 |
Number of subsequent default contracts | Contract | 1 | 0 | 4 | 0 |
Recorded investment at subsequent default | $ | $ 600 | $ 0 | $ 2,610 | $ 0 |
Consumer | Consumer indirect | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 0 | 1 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 2 | $ 0 | $ 2 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Impact to the allowance for loan losses related to modifications classified as TDRs | $ 6.7 | $ (0.1) | $ 18.3 | $ 11.2 | |
Commitments to lend additional funds to borrowers whose terms have been modified in a TDR | 60.4 | 60.4 | $ 54.2 | ||
Other real estate owned | 19 | 19 | 17 | ||
Loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 53 | 53 | 62 | ||
Interest Rate Concession | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | 7.8 | 1.9 | 17.3 | 25.3 | |
Modification of Loan Structure | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | 25 | $ 106.5 | 57.8 | $ 113 | |
Residential real estate – mortgage | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Other real estate owned | $ 16 | $ 16 | $ 14 |
Loan Sales and Servicing - Narr
Loan Sales and Servicing - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 134,314 | $ 68,766 |
Residential Real Estate | Residential real estate – mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 134,000 | $ 69,000 |
Loan Sales and Servicing - Loan
Loan Sales and Servicing - Loans Transferred to Held for Sale and Loans Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans transferred from held for investment to held for sale | $ 1,196,883 | $ 0 | ||
Loans and Loans Held for Sale Excluding Loans Originated for Sale in Secondary Market | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans transferred from held for investment to held for sale | $ 0 | $ 0 | 1,196,883 | 0 |
Charge-offs on loans recognized at transfer from held for investment to held for sale | 0 | 0 | 0 | 0 |
Loans and loans held for sale sold | $ 10,897 | $ 37,580 | $ 1,092,195 | $ 46,055 |
Loan Sales and Servicing - Sale
Loan Sales and Servicing - Sales in the Secondary Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | $ 20,745 | $ 14,858 | |||
Originated For Sale In The Secondary Market | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Residential real estate loans originated for sale in the secondary market sold | [1] | $ 188,550 | $ 148,967 | 488,940 | 479,684 |
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | [2] | 8,101 | 5,409 | 20,745 | 14,858 |
Servicing fees recognized | [2] | $ 2,703 | $ 2,544 | $ 8,007 | $ 8,181 |
[1] | The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. | ||||
[2] | Recorded as a component of mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. |
Loan Sales and Servicing - Real
Loan Sales and Servicing - Real Estate Mortgages Sold With Retained Servicing (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
MSRs | $ 37,265 | $ 51,539 | |
Residential Real Estate Mortgage Loans Sold with Retained Servicing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded balance of residential real estate mortgage loans sold with retained servicing | [1] | 4,514,658 | 4,588,273 |
MSRs | [2] | $ 37,265 | $ 51,539 |
[1] | These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. | ||
[2] | Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets. |
Loan Sales and Servicing - Resi
Loan Sales and Servicing - Residential MSRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | $ 51,539 | ||||
Increase (decrease) in fair value: | |||||
Ending balance | $ 37,265 | 37,265 | |||
Residential Mortgage | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | 41,966 | $ 54,276 | 51,539 | $ 49,597 | |
Additions | 1,600 | 1,594 | 4,305 | 5,266 | |
Increase (decrease) in fair value: | |||||
Due to changes in valuation inputs or assumptions | (4,269) | 2,533 | (11,303) | 9,403 | |
Due to other changes in fair value | [1] | (2,032) | (3,091) | (7,276) | (8,954) |
Ending balance | $ 37,265 | $ 55,312 | $ 37,265 | $ 55,312 | |
[1] | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. |
Loan Sales and Servicing - Valu
Loan Sales and Servicing - Valuation Assumptions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of MSRs | $ 37,265 | $ 51,539 |
Composition of residential loans serviced for others, percentage | 100.00% | 100.00% |
Weighted average life (in years) | 4 years 1 month 20 days | 6 years 7 months 14 days |
Prepayment speed: | 18.10% | 7.40% |
Effect on fair value of a 10% increase | $ (2,939) | $ (1,432) |
Effect on fair value of a 20% increase | $ (5,007) | $ (2,778) |
Weighted average option adjusted spread: | 6.40% | 6.50% |
Effect on fair value of a 10% increase | $ (1,055) | $ (1,627) |
Effect on fair value of a 20% increase | $ (1,568) | $ (3,116) |
Fixed rate mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 98.00% | 97.70% |
Adjustable rate mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 2.00% | 2.30% |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | $ 75,652 | $ 82,168 | ||
Derivative liabilities | 111,107 | 99,579 | ||
Derivatives designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 30,291 | 16,020 | |
Derivative liabilities | [2] | 3,419 | 30,417 | |
Derivatives designated as hedging instrument | Fair value hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 30,240 | 13,479 | |
Derivative liabilities | [2] | 0 | 28,479 | |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swaps related to long-term debt | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 2,923,950 | 2,923,950 | ||
Derivative assets | [1] | 30,240 | 13,479 | |
Derivative liabilities | [2] | 0 | 28,479 | |
Derivatives designated as hedging instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 51 | 2,541 | |
Derivative liabilities | [2] | 3,419 | 1,938 | |
Derivatives designated as hedging instrument | Cash flow hedges | Swaps related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 7,000,000 | 1,500,000 | ||
Derivative assets | [1] | 0 | 2,367 | |
Derivative liabilities | [2] | 0 | 0 | |
Derivatives designated as hedging instrument | Cash flow hedges | Swaps related to FHLB advances | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 120,000 | 120,000 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 3,419 | 1,938 | |
Derivatives designated as hedging instrument | Cash flow hedges | Foreign exchange contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 1,380 | 5,272 | ||
Derivative assets | [1] | 51 | 174 | |
Derivative liabilities | [2] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 459,881 | 186,707 | |
Derivative liabilities | [2] | 155,330 | 166,317 | |
Free-standing derivatives not designated as hedging instrument | Forward contracts related to held for sale mortgages | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 307,980 | 166,641 | ||
Derivative assets | [1] | 252 | 187 | |
Derivative liabilities | [2] | 605 | 1,021 | |
Free-standing derivatives not designated as hedging instrument | Option contracts related to mortgage servicing rights | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 75,000 | 0 | ||
Derivative assets | [1] | 234 | 0 | |
Derivative liabilities | [2] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | Interest rate lock commitments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 180,127 | 91,395 | ||
Derivative assets | [1] | 4,038 | 2,012 | |
Derivative liabilities | [2] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | Purchased equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 209,724 | 450,660 | ||
Derivative assets | [1] | 6,989 | 14,185 | |
Derivative liabilities | 0 | [2] | 0 | |
Free-standing derivatives not designated as hedging instrument | Written equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 179,156 | 389,030 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 5,966 | 12,434 | |
Free-standing derivatives not designated as hedging instrument | Forwards and swaps related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 525,441 | 413,127 | ||
Derivative assets | [1] | 3,532 | 1,565 | |
Derivative liabilities | [2] | 1,128 | 1,109 | |
Free-standing derivatives not designated as hedging instrument | Spots related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 15,343 | 19,911 | ||
Derivative assets | [1] | 4 | 24 | |
Derivative liabilities | [2] | 28 | 2 | |
Free-standing derivatives not designated as hedging instrument | Swap associated with sale of Visa, Inc. Class B shares | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 148,907 | 111,466 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 5,494 | 3,706 | |
Free-standing derivatives not designated as hedging instrument | Futures contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | [3] | 4,470,000 | 3,223,000 | |
Derivative assets | [1],[3] | 0 | 0 | |
Derivative liabilities | [2],[3] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 444,832 | 168,734 | |
Derivative liabilities | [2] | 142,109 | 148,045 | |
Free-standing derivatives not designated as hedging instrument | Interest rate contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 35,268,019 | 34,436,223 | ||
Derivative assets | [1] | 415,139 | 149,269 | |
Derivative liabilities | [2] | 114,662 | 130,704 | |
Free-standing derivatives not designated as hedging instrument | Foreign exchange contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 1,094,649 | 1,140,665 | ||
Derivative assets | [1] | 29,693 | 19,465 | |
Derivative liabilities | [2] | $ 27,447 | $ 17,341 | |
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[2] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[3] | Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. |
Derivatives and Hedging - Fair
Derivatives and Hedging - Fair Value Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) related to hedge, firm commitments no longer qualifying as a fair value hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value hedges, weighted average expected remaining term | 3 years 5 months 55 days | |||
Long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Carrying amount of hedging liabilities | 3,481,608 | $ 3,481,608 | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of hedged liabilities - Hedged items currently designated | 45,962 | 45,962 | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of hedged liabilities - Hedged items no longer designated | $ 2,430 | $ 2,430 |
Derivatives and Hedging - Cash
Derivatives and Hedging - Cash Flow Hedges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Total amounts presented in the unaudited condensed consolidated statements of income | $ 771,245,000 | $ 751,470,000 | $ 2,359,500,000 | $ 2,126,411,000 | |
Total amounts presented in the unaudited condensed consolidated statements of income | 32,975,000 | 37,131,000 | $ 104,901,000 | 93,799,000 | |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash flow hedges, weighted average expected remaining term | 3 years 5 months 55 days | ||||
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on discontinuation of interest rate cash flow hedge due to forecasted transaction probable of not occurring, net | 0 | 0 | $ 0 | 0 | |
Cash flow hedges not terminated, net fair value | (3,000,000) | $ (3,000,000) | |||
Cash flow hedges, weighted average expected remaining term | 3 years 6 months 45 days | ||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (1,300,000) | ||||
Maximum length of time hedged in interest rate cash flow hedge | 4 years 4 months 6 days | ||||
Interest and Fees on Loans | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Total amounts presented in the unaudited condensed consolidated statements of income | 771,245,000 | 751,470,000 | $ 2,359,500,000 | 2,126,411,000 | |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Fair value hedges | |||||
Gains (losses) on fair value hedging relationships: | |||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 | |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Fair value hedges | Interest rate contracts | |||||
Gains (losses) on fair value hedging relationships: | |||||
Amounts related to interest settlements and amortization on derivatives | 0 | 0 | 0 | 0 | |
Recognized on derivatives | 0 | 0 | 0 | 0 | |
Recognized on hedged items | 0 | 0 | 0 | 0 | |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Cash flow hedges | |||||
Gain (losses) on cash flow hedging relationships: | |||||
Net income (expense) recognized on cash flow hedges | [1] | (295,000) | (13,782,000) | (2,765,000) | (35,839,000) |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Cash flow hedges | Interest rate contracts | |||||
Gain (losses) on cash flow hedging relationships: | |||||
Realized losses reclassified from AOCI into net income | [1],[2] | (295,000) | (13,782,000) | (2,765,000) | (35,839,000) |
Interest on FHLB and other borrowings | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Total amounts presented in the unaudited condensed consolidated statements of income | 32,975,000 | 37,131,000 | 104,901,000 | 93,799,000 | |
Interest on FHLB and other borrowings | Derivatives designated as hedging instrument | Fair value hedges | |||||
Gains (losses) on fair value hedging relationships: | |||||
Net income (expense) recognized on fair value hedges | 234,000 | (18,000) | (387,000) | 322,000 | |
Interest on FHLB and other borrowings | Derivatives designated as hedging instrument | Fair value hedges | Interest rate contracts | |||||
Gains (losses) on fair value hedging relationships: | |||||
Amounts related to interest settlements and amortization on derivatives | (136,000) | 243,000 | (4,192,000) | 3,529,000 | |
Recognized on derivatives | 9,369,000 | (13,181,000) | 76,315,000 | (63,679,000) | |
Recognized on hedged items | (8,999,000) | 12,920,000 | (72,510,000) | 60,472,000 | |
Interest on FHLB and other borrowings | Derivatives designated as hedging instrument | Cash flow hedges | |||||
Gain (losses) on cash flow hedging relationships: | |||||
Net income (expense) recognized on cash flow hedges | [1] | (254,000) | (251,000) | (584,000) | (1,048,000) |
Interest on FHLB and other borrowings | Derivatives designated as hedging instrument | Cash flow hedges | Interest rate contracts | |||||
Gain (losses) on cash flow hedging relationships: | |||||
Realized losses reclassified from AOCI into net income | [1],[2] | $ (254,000) | $ (251,000) | $ (584,000) | $ (1,048,000) |
[1] | See Note 10, Comprehensive Income, for gain or loss recognized for cash flow hedges in accumulated other comprehensive income. | ||||
[2] | Pre-tax |
Derivatives and Hedging - Free
Derivatives and Hedging - Free Standing Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Futures contracts | Mortgage banking income and corporate and correspondent investment sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 14 | $ 195 | $ (1,365) | $ 400 |
Interest rate lock commitments | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 191 | (475) | 2,026 | (281) |
Option contracts related to mortgage servicing rights | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 285 | 0 | 1,313 | (38) |
Forward contracts related to residential mortgage loans held for sale | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 530 | 708 | 481 | 553 |
Interest rate contracts for customers | Corporate and correspondent investment sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 7,398 | 8,639 | 13,490 | 28,559 |
Purchased equity option related to equity-linked CDs | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (2,187) | (4,945) | (7,196) | (20,550) |
Written equity option related to equity-linked CDs | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 1,942 | 4,539 | 6,469 | 18,641 |
Forward and swap contracts related to commercial loans | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 13,787 | 5,333 | 15,484 | 23,717 |
Spot contracts related to commercial loans | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (1,263) | (2,649) | (1,065) | (3,768) |
Foreign currency exchange contracts for customers | Corporate and correspondent investment sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 4,085 | $ 3,514 | $ 11,547 | $ 11,811 |
Derivatives and Hedging - Credi
Derivatives and Hedging - Credit and Market Risks (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Derivatives [Line Items] | ||||||
Derivative assets | $ 75,652,000 | $ 75,652,000 | $ 82,168,000 | |||
Derivative, collateral, right to reclaim cash | [1] | 109,616,000 | 109,616,000 | 96,917,000 | ||
Derivative, collateral, obligation to return | [1] | 32,770,000 | 32,770,000 | 18,932,000 | ||
Other assets | ||||||
Derivatives [Line Items] | ||||||
Derivative, collateral, right to reclaim cash | 110,000,000 | 110,000,000 | 97,000,000 | |||
Deposits | ||||||
Derivatives [Line Items] | ||||||
Derivative, collateral, obligation to return | 40,000,000 | 40,000,000 | 22,000,000 | |||
Free-standing derivatives not designated as hedging instrument | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | [2] | 459,881,000 | 459,881,000 | 186,707,000 | ||
Free-standing derivatives not designated as hedging instrument | Interest rate swap | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | 445,000,000 | 445,000,000 | ||||
Gain (loss) on derivative instruments held for trading purposes, net | 0 | $ 0 | 0 | $ 0 | ||
Gain (loss) on derivative instruments held for non-trading purposes, net | 0 | $ 0 | 0 | $ 0 | ||
Derivatives designated as hedging instrument | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | [2] | 30,291,000 | 30,291,000 | $ 16,020,000 | ||
Derivatives designated as hedging instrument | Interest rate swap | Over the counter | ||||||
Derivatives [Line Items] | ||||||
Credit risk derivatives, at fair value, net | $ 30,000,000 | $ 30,000,000 | ||||
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. | |||||
[2] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. |
Derivatives and Hedging - Conti
Derivatives and Hedging - Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 54 | $ 24 |
Collateral already posted, aggregate fair value | 52 | 23 |
Additional collateral, aggregate fair value | $ 2 | $ 1 |
Derivatives and Hedging - Netti
Derivatives and Hedging - Netting Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative financial assets: | |||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | $ 75,652 | $ 82,168 | |
Derivative assets, total derivative subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheet | 0 | 0 | |
Derivative assets, total derivatives subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 75,652 | 82,168 | |
Derivative assets, total derivatives subject to a master netting arrangement, financial instruments collateral received/pledged | [1] | 0 | 0 |
Derivate assets, total derivatives subject to a master netting arrangement, cash collateral received/pledged | [1] | 32,770 | 18,932 |
Derivative asset, total derivatives subject to a master netting arrangement, net amount | 42,882 | 63,236 | |
Derivative assets, total derivatives not subject to a master netting arrangement | 414,520 | 120,559 | |
Derivative assets, total derivatives not subject to a master netting arrangement, net amount | 414,520 | 120,559 | |
Total derivative financial assets, gross amounts recognized | 490,172 | 202,727 | |
Total derivative financial assets, net amount presented in the condensed consolidated balance sheet | 490,172 | 202,727 | |
Total derivative financial assets, net amount | 457,402 | 183,795 | |
Derivative financial liabilities: | |||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 111,107 | 99,579 | |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amount offset in the condensed consolidated balance sheets | 0 | 0 | |
Derivative liabilities, total derivative subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 111,107 | 99,579 | |
Derivative liabilities, total derivatives subject to a master netting arrangement, financial instruments collateral received/pledged | [1] | 0 | 0 |
Derivative liabilities, total derivative subject to a master netting arrangement, cash collateral received/pledged | [1] | 109,616 | 96,917 |
Derivate liabilities, total derivatives subject to master netting arrangement, net amount | 1,491 | 2,662 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement | 47,642 | 97,155 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement, net amount | 47,642 | 97,155 | |
Derivative liabilities, total derivative financial liabilities, gross amount recognized | 158,749 | 196,734 | |
Total derivative financial liabilities, net amount presented in the condensed consolidated balance sheets | 158,749 | 196,734 | |
Total derivative financial liabilities, net amount | $ 49,133 | $ 99,817 | |
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Securities purchased under agreements to resell | |||
Securities purchased under agreements to resell, subject to master netting arrangement, gross amounts recognized | $ 2,576,433 | $ 246,844 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheets | 2,446,653 | 136,897 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 129,780 | 109,947 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 129,780 | 109,947 |
Securities purchased under agreements to resell, net amount | 0 | 0 | |
Securities sold under agreements to repurchase | |||
Securities sold under agreements to repurchase, subject to a master netting arrangement, gross amounts recognized | 2,564,074 | 239,172 | |
Securities sold under agreements to repurchase, gross amounts offset in the condensed consolidated balance sheets | 2,446,653 | 136,897 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheet | 117,421 | 102,275 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 117,421 | 102,275 |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount | 0 | 0 | |
Fair value of collateral received related to securities purchased under agreements to resell | 2,700,000 | 251,000 | |
Fair value of collateral pledged related to securities sold under agreements to repurchase | $ 2,600,000 | $ 247,000 | |
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activiti_4
Securities Financing Activities - Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 2,564,074 | $ 239,172 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 776,238 | 190,650 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 978,287 | 0 |
30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 144,799 | 48,522 |
Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 664,750 | 0 |
U.S. Treasury and other U.S. government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 2,529,323 | 190,650 |
U.S. Treasury and other U.S. government agencies | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 776,238 | 190,650 |
U.S. Treasury and other U.S. government agencies | Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 978,287 | 0 |
U.S. Treasury and other U.S. government agencies | 30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 110,048 | 0 |
U.S. Treasury and other U.S. government agencies | Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 664,750 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 34,751 | 48,522 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Mortgage-backed securities | Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Mortgage-backed securities | 30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 34,751 | 48,522 |
Mortgage-backed securities | Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease, lease not yet commenced, amount | $ 0 |
Finance lease, lease not yet commenced, amount | $ 0 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, term of contract | 10 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, term of contract | 20 years |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Right-of-use asset, finance lease | $ 8,897 |
Right-of-use asset, operating lease | 276,169 |
Right-of-use asset, total | 285,066 |
Lease liability balance, finance lease | 12,747 |
Lease liability balance, operating lease | 317,929 |
Lease liability balance, total | $ 330,676 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Interest on lease liabilities | $ 150 | $ 463 |
Amortization of right-of-use assets | 331 | 992 |
Finance lease cost | 481 | 1,455 |
Operating lease cost | 12,949 | 38,753 |
Variable lease cost | 5,372 | 13,817 |
Sublease income | (2,137) | (5,689) |
Total lease cost | $ 16,665 | 48,336 |
Operating cash flows from operating leases | 40,751 | |
Operating cash flows from finance leases | 463 | |
Financing cash flows from finance leases | 1,181 | |
Operating leases | 29,901 | |
Finance leases | $ 0 | |
Finance lease, weighted-average remaining lease term | 8 years 7 months 20 days | 8 years 7 months 20 days |
Operating lease, weighted-average remaining lease term | 9 years 11 months 1 day | 9 years 11 months 1 day |
Lease, weighted-average remaining lease term | 9 years 10 months 15 days | |
Finance lease, weighted-average discount rate, percent | 4.70% | 4.70% |
Operating lease, weighted-average discount rate, percent | 3.30% | 3.30% |
Lease, weighted-average discount rate, percent | 3.40% | 3.40% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finance | |
Remainder of 2019 | $ 553 |
2020 | 2,233 |
2021 | 2,143 |
2022 | 1,923 |
2023 | 1,501 |
2024 | 1,410 |
Thereafter | 5,696 |
Total finance undiscounted lease liability | 15,459 |
Operating | |
Remainder of 2019 | 13,857 |
2020 | 54,540 |
2021 | 50,448 |
2022 | 45,444 |
2023 | 39,568 |
2024 | 30,732 |
Thereafter | 137,660 |
Total operating undiscounted lease liability | 372,249 |
Total | |
Remainder of 2019 | 14,410 |
2020 | 56,773 |
2021 | 52,591 |
2022 | 47,367 |
2023 | 41,069 |
2024 | 32,142 |
Thereafter | 143,356 |
Total undiscounted lease liability | 387,708 |
Total finance undiscounted lease liability | 15,459 |
Finance lease, less: imputed interest | 2,712 |
Finance lease, discounted lease liability | 12,747 |
Total operating undiscounted lease liability | 372,249 |
Operating lease, less: imputed interest | 54,320 |
Operating lease, discounted lease liability | 317,929 |
Total undiscounted lease liability | 387,708 |
Lease, less: imputed interest | 57,032 |
Lease, discounted lease liability | $ 330,676 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $ 27,374,025 | $ 28,827,897 |
Financial Standby Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $ 988,247 | $ 1,249,205 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Narrative (Details) $ in Thousands | Jun. 27, 2018USD ($) | Mar. 31, 2018lawsuit | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 24,000 | ||||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible loss | 0 | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible loss | 87,000 | ||||
Financial Standby Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Letters of credit, deferred fees | 7,000 | ||||
Letters of credit, deferred fees | $ 8,000 | ||||
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | $ 1,000,000 | ||||
Financial Standby Letter of Credit | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Standby and commercial letters of credit expiration term | 1 year | ||||
Financial Standby Letter of Credit | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Standby and commercial letters of credit expiration term | 4 years | ||||
Potential Recourse Related to FNMA Securitizations | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible loss | $ 19,000 | 19,000 | |||
Accrued Expenses and Other Liabilities | Financial Standby Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | 64,000 | 66,000 | |||
Accrued Expenses and Other Liabilities | Potential Recourse Related to FNMA Securitizations | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | 793 | 793 | |||
Accrued Expenses and Other Liabilities | Standard Representations and Warranties Related to Loan Sales to Government-Sponsored Agencies | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 1,300 | $ 1,200 | |||
Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 98,000 | ||||
Settlement awarded to other party | $ 96,000 | ||||
Pending Litigation | In re Mexican Government Bonds Antitrust Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of lawsuits | lawsuit | 5 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Forward contracts | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) realized due to changes in fair value of loans | $ 530 | $ 708 | $ 481 | $ 553 |
Noninterest income | Residential mortgage loans held for sale | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) realized due to changes in fair value of loans | $ 887 | $ (47) | $ 1,556 | $ (420) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value of balance sheet items (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Investment securities available for sale | $ 7,612,590 | $ 10,981,216 |
Derivative asset | 490,172 | 202,727 |
Liabilities: | ||
Derivative liabilities | 158,749 | 196,734 |
U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Investment securities available for sale | 3,168,501 | 5,431,467 |
Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 2,957,461 | 3,418,979 |
State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 803 | 949 |
Fair Value, measurements, recurring | ||
Assets: | ||
Trading account assets | 564,000 | 237,656 |
Investment securities available for sale | 7,612,590 | 10,981,216 |
Loans held for sale | 134,314 | 68,766 |
Derivative asset | 45,340 | 33,993 |
Liabilities: | ||
Trading account liabilities | 142,154 | 148,045 |
Derivative liabilities | 11,146 | 44,983 |
Fair Value, measurements, recurring | Interest rate contracts | ||
Assets: | ||
Derivative asset | 34,764 | 18,045 |
Liabilities: | ||
Derivative liabilities | 4,024 | 31,438 |
Fair Value, measurements, recurring | Equity contracts | ||
Assets: | ||
Derivative asset | 6,989 | 14,185 |
Liabilities: | ||
Derivative liabilities | 5,966 | 12,434 |
Fair Value, measurements, recurring | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 3,587 | 1,763 |
Liabilities: | ||
Derivative liabilities | 1,156 | 1,111 |
Fair Value, measurements, recurring | U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Trading account assets | 118,767 | 68,922 |
Investment securities available for sale | 3,168,501 | 5,431,467 |
Liabilities: | ||
Trading account liabilities | 45 | |
Fair Value, measurements, recurring | Interest rate contracts | ||
Assets: | ||
Trading account assets | 415,139 | 149,269 |
Liabilities: | ||
Trading account liabilities | 114,662 | 130,704 |
Fair Value, measurements, recurring | Foreign exchange contracts | ||
Assets: | ||
Trading account assets | 29,693 | 19,465 |
Liabilities: | ||
Trading account liabilities | 27,447 | 17,341 |
Fair Value, measurements, recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 1,485,825 | 2,129,821 |
Fair Value, measurements, recurring | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 2,957,461 | 3,418,979 |
Fair Value, measurements, recurring | State and political subdivisions | ||
Assets: | ||
Trading account assets | 401 | |
Investment securities available for sale | 803 | 949 |
Fair Value, measurements, recurring | Equity securities | ||
Assets: | ||
Other assets | 23,522 | 17,839 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Assets: | ||
Trading account assets | 118,767 | 68,922 |
Investment securities available for sale | 2,600,606 | 4,746,335 |
Derivative asset | 234 | 0 |
Liabilities: | ||
Trading account liabilities | 45 | 0 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 234 | 0 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Trading account assets | 118,767 | 68,922 |
Investment securities available for sale | 2,600,606 | 4,746,335 |
Liabilities: | ||
Trading account liabilities | 45 | |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Equity securities | ||
Assets: | ||
Other assets | 23,522 | 17,839 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||
Assets: | ||
Trading account assets | 445,233 | 168,734 |
Investment securities available for sale | 5,011,984 | 6,234,881 |
Loans held for sale | 134,314 | 68,766 |
Derivative asset | 41,068 | 31,981 |
Liabilities: | ||
Trading account liabilities | 142,109 | 148,045 |
Derivative liabilities | 11,146 | 44,983 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 30,492 | 16,033 |
Liabilities: | ||
Derivative liabilities | 4,024 | 31,438 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Equity contracts | ||
Assets: | ||
Derivative asset | 6,989 | 14,185 |
Liabilities: | ||
Derivative liabilities | 5,966 | 12,434 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 3,587 | 1,763 |
Liabilities: | ||
Derivative liabilities | 1,156 | 1,111 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Trading account assets | 0 | |
Investment securities available for sale | 567,895 | 685,132 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||
Assets: | ||
Trading account assets | 415,139 | 149,269 |
Liabilities: | ||
Trading account liabilities | 114,662 | 130,704 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||
Assets: | ||
Trading account assets | 29,693 | 19,465 |
Liabilities: | ||
Trading account liabilities | 27,447 | 17,341 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 1,485,825 | 2,129,821 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 2,957,461 | 3,418,979 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | State and political subdivisions | ||
Assets: | ||
Trading account assets | 401 | |
Investment securities available for sale | 803 | 949 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Trading account assets | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Derivative asset | 4,038 | 2,012 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 4,038 | 2,012 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 4,038 | 2,012 |
Other assets, MSR investments | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 37,265 | 51,539 |
Other assets, MSR investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | 37,265 | 51,539 |
Other assets - SBIC investments | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 120,248 | 80,074 |
Other assets - SBIC investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | $ 120,248 | $ 80,074 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets measured on a recurring basis (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Interest rate contracts | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | $ 3,847 | $ 2,610 | $ 2,012 | $ 2,416 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | 191 | (475) | 2,026 | (281) |
Purchases, issuances, sales and settlements: | |||||
Balance, end of year | 4,038 | 2,135 | 4,038 | 2,135 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 191 | (475) | 2,026 | (281) | |
Other assets - MSRs | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 41,966 | 54,276 | 51,539 | 49,597 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | (6,301) | (558) | (18,579) | 449 |
Purchases, issuances, sales and settlements: | |||||
Issuances | 1,600 | 1,594 | 4,305 | 5,266 | |
Balance, end of year | 37,265 | 55,312 | 37,265 | 55,312 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (6,301) | (558) | (18,579) | 449 | |
Other assets - SBIC investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 102,065 | 41,513 | 80,074 | 45,042 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | 10,239 | 24,310 | (6,673) | |
Purchases, issuances, sales and settlements: | |||||
Purchases | 7,944 | 1,209 | 15,864 | 4,353 | |
Balance, end of year | 120,248 | 42,722 | 120,248 | 42,722 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 10,239 | $ 0 | $ 24,310 | $ (6,673) | |
[1] | Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured on nonrecurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | $ 6,514,496 | $ 6,514,496 | $ 2,925,420 | |||
Investment securities held to maturity recorded as other than temporary impairment losses | 0 | $ (283) | (113) | $ (592) | ||
Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 1,348,822 | 1,348,822 | ||||
Significant Other Observable Inputs, Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 4,421,416 | 4,421,416 | 2,106,510 | |||
Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 744,258 | 744,258 | 818,910 | |||
Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 1,036 | 3,955 | 1,036 | 3,955 | ||
Investment securities held to maturity recorded as other than temporary impairment losses | 0 | (283) | (113) | (592) | ||
Impaired loans, fair value | [1] | 6,270 | 11,875 | 6,270 | 11,875 | |
Impaired loans, total gains (losses) | [1] | (69,615) | (17,225) | (113,140) | (28,666) | |
OREO, fair value | 18,931 | 18,706 | 18,931 | 18,706 | ||
OREO, total gains (losses) | (1,169) | (1,322) | (3,928) | (2,407) | ||
Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 3,955 | 3,955 | ||||
Impaired loans, fair value | [1] | 6,270 | 11,875 | 6,270 | 11,875 | |
OREO, fair value | 18,931 | $ 18,706 | 18,931 | $ 18,706 | ||
Debt securities held to maturity | Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | $ 1,036 | $ 1,036 | $ 4,380 | |||
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about unobservable inputs for material assets and liabilities measured using fair value (Details) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | $ 490,172,000 | $ 202,727,000 | ||
Debt securities held to maturity, estimated fair value | 6,514,496,000 | 2,925,420,000 | ||
Fair Value, measurements, recurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 45,340,000 | 33,993,000 | ||
Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 1,036,000 | $ 3,955,000 | ||
Impaired loans | [1] | 6,270,000 | 11,875,000 | |
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 744,258,000 | 818,910,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 4,038,000 | 2,012,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 4,038,000 | 2,012,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - MSRs | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets | 37,265,000 | 51,539,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - SBIC investments | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets | 120,248,000 | 80,074,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 3,955,000 | |||
Impaired loans | [1] | 6,270,000 | $ 11,875,000 | |
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Debt securities held to maturity | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 1,036,000 | 4,380,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Impaired loans | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans | 6,270,000 | 57,968,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | OREO | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other real estate owned | $ 18,931,000 | $ 16,869,000 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.088 | 0.150 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.999 | 0.996 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.646 | 0.615 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.002 | 0.005 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.023 | 0.031 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.009 | 0.010 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.060 | 0.063 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.090 | 0.085 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.064 | 0.065 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0 | 0 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.897 | 0.436 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.174 | 0.096 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 65 | 65 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 4,000 | 4,000 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 90 | 84 | ||
Transaction price | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - SBIC investments | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0 | 0 | ||
Prepayment rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.099 | 0.084 | ||
Default rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.060 | 0.094 | ||
Loss severity | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.619 | 0.835 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0 | 0 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0.700 | 0.700 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0.118 | 0.146 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | OREO | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other real estate owned, measurement input | [2] | 0.080 | 0.080 | |
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. | |||
[2] | Represents discount to appraised value for estimated costs to sell. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying value and estimated fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Assets: | |||
Cash and cash equivalents | $ 6,473,599 | $ 3,332,626 | $ 3,526,911 |
Debt securities held to maturity | 6,334,634 | 2,885,613 | |
Debt securities held to maturity, estimated fair value | 6,514,496 | 2,925,420 | |
Loans, net | 62,378,380 | 64,301,312 | |
Liabilities: | |||
Deposits | 73,569,442 | 72,167,987 | |
Federal funds purchased and securities sold under agreements to repurchase | 117,421 | 102,275 | |
Fair Value, Inputs, Level 1 | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 6,473,599 | 3,332,626 | |
Debt securities held to maturity, estimated fair value | 1,348,822 | ||
Fair Value, Inputs, Level 2 | |||
Assets: | |||
Debt securities held to maturity, estimated fair value | 4,421,416 | 2,106,510 | |
Liabilities: | |||
Deposits, estimated fair value | 73,602,165 | 72,175,418 | |
FHLB and other borrowings, estimated fair value | 3,732,704 | 3,935,945 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 117,421 | 102,275 | |
Fair Value, Inputs, Level 3 | |||
Assets: | |||
Debt securities held to maturity, estimated fair value | 744,258 | 818,910 | |
Loans, net, estimated fair value | 60,545,039 | 61,186,996 | |
Reported value measurement | |||
Assets: | |||
Cash and cash equivalents | 6,473,599 | 3,332,626 | |
Debt securities held to maturity | 6,334,634 | 2,885,613 | |
Loans, net | 62,378,380 | 64,301,312 | |
Liabilities: | |||
Deposits | 73,569,442 | 72,167,987 | |
FHLB and other borrowings | 3,709,949 | 3,987,590 | |
Federal funds purchased and securities sold under agreements to repurchase | 117,421 | 102,275 | |
Estimate of fair value measurement | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 6,473,599 | 3,332,626 | |
Debt securities held to maturity, estimated fair value | 6,514,496 | 2,925,420 | |
Loans, net, estimated fair value | 60,545,039 | 61,186,996 | |
Liabilities: | |||
Deposits, estimated fair value | 73,602,165 | 72,175,418 | |
FHLB and other borrowings, estimated fair value | 3,732,704 | 3,935,945 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | $ 117,421 | $ 102,275 |
Fair Value Measurements - Unpai
Fair Value Measurements - Unpaid Principle Balances (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 134,314 | $ 68,766 |
Aggregate Unpaid Principal Balance | 130,043 | 66,052 |
Difference | $ 4,271 | $ 2,714 |
Comprehensive Income - Changes
Comprehensive Income - Changes in Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Other comprehensive income (loss) | $ 68,815 | $ (22,904) | $ 377,877 | $ (147,715) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Other comprehensive income (loss) | 16,314 | (4,805) | 89,584 | (33,711) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | (2,223) | (1,989) | (5,905) | (6,522) |
Change in unamortized non-credit related impairment on debt securities held to maturity | (175) | (208) | (675) | (623) |
Change in defined benefit plans | 0 | 0 | (3,119) | 3,379 |
Other comprehensive income (loss), net of tax | 52,501 | (18,099) | 288,293 | (114,004) |
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 169,868 | (136,807) | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | 16,952 | (6,522) | ||
Other comprehensive income (loss), net of tax | 152,916 | (130,285) | ||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Other comprehensive income (loss) | 44,121 | 172,571 | ||
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Other comprehensive income (loss) | 10,459 | 40,906 | ||
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 129,110 | |||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (2,555) | |||
Other comprehensive income (loss), net of tax | 33,662 | 131,665 | ||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Other comprehensive income (loss) | 15,187 | 26,894 | ||
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Other comprehensive income (loss) | 4,191 | 7,554 | ||
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | (8,838) | |||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (28,178) | |||
Other comprehensive income (loss), net of tax | 10,996 | 19,340 | ||
Defined Benefit Plan Adjustment | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Change in defined benefit plans | 0 | 0 | 4,089 | (4,425) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Change in defined benefit plans | 0 | 0 | 970 | (1,046) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 0 | 0 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (3,119) | 3,379 | ||
Change in defined benefit plans | 0 | 0 | 3,119 | (3,379) |
Other comprehensive income (loss), net of tax | 3,119 | (3,379) | ||
Available-for-sale Securities | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 42,553 | (40,831) | 222,660 | (139,236) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 21,003 | 0 | 29,961 | 0 |
Other comprehensive income (loss) | 21,550 | (40,831) | 192,699 | (139,236) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 10,089 | (9,642) | 52,792 | (32,916) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 4,980 | 0 | 7,104 | 0 |
Other comprehensive income (loss) | 5,109 | (9,642) | 45,688 | (32,916) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 32,464 | (31,189) | 169,868 | (106,320) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 16,023 | 0 | 22,857 | 0 |
Other comprehensive income (loss), net of tax | 16,441 | (31,189) | 147,011 | (106,320) |
Held-to-maturity Securities | Change in unamortized net holding losses on debt securities held to maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 2,915 | 2,604 | 7,741 | 8,538 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 692 | 615 | 1,836 | 2,016 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 2,223 | 1,989 | 5,905 | 6,522 |
Held-to-maturity Securities | Unrealized Gains (Losses) on Debt Securities Held to Maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 0 | 0 | 0 | 39,904 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | (135) | (108) | (397) |
Other comprehensive income (loss) | 3,144 | 2,740 | 8,518 | (30,948) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 0 | 0 | 0 | 9,417 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | (32) | (26) | (94) |
Other comprehensive income (loss) | 746 | 646 | 2,020 | (7,303) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 0 | 0 | 0 | 30,487 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | (103) | (82) | (303) |
Other comprehensive income (loss), net of tax | 2,398 | 2,094 | 6,498 | (23,645) |
Held-to-maturity Securities | Change in unamortized non-credit related impairment on debt securities held to maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Change in unamortized non-credit related impairment on debt securities held to maturity | 229 | 271 | 885 | 815 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Change in unamortized non-credit related impairment on debt securities held to maturity | 54 | 63 | 210 | 192 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Change in unamortized non-credit related impairment on debt securities held to maturity | $ 175 | $ 208 | $ 675 | $ 623 |
Comprehensive Income - AOCI (De
Comprehensive Income - AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | $ 13,870,723 | $ 13,190,644 | $ 13,512,529 | $ 13,013,310 | ||||||
Balance, as adjusted | $ 13,515,989 | $ 13,013,310 | ||||||||
Net current period other comprehensive (loss) income | 52,501 | (18,099) | 288,293 | (114,004) | ||||||
Balance, end of period | 14,101,618 | 13,342,487 | 14,101,618 | 13,342,487 | ||||||
Total | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | 13,508 | (293,323) | (186,848) | (197,405) | ||||||
Cumulative effect adjustment related to ASU adoptions | $ (35,436) | [1] | $ (13) | |||||||
Balance, as adjusted | (222,284) | (197,418) | ||||||||
Other comprehensive loss before reclassifications | 298,896 | (145,948) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (10,603) | 31,944 | ||||||||
Net current period other comprehensive (loss) income | 52,501 | (18,099) | 288,293 | (114,004) | ||||||
Balance, end of period | 66,009 | (311,422) | 66,009 | (311,422) | ||||||
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | (158,433) | (132,821) | ||||||||
Cumulative effect adjustment related to ASU adoptions | (25,844) | [1] | $ (13) | |||||||
Balance, as adjusted | (184,277) | (132,834) | ||||||||
Other comprehensive loss before reclassifications | 169,868 | (136,807) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (16,952) | 6,522 | ||||||||
Net current period other comprehensive (loss) income | 152,916 | (130,285) | ||||||||
Balance, end of period | (31,361) | (263,119) | (31,361) | (263,119) | ||||||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | 6,175 | |||||||||
Cumulative effect adjustment related to ASU adoptions | [1] | (1,040) | ||||||||
Balance, as adjusted | 5,135 | |||||||||
Other comprehensive loss before reclassifications | 129,110 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2,555 | |||||||||
Net current period other comprehensive (loss) income | 33,662 | 131,665 | ||||||||
Balance, end of period | 136,800 | 136,800 | ||||||||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | (24,765) | |||||||||
Balance, as adjusted | (24,765) | |||||||||
Other comprehensive loss before reclassifications | (8,838) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 28,178 | |||||||||
Net current period other comprehensive (loss) income | 10,996 | 19,340 | ||||||||
Balance, end of period | (5,425) | (5,425) | ||||||||
Defined Benefit Plan Adjustment | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | (29,495) | (34,228) | ||||||||
Cumulative effect adjustment related to ASU adoptions | [1] | (7,351) | ||||||||
Balance, as adjusted | (36,846) | (34,228) | ||||||||
Other comprehensive loss before reclassifications | 0 | 0 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,119 | (3,379) | ||||||||
Net current period other comprehensive (loss) income | 3,119 | (3,379) | ||||||||
Balance, end of period | (33,727) | (37,607) | (33,727) | (37,607) | ||||||
Unamortized Impairment Losses on Debt Securities Held to Maturity | ||||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||||
Balance, beginning of period | (5,095) | (5,591) | ||||||||
Cumulative effect adjustment related to ASU adoptions | [1] | $ (1,201) | ||||||||
Balance, as adjusted | $ (6,296) | $ (5,591) | ||||||||
Other comprehensive loss before reclassifications | (82) | (303) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 675 | 623 | ||||||||
Net current period other comprehensive (loss) income | 593 | 320 | ||||||||
Balance, end of period | $ (5,703) | $ (5,271) | $ (5,703) | $ (5,271) | ||||||
[1] | Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1, Basis of Presentation, for additional information. |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment securities gains, net | $ 21,003 | $ 0 | $ 29,961 | $ 0 | |
Interest on debt securities held to maturity | 38,893 | 16,110 | 101,701 | 41,598 | |
Interest and fees on loans | 771,245 | 751,470 | 2,359,500 | 2,126,411 | |
Interest on FHLB and other borrowings | (32,975) | (37,131) | (104,901) | (93,799) | |
Net income before income tax expense | 222,844 | 216,271 | 590,126 | 719,452 | |
Income tax (expense) benefit | (39,899) | (41,756) | (106,014) | (151,849) | |
Net income | 182,945 | 174,515 | 484,112 | 567,603 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment securities gains, net | [1] | 21,003 | 0 | 29,961 | 0 |
Interest on debt securities held to maturity | [1] | (2,915) | (2,604) | (7,741) | (8,538) |
Net income before income tax expense | [1] | 18,088 | (2,604) | 22,220 | (8,538) |
Income tax (expense) benefit | [1] | (4,288) | 615 | (5,268) | 2,016 |
Net income | [1] | 13,800 | (1,989) | 16,952 | (6,522) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest and fees on loans | [1] | (295) | (13,782) | (2,765) | (35,839) |
Interest on FHLB and other borrowings | [1] | (254) | (251) | (584) | (1,048) |
Net income before income tax expense | [1] | (549) | (14,033) | (3,349) | (36,887) |
Income tax (expense) benefit | [1] | 130 | 3,314 | 794 | 8,709 |
Net income | [1] | (419) | (10,719) | (2,555) | (28,178) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Plan Adjustment | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net periodic expense | [1],[2] | 0 | 0 | (4,089) | 4,425 |
Income tax (expense) benefit | [1] | 0 | 0 | 970 | (1,046) |
Net income | [1] | 0 | 0 | (3,119) | 3,379 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unamortized Impairment Losses on Debt Securities Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on debt securities held to maturity | [1] | (229) | (271) | (885) | (815) |
Income tax (expense) benefit | [1] | 54 | 63 | 210 | 192 |
Net income | [1] | $ (175) | $ (208) | $ (675) | $ (623) |
[1] | Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. | ||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 17, Benefit Plans, in the Notes to the December 31, 2018, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S_3
Supplemental Disclosure for Statement of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental disclosures of cash flow information: | ||||
Interest paid | $ 686,126 | $ 387,311 | ||
Net income taxes paid | 94,033 | 121,156 | ||
Supplemental schedule of noncash investing and financing activities: | ||||
Transfer of loans and loans held for sale to OREO | 25,067 | 17,249 | ||
Transfer of available for sale debt securities to held to maturity debt securities | 0 | 1,017,275 | ||
Transfer of loans to loans held for sale | 1,196,883 | 0 | ||
Cash and cash equivalents | 6,473,599 | 3,526,911 | $ 3,332,626 | |
Restricted cash in other assets | 165,584 | 142,690 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 6,639,183 | $ 3,669,601 | $ 3,501,380 | $ 4,270,950 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 641,041 | $ 658,286 | $ 1,983,879 | $ 1,924,390 |
Provision for loan losses | 140,629 | 94,964 | 477,939 | 243,273 |
Noninterest income | 321,319 | 258,459 | 863,360 | 786,303 |
Noninterest expense | 598,887 | 605,510 | 1,779,174 | 1,747,968 |
Net income before income tax expense | 222,844 | 216,271 | 590,126 | 719,452 |
Income tax expense (benefit) | 39,899 | 41,756 | 106,014 | 151,849 |
Net income | 182,945 | 174,515 | 484,112 | 567,603 |
Less: net income attributable to noncontrolling interests | 514 | 426 | 1,669 | 1,482 |
Net income attributable to BBVA USA Bancshares, Inc. | 182,431 | 174,089 | 482,443 | 566,121 |
Average assets | 94,942,456 | 90,118,668 | 93,800,891 | 88,982,476 |
Commercial Banking and Wealth | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 67,001 | 63,874 | 195,224 | 188,012 |
Retail Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 127,109 | 115,821 | 363,187 | 340,317 |
Corporate and Investment Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 58,961 | 32,223 | 147,865 | 122,204 |
Operating Segments | Commercial Banking and Wealth | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 280,377 | 342,790 | 878,854 | 1,003,541 |
Provision for loan losses | 33,653 | 37,897 | 169,770 | 75,166 |
Noninterest income | 67,001 | 63,874 | 195,224 | 188,012 |
Noninterest expense | 172,879 | 173,121 | 525,797 | 506,149 |
Net income before income tax expense | 140,846 | 195,646 | 378,511 | 610,238 |
Income tax expense (benefit) | 29,578 | 41,086 | 79,487 | 128,150 |
Net income | 111,268 | 154,560 | 299,024 | 482,088 |
Less: net income attributable to noncontrolling interests | 87 | 24 | 349 | 282 |
Net income attributable to BBVA USA Bancshares, Inc. | 111,181 | 154,536 | 298,675 | 481,806 |
Average assets | 39,756,495 | 39,016,626 | 39,886,487 | 38,332,544 |
Operating Segments | Retail Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 316,978 | 378,064 | 1,000,057 | 1,085,582 |
Provision for loan losses | 69,885 | 61,060 | 229,561 | 120,594 |
Noninterest income | 127,109 | 115,821 | 363,187 | 340,317 |
Noninterest expense | 309,074 | 293,720 | 914,767 | 871,560 |
Net income before income tax expense | 65,128 | 139,105 | 218,916 | 433,745 |
Income tax expense (benefit) | 13,677 | 29,212 | 45,972 | 91,086 |
Net income | 51,451 | 109,893 | 172,944 | 342,659 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to BBVA USA Bancshares, Inc. | 51,451 | 109,893 | 172,944 | 342,659 |
Average assets | 19,110,008 | 18,839,497 | 19,145,739 | 18,538,673 |
Operating Segments | Corporate and Investment Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 26,647 | 48,591 | 92,895 | 144,509 |
Provision for loan losses | 13,955 | (15,807) | 39,210 | (45,630) |
Noninterest income | 58,961 | 32,223 | 147,865 | 122,204 |
Noninterest expense | 39,311 | 43,379 | 118,373 | 119,763 |
Net income before income tax expense | 32,342 | 53,242 | 83,177 | 192,580 |
Income tax expense (benefit) | 6,792 | 11,181 | 17,467 | 40,442 |
Net income | 25,550 | 42,061 | 65,710 | 152,138 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to BBVA USA Bancshares, Inc. | 25,550 | 42,061 | 65,710 | 152,138 |
Average assets | 7,855,727 | 8,311,665 | 7,770,444 | 8,346,850 |
Operating Segments | Treasury | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (40,912) | (24,882) | (79,718) | (56,237) |
Provision for loan losses | 491 | (553) | (147) | (1,063) |
Noninterest income | 24,882 | 5,235 | 40,027 | 17,133 |
Noninterest expense | 5,009 | 7,109 | 15,013 | 17,912 |
Net income before income tax expense | (21,530) | (26,203) | (54,557) | (55,953) |
Income tax expense (benefit) | (4,521) | (5,503) | (11,457) | (11,750) |
Net income | (17,009) | (20,700) | (43,100) | (44,203) |
Less: net income attributable to noncontrolling interests | 400 | 405 | 1,207 | 1,227 |
Net income attributable to BBVA USA Bancshares, Inc. | (17,409) | (21,105) | (44,307) | (45,430) |
Average assets | 19,898,446 | 16,257,647 | 18,713,337 | 16,096,911 |
Corporate Support and Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 57,951 | (86,277) | 91,791 | (253,005) |
Provision for loan losses | 22,645 | 12,367 | 39,545 | 94,206 |
Noninterest income | 43,366 | 41,306 | 117,057 | 118,637 |
Noninterest expense | 72,614 | 88,181 | 205,224 | 232,584 |
Net income before income tax expense | 6,058 | (145,519) | (35,921) | (461,158) |
Income tax expense (benefit) | (5,627) | (34,220) | (25,455) | (96,079) |
Net income | 11,685 | (111,299) | (10,466) | (365,079) |
Less: net income attributable to noncontrolling interests | 27 | (3) | 113 | (27) |
Net income attributable to BBVA USA Bancshares, Inc. | 11,658 | (111,296) | (10,579) | (365,052) |
Average assets | $ 8,321,780 | $ 7,693,233 | $ 8,284,884 | $ 7,667,498 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 210,564 | $ 181,370 | $ 595,091 | $ 554,537 | |
Other revenues | [1] | 110,755 | 77,089 | 268,269 | 231,766 |
Total noninterest income | 321,319 | 258,459 | 863,360 | 786,303 | |
Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 63,140 | 58,453 | 186,297 | 176,979 | |
Other revenues | [1] | 3,861 | 5,421 | 8,927 | 11,033 |
Total noninterest income | 67,001 | 63,874 | 195,224 | 188,012 | |
Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 87,506 | 80,439 | 251,304 | 232,367 | |
Other revenues | [1] | 39,603 | 35,382 | 111,883 | 107,950 |
Total noninterest income | 127,109 | 115,821 | 363,187 | 340,317 | |
Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 30,017 | 15,717 | 72,935 | 67,507 | |
Other revenues | [1] | 28,944 | 16,506 | 74,930 | 54,697 |
Total noninterest income | 58,961 | 32,223 | 147,865 | 122,204 | |
Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 29,901 | 26,761 | 84,555 | 77,684 | |
Other revenues | [1] | 38,347 | 19,780 | 72,529 | 58,086 |
Total noninterest income | 68,248 | 46,541 | 157,084 | 135,770 | |
Service charges on deposit accounts | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 65,143 | 60,325 | 185,782 | 175,067 | |
Service charges on deposit accounts | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 12,750 | 11,911 | 37,784 | 34,681 | |
Service charges on deposit accounts | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 50,700 | 46,653 | 143,002 | 135,277 | |
Service charges on deposit accounts | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 1,693 | 1,761 | 4,996 | 5,109 | |
Service charges on deposit accounts | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Card and merchant processing fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 50,385 | 44,219 | 146,742 | 127,945 | |
Card and merchant processing fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 9,698 | 7,113 | 27,158 | 21,220 | |
Card and merchant processing fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 36,806 | 33,786 | 108,302 | 97,090 | |
Card and merchant processing fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Card and merchant processing fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 3,881 | 3,320 | 11,282 | 9,635 | |
Investment services sales fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 29,287 | 28,286 | 87,316 | 88,176 | |
Investment services sales fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 29,287 | 28,286 | 87,316 | 88,176 | |
Investment services sales fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment services sales fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment services sales fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 26,020 | 23,441 | 73,273 | 68,049 | |
Money transfer income | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 26,020 | 23,441 | 73,273 | 68,049 | |
Investment banking and advisory fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 28,324 | 13,956 | 67,939 | 62,398 | |
Investment banking and advisory fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment banking and advisory fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment banking and advisory fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 28,324 | 13,956 | 67,939 | 62,398 | |
Investment banking and advisory fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 11,405 | 11,143 | 34,039 | 32,902 | |
Asset management fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 11,405 | 11,143 | 34,039 | 32,902 | |
Asset management fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 16, 2017 | Mar. 16, 2012 | |
Related Party Transaction [Line Items] | |||||||
Securities purchased under agreements to resell | $ 129,780,000 | $ 129,780,000 | $ 109,947,000 | ||||
Securities sold under agreements to repurchase | 117,421,000 | 117,421,000 | 102,275,000 | ||||
Preferred stock | 229,475,000 | 229,475,000 | 229,475,000 | ||||
Preferred stock dividends | 4,561,000 | $ 4,576,000 | 14,808,000 | $ 13,735,000 | |||
Transfer of loans to loans held for sale | 1,196,883,000 | 0 | |||||
BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Securities purchased under agreements to resell | 77,280,000 | 77,280,000 | 109,947,000 | ||||
Securities sold under agreements to repurchase | 83,967,000 | 83,967,000 | 0 | ||||
BBVA | BBVA Compass Bancshares, Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from related parties | 10,200,000 | 8,600,000 | 21,800,000 | 33,900,000 | |||
Fees on agreements | 9,400,000 | 7,000,000 | 26,000,000 | 22,500,000 | |||
Derivatives designated as hedging instrument | BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Derivative, notional amount | 3,600,000,000 | 3,600,000,000 | 4,100,000,000 | ||||
Free-standing derivatives not designated as hedging instrument | Free-standing derivative instruments – risk management and other purposes | BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, amount of transaction | (3,968,000) | (3,968,000) | 23,378,000 | ||||
Preferred Stock | Series A Preferred Stock | BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Preferred stock | 229,000,000 | 229,000,000 | 229,000,000 | ||||
Preferred stock dividends | 13,800,000 | 12,700,000 | |||||
Cash flow hedges | Derivatives designated as hedging instrument | BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, amount of transaction | 51,000 | 51,000 | 174,000 | ||||
Fair value hedges | BBVA | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, amount of transaction | 17,447,000 | 17,447,000 | (24,839,000) | ||||
BSI | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | 0 | 0 | $ 0 | $ 450,000,000 | $ 420,000,000 | ||
BSI | Uncommitted Demand Facility | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related parties | $ 1,000,000,000 | ||||||
BSI | Revolving Note and Cash Subordinated Agreement | BBVA Compass Bancshares, Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Interest expense | 24,000 | 0 | 50,000 | 232,000 | |||
Loans and Loans Held for Sale Excluding Loans Originated for Sale in Secondary Market | |||||||
Related Party Transaction [Line Items] | |||||||
Transfer of loans to loans held for sale | $ 0 | $ 0 | 1,196,883,000 | $ 0 | |||
Gain on sale of loans | $ 778,000 |