DEI
DEI - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 222,963,891 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 1,149,734 | $ 1,217,319 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 5,788,964 | 2,115,307 |
Cash and cash equivalents | 6,938,698 | 3,332,626 |
Trading account assets | 473,976 | 237,656 |
Debt securities available for sale | 7,235,305 | 10,981,216 |
Debt securities held to maturity (fair value of $6,921,158 and $2,925,420 for 2019 and 2018, respectively) | 6,797,046 | 2,885,613 |
Loans held for sale, at fair value | 112,058 | 68,766 |
Loans | 63,946,857 | 65,186,554 |
Allowance for loan losses | (920,993) | (885,242) |
Net loans | 63,025,864 | 64,301,312 |
Premises and equipment, net | 1,087,698 | 1,152,958 |
Bank owned life insurance | 750,224 | 736,171 |
Goodwill | 4,513,296 | 4,983,296 |
Other assets | 2,669,182 | 2,267,560 |
Total assets | 93,603,347 | 90,947,174 |
Deposits: | ||
Noninterest bearing | 21,850,216 | 20,183,876 |
Interest bearing | 53,135,067 | 51,984,111 |
Total deposits | 74,985,283 | 72,167,987 |
FHLB and other borrowings | 3,690,044 | 3,987,590 |
Federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | 173,028 | 102,275 |
Accrued expenses and other liabilities | 1,368,403 | 1,176,793 |
Total liabilities | 80,216,758 | 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 shares | 229,475 | 229,475 |
Common stock - $0.01 par value; Authorized - 300,000,000 shares, Issued - 222,963,891 shares and 222,950,751 shares at December 31, 2019 and 2018, respectively | 2,230 | 2,230 |
Surplus | 14,043,727 | 14,545,849 |
Accumulated deficit | (917,227) | (1,107,198) |
Accumulated other comprehensive loss | (1,072) | (186,848) |
Total BBVA USA Bancshares, Inc. shareholder’s equity | 13,357,133 | 13,483,508 |
Noncontrolling interests | 29,456 | 29,021 |
Total shareholder’s equity | 13,386,589 | 13,512,529 |
Total liabilities and shareholder’s equity | $ 93,603,347 | $ 90,947,174 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, estimated fair value | $ 6,921,158 | $ 2,925,420 |
Preferred stock, par value | $ 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 | $ 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 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Interest and fees on loans | $ 3,097,640 | $ 2,914,269 | $ 2,447,293 |
Interest on debt securities available for sale | 168,031 | 222,623 | 212,638 |
Interest on debt securities held to maturity | 144,798 | 61,591 | 27,009 |
Interest on trading account assets | 2,953 | 3,211 | 27,354 |
Interest and dividends on other earning assets | 145,234 | 63,580 | 52,354 |
Total interest income | 3,558,656 | 3,265,274 | 2,766,648 |
Interest expense: | |||
Interest on deposits | 778,156 | 517,290 | 299,317 |
Interest on FHLB and other borrowings | 136,164 | 130,372 | 93,814 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 36,736 | 8,953 | 16,926 |
Interest on other short-term borrowings | 567 | 2,081 | 26,424 |
Total interest expense | 951,623 | 658,696 | 436,481 |
Net interest income | 2,607,033 | 2,606,578 | 2,330,167 |
Provision for loan losses | 597,444 | 365,420 | 287,693 |
Net interest income after provision for loan losses | 2,009,589 | 2,241,158 | 2,042,474 |
Noninterest income: | |||
Noninterest income | 791,734 | 737,428 | 705,128 |
Corporate and correspondent investment sales | 38,561 | 51,675 | 38,052 |
Mortgage banking income | 28,059 | 26,833 | 14,356 |
Bank owned life insurance | 17,479 | 17,822 | 17,108 |
Investment securities gains, net | 29,961 | 0 | 3,033 |
Other | 230,150 | 223,151 | 268,298 |
Total noninterest income | 1,135,944 | 1,056,909 | 1,045,975 |
Noninterest expense: | |||
Salaries, benefits and commissions | 1,181,934 | 1,154,791 | 1,131,971 |
Professional services | 292,926 | 277,154 | 263,490 |
Equipment | 256,766 | 257,565 | 247,891 |
Net occupancy | 166,600 | 166,768 | 166,693 |
Money transfer expense | 68,224 | 62,138 | 65,790 |
Marketing | 55,164 | 48,866 | 52,220 |
FDIC insurance | 27,703 | 67,550 | 64,890 |
Communications | 21,782 | 30,582 | 20,554 |
Amortization of intangibles | 0 | 5,104 | 10,099 |
Goodwill impairment | 470,000 | 0 | 0 |
Securities impairment: | |||
Other-than-temporary impairment | 323 | 989 | 242 |
Less: non-credit portion recognized in other comprehensive income | 108 | 397 | 0 |
Total securities impairment | 215 | 592 | 242 |
Other | 324,766 | 278,850 | 287,747 |
Total noninterest expense | 2,866,080 | 2,349,960 | 2,311,587 |
Net income before income tax expense | 279,453 | 948,107 | 776,862 |
Income tax expense | 126,046 | 184,678 | 316,076 |
Net income | 153,407 | 763,429 | 460,786 |
Less: net income attributable to noncontrolling interests | 2,332 | 1,981 | 2,005 |
Net income | 151,075 | 761,448 | 458,781 |
Less: preferred stock dividends | 18,010 | 17,047 | 14,846 |
Net income attributable to common shareholder | 133,065 | 744,401 | 443,935 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Noninterest income | 250,367 | 236,673 | 222,110 |
Card and merchant processing fees | |||
Noninterest income: | |||
Noninterest income | 197,547 | 174,927 | 128,129 |
Investment services sales fees | |||
Noninterest income: | |||
Noninterest income | 115,446 | 112,652 | 109,214 |
Money transfer income | |||
Noninterest income: | |||
Noninterest income | 99,144 | 91,681 | 101,509 |
Investment banking and advisory fees | |||
Noninterest income: | |||
Noninterest income | 83,659 | 77,684 | 103,701 |
Asset management fees | |||
Noninterest income: | |||
Noninterest income | $ 45,571 | $ 43,811 | $ 40,465 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 153,407 | $ 763,429 | $ 460,786 |
Other comprehensive income (loss), net of tax: | |||
Unrealized holding gains (losses) arising during period from debt securities available for sale | 159,260 | (2,128) | (14,946) |
Less: reclassification adjustment for net gains on sale of debt securities available for sale in net income | 22,857 | 0 | 2,257 |
Net change in unrealized holding gains (losses) on debt securities available for sale | 136,403 | (2,128) | (17,203) |
Change in unamortized net holding gains on debt securities held to maturity | 7,794 | 7,016 | 3,944 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | (30,487) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 82 | 303 | 0 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 607 | 799 | 991 |
Net change in unamortized holding gains (losses) on debt securities held to maturity | 8,319 | (22,975) | 4,935 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 86,310 | ||
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 30,940 | (14,685) | |
Change in defined benefit plans | (9,820) | 4,733 | (2,200) |
Other comprehensive income (loss), net of tax | 221,212 | 10,570 | (29,153) |
Comprehensive income | 374,619 | 773,999 | 431,633 |
Less: comprehensive income attributable to noncontrolling interests | 2,332 | 1,981 | 2,005 |
Comprehensive income attributable to BBVA USA Bancshares, Inc. | $ 372,287 | $ 772,018 | $ 429,628 |
Consolidated Statements of Shar
Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | |
Balance, beginning of period at Dec. 31, 2016 | $ 12,750,707 | $ 229,475 | $ 2,230 | $ 14,985,673 | $ (2,327,440) | $ (168,252) | $ 29,021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 460,786 | 458,781 | 2,005 | |||||
Other comprehensive loss, net of tax | (29,153) | (29,153) | ||||||
Preferred stock dividends | (16,939) | (14,846) | (2,093) | |||||
Common stock dividends | (150,000) | (150,000) | ||||||
Capital contribution | 128 | 128 | ||||||
Vesting of restricted stock | (1,530) | (1,530) | ||||||
Restricted stock retained to cover taxes | (689) | (689) | ||||||
Balance, end 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] | ||||||||
Cumulative effect adjustment related to ASU adoptions | ASU 2016-01 | 0 | 13 | (13) | |||||
Balance, as adjusted | 13,013,310 | 229,475 | 2,230 | 14,818,608 | (1,868,646) | (197,418) | 29,061 | |
Net income | 763,429 | 761,448 | 1,981 | |||||
Other comprehensive loss, net of tax | 10,570 | 10,570 | ||||||
Preferred stock dividends | (19,140) | (17,047) | (2,093) | |||||
Common stock dividends | (255,000) | (255,000) | ||||||
Capital contribution | 72 | 72 | ||||||
Vesting of restricted stock | (712) | (712) | ||||||
Balance, end 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] | ||||||||
Cumulative effect adjustment related to ASU adoptions | ASU 2016-02, ASU 2017-12, ASU 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 | |
Net income | 153,407 | 151,075 | 2,332 | |||||
Other comprehensive loss, net of tax | 221,212 | 221,212 | ||||||
Preferred stock dividends | (20,103) | (18,010) | (2,093) | |||||
Issuance of common stock | 802 | 802 | ||||||
Common stock dividends | (482,000) | (482,000) | ||||||
Capital contribution | 196 | 196 | ||||||
Vesting of restricted stock | (2,914) | (2,914) | ||||||
Balance, end of period at Dec. 31, 2019 | $ 13,386,589 | $ 229,475 | $ 2,230 | $ 14,043,727 | $ (917,227) | $ (1,072) | $ 29,456 | |
[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, Summary of Significant Accounting Policies, for additional information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 153,407 | $ 763,429 | $ 460,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 262,491 | 267,640 | 254,126 |
Goodwill impairment | 470,000 | 0 | 0 |
Securities impairment | 215 | 592 | 242 |
Amortization of intangibles | 0 | 5,104 | 10,099 |
Accretion of discount, loan fees and purchase market adjustments, net | (34,913) | (53,687) | (20,748) |
Net change in FDIC indemnification liability | 0 | 0 | 22 |
Gain on termination of FDIC shared loss agreement | 0 | 0 | (1,779) |
Provision for loan losses | 597,444 | 365,420 | 287,693 |
Net change in trading account assets | (236,320) | (17,160) | 210,903 |
Net change in trading account liabilities | (29,486) | 3,448 | (110,468) |
Originations and purchases of mortgage loans held for sale | (767,998) | (626,747) | (622,166) |
Sale of mortgage loans held for sale | 754,245 | 643,954 | 686,060 |
Deferred tax (benefit) expense | (27,197) | (5,418) | 137,957 |
Investment securities gains, net | (29,961) | 0 | (3,033) |
Net (gain) loss on sale of premises and equipment | (5,218) | 1,103 | (1,210) |
Net (gain) loss on sale of loans | (1,179) | 0 | 527 |
Gain on sale of mortgage loans held for sale | (29,539) | (18,863) | (25,576) |
Net loss (gain) on sale of other real estate and other assets | 1,691 | (90) | 2,103 |
Increase (decrease) in other assets | 64,289 | (320,369) | (239,400) |
(Decrease) increase in other liabilities | (84,020) | 122,538 | 96,147 |
Net cash provided by operating activities | 1,057,951 | 1,130,894 | 1,122,285 |
Investing Activities: | |||
Proceeds from sales of debt securities available for sale | 2,442,176 | 0 | 210,906 |
Proceeds from prepayments, maturities and calls of debt securities available for sale | 5,005,812 | 3,831,344 | 2,729,136 |
Purchases of debt securities available for sale | (3,555,480) | (3,752,847) | (4,018,878) |
Proceeds from sales of equity securities | 184,814 | 906,430 | 381,787 |
Purchases of equity securities | (189,039) | (869,469) | (426,061) |
Proceeds from prepayments, maturities and calls of debt securities held to maturity | 427,237 | 390,847 | 170,170 |
Purchases of debt securities held to maturity | (4,351,535) | (1,211,424) | (6,233) |
Purchases of trading securities | 0 | 0 | (372,497) |
Proceeds from sales of trading securities | 0 | 0 | 3,085,698 |
Net change in loan portfolio | (695,625) | (4,148,848) | (2,002,438) |
Purchase of premises and equipment | (135,635) | (138,997) | (126,953) |
Proceeds from sale of premises and equipment | 10,466 | 5,732 | 13,521 |
Proceeds from sales of loans | 1,374,809 | 293,996 | 204,585 |
Payments to FDIC for covered assets | 0 | 0 | (2,832) |
Net cash paid to the FDIC for termination of shared loss agreements | 0 | 0 | (131,603) |
Proceeds from settlement of BOLI policies | 4,513 | 4,321 | 6,492 |
Cash payments for premiums of BOLI policies | (26) | (34) | (35) |
Proceeds from sales of other real estate owned | 27,922 | 23,407 | 30,717 |
Net cash provided by (used in) investing activities | 550,409 | (4,665,542) | (254,518) |
Financing Activities: | |||
Net increase in total deposits | 2,833,454 | 2,931,466 | 1,964,905 |
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | 70,753 | 82,684 | (19,461) |
Net decrease in other short-term borrowings | 0 | (17,996) | (2,784,981) |
Proceeds from FHLB and other borrowings | 4,436,995 | 23,323,916 | 13,095,563 |
Repayment of FHLB and other borrowings | (4,790,234) | (23,280,212) | (12,103,301) |
Vesting of restricted stock | (2,914) | (712) | (1,530) |
Restricted stock grants retained to cover taxes | 0 | 0 | (689) |
Capital contribution for non-controlling interest | 196 | 72 | 128 |
Preferred dividends paid | (20,103) | (19,140) | (16,939) |
Issuance of common stock | 802 | 0 | 0 |
Common dividends paid | (482,000) | (255,000) | (150,000) |
Net cash provided by (used in) financing activities | 2,046,949 | 2,765,078 | (16,305) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,655,309 | (769,570) | 851,462 |
Cash, cash equivalents and restricted cash at beginning of year | 3,501,380 | 4,270,950 | 3,419,488 |
Cash, cash equivalents and restricted cash at end of year | $ 7,156,689 | $ 3,501,380 | $ 4,270,950 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations BBVA USA Bancshares, Inc., headquartered in Houston, Texas, is a wholly owned subsidiary of BBVA. The Bank, the Company's largest subsidiary, headquartered in Birmingham, Alabama, operates banking centers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. The Bank operates under the brand name BBVA USA, which is a trade name and trademark of BBVA USA Bancshares, Inc. The Bank performs banking services customary for full service banks of similar size and character. Such services include receiving demand and time deposits, making personal and commercial loans and furnishing personal and commercial checking accounts. The Bank offers, either directly or through its subsidiaries and affiliates, a variety of services, including portfolio management and administration and investment services to estates and trusts; term life insurance, variable annuities, property and casualty insurance and other insurance products; investment advisory services; a variety of investment services and products to institutional and individual investors; discount brokerage services, mutual funds and fixed-rate annuities; and lease financing services. Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries for the years ended December 31, 2019 , 2018 and 2017 . All intercompany accounts and transactions and balances have been eliminated in consolidation. The Company has evaluated subsequent events through the filing date of this Annual Report on Form 10-K, to determine if either recognition or disclosure of significant events or transactions is required. The accounting policies followed by the Company and its subsidiaries and the methods of applying these policies conform with U.S. GAAP and with practices generally accepted within the banking industry. Certain policies that significantly affect the determination of financial position, results of operations and cash flows are summarized below. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States 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 and goodwill impairment. Actual results could differ from those estimates. Correction of Accounting Error During the year ended December 31, 2018 , income tax expense included $11.4 million of income tax expense related to the correction of an error in prior periods that resulted from an incorrect calculation of the proportional amortization of the Company's Low Income Housing Tax Credit investments. This error primarily related to 2017 and was corrected in the second quarter of 2018. The Company has evaluated the effect of this correction on prior interim and annual periods' consolidated financial statements in accordance with the guidance provided by SEC Staff Accounting Bulletin No. 108, codified as SAB Topic 1.N, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that no prior annual period is materially misstated. In addition, the Company has considered the effect of this correction on the Company's December 31, 2018 financial results, and concluded that the impact on these periods was not material. Cash and cash equivalents The Company classifies cash on hand, amounts due from banks, federal funds sold, securities purchased under agreements to resell and interest bearing deposits as cash and cash equivalents. These instruments have original maturities of three months or less. 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 generally accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged or received as collateral are generally U.S. government and federal agency securities. The Company's policy is to take possession of securities purchased under agreements to resell. The fair value of collateral either received from or provided to a third party is continually monitored and adjusted as deemed appropriate. Securities The Company classifies its debt securities into one of three categories based upon management’s intent and ability to hold the debt securities: (i) trading account assets and liabilities, (ii) debt securities held to maturity or (iii) debt securities available for sale. Debt securities held in a trading account are required to be reported at fair value, with unrealized gains and losses included in earnings. The Company classifies purchases, sales, and maturities of trading securities held for investment purposes as cash flows from investing activities. Cash flows related to trading securities held for trading purposes are reported as cash flows from operating activities. Debt securities held to maturity are stated at cost adjusted for amortization of premiums and accretion of discounts. The related amortization and accretion is determined by the interest method and is included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company has the ability, and it is management’s intention, to hold such securities to maturity. Debt securities available for sale are recorded at fair value. Increases and decreases in the net unrealized gain or loss on the portfolio of debt securities available for sale are reflected as adjustments to the carrying value of the portfolio and as an adjustment, net of tax, to accumulated other comprehensive income. See Note 19 , Fair Value Measurements , for information on the determination of fair value. Interest earned on trading account assets, debt securities available for sale and debt securities held to maturity is included in interest income in the Company’s Consolidated Statements of Income. Net realized gains and losses on the sale of debt securities available for sale, computed principally on the specific identification method, are shown separately in noninterest income in the Company’s Consolidated Statements of Income. Net gains and losses on the sale of trading account assets and liabilities are recognized as a component of other noninterest income in the Company’s Consolidated Statements of Income. The Company regularly evaluates each held to maturity and available for sale security in an unrealized loss position for OTTI. The Company evaluates for OTTI on a specific identification basis. 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 fair value and whether it is more likely than not that the Company will have to sell the security before its fair value recovers. The credit loss component of the OTTI on debt and equity securities is recognized in earnings. For debt securities, the portion of OTTI related to all other factors is recognized in other comprehensive income. See Note 2 , Debt Securities Available for Sale and Debt Securities Held to Maturity , for details of OTTI. Loans Held for Sale Loans held for sale are recorded at either estimated fair value, if the fair value option is elected, or the lower of cost or estimated fair value. The Company applies the fair value option accounting guidance codified under the FASB's ASC Topic 825, Financial Instruments, for single family real estate mortgage loans originated for sale in the secondary market. Under the fair value option, all changes in the applicable loans’ fair value are recorded in earnings. Loans classified as held for sale that were not originated for resale in the secondary market are accounted for under the lower of cost or fair value method and are evaluated on an individual basis. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are considered held for investment. Loans are stated at principal outstanding adjusted for charge-offs, deferred loan fees and direct costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on the interest method. Loan fees, net of direct costs, and unamortized premiums and discounts are deferred and amortized as an adjustment to the yield of the related loan over the term of the loan and are included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. For additional information related to the Company’s loan portfolio by type, refer to Note 3 , Loans and Allowance for Loan Losses . It is the general policy of the Company to stop accruing interest income and apply subsequent interest payments as principal reductions when any commercial, industrial, commercial real estate or construction loan is 90 days or more past due as to principal or interest and/or the ultimate collection of either is in doubt, unless collection of both principal and interest is assured by way of collateralization, guarantees or other security, or the loan is accounted for under ASC Subtopic 310-30. Accrual of interest income on consumer loans, including residential real estate loans, is generally suspended when any payment of principal or interest is more than 90 days delinquent or when foreclosure proceedings have been initiated or repossession of the underlying collateral has occurred. When a loan is placed on a nonaccrual status, any interest previously accrued but not collected is reversed against current interest income unless the fair value of the collateral for the loan is sufficient to cover the accrued interest. In general, a loan is returned to accrual status when none of its principal and interest is due and unpaid and the Company expects repayments of the remaining contractual principal and interest or when it is determined to be well secured and in the process of collection. Charge-offs on commercial loans are recognized when available information confirms that some or all of the balance is uncollectible. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. In general, charge-offs on consumer loans are recognized at the earlier of the month of liquidation or the month the loan becomes 120 days past due; residential loan deficiencies are charged off in the month the loan becomes 180 days past due; and credit card loans are charged off before the end of the month when the loan becomes 180 days past due with the related interest accrued but not collected reversed against current income. The Company determines past due or delinquency status of a loan based on contractual payment terms. All nonaccrual loans and loans modified in a troubled debt restructuring are considered impaired. The Company’s policy for recognizing interest income on impaired loans classified as nonaccrual is consistent with its nonaccrual policy. The Company’s policy for recognizing interest income on accruing impaired loans is consistent with its interest recognition policy for accruing loans. Troubled Debt Restructurings A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. A TDR typically involves a modification of terms such as establishment of a below market interest rate, a reduction in the principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk. The Company’s policy for measuring impairment on TDRs, including TDRs that have defaulted, is consistent with its impairment measurement process for all impaired loans. The Company’s policy for returning nonaccrual TDRs to accrual status is consistent with its return to accrual policy for all other loans. Allowance for Loan Losses The amount of the provision for loan losses charged to income is determined on the basis of numerous factors including actual loss experience, identified loan impairment, current economic conditions and periodic examinations and appraisals of the loan portfolio. Such provisions, less net loan charge-offs, comprise the allowance for loan losses which is deducted from loans and is maintained at a level management considers to be adequate to absorb losses inherent in the portfolio. The Company monitors the entire loan portfolio in an effort to identify problem loans so that risks in the portfolio can be identified on a timely basis and an appropriate allowance maintained. Loan review procedures, including loan grading, periodic credit rescoring and trend analysis of portfolio performance, are utilized by the Company in order to ensure that potential problem loans are identified. Management’s involvement continues throughout the process and includes participation in the work-out process and recovery activity. These formalized procedures are monitored internally and by regulatory agencies. The allowance for loan losses is established as follows: • Loans with outstanding balances greater than $1 million that are nonaccrual and all TDRs are evaluated individually with specific reserves allocated based on the present value of the loan’s expected future cash flows, discounted at the loan’s original effective interest rate, except where foreclosure or liquidation is probable or when the primary source of repayment is provided by real estate collateral. In these circumstances, impairment is measured based upon the fair value less cost to sell of the collateral. In addition, in certain rare circumstances, impairment may be based on the loan’s observable fair value. • Loans in the remainder of the portfolio, including nonaccrual loans with balances of less than $1 million , are collectively evaluated for impairment. For commercial loans, the estimate of loss based on pools of loans with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on loan grade, using a standardized loan grading system. The PD factor and LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The PD factor considers current loan grade unless the account is delinquent over 60 days, in which case a higher PD factor is used. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan grades over time and long-term average loss experience. The historical time frame currently used for both PDs and LGDs is 10 years. For consumer loans, except for credit cards, the estimate of loss based on pools of loans with similar characteristics is also made by applying a PD and a LGD factor. The PD factor considers current credit scores unless the account is delinquent over 60 days, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The historical time frame currently used for both PDs and LGDs is 10 years. The allowance for loan losses for credit cards is estimated based on historical loss experience which uses historical average net charge-off rates. The Company adjusts the loss estimates described above when it is determined that probable incurred losses may not have been captured in the loss estimates. To adjust the loss estimates, the Company considers qualitative factors such as changes in underwriting practices, the nature and volume of the loan portfolio, collateral values, credit concentrations, and the general economic environment in the Company’s markets. In order to estimate a reserve for unfunded commitments, the Company uses a process consistent with that used in developing the allowance for loan losses. The Company estimates the future funding of current unfunded commitments based on historical funding experience of these commitments before default. Allowance for loan loss factors, which are based on product and loan grade and are consistent with the factors used for portfolio loans, are applied to these funding estimates to arrive at the reserve balance. This reserve for unfunded commitments is recognized in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets with changes recognized in other noninterest expense in the Company’s Consolidated Statements of Income. Premises and Equipment Premises, furniture, fixtures, equipment, assets under capital leases and leasehold improvements are stated at cost less accumulated depreciation or amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which ranges between 1 and 40 years. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. 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 the income statement 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. Bank Owned Life Insurance The Company maintains life insurance policies on certain of its executives and employees and is the owner and beneficiary of the policies. The Company invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Company records these BOLI policies within bank owned life insurance on the Company’s Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in noninterest income in the Company’s Consolidated Statements of Income. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets associated with acquisition transactions. Goodwill is assigned to each of the Company’s reporting units and tested for impairment annually as of October 31 or on an interim basis if events or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. If, after considering all relevant events and circumstances, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is not necessary. If the Company elects to bypass the qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a goodwill impairment test is performed. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company has defined its reporting unit structure to include: Commercial Banking and Wealth, Retail Banking, and Corporate and Investment Banking. Each of the defined reporting units was tested for impairment as of October 31, 2019 . See Note 7 , Goodwill , for a further discussion. Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of recorded balance of the loan or fair value less costs to sell of the collateral assets at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, OREO is carried at the lower of carrying amount or fair value less costs to sell and is included in other assets on the Consolidated Balance Sheets. Gains and losses on the sales and write-downs on such properties and operating expenses from these OREO properties are included in other noninterest expense in the Company’s Consolidated Statements of Income. Accounting for Transfers and Servicing of Financial Assets The Company accounts for transfers of financial assets as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when (1) the transferred assets are legally isolated from the Company, even in bankruptcy or other receivership, (2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and (3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company's balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company's balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. The Company has one primary class of MSR related to residential real estate mortgages. These mortgage servicing rights are recorded in other assets on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. See Note 4 , Loan Sales and Servicing , for a further discussion. Revenue from Contracts with Customers The following is a discussion of key revenues within the scope of ASC 606, Revenue from Contracts with Customers : • Service charges on deposit accounts - Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. • Card and merchant processing fees - Card and merchant processing fees consists of interchange fees from consumer credit and debit cards processed by card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association transactions. Merchant services revenue is recognized as transactions occur, or as services are performed. • Investment banking and advisory fees - Investment banking and advisory fees primarily represent revenues earned by the Company for various corporate services including advisory, debt placement and underwriting. Revenues for these services are recorded at a point in time or upon completion of a contractually identified transaction. Underwriting costs are presented gross against underwriting revenues. • Money transfer income - Money transfer income represents income from the Parent’s wholly owned subsidiary, BBVA Transfer Holdings, Inc., which engages in money transfer services, including money transmission and foreign exchange services. Money transfer income is recognized as transactions occur. • Asset management, retail investment, and commissions fees - Asset management, retail investment, and commissions fees consists of fees generated from money management transactions and treasury management services, along with mutual fund and annuity sales fee income. Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed. Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity. Insurance revenue is earned through commissions on insurance sales and earned at a point in time. These revenues are recorded in asset management fees and investment services sales fees within non-interest income in the Company's Consolidated Statements of Income. Advertising Costs Advertising costs are generally expensed as incurred and recorded as marketing expense, a component of noninterest expense in the Company’s Consolidated Statements of Income. Income Taxes The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company files separate tax returns for subsidiaries that are not eligible to be included in the consolidated federal income tax return. Based on the laws of the respective states where it conducts business operations, the Company either files consolidated, combined or separate tax returns. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences are anticipated to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period the change is incurred. In evaluating the Company's ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company must consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the results of recent operations. A valuation allowance is recognized for a deferred tax asset, if based on the available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law. The new legislation included a decrease in the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Under ASC Topic 740, Income Taxes , the effects of the changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In December 2017, the SEC issued SAB 118, which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company completed its analysis within the measurement period in accordance with SAB 118 and adjusted the provisional amounts in 2018 when it filed its federal tax return for the tax year 2017. The Company recognizes income tax benefits associated with uncertain tax positions, when, in its judgment, it is more likely than not of being sustained on the basis of the technical merits. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of other noninterest expense in the Company’s Consolidated Statements of Income. Accrued interest and penalties are included within accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. The Company applies the proportional amortization method in accounting for its qualified Low Income Housing Tax Credit investments. This method recognizes the amortization of the investment as a component of income tax expense. At December 31, 2019 and 2018 , net Low Income Housing Tax Credit investments were $542 million and $516 million , respectively, and are included in other assets on the Company's Consolidated Balance Sheets. Noncontrolling Interests The Company applies the accounting guidance codified in ASC Topic 810, Consolidation , related to the treatment of noncontrolling interests. This guidance requires the amount of consolidated net income attributable to the parent and to the noncontrolling interests be clearly identified and presented on the face of the consolidated financial statements. The noncontrolling interests attributable to the Company's REIT preferred securities and mezzanine investment fund (see Note 11 , Shareholder's Equity , for a discussion of the preferred securities) are reported within shareholder’s equity, separately from the equity attributable to the Company’s shareholder. The dividends paid to the REIT preferred shareholders and other mezzanine investment fund investors are reported as reductions in shareholder’s equity in the Consolidated Statements of Shareholder’s Equity, separately from changes in the equity attributable to the Company’s shareholder. Accounting for Derivatives and Hedging Activities A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, financial forwards and futures contracts, foreign exchange contracts, options written and purchased. The Company m |
Debt Securities Available for S
Debt Securities Available for Sale and Debt Securities Held to Maturity | 12 Months Ended |
Dec. 31, 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 table presents the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity. December 31, 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 $ 3,145,331 $ 16,888 $ 34,694 $ 3,127,525 Agency mortgage-backed securities 1,322,432 12,444 9,019 1,325,857 Agency collateralized mortgage obligations 2,783,003 7,744 9,622 2,781,125 States and political subdivisions 757 41 — 798 Total $ 7,251,523 $ 37,117 $ 53,335 $ 7,235,305 Debt securities held to maturity: U.S. Treasury and other U.S. government agencies $ 1,287,049 $ 53,399 $ — $ 1,340,448 Collateralized mortgage obligations: Agency 4,846,862 82,105 16,568 4,912,399 Non-agency 37,705 5,923 1,154 42,474 Asset-backed securities and other 52,355 1,266 2,017 51,604 States and political subdivisions 573,075 8,652 7,494 574,233 Total $ 6,797,046 $ 151,345 $ 27,233 $ 6,921,158 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 At December 31, 2019 , approximately $2.7 billion of debt securities were pledged to secure public deposits, securities sold under agreements to repurchase and FHLB advances and for other purposes as required or permitted by law. 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 meet the definition of a debt security within ASC Topic 320, Investments – Debt Securities . At December 31, 2019 , approximately 99.99% of the debt securities classified within available for sale are rated “AAA,” the highest possible rating by nationally recognized rating agencies. The following table discloses the fair value and the gross unrealized losses of the Company’s available for sale securities and held to maturity securities that were in a loss position at December 31, 2019 and 2018 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. December 31, 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 $ 59,496 $ 208 $ 819,360 $ 34,486 $ 878,856 $ 34,694 Agency mortgage-backed securities 245,191 851 592,312 8,168 837,503 9,019 Agency collateralized mortgage obligations 880,485 4,768 579,679 4,854 1,460,164 9,622 Total $ 1,185,172 $ 5,827 $ 1,991,351 $ 47,508 $ 3,176,523 $ 53,335 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 1,633,667 $ 16,568 $ — $ — $ 1,633,667 $ 16,568 Non-agency 18,075 617 5,401 537 23,476 1,154 Asset-backed securities and other 40,876 1,396 8,962 621 49,838 2,017 States and political subdivisions 154,695 2,198 52,490 5,296 207,185 7,494 Total $ 1,847,313 $ 20,779 $ 66,853 $ 6,454 $ 1,914,166 $ 27,233 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 table, at December 31, 2019 , the Company held certain debt securities in unrealized loss positions. The Company does not have the intent to sell these securities and believes it is not more likely than not that it will be required to sell these securities before their anticipated recovery. 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 December 31, 2019 or 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. Years Ended December 31, 2019 2018 2017 (In Thousands) Balance, at beginning of year $ 23,416 $ 22,824 $ 22,582 Reductions for securities paid off during the period (realized) — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — 242 Additions for the credit component on debt securities in which OTTI was previously recognized 215 592 — Balance, at end of year $ 23,631 $ 23,416 $ 22,824 During the years ended December 31, 2019 , 2018 and 2017 , OTTI recognized on held to maturity debt securities totaled $215 thousand , $592 thousand and $242 thousand , respectively. The debt securities impacted by credit impairment consist of held to maturity non-agency collateralized mortgage obligations. The contractual maturities of the securities portfolios are presented in the following table. Amortized Cost Fair Value December 31, 2019 (In Thousands) Debt securities available for sale: Maturing within one year $ 425,086 $ 424,972 Maturing after one but within five years 2,160,151 2,174,394 Maturing after five but within ten years 66,435 67,153 Maturing after ten years 494,416 461,804 3,146,088 3,128,323 Agency mortgage-backed securities and agency collateralized mortgage obligations 4,105,435 4,106,982 Total $ 7,251,523 $ 7,235,305 Debt securities held to maturity: Maturing within one year $ 49,378 $ 50,235 Maturing after one but within five years 1,219,396 1,265,741 Maturing after five but within ten years 453,000 461,764 Maturing after ten years 190,705 188,545 1,912,479 1,966,285 Agency and non-agency collateralized mortgage obligations 4,884,567 4,954,873 Total $ 6,797,046 $ 6,921,158 The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below. Years Ended December 31, 2019 2018 2017 (In Thousands) Gross gains $ 29,961 $ — $ 3,033 Gross losses — — — Net realized gains $ 29,961 $ — $ 3,033 At December 31, 2019 and 2018 there were $28 million and $33 million , respectively, of unrealized losses, net of tax related to debt securities transferred from available for sale to held to maturity in accumulated other comprehensive income, which are being amortized over the remaining life of those securities. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 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. December 31, 2019 2018 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,432,238 $ 26,562,319 Real estate – construction 2,028,682 1,997,537 Commercial real estate – mortgage 13,861,478 13,016,796 Total commercial loans 40,322,398 41,576,652 Consumer loans: Residential real estate – mortgage 13,533,954 13,422,156 Equity lines of credit 2,592,680 2,747,217 Equity loans 244,968 298,614 Credit card 1,002,365 818,308 Consumer direct 2,338,142 2,553,588 Consumer indirect 3,912,350 3,770,019 Total consumer loans 23,624,459 23,609,902 Total loans $ 63,946,857 $ 65,186,554 Total loans includes unearned income totaling $224.9 million and $258.6 million at December 31, 2019 and 2018 , respectively; and unamortized deferred costs totaling $376.6 million and $380.2 million at December 31, 2019 and 2018 , respectively. The loan portfolio is diversified geographically, by product type and by industry exposure. Geographically, the portfolio is predominantly in the Sunbelt states, including Alabama, Arizona, Colorado, Florida, New Mexico and Texas, as well as growing but modest exposure in northern and southern California. The loan portfolio’s most significant geographic presence is within Texas. The Company monitors its exposure to various industries and adjusts loan production based on current and anticipated changes in the macro-economic environment as well as specific structural, legal and business conditions affecting each broad industry category. At December 31, 2019 , approximately $13.7 billion of loans were pledged to secure deposits and FHLB advances and for other purposes as required or permitted by law. 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) Covered Total Loans (In Thousands) Year Ended December 31, 2019 Allowance for loan losses: Beginning balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ — $ 885,242 Provision for loan losses 173,271 6,123 3,424 414,626 — 597,444 Loans charged-off (171,507 ) (2,597 ) (19,600 ) (466,946 ) — (660,650 ) Loan recoveries 13,118 2,670 13,336 69,833 — 98,957 Net (charge-offs) recoveries (158,389 ) 73 (6,264 ) (397,113 ) — (561,693 ) Ending balance $ 408,197 $ 118,633 $ 99,089 $ 295,074 $ — $ 920,993 Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 Provision (credit) for loan losses 44,403 (8,431 ) (3,216 ) 332,664 — 365,420 Loans charged off (83,017 ) (3,867 ) (17,821 ) (295,999 ) — (400,704 ) Loan recoveries 11,294 6,602 13,110 46,760 — 77,766 Net (charge-offs) recoveries (71,723 ) 2,735 (4,711 ) (249,239 ) — (322,938 ) Ending balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ — $ 885,242 Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 49,528 6,195 (874 ) 232,875 (31 ) 287,693 Loans charged off (106,570 ) (9,983 ) (21,287 ) (221,212 ) — (359,052 ) Loan recoveries 19,097 4,984 12,533 39,181 31 75,826 Net (charge-offs) recoveries (87,473 ) (4,999 ) (8,754 ) (182,031 ) 31 (283,226 ) Ending balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 (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 Loans (In Thousands) December 31, 2019 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 88,164 $ 13,255 $ 22,775 $ 2,638 $ 126,832 Collectively evaluated for impairment 320,033 105,378 76,314 292,436 794,161 Total allowance for loan losses $ 408,197 $ 118,633 $ 99,089 $ 295,074 $ 920,993 Loans: Ending balance of loans: Individually evaluated for impairment $ 238,653 $ 78,301 $ 155,728 $ 13,362 $ 486,044 Collectively evaluated for impairment 24,193,585 15,811,859 16,215,874 7,239,495 63,460,813 Total loans $ 24,432,238 $ 15,890,160 $ 16,371,602 $ 7,252,857 $ 63,946,857 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 Loans: 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 table presents information on individually evaluated impaired loans, by loan class. December 31, 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 $ 51,203 $ 52,991 $ — $ 187,450 $ 249,486 $ 88,164 Real estate – construction — — — 5,972 5,979 850 Commercial real estate – mortgage 46,232 51,286 — 26,097 27,757 12,405 Residential real estate – mortgage — — — 111,623 111,623 8,974 Equity lines of credit — — — 15,466 15,472 10,896 Equity loans — — — 28,639 29,488 2,905 Credit card — — — — — — Consumer direct — — — 11,601 13,596 1,903 Consumer indirect — — — 1,761 1,761 735 Total loans $ 97,435 $ 104,277 $ — $ 388,609 $ 455,162 $ 126,832 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 table presents information on individually evaluated impaired loans, by loan class. Years Ended December 31, 2019 2018 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 344,940 $ 2,160 $ 293,841 $ 1,379 $ 426,809 $ 947 Real estate – construction 854 9 8,600 7 1,874 11 Commercial real estate – mortgage 78,889 807 81,989 870 72,692 1,071 Residential real estate – mortgage 108,606 2,681 108,094 2,658 115,583 2,676 Equity lines of credit 15,641 649 17,413 748 21,458 871 Equity loans 30,158 1,079 34,290 1,180 38,090 1,312 Credit card — — — — — — Consumer direct 7,467 458 2,766 59 1,629 27 Consumer indirect 683 1 641 5 1,553 10 Total loans $ 587,238 $ 7,844 $ 547,634 $ 6,906 $ 679,688 $ 6,925 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 December 31, 2019 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,319,645 $ 1,979,310 $ 13,547,273 Special Mention 543,928 67 168,679 Substandard 488,813 49,305 134,420 Doubtful 79,852 — 11,106 $ 24,432,238 $ 2,028,682 $ 13,861,478 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 December 31, 2019 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,381,709 $ 2,553,000 $ 236,122 $ 979,569 $ 2,313,082 $ 3,870,839 Nonperforming 152,245 39,680 8,846 22,796 25,060 41,511 $ 13,533,954 $ 2,592,680 $ 244,968 $ 1,002,365 $ 2,338,142 $ 3,912,350 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. December 31, 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 $ 29,273 $ 16,462 $ 6,692 $ 268,288 $ 1,456 $ 322,171 $ 24,110,067 $ 24,432,238 Real estate – construction 7,603 2 571 8,041 72 16,289 2,012,393 2,028,682 Commercial real estate – mortgage 5,325 5,458 6,576 98,077 3,414 118,850 13,742,628 13,861,478 Residential real estate – mortgage 72,571 21,909 4,641 147,337 57,165 303,623 13,230,331 13,533,954 Equity lines of credit 15,766 6,581 1,567 38,113 — 62,027 2,530,653 2,592,680 Equity loans 2,856 1,028 195 8,651 23,770 36,500 208,468 244,968 Credit card 11,275 9,214 22,796 — — 43,285 959,080 1,002,365 Consumer direct 33,658 20,703 18,358 6,555 12,438 91,712 2,246,430 2,338,142 Consumer indirect 83,966 28,430 9,730 31,781 — 153,907 3,758,443 3,912,350 Total loans $ 262,293 $ 109,787 $ 71,126 $ 606,843 $ 98,315 $ 1,148,364 $ 62,798,493 $ 63,946,857 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 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. 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 year ended December 31, 2019 , $25 million of TDR modifications included an interest rate concession and $73 million of TDR modifications resulted from modifications to the loan’s structure. During the year ended December 31, 2018 , $28 million of TDR modifications included an interest rate concession and $119 million of TDR modifications resulted from modifications to the loan’s structure. During the year ended December 31, 2017 , $7 million of TDR modifications included an interest rate concession and $246 million of TDR modifications resulted from modifications to the loan’s structure. The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. December 31, 2019 December 31, 2018 December 31, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 15 $ 29,293 8 $ 122,182 26 $ 232,511 Real estate – construction 1 119 2 307 — — Commercial real estate – mortgage 7 21,419 4 4,072 3 1,223 Residential real estate – mortgage 118 28,269 73 14,851 66 15,714 Equity lines of credit 9 478 11 289 41 1,858 Equity loans 17 1,141 25 2,687 30 1,246 Credit card — — — — — — Consumer direct 286 15,583 16 2,158 — — Consumer indirect 154 1,878 — — 14 209 Covered loans — — — — 2 103 The impact to the allowance for loan losses related to modifications classified as TDRs was approximately $21.0 million , $11.2 million and $27.1 million for the years ended December 31, 2019 , 2018 and 2017 , 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 table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of year-end. Years Ended December 31, 2019 2018 2017 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — 1 $ 686 Real estate – construction — — — — — — Commercial real estate – mortgage 1 599 — — — — Residential real estate – mortgage 2 455 7 834 1 505 Equity lines of credit — — — — — — Equity loans 2 151 6 358 2 51 Credit card — — — — — — Consumer direct 6 2,757 1 5 — — Consumer indirect — — — — 1 22 Covered loans — — — — — — All commercial and consumer loans modified in a TDR are considered to be impaired, even if they maintain their accrual status. At December 31, 2019 and 2018 , there were $43.8 million and $54.2 million , respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. Foreclosure Proceedings Other real estate owned, a component of other assets in the Company's Consolidated Balance Sheets, totaled $22 million and $17 million at December 31, 2019 and 2018 , respectively. Other real estate owned included $14 million of foreclosed residential real estate properties at both December 31, 2019 and 2018 . As of December 31, 2019 and 2018 , there were $57 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 | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Loan Sales and Servicing | Loan Sales and Servicing Loans held for sale were $112 million and $69 million at December 31, 2019 and 2018 , respectively. Loans held for sale at December 31, 2019 and 2018 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. 2019 2018 2017 (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 1,113,371 293,996 204,058 The following table summarizes the Company's sales of loans originated for sale in the secondary market. 2019 2018 2017 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 724,706 $ 625,091 $ 660,484 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 29,539 18,863 25,576 Servicing fees recognized (3) 10,896 11,213 10,841 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Net gains were recorded in mortgage banking income in the Company's Consolidated Statements of Income. (3) Beginning in 2018, recorded as a component of mortgage banking in the Company's Consolidated Statements of Income. 2017 servicing fees are recorded as a component of other noninterest income in the Company's Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. December 31, 2019 December 31, 2018 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,534,202 $ 4,588,273 MSRs (2) 42,022 51,539 (1) These loans are not included in loans on the Company's Consolidated Balance Sheets. (2) Recorded under the fair value method and included in other assets on the Company's 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. Years Ended December 31, 2019 2018 2017 (In Thousands) Carrying value, at beginning of year $ 51,539 $ 49,597 $ 51,428 Additions 6,639 6,874 7,098 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (7,552 ) 6,985 2,233 Due to other changes in fair value (1) (8,604 ) (11,917 ) (11,162 ) Carrying value, at end of year $ 42,022 $ 51,539 $ 49,597 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. See Note 19 , Fair Value Measurements , for additional disclosures related to the assumptions and estimates used in determining fair value of residential MSRs. At December 31, 2019 and 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: December 31, 2019 2018 (Dollars in Thousands) Fair value of MSRs $ 42,022 $ 51,539 Composition of residential loans serviced for others: Fixed rate mortgage loans 98.1 % 97.7 % Adjustable rate mortgage loans 1.9 2.3 Total 100.0 % 100.0 % Weighted average life (in years) 4.6 6.6 Prepayment speed: 16.9 % 7.4 % Effect on fair value of a 10% increase (2,906 ) (1,432 ) Effect on fair value of a 20% increase (5,043 ) (2,778 ) Weighted average option adjusted spread 6.4 % 6.5 % Effect on fair value of a 10% increase (1,159 ) (1,627 ) Effect on fair value of a 20% increase (1,812 ) (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 and should not be considered to 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 factor may result in changes in another, which may magnify or counteract the effect of the change. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment A summary of the Company’s premises and equipment is presented below. December 31, 2019 2018 (In Thousands) Land $ 297,039 $ 300,955 Buildings 580,911 601,344 Furniture, fixtures and equipment 425,794 431,631 Software 1,035,892 990,187 Leasehold improvements 203,776 193,944 Construction / projects in progress 128,816 90,845 2,672,228 2,608,906 Less: Accumulated depreciation and amortization 1,584,530 1,455,948 Total premises and equipment $ 1,087,698 $ 1,152,958 The Company recognized $189.0 million , $198.4 million and $194.3 million of depreciation expense related to the above premises and equipment for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases 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 Consolidated Balance Sheets. December 31, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,566 $ 272,279 $ 280,845 Lease liability balance 12,339 313,398 325,737 The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Consolidated Statements of Income during the period. December 31, 2019 (In Thousands) Interest on lease liabilities $ 608 Amortization of right-of-use assets 1,323 Finance lease cost 1,931 Operating lease cost 48,316 Variable lease cost 16,537 Sublease income (6,812 ) Total lease cost $ 59,972 The Company incurred lease expense of $86.8 million and $84.3 million for the years ended December 31, 2018 and 2017 , respectively. The Company received lease income of $7.7 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively, related to space leased to third parties. 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. December 31, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 54,020 Operating cash flows from finance leases 608 Financing cash flows from finance leases 1,589 Right-of-use assets obtained in exchange for lease obligations Operating leases 35,315 Finance leases — The weighted-average remaining lease term and discount rates at December 31, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.5 years 9.9 years 9.8 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 December 31, 2019 : Finance Operating Total (In Thousands) 2020 $ 2,233 $ 54,817 $ 57,050 2021 2,143 51,204 53,347 2022 1,923 46,458 48,381 2023 1,501 40,604 42,105 2024 1,410 31,667 33,077 Thereafter 5,696 141,558 147,254 Total $ 14,906 $ 366,308 $ 381,214 At December 31, 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. December 31, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 14,906 $ 366,308 $ 381,214 Less: imputed interest 2,567 52,910 55,477 Total discounted lease liability $ 12,339 $ 313,398 $ 325,737 |
Leases | Leases 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 Consolidated Balance Sheets. December 31, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,566 $ 272,279 $ 280,845 Lease liability balance 12,339 313,398 325,737 The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Consolidated Statements of Income during the period. December 31, 2019 (In Thousands) Interest on lease liabilities $ 608 Amortization of right-of-use assets 1,323 Finance lease cost 1,931 Operating lease cost 48,316 Variable lease cost 16,537 Sublease income (6,812 ) Total lease cost $ 59,972 The Company incurred lease expense of $86.8 million and $84.3 million for the years ended December 31, 2018 and 2017 , respectively. The Company received lease income of $7.7 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively, related to space leased to third parties. 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. December 31, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 54,020 Operating cash flows from finance leases 608 Financing cash flows from finance leases 1,589 Right-of-use assets obtained in exchange for lease obligations Operating leases 35,315 Finance leases — The weighted-average remaining lease term and discount rates at December 31, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.5 years 9.9 years 9.8 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 December 31, 2019 : Finance Operating Total (In Thousands) 2020 $ 2,233 $ 54,817 $ 57,050 2021 2,143 51,204 53,347 2022 1,923 46,458 48,381 2023 1,501 40,604 42,105 2024 1,410 31,667 33,077 Thereafter 5,696 141,558 147,254 Total $ 14,906 $ 366,308 $ 381,214 At December 31, 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. December 31, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 14,906 $ 366,308 $ 381,214 Less: imputed interest 2,567 52,910 55,477 Total discounted lease liability $ 12,339 $ 313,398 $ 325,737 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill A summary of the activity related to the Company’s goodwill follows. Years Ended December 31, 2019 2018 (In Thousands) Balance, at beginning of year Goodwill $ 9,835,400 $ 9,835,400 Accumulated impairment losses (4,852,104 ) (4,852,104 ) Goodwill, net at beginning of year 4,983,296 4,983,296 Annual activity: Goodwill acquired during the year — — Disposition adjustments — — Impairment losses (470,000 ) — Balance, at end of year Goodwill 9,835,400 9,835,400 Accumulated impairment losses (5,322,104 ) (4,852,104 ) Goodwill, net at end of year $ 4,513,296 $ 4,983,296 Goodwill is allocated to each of the Company's segments (each a reporting unit: Commercial Banking and Wealth, Retail Banking, and Corporate and Investment Banking). At December 31, 2019 and 2018 , the goodwill, net of accumulated impairment losses, attributable to each of the Company’s three identified reporting units is as follows: Years Ended December 31, 2019 2018 (In Thousands) Commercial Banking and Wealth $ 2,659,830 $ 2,659,830 Retail Banking 1,427,660 1,427,660 Corporate and Investment Banking 425,806 895,806 Through December 31, 2019 , the Company had recognized accumulated goodwill impairment losses of $2.5 billion , $1.4 billion , and $719 million within the Commercial Banking and Wealth, Retail Banking, and Corporate and Investment Banking reporting units, respectively. In addition, the Company has previously recognized $784 million of accumulated goodwill impairment losses from reporting units that no longer have a goodwill balance. In accordance with the applicable accounting guidance, the Company performs annual tests to identify potential impairment of goodwill. The tests are required to be performed annually and more frequently if events or circumstances indicate a potential impairment may exist. The Company compares the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The estimated fair value of the reporting unit is determined using a blend of both income and market approaches. The Company completed its annual goodwill impairment test as of October 31, 2019 . The 2019 annual test indicated a goodwill impairment of $470 million within the Corporate and Investment Banking reporting unit resulting in the Company recording a goodwill impairment charge of the same amount in 2019 . The primary causes of the goodwill impairment in the Corporate and Investment Banking reporting unit were economic and industry conditions, volatility in the market capitalization of U.S. banks, and management's downward revisions to projections that resulted in the fair value of the reporting unit being less than the reporting unit's carrying value. During the years ended December 31, 2018 and 2017 , the Company recognized no goodwill impairment charges. The fair values of the reporting units are based upon management’s estimates and assumptions. Although management has used the estimates and assumptions it believes to be most appropriate in the circumstances, it should be noted that even relatively minor changes in certain valuation assumptions used in management’s calculations could result in significant differences in the results of the impairment tests. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Time deposits of $250,000 or less totaled $8.0 billion at December 31, 2019 , while time deposits of more than $250,000 totaled $4.0 billion . At December 31, 2019 , the scheduled maturities of time deposits were as follows. (In Thousands) 2020 $ 11,400,712 2021 457,119 2022 76,441 2023 81,947 2024 31,801 Thereafter 5,409 Total $ 12,053,429 At December 31, 2019 and 2018 , demand deposit overdrafts reclassified to loans totaled $17 million and $16 million , respectively. In addition to the securities and loans the Company has pledged as collateral to secure public deposits and FHLB advances at December 31, 2019 , the Company also had $7.7 billion of standby letters of credit issued by the FHLB to secure public deposits. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings The short-term borrowings table below shows the distribution of the Company’s short-term borrowed funds. Ending Balance Ending Average Interest Rate Average Balance Maximum Outstanding Balance (Dollars in Thousands) As of and for the year ended December 31, 2019 Federal funds purchased $ — — % $ 746 $ 5,060 Securities sold under agreements to repurchase 173,028 1.70 857,176 1,198,822 Total 173,028 857,922 1,203,882 Other short-term borrowings — — 14,963 69,446 Total short-term borrowings $ 173,028 $ 872,885 $ 1,273,328 As of and for the year ended December 31, 2018 Federal funds purchased $ — — % $ 82 $ 2,000 Securities sold under agreements to repurchase 102,275 3.73 109,770 183,511 Total 102,275 109,852 185,511 Other short-term borrowings — — 68,423 159,004 Total short-term borrowings $ 102,275 $ 178,275 $ 344,515 |
FHLB and Other Borrowings
FHLB and Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
FHLB and Other Borrowings | FHLB and Other Borrowings The following table details the Company’s FHLB advances and other borrowings including maturities and interest rates as of December 31, 2019 . December 31, Maturity Dates 2019 2018 (In Thousands) FHLB advances: LIBOR-based floating rate (weighted average rate of 2.57%) 2021 $ 120,000 $ 120,000 Fixed rate (weighted average rate of 3.31%) 2024-2025 59,892 410,116 Total FHLB advances 179,892 530,116 Senior notes and subordinated debentures: 2.88% senior notes 2022 750,000 750,000 3.50% senior notes 2021 700,000 700,000 2.75% senior notes 2019 — 600,000 2.50% senior notes 2024 600,000 — 2.62% senior notes 2021 450,000 450,000 3.88% subordinated debentures 2025 700,000 700,000 5.50% subordinated debentures 2020 227,764 227,764 5.90% subordinated debentures 2026 71,086 71,086 Fair value of hedged senior notes and subordinated debentures 26,975 (22,349 ) Net unamortized discount (15,673 ) (19,027 ) Total senior notes and subordinated debentures 3,510,152 3,457,474 Total FHLB and other borrowings $ 3,690,044 $ 3,987,590 In August 2019 , the Bank issued $600 million aggregate principal amount of its 2.50% unsecured senior notes due 2024 . During 2018 , the Bank issued $700 million aggregate principal amount of its 3.50% unsecured senior notes due 2021 , and $450 million aggregate principal amount of its floating rate unsecured senior notes due 2021 . The following table presents maturity information for the Company’s FHLB and other borrowings, including the fair value of hedged senior notes and subordinated debentures as well as unamortized discounts and premiums, as of December 31, 2019 . FHLB Advances Senior Notes and Subordinated Debentures (In Thousands) Maturing: 2020 $ — $ 229,185 2021 120,000 1,158,432 2022 — 750,637 2023 — — 2024 55,066 588,356 Thereafter 4,826 783,542 Total $ 179,892 $ 3,510,152 |
Shareholder's Equity
Shareholder's Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholder's Equity | Shareholder's Equity Series A Preferred Stock In December 2015 , the Company completed the sale of 1,150 shares of its Floating Non-Cumulative Perpetual Preferred Stock, Series A at a per share price of $200,000 to BBVA. As the sole holder of the Series A Preferred Stock, BBVA will be entitled to receive dividend payments only when, and if declared by the Company’s Board of Directors or a duly authorized committee thereof. Any such dividends will be payable from the date of original issue at a floating rate per annum equal to the three-month U.S. dollar LIBOR as determined on the relevant dividend determination date plus 5.24% . Any such dividends will be payable on a non-cumulative basis, quarterly in arrears on March 1, June 1, September 1 and December 1, commencing March 1, 2016 . Payment of dividends on the Series A Preferred Stock is subject to certain legal, regulatory and other restrictions. Redemption is solely at the Company's option. The Company may, at its option, redeem the Series A Preferred Stock (i) in whole or in part, from time to time, on any dividend payment date on or after December 1, 2022 or (ii) in whole but not in part at any time within 90 days of certain changes to regulatory capital requirements. At both December 31, 2019 and 2018 , the carrying amount of the Series A Preferred Stock, including related surplus, net of issuance costs was approximately $229 million . Class B Preferred Stock In December 2000 , a subsidiary of the Bank issued $21 million of Class B Preferred Stock. The Preferred Stock outstanding was approximately $22 million at both December 31, 2019 and 2018 , and is classified as noncontrolling interests on the Company’s Consolidated Balance Sheets. The Preferred Stock qualifies as Tier 1 capital under Federal Reserve guidelines. The Preferred Stock dividends are preferential, non-cumulative and payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2001 , at a rate per annum equal to 9.875% of the liquidation preference of $1,000 per share when and if declared by the board of directors of the subsidiary, in its sole discretion, out of funds legally available for such payment. The Preferred Stock is redeemable for cash, at the option of the subsidiary, in whole or in part, at any time on or after June 15, 2021 . Prior to June 15, 2021 , the Preferred Stock is not redeemable, except that prior to such date, the Preferred Stock may be redeemed for cash, at the option of the subsidiary, in whole but not in part, only upon the occurrence of certain tax or regulatory events. Any such redemption is subject to the prior approval of the Federal Reserve. The Preferred Stock is not redeemable at the option of the holders thereof at any time. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | C omprehensive 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 (loss). December 31, 2019 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding gains arising during period from debt securities available for sale $ 208,725 $ 49,465 $ 159,260 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 on debt securities available for sale 178,764 42,361 136,403 Change in unamortized net holding gains on debt securities held to maturity 10,144 2,350 7,794 Less: non-credit related impairment on debt securities held to maturity 108 26 82 Change in unamortized non-credit related impairment on debt securities held to maturity 781 174 607 Net change in unamortized holding gains on debt securities held to maturity 10,817 2,498 8,319 Unrealized holding gains arising during period from cash flow hedge instruments 113,359 27,049 86,310 Change in defined benefit plans (12,932 ) (3,112 ) (9,820 ) Other comprehensive income $ 290,008 $ 68,796 $ 221,212 December 31, 2018 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding losses arising during period from debt securities available for sale $ (2,925 ) $ (797 ) $ (2,128 ) Less: reclassification adjustment for net gains on sale of debt securities in net income — — — Net change in unrealized losses on debt securities available for sale (2,925 ) (797 ) (2,128 ) Change in unamortized net holding gains on debt securities held to maturity 9,120 2,104 7,016 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 397 94 303 Change in unamortized non-credit related impairment on debt securities held to maturity 1,036 237 799 Net change in unamortized holding losses on debt securities held to maturity (30,145 ) (7,170 ) (22,975 ) Unrealized holding gains arising during period from cash flow hedge instruments 46,406 15,466 30,940 Change in defined benefit plans 6,142 1,409 4,733 Other comprehensive income $ 19,478 $ 8,908 $ 10,570 December 31, 2017 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive loss: Unrealized holding losses arising during period from debt securities available for sale $ (20,089 ) $ (5,143 ) $ (14,946 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 3,033 776 2,257 Net change in unrealized losses on debt securities available for sale (23,122 ) (5,919 ) (17,203 ) Change in unamortized net holding gains on debt securities held to maturity 5,076 1,132 3,944 Less: non-credit related impairment on debt securities held to maturity — — — Change in unamortized non-credit related impairment on debt securities held to maturity 1,556 565 991 Net change in unamortized holding gains on debt securities held to maturity 6,632 1,697 4,935 Unrealized holding losses arising during period from cash flow hedge instruments (35,768 ) (21,083 ) (14,685 ) Change in defined benefit plans (3,501 ) (1,301 ) (2,200 ) Other comprehensive loss $ (55,759 ) $ (26,606 ) $ (29,153 ) 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 (32,615 ) (4,394 ) — (303 ) (37,312 ) Amounts reclassified from accumulated other comprehensive income 7,016 35,334 4,733 799 47,882 Net current period other comprehensive income (loss) (25,599 ) 30,940 4,733 496 10,570 Balance, December 31, 2018 $ (158,433 ) $ 6,175 $ (29,495 ) $ (5,095 ) $ (186,848 ) 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 159,260 83,903 — (82 ) 243,081 Amounts reclassified from accumulated other comprehensive income (loss) (15,063 ) 2,407 (9,820 ) 607 (21,869 ) Net current period other comprehensive income (loss) 144,197 86,310 (9,820 ) 525 221,212 Balance, December 31, 2019 $ (40,080 ) $ 91,445 $ (46,666 ) $ (5,771 ) $ (1,072 ) (1) Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1 , Summary of Significant Accounting Policies , for additional information. The following table presents information on reclassifications out of accumulated other comprehensive income. Details About Accumulated Other Comprehensive Income Components Amounts Reclassified From Accumulated Other Comprehensive Income (1) Consolidated Statement of Income Caption December 31, 2019 December 31, 2018 December 31, 2017 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ 29,961 $ — $ 3,033 Investment securities gains, net (10,144 ) (9,120 ) (5,076 ) Interest on debt securities held to maturity 19,817 (9,120 ) (2,043 ) (4,754 ) 2,104 356 Income tax (expense) benefit $ 15,063 $ (7,016 ) $ (1,687 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (2,214 ) $ (45,027 ) $ 3,496 Interest and fees on loans (948 ) (1,288 ) (2,441 ) Interest on FHLB and other borrowings (3,162 ) (46,315 ) 1,055 755 10,981 (622 ) Income tax benefit (expense) $ (2,407 ) $ (35,334 ) $ 433 Net of tax Defined Benefit Plan Adjustment $ 12,932 $ (6,142 ) $ 3,501 (2) (3,112 ) 1,409 (1,301 ) Income tax (expense) benefit $ 9,820 $ (4,733 ) $ 2,200 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (781 ) $ (1,036 ) $ (1,556 ) Interest on debt securities held to maturity 174 237 565 Income tax benefit $ (607 ) $ (799 ) $ (991 ) Net of tax (1) Amounts in parentheses indicate debits to the 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 , for additional details). |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 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 financing needs of its customers and reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements. See Note 1 , Summary of Significant Accounting Policies , 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 Consolidated Balance Sheets on a gross basis. December 31, 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 $ 3,623,950 $ 10,633 $ 354 $ 2,923,950 $ 13,479 $ 28,479 Total fair value hedges 10,633 354 13,479 28,479 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 10,000,000 — — 1,500,000 2,367 — Swaps related to FHLB advances 120,000 — 2,864 120,000 — 1,938 Foreign currency contracts: Forwards related to currency fluctuations 2,597 102 — 5,272 174 — Total cash flow hedges 102 2,864 2,541 1,938 Total derivatives designated as hedging instruments $ 10,735 $ 3,218 $ 16,020 $ 30,417 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 289,990 $ 148 $ 514 $ 166,641 $ 187 $ 1,021 Option contracts related to mortgage servicing rights 60,000 38 — — — — Interest rate lock commitments 146,941 3,088 — 91,395 2,012 — Equity contracts: Purchased equity option related to equity-linked CDs 152,130 4,460 — 450,660 14,185 — Written equity option related to equity-linked CDs 128,620 — 3,765 389,030 — 12,434 Foreign exchange contracts: Forwards related to commercial loans 443,493 167 3,872 413,127 1,565 1,109 Spots related to commercial loans 48,626 7 68 19,911 24 2 Swap associated with sale of Visa, Inc. Class B shares 161,904 — 5,904 111,466 — 3,706 Futures contracts (3) 2,110,000 — — 3,223,000 — — Trading account assets and liabilities: Interest rate contracts for customers 35,503,973 313,573 97,881 34,436,223 149,269 130,704 Foreign exchange contracts for customers 1,039,507 22,766 20,678 1,140,665 19,465 17,341 Total trading account assets and liabilities 336,339 118,559 168,734 148,045 Total free-standing derivative instruments not designated as hedging instruments $ 344,247 $ 132,682 $ 186,707 $ 166,317 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s 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 the change in fair value of the derivative instrument. See Note 1 , Summary of Significant Accounting Policies , for additional information on the Company’s accounting policies related to derivative instruments and hedging activities. 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 generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date. 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 years ended December 31, 2019 , 2018 and 2017 related to hedged firm commitments no longer qualifying as a fair value hedge. At December 31, 2019 , the fair value hedges had a weighted average expected remaining term of 3.3 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 the 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 (loss) because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the years ended December 31, 2019 , 2018 and 2017 . At December 31, 2019 , cash flow hedges not terminated had a net fair value of $(3) million and a weighted average life of 3.2 years. Net gains of $23.5 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 4.1 years. The following table presents the effect of hedging derivative instruments on the Company’s Consolidated Statements of Income. Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Year Ended December 31, 2019 Total amounts presented in the consolidated statements of income $ 3,097,640 $ 136,164 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (2,659 ) Recognized on derivatives — 54,504 Recognized on hedged items — (51,682 ) Net income (expense) recognized on fair value hedges $ — $ 163 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (2,214 ) $ (948 ) Net income (expense) recognized on cash flow hedges $ (2,214 ) $ (948 ) Year Ended December 31, 2018 Total amounts presented in the consolidated statements of income $ 2,914,269 $ 130,372 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 3,510 Recognized on derivatives — (19,952 ) Recognized on hedged items — 19,124 Net income (expense) recognized on fair value hedges $ — $ 2,682 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (45,027 ) $ (1,288 ) Net income (expense) recognized on cash flow hedges $ (45,027 ) $ (1,288 ) Year Ended December 31, 2017 Total amounts presented in the consolidated statements of income $ 2,447,293 $ 93,814 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 29,483 Recognized on derivatives — (33,092 ) Recognized on hedged items — 34,839 Net income (expense) recognized on fair value hedges — 31,230 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income (2) $ 3,496 $ (2,441 ) Net income (expense) recognized on cash flow hedges $ 3,496 $ (2,441 ) (1) See Note 12 , C omprehensive 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 Consolidated Balance Sheets in fair value hedging relationships. December 31, 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 $ 3,483,177 $ 25,092 $ 1,883 Derivatives Not Designated As Hedges Derivatives not designated as hedges include those that are entered into as either economic hedges as part of the Company’s overall risk management strategy or to facilitate client needs. Economic hedges are those that are not designated 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 also enters into a variety of interest rate contracts and foreign exchange contracts in its trading activities. The primary purpose for using these derivative instruments in the trading account is to facilitate customer transactions. The trading interest rate contract portfolio is actively managed and hedged with similar products to limit market value risk of the portfolio. Changes in the estimated fair value of contracts in the trading account along with the related interest settlements on the contracts are recorded in noninterest income as corporate and correspondent investment sales in the Company’s Consolidated Statements of Income. The Company enters into forward and option contracts to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. Interest rate lock commitments issued on residential mortgage loan commitments that will be held for resale are also considered free-standing derivative instruments, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. In conjunction with the sale of its Visa, Inc. Class B shares in 2009 , the Company entered into a total return swap in which the Company will make or receive payments based on subsequent changes in the conversion rate of the Class B shares into Class A shares. This total return swap is accounted for as a free-standing derivative. The Company offers its customers equity-linked CDs that have a return linked to individual equities and equity indices. Under appropriate accounting guidance, a CD that pays interest based on changes in an equity index is a hybrid instrument that requires separation into a host contract (the CD) and an embedded derivative contract (written equity call option). The Company has entered into an offsetting derivative contract in order to economically hedge the exposure related to the issuance of equity-linked CDs. Both the embedded derivative and derivative contract entered into by the Company are classified as free-standing derivative instruments. The Company also enters into foreign currency contracts to hedge its exposure to fluctuations in foreign currency exchange rates due to its funding of commercial loans in foreign currencies. The net gains and losses recorded in the Company’s Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Years Ended December 31, Consolidated Statements of Income Caption 2019 2018 2017 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ (1,288 ) $ (194 ) $ 123 Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income 469 (790 ) (2,030 ) Interest rate lock commitments Mortgage banking income 1,076 (404 ) 24 Interest rate contracts for customers Corporate and correspondent investment sales 24,128 35,326 29,155 Option contracts related to mortgage servicing rights Mortgage banking income 929 (38 ) (605 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense (9,725 ) (27,144 ) (18,704 ) Written equity option related to equity-linked CDs Other expense 8,669 24,524 18,581 Foreign currency contracts: Swap and forward contracts related to commercial loans Other income (275 ) 36,353 (38,885 ) Spot contracts related to commercial loans Other income 1,542 (3,898 ) 5,512 Foreign currency exchange contracts for customers Corporate and correspondent investment sales 15,404 16,232 10,451 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 and foreign currency 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 December 31, 2019 , interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $336 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 material net credit losses associated with derivative instruments classified as trading for the years ended December 31, 2019 , 2018 and 2017 . At December 31, 2019 and 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 have credit risk of $11 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 years ended December 31, 2019 , 2018 and 2017 . At December 31, 2019 and 2018 , there were no nonperforming derivative positions classified as nontrading. As of December 31, 2019 and 2018 , the Company had recorded the right to reclaim cash collateral of $150 million and $97 million , respectively, within other assets on the Company’s Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $12 million and $22 million , respectively, within deposits on the Company’s Consolidated Balance Sheets. Contingent Features Certain of the Company’s derivative instruments contain provisions that require the Company’s debt to 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 December 31, 2019 was $47 million for which the Company has collateral requirements of $45 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements had been triggered on December 31, 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 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 Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received/ Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) December 31, 2019 Derivative financial assets: Subject to a master netting arrangement $ 41,390 $ — $ 41,390 $ — $ 5,860 $ 35,530 Not subject to a master netting arrangement 313,592 — 313,592 — — 313,592 Total derivative financial assets $ 354,982 $ — $ 354,982 $ — $ 5,860 $ 349,122 Derivative financial liabilities: Subject to a master netting arrangement $ 94,979 $ — $ 94,979 $ — $ 94,979 $ — Not subject to a master netting arrangement 40,921 — 40,921 — — 40,921 Total derivative financial liabilities $ 135,900 $ — $ 135,900 $ — $ 94,979 $ 40,921 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 | 12 Months Ended |
Dec. 31, 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 asset 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 13 , 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 an 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 Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received/ Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) December 31, 2019 Securities purchased under agreement to resell: Subject to a master netting arrangement $ 656,504 $ 477,590 $ 178,914 $ 178,914 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 650,618 $ 477,590 $ 173,028 $ 173,028 $ — $ — December 31, 2018 Securities purchased under agreement 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) December 31, 2019 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies securities $ 321,310 $ — $ — $ 305,750 $ 627,060 Mortgage-backed securities — — 23,558 — 23,558 Total $ 321,310 $ — $ 23,558 $ 305,750 $ 650,618 December 31, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies securities $ 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 mitigates the risk by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. At December 31, 2019 , the fair value of collateral received related to securities purchased under agreements to resell was $648 million and the fair value of collateral pledged for securities sold under agreements to repurchase was $644 million . 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 . |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 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. December 31, 2019 2018 (In Thousands) Commitments to extend credit $ 27,725,965 $ 28,827,897 Standby and commercial letters of credit 996,830 1,249,205 Commitments to extend credit are agreements to lend to customers on certain terms and conditions as long as all conditions are satisfied and 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 December 31, 2019 and 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 December 31, 2019 , the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $997 million . At December 31, 2019 and 2018 , the Company had reserves related to letters of credit and unfunded commitments recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheet of $67 million and $66 million , respectively. Loan Sale Recourse The Company has potential recourse related to FNMA securitizations. At December 31, 2019 and 2018 , the amount of potential recourse was $18 million and $19 million , respectively, of which the Company had reserved $693 thousand and $793 thousand , respectively, which is recorded in accrued expenses and other liabilities on its Consolidated Balance Sheets for the respective years. 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 warranties would materially change the financial condition or results of operations of the Company. At both December 31, 2019 and 2018 , the Company recorded $1.2 million of reserves in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets related to potential losses from loans sold. Low Income Housing Tax Credit Partnerships The Company has committed to make certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments will be to facilitate the sale of additional affordable housing product offerings and to assist in achieving goals associated with the Community Reinvestment Act, and to achieve a satisfactory return on capital. The total unfunded commitment associated with these investments at December 31, 2019 and 2018 were $171 million and $175 million , respectively, and were recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. Forward Starting Reverse Repurchase Agreements and Forward Starting Repurchase Agreements. The Company enters into securities purchased under agreements to resell and securities sold under agreements to repurchase that settle at a future date, generally within three business days. At December 31, 2019 the Company had no forward starting reverse repurchase agreements and forward starting repurchase agreements of $450 million . The Company had no forward starting reverse repurchase agreements or forwarding starting repurchase agreements at December 31, 2018 . 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 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 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. 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 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 December 31, 2019 , the Company had accrued legal reserves in the amount of $23 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 $76 million . This estimated range of reasonably possible losses is based on information available at December 31, 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. Refer to Note 18 , Income Taxes , for additional information on various tax audits. |
Regulatory Capital Requirements
Regulatory Capital Requirements and Dividends from Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements and Dividends from Subsidiaries | Regulatory Capital Requirements and Dividends from Subsidiaries The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. Under capital adequacy guidelines, the regulatory framework for prompt corrective action and the Gramm-Leach-Bliley Act, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of each entity's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about capital components, risk weightings and other factors. At December 31, 2019 , the Company and the Bank, remain above the applicable U.S. regulatory capital requirements. Under the U.S. Basel III capital rule, the current minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject are as follows: 2019 (1) 2018 (2) CET1 Risk-Based Capital Ratio 7.000 % 6.375 % Tier 1 Risk-Based Capital Ratio 8.500 7.875 Total Risk-Based Capital Ratio 10.500 9.875 Tier 1 Leverage Ratio 4.000 4.000 (1) At December 31, 2019 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 2.500% . (2) At December 31, 2018 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 1.875% . The following table presents the Transitional Basel III regulatory capital ratios at December 31, 2019 and 2018 for the Company and the Bank. Amount Ratios 2019 2018 2019 2018 (Dollars in Thousands) Risk-based capital CET1: BBVA USA Bancshares, Inc. $ 8,615,357 $ 8,457,585 12.49 % 12.00 % BBVA USA 7,916,278 7,741,203 11.56 11.03 Tier 1: BBVA USA Bancshares, Inc. 8,849,557 8,691,785 12.83 12.33 BBVA USA 7,920,478 7,745,403 11.56 11.04 Total: BBVA USA Bancshares, Inc. 10,332,023 10,216,625 14.98 14.49 BBVA USA 9,549,373 9,440,037 13.94 13.45 Leverage: BBVA USA Bancshares, Inc. 8,849,557 8,691,785 9.70 10.03 BBVA USA 7,920,478 7,745,403 8.98 9.11 Dividends paid by the Bank are the primary source of funds available to the Parent for payment of dividends to its shareholder and other needs. Applicable federal and state statutes and regulations impose restrictions on the amount of dividends that may be declared by the Bank. In addition to the formal statutes and regulations, regulatory authorities also consider the adequacy of each bank’s total capital in relation to its assets, deposits and other such items. Capital adequacy considerations could further limit the availability of dividends from the Bank. The Bank could have paid additional dividends to the Parent in the amount of $2.0 billion while continuing to meet the capital requirements for “well-capitalized” banks at December 31, 2019 ; however, due to the net earnings restrictions on dividend distributions, the Bank did not have the ability to pay any dividends at December 31, 2019 without regulatory approval. The Bank is required to maintain cash balances with the Federal Reserve. The average amount of these balances approximated $4.5 billion and $2.2 billion for the years ended December 31, 2019 and 2018 , respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined Benefit Plan The Company sponsors a defined benefit pension plan that is intended to qualify under the Internal Revenue Code. At the beginning of 2003 , the pension plan was closed to new participants, with existing participants being offered the option to remain in the pension plan or move to an employer funded defined contribution plan. Benefits under the pension plan are based on years of service and the employee's highest consecutive five years of compensation during employment. During 2014 , the Company announced to all active participants the sunsetting of the pension plan on December 31, 2017 . Beginning on this date, active participants will no longer be credited with future service but rather will be transitioned into the employer funded portion of the Company's defined contribution plan. The following tables summarize the Company’s defined benefit pension plan. Obligations and Funded Status Years Ended December 31, 2019 2018 (In Thousands) Change in benefit obligation: Benefit obligation, at beginning of year $ 334,290 $ 363,852 Service cost 550 509 Interest cost 12,862 11,565 Actuarial (gain) loss 46,375 (27,137 ) Benefits paid (15,051 ) (14,499 ) Benefit obligation, at end of year 379,026 334,290 Change in plan assets: Fair value of plan assets, at beginning of year 328,795 348,925 Actual return on plan assets 45,176 (5,631 ) Employer contribution 3,000 — Benefits paid (15,051 ) (14,499 ) Fair value of plan assets, at end of year 361,920 328,795 Funded status (17,106 ) (5,495 ) Net actuarial loss 43,125 31,193 Net amount recognized $ 26,019 $ 25,698 Amounts recognized on the Company’s Consolidated Balance Sheets consist of: December 31, 2019 2018 (In Thousands) Accrued expenses and other liabilities $ (17,106 ) $ (5,495 ) Deferred tax – other assets 10,264 7,402 Accumulated other comprehensive loss 32,861 23,791 Net amount recognized $ 26,019 $ 25,698 The accumulated benefit obligation for the Company’s defined benefit pension plan was $379 million and $334 million at December 31, 2019 and 2018 , respectively. The Company anticipates amortizing $226 thousand of the actuarial loss from accumulated other comprehensive income over the next twelve months. The components of net periodic benefit cost recognized in the Company’s Consolidated Statements of Income are as follows. Years Ended December 31, 2019 2018 2017 (In Thousands) Service cost $ 550 $ 509 $ 3,542 Interest cost 12,862 11,565 11,685 Expected return on plan assets (10,733 ) (9,529 ) (10,087 ) Recognized actuarial loss — 259 — Net periodic benefit cost $ 2,679 $ 2,804 $ 5,140 The following table provides additional information related to the Company’s defined benefit pension plan. Years Ended December 31, 2019 2018 (Dollars in Thousands) Change in defined benefit plan included in other comprehensive income $ 9,070 $ 23,791 Weighted average assumption used to determine benefit obligation at December 31: Discount rate 3.24 % 4.23 % Weighted average assumptions used to determine net pension income for year ended December 31: Discount rate - benefit obligations 4.23 % 3.57 % Discount rate - interest cost 3.94 % 3.25 % Expected return on plan assets 3.33 % 2.79 % To establish the discount rate utilized, the Company performs an analysis of matching anticipated cash flows for the duration of the plan liabilities to third party forward discount curves. To develop the expected return on plan assets, the Company considers the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with other asset classes in which plan assets are invested, and the expectations for future returns of each asset class. The expected return for each asset class is then weighted based on the target asset allocation, and a range of expected return on plan assets is developed. Based on this information, the plan’s Retirement Committee sets the discount rate and expected rate of return assumption. Future Benefit Payments The following table summarizes the estimated benefits to be paid in the following periods. (In Thousands) 2020 $ 15,776 2021 16,985 2022 18,119 2023 19,008 2024 19,697 2025-2029 106,357 The expected benefits above were estimated based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2019 and include benefits attributable to estimated future employee service. Plan Assets The Company’s Retirement Committee sets the investment policy for the defined benefit pension plan and reviews investment performance and asset allocation on a quarterly basis. The current asset allocation for the plan is entirely allocated to fixed income securities, including U.S. Treasury and other U.S. government securities, corporate debt securities and municipal debt securities, as well as cash and cash equivalent securities. The following table presents the fair value of the Company’s defined benefit pension plan assets. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) December 31, 2019 Assets: Cash and cash equivalents $ 19,137 $ 19,137 $ — $ — Fixed income securities: U.S. Treasury and other U.S. government agencies 219,667 194,079 25,588 — Corporate bonds 123,116 — 123,116 — Total fixed income securities 342,783 194,079 148,704 — Fair value of plan assets $ 361,920 $ 213,216 $ 148,704 $ — December 31, 2018 Assets: Cash and cash equivalents $ 19,680 $ 19,680 $ — $ — Fixed income securities: U.S. Treasury and other U.S. government agencies 215,877 199,452 16,425 — States and political subdivisions 5,615 — 5,615 — Corporate bonds 87,623 — 87,623 — Total fixed income securities 309,115 199,452 109,663 — Fair value of plan assets $ 328,795 $ 219,132 $ 109,663 $ — In general, the fair value applied to the Company’s defined benefit pension plan assets is based upon quoted market prices or Level 1 measurements, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use observable market based parameters as inputs, or Level 2 measurements. Level 3 measurements include discounted cash flow analyses based on assumptions that are not readily observable in the market place, such as projections of future cash flows, loss assumptions and discount rates. See Note 19 , Fair Value Measurements , for a further discussion of the fair value hierarchy. Supplemental Retirement Plans The Company maintains unfunded defined benefit plans for certain key executives that are intended to meet the requirements of Section 409A of the Internal Revenue Code and provide additional retirement benefits not otherwise provided through the Company’s basic retirement benefit plans. These plans had unfunded projected benefit obligations and net plan liabilities of $33 million and $30 million at December 31, 2019 and 2018 , respectively, which are reflected on the Company’s Consolidated Balance Sheets as accrued expenses and other liabilities. Net periodic expenses of these plans was $1.8 million for both the years ended December 31, 2019 and 2018 , and $1.5 million for the year ended December 31, 2017 . At December 31, 2019 and 2018 , the Company had $12.2 million and $9.5 million , respectively, recognized in accumulated other comprehensive income, net of tax, related to these plans. Defined Contribution Plan The Company sponsors a defined contribution plan comprised of a traditional employee defined contribution component with matching employer contributions and an employer funded defined contribution component. Under the traditional employee portion of the defined contribution plan, employees may contribute up to 75% of their compensation on a pretax basis subject to statutory limits. The Company makes matching contributions equal to 100% of the first 3% of compensation deferred plus 50% of the next 2% of compensation deferred. The Company may also make voluntary non-matching contributions to the plan. Under the employer funded portion of the defined contribution plan, the Company makes contributions on behalf of certain employees based on pay and years of service. The Company's contributions range from 2% to 4% of the employee's base pay based on the employee's years of service. Participation in this portion of the defined contribution plan was limited to employees hired after January 1, 2002 and those participants in the defined benefit pension plan who, in 2002 , chose to forgo future accumulation of benefit service. In aggregate, the Company recognized $43.0 million , $41.3 million , and $38.1 million of expense recorded in salaries, benefits and commissions in the Company's Consolidated Statements of Income related to this defined contribution plan for the years ended December 31, 2019 , 2018 , and 2017 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense consisted of the following: Years Ended December 31, 2019 2018 2017 (In Thousands) Current income tax expense: Federal $ 131,390 $ 161,375 $ 158,531 State 21,853 28,721 19,588 Total 153,243 190,096 178,119 Deferred income tax expense (benefit): Federal (23,335 ) (1,925 ) 141,093 State (3,862 ) (3,493 ) (3,136 ) Total (27,197 ) (5,418 ) 137,957 Total income tax expense $ 126,046 $ 184,678 $ 316,076 Income tax expense differed from the amount computed by applying the federal statutory income tax rate to pretax earnings for the following reasons: Years Ended December 31, 2019 2018 2017 Amount Percent of Pretax Earnings Amount Percent of Pretax Earnings Amount Percent of Pretax Earnings (Dollars in Thousands) Income tax expense at federal statutory rate $ 58,685 21.0 % $ 199,103 21.0 % $ 271,902 35.0 % Increase (decrease) resulting from: Tax-exempt interest income (41,289 ) (14.8 ) (41,272 ) (4.4 ) (56,814 ) (7.3 ) FDIC insurance 5,818 2.1 13,782 1.5 — — Bank owned life insurance (3,663 ) (1.3 ) (3,743 ) (0.4 ) (5,988 ) (0.8 ) Goodwill impairment 98,700 35.3 — — — — State income tax, net of federal income taxes 15,217 5.4 18,170 1.9 14,118 1.8 Revaluation of net deferred tax assets (1) — — (8,577 ) (0.9 ) 121,244 15.7 Income tax credits (2) (10,168 ) (3.6 ) 8,133 0.9 (25,635 ) (3.3 ) Change in valuation allowance (913 ) (0.3 ) 1,017 0.1 (1,167 ) (0.2 ) Other 3,659 1.3 (1,935 ) (0.2 ) (1,584 ) (0.2 ) Income tax expense $ 126,046 45.1 % $ 184,678 19.5 % $ 316,076 40.7 % (1) Includes $(5.0) million and $40 million of (benefit) expense related to items in accumulated other comprehensive income in which the related tax effects were originally recognized in other comprehensive income for December 31, 2018 and 2017, respectively. (2) Includes $11.4 million of expense for December 31, 2018 related to the correction of an error in prior periods that resulted from an incorrect calculation of the proportional amortization of the Company's Low Income Housing Tax Credit investments. See Note 1 , Summary of Significant Accounting Policies , for additional details. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act into legislation, which reduced the corporate tax rate from 35% to 21% effective January 1, 2018. ASC Topic 740, Income Taxes , requires the effect of a change in tax laws or rates to be recognized as of the date of enactment. The Company has recorded tax expense of $121.2 million , primarily due to the remeasurement of deferred tax assets and liabilities at the federal tax rate of 21% for the year ended December 31, 2017. The Company adjusted the provisional amounts in 2018 when it filed its federal tax return for the tax year 2017. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below. December 31, 2019 2018 (In Thousands) Deferred tax assets: Allowance for loan losses $ 216,449 $ 205,433 Lease ROU liability 73,958 — Accrued expenses 85,212 85,283 Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment 289 69,483 Other real estate owned 941 241 Nonaccrual interest 22,737 19,472 Federal net operating loss carryforwards 3,956 3,962 Other 30,689 37,306 Gross deferred taxes 434,231 421,180 Valuation allowance (8,852 ) (11,974 ) Total deferred tax assets 425,379 409,206 Deferred tax liabilities: Premises and equipment 127,649 138,486 Lease ROU asset 64,252 — Core deposit and other acquired intangibles 8,077 7,203 Capitalized loan costs 34,907 35,129 Loan valuation 5,729 6,513 Other 17,038 12,559 Total deferred tax liabilities 257,652 199,890 Net deferred tax asset $ 167,727 $ 209,316 As of December 31, 2019 and 2018 , the Company has approximately zero and $49 thousand , respectively, of federal net operating loss carryforwards for future utilization. A real estate investment subsidiary of the Company has net operating loss carryforwards of approximately $18.8 million at both December 31, 2019 and 2018 . These losses begin to expire in 2030 . The Company has determined that it is more likely than not the benefit from this deferred tax asset will not be realized in the carryforward period and has recorded a full valuation allowance of approximately $4.0 million against the assets at both December 31, 2019 and 2018 . Additionally, the Company has state net operating loss carryforwards of approximately $182.0 million and $215.0 million at December 31, 2019 and 2018 , respectively. These state net operating losses expire in years 2020 through 2038 . The Company believes it is more likely than not the benefit from certain state net operating loss carryforwards will not be realized, and, accordingly, has established a valuation allowance associated with these net operating loss carryforwards. The Company had recorded a valuation allowance of approximately $4.9 million and $8.0 million at December 31, 2019 and 2018 , respectively, related to these state net operating loss carryforwards. The following is a tabular reconciliation of the total amounts of the gross unrecognized tax benefits. Years Ended December 31, 2019 2018 2017 (In Thousands) Unrecognized income tax benefits, at beginning of year $ 7,191 $ 14,916 $ 13,615 Increases for tax positions related to: Prior years — 215 414 Current year 2,871 2,887 2,196 Decreases for tax positions related to: Prior years (348 ) (111 ) — Current year — — — Settlement with taxing authorities — (8,617 ) — Expiration of applicable statutes of limitation (2,445 ) (2,099 ) (1,309 ) Unrecognized income tax benefits, at end of year $ 7,269 $ 7,191 $ 14,916 During the years ended December 31, 2019 , 2018 and 2017 , the Company recognized benefits of $19 thousand , $772 thousand and $872 thousand , respectively, for interest and penalties related to the unrecognized tax benefits noted above. At December 31, 2019 and 2018 , the Company had approximately $507 thousand and $527 thousand , respectively, of accrued interest and penalties recognized related to unrecognized tax benefits within accrued expenses and other liabilities. Included in the balance of unrecognized tax benefits at December 31, 2019 , 2018 and 2017 were $7.3 million , $7.2 million and $14.9 million , respectively, of tax benefits that, if recognized after the balance sheet date, would affect the effective tax rate. The Company and its subsidiaries are routinely examined by various taxing authorities. The following table summarizes the tax years that are either currently under examination or remain open under the statute of limitations and subject to examination by the major tax jurisdictions in which the Company operates: Jurisdictions Open Tax Years Federal 2016-2019 Various states (1) 2015-2019 (1) Major state tax jurisdictions include Alabama, California, Texas and New York. The Company believes that it has adequately reserved on federal and state issues and any variance on final resolution, whether over or under the reserve amount, would be immaterial to the financial statements. It is reasonably possible that the above unrecognized tax benefits could be reduced by approximately $1 million in 2020 due to statute expiration and audit settlement. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company applies the fair value accounting guidance required under ASC Topic 820 which establishes a framework for measuring fair value. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within this fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows. • Level 1 – Fair value is based on quoted prices in an active market for identical assets or liabilities. • Level 2 – Fair value is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Fair value is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities would include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar pricing techniques based on the Company’s own assumptions about what market participants would use to price the asset or liability. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments under the fair value hierarchy, is set forth below. These valuation methodologies were applied to the Company’s financial assets and financial liabilities carried at fair value. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use observable market based parameters as inputs. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as other unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and, therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. Financial Instruments Measured at Fair Value on a Recurring Basis Trading account assets and liabilities, securities available for sale, certain mortgage loans held for sale, derivative assets and liabilities, and mortgage servicing rights are recorded at fair value on a recurring basis. The following is a description of the valuation methodologies for these assets and liabilities. Trading account assets and liabilities and debt securities available for sale – Trading account assets and liabilities and debt securities available for sale consist of U.S. Treasury securities and other U.S. government agency securities, mortgage-backed securities, collateralized mortgage obligations, debt obligations of state and political subdivisions, other debt securities, and derivative contracts. • U.S. Treasury securities and other U.S. government agency securities are valued based on quoted market prices of identical assets on active exchanges (Level 1 measurements) or are valued based on a market approach using observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities, and bids/offers of government-sponsored enterprise securities (Level 2 measurements). • Mortgage-backed securities are primarily valued using market-based pricing matrices that are based on observable inputs including benchmark To Be Announced security prices, U.S. Treasury yields, U.S. dollar swap yields, and benchmark floating-rate indices. Mortgage-backed securities pricing may also give consideration to pool-specific data such as prepayment history and collateral characteristics. Valuations for mortgage-backed securities are therefore classified as Level 2 measurements. • Collateralized mortgage obligations are valued using market-based pricing matrices that are based on observable inputs including reported trades, bids, offers, dealer quotes, U.S. Treasury yields, U.S. dollar swap yields, market convention prepayment speeds, tranche-specific characteristics, prepayment history, and collateral characteristics. Fair value measurements for collateralized mortgage obligations are classified as Level 2 measurements. • Debt obligations of states and political subdivisions are primarily valued using market-based pricing matrices that are based on observable inputs including Municipal Securities Rulemaking Board reported trades, issuer spreads, material event notices, and benchmark yield curves. These valuations are Level 2 measurements. • Other debt securities consist of foreign and corporate debt. Foreign and corporate debt valuations are based on information and assumptions that are observable in the market place. The valuations for these securities are therefore classified as Level 2 measurements. • Other derivative assets and liabilities consist primarily of interest rate contracts. The Company’s interest rate contracts are valued utilizing Level 2 observable inputs (yield curves and volatilities) to determine a current market price for each interest rate contract. These valuations are classified as Level 2 measurements. Loans held for sale – 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. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage loan held for sale. Both the mortgage loans held for sale and the related forward contracts are classified as Level 2 measurements. At both December 31, 2019 and 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 Consolidated Statements of Income. Net gains (losses) of $999 thousand , $596 thousand and $748 thousand resulting from changes in fair value of these loans were recorded in noninterest income during the years ended December 31, 2019 , 2018 , and 2017 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $469 thousand , $(790) thousand and $(2.0) million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. The following tables summarize 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) December 31, 2019 Residential mortgage loans held for sale $ 112,058 $ 108,345 $ 3,713 December 31, 2018 Residential mortgage loans held for sale $ 68,766 $ 66,052 $ 2,714 Derivative assets and liabilities – Derivative assets and liabilities are measured using models that primarily use market observable inputs, such as quoted security prices, and are accordingly classified as Level 2. The derivative assets and liabilities classified within Level 3 of the fair value hierarchy were comprised of interest rate lock commitments that are valued using third-party software that calculates fair market value considering current quoted TBA and other market based prices and then applies closing ratio assumptions based on software-produced pull through ratios that are generated using the Company’s historical fallout activity. Based upon this process, the fair value measurement obtained for these financial instruments is deemed a Level 3 classification. The Company's Secondary Marketing Committee is responsible for the appropriate application of the valuation policies and procedures surrounding the Company’s interest rate lock commitments. Policies established to govern mortgage pipeline risk management activities must be approved by the Company’s Asset Liability Committee on an annual basis. Other assets - equity securities – A component of other assets measured at fair value on a recurring basis are mutual funds and U.S. government agency equity securities. Mutual funds are valued based on quoted market prices of identical assets trading on active exchanges. These valuations are Level 1 measurements. U.S. government agency equity securities are valued based on quoted market prices of identical assets trading on active exchanges. These valuations thus qualify as Level 1 measurements. Other assets - MSR – A component of other assets measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy are MSRs that are valued through a discounted cash flow analysis using a third-party commercial valuation system. The MSR valuation takes into consideration the objective characteristics of the MSR portfolio, such as loan amount, note rate, service fee, loan term, and common industry assumptions, such as servicing costs, ancillary income, prepayment estimates, earning rates, cost of fund rates, option-adjusted spreads, etc. The Company’s portfolio-specific factors are also considered in calculating the fair value of MSRs to the extent one can reasonably assume a buyer would also incorporate these factors. Examples of such factors are geographical concentrations of the portfolio, liquidity consideration, or additional views of risk not inherently accounted for in prepayment assumptions. Product liquidity and these other risks are generally incorporated through adjustment of discount factors applied to forecasted cash flows. Based on this method of pricing MSRs, the fair value measurement obtained for these financial instruments is deemed a Level 3 classification. The value of the MSR is calculated by a third-party firm that specializes in the MSR market and valuation services. Additionally, the Company obtains a valuation from an independent party to compare for reasonableness. The Company’s Secondary Marketing Committee is responsible for ensuring the appropriate application of valuation, capitalization, and fair value decay policies for the MSR portfolio. The Committee meets at least monthly to review the MSR portfolio. Other assets - SBIC – A component of other assets measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy are SBIC investments. The SBIC investments are valued initially based upon transaction price. 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, and changes in economic conditions affecting the issuer, are used in the determination of estimated fair value. 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 December 31, 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 securities $ 137,637 $ 137,637 $ — $ — Interest rate contracts 313,573 — 313,573 — Foreign exchange contracts 22,766 — 22,766 — Total trading account assets 473,976 137,637 336,339 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 3,127,525 2,598,471 529,054 — Agency mortgage-backed securities 1,325,857 — 1,325,857 — Agency collateralized mortgage obligations 2,781,125 — 2,781,125 — States and political subdivisions 798 — 798 — Total debt securities available for sale 7,235,305 2,598,471 4,636,834 — Loans held for sale 112,058 — 112,058 — Derivative assets: Interest rate contracts 13,907 38 10,781 3,088 Equity contracts 4,460 — 4,460 — Foreign exchange contracts 276 — 276 — Total derivative assets 18,643 38 15,517 3,088 Other assets: Equity securities 19,038 19,038 — — MSR 42,022 — — 42,022 SBIC 119,475 — — 119,475 Liabilities: Trading account liabilities: Interest rate contracts $ 97,881 $ — $ 97,881 $ — Foreign exchange contracts 20,678 — 20,678 — Total trading account liabilities 118,559 — 118,559 — Derivative liabilities: Interest rate contracts 3,732 — 3,732 — Equity contracts 3,765 — 3,765 — Foreign exchange contracts 3,940 — 3,940 — Total derivative liabilities 11,437 — 11,437 — 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 securities $ 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 — Agency mortgage-backed securities 2,129,821 — 2,129,821 — Agency 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 years ended December 31, 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 table reconciles 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) 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) (404 ) (4,932 ) 3,961 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 31,071 Issuances — 6,874 — Sales — — — Settlements — — — Balance, December 31, 2018 $ 2,012 $ 51,539 $ 80,074 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 $ (404 ) $ (4,932 ) $ 3,961 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) 1,076 (16,156 ) 21,936 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 17,465 Issuances — 6,639 — Sales — — — Settlements — — — Balance, December 31, 2019 $ 3,088 $ 42,022 $ 119,475 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2019 $ 1,076 $ (16,156 ) $ 21,936 (1) Included in noninterest income in the 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 table represents those assets that were subject to fair value adjustments during the years ended December 31, 2019 and 2018 and still held as of the end of the year, and the related losses from fair value adjustments on assets sold during the year as well as assets still held as of the end of the year. 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) December 31, 2019 (Level 1) (Level 2) (Level 3) December 31, 2019 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 2,177 $ — $ — $ 2,177 $ (215 ) Impaired loans (1) 484 — — 484 (143,024 ) OREO 21,583 — — 21,583 (5,614 ) 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) December 31, 2018 (Level 1) (Level 2) (Level 3) December 31, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 4,380 $ — $ — $ 4,380 $ (592 ) Impaired loans (1) 57,968 — — 57,968 (62,317 ) OREO 16,869 — — 16,869 (3,019 ) (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, the nonrecurring fair value adjustments are classified as Level 3 measurements. 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 measurements. 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 measurements. The tables below present quantitative 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 December 31, 2019 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts $ 3,088 Discounted cash flow Closing ratios (pull-through) 16.8% - 100.0% (60.1%) Cap grids 0.5% - 2.5% (0.9%) Other assets - MSRs 42,022 Discounted cash flow Option adjusted spread 6.0% - 9.0% (6.4%) Constant prepayment rate or life speed 0.0% - 80.0% (14.6%) Cost to service $65 - $4,000 ($90) Other assets - SBIC investments 119,475 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 2,177 Discounted cash flow Prepayment rate 13.7% - 14.7% (14.2%) Default rate 3.1% - 4.9% (4.0%) Loss severity 50.3% - 61.9% (56.1%) Impaired loans 484 Appraised value Appraised value 0.0% - 70.0% (9.7%) OREO 21,583 Appraised value Appraised value 8.0% (1) (1) Represents discounts 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 $ 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 discounts 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 are as follows: December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 6,938,698 $ 6,938,698 $ 6,938,698 $ — $ — Debt securities held to maturity 6,797,046 6,921,158 1,340,448 4,912,399 668,311 Loans, net 63,025,864 60,869,662 — — 60,869,662 Liabilities: Deposits $ 74,985,283 $ 75,024,350 $ — $ 75,024,350 $ — FHLB and other borrowings 3,690,044 3,721,949 — 3,721,949 — Federal funds purchased and securities sold under agreements to repurchase 173,028 173,028 — 173,028 — 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 — |
Supplemental Disclosure for Sta
Supplemental Disclosure for Statement of Cash Flows | 12 Months Ended |
Dec. 31, 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 noncash investing and financing activities. Years Ended December 31, 2019 2018 2017 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 955,655 $ 592,747 $ 458,660 Net income taxes paid 111,688 146,016 164,875 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 34,327 $ 22,908 $ 28,986 Transfer of loans to loans held for sale 1,196,883 — — Transfer of available for sale debt securities to held to maturity debt securities — 1,017,275 — Issuance of restricted stock, net of cancellations — — (689 ) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Consolidated Statements of Cash Flows. Years Ended December 31, 2019 2018 2017 (In Thousands) Cash and cash equivalents $ 6,938,698 $ 3,332,626 $ 4,082,826 Restricted cash in other assets 217,991 168,754 188,124 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 7,156,689 $ 3,501,380 $ 4,270,950 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 Consolidated Balance Sheets. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's operating segments are based on the Company's lines of business. Each line of business is a strategic unit that serves a particular group of customers with certain common characteristics by offering various products and services. The 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, the geographic distribution of revenue and assets is not significant. There are no individual customers whose revenues exceeded 10% of consolidated revenue. At December 31, 2019 , the Company’s operating segments consisted of Commercial Banking and Wealth, Retail Banking, Corporate and Investment Banking, and Treasury. The Commercial Banking and Wealth segment serves the Company’s commercial customers through its wide array of banking and investment services to businesses in the Company’s markets. The segment also provides private banking and wealth management services to high net worth individuals, including specialized investment portfolio management, traditional credit products, traditional trust and estate services, investment advisory services, financial counseling and customized services to companies and their employees. The Commercial Banking and Wealth segment also supports its commercial customers with capabilities in treasury management, accounts receivable purchasing, asset-based lending, international services, as well as insurance and interest rate protection and investment products. The Commercial Banking and Wealth segment is also responsible for the Company's small business customers and indirect automobile portfolio. The Retail Banking segment serves the Company’s consumer customers through its full-service banking centers, private client offices throughout the U.S., and alternative delivery channels such as internet, mobile, ATMs and telephone banking. The Retail Banking segment provides individuals with comprehensive products and services including home mortgages, consumer loans, credit and debit cards, and deposit accounts. The Corporate and Investment Banking segment is responsible for providing a wide array of banking and investment services to corporate and institutional clients. In addition to traditional credit and deposit products, the Corporate and Investment Banking segment also supports its customers with capabilities in treasury management, accounts receivable purchasing, asset-based lending, foreign-exchange and international services, and interest rate protection and investment products. The Treasury segment's primary function is to manage the liquidity and funding positions of the Company, the interest rate sensitivity of the Company's balance sheet and the investment securities portfolio. Corporate Support and Other includes activities that are not directly attributable to the operating segments, such as, the activities of the Parent and corporate support functions that are not directly attributable to a strategic business segment, as well as the elimination of intercompany transactions. Goodwill impairment is also presented within Corporate Support and Other as the Company does not allocate goodwill impairment to the related segments in the Company's internal profitability reporting system. Corporate Support and Other also includes the activities associated with Simple. The following table presents the segment information for the Company’s segments. December 31, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,158,173 $ 1,310,274 $ 128,599 $ (112,866 ) $ 122,853 $ 2,607,033 Allocated provision (credit) for loan losses 212,038 305,772 39,753 (693 ) 40,574 597,444 Noninterest income 258,133 489,041 197,470 45,107 146,193 1,135,944 Noninterest expense 704,326 1,227,194 156,328 20,487 757,745 2,866,080 Net income (loss) before income tax expense (benefit) 499,942 266,349 129,988 (87,553 ) (529,273 ) 279,453 Income tax expense (benefit) 104,988 55,933 27,297 (18,386 ) (43,786 ) 126,046 Net income (loss) 394,954 210,416 102,691 (69,167 ) (485,487 ) 153,407 Less: net income attributable to noncontrolling interests 547 — — 1,624 161 2,332 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 394,407 $ 210,416 $ 102,691 $ (70,791 ) $ (485,648 ) $ 151,075 Average total assets $ 39,932,741 $ 19,132,653 $ 7,773,995 $ 19,156,849 $ 8,297,184 $ 94,293,422 December 31, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,351,510 $ 1,472,751 $ 189,074 $ (71,823 ) $ (334,934 ) $ 2,606,578 Allocated provision (credit) for loan losses 71,136 220,240 (57,700 ) (1,177 ) 132,921 365,420 Noninterest income 246,166 455,582 159,991 20,123 175,047 1,056,909 Noninterest expense 680,109 1,173,619 155,404 22,809 318,019 2,349,960 Net income (loss) before income tax expense (benefit) 846,431 534,474 251,361 (73,332 ) (610,827 ) 948,107 Income tax expense (benefit) 177,751 112,240 52,786 (15,400 ) (142,699 ) 184,678 Net income (loss) 668,680 422,234 198,575 (57,932 ) (468,128 ) 763,429 Less: net income (loss) attributable to noncontrolling interests 358 — — 1,655 (32 ) 1,981 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 668,322 $ 422,234 $ 198,575 $ (59,587 ) $ (468,096 ) $ 761,448 Average total assets $ 38,726,839 $ 18,688,884 $ 8,295,416 $ 16,173,962 $ 7,690,936 $ 89,576,037 December 31, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,117,073 $ 1,203,255 $ 144,312 $ 88,016 $ (222,489 ) $ 2,330,167 Allocated provision for loan losses 70,748 192,499 6,906 — 17,540 287,693 Noninterest income 216,068 449,782 183,439 22,660 174,026 1,045,975 Noninterest expense 628,971 1,195,758 148,754 24,921 313,183 2,311,587 Net income (loss) before income tax expense (benefit) 633,422 264,780 172,091 85,755 (379,186 ) 776,862 Income tax expense (benefit) 221,698 92,673 60,232 30,014 (88,541 ) 316,076 Net income (loss) 411,724 172,107 111,859 55,741 (290,645 ) 460,786 Less: net income attributable to noncontrolling interests 299 — — 1,685 21 2,005 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 411,425 $ 172,107 $ 111,859 $ 54,056 $ (290,666 ) $ 458,781 Average total assets $ 36,070,626 $ 18,072,367 $ 10,073,583 $ 15,475,864 $ 7,665,858 $ 87,358,298 Results of the Company’s business segments are based on the Company’s lines of business and internal management accounting policies that have been developed to reflect the underlying economics of the business. 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. 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. Unless noted otherwise, the 2018 and 2017 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 | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers The following tables depict the disaggregation of revenue according to revenue type and segment. Year Ended December 31, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 50,618 $ 192,870 $ 6,879 $ — $ 250,367 Card and merchant processing fees 36,668 145,642 — 15,237 197,547 Investment services sales fees 115,446 — — — 115,446 Money transfer income — — — 99,144 99,144 Investment banking and advisory fees — — 83,659 — 83,659 Asset management fees 45,571 — — — 45,571 248,303 338,512 90,538 114,381 791,734 Other revenues (1) 9,830 150,529 106,932 76,919 344,210 Total noninterest income $ 258,133 $ 489,041 $ 197,470 $ 191,300 $ 1,135,944 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Year Ended December 31, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 46,498 $ 183,335 $ 6,840 $ — $ 236,673 Card and merchant processing fees 29,474 132,454 — 12,999 174,927 Investment services sales fees 112,652 — — — 112,652 Money transfer income — — — 91,681 91,681 Investment banking and advisory fees — — 77,684 — 77,684 Asset management fees 43,811 — — — 43,811 232,435 315,789 84,524 104,680 737,428 Other revenues (1) 13,731 139,793 75,467 90,490 319,481 Total noninterest income $ 246,166 $ 455,582 $ 159,991 $ 195,170 $ 1,056,909 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Year Ended December 31, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 46,771 $ 169,243 $ 6,096 $ — $ 222,110 Card and merchant processing fees 657 118,087 — 9,385 128,129 Investment services sales fees 109,214 — — — 109,214 Money transfer income — — — 101,509 101,509 Investment banking and advisory fees — — 103,701 — 103,701 Asset management fees 40,465 — — — 40,465 197,107 287,330 109,797 110,894 705,128 Other revenues (1) 18,961 162,452 73,642 85,792 340,847 Total noninterest income $ 216,068 $ 449,782 $ 183,439 $ 196,686 $ 1,045,975 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | Parent Company Financial Statements The condensed financial information for BBVA USA Bancshares, Inc. (Parent company only) is presented as follows: Parent Company Balance Sheets December 31, 2019 2018 (In Thousands) Assets: Cash and cash equivalents $ 217,765 $ 238,763 Debt securities available for sale 250,000 249,833 Investments in subsidiaries: Banks 12,428,503 12,537,511 Non-banks 460,264 451,813 Other assets 73,663 52,102 Total assets $ 13,430,195 $ 13,530,022 Liabilities and Shareholder’s Equity: Accrued expenses and other liabilities $ 73,062 $ 46,514 Shareholder’s equity 13,357,133 13,483,508 Total liabilities and shareholder’s equity $ 13,430,195 $ 13,530,022 Parent Company Statements of Income Years Ended December 31, 2019 2018 2017 (In Thousands) Income: Dividends from banking subsidiaries $ 445,000 $ 305,000 $ 400,000 Dividends from non-bank subsidiaries 13,356 — 112 Other 5,320 7,731 6,333 Total income 463,676 312,731 406,445 Expense: Salaries and employee benefits 994 3,980 3,898 Other 12,840 8,781 10,603 Total expense 13,834 12,761 14,501 Income before income tax benefit and equity in undistributed earnings of subsidiaries 449,842 299,970 391,944 Income tax expense (benefit) 2,215 (1,255 ) (979 ) Income before equity in undistributed earnings of subsidiaries 447,627 301,225 392,923 Equity in undistributed (losses) earnings of subsidiaries (296,552 ) 460,223 65,858 Net income $ 151,075 $ 761,448 $ 458,781 Other comprehensive income (loss) (1) 221,212 10,570 (29,153 ) Comprehensive income $ 372,287 $ 772,018 $ 429,628 (1) See Consolidated Statement of Comprehensive Income detail. Parent Company Statements of Cash Flows Years Ended December 31, 2019 2018 2017 (In Thousands) Operating Activities: Net income $ 151,075 $ 761,448 $ 458,781 Adjustments to reconcile net income to cash provided by operations: Depreciation 1,229 1,257 1,272 Equity in undistributed losses (earnings) of subsidiaries 296,552 (460,223 ) (65,858 ) Increase in other assets (6,050 ) (878 ) (3,827 ) Increase in accrued expenses and other liabilities 8,960 4,085 11,406 Net cash provided by operating activities 451,766 305,689 401,774 Investing Activities: Purchases of debt securities available for sale (3,493,942 ) (2,194,278 ) (99,991 ) Sales and maturities of debt securities available for sale 3,495,000 2,155,000 90,000 Purchase of premises and equipment (377 ) (3 ) (955 ) Contributions to subsidiaries 28,677 (31,109 ) (69,317 ) Net cash provided by (used in) investing activities 29,358 (70,390 ) (80,263 ) Financing Activities: Repayment of other borrowings — — (100,537 ) Vesting of restricted stock (2,914 ) (712 ) (1,530 ) Restricted stock grants retained to cover taxes — — (689 ) Issuance of common stock 802 — — Dividends paid (500,010 ) (272,047 ) (164,846 ) Net cash used in financing activities (502,122 ) (272,759 ) (267,602 ) Net (decrease) increase in cash, cash equivalents and restricted cash (20,998 ) (37,460 ) 53,909 Cash, cash equivalents and restricted cash at beginning of year 238,763 276,223 222,314 Cash, cash equivalents and restricted cash at end of year $ 217,765 $ 238,763 $ 276,223 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company enters into various contracts with BBVA that affect the Company’s business and operations. The following discloses the significant transactions between the Company and BBVA during 2019 , 2018 and 2017 . 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 $3.4 billion and $4.1 billion as of December 31, 2019 and 2018 , respectively. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. December 31, 2019 2018 (In Thousands) Derivative contracts: Fair value hedges $ (354 ) $ (24,839 ) Cash flow hedges 102 174 Free-standing derivative instruments not designated as hedging instruments (9,688 ) 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 agreements to resell and securities sold under agreements to repurchase where BBVA is the counterparty. December 31, 2019 2018 (In Thousands) Securities purchased under agreements to resell $ 178,914 $ 109,947 Securities sold under agreements to repurchase 16,596 — 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 . BSI also had a $150 million line of credit with BBVA that was initiated on August 1, 2014 . This agreement was terminated on July 13, 2017 . 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 December 31, 2019 and December 31, 2018 there was no amount outstanding under the revolving note and cash subordination agreement. Interest expense related to these agreements was $50 thousand , $309 thousand , and $931 thousand for the years ended December 31, 2019 , 2018 and 2017 , respectively, and are included in interest on other short term borrowings within the Company's 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 $30.1 million , $49.7 million , and $45.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and is recorded as a component of noninterest income within the Company's Consolidated Statements of Income. Expenses associated with these agreements were $38.6 million , $31.5 million , and $28.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and are recorded as a component of noninterest expense within the Company's 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 December 31, 2019 and 2018 , the carrying amount of the Series A Preferred Stock was approximately $229 million . During the years ended December 31, 2019 and 2018 , the Company paid $18.0 million and $17.0 million , respectively, of preferred stock dividends to BBVA. Loan Sales to Related Parties During the year ended December 31, 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 . During the year ended December 31, 2018 , the Company sold, without recourse, loans of approximately $165 million to BBVA, S.A. New York Branch. The sale resulted in no gain or loss. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States 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 and goodwill impairment. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company classifies cash on hand, amounts due from banks, federal funds sold, securities purchased under agreements to resell and interest bearing deposits as cash and cash equivalents. These instruments have original maturities of three months or less. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged or received as collateral are generally U.S. government and federal agency securities. The Company's policy is to take possession of securities purchased under agreements to resell. The fair value of collateral either received from or provided to a third party is continually monitored and adjusted as deemed appropriate. Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by an 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. |
Securities | Securities The Company classifies its debt securities into one of three categories based upon management’s intent and ability to hold the debt securities: (i) trading account assets and liabilities, (ii) debt securities held to maturity or (iii) debt securities available for sale. Debt securities held in a trading account are required to be reported at fair value, with unrealized gains and losses included in earnings. The Company classifies purchases, sales, and maturities of trading securities held for investment purposes as cash flows from investing activities. Cash flows related to trading securities held for trading purposes are reported as cash flows from operating activities. Debt securities held to maturity are stated at cost adjusted for amortization of premiums and accretion of discounts. The related amortization and accretion is determined by the interest method and is included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company has the ability, and it is management’s intention, to hold such securities to maturity. Debt securities available for sale are recorded at fair value. Increases and decreases in the net unrealized gain or loss on the portfolio of debt securities available for sale are reflected as adjustments to the carrying value of the portfolio and as an adjustment, net of tax, to accumulated other comprehensive income. See Note 19 , Fair Value Measurements , for information on the determination of fair value. Interest earned on trading account assets, debt securities available for sale and debt securities held to maturity is included in interest income in the Company’s Consolidated Statements of Income. Net realized gains and losses on the sale of debt securities available for sale, computed principally on the specific identification method, are shown separately in noninterest income in the Company’s Consolidated Statements of Income. Net gains and losses on the sale of trading account assets and liabilities are recognized as a component of other noninterest income in the Company’s Consolidated Statements of Income. The Company regularly evaluates each held to maturity and available for sale security in an unrealized loss position for OTTI. The Company evaluates for OTTI on a specific identification basis. 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 fair value and whether it is more likely than not that the Company will have to sell the security before its fair value recovers. The credit loss component of the OTTI on debt and equity securities is recognized in earnings. For debt securities, the portion of OTTI related to all other factors is recognized in other comprehensive income. |
Loans held for sale | Loans Held for Sale Loans held for sale are recorded at either estimated fair value, if the fair value option is elected, or the lower of cost or estimated fair value. The Company applies the fair value option accounting guidance codified under the FASB's ASC Topic 825, Financial Instruments, for single family real estate mortgage loans originated for sale in the secondary market. Under the fair value option, all changes in the applicable loans’ fair value are recorded in earnings. Loans classified as held for sale that were not originated for resale in the secondary market are accounted for under the lower of cost or fair value method and are evaluated on an individual basis. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are considered held for investment. Loans are stated at principal outstanding adjusted for charge-offs, deferred loan fees and direct costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on the interest method. Loan fees, net of direct costs, and unamortized premiums and discounts are deferred and amortized as an adjustment to the yield of the related loan over the term of the loan and are included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. For additional information related to the Company’s loan portfolio by type, refer to Note 3 , Loans and Allowance for Loan Losses . It is the general policy of the Company to stop accruing interest income and apply subsequent interest payments as principal reductions when any commercial, industrial, commercial real estate or construction loan is 90 days or more past due as to principal or interest and/or the ultimate collection of either is in doubt, unless collection of both principal and interest is assured by way of collateralization, guarantees or other security, or the loan is accounted for under ASC Subtopic 310-30. Accrual of interest income on consumer loans, including residential real estate loans, is generally suspended when any payment of principal or interest is more than 90 days delinquent or when foreclosure proceedings have been initiated or repossession of the underlying collateral has occurred. When a loan is placed on a nonaccrual status, any interest previously accrued but not collected is reversed against current interest income unless the fair value of the collateral for the loan is sufficient to cover the accrued interest. In general, a loan is returned to accrual status when none of its principal and interest is due and unpaid and the Company expects repayments of the remaining contractual principal and interest or when it is determined to be well secured and in the process of collection. Charge-offs on commercial loans are recognized when available information confirms that some or all of the balance is uncollectible. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. In general, charge-offs on consumer loans are recognized at the earlier of the month of liquidation or the month the loan becomes 120 days past due; residential loan deficiencies are charged off in the month the loan becomes 180 days past due; and credit card loans are charged off before the end of the month when the loan becomes 180 days past due with the related interest accrued but not collected reversed against current income. The Company determines past due or delinquency status of a loan based on contractual payment terms. All nonaccrual loans and loans modified in a troubled debt restructuring are considered impaired. The Company’s policy for recognizing interest income on impaired loans classified as nonaccrual is consistent with its nonaccrual policy. The Company’s policy for recognizing interest income on accruing impaired loans is consistent with its interest recognition policy for accruing loans. |
Troubled debt restructuring | Troubled Debt Restructurings A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. A TDR typically involves a modification of terms such as establishment of a below market interest rate, a reduction in the principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk. The Company’s policy for measuring impairment on TDRs, including TDRs that have defaulted, is consistent with its impairment measurement process for all impaired loans. The Company’s policy for returning nonaccrual TDRs to accrual status is consistent with its return to accrual policy for all other loans. |
Allowance for loan losses | Allowance for Loan Losses The amount of the provision for loan losses charged to income is determined on the basis of numerous factors including actual loss experience, identified loan impairment, current economic conditions and periodic examinations and appraisals of the loan portfolio. Such provisions, less net loan charge-offs, comprise the allowance for loan losses which is deducted from loans and is maintained at a level management considers to be adequate to absorb losses inherent in the portfolio. The Company monitors the entire loan portfolio in an effort to identify problem loans so that risks in the portfolio can be identified on a timely basis and an appropriate allowance maintained. Loan review procedures, including loan grading, periodic credit rescoring and trend analysis of portfolio performance, are utilized by the Company in order to ensure that potential problem loans are identified. Management’s involvement continues throughout the process and includes participation in the work-out process and recovery activity. These formalized procedures are monitored internally and by regulatory agencies. The allowance for loan losses is established as follows: • Loans with outstanding balances greater than $1 million that are nonaccrual and all TDRs are evaluated individually with specific reserves allocated based on the present value of the loan’s expected future cash flows, discounted at the loan’s original effective interest rate, except where foreclosure or liquidation is probable or when the primary source of repayment is provided by real estate collateral. In these circumstances, impairment is measured based upon the fair value less cost to sell of the collateral. In addition, in certain rare circumstances, impairment may be based on the loan’s observable fair value. • Loans in the remainder of the portfolio, including nonaccrual loans with balances of less than $1 million , are collectively evaluated for impairment. For commercial loans, the estimate of loss based on pools of loans with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on loan grade, using a standardized loan grading system. The PD factor and LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The PD factor considers current loan grade unless the account is delinquent over 60 days, in which case a higher PD factor is used. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan grades over time and long-term average loss experience. The historical time frame currently used for both PDs and LGDs is 10 years. For consumer loans, except for credit cards, the estimate of loss based on pools of loans with similar characteristics is also made by applying a PD and a LGD factor. The PD factor considers current credit scores unless the account is delinquent over 60 days, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The historical time frame currently used for both PDs and LGDs is 10 years. The allowance for loan losses for credit cards is estimated based on historical loss experience which uses historical average net charge-off rates. The Company adjusts the loss estimates described above when it is determined that probable incurred losses may not have been captured in the loss estimates. To adjust the loss estimates, the Company considers qualitative factors such as changes in underwriting practices, the nature and volume of the loan portfolio, collateral values, credit concentrations, and the general economic environment in the Company’s markets. In order to estimate a reserve for unfunded commitments, the Company uses a process consistent with that used in developing the allowance for loan losses. The Company estimates the future funding of current unfunded commitments based on historical funding experience of these commitments before default. Allowance for loan loss factors, which are based on product and loan grade and are consistent with the factors used for portfolio loans, are applied to these funding estimates to arrive at the reserve balance. This reserve for unfunded commitments is recognized in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets with changes recognized in other noninterest expense in the Company’s Consolidated Statements of Income. |
Premises and equipment | Premises and Equipment Premises, furniture, fixtures, equipment, assets under capital leases and leasehold improvements are stated at cost less accumulated depreciation or amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which ranges between 1 and 40 years. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. |
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 the income statement 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. |
Bank owned life insurance | Bank Owned Life Insurance The Company maintains life insurance policies on certain of its executives and employees and is the owner and beneficiary of the policies. The Company invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Company records these BOLI policies within bank owned life insurance on the Company’s Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in noninterest income in the Company’s Consolidated Statements of Income. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets associated with acquisition transactions. Goodwill is assigned to each of the Company’s reporting units and tested for impairment annually as of October 31 or on an interim basis if events or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. If, after considering all relevant events and circumstances, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is not necessary. If the Company elects to bypass the qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a goodwill impairment test is performed. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company has defined its reporting unit structure to include: Commercial Banking and Wealth, Retail Banking, and Corporate and Investment Banking. Each of the defined reporting units was tested for impairment as of October 31, 2019 . |
Other real estate owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of recorded balance of the loan or fair value less costs to sell of the collateral assets at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, OREO is carried at the lower of carrying amount or fair value less costs to sell and is included in other assets on the Consolidated Balance Sheets. Gains and losses on the sales and write-downs on such properties and operating expenses from these OREO properties are included in other noninterest expense in the Company’s Consolidated Statements of Income. |
Accounting for transfers and servicing of financial assets | Accounting for Transfers and Servicing of Financial Assets The Company accounts for transfers of financial assets as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when (1) the transferred assets are legally isolated from the Company, even in bankruptcy or other receivership, (2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and (3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company's balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company's balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. The Company has one primary class of MSR related to residential real estate mortgages. These mortgage servicing rights are recorded in other assets on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. |
Revenue from contracts with customers | Revenue from Contracts with Customers The following is a discussion of key revenues within the scope of ASC 606, Revenue from Contracts with Customers : • Service charges on deposit accounts - Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. • Card and merchant processing fees - Card and merchant processing fees consists of interchange fees from consumer credit and debit cards processed by card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association transactions. Merchant services revenue is recognized as transactions occur, or as services are performed. • Investment banking and advisory fees - Investment banking and advisory fees primarily represent revenues earned by the Company for various corporate services including advisory, debt placement and underwriting. Revenues for these services are recorded at a point in time or upon completion of a contractually identified transaction. Underwriting costs are presented gross against underwriting revenues. • Money transfer income - Money transfer income represents income from the Parent’s wholly owned subsidiary, BBVA Transfer Holdings, Inc., which engages in money transfer services, including money transmission and foreign exchange services. Money transfer income is recognized as transactions occur. • Asset management, retail investment, and commissions fees - Asset management, retail investment, and commissions fees consists of fees generated from money management transactions and treasury management services, along with mutual fund and annuity sales fee income. Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed. Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity. Insurance revenue is earned through commissions on insurance sales and earned at a point in time. These revenues are recorded in asset management fees and investment services sales fees within non-interest income in the Company's Consolidated Statements of Income. |
Advertising costs | Advertising Costs Advertising costs are generally expensed as incurred and recorded as marketing expense, a component of noninterest expense in the Company’s Consolidated Statements of Income. |
Income taxes | Income Taxes The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company files separate tax returns for subsidiaries that are not eligible to be included in the consolidated federal income tax return. Based on the laws of the respective states where it conducts business operations, the Company either files consolidated, combined or separate tax returns. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences are anticipated to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period the change is incurred. In evaluating the Company's ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company must consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the results of recent operations. A valuation allowance is recognized for a deferred tax asset, if based on the available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law. The new legislation included a decrease in the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Under ASC Topic 740, Income Taxes , the effects of the changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In December 2017, the SEC issued SAB 118, which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company completed its analysis within the measurement period in accordance with SAB 118 and adjusted the provisional amounts in 2018 when it filed its federal tax return for the tax year 2017. The Company recognizes income tax benefits associated with uncertain tax positions, when, in its judgment, it is more likely than not of being sustained on the basis of the technical merits. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of other noninterest expense in the Company’s Consolidated Statements of Income. Accrued interest and penalties are included within accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. The Company applies the proportional amortization method in accounting for its qualified Low Income Housing Tax Credit investments. This method recognizes the amortization of the investment as a component of income tax expense. |
Noncontrolling interests | Noncontrolling Interests The Company applies the accounting guidance codified in ASC Topic 810, Consolidation , related to the treatment of noncontrolling interests. This guidance requires the amount of consolidated net income attributable to the parent and to the noncontrolling interests be clearly identified and presented on the face of the consolidated financial statements. The noncontrolling interests attributable to the Company's REIT preferred securities and mezzanine investment fund (see Note 11 , Shareholder's Equity , for a discussion of the preferred securities) are reported within shareholder’s equity, separately from the equity attributable to the Company’s shareholder. The dividends paid to the REIT preferred shareholders and other mezzanine investment fund investors are reported as reductions in shareholder’s equity in the Consolidated Statements of Shareholder’s Equity, separately from changes in the equity attributable to the Company’s shareholder. |
Accounting for derivatives and hedging activities | Accounting for Derivatives and Hedging Activities A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, financial forwards and futures contracts, foreign exchange contracts, options written and purchased. The Company mainly uses derivatives to manage economic risk related to commercial loans, long-term debt and other funding sources. The Company also uses derivatives to facilitate transactions on behalf of its customers. All derivative instruments are recognized on the Company’s Consolidated Balance Sheets at their fair value. The Company does not offset fair value amounts under master netting agreements. Fair values are estimated using pricing models and current market data. On the date the derivative instrument contract is entered into, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, or (3) a free-standing derivative. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a fair value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in earnings. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). Changes in the fair value of a free-standing derivative and settlements on the instruments are reported in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair value or cash flow hedges to specific assets and liabilities on the Company’s Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative instrument is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative instrument expires or is sold, terminated or exercised; (3) the derivative instrument is de-designated as a hedge instrument because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative instrument as a hedge instrument is no longer appropriate. When hedge accounting is discontinued because it is determined that the derivative instrument no longer qualifies as an effective fair value or cash flow hedge, the derivative instrument continues to be carried on the Company’s Consolidated Balance Sheets at its fair value, with changes in the fair value included in earnings. Additionally, for fair value hedges, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to the yield over the remaining life of the asset or liability. For cash flow hedges, when hedge accounting is discontinued, but the hedged cash flows or forecasted transaction are still expected to occur, the unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings in the same period when the earnings are affected by the hedged cash flows or forecasted transaction. When a cash flow hedge is discontinued, because the hedged cash flows or forecasted transactions are not expected to occur, unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings immediately. The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements |
Recently adopted 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 6 , 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 13 , 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. 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. The Company elected to early adopt this standard in connection with the annual goodwill assessment performed as of October 31, 2019. As such, the Company recorded a $470 million goodwill impairment within the Corporate and Investment Banking reporting unit which represented the amount by which the carrying amount exceeded the Corporate and Investment Banking reporting unit’s fair value. For additional information on the Company’s goodwill impairment test, see Note 7 , Goodwill . |
Debt Securities Available for_2
Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 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 table presents the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity. December 31, 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 $ 3,145,331 $ 16,888 $ 34,694 $ 3,127,525 Agency mortgage-backed securities 1,322,432 12,444 9,019 1,325,857 Agency collateralized mortgage obligations 2,783,003 7,744 9,622 2,781,125 States and political subdivisions 757 41 — 798 Total $ 7,251,523 $ 37,117 $ 53,335 $ 7,235,305 Debt securities held to maturity: U.S. Treasury and other U.S. government agencies $ 1,287,049 $ 53,399 $ — $ 1,340,448 Collateralized mortgage obligations: Agency 4,846,862 82,105 16,568 4,912,399 Non-agency 37,705 5,923 1,154 42,474 Asset-backed securities and other 52,355 1,266 2,017 51,604 States and political subdivisions 573,075 8,652 7,494 574,233 Total $ 6,797,046 $ 151,345 $ 27,233 $ 6,921,158 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 table discloses the fair value and the gross unrealized losses of the Company’s available for sale securities and held to maturity securities that were in a loss position at December 31, 2019 and 2018 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. December 31, 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 $ 59,496 $ 208 $ 819,360 $ 34,486 $ 878,856 $ 34,694 Agency mortgage-backed securities 245,191 851 592,312 8,168 837,503 9,019 Agency collateralized mortgage obligations 880,485 4,768 579,679 4,854 1,460,164 9,622 Total $ 1,185,172 $ 5,827 $ 1,991,351 $ 47,508 $ 3,176,523 $ 53,335 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 1,633,667 $ 16,568 $ — $ — $ 1,633,667 $ 16,568 Non-agency 18,075 617 5,401 537 23,476 1,154 Asset-backed securities and other 40,876 1,396 8,962 621 49,838 2,017 States and political subdivisions 154,695 2,198 52,490 5,296 207,185 7,494 Total $ 1,847,313 $ 20,779 $ 66,853 $ 6,454 $ 1,914,166 $ 27,233 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. Years Ended December 31, 2019 2018 2017 (In Thousands) Balance, at beginning of year $ 23,416 $ 22,824 $ 22,582 Reductions for securities paid off during the period (realized) — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — 242 Additions for the credit component on debt securities in which OTTI was previously recognized 215 592 — Balance, at end of year $ 23,631 $ 23,416 $ 22,824 |
Schedule of investments classified by contractual maturity date | The contractual maturities of the securities portfolios are presented in the following table. Amortized Cost Fair Value December 31, 2019 (In Thousands) Debt securities available for sale: Maturing within one year $ 425,086 $ 424,972 Maturing after one but within five years 2,160,151 2,174,394 Maturing after five but within ten years 66,435 67,153 Maturing after ten years 494,416 461,804 3,146,088 3,128,323 Agency mortgage-backed securities and agency collateralized mortgage obligations 4,105,435 4,106,982 Total $ 7,251,523 $ 7,235,305 Debt securities held to maturity: Maturing within one year $ 49,378 $ 50,235 Maturing after one but within five years 1,219,396 1,265,741 Maturing after five but within ten years 453,000 461,764 Maturing after ten years 190,705 188,545 1,912,479 1,966,285 Agency and non-agency collateralized mortgage obligations 4,884,567 4,954,873 Total $ 6,797,046 $ 6,921,158 |
Schedule of realized gain (loss) on investments | The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below. Years Ended December 31, 2019 2018 2017 (In Thousands) Gross gains $ 29,961 $ — $ 3,033 Gross losses — — — Net realized gains $ 29,961 $ — $ 3,033 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. December 31, 2019 2018 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,432,238 $ 26,562,319 Real estate – construction 2,028,682 1,997,537 Commercial real estate – mortgage 13,861,478 13,016,796 Total commercial loans 40,322,398 41,576,652 Consumer loans: Residential real estate – mortgage 13,533,954 13,422,156 Equity lines of credit 2,592,680 2,747,217 Equity loans 244,968 298,614 Credit card 1,002,365 818,308 Consumer direct 2,338,142 2,553,588 Consumer indirect 3,912,350 3,770,019 Total consumer loans 23,624,459 23,609,902 Total loans $ 63,946,857 $ 65,186,554 |
Disclosure of activity in allowances 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) Covered Total Loans (In Thousands) Year Ended December 31, 2019 Allowance for loan losses: Beginning balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ — $ 885,242 Provision for loan losses 173,271 6,123 3,424 414,626 — 597,444 Loans charged-off (171,507 ) (2,597 ) (19,600 ) (466,946 ) — (660,650 ) Loan recoveries 13,118 2,670 13,336 69,833 — 98,957 Net (charge-offs) recoveries (158,389 ) 73 (6,264 ) (397,113 ) — (561,693 ) Ending balance $ 408,197 $ 118,633 $ 99,089 $ 295,074 $ — $ 920,993 Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 Provision (credit) for loan losses 44,403 (8,431 ) (3,216 ) 332,664 — 365,420 Loans charged off (83,017 ) (3,867 ) (17,821 ) (295,999 ) — (400,704 ) Loan recoveries 11,294 6,602 13,110 46,760 — 77,766 Net (charge-offs) recoveries (71,723 ) 2,735 (4,711 ) (249,239 ) — (322,938 ) Ending balance $ 393,315 $ 112,437 $ 101,929 $ 277,561 $ — $ 885,242 Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 49,528 6,195 (874 ) 232,875 (31 ) 287,693 Loans charged off (106,570 ) (9,983 ) (21,287 ) (221,212 ) — (359,052 ) Loan recoveries 19,097 4,984 12,533 39,181 31 75,826 Net (charge-offs) recoveries (87,473 ) (4,999 ) (8,754 ) (182,031 ) 31 (283,226 ) Ending balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 (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 Loans (In Thousands) December 31, 2019 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 88,164 $ 13,255 $ 22,775 $ 2,638 $ 126,832 Collectively evaluated for impairment 320,033 105,378 76,314 292,436 794,161 Total allowance for loan losses $ 408,197 $ 118,633 $ 99,089 $ 295,074 $ 920,993 Loans: Ending balance of loans: Individually evaluated for impairment $ 238,653 $ 78,301 $ 155,728 $ 13,362 $ 486,044 Collectively evaluated for impairment 24,193,585 15,811,859 16,215,874 7,239,495 63,460,813 Total loans $ 24,432,238 $ 15,890,160 $ 16,371,602 $ 7,252,857 $ 63,946,857 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 Loans: 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 table presents information on individually evaluated impaired loans, by loan class. December 31, 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 $ 51,203 $ 52,991 $ — $ 187,450 $ 249,486 $ 88,164 Real estate – construction — — — 5,972 5,979 850 Commercial real estate – mortgage 46,232 51,286 — 26,097 27,757 12,405 Residential real estate – mortgage — — — 111,623 111,623 8,974 Equity lines of credit — — — 15,466 15,472 10,896 Equity loans — — — 28,639 29,488 2,905 Credit card — — — — — — Consumer direct — — — 11,601 13,596 1,903 Consumer indirect — — — 1,761 1,761 735 Total loans $ 97,435 $ 104,277 $ — $ 388,609 $ 455,162 $ 126,832 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 table presents information on individually evaluated impaired loans, by loan class. Years Ended December 31, 2019 2018 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 344,940 $ 2,160 $ 293,841 $ 1,379 $ 426,809 $ 947 Real estate – construction 854 9 8,600 7 1,874 11 Commercial real estate – mortgage 78,889 807 81,989 870 72,692 1,071 Residential real estate – mortgage 108,606 2,681 108,094 2,658 115,583 2,676 Equity lines of credit 15,641 649 17,413 748 21,458 871 Equity loans 30,158 1,079 34,290 1,180 38,090 1,312 Credit card — — — — — — Consumer direct 7,467 458 2,766 59 1,629 27 Consumer indirect 683 1 641 5 1,553 10 Total loans $ 587,238 $ 7,844 $ 547,634 $ 6,906 $ 679,688 $ 6,925 |
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 December 31, 2019 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,319,645 $ 1,979,310 $ 13,547,273 Special Mention 543,928 67 168,679 Substandard 488,813 49,305 134,420 Doubtful 79,852 — 11,106 $ 24,432,238 $ 2,028,682 $ 13,861,478 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 December 31, 2019 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,381,709 $ 2,553,000 $ 236,122 $ 979,569 $ 2,313,082 $ 3,870,839 Nonperforming 152,245 39,680 8,846 22,796 25,060 41,511 $ 13,533,954 $ 2,592,680 $ 244,968 $ 1,002,365 $ 2,338,142 $ 3,912,350 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. December 31, 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 $ 29,273 $ 16,462 $ 6,692 $ 268,288 $ 1,456 $ 322,171 $ 24,110,067 $ 24,432,238 Real estate – construction 7,603 2 571 8,041 72 16,289 2,012,393 2,028,682 Commercial real estate – mortgage 5,325 5,458 6,576 98,077 3,414 118,850 13,742,628 13,861,478 Residential real estate – mortgage 72,571 21,909 4,641 147,337 57,165 303,623 13,230,331 13,533,954 Equity lines of credit 15,766 6,581 1,567 38,113 — 62,027 2,530,653 2,592,680 Equity loans 2,856 1,028 195 8,651 23,770 36,500 208,468 244,968 Credit card 11,275 9,214 22,796 — — 43,285 959,080 1,002,365 Consumer direct 33,658 20,703 18,358 6,555 12,438 91,712 2,246,430 2,338,142 Consumer indirect 83,966 28,430 9,730 31,781 — 153,907 3,758,443 3,912,350 Total loans $ 262,293 $ 109,787 $ 71,126 $ 606,843 $ 98,315 $ 1,148,364 $ 62,798,493 $ 63,946,857 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 | The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. December 31, 2019 December 31, 2018 December 31, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 15 $ 29,293 8 $ 122,182 26 $ 232,511 Real estate – construction 1 119 2 307 — — Commercial real estate – mortgage 7 21,419 4 4,072 3 1,223 Residential real estate – mortgage 118 28,269 73 14,851 66 15,714 Equity lines of credit 9 478 11 289 41 1,858 Equity loans 17 1,141 25 2,687 30 1,246 Credit card — — — — — — Consumer direct 286 15,583 16 2,158 — — Consumer indirect 154 1,878 — — 14 209 Covered loans — — — — 2 103 |
Schedule of subsequent default on restructured loans | The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of year-end. Years Ended December 31, 2019 2018 2017 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — 1 $ 686 Real estate – construction — — — — — — Commercial real estate – mortgage 1 599 — — — — Residential real estate – mortgage 2 455 7 834 1 505 Equity lines of credit — — — — — — Equity loans 2 151 6 358 2 51 Credit card — — — — — — Consumer direct 6 2,757 1 5 — — Consumer indirect — — — — 1 22 Covered loans — — — — — — |
Loan Sales and Servicing (Table
Loan Sales and Servicing (Tables) | 12 Months Ended |
Dec. 31, 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. 2019 2018 2017 (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 1,113,371 293,996 204,058 |
Schedule of loan sales and residential mortgage servicing rights | The following table summarizes the Company's sales of loans originated for sale in the secondary market. 2019 2018 2017 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 724,706 $ 625,091 $ 660,484 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 29,539 18,863 25,576 Servicing fees recognized (3) 10,896 11,213 10,841 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Net gains were recorded in mortgage banking income in the Company's Consolidated Statements of Income. (3) Beginning in 2018, recorded as a component of mortgage banking in the Company's Consolidated Statements of Income. 2017 servicing fees are recorded as a component of other noninterest income in the Company's Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. December 31, 2019 December 31, 2018 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,534,202 $ 4,588,273 MSRs (2) 42,022 51,539 (1) These loans are not included in loans on the Company's Consolidated Balance Sheets. (2) Recorded under the fair value method and included in other assets on the Company's Consolidated Balance Sheets. The following table is an analysis of the activity in the Company’s MSRs. Years Ended December 31, 2019 2018 2017 (In Thousands) Carrying value, at beginning of year $ 51,539 $ 49,597 $ 51,428 Additions 6,639 6,874 7,098 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (7,552 ) 6,985 2,233 Due to other changes in fair value (1) (8,604 ) (11,917 ) (11,162 ) Carrying value, at end of year $ 42,022 $ 51,539 $ 49,597 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. |
Schedule of sensitivity of current fair value of residential real estate mortgage servicing rights | At December 31, 2019 and 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: December 31, 2019 2018 (Dollars in Thousands) Fair value of MSRs $ 42,022 $ 51,539 Composition of residential loans serviced for others: Fixed rate mortgage loans 98.1 % 97.7 % Adjustable rate mortgage loans 1.9 2.3 Total 100.0 % 100.0 % Weighted average life (in years) 4.6 6.6 Prepayment speed: 16.9 % 7.4 % Effect on fair value of a 10% increase (2,906 ) (1,432 ) Effect on fair value of a 20% increase (5,043 ) (2,778 ) Weighted average option adjusted spread 6.4 % 6.5 % Effect on fair value of a 10% increase (1,159 ) (1,627 ) Effect on fair value of a 20% increase (1,812 ) (3,116 ) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | A summary of the Company’s premises and equipment is presented below. December 31, 2019 2018 (In Thousands) Land $ 297,039 $ 300,955 Buildings 580,911 601,344 Furniture, fixtures and equipment 425,794 431,631 Software 1,035,892 990,187 Leasehold improvements 203,776 193,944 Construction / projects in progress 128,816 90,845 2,672,228 2,608,906 Less: Accumulated depreciation and amortization 1,584,530 1,455,948 Total premises and equipment $ 1,087,698 $ 1,152,958 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheets. December 31, 2019 Finance Operating Total (In Thousands) Right-of-use asset $ 8,566 $ 272,279 $ 280,845 Lease liability balance 12,339 313,398 325,737 |
Components of Lease Costs | The table below presents information about the Company's total lease costs which include amounts recognized on the Company’s Consolidated Statements of Income during the period. December 31, 2019 (In Thousands) Interest on lease liabilities $ 608 Amortization of right-of-use assets 1,323 Finance lease cost 1,931 Operating lease cost 48,316 Variable lease cost 16,537 Sublease income (6,812 ) Total lease cost $ 59,972 The Company incurred lease expense of $86.8 million and $84.3 million for the years ended December 31, 2018 and 2017 , respectively. The Company received lease income of $7.7 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively, related to space leased to third parties. 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. December 31, 2019 (In Thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 54,020 Operating cash flows from finance leases 608 Financing cash flows from finance leases 1,589 Right-of-use assets obtained in exchange for lease obligations Operating leases 35,315 Finance leases — The weighted-average remaining lease term and discount rates at December 31, 2019 were as follows: Finance Operating Total Weighted-average remaining lease term 8.5 years 9.9 years 9.8 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 December 31, 2019 : Finance Operating Total (In Thousands) 2020 $ 2,233 $ 54,817 $ 57,050 2021 2,143 51,204 53,347 2022 1,923 46,458 48,381 2023 1,501 40,604 42,105 2024 1,410 31,667 33,077 Thereafter 5,696 141,558 147,254 Total $ 14,906 $ 366,308 $ 381,214 At December 31, 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. December 31, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 14,906 $ 366,308 $ 381,214 Less: imputed interest 2,567 52,910 55,477 Total discounted lease liability $ 12,339 $ 313,398 $ 325,737 |
Maturities of Operating Lease Liabilities | The following table provides the annual undiscounted future minimum payments under finance and noncanceable operating leases at December 31, 2019 : Finance Operating Total (In Thousands) 2020 $ 2,233 $ 54,817 $ 57,050 2021 2,143 51,204 53,347 2022 1,923 46,458 48,381 2023 1,501 40,604 42,105 2024 1,410 31,667 33,077 Thereafter 5,696 141,558 147,254 Total $ 14,906 $ 366,308 $ 381,214 At December 31, 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. December 31, 2019 Finance Operating Total (In Thousands) Total undiscounted lease liability $ 14,906 $ 366,308 $ 381,214 Less: imputed interest 2,567 52,910 55,477 Total discounted lease liability $ 12,339 $ 313,398 $ 325,737 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of activity related to the Company's goodwill | At December 31, 2019 and 2018 , the goodwill, net of accumulated impairment losses, attributable to each of the Company’s three identified reporting units is as follows: Years Ended December 31, 2019 2018 (In Thousands) Commercial Banking and Wealth $ 2,659,830 $ 2,659,830 Retail Banking 1,427,660 1,427,660 Corporate and Investment Banking 425,806 895,806 A summary of the activity related to the Company’s goodwill follows. Years Ended December 31, 2019 2018 (In Thousands) Balance, at beginning of year Goodwill $ 9,835,400 $ 9,835,400 Accumulated impairment losses (4,852,104 ) (4,852,104 ) Goodwill, net at beginning of year 4,983,296 4,983,296 Annual activity: Goodwill acquired during the year — — Disposition adjustments — — Impairment losses (470,000 ) — Balance, at end of year Goodwill 9,835,400 9,835,400 Accumulated impairment losses (5,322,104 ) (4,852,104 ) Goodwill, net at end of year $ 4,513,296 $ 4,983,296 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of time deposit maturities | At December 31, 2019 , the scheduled maturities of time deposits were as follows. (In Thousands) 2020 $ 11,400,712 2021 457,119 2022 76,441 2023 81,947 2024 31,801 Thereafter 5,409 Total $ 12,053,429 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | The short-term borrowings table below shows the distribution of the Company’s short-term borrowed funds. Ending Balance Ending Average Interest Rate Average Balance Maximum Outstanding Balance (Dollars in Thousands) As of and for the year ended December 31, 2019 Federal funds purchased $ — — % $ 746 $ 5,060 Securities sold under agreements to repurchase 173,028 1.70 857,176 1,198,822 Total 173,028 857,922 1,203,882 Other short-term borrowings — — 14,963 69,446 Total short-term borrowings $ 173,028 $ 872,885 $ 1,273,328 As of and for the year ended December 31, 2018 Federal funds purchased $ — — % $ 82 $ 2,000 Securities sold under agreements to repurchase 102,275 3.73 109,770 183,511 Total 102,275 109,852 185,511 Other short-term borrowings — — 68,423 159,004 Total short-term borrowings $ 102,275 $ 178,275 $ 344,515 |
FHLB and Other Borrowings (Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of details on FHLB advances and other borrowings | The following table details the Company’s FHLB advances and other borrowings including maturities and interest rates as of December 31, 2019 . December 31, Maturity Dates 2019 2018 (In Thousands) FHLB advances: LIBOR-based floating rate (weighted average rate of 2.57%) 2021 $ 120,000 $ 120,000 Fixed rate (weighted average rate of 3.31%) 2024-2025 59,892 410,116 Total FHLB advances 179,892 530,116 Senior notes and subordinated debentures: 2.88% senior notes 2022 750,000 750,000 3.50% senior notes 2021 700,000 700,000 2.75% senior notes 2019 — 600,000 2.50% senior notes 2024 600,000 — 2.62% senior notes 2021 450,000 450,000 3.88% subordinated debentures 2025 700,000 700,000 5.50% subordinated debentures 2020 227,764 227,764 5.90% subordinated debentures 2026 71,086 71,086 Fair value of hedged senior notes and subordinated debentures 26,975 (22,349 ) Net unamortized discount (15,673 ) (19,027 ) Total senior notes and subordinated debentures 3,510,152 3,457,474 Total FHLB and other borrowings $ 3,690,044 $ 3,987,590 |
Schedule of maturity information on FHLB and other borrowings | The following table presents maturity information for the Company’s FHLB and other borrowings, including the fair value of hedged senior notes and subordinated debentures as well as unamortized discounts and premiums, as of December 31, 2019 . FHLB Advances Senior Notes and Subordinated Debentures (In Thousands) Maturing: 2020 $ — $ 229,185 2021 120,000 1,158,432 2022 — 750,637 2023 — — 2024 55,066 588,356 Thereafter 4,826 783,542 Total $ 179,892 $ 3,510,152 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Change in components of other comprehensive income (loss) | The following summarizes the change in the components of other comprehensive income (loss). December 31, 2019 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding gains arising during period from debt securities available for sale $ 208,725 $ 49,465 $ 159,260 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 on debt securities available for sale 178,764 42,361 136,403 Change in unamortized net holding gains on debt securities held to maturity 10,144 2,350 7,794 Less: non-credit related impairment on debt securities held to maturity 108 26 82 Change in unamortized non-credit related impairment on debt securities held to maturity 781 174 607 Net change in unamortized holding gains on debt securities held to maturity 10,817 2,498 8,319 Unrealized holding gains arising during period from cash flow hedge instruments 113,359 27,049 86,310 Change in defined benefit plans (12,932 ) (3,112 ) (9,820 ) Other comprehensive income $ 290,008 $ 68,796 $ 221,212 December 31, 2018 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding losses arising during period from debt securities available for sale $ (2,925 ) $ (797 ) $ (2,128 ) Less: reclassification adjustment for net gains on sale of debt securities in net income — — — Net change in unrealized losses on debt securities available for sale (2,925 ) (797 ) (2,128 ) Change in unamortized net holding gains on debt securities held to maturity 9,120 2,104 7,016 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 397 94 303 Change in unamortized non-credit related impairment on debt securities held to maturity 1,036 237 799 Net change in unamortized holding losses on debt securities held to maturity (30,145 ) (7,170 ) (22,975 ) Unrealized holding gains arising during period from cash flow hedge instruments 46,406 15,466 30,940 Change in defined benefit plans 6,142 1,409 4,733 Other comprehensive income $ 19,478 $ 8,908 $ 10,570 December 31, 2017 Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive loss: Unrealized holding losses arising during period from debt securities available for sale $ (20,089 ) $ (5,143 ) $ (14,946 ) Less: reclassification adjustment for net gains on sale of debt securities in net income 3,033 776 2,257 Net change in unrealized losses on debt securities available for sale (23,122 ) (5,919 ) (17,203 ) Change in unamortized net holding gains on debt securities held to maturity 5,076 1,132 3,944 Less: non-credit related impairment on debt securities held to maturity — — — Change in unamortized non-credit related impairment on debt securities held to maturity 1,556 565 991 Net change in unamortized holding gains on debt securities held to maturity 6,632 1,697 4,935 Unrealized holding losses arising during period from cash flow hedge instruments (35,768 ) (21,083 ) (14,685 ) Change in defined benefit plans (3,501 ) (1,301 ) (2,200 ) Other comprehensive loss $ (55,759 ) $ (26,606 ) $ (29,153 ) |
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 (32,615 ) (4,394 ) — (303 ) (37,312 ) Amounts reclassified from accumulated other comprehensive income 7,016 35,334 4,733 799 47,882 Net current period other comprehensive income (loss) (25,599 ) 30,940 4,733 496 10,570 Balance, December 31, 2018 $ (158,433 ) $ 6,175 $ (29,495 ) $ (5,095 ) $ (186,848 ) 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 159,260 83,903 — (82 ) 243,081 Amounts reclassified from accumulated other comprehensive income (loss) (15,063 ) 2,407 (9,820 ) 607 (21,869 ) Net current period other comprehensive income (loss) 144,197 86,310 (9,820 ) 525 221,212 Balance, December 31, 2019 $ (40,080 ) $ 91,445 $ (46,666 ) $ (5,771 ) $ (1,072 ) (1) Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1 , Summary of Significant Accounting Policies , 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. Details About Accumulated Other Comprehensive Income Components Amounts Reclassified From Accumulated Other Comprehensive Income (1) Consolidated Statement of Income Caption December 31, 2019 December 31, 2018 December 31, 2017 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ 29,961 $ — $ 3,033 Investment securities gains, net (10,144 ) (9,120 ) (5,076 ) Interest on debt securities held to maturity 19,817 (9,120 ) (2,043 ) (4,754 ) 2,104 356 Income tax (expense) benefit $ 15,063 $ (7,016 ) $ (1,687 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (2,214 ) $ (45,027 ) $ 3,496 Interest and fees on loans (948 ) (1,288 ) (2,441 ) Interest on FHLB and other borrowings (3,162 ) (46,315 ) 1,055 755 10,981 (622 ) Income tax benefit (expense) $ (2,407 ) $ (35,334 ) $ 433 Net of tax Defined Benefit Plan Adjustment $ 12,932 $ (6,142 ) $ 3,501 (2) (3,112 ) 1,409 (1,301 ) Income tax (expense) benefit $ 9,820 $ (4,733 ) $ 2,200 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (781 ) $ (1,036 ) $ (1,556 ) Interest on debt securities held to maturity 174 237 565 Income tax benefit $ (607 ) $ (799 ) $ (991 ) Net of tax (1) Amounts in parentheses indicate debits to the 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 , for additional details). |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheets on a gross basis. December 31, 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 $ 3,623,950 $ 10,633 $ 354 $ 2,923,950 $ 13,479 $ 28,479 Total fair value hedges 10,633 354 13,479 28,479 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 10,000,000 — — 1,500,000 2,367 — Swaps related to FHLB advances 120,000 — 2,864 120,000 — 1,938 Foreign currency contracts: Forwards related to currency fluctuations 2,597 102 — 5,272 174 — Total cash flow hedges 102 2,864 2,541 1,938 Total derivatives designated as hedging instruments $ 10,735 $ 3,218 $ 16,020 $ 30,417 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 289,990 $ 148 $ 514 $ 166,641 $ 187 $ 1,021 Option contracts related to mortgage servicing rights 60,000 38 — — — — Interest rate lock commitments 146,941 3,088 — 91,395 2,012 — Equity contracts: Purchased equity option related to equity-linked CDs 152,130 4,460 — 450,660 14,185 — Written equity option related to equity-linked CDs 128,620 — 3,765 389,030 — 12,434 Foreign exchange contracts: Forwards related to commercial loans 443,493 167 3,872 413,127 1,565 1,109 Spots related to commercial loans 48,626 7 68 19,911 24 2 Swap associated with sale of Visa, Inc. Class B shares 161,904 — 5,904 111,466 — 3,706 Futures contracts (3) 2,110,000 — — 3,223,000 — — Trading account assets and liabilities: Interest rate contracts for customers 35,503,973 313,573 97,881 34,436,223 149,269 130,704 Foreign exchange contracts for customers 1,039,507 22,766 20,678 1,140,665 19,465 17,341 Total trading account assets and liabilities 336,339 118,559 168,734 148,045 Total free-standing derivative instruments not designated as hedging instruments $ 344,247 $ 132,682 $ 186,707 $ 166,317 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s 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 Consolidated Statements of Income. Interest Income Interest Expense Interest and fees on loans Interest on FHLB and other borrowings (In Thousands) Year Ended December 31, 2019 Total amounts presented in the consolidated statements of income $ 3,097,640 $ 136,164 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ (2,659 ) Recognized on derivatives — 54,504 Recognized on hedged items — (51,682 ) Net income (expense) recognized on fair value hedges $ — $ 163 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (2,214 ) $ (948 ) Net income (expense) recognized on cash flow hedges $ (2,214 ) $ (948 ) Year Ended December 31, 2018 Total amounts presented in the consolidated statements of income $ 2,914,269 $ 130,372 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 3,510 Recognized on derivatives — (19,952 ) Recognized on hedged items — 19,124 Net income (expense) recognized on fair value hedges $ — $ 2,682 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized losses reclassified from AOCI into net income (2) $ (45,027 ) $ (1,288 ) Net income (expense) recognized on cash flow hedges $ (45,027 ) $ (1,288 ) Year Ended December 31, 2017 Total amounts presented in the consolidated statements of income $ 2,447,293 $ 93,814 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements and amortization on derivatives $ — $ 29,483 Recognized on derivatives — (33,092 ) Recognized on hedged items — 34,839 Net income (expense) recognized on fair value hedges — 31,230 Gain (losses) on cash flow hedging relationships: (1) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income (2) $ 3,496 $ (2,441 ) Net income (expense) recognized on cash flow hedges $ 3,496 $ (2,441 ) (1) See Note 12 , C omprehensive 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 Consolidated Balance Sheets in fair value hedging relationships. December 31, 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 $ 3,483,177 $ 25,092 $ 1,883 |
Schedule of other derivatives not designated as hedging instruments | The net gains and losses recorded in the Company’s Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Years Ended December 31, Consolidated Statements of Income Caption 2019 2018 2017 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ (1,288 ) $ (194 ) $ 123 Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income 469 (790 ) (2,030 ) Interest rate lock commitments Mortgage banking income 1,076 (404 ) 24 Interest rate contracts for customers Corporate and correspondent investment sales 24,128 35,326 29,155 Option contracts related to mortgage servicing rights Mortgage banking income 929 (38 ) (605 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense (9,725 ) (27,144 ) (18,704 ) Written equity option related to equity-linked CDs Other expense 8,669 24,524 18,581 Foreign currency contracts: Swap and forward contracts related to commercial loans Other income (275 ) 36,353 (38,885 ) Spot contracts related to commercial loans Other income 1,542 (3,898 ) 5,512 Foreign currency exchange contracts for customers Corporate and correspondent investment sales 15,404 16,232 10,451 |
Schedule of assets subject to enforceable master netting arrangements | The following 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 Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received/ Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) December 31, 2019 Derivative financial assets: Subject to a master netting arrangement $ 41,390 $ — $ 41,390 $ — $ 5,860 $ 35,530 Not subject to a master netting arrangement 313,592 — 313,592 — — 313,592 Total derivative financial assets $ 354,982 $ — $ 354,982 $ — $ 5,860 $ 349,122 Derivative financial liabilities: Subject to a master netting arrangement $ 94,979 $ — $ 94,979 $ — $ 94,979 $ — Not subject to a master netting arrangement 40,921 — 40,921 — — 40,921 Total derivative financial liabilities $ 135,900 $ — $ 135,900 $ — $ 94,979 $ 40,921 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 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 Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received/ Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) December 31, 2019 Derivative financial assets: Subject to a master netting arrangement $ 41,390 $ — $ 41,390 $ — $ 5,860 $ 35,530 Not subject to a master netting arrangement 313,592 — 313,592 — — 313,592 Total derivative financial assets $ 354,982 $ — $ 354,982 $ — $ 5,860 $ 349,122 Derivative financial liabilities: Subject to a master netting arrangement $ 94,979 $ — $ 94,979 $ — $ 94,979 $ — Not subject to a master netting arrangement 40,921 — 40,921 — — 40,921 Total derivative financial liabilities $ 135,900 $ — $ 135,900 $ — $ 94,979 $ 40,921 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) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of assets and liabilities subject to enforceable master netting arrangements | 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 Consolidated Balance Sheets Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Collateral Received/ Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) December 31, 2019 Securities purchased under agreement to resell: Subject to a master netting arrangement $ 656,504 $ 477,590 $ 178,914 $ 178,914 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 650,618 $ 477,590 $ 173,028 $ 173,028 $ — $ — December 31, 2018 Securities purchased under agreement 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) December 31, 2019 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies securities $ 321,310 $ — $ — $ 305,750 $ 627,060 Mortgage-backed securities — — 23,558 — 23,558 Total $ 321,310 $ — $ 23,558 $ 305,750 $ 650,618 December 31, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies securities $ 190,650 $ — $ — $ — $ 190,650 Mortgage-backed securities — — 48,522 — 48,522 Total $ 190,650 $ — $ 48,522 $ — $ 239,172 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2019 2018 (In Thousands) Commitments to extend credit $ 27,725,965 $ 28,827,897 Standby and commercial letters of credit 996,830 1,249,205 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Dividends from Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of actual capital amounts and ratios used by the Company and the Bank | At December 31, 2019 , the Company and the Bank, remain above the applicable U.S. regulatory capital requirements. Under the U.S. Basel III capital rule, the current minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject are as follows: 2019 (1) 2018 (2) CET1 Risk-Based Capital Ratio 7.000 % 6.375 % Tier 1 Risk-Based Capital Ratio 8.500 7.875 Total Risk-Based Capital Ratio 10.500 9.875 Tier 1 Leverage Ratio 4.000 4.000 (1) At December 31, 2019 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 2.500% . (2) At December 31, 2018 , under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 1.875% . The following table presents the Transitional Basel III regulatory capital ratios at December 31, 2019 and 2018 for the Company and the Bank. Amount Ratios 2019 2018 2019 2018 (Dollars in Thousands) Risk-based capital CET1: BBVA USA Bancshares, Inc. $ 8,615,357 $ 8,457,585 12.49 % 12.00 % BBVA USA 7,916,278 7,741,203 11.56 11.03 Tier 1: BBVA USA Bancshares, Inc. 8,849,557 8,691,785 12.83 12.33 BBVA USA 7,920,478 7,745,403 11.56 11.04 Total: BBVA USA Bancshares, Inc. 10,332,023 10,216,625 14.98 14.49 BBVA USA 9,549,373 9,440,037 13.94 13.45 Leverage: BBVA USA Bancshares, Inc. 8,849,557 8,691,785 9.70 10.03 BBVA USA 7,920,478 7,745,403 8.98 9.11 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of defined benefit plan activity | The following tables summarize the Company’s defined benefit pension plan. Obligations and Funded Status Years Ended December 31, 2019 2018 (In Thousands) Change in benefit obligation: Benefit obligation, at beginning of year $ 334,290 $ 363,852 Service cost 550 509 Interest cost 12,862 11,565 Actuarial (gain) loss 46,375 (27,137 ) Benefits paid (15,051 ) (14,499 ) Benefit obligation, at end of year 379,026 334,290 Change in plan assets: Fair value of plan assets, at beginning of year 328,795 348,925 Actual return on plan assets 45,176 (5,631 ) Employer contribution 3,000 — Benefits paid (15,051 ) (14,499 ) Fair value of plan assets, at end of year 361,920 328,795 Funded status (17,106 ) (5,495 ) Net actuarial loss 43,125 31,193 Net amount recognized $ 26,019 $ 25,698 |
Schedule of amounts recognized in balance sheet | Amounts recognized on the Company’s Consolidated Balance Sheets consist of: December 31, 2019 2018 (In Thousands) Accrued expenses and other liabilities $ (17,106 ) $ (5,495 ) Deferred tax – other assets 10,264 7,402 Accumulated other comprehensive loss 32,861 23,791 Net amount recognized $ 26,019 $ 25,698 |
Schedule of amounts recognized in income statements | The components of net periodic benefit cost recognized in the Company’s Consolidated Statements of Income are as follows. Years Ended December 31, 2019 2018 2017 (In Thousands) Service cost $ 550 $ 509 $ 3,542 Interest cost 12,862 11,565 11,685 Expected return on plan assets (10,733 ) (9,529 ) (10,087 ) Recognized actuarial loss — 259 — Net periodic benefit cost $ 2,679 $ 2,804 $ 5,140 |
Schedule of assumptions used to determine benefit obligations | The following table provides additional information related to the Company’s defined benefit pension plan. Years Ended December 31, 2019 2018 (Dollars in Thousands) Change in defined benefit plan included in other comprehensive income $ 9,070 $ 23,791 Weighted average assumption used to determine benefit obligation at December 31: Discount rate 3.24 % 4.23 % Weighted average assumptions used to determine net pension income for year ended December 31: Discount rate - benefit obligations 4.23 % 3.57 % Discount rate - interest cost 3.94 % 3.25 % Expected return on plan assets 3.33 % 2.79 % |
Schedule of assumptions used to determine net pension income | The following table provides additional information related to the Company’s defined benefit pension plan. Years Ended December 31, 2019 2018 (Dollars in Thousands) Change in defined benefit plan included in other comprehensive income $ 9,070 $ 23,791 Weighted average assumption used to determine benefit obligation at December 31: Discount rate 3.24 % 4.23 % Weighted average assumptions used to determine net pension income for year ended December 31: Discount rate - benefit obligations 4.23 % 3.57 % Discount rate - interest cost 3.94 % 3.25 % Expected return on plan assets 3.33 % 2.79 % |
Schedule of estimated benefit payments | The following table summarizes the estimated benefits to be paid in the following periods. (In Thousands) 2020 $ 15,776 2021 16,985 2022 18,119 2023 19,008 2024 19,697 2025-2029 106,357 |
Schedule of changes in fair value of benefit plans | The following table presents the fair value of the Company’s defined benefit pension plan assets. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) December 31, 2019 Assets: Cash and cash equivalents $ 19,137 $ 19,137 $ — $ — Fixed income securities: U.S. Treasury and other U.S. government agencies 219,667 194,079 25,588 — Corporate bonds 123,116 — 123,116 — Total fixed income securities 342,783 194,079 148,704 — Fair value of plan assets $ 361,920 $ 213,216 $ 148,704 $ — December 31, 2018 Assets: Cash and cash equivalents $ 19,680 $ 19,680 $ — $ — Fixed income securities: U.S. Treasury and other U.S. government agencies 215,877 199,452 16,425 — States and political subdivisions 5,615 — 5,615 — Corporate bonds 87,623 — 87,623 — Total fixed income securities 309,115 199,452 109,663 — Fair value of plan assets $ 328,795 $ 219,132 $ 109,663 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense consisted of the following: Years Ended December 31, 2019 2018 2017 (In Thousands) Current income tax expense: Federal $ 131,390 $ 161,375 $ 158,531 State 21,853 28,721 19,588 Total 153,243 190,096 178,119 Deferred income tax expense (benefit): Federal (23,335 ) (1,925 ) 141,093 State (3,862 ) (3,493 ) (3,136 ) Total (27,197 ) (5,418 ) 137,957 Total income tax expense $ 126,046 $ 184,678 $ 316,076 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amount computed by applying the federal statutory income tax rate to pretax earnings for the following reasons: Years Ended December 31, 2019 2018 2017 Amount Percent of Pretax Earnings Amount Percent of Pretax Earnings Amount Percent of Pretax Earnings (Dollars in Thousands) Income tax expense at federal statutory rate $ 58,685 21.0 % $ 199,103 21.0 % $ 271,902 35.0 % Increase (decrease) resulting from: Tax-exempt interest income (41,289 ) (14.8 ) (41,272 ) (4.4 ) (56,814 ) (7.3 ) FDIC insurance 5,818 2.1 13,782 1.5 — — Bank owned life insurance (3,663 ) (1.3 ) (3,743 ) (0.4 ) (5,988 ) (0.8 ) Goodwill impairment 98,700 35.3 — — — — State income tax, net of federal income taxes 15,217 5.4 18,170 1.9 14,118 1.8 Revaluation of net deferred tax assets (1) — — (8,577 ) (0.9 ) 121,244 15.7 Income tax credits (2) (10,168 ) (3.6 ) 8,133 0.9 (25,635 ) (3.3 ) Change in valuation allowance (913 ) (0.3 ) 1,017 0.1 (1,167 ) (0.2 ) Other 3,659 1.3 (1,935 ) (0.2 ) (1,584 ) (0.2 ) Income tax expense $ 126,046 45.1 % $ 184,678 19.5 % $ 316,076 40.7 % (1) Includes $(5.0) million and $40 million of (benefit) expense related to items in accumulated other comprehensive income in which the related tax effects were originally recognized in other comprehensive income for December 31, 2018 and 2017, respectively. (2) Includes $11.4 million of expense for December 31, 2018 related to the correction of an error in prior periods that resulted from an incorrect calculation of the proportional amortization of the Company's Low Income Housing Tax Credit investments. See Note 1 , Summary of Significant Accounting Policies , for additional details. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below. December 31, 2019 2018 (In Thousands) Deferred tax assets: Allowance for loan losses $ 216,449 $ 205,433 Lease ROU liability 73,958 — Accrued expenses 85,212 85,283 Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment 289 69,483 Other real estate owned 941 241 Nonaccrual interest 22,737 19,472 Federal net operating loss carryforwards 3,956 3,962 Other 30,689 37,306 Gross deferred taxes 434,231 421,180 Valuation allowance (8,852 ) (11,974 ) Total deferred tax assets 425,379 409,206 Deferred tax liabilities: Premises and equipment 127,649 138,486 Lease ROU asset 64,252 — Core deposit and other acquired intangibles 8,077 7,203 Capitalized loan costs 34,907 35,129 Loan valuation 5,729 6,513 Other 17,038 12,559 Total deferred tax liabilities 257,652 199,890 Net deferred tax asset $ 167,727 $ 209,316 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of the total amounts of the gross unrecognized tax benefits. Years Ended December 31, 2019 2018 2017 (In Thousands) Unrecognized income tax benefits, at beginning of year $ 7,191 $ 14,916 $ 13,615 Increases for tax positions related to: Prior years — 215 414 Current year 2,871 2,887 2,196 Decreases for tax positions related to: Prior years (348 ) (111 ) — Current year — — — Settlement with taxing authorities — (8,617 ) — Expiration of applicable statutes of limitation (2,445 ) (2,099 ) (1,309 ) Unrecognized income tax benefits, at end of year $ 7,269 $ 7,191 $ 14,916 |
Schedule of open tax years | The following table summarizes the tax years that are either currently under examination or remain open under the statute of limitations and subject to examination by the major tax jurisdictions in which the Company operates: Jurisdictions Open Tax Years Federal 2016-2019 Various states (1) 2015-2019 (1) Major state tax jurisdictions include Alabama, California, Texas and New York. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of differences between aggregate fair value and aggregate unpaid principle balance | The following tables summarize 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) December 31, 2019 Residential mortgage loans held for sale $ 112,058 $ 108,345 $ 3,713 December 31, 2018 Residential mortgage loans held for sale $ 68,766 $ 66,052 $ 2,714 |
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 December 31, 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 securities $ 137,637 $ 137,637 $ — $ — Interest rate contracts 313,573 — 313,573 — Foreign exchange contracts 22,766 — 22,766 — Total trading account assets 473,976 137,637 336,339 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 3,127,525 2,598,471 529,054 — Agency mortgage-backed securities 1,325,857 — 1,325,857 — Agency collateralized mortgage obligations 2,781,125 — 2,781,125 — States and political subdivisions 798 — 798 — Total debt securities available for sale 7,235,305 2,598,471 4,636,834 — Loans held for sale 112,058 — 112,058 — Derivative assets: Interest rate contracts 13,907 38 10,781 3,088 Equity contracts 4,460 — 4,460 — Foreign exchange contracts 276 — 276 — Total derivative assets 18,643 38 15,517 3,088 Other assets: Equity securities 19,038 19,038 — — MSR 42,022 — — 42,022 SBIC 119,475 — — 119,475 Liabilities: Trading account liabilities: Interest rate contracts $ 97,881 $ — $ 97,881 $ — Foreign exchange contracts 20,678 — 20,678 — Total trading account liabilities 118,559 — 118,559 — Derivative liabilities: Interest rate contracts 3,732 — 3,732 — Equity contracts 3,765 — 3,765 — Foreign exchange contracts 3,940 — 3,940 — Total derivative liabilities 11,437 — 11,437 — 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 securities $ 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 — Agency mortgage-backed securities 2,129,821 — 2,129,821 — Agency 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 table reconciles 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) 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) (404 ) (4,932 ) 3,961 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 31,071 Issuances — 6,874 — Sales — — — Settlements — — — Balance, December 31, 2018 $ 2,012 $ 51,539 $ 80,074 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 $ (404 ) $ (4,932 ) $ 3,961 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) 1,076 (16,156 ) 21,936 Included in other comprehensive income — — — Purchases, issuances, sales and settlements: Purchases — — 17,465 Issuances — 6,639 — Sales — — — Settlements — — — Balance, December 31, 2019 $ 3,088 $ 42,022 $ 119,475 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2019 $ 1,076 $ (16,156 ) $ 21,936 (1) Included in noninterest income in the Consolidated Statements of Income. |
Schedule of carrying amounts and estimated fair values within the fair value hierarchy | The following table represents those assets that were subject to fair value adjustments during the years ended December 31, 2019 and 2018 and still held as of the end of the year, and the related losses from fair value adjustments on assets sold during the year as well as assets still held as of the end of the year. 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) December 31, 2019 (Level 1) (Level 2) (Level 3) December 31, 2019 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 2,177 $ — $ — $ 2,177 $ (215 ) Impaired loans (1) 484 — — 484 (143,024 ) OREO 21,583 — — 21,583 (5,614 ) 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) December 31, 2018 (Level 1) (Level 2) (Level 3) December 31, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 4,380 $ — $ — $ 4,380 $ (592 ) Impaired loans (1) 57,968 — — 57,968 (62,317 ) OREO 16,869 — — 16,869 (3,019 ) (1) Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Schedule of liability fair value measurement inputs | The tables below present quantitative 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 December 31, 2019 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts $ 3,088 Discounted cash flow Closing ratios (pull-through) 16.8% - 100.0% (60.1%) Cap grids 0.5% - 2.5% (0.9%) Other assets - MSRs 42,022 Discounted cash flow Option adjusted spread 6.0% - 9.0% (6.4%) Constant prepayment rate or life speed 0.0% - 80.0% (14.6%) Cost to service $65 - $4,000 ($90) Other assets - SBIC investments 119,475 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 2,177 Discounted cash flow Prepayment rate 13.7% - 14.7% (14.2%) Default rate 3.1% - 4.9% (4.0%) Loss severity 50.3% - 61.9% (56.1%) Impaired loans 484 Appraised value Appraised value 0.0% - 70.0% (9.7%) OREO 21,583 Appraised value Appraised value 8.0% (1) (1) Represents discounts 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 $ 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 discounts 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 are as follows: December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 6,938,698 $ 6,938,698 $ 6,938,698 $ — $ — Debt securities held to maturity 6,797,046 6,921,158 1,340,448 4,912,399 668,311 Loans, net 63,025,864 60,869,662 — — 60,869,662 Liabilities: Deposits $ 74,985,283 $ 75,024,350 $ — $ 75,024,350 $ — FHLB and other borrowings 3,690,044 3,721,949 — 3,721,949 — Federal funds purchased and securities sold under agreements to repurchase 173,028 173,028 — 173,028 — 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 — |
Supplemental Disclosure for S_2
Supplemental Disclosure for Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow disclosures | The following table presents the Company’s noncash investing and financing activities. Years Ended December 31, 2019 2018 2017 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 955,655 $ 592,747 $ 458,660 Net income taxes paid 111,688 146,016 164,875 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 34,327 $ 22,908 $ 28,986 Transfer of loans to loans held for sale 1,196,883 — — Transfer of available for sale debt securities to held to maturity debt securities — 1,017,275 — Issuance of restricted stock, net of cancellations — — (689 ) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Consolidated Statements of Cash Flows. Years Ended December 31, 2019 2018 2017 (In Thousands) Cash and cash equivalents $ 6,938,698 $ 3,332,626 $ 4,082,826 Restricted cash in other assets 217,991 168,754 188,124 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 7,156,689 $ 3,501,380 $ 4,270,950 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | The following table presents the segment information for the Company’s segments. December 31, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,158,173 $ 1,310,274 $ 128,599 $ (112,866 ) $ 122,853 $ 2,607,033 Allocated provision (credit) for loan losses 212,038 305,772 39,753 (693 ) 40,574 597,444 Noninterest income 258,133 489,041 197,470 45,107 146,193 1,135,944 Noninterest expense 704,326 1,227,194 156,328 20,487 757,745 2,866,080 Net income (loss) before income tax expense (benefit) 499,942 266,349 129,988 (87,553 ) (529,273 ) 279,453 Income tax expense (benefit) 104,988 55,933 27,297 (18,386 ) (43,786 ) 126,046 Net income (loss) 394,954 210,416 102,691 (69,167 ) (485,487 ) 153,407 Less: net income attributable to noncontrolling interests 547 — — 1,624 161 2,332 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 394,407 $ 210,416 $ 102,691 $ (70,791 ) $ (485,648 ) $ 151,075 Average total assets $ 39,932,741 $ 19,132,653 $ 7,773,995 $ 19,156,849 $ 8,297,184 $ 94,293,422 December 31, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,351,510 $ 1,472,751 $ 189,074 $ (71,823 ) $ (334,934 ) $ 2,606,578 Allocated provision (credit) for loan losses 71,136 220,240 (57,700 ) (1,177 ) 132,921 365,420 Noninterest income 246,166 455,582 159,991 20,123 175,047 1,056,909 Noninterest expense 680,109 1,173,619 155,404 22,809 318,019 2,349,960 Net income (loss) before income tax expense (benefit) 846,431 534,474 251,361 (73,332 ) (610,827 ) 948,107 Income tax expense (benefit) 177,751 112,240 52,786 (15,400 ) (142,699 ) 184,678 Net income (loss) 668,680 422,234 198,575 (57,932 ) (468,128 ) 763,429 Less: net income (loss) attributable to noncontrolling interests 358 — — 1,655 (32 ) 1,981 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 668,322 $ 422,234 $ 198,575 $ (59,587 ) $ (468,096 ) $ 761,448 Average total assets $ 38,726,839 $ 18,688,884 $ 8,295,416 $ 16,173,962 $ 7,690,936 $ 89,576,037 December 31, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,117,073 $ 1,203,255 $ 144,312 $ 88,016 $ (222,489 ) $ 2,330,167 Allocated provision for loan losses 70,748 192,499 6,906 — 17,540 287,693 Noninterest income 216,068 449,782 183,439 22,660 174,026 1,045,975 Noninterest expense 628,971 1,195,758 148,754 24,921 313,183 2,311,587 Net income (loss) before income tax expense (benefit) 633,422 264,780 172,091 85,755 (379,186 ) 776,862 Income tax expense (benefit) 221,698 92,673 60,232 30,014 (88,541 ) 316,076 Net income (loss) 411,724 172,107 111,859 55,741 (290,645 ) 460,786 Less: net income attributable to noncontrolling interests 299 — — 1,685 21 2,005 Net income (loss) attributable to BBVA USA Bancshares, Inc. $ 411,425 $ 172,107 $ 111,859 $ 54,056 $ (290,666 ) $ 458,781 Average total assets $ 36,070,626 $ 18,072,367 $ 10,073,583 $ 15,475,864 $ 7,665,858 $ 87,358,298 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables depict the disaggregation of revenue according to revenue type and segment. Year Ended December 31, 2019 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 50,618 $ 192,870 $ 6,879 $ — $ 250,367 Card and merchant processing fees 36,668 145,642 — 15,237 197,547 Investment services sales fees 115,446 — — — 115,446 Money transfer income — — — 99,144 99,144 Investment banking and advisory fees — — 83,659 — 83,659 Asset management fees 45,571 — — — 45,571 248,303 338,512 90,538 114,381 791,734 Other revenues (1) 9,830 150,529 106,932 76,919 344,210 Total noninterest income $ 258,133 $ 489,041 $ 197,470 $ 191,300 $ 1,135,944 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Year Ended December 31, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 46,498 $ 183,335 $ 6,840 $ — $ 236,673 Card and merchant processing fees 29,474 132,454 — 12,999 174,927 Investment services sales fees 112,652 — — — 112,652 Money transfer income — — — 91,681 91,681 Investment banking and advisory fees — — 77,684 — 77,684 Asset management fees 43,811 — — — 43,811 232,435 315,789 84,524 104,680 737,428 Other revenues (1) 13,731 139,793 75,467 90,490 319,481 Total noninterest income $ 246,166 $ 455,582 $ 159,991 $ 195,170 $ 1,056,909 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Year Ended December 31, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury, Corporate Support and Other Total (In Thousands) Service charges on deposit accounts $ 46,771 $ 169,243 $ 6,096 $ — $ 222,110 Card and merchant processing fees 657 118,087 — 9,385 128,129 Investment services sales fees 109,214 — — — 109,214 Money transfer income — — — 101,509 101,509 Investment banking and advisory fees — — 103,701 — 103,701 Asset management fees 40,465 — — — 40,465 197,107 287,330 109,797 110,894 705,128 Other revenues (1) 18,961 162,452 73,642 85,792 340,847 Total noninterest income $ 216,068 $ 449,782 $ 183,439 $ 196,686 $ 1,045,975 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed financial statements for Parent Company | The condensed financial information for BBVA USA Bancshares, Inc. (Parent company only) is presented as follows: Parent Company Balance Sheets December 31, 2019 2018 (In Thousands) Assets: Cash and cash equivalents $ 217,765 $ 238,763 Debt securities available for sale 250,000 249,833 Investments in subsidiaries: Banks 12,428,503 12,537,511 Non-banks 460,264 451,813 Other assets 73,663 52,102 Total assets $ 13,430,195 $ 13,530,022 Liabilities and Shareholder’s Equity: Accrued expenses and other liabilities $ 73,062 $ 46,514 Shareholder’s equity 13,357,133 13,483,508 Total liabilities and shareholder’s equity $ 13,430,195 $ 13,530,022 Parent Company Statements of Income Years Ended December 31, 2019 2018 2017 (In Thousands) Income: Dividends from banking subsidiaries $ 445,000 $ 305,000 $ 400,000 Dividends from non-bank subsidiaries 13,356 — 112 Other 5,320 7,731 6,333 Total income 463,676 312,731 406,445 Expense: Salaries and employee benefits 994 3,980 3,898 Other 12,840 8,781 10,603 Total expense 13,834 12,761 14,501 Income before income tax benefit and equity in undistributed earnings of subsidiaries 449,842 299,970 391,944 Income tax expense (benefit) 2,215 (1,255 ) (979 ) Income before equity in undistributed earnings of subsidiaries 447,627 301,225 392,923 Equity in undistributed (losses) earnings of subsidiaries (296,552 ) 460,223 65,858 Net income $ 151,075 $ 761,448 $ 458,781 Other comprehensive income (loss) (1) 221,212 10,570 (29,153 ) Comprehensive income $ 372,287 $ 772,018 $ 429,628 (1) See Consolidated Statement of Comprehensive Income detail. Parent Company Statements of Cash Flows Years Ended December 31, 2019 2018 2017 (In Thousands) Operating Activities: Net income $ 151,075 $ 761,448 $ 458,781 Adjustments to reconcile net income to cash provided by operations: Depreciation 1,229 1,257 1,272 Equity in undistributed losses (earnings) of subsidiaries 296,552 (460,223 ) (65,858 ) Increase in other assets (6,050 ) (878 ) (3,827 ) Increase in accrued expenses and other liabilities 8,960 4,085 11,406 Net cash provided by operating activities 451,766 305,689 401,774 Investing Activities: Purchases of debt securities available for sale (3,493,942 ) (2,194,278 ) (99,991 ) Sales and maturities of debt securities available for sale 3,495,000 2,155,000 90,000 Purchase of premises and equipment (377 ) (3 ) (955 ) Contributions to subsidiaries 28,677 (31,109 ) (69,317 ) Net cash provided by (used in) investing activities 29,358 (70,390 ) (80,263 ) Financing Activities: Repayment of other borrowings — — (100,537 ) Vesting of restricted stock (2,914 ) (712 ) (1,530 ) Restricted stock grants retained to cover taxes — — (689 ) Issuance of common stock 802 — — Dividends paid (500,010 ) (272,047 ) (164,846 ) Net cash used in financing activities (502,122 ) (272,759 ) (267,602 ) Net (decrease) increase in cash, cash equivalents and restricted cash (20,998 ) (37,460 ) 53,909 Cash, cash equivalents and restricted cash at beginning of year 238,763 276,223 222,314 Cash, cash equivalents and restricted cash at end of year $ 217,765 $ 238,763 $ 276,223 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of derivative contracts between the Company and BBVA | The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. December 31, 2019 2018 (In Thousands) Derivative contracts: Fair value hedges $ (354 ) $ (24,839 ) Cash flow hedges 102 174 Free-standing derivative instruments not designated as hedging instruments (9,688 ) 23,378 The following represents the amount of securities purchased under agreements to resell and securities sold under agreements to repurchase where BBVA is the counterparty. December 31, 2019 2018 (In Thousands) Securities purchased under agreements to resell $ 178,914 $ 109,947 Securities sold under agreements to repurchase 16,596 — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)investment_category | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |||
Number of investment classification categories | investment_category | 3 | ||
Commercial, industrial or construction loans held for investment, period of time after payment becomes in doubt that the Company stops accruing interest income and applies subsequent interest payments as principal reductions | 90 days | ||
Consumer loans including residential real estate, held for investment, period of time after payment becomes delinquent or when foreclosure proceedings have been initiated that the Company suspends any payment of principal or interest | 90 days | ||
Minimum balance on loans that are nonaccrual and troubled debt restructurings that are evaluated individually on expected future cash flows and discounted effective rates (greater than) | $ 1,000,000 | ||
Maximum balance on loans that are nonaccrual that are collectively evaluated for impairments on a historic loss expectation or loss calculations (less than) | 1,000,000 | ||
Low income house tax credit investments | 542,000,000 | $ 516,000,000 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax expense | $ 126,046,000 | 184,678,000 | $ 316,076,000 |
Minimum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives on premises and equipment | 1 year | ||
Lease term | 10 years | ||
Maximum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Recognition of charge off expenses on consumer loans, period of time loan is past due | 120 days | ||
Recognition of charge off expenses on residential loans, period of time loan is past due | 180 days | ||
Recognition period of charge off expenses on credit card loans | 180 days | ||
Estimated useful lives on premises and equipment | 40 years | ||
Lease term | 20 years | ||
Commercial, Financial and Agricultural | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Maximum number of days account can be delinquent for the lowest PD factor rating | 60 days | ||
Period used as life cycle for calculation of PD | 10 years | ||
Period used as life cycle for calculation of LGD | 10 years | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Maximum number of days account can be delinquent for the lowest PD factor rating | 60 days | ||
Period used as life cycle for calculation of PD | 10 years | ||
Period used as life cycle for calculation of LGD | 10 years | ||
Incorrect Calculation | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax expense | $ 11,400,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Goodwill impairment | $ 470,000 | $ 0 | $ 0 | ||
ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease ROU asset | $ 290,000 | ||||
Lease ROU liability | 332,000 | ||||
ASU 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from AOCI to retained earnings, increase (decrease) to AOCI | (35,400) | ||||
ASU 2017-04 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Goodwill impairment | $ 470,000 | ||||
Retained Earnings | ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect from adoption of new accounting pronouncement | $ 3,500 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | $ 7,251,523 | $ 11,176,198 |
Available-for-sale securities, gross unrealized gain | 37,117 | 26,486 |
Available-for-sale securities, gross unrealized losses | 53,335 | 221,468 |
Debt securities available for sale | 7,235,305 | 10,981,216 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 6,797,046 | 2,885,613 |
Held-to-maturity securities, gross unrealized gain | 151,345 | 55,077 |
Held-to-maturity securities, gross unrealized losses | 27,233 | 15,270 |
Debt securities held to maturity, estimated fair value | 6,921,158 | 2,925,420 |
U.S. Treasury and other U.S. government agencies | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 3,145,331 | 5,525,902 |
Available-for-sale securities, gross unrealized gain | 16,888 | 13,000 |
Available-for-sale securities, gross unrealized losses | 34,694 | 107,435 |
Debt securities available for sale | 3,127,525 | 5,431,467 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 1,287,049 | |
Held-to-maturity securities, gross unrealized gain | 53,399 | |
Held-to-maturity securities, gross unrealized losses | 0 | |
Debt securities held to maturity, estimated fair value | 1,340,448 | |
Agency mortgage-backed securities | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 1,322,432 | 2,156,872 |
Available-for-sale securities, gross unrealized gain | 12,444 | 9,402 |
Available-for-sale securities, gross unrealized losses | 9,019 | 36,453 |
Debt securities available for sale | 1,325,857 | 2,129,821 |
Agency collateralized mortgage obligations | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 2,783,003 | 3,492,538 |
Available-for-sale securities, gross unrealized gain | 7,744 | 4,021 |
Available-for-sale securities, gross unrealized losses | 9,622 | 77,580 |
Debt securities available for sale | 2,781,125 | 3,418,979 |
States and political subdivisions | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 757 | 886 |
Available-for-sale securities, gross unrealized gain | 41 | 63 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Debt securities available for sale | 798 | 949 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 573,075 | 687,615 |
Held-to-maturity securities, gross unrealized gain | 8,652 | 18,545 |
Held-to-maturity securities, gross unrealized losses | 7,494 | 3,332 |
Debt securities held to maturity, estimated fair value | 574,233 | 702,828 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 4,846,862 | 2,089,860 |
Held-to-maturity securities, gross unrealized gain | 82,105 | 26,988 |
Held-to-maturity securities, gross unrealized losses | 16,568 | 10,338 |
Debt securities held to maturity, estimated fair value | 4,912,399 | 2,106,510 |
Non-agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 37,705 | 46,834 |
Held-to-maturity securities, gross unrealized gain | 5,923 | 7,198 |
Held-to-maturity securities, gross unrealized losses | 1,154 | 1,129 |
Debt securities held to maturity, estimated fair value | 42,474 | 52,903 |
Asset-backed securities and other | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 52,355 | 61,304 |
Held-to-maturity securities, gross unrealized gain | 1,266 | 2,346 |
Held-to-maturity securities, gross unrealized losses | 2,017 | 471 |
Debt securities held to maturity, estimated fair value | $ 51,604 | $ 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 | Dec. 31, 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 | $ 1,185,172 | $ 184,794 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 5,827 | 412 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,991,351 | 8,122,728 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 47,508 | 221,056 |
Available-for-sale securities, fair value | 3,176,523 | 8,307,522 |
Available-for-sale securities, unrealized losses | 53,335 | 221,468 |
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 1,847,313 | 127,551 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 20,779 | 2,306 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 66,853 | 983,535 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 6,454 | 12,964 |
Held-to-maturity securities, fair value | 1,914,166 | 1,111,086 |
Held-to-maturity securities unrealized losses | 27,233 | 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 | 59,496 | 338 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 208 | 1 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 819,360 | 3,879,564 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 34,486 | 107,434 |
Available-for-sale securities, fair value | 878,856 | 3,879,902 |
Available-for-sale securities, unrealized losses | 34,694 | 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 | 245,191 | 68,404 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 851 | 279 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 592,312 | 1,533,156 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 8,168 | 36,174 |
Available-for-sale securities, fair value | 837,503 | 1,601,560 |
Available-for-sale securities, unrealized losses | 9,019 | 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 | 880,485 | 116,052 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 4,768 | 132 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 579,679 | 2,710,008 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 4,854 | 77,448 |
Available-for-sale securities, fair value | 1,460,164 | 2,826,060 |
Available-for-sale securities, unrealized losses | 9,622 | 77,580 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 1,633,667 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 16,568 | 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 | 1,633,667 | 845,512 |
Held-to-maturity securities unrealized losses | 16,568 | 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 | 18,075 | 3,715 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 617 | 71 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 5,401 | 13,195 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 537 | 1,058 |
Held-to-maturity securities, fair value | 23,476 | 16,910 |
Held-to-maturity securities unrealized losses | 1,154 | 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 | 40,876 | 6,911 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 1,396 | 87 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 8,962 | 5,994 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 621 | 384 |
Held-to-maturity securities, fair value | 49,838 | 12,905 |
Held-to-maturity securities unrealized losses | 2,017 | 471 |
States and political subdivisions | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 154,695 | 116,925 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 2,198 | 2,148 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 52,490 | 118,834 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 5,296 | 1,184 |
Held-to-maturity securities, fair value | 207,185 | 235,759 |
Held-to-maturity securities unrealized losses | $ 7,494 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $ 23,416 | $ 22,824 | $ 22,582 |
Reductions for securities paid off during the period (realized) | 0 | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 0 | 0 | 242 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 215 | 592 | 0 |
Other than temporary impairment recognized in other comprehensive income, end of period | $ 23,631 | $ 23,416 | $ 22,824 |
Debt Securities Available for_6
Debt Securities Available for Sale and Debt Securities Held to Maturity - Maturities of securities portfolios (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $ 425,086 | |
Maturing after one but within five years | 2,160,151 | |
Maturing after five but within ten years | 66,435 | |
Maturing after ten years | 494,416 | |
Total single date maturities | 3,146,088 | |
Agency mortgage-backed securities and agency collateralized mortgage obligations | 4,105,435 | |
Available-for-sale securities, amortized cost | 7,251,523 | $ 11,176,198 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 424,972 | |
Maturing after one but within five years | 2,174,394 | |
Maturing after five but within ten years | 67,153 | |
Maturing after ten years | 461,804 | |
Total single date maturities | 3,128,323 | |
Agency mortgage-backed securities and agency collateralized mortgage obligations | 4,106,982 | |
Total | 7,235,305 | 10,981,216 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 49,378 | |
Maturing after one but within five years | 1,219,396 | |
Maturing after five but within ten years | 453,000 | |
Maturing after ten years | 190,705 | |
Total single date maturities | 1,912,479 | |
Agency and non-agency collateralized mortgage obligations | 4,884,567 | |
Held-to-maturity securities, amortized cost | 6,797,046 | 2,885,613 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 50,235 | |
Maturing after one but within five years | 1,265,741 | |
Maturing after five but within ten years | 461,764 | |
Maturing after ten years | 188,545 | |
Total single date maturities | 1,966,285 | |
Agency and non-agency collateralized mortgage obligations | 4,954,873 | |
Total | $ 6,921,158 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains | $ 29,961 | $ 0 | $ 3,033 |
Gross losses | 0 | 0 | 0 |
Net realized gains | $ 29,961 | $ 0 | $ 3,033 |
Debt Securities Available for_8
Debt Securities Available for Sale and Debt Securities Held to Maturity - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Investment securities available for sale were pledged to secure public deposits, securities sold under agreements to repurchase and FHLB advances required or permitted by law | $ 2,700,000 | ||
Investment securities available for sale rated AAA | 99.99% | ||
Securities impairment | $ 215 | $ 592 | $ 242 |
Unrealized losses, net of tax related to securities in accumulated other comprehensive income | $ (28,000) | $ (33,000) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 63,946,857 | $ 65,186,554 | |
Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 24,432,238 | 26,562,319 | |
Commercial Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [1] | 15,890,160 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,028,682 | 1,997,537 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,861,478 | 13,016,796 | |
Residential Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [2] | 16,371,602 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,533,954 | 13,422,156 | |
Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,592,680 | 2,747,217 | |
Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 244,968 | 298,614 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [3] | 7,252,857 | 7,141,915 |
Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 1,002,365 | 818,308 | |
Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,338,142 | 2,553,588 | |
Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 3,912,350 | 3,770,019 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 40,322,398 | 41,576,652 | |
Commercial | Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 24,432,238 | 26,562,319 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,028,682 | 1,997,537 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,861,478 | 13,016,796 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 23,624,459 | 23,609,902 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,533,954 | 13,422,156 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,592,680 | 2,747,217 | |
Consumer | Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 244,968 | 298,614 | |
Consumer | Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 1,002,365 | 818,308 | |
Consumer | Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,338,142 | 2,553,588 | |
Consumer | Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 3,912,350 | $ 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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, beginning of period | $ 885,242 | |||
Allowance for loan losses, covered, beginning of period | 0 | $ 0 | $ 0 | |
Allowance for loan losses, total loans, beginning of period | 885,242 | 842,760 | 838,293 | |
Provision for loan losses | 597,444 | 365,420 | 287,693 | |
Provision (credit) for loan losses, covered | 0 | 0 | (31) | |
Provision (credit) for loan losses, total loans | 597,444 | 365,420 | 287,693 | |
Loans charged off, covered | 0 | 0 | 0 | |
Loans charged off, total loans | (660,650) | (400,704) | (359,052) | |
Loan recoveries, covered | 0 | 0 | 31 | |
Loan recoveries, total loans | 98,957 | 77,766 | 75,826 | |
Net (charge-offs) recoveries, covered | 0 | 0 | 31 | |
Net (charge-offs) recoveries, total loans | (561,693) | (322,938) | (283,226) | |
Allowance for loan losses, end of period | 920,993 | 885,242 | ||
Allowance for loan losses, covered, end of period | 0 | 0 | 0 | |
Allowance for loan losses, total loans, end of period | 920,993 | 885,242 | 842,760 | |
Commercial, Financial and Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, beginning of period | 393,315 | 420,635 | 458,580 | |
Provision for loan losses | 173,271 | 44,403 | 49,528 | |
Loans charged-off | (171,507) | (83,017) | (106,570) | |
Loan recoveries | 13,118 | 11,294 | 19,097 | |
Net (charge-offs) recoveries | (158,389) | (71,723) | (87,473) | |
Allowance for loan losses, end of period | 408,197 | 393,315 | 420,635 | |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, beginning of period | [1] | 112,437 | 118,133 | 116,937 |
Provision for loan losses | [1] | 6,123 | (8,431) | 6,195 |
Loans charged-off | [1] | (2,597) | (3,867) | (9,983) |
Loan recoveries | [1] | 2,670 | 6,602 | 4,984 |
Net (charge-offs) recoveries | [1] | 73 | 2,735 | (4,999) |
Allowance for loan losses, end of period | [1] | 118,633 | 112,437 | 118,133 |
Residential Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, beginning of period | [2] | 101,929 | 109,856 | 119,484 |
Provision for loan losses | [2] | 3,424 | (3,216) | (874) |
Loans charged-off | [2] | (19,600) | (17,821) | (21,287) |
Loan recoveries | [2] | 13,336 | 13,110 | 12,533 |
Net (charge-offs) recoveries | [2] | (6,264) | (4,711) | (8,754) |
Allowance for loan losses, end of period | [2] | 99,089 | 101,929 | 109,856 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, beginning of period | [3] | 277,561 | 194,136 | 143,292 |
Provision for loan losses | [3] | 414,626 | 332,664 | 232,875 |
Loans charged-off | [3] | (466,946) | (295,999) | (221,212) |
Loan recoveries | [3] | 69,833 | 46,760 | 39,181 |
Net (charge-offs) recoveries | [3] | (397,113) | (249,239) | (182,031) |
Allowance for loan losses, end of period | [3] | $ 295,074 | $ 277,561 | $ 194,136 |
[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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | $ 126,832 | $ 107,243 | |||
Collectively evaluated for impairment | 794,161 | 777,999 | |||
Total allowance for loan losses | 920,993 | 885,242 | |||
Total allowance for loan losses, total loans | 920,993 | 885,242 | $ 842,760 | $ 838,293 | |
Ending balance of loans: | |||||
Individually evaluated for impairment | 486,044 | 630,009 | |||
Collectively evaluated for impairment | 63,460,813 | 64,556,545 | |||
Total | 63,946,857 | 65,186,554 | |||
Commercial, Financial and Agricultural | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | 88,164 | 73,072 | |||
Collectively evaluated for impairment | 320,033 | 320,243 | |||
Total allowance for loan losses | 408,197 | 393,315 | 420,635 | 458,580 | |
Ending balance of loans: | |||||
Individually evaluated for impairment | 238,653 | 386,282 | |||
Collectively evaluated for impairment | 24,193,585 | 26,176,037 | |||
Total | 24,432,238 | 26,562,319 | |||
Commercial Real Estate | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [1] | 13,255 | 6,283 | ||
Collectively evaluated for impairment | [1] | 105,378 | 106,154 | ||
Total allowance for loan losses | [1] | 118,633 | 112,437 | 118,133 | 116,937 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [1] | 78,301 | 85,250 | ||
Collectively evaluated for impairment | [1] | 15,811,859 | 14,929,083 | ||
Total | [1] | 15,890,160 | 15,014,333 | ||
Residential Real Estate | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [2] | 22,775 | 26,008 | ||
Collectively evaluated for impairment | [2] | 76,314 | 75,921 | ||
Total allowance for loan losses | [2] | 99,089 | 101,929 | 109,856 | 119,484 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [2] | 155,728 | 153,342 | ||
Collectively evaluated for impairment | [2] | 16,215,874 | 16,314,645 | ||
Total | [2] | 16,371,602 | 16,467,987 | ||
Consumer | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [3] | 2,638 | 1,880 | ||
Collectively evaluated for impairment | [3] | 292,436 | 275,681 | ||
Total allowance for loan losses | [3] | 295,074 | 277,561 | $ 194,136 | $ 143,292 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [3] | 13,362 | 5,135 | ||
Collectively evaluated for impairment | [3] | 7,239,495 | 7,136,780 | ||
Total | [3] | $ 7,252,857 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $ 97,435 | $ 207,639 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 104,277 | 244,720 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 388,609 | 422,370 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 455,162 | 466,744 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 126,832 | 107,243 | |
Individually evaluated impaired loans, average recorded investment | 587,238 | 547,634 | $ 679,688 |
Individually evaluated impaired loans, interest income recognized | 7,844 | 6,906 | 6,925 |
Commercial, Financial and Agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 51,203 | 162,011 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 52,991 | 196,316 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 187,450 | 224,271 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 249,486 | 262,947 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 88,164 | 73,072 | |
Individually evaluated impaired loans, average recorded investment | 344,940 | 293,841 | 426,809 |
Individually evaluated impaired loans, interest income recognized | 2,160 | 1,379 | 947 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 5,972 | 138 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 5,979 | 138 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 850 | 6 | |
Individually evaluated impaired loans, average recorded investment | 854 | 8,600 | 1,874 |
Individually evaluated impaired loans, interest income recognized | 9 | 7 | 11 |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 46,232 | 45,628 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 51,286 | 48,404 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 26,097 | 39,484 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 27,757 | 44,463 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 12,405 | 6,277 | |
Individually evaluated impaired loans, average recorded investment | 78,889 | 81,989 | 72,692 |
Individually evaluated impaired loans, interest income recognized | 807 | 870 | 1,071 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 111,623 | 104,787 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 111,623 | 104,787 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 8,974 | 8,711 | |
Individually evaluated impaired loans, average recorded investment | 108,606 | 108,094 | 115,583 |
Individually evaluated impaired loans, interest income recognized | 2,681 | 2,658 | 2,676 |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 15,466 | 16,012 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 15,472 | 16,016 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 10,896 | 13,334 | |
Individually evaluated impaired loans, average recorded investment | 15,641 | 17,413 | 21,458 |
Individually evaluated impaired loans, interest income recognized | 649 | 748 | 871 |
Residential Real Estate | Equity loans | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 28,639 | 32,543 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 29,488 | 33,258 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 2,905 | 3,963 | |
Individually evaluated impaired loans, average recorded investment | 30,158 | 34,290 | 38,090 |
Individually evaluated impaired loans, interest income recognized | 1,079 | 1,180 | 1,312 |
Consumer | Credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | |
Individually evaluated impaired loans, average recorded investment | 0 | 0 | 0 |
Individually evaluated impaired loans, interest income recognized | 0 | 0 | 0 |
Consumer | Consumer direct | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 11,601 | 4,715 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 13,596 | 4,715 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 1,903 | 1,473 | |
Individually evaluated impaired loans, average recorded investment | 7,467 | 2,766 | 1,629 |
Individually evaluated impaired loans, interest income recognized | 458 | 59 | 27 |
Consumer | Consumer indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 1,761 | 420 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 1,761 | 420 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 735 | 407 | |
Individually evaluated impaired loans, average recorded investment | 683 | 641 | 1,553 |
Individually evaluated impaired loans, interest income recognized | $ 1 | $ 5 | $ 10 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Credit quality indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 63,946,857 | $ 65,186,554 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 24,432,238 | 26,562,319 | |
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [1] | 16,371,602 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,533,954 | 13,422,156 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,592,680 | 2,747,217 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 244,968 | 298,614 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [2] | 15,890,160 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,028,682 | 1,997,537 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,861,478 | 13,016,796 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | [3] | 7,252,857 | 7,141,915 |
Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,002,365 | 818,308 | |
Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,338,142 | 2,553,588 | |
Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,912,350 | 3,770,019 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,624,459 | 23,609,902 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,533,954 | 13,422,156 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,592,680 | 2,747,217 | |
Consumer | Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 244,968 | 298,614 | |
Consumer | Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,002,365 | 818,308 | |
Consumer | Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,338,142 | 2,553,588 | |
Consumer | Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,912,350 | 3,770,019 | |
Consumer | Performing | Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,381,709 | 13,248,822 | |
Consumer | Performing | Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,553,000 | 2,707,289 | |
Consumer | Performing | Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 236,122 | 287,392 | |
Consumer | Performing | Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 979,569 | 801,297 | |
Consumer | Performing | Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,313,082 | 2,535,724 | |
Consumer | Performing | Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 3,870,839 | 3,742,394 | |
Consumer | Nonperforming | Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 152,245 | 173,334 | |
Consumer | Nonperforming | Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 39,680 | 39,928 | |
Consumer | Nonperforming | Residential Real Estate | Equity loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 8,846 | 11,222 | |
Consumer | Nonperforming | Consumer | Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 22,796 | 17,011 | |
Consumer | Nonperforming | Consumer | Consumer direct | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 25,060 | 17,864 | |
Consumer | Nonperforming | Consumer | Consumer indirect | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 41,511 | 27,625 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 40,322,398 | 41,576,652 | |
Commercial | Commercial, Financial and Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 24,432,238 | 26,562,319 | |
Commercial | Commercial, Financial and Agricultural | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,319,645 | 25,395,640 | |
Commercial | Commercial, Financial and Agricultural | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 543,928 | 412,129 | |
Commercial | Commercial, Financial and Agricultural | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 488,813 | 631,706 | |
Commercial | Commercial, Financial and Agricultural | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 79,852 | 122,844 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,028,682 | 1,997,537 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,861,478 | 13,016,796 | |
Commercial | Commercial Real Estate | Pass | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,979,310 | 1,971,852 | |
Commercial | Commercial Real Estate | Pass | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,547,273 | 12,620,421 | |
Commercial | Commercial Real Estate | Special Mention | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 67 | 12,372 | |
Commercial | Commercial Real Estate | Special Mention | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 168,679 | 215,322 | |
Commercial | Commercial Real Estate | Substandard | Real estate – construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 49,305 | 13,313 | |
Commercial | Commercial Real Estate | Substandard | Commercial real estate – mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 134,420 | 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 | $ 11,106 | $ 10,750 | |
[1] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||
[2] | Includes commercial real estate – mortgage and real estate – construction 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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | $ 606,843 | $ 751,486 | |
Accruing TDRs | 98,315 | 109,601 | |
Total Past Due and Impaired | 1,148,364 | 1,313,769 | |
Not Past Due or Impaired | 62,798,493 | 63,872,785 | |
Total | 63,946,857 | 65,186,554 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 262,293 | 274,283 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 109,787 | 118,850 | |
90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 71,126 | 59,549 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 268,288 | 400,389 | |
Accruing TDRs | 1,456 | 18,926 | |
Total Past Due and Impaired | 322,171 | 456,470 | |
Not Past Due or Impaired | 24,110,067 | 26,105,849 | |
Total | 24,432,238 | 26,562,319 | |
Commercial, Financial and Agricultural | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 29,273 | 17,257 | |
Commercial, Financial and Agricultural | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 16,462 | 11,784 | |
Commercial, Financial and Agricultural | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,692 | 8,114 | |
Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [1] | 15,890,160 | 15,014,333 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 8,041 | 2,851 | |
Accruing TDRs | 72 | 116 | |
Total Past Due and Impaired | 16,289 | 12,578 | |
Not Past Due or Impaired | 2,012,393 | 1,984,959 | |
Total | 2,028,682 | 1,997,537 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 98,077 | 110,144 | |
Accruing TDRs | 3,414 | 3,661 | |
Total Past Due and Impaired | 118,850 | 131,278 | |
Not Past Due or Impaired | 13,742,628 | 12,885,518 | |
Total | 13,861,478 | 13,016,796 | |
Commercial Real Estate | 30-59 Days Past Due | Real estate – construction | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 7,603 | 218 | |
Commercial Real Estate | 30-59 Days Past Due | Commercial real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 5,325 | 11,678 | |
Commercial Real Estate | 60-89 Days Past Due | Real estate – construction | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 2 | 8,849 | |
Commercial Real Estate | 60-89 Days Past Due | Commercial real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 5,458 | 3,375 | |
Commercial Real Estate | 90 Days or More Past Due | Real estate – construction | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 571 | 544 | |
Commercial Real Estate | 90 Days or More Past Due | Commercial real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,576 | 2,420 | |
Residential Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [2] | 16,371,602 | 16,467,987 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 147,337 | 167,099 | |
Accruing TDRs | 57,165 | 57,446 | |
Total Past Due and Impaired | 303,623 | 340,690 | |
Not Past Due or Impaired | 13,230,331 | 13,081,466 | |
Total | 13,533,954 | 13,422,156 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 38,113 | 37,702 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 62,027 | 59,044 | |
Not Past Due or Impaired | 2,530,653 | 2,688,173 | |
Total | 2,592,680 | 2,747,217 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 8,651 | 10,939 | |
Accruing TDRs | 23,770 | 26,768 | |
Total Past Due and Impaired | 36,500 | 42,201 | |
Not Past Due or Impaired | 208,468 | 256,413 | |
Total | 244,968 | 298,614 | |
Residential Real Estate | 30-59 Days Past Due | Residential real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 72,571 | 80,366 | |
Residential Real Estate | 30-59 Days Past Due | Equity lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 15,766 | 14,007 | |
Residential Real Estate | 30-59 Days Past Due | Equity loans | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 2,856 | 3,471 | |
Residential Real Estate | 60-89 Days Past Due | Residential real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 21,909 | 29,852 | |
Residential Real Estate | 60-89 Days Past Due | Equity lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,581 | 5,109 | |
Residential Real Estate | 60-89 Days Past Due | Equity loans | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,028 | 843 | |
Residential Real Estate | 90 Days or More Past Due | Residential real estate – mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 4,641 | 5,927 | |
Residential Real Estate | 90 Days or More Past Due | Equity lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,567 | 2,226 | |
Residential Real Estate | 90 Days or More Past Due | Equity loans | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 195 | 180 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | [3] | 7,252,857 | 7,141,915 |
Consumer | Credit card | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 43,285 | 33,850 | |
Not Past Due or Impaired | 959,080 | 784,458 | |
Total | 1,002,365 | 818,308 | |
Consumer | Consumer direct | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 6,555 | 4,528 | |
Accruing TDRs | 12,438 | 2,684 | |
Total Past Due and Impaired | 91,712 | 77,427 | |
Not Past Due or Impaired | 2,246,430 | 2,476,161 | |
Total | 2,338,142 | 2,553,588 | |
Consumer | Consumer indirect | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 31,781 | 17,834 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 153,907 | 160,231 | |
Not Past Due or Impaired | 3,758,443 | 3,609,788 | |
Total | 3,912,350 | 3,770,019 | |
Consumer | 30-59 Days Past Due | Credit card | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 11,275 | 9,516 | |
Consumer | 30-59 Days Past Due | Consumer direct | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 33,658 | 37,336 | |
Consumer | 30-59 Days Past Due | Consumer indirect | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 83,966 | 100,434 | |
Consumer | 60-89 Days Past Due | Credit card | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 9,214 | 7,323 | |
Consumer | 60-89 Days Past Due | Consumer direct | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 20,703 | 19,543 | |
Consumer | 60-89 Days Past Due | Consumer indirect | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 28,430 | 32,172 | |
Consumer | 90 Days or More Past Due | Credit card | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 22,796 | 17,011 | |
Consumer | 90 Days or More Past Due | Consumer direct | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 18,358 | 13,336 | |
Consumer | 90 Days or More Past Due | Consumer indirect | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | $ 9,730 | $ 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 - Reclassified as troubled debt restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts, covered | Contract | 0 | 0 | 2 |
Post modification outstanding, recorded investment, covered | $ | $ 0 | $ 0 | $ 103 |
Number of subsequent defaults contracts, covered | Contract | 0 | 0 | 0 |
Recorded investment at subsequent default, covered | $ | $ 0 | $ 0 | $ 0 |
Commercial, Financial and Agricultural | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 15 | 8 | 26 |
Post modification outstanding, recorded investment | $ | $ 29,293 | $ 122,182 | $ 232,511 |
Number of subsequent default contracts | Contract | 0 | 0 | 1 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 686 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 1 | 2 | 0 |
Post modification outstanding, recorded investment | $ | $ 119 | $ 307 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 7 | 4 | 3 |
Post modification outstanding, recorded investment | $ | $ 21,419 | $ 4,072 | $ 1,223 |
Number of subsequent default contracts | Contract | 1 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 599 | $ 0 | $ 0 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 118 | 73 | 66 |
Post modification outstanding, recorded investment | $ | $ 28,269 | $ 14,851 | $ 15,714 |
Number of subsequent default contracts | Contract | 2 | 7 | 1 |
Recorded investment at subsequent default | $ | $ 455 | $ 834 | $ 505 |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 9 | 11 | 41 |
Post modification outstanding, recorded investment | $ | $ 478 | $ 289 | $ 1,858 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 |
Residential Real Estate | Equity loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 17 | 25 | 30 |
Post modification outstanding, recorded investment | $ | $ 1,141 | $ 2,687 | $ 1,246 |
Number of subsequent default contracts | Contract | 2 | 6 | 2 |
Recorded investment at subsequent default | $ | $ 151 | $ 358 | $ 51 |
Consumer | Credit card | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 0 | 0 | 0 |
Post modification outstanding, recorded investment | $ | $ 0 | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 |
Consumer | Consumer direct | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 286 | 16 | 0 |
Post modification outstanding, recorded investment | $ | $ 15,583 | $ 2,158 | $ 0 |
Number of subsequent default contracts | Contract | 6 | 1 | 0 |
Recorded investment at subsequent default | $ | $ 2,757 | $ 5 | $ 0 |
Consumer | Consumer indirect | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | Contract | 154 | 0 | 14 |
Post modification outstanding, recorded investment | $ | $ 1,878 | $ 0 | $ 209 |
Number of subsequent default contracts | Contract | 0 | 0 | 1 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 22 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Unearned income | $ 224.9 | $ 258.6 | |
Unamortized deferred costs | 376.6 | 380.2 | |
Loans pledged to secure deposits and FHLB advances and for other purposes as required or permitted by law | 13,700 | ||
Impact to the allowance for loan losses related to modifications | 21 | 11.2 | $ 27.1 |
Commitment to lend additional funds to borrowers whose terms have been modified in a TDR | 43.8 | 54.2 | |
Other real estate owned | 22 | 17 | |
Residential real estate loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 57 | 62 | |
Residential real estate – mortgage | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Other real estate owned | 14 | 14 | |
Interest Rate Concession | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Post modification outstanding, recorded investment | 25 | 28 | 7 |
Modification of Loan Structure | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Post modification outstanding, recorded investment | $ 73 | $ 119 | $ 246 |
Loan Sales and Servicing - Narr
Loan Sales and Servicing - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Transfers and Servicing [Abstract] | ||
Loans held for sale | $ 112,058 | $ 68,766 |
Loan Sales and Servicing - Loan
Loan Sales and Servicing - Loans Transferred to Held for Sale and Loans Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Loans transferred from held for investment to held for sale | $ 1,196,883 | $ 0 | $ 0 |
Loans and Loans Held for Sale Excluding Loans Originated for Sale in Secondary Market | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Loans transferred from held for investment to held for sale | 1,196,883 | 0 | 0 |
Charge-offs on loans recognized at transfer from held for investment to held for sale | 0 | 0 | 0 |
Loans and loans held for sale sold | $ 1,113,371 | $ 293,996 | $ 204,058 |
Loan Sales and Servicing - Sale
Loan Sales and Servicing - Sales in the Secondary Market (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | ||||
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | $ 29,539 | $ 18,863 | $ 25,576 | |
Originated For Sale In The Secondary Market | ||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | ||||
Residential real estate loans originated for sale in the secondary market sold | [1] | 724,706 | 625,091 | 660,484 |
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | [2] | 29,539 | 18,863 | 25,576 |
Servicing fees recognized | [3] | $ 10,896 | $ 11,213 | $ 10,841 |
[1] | The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. | |||
[2] | Net gains were recorded in mortgage banking income in the Company's Consolidated Statements of Income. | |||
[3] | Beginning in 2018, recorded as a component of mortgage banking in the Company's Consolidated Statements of Income. 2017 servicing fees are recorded as a component of other noninterest income in the Company's Consolidated Statements of Income. |
Loan Sales and Servicing - Real
Loan Sales and Servicing - Real Estate Mortgages Sold With Retained Servicing (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Fair value of MSRs | $ 42,022 | $ 51,539 | |
Residential Real Estate Mortgage Loans Sold with Retained Servicing | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estate Owned [Line Items] | |||
Recorded balance of residential real estate mortgage loans sold with retained servicing | [1] | 4,534,202 | 4,588,273 |
Fair value of MSRs | [2] | $ 42,022 | $ 51,539 |
[1] | These loans are not included in loans on the Company's Consolidated Balance Sheets. | ||
[2] | Recorded under the fair value method and included in other assets on the Company's Consolidated Balance Sheets. |
Loan Sales and Servicing - Resi
Loan Sales and Servicing - Residential MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | $ 51,539 | |||
Increase (decrease) in fair value: | ||||
Ending balance | 42,022 | $ 51,539 | ||
Residential Mortgage | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 51,539 | 49,597 | $ 51,428 | |
Additions | 6,639 | 6,874 | 7,098 | |
Increase (decrease) in fair value: | ||||
Due to changes in valuation inputs or assumptions | (7,552) | 6,985 | 2,233 | |
Due to other changes in fair value | [1] | (8,604) | (11,917) | (11,162) |
Ending balance | $ 42,022 | $ 51,539 | $ 49,597 | |
[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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of MSRs | $ 42,022 | $ 51,539 |
Composition of residential loans serviced for others, percentage | 100.00% | 100.00% |
Weighted average life (in years) | 4 years 7 months 10 days | 6 years 6 months 19 days |
Prepayment speed: | 16.90% | 7.40% |
Effect on fair value of a 10% increase | $ (2,906) | $ (1,432) |
Effect on fair value of a 20% increase | $ (5,043) | $ (2,778) |
Weighted average option adjusted spread | 6.40% | 6.50% |
Effect on fair value of a 10% increase | $ (1,159) | $ (1,627) |
Effect on fair value of a 20% increase | $ (1,812) | $ (3,116) |
Fixed rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 98.10% | 97.70% |
Adjustable rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 1.90% | 2.30% |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,672,228 | $ 2,608,906 | |
Less: Accumulated depreciation and amortization | 1,584,530 | 1,455,948 | |
Total premises and equipment | 1,087,698 | 1,152,958 | |
Depreciation expense | 189,000 | 198,400 | $ 194,300 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 297,039 | 300,955 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 580,911 | 601,344 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 425,794 | 431,631 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,035,892 | 990,187 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 203,776 | 193,944 | |
Construction / projects in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 128,816 | $ 90,845 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lease expense | $ 86,800,000 | $ 84,300,000 | |
Lease income | $ 7,700,000 | $ 6,800,000 | |
Operating lease, lease not yet commenced, amount | $ 0 | ||
Finance lease, lease not yet commenced, amount | $ 0 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Right-of-use asset, finance lease | $ 8,566 |
Right-of-use asset, operating lease | 272,279 |
Right-of-use asset, total | 280,845 |
Lease liability balance, finance lease | 12,339 |
Lease ROU liability | 313,398 |
Lease liability balance, total | $ 325,737 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Interest on lease liabilities | $ 608 |
Amortization of right-of-use assets | 1,323 |
Finance lease cost | 1,931 |
Operating lease cost | 48,316 |
Variable lease cost | 16,537 |
Sublease income | (6,812) |
Total lease cost | 59,972 |
Cash paid for amounts included in measurement of liabilities | |
Operating cash flows from operating leases | 54,020 |
Operating cash flows from finance leases | 608 |
Financing cash flows from finance leases | 1,589 |
Right-of-use assets obtained in exchange for lease obligations | |
Operating leases | 35,315 |
Finance leases | $ 0 |
Finance lease, weighted-average remaining lease term | 8 years 5 months 28 days |
Operating lease, weighted-average remaining lease term | 9 years 10 months 7 days |
Lease, weighted-average remaining lease term | 9 years 9 months 15 days |
Finance lease, weighted-average discount rate, percent | 4.70% |
Operating lease, weighted-average discount rate, percent | 3.30% |
Lease, weighted-average discount rate, percent | 3.40% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finance | |
2020 | $ 2,233 |
2021 | 2,143 |
2022 | 1,923 |
2023 | 1,501 |
2024 | 1,410 |
Thereafter | 5,696 |
Total finance undiscounted lease liability | 14,906 |
Operating | |
2020 | 54,817 |
2021 | 51,204 |
2022 | 46,458 |
2023 | 40,604 |
2024 | 31,667 |
Thereafter | 141,558 |
Total operating undiscounted lease liability | 366,308 |
Total | |
2020 | 57,050 |
2021 | 53,347 |
2022 | 48,381 |
2023 | 42,105 |
2024 | 33,077 |
Thereafter | 147,254 |
Total undiscounted lease liability | 381,214 |
Total finance undiscounted lease liability | 14,906 |
Finance lease, less: imputed interest | 2,567 |
Finance lease, discounted lease liability | 12,339 |
Total operating undiscounted lease liability | 366,308 |
Operating lease, less: imputed interest | 52,910 |
Operating lease, discounted lease liability | 313,398 |
Total undiscounted lease liability | 381,214 |
Lease, less: imputed interest | 55,477 |
Lease, discounted lease liability | $ 325,737 |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $ 9,835,400 | $ 9,835,400 | |
Accumulated impairment losses, beginning of period | (4,852,104) | (4,852,104) | |
Goodwill, net, beginning of period | 4,983,296 | 4,983,296 | |
Goodwill acquired during the year | 0 | 0 | |
Disposition adjustments | 0 | 0 | |
Impairment losses | (470,000) | 0 | $ 0 |
Goodwill, end of period | 9,835,400 | 9,835,400 | 9,835,400 |
Accumulated impairment losses, end of period | (5,322,104) | (4,852,104) | (4,852,104) |
Goodwill, net, end of period | $ 4,513,296 | $ 4,983,296 | $ 4,983,296 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)reporting_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Number of reporting units | reporting_unit | 3 | ||
Goodwill | $ 4,513,296 | $ 4,983,296 | $ 4,983,296 |
Recognized accumulated goodwill impairment losses | 5,322,104 | 4,852,104 | 4,852,104 |
Goodwill impairment | 470,000 | 0 | $ 0 |
Commercial Banking and Wealth | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 2,659,830 | 2,659,830 | |
Recognized accumulated goodwill impairment losses | 2,500,000 | ||
Retail Banking | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,427,660 | 1,427,660 | |
Recognized accumulated goodwill impairment losses | 1,400,000 | ||
Corporate and Investment Banking | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 425,806 | $ 895,806 | |
Recognized accumulated goodwill impairment losses | 719,000 | ||
Reporting units with no remaining goodwill balance | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Recognized accumulated goodwill impairment losses | $ 784,000 |
Goodwill Goodwill - Goodwill Ac
Goodwill Goodwill - Goodwill Accumulated Impairment Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 4,513,296 | $ 4,983,296 | $ 4,983,296 |
Commercial Banking and Wealth | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 2,659,830 | 2,659,830 | |
Retail Banking | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,427,660 | 1,427,660 | |
Corporate and Investment Banking | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 425,806 | $ 895,806 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Time deposits, less than $250,000 | $ 8,000 | |
Time deposits, $250,000 or more | 4,000 | |
Demand deposits overdrafts reclassified to loans | 17 | $ 16 |
Standby letters of credit issued to secure public deposits | $ 7,700 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2020 | $ 11,400,712 |
2021 | 457,119 |
2022 | 76,441 |
2023 | 81,947 |
2024 | 31,801 |
Thereafter | 5,409 |
Total | $ 12,053,429 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Ending Balance | $ 173,028 | $ 102,275 |
Average Balance | 872,885 | 178,275 |
Maximum Outstanding Balance | 1,273,328 | 344,515 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Ending Balance | $ 0 | $ 0 |
Ending Average Interest Rate | 0.00% | 0.00% |
Average Balance | $ 746 | $ 82 |
Maximum Outstanding Balance | 5,060 | 2,000 |
Securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Ending Balance | $ 173,028 | $ 102,275 |
Ending Average Interest Rate | 1.70% | 3.73% |
Average Balance | $ 857,176 | $ 109,770 |
Maximum Outstanding Balance | 1,198,822 | 183,511 |
Total federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Ending Balance | 173,028 | 102,275 |
Average Balance | 857,922 | 109,852 |
Maximum Outstanding Balance | 1,203,882 | 185,511 |
Other short-term borrowings | ||
Short-term Debt [Line Items] | ||
Ending Balance | $ 0 | $ 0 |
Ending Average Interest Rate | 0.00% | 0.00% |
Average Balance | $ 14,963 | $ 68,423 |
Maximum Outstanding Balance | $ 69,446 | $ 159,004 |
FHLB and Other Borrowings - Nar
FHLB and Other Borrowings - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
FHLB and other borrowings | $ 3,690,044,000 | $ 3,987,590,000 |
Senior notes | 2.50% senior notes | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 600,000,000 | |
Stated interest rate | 2.50% | |
Maturity date | Aug. 27, 2024 | |
FHLB and other borrowings | $ 600,000,000 | 0 |
Senior notes | 3.50% senior notes | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 700,000,000 | |
Stated interest rate | 3.50% | 3.50% |
Maturity date | Jun. 11, 2021 | Jun. 11, 2021 |
FHLB and other borrowings | $ 700,000,000 | $ 700,000,000 |
Senior notes | 2.62% senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.62% | |
Maturity date | Jun. 11, 2021 | |
FHLB and other borrowings | $ 450,000,000 | $ 450,000,000 |
FHLB and Other Borrowings - Deb
FHLB and Other Borrowings - Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
FHLB and other borrowings | $ 3,690,044 | $ 3,987,590 |
FHLB Advances | ||
Debt Instrument [Line Items] | ||
FHLB and other borrowings | $ 179,892 | 530,116 |
FHLB Advances | LIBOR-based floating rate FHLB advances | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.57% | |
Maturity date | Jul. 27, 2021 | |
FHLB and other borrowings | $ 120,000 | 120,000 |
FHLB Advances | Fixed rate, FHLB advances | ||
Debt Instrument [Line Items] | ||
Maturity date, start | Jul. 1, 2024 | |
Maturity date, end | Jul. 1, 2025 | |
Weighted average interest rate | 3.31% | |
FHLB and other borrowings | $ 59,892 | 410,116 |
Senior notes | 2.88% senior notes | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 29, 2022 | |
FHLB and other borrowings | $ 750,000 | $ 750,000 |
Stated interest rate | 2.88% | |
Senior notes | 3.50% senior notes | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 11, 2021 | Jun. 11, 2021 |
FHLB and other borrowings | $ 700,000 | $ 700,000 |
Stated interest rate | 3.50% | 3.50% |
Senior notes | 2.75% senior notes | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 29, 2019 | |
FHLB and other borrowings | $ 0 | $ 600,000 |
Stated interest rate | 2.75% | |
Senior notes | 2.50% senior notes | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 27, 2024 | |
FHLB and other borrowings | $ 600,000 | 0 |
Stated interest rate | 2.50% | |
Senior notes | 2.62% senior notes | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 11, 2021 | |
FHLB and other borrowings | $ 450,000 | 450,000 |
Stated interest rate | 2.62% | |
Subordinated debentures | ||
Debt Instrument [Line Items] | ||
FHLB and other borrowings | $ 3,510,152 | 3,457,474 |
Unamortized (discount) premium | $ (15,673) | (19,027) |
Subordinated debentures | 3.88% subordinated debentures | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 10, 2025 | |
FHLB and other borrowings | $ 700,000 | 700,000 |
Stated interest rate | 3.88% | |
Subordinated debentures | 5.50% subordinated debentures | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 1, 2020 | |
FHLB and other borrowings | $ 227,764 | 227,764 |
Stated interest rate | 5.50% | |
Subordinated debentures | 5.90% subordinated debentures | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 1, 2026 | |
FHLB and other borrowings | $ 71,086 | 71,086 |
Stated interest rate | 5.90% | |
Subordinated debentures | Fair value of hedged senior notes and subordinated debentures | ||
Debt Instrument [Line Items] | ||
Fair value of hedged senior notes and subordinated debentures | $ 26,975 | |
Fair value of hedged senior notes and subordinated debentures | $ (22,349) |
FHLB and Other Borrowings - Mat
FHLB and Other Borrowings - Maturity of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturing: | ||
Total | $ 3,690,044 | $ 3,987,590 |
FHLB Advances | ||
Maturing: | ||
2020 | 0 | |
2021 | 120,000 | |
2022 | 0 | |
2023 | 0 | |
2024 | 55,066 | |
Thereafter | 4,826 | |
Total | 179,892 | $ 530,116 |
Senior Notes and Subordinated Debentures | ||
Maturing: | ||
2020 | 229,185 | |
2021 | 1,158,432 | |
2022 | 750,637 | |
2023 | 0 | |
2024 | 588,356 | |
Thereafter | 783,542 | |
Total | $ 3,510,152 |
Shareholder's Equity (Details)
Shareholder's Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2000 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares sold | 1,150 | 1,150 | ||
Preferred stock, sale price (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock | $ 229,475 | $ 229,475 | ||
Issuance of common stock | $ 802 | |||
Preferred stock, liquidation preference (in dollars per share) | $ 200,000 | $ 200,000 | ||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares sold | 1,150 | |||
Preferred stock, sale price (in dollars per share) | $ 200,000 | |||
Preferred stock, redemption period threshold following certain changes in regulatory capital requirements | 90 days | |||
Preferred stock | $ 229,000 | $ 229,000 | ||
Preferred Class B | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock | $ 21,000 | |||
Preferred stock outstanding, value | $ 22,000 | $ 22,000 | ||
Preferred stock, rate per annum | 9.875% | |||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | |||
Libor | Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, variable rate on dividends | 5.24% |
Comprehensive Income - Changes
Comprehensive Income - Changes in Components of OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pretax | |||
Other comprehensive income (loss) | $ 290,008 | $ 19,478 | $ (55,759) |
Tax Expense/ (Benefit) | |||
Other comprehensive income (loss) | 68,796 | 8,908 | (26,606) |
After-tax | |||
Change in unamortized net holding gains on debt securities held to maturity | (7,794) | (7,016) | (3,944) |
Change in unamortized non-credit related impairment on debt securities held to maturity | (607) | (799) | (991) |
Change in defined benefit plans | 9,820 | (4,733) | 2,200 |
Other comprehensive income (loss), net of tax | 221,212 | 10,570 | (29,153) |
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | |||
After-tax | |||
Unrealized holding losses arising during period from debt securities available for sale | 159,260 | (32,615) | |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 15,063 | (7,016) | |
Other comprehensive income (loss), net of tax | 144,197 | (25,599) | |
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||
Pretax | |||
Other comprehensive income (loss) | 113,359 | ||
Tax Expense/ (Benefit) | |||
Other comprehensive income (loss) | 27,049 | ||
After-tax | |||
Unrealized holding losses arising during period from debt securities available for sale | 83,903 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (2,407) | ||
Other comprehensive income (loss), net of tax | 86,310 | ||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||
Pretax | |||
Other comprehensive income (loss) | 46,406 | (35,768) | |
Tax Expense/ (Benefit) | |||
Other comprehensive income (loss) | 15,466 | (21,083) | |
After-tax | |||
Unrealized holding losses arising during period from debt securities available for sale | (4,394) | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (35,334) | ||
Other comprehensive income (loss), net of tax | 30,940 | (14,685) | |
Defined Benefit Plan Adjustment | |||
Pretax | |||
Change in defined benefit plans | (12,932) | 6,142 | (3,501) |
Tax Expense/ (Benefit) | |||
Change in defined benefit plans | (3,112) | 1,409 | (1,301) |
After-tax | |||
Unrealized holding 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 | 9,820 | (4,733) | |
Change in defined benefit plans | (9,820) | 4,733 | (2,200) |
Other comprehensive income (loss), net of tax | (9,820) | 4,733 | |
Available-for-sale Securities | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | |||
Pretax | |||
Unrealized holding losses arising during period from debt securities available for sale | 208,725 | (2,925) | (20,089) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 29,961 | 0 | 3,033 |
Other comprehensive income (loss) | 178,764 | (2,925) | (23,122) |
Tax Expense/ (Benefit) | |||
Unrealized holding losses arising during period from debt securities available for sale | 49,465 | (797) | (5,143) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 7,104 | 0 | 776 |
Other comprehensive income (loss) | 42,361 | (797) | (5,919) |
After-tax | |||
Unrealized holding losses arising during period from debt securities available for sale | 159,260 | (2,128) | (14,946) |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 22,857 | 0 | 2,257 |
Other comprehensive income (loss), net of tax | 136,403 | (2,128) | (17,203) |
Held-to-maturity Securities | Change in Unamortized Net Holding Losses on Debt Securities Held to Maturity | |||
Pretax | |||
Unrealized holding losses arising during period from debt securities available for sale | 39,904 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (108) | (397) | 0 |
Other comprehensive income (loss) | 10,817 | (30,145) | 6,632 |
Tax Expense/ (Benefit) | |||
Unrealized holding losses arising during period from debt securities available for sale | 9,417 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (26) | (94) | 0 |
Other comprehensive income (loss) | 2,498 | (7,170) | 1,697 |
After-tax | |||
Unrealized holding losses arising during period from debt securities available for sale | 30,487 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (82) | (303) | 0 |
Other comprehensive income (loss), net of tax | 8,319 | (22,975) | 4,935 |
Held-to-maturity Securities | Unrealized Gains (Losses) on Debt Securities Held to Maturity | |||
Pretax | |||
Change in unamortized non-credit related impairment on debt securities held to maturity | 781 | 1,036 | 1,556 |
Tax Expense/ (Benefit) | |||
Change in unamortized non-credit related impairment on debt securities held to maturity | 174 | 237 | 565 |
After-tax | |||
Change in unamortized non-credit related impairment on debt securities held to maturity | 607 | 799 | 991 |
Held-to-maturity Securities | Change in Unamortized Non-Credit Related Impairment on Debt Securities Held to Maturity | |||
Pretax | |||
Change in unamortized net holding gains on debt securities held to maturity | 10,144 | 9,120 | 5,076 |
Tax Expense/ (Benefit) | |||
Change in unamortized net holding gains on debt securities held to maturity | 2,350 | 2,104 | 1,132 |
After-tax | |||
Change in unamortized net holding gains on debt securities held to maturity | $ 7,794 | $ 7,016 | $ 3,944 |
Comprehensive Income - AOCI (De
Comprehensive Income - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | ||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | $ 13,512,529 | $ 13,013,310 | $ 12,750,707 | |||||
Balance, as adjusted | 13,515,989 | 13,013,310 | ||||||
Other comprehensive income (loss), net of tax | 221,212 | 10,570 | (29,153) | |||||
Balance, end of period | 13,386,589 | 13,512,529 | 13,013,310 | |||||
ASU 2016-01 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | 0 | |||||||
ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | [1] | 3,460 | ||||||
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) | ||||||
Balance, as adjusted | (184,277) | (132,834) | ||||||
Other comprehensive income (loss) before reclassifications | 159,260 | (32,615) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (15,063) | 7,016 | ||||||
Other comprehensive income (loss), net of tax | 144,197 | (25,599) | ||||||
Balance, end of period | (40,080) | (158,433) | (132,821) | |||||
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ASU 2016-01 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | $ (13) | |||||||
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | [2] | $ (25,844) | ||||||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | 6,175 | |||||||
Balance, as adjusted | 5,135 | |||||||
Other comprehensive income (loss) before reclassifications | 83,903 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2,407 | |||||||
Other comprehensive income (loss), net of tax | 86,310 | |||||||
Balance, end of period | 91,445 | 6,175 | ||||||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | [2] | (1,040) | ||||||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | 6,175 | (24,765) | ||||||
Balance, as adjusted | (24,765) | |||||||
Other comprehensive income (loss) before reclassifications | (4,394) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 35,334 | |||||||
Other comprehensive income (loss), net of tax | 30,940 | (14,685) | ||||||
Balance, end of period | 6,175 | (24,765) | ||||||
Defined Benefit Plan Adjustment | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | (29,495) | (34,228) | ||||||
Balance, as adjusted | (36,846) | (34,228) | ||||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (9,820) | 4,733 | ||||||
Other comprehensive income (loss), net of tax | (9,820) | 4,733 | ||||||
Balance, end of period | (46,666) | (29,495) | (34,228) | |||||
Defined Benefit Plan Adjustment | ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | [2] | (7,351) | ||||||
Unamortized Impairment Losses on Debt Securities Held to Maturity | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | (5,095) | (5,591) | ||||||
Balance, as adjusted | (6,296) | (5,591) | ||||||
Other comprehensive income (loss) before reclassifications | (82) | (303) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 607 | 799 | ||||||
Other comprehensive income (loss), net of tax | 525 | 496 | ||||||
Balance, end of period | (5,771) | (5,095) | (5,591) | |||||
Unamortized Impairment Losses on Debt Securities Held to Maturity | ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | [2] | (1,201) | ||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Balance, beginning of period | (186,848) | (197,405) | (168,252) | |||||
Balance, as adjusted | (222,284) | (197,418) | ||||||
Other comprehensive income (loss) before reclassifications | 243,081 | (37,312) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (21,869) | 47,882 | ||||||
Other comprehensive income (loss), net of tax | 221,212 | 10,570 | (29,153) | |||||
Balance, end of period | $ (1,072) | (186,848) | (197,405) | |||||
Accumulated Other Comprehensive Income (Loss) | ASU 2016-01 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | $ (13) | $ (13) | ||||||
Accumulated Other Comprehensive Income (Loss) | ASU 2016-02, ASU 2017-12, ASU 2018-02 | ||||||||
Accumulated Comprehensive Income [Roll Forward] | ||||||||
Cumulative effect adjustment related to ASU adoptions | $ (35,436) | [1] | $ (35,436) | [2] | ||||
[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, Summary of Significant Accounting Policies, for additional information. | |||||||
[2] | Related to the Company's adoption of ASU 2017-12 and ASU 2018-02 on January 1, 2019. See Note 1, Summary of Significant Accounting Policies, for additional information. |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment securities gains, net | $ 29,961 | $ 0 | $ 3,033 | |
Interest on debt securities held to maturity | 144,798 | 61,591 | 27,009 | |
Interest and fees on loans | 3,097,640 | 2,914,269 | 2,447,293 | |
Interest on FHLB and other borrowings | (136,164) | (130,372) | (93,814) | |
Net income before income tax expense | 279,453 | 948,107 | 776,862 | |
Income tax benefit (expense) | (126,046) | (184,678) | (316,076) | |
Net income | 153,407 | 763,429 | 460,786 | |
Amounts Reclassified From Accumulated Other Comprehensive Income | 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] | 29,961 | 0 | 3,033 |
Interest on debt securities held to maturity | [1] | (10,144) | (9,120) | (5,076) |
Net income before income tax expense | [1] | 19,817 | (9,120) | (2,043) |
Income tax benefit (expense) | [1] | (4,754) | 2,104 | 356 |
Net income | [1] | 15,063 | (7,016) | (1,687) |
Amounts Reclassified From Accumulated Other Comprehensive Income | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and fees on loans | [1] | (2,214) | ||
Interest on FHLB and other borrowings | [1] | (948) | ||
Net income before income tax expense | [1] | (3,162) | ||
Income tax benefit (expense) | [1] | 755 | ||
Net income | [1] | (2,407) | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and fees on loans | [1] | (45,027) | 3,496 | |
Interest on FHLB and other borrowings | [1] | (1,288) | (2,441) | |
Net income before income tax expense | [1] | (46,315) | 1,055 | |
Income tax benefit (expense) | [1] | 10,981 | (622) | |
Net income | [1] | (35,334) | 433 | |
Amounts Reclassified From Accumulated Other Comprehensive Income | Defined Benefit Plan Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic expense | [1],[2] | 12,932 | (6,142) | 3,501 |
Income tax benefit (expense) | [1] | (3,112) | 1,409 | (1,301) |
Net income | [1] | 9,820 | (4,733) | 2,200 |
Amounts Reclassified From Accumulated Other Comprehensive Income | 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] | (781) | (1,036) | (1,556) |
Income tax benefit (expense) | [1] | 174 | 237 | 565 |
Net income | [1] | $ (607) | $ (799) | $ (991) |
[1] | Amounts in parentheses indicate debits to the 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, for additional details). |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 41,390 | $ 82,168 | |
Derivative liabilities | 94,979 | 99,579 | |
Derivatives designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 10,735 | 16,020 |
Derivative liabilities | [2] | 3,218 | 30,417 |
Derivatives designated as hedging instrument | Fair value hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 10,633 | 13,479 |
Derivative liabilities | [2] | 354 | 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 | 3,623,950 | 2,923,950 | |
Derivative assets | [1] | 10,633 | 13,479 |
Derivative liabilities | [2] | 354 | 28,479 |
Derivatives designated as hedging instrument | Cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 102 | 2,541 |
Derivative liabilities | [2] | 2,864 | 1,938 |
Derivatives designated as hedging instrument | Cash flow hedges | Swaps related to commercial loans | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 10,000,000 | 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] | 2,864 | 1,938 |
Derivatives designated as hedging instrument | Cash flow hedges | Foreign currency exchange contracts for customers | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 2,597 | 5,272 | |
Derivative assets | [1] | 102 | 174 |
Derivative liabilities | [2] | 0 | 0 |
Derivatives not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 344,247 | 186,707 |
Derivative liabilities | [2] | 132,682 | 166,317 |
Derivatives not designated as hedging instrument | Forward contracts related to held for sale mortgages | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 289,990 | 166,641 | |
Derivative assets | [1] | 148 | 187 |
Derivative liabilities | [2] | 514 | 1,021 |
Derivatives not designated as hedging instrument | Option contracts related to mortgage servicing rights | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 60,000 | 0 | |
Derivative assets | [1] | 38 | 0 |
Derivative liabilities | [2] | 0 | 0 |
Derivatives not designated as hedging instrument | Interest rate lock commitments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 146,941 | 91,395 | |
Derivative assets | [1] | 3,088 | 2,012 |
Derivative liabilities | [2] | 0 | 0 |
Derivatives not designated as hedging instrument | Purchased equity option related to equity-linked CDs | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 152,130 | 450,660 | |
Derivative assets | [1] | 4,460 | 14,185 |
Derivative liabilities | [2] | 0 | 0 |
Derivatives not designated as hedging instrument | Written equity option related to equity-linked CDs | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 128,620 | 389,030 | |
Derivative assets | [1] | 0 | 0 |
Derivative liabilities | [2] | 3,765 | 12,434 |
Derivatives not designated as hedging instrument | Forwards related to commercial loans | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 443,493 | 413,127 | |
Derivative assets | [1] | 167 | 1,565 |
Derivative liabilities | [2] | 3,872 | 1,109 |
Derivatives not designated as hedging instrument | Spots related to commercial loans | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 48,626 | 19,911 | |
Derivative assets | [1] | 7 | 24 |
Derivative liabilities | [2] | 68 | 2 |
Derivatives not designated as hedging instrument | Swap associated with sale of Visa, Inc. Class B shares | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 161,904 | 111,466 | |
Derivative assets | [1] | 0 | 0 |
Derivative liabilities | [2] | 5,904 | 3,706 |
Derivatives not designated as hedging instrument | Futures contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | [3] | 2,110,000 | 3,223,000 |
Derivative assets | [1],[3] | 0 | 0 |
Derivative liabilities | [2],[3] | 0 | 0 |
Derivatives not designated as hedging instrument | Interest rate contracts for customers | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 35,503,973 | 34,436,223 | |
Derivative assets | [1] | 313,573 | 149,269 |
Derivative liabilities | [2] | 97,881 | 130,704 |
Derivatives not designated as hedging instrument | Foreign exchange contracts for customers | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 1,039,507 | 1,140,665 | |
Derivative assets | [1] | 22,766 | 19,465 |
Derivative liabilities | [2] | 20,678 | 17,341 |
Derivatives not designated as hedging instrument | Total trading account assets and liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | [1] | 336,339 | 168,734 |
Derivative liabilities | [2] | $ 118,559 | $ 148,045 |
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. | ||
[2] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s 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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) related to hedge, firm commitments no longer qualifying as a fair value hedge | $ 0 | $ 0 | $ 0 |
Fair value hedges, weighted average expected remaining term | 3 years 3 months 26 days | ||
Long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Carrying amount of hedging liabilities | $ 3,483,177,000 | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of hedged liabilities - Hedged items currently designated | 25,092,000 | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of hedged liabilities - Hedged items no longer designated | $ 1,883,000 |
Derivatives and Hedging - Cash
Derivatives and Hedging - Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total amounts presented in the consolidated statements of income | $ 3,097,640,000 | $ 2,914,269,000 | $ 2,447,293,000 | |
Total amounts presented in the consolidated statements of income | $ 136,164,000 | 130,372,000 | 93,814,000 | |
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 3 months 26 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 | $ 0 | 0 | 0 | |
Cash flow hedges not terminated, net fair value | $ (3,000,000) | |||
Cash flow hedges, weighted average expected remaining term | 3 years 1 month 30 days | |||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 23,500,000 | |||
Maximum length of time hedged in interest rate cash flow hedge | 4 years 1 month 5 days | |||
Interest and Fees on Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total amounts presented in the consolidated statements of income | $ 3,097,640,000 | 2,914,269,000 | 2,447,293,000 | |
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 | |
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 | |
Recognized on derivatives | 0 | 0 | 0 | |
Recognized on hedged items | 0 | 0 | 0 | |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Cash flow hedges | ||||
Gains (losses) on cash flow hedging relationships | ||||
Net income (expense) recognized on cash flow hedges | [1] | (2,214,000) | (45,027,000) | 3,496,000 |
Interest and Fees on Loans | Derivatives designated as hedging instrument | Cash flow hedges | Interest rate contracts | ||||
Gains (losses) on cash flow hedging relationships | ||||
Realized gains (losses) reclassified from AOCI into net income | [1],[2] | (2,214,000) | ||
Realized gains (losses) reclassified from AOCI into net income | [1],[2] | (45,027,000) | 3,496,000 | |
Interest On FHLB And Other Borrowings | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total amounts presented in the consolidated statements of income | 136,164,000 | 130,372,000 | 93,814,000 | |
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 | 163,000 | 2,682,000 | 31,230,000 | |
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 | (2,659,000) | 3,510,000 | 29,483,000 | |
Recognized on derivatives | 54,504,000 | (19,952,000) | (33,092,000) | |
Recognized on hedged items | (51,682,000) | 19,124,000 | 34,839,000 | |
Interest On FHLB And Other Borrowings | Derivatives designated as hedging instrument | Cash flow hedges | ||||
Gains (losses) on cash flow hedging relationships | ||||
Net income (expense) recognized on cash flow hedges | [1] | (948,000) | (1,288,000) | (2,441,000) |
Interest On FHLB And Other Borrowings | Derivatives designated as hedging instrument | Cash flow hedges | Interest rate contracts | ||||
Gains (losses) on cash flow hedging relationships | ||||
Realized gains (losses) reclassified from AOCI into net income | [1],[2] | $ (948,000) | ||
Realized gains (losses) reclassified from AOCI into net income | [1],[2] | $ (1,288,000) | $ (2,441,000) | |
[1] | See Note 12, 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) - Derivatives not designated as hedging instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ (1,288) | $ (194) | $ 123 |
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 | 469 | (790) | (2,030) |
Interest rate lock commitments | Mortgage banking income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 1,076 | (404) | 24 |
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 | 24,128 | 35,326 | 29,155 |
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 | 929 | (38) | (605) |
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 | (9,725) | (27,144) | (18,704) |
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 | 8,669 | 24,524 | 18,581 |
Swap and forward contracts related to commercial loans | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (275) | 36,353 | (38,885) |
Spots related to commercial loans | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 1,542 | (3,898) | 5,512 |
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 | $ 15,404 | $ 16,232 | $ 10,451 |
Derivatives and Hedging - Credi
Derivatives and Hedging - Credit and Market Risks (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Derivatives [Line Items] | ||||
Derivative assets | $ 41,390,000 | $ 82,168,000 | ||
Derivative, collateral, right to reclaim cash | 94,979,000 | 96,917,000 | ||
Derivative, collateral, obligation to return cash | 5,860,000 | 18,932,000 | ||
Other Assets | ||||
Derivatives [Line Items] | ||||
Derivative, collateral, right to reclaim cash | 150,000,000 | 97,000,000 | ||
Deposits | ||||
Derivatives [Line Items] | ||||
Derivative, collateral, obligation to return cash | 12,000,000 | 22,000,000 | ||
Derivatives not designated as hedging instrument | ||||
Derivatives [Line Items] | ||||
Derivative assets | [1] | 344,247,000 | 186,707,000 | |
Derivatives not designated as hedging instrument | Interest rate swap | ||||
Derivatives [Line Items] | ||||
Derivative assets | 336,000,000 | |||
Loss on derivative instruments held for trading purposes, net | 0 | 0 | $ 0 | |
Credit losses associated with derivative instruments classified as nontrading | 0 | 0 | $ 0 | |
Derivatives designated as hedging instrument | ||||
Derivatives [Line Items] | ||||
Derivative assets | [1] | 10,735,000 | $ 16,020,000 | |
Over the Counter | Derivatives designated as hedging instrument | Interest rate swap | ||||
Derivatives [Line Items] | ||||
Credit risk derivatives, at fair value, net | $ 11,000,000 | |||
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. |
Derivatives and Hedging - Conti
Derivatives and Hedging - Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 47 | $ 24 |
Collateral already posted, aggregate fair value | 45 | 23 |
Additional collateral, aggregate fair value | $ 2 | $ 1 |
Derivatives and Hedging - Netti
Derivatives and Hedging - Netting Arrangement (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | $ 41,390 | $ 82,168 |
Derivative assets, total derivative subject to a master netting arrangement, gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Derivative assets, total derivatives subject to a master netting arrangement, net amount presented in the consolidated balance sheets | 41,390 | 82,168 |
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheet, financial instruments collateral received/pledged | 0 | 0 |
Derivate assets, total derivatives subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, cash collateral received/pledged | 5,860 | 18,932 |
Derivative assets, total derivatives subject to master netting arrangements, net amount | 35,530 | 63,236 |
Derivative assets, total derivatives not subject to a master netting arrangement | 313,592 | 120,559 |
Derivative assets, total derivatives not subject to a master netting arrangement, net amount | 313,592 | 120,559 |
Total derivative financial assets, gross amounts recognized | 354,982 | 202,727 |
Total derivative financial assets, net amount presented in the consolidated balance sheet | 354,982 | 202,727 |
Total derivative financial assets, net amount | 349,122 | 183,795 |
Derivative Liability [Abstract] | ||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 94,979 | 99,579 |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amount offset in the consolidated balance sheets | 0 | 0 |
Derivative liabilities, total derivative subject to a master netting arrangement, net amount presented in the consolidated balance sheets | 94,979 | 99,579 |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, financial instruments collateral received/pledged | 0 | 0 |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, cash collateral received/pledged | 94,979 | 96,917 |
Derivative liabilities, total derivative subject to a master netting arrangement, net amount | 0 | 2,662 |
Derivative Liability, Not Subject to Master Netting Arrangement | 40,921 | 97,155 |
Derivative Liability, Not Subject to Master Netting Arrangement Deduction | 40,921 | 97,155 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 135,900 | 196,734 |
Total derivative financial liabilities, net amount presented in the consolidated balance sheets | 135,900 | 196,734 |
Total derivative financial liabilities, net amount | $ 40,921 | $ 99,817 |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |||
Fair value of collateral received related to securities purchased under agreements to resell | $ 648,000 | $ 251,000 | |
Fair value of collateral pledged related to securities sold under agreements to repurchase | 644,000 | 247,000 | |
Securities purchased under agreements to resell | |||
Securities purchased under agreements to resell, subject to master netting arrangement, gross amounts recognized | 656,504 | 246,844 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts offset in the consolidated balance sheets | 477,590 | 136,897 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, net amount presented in the consolidated balance sheets | 178,914 | 109,947 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, financial instruments collateral received/pledged | [1] | 178,914 | 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 | 650,618 | 239,172 | |
Securities sold under agreements to repurchase, gross amounts offset in the consolidated balance sheets | 477,590 | 136,897 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount presented in the consolidated balance sheet | 173,028 | 102,275 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheet, financial instruments collateral received/pledged | [1] | 173,028 | 102,275 |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount | $ 0 | $ 0 | |
[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 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 650,618 | $ 239,172 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 321,310 | 190,650 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
30 - 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 23,558 | 48,522 |
Greater Than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 305,750 | 0 |
U.S. Treasury and other U.S. government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 627,060 | 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 | 321,310 | 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 | 0 | 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 | 0 | 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 | 305,750 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 23,558 | 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 | 23,558 | 48,522 |
Mortgage-backed securities | Greater Than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 0 | $ 0 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $ 27,725,965 | $ 28,827,897 |
Financial standby letter of credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $ 996,830 | $ 1,249,205 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) | Jun. 27, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||||
Representation and warranties reserve | $ 23,000,000 | |||
Repurchase agreements | 450,000,000 | |||
Accrued Expenses and Other Liabilities | Potential Recourse Related to FNMA Securitizations | ||||
Loss Contingencies [Line Items] | ||||
Representation and warranties reserve | 693,000 | $ 793,000 | ||
Accrued Expenses and Other Liabilities | Standard Representations and Warranties Related to Loan Sales to Government-Sponsored Agencies | ||||
Loss Contingencies [Line Items] | ||||
Representation and warranties reserve | 1,200,000 | 1,200,000 | ||
Financial standby letter of credit | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit, deferred fees | 7,000,000 | 8,000,000 | ||
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | 997,000,000 | |||
Financial standby letter of credit | Accrued Expenses and Other Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Representation and warranties reserve | 67,000,000 | 66,000,000 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Potential loss estimate | $ 0 | |||
Minimum | Financial standby letter of credit | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, term | 1 year | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Potential loss estimate | $ 76,000,000 | |||
Maximum | Potential Recourse Related to FNMA Securitizations | ||||
Loss Contingencies [Line Items] | ||||
Potential loss estimate | $ 18,000,000 | 19,000,000 | ||
Maximum | Financial standby letter of credit | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, term | 4 years | |||
Low income housing tax credit partnership | ||||
Loss Contingencies [Line Items] | ||||
Unfunded commitment | $ 171,000,000 | $ 175,000,000 | ||
Settled Litigation | ||||
Loss Contingencies [Line Items] | ||||
Amount awarded to other party | $ 98,000,000 | |||
Damages awarded, value | $ 96,000,000 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements and Dividends from Subsidiaries - Narrative (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Dividends that could be paid while maintaining requirements to be classified as well-capitalized, amount | $ 2 | |
Cash balance required by federal reserve | $ 4.5 | $ 2.2 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements and Dividends from Subsidiaries - Current Minimum Required Regulatory Capital Ratios (Details) | Dec. 31, 2019 | Dec. 31, 2018 | ||
Banking and Thrift [Abstract] | ||||
CET1 Risk-Based Capital Ratio | 7.00% | [1] | 6.375% | [2] |
Tier 1 Risk-Based Capital Ratio | 8.50% | [1] | 7.875% | [2] |
Total Risk-Based Capital Ratio | 10.50% | [1] | 9.875% | [2] |
Tier 1 Leverage Ratio | 4.00% | [1] | 4.00% | [2] |
Capital conservation buffer | 2.50% | 1.875% | ||
[1] | At December 31, 2019, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 2.500%. | |||
[2] | At December 31, 2018, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements include a capital conservation buffer of 1.875%. |
Regulatory Capital Requiremen_5
Regulatory Capital Requirements and Dividends from Subsidiaries - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
BBVA | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1 risk-based capital, amount | $ 8,615,357 | $ 8,457,585 |
CET 1 risk-based capital, ratio | 12.49% | 12.00% |
Tier 1 risk-based capital, amount | $ 8,849,557 | $ 8,691,785 |
Tier 1 risk-based capital, ratio | 12.83% | 12.33% |
Total risk-based capital, amount | $ 10,332,023 | $ 10,216,625 |
Total risk-based capital, ratio | 14.98% | 14.49% |
Leverage, amount | $ 8,849,557 | $ 8,691,785 |
Leverage, ratio | 9.70% | 10.03% |
Compass Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1 risk-based capital, amount | $ 7,916,278 | $ 7,741,203 |
CET 1 risk-based capital, ratio | 11.56% | 11.03% |
Tier 1 risk-based capital, amount | $ 7,920,478 | $ 7,745,403 |
Tier 1 risk-based capital, ratio | 11.56% | 11.04% |
Total risk-based capital, amount | $ 9,549,373 | $ 9,440,037 |
Total risk-based capital, ratio | 13.94% | 13.45% |
Leverage, amount | $ 7,920,478 | $ 7,745,403 |
Leverage, ratio | 8.98% | 9.11% |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected amortization over next twelve months | $ 226 | ||
Expense related to defined contribution profit sharing plan | $ 43,000 | $ 41,300 | $ 38,100 |
Profit Sharing Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employee's base pay | 2.00% | ||
Profit Sharing Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employee's base pay | 4.00% | ||
Contribution Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's maximum contributions that can be made to benefit plan, percentage | 75.00% | ||
Employer matching contributions, first tranche, percent of contributions matched | 100.00% | ||
Employee matching contribution, tranche one, percent of compensation employees can deferred for matching | 3.00% | ||
Employer matching contribution, tranche two, percent of match by employer | 50.00% | ||
Employee matching contribution, tranche two, percent of compensation employees can deferred for matching | 2.00% | ||
Defined Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 379,000 | 334,000 | |
Funded status | 17,106 | 5,495 | |
Net periodic expense | 2,679 | 2,804 | 5,140 |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded status | 33,000 | 30,000 | |
Net periodic expense | 1,800 | 1,800 | $ 1,500 |
Accumulated other comprehensive loss | $ 12,200 | $ 9,500 |
Benefit Plans - Change in benef
Benefit Plans - Change in benefit obligations and plan assets (Details) - Defined Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Benefit obligation, at beginning of year | $ 334,290 | $ 363,852 | |
Service cost | 550 | 509 | $ 3,542 |
Interest cost | 12,862 | 11,565 | 11,685 |
Actuarial (gain) loss | 46,375 | (27,137) | |
Benefits paid | (15,051) | (14,499) | |
Benefit obligation, at end of year | 379,026 | 334,290 | 363,852 |
Change in plan assets: | |||
Fair value of plan assets, at beginning of year | 328,795 | 348,925 | |
Actual return on plan assets | 45,176 | (5,631) | |
Employer contribution | 3,000 | 0 | |
Benefits paid | (15,051) | (14,499) | |
Fair value of plan assets, at end of year | 361,920 | 328,795 | $ 348,925 |
Funded status | (17,106) | (5,495) | |
Net actuarial loss | 43,125 | 31,193 | |
Net amount recognized | $ 26,019 | $ 25,698 |
Benefit Plans - Recognition on
Benefit Plans - Recognition on Balance Sheet (Details) - Defined Pension Plan - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ 26,019 | $ 25,698 |
Accrued expenses and other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses and other liabilities | (17,106) | (5,495) |
Deferred tax – other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost - other assets | 10,264 | 7,402 |
Accumulated Other Comprehensive Income (Loss) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss | $ 32,861 | $ 23,791 |
Benefit Plans - Recognition o_2
Benefit Plans - Recognition on Income Statement (Details) - Defined Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 550 | $ 509 | $ 3,542 |
Interest cost | 12,862 | 11,565 | 11,685 |
Expected return on plan assets | (10,733) | (9,529) | (10,087) |
Recognized actuarial loss | 0 | 259 | 0 |
Net amount recognized | $ 2,679 | $ 2,804 | $ 5,140 |
Benefit Plans - Assumptions for
Benefit Plans - Assumptions for defined benefit plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average assumptions used to determine net pension income for year ended December 31: | ||
Discount rate - interest cost | 3.94% | 3.25% |
Defined Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Change in defined benefit plan included in other comprehensive income | $ 9,070 | $ 23,791 |
Weighted average assumption used to determine benefit obligation at December 31: | ||
Discount rate | 3.24% | 4.23% |
Weighted average assumptions used to determine net pension income for year ended December 31: | ||
Discount rate - benefit obligations | 4.23% | 3.57% |
Expected return on plan assets | 3.33% | 2.79% |
Benefit Plans - Estimated Benef
Benefit Plans - Estimated Benefit Payments (Details) - Defined Pension Plan $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | $ 15,776 |
2021 | 16,985 |
2022 | 18,119 |
2023 | 19,008 |
2024 | 19,697 |
2025-2029 | $ 106,357 |
Benefit Plans - Fair value of d
Benefit Plans - Fair value of defined benefit plans (Details) - Defined Pension Plan - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 361,920 | $ 328,795 | $ 348,925 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 213,216 | 219,132 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 148,704 | 109,663 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,137 | 19,680 | |
Cash and cash equivalents | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,137 | 19,680 | |
Cash and cash equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Total fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 342,783 | 309,115 | |
Total fixed income securities | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 194,079 | 199,452 | |
Total fixed income securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 148,704 | 109,663 | |
Total fixed income securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Treasury and other U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 219,667 | 215,877 | |
U.S. Treasury and other U.S. government agencies | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 194,079 | 199,452 | |
U.S. Treasury and other U.S. government agencies | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,588 | 16,425 | |
U.S. Treasury and other U.S. government agencies | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
States and political subdivisions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,615 | ||
States and political subdivisions | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
States and political subdivisions | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,615 | ||
States and political subdivisions | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123,116 | 87,623 | |
Corporate bonds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate bonds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123,116 | 87,623 | |
Corporate bonds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax expense: | |||
Federal | $ 131,390 | $ 161,375 | $ 158,531 |
State | 21,853 | 28,721 | 19,588 |
Total | 153,243 | 190,096 | 178,119 |
Deferred income tax expense (benefit): | |||
Federal | (23,335) | (1,925) | 141,093 |
State | (3,862) | (3,493) | (3,136) |
Total | (27,197) | (5,418) | 137,957 |
Total income tax expense | $ 126,046 | $ 184,678 | $ 316,076 |
Income Taxes - Effective Rate R
Income Taxes - Effective Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Effective Income Tax Rate Reconciliation, Amount | ||||
Income tax expense at federal statutory rate | $ 58,685 | $ 199,103 | $ 271,902 | |
Tax-exempt interest income | (41,289) | (41,272) | (56,814) | |
FDIC insurance | 5,818 | 13,782 | 0 | |
Bank owned life insurance | (3,663) | (3,743) | (5,988) | |
Goodwill impairment | 98,700 | 0 | 0 | |
State income tax, net of federal income taxes | 15,217 | 18,170 | 14,118 | |
Revaluation of net deferred tax assets | [1] | 0 | (8,577) | 121,244 |
Income tax credits | [2] | (10,168) | 8,133 | (25,635) |
Change in valuation allowance | (913) | 1,017 | (1,167) | |
Other | 3,659 | (1,935) | (1,584) | |
Total income tax expense | $ 126,046 | $ 184,678 | $ 316,076 | |
Effective Income Tax Rate Reconciliation, Percent of Pretax Earnings | ||||
Income tax expense at federal statutory rate | 21.00% | 21.00% | 35.00% | |
Tax-exempt interest income | (14.80%) | (4.40%) | (7.30%) | |
FDIC insurance | 2.10% | 1.50% | 0.00% | |
Bank owned life insurance | (1.30%) | (0.40%) | (0.80%) | |
Goodwill impairment | 35.30% | 0.00% | 0.00% | |
State income tax, net of federal income taxes | 5.40% | 1.90% | 1.80% | |
Revaluation of net deferred tax assets | [1] | 0.00% | (0.90%) | 15.70% |
Income tax credits | [2] | (3.60%) | 0.90% | (3.30%) |
Change in valuation allowance | (0.30%) | 0.10% | (0.20%) | |
Other | 1.30% | (0.20%) | (0.20%) | |
Income tax expense | 45.10% | 19.50% | 40.70% | |
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | $ (5,000) | $ 40,000 | ||
Income tax expense | $ 126,046 | 184,678 | $ 316,076 | |
Incorrect calculation | ||||
Effective Income Tax Rate Reconciliation, Amount | ||||
Total income tax expense | 11,400 | |||
Effective Income Tax Rate Reconciliation, Percent of Pretax Earnings | ||||
Income tax expense | $ 11,400 | |||
[1] | Includes $(5.0) million and $40 million of (benefit) expense related to items in accumulated other comprehensive income in which the related tax effects were originally recognized in other comprehensive income for December 31, 2018 and 2017, respectively. | |||
[2] | Includes $11.4 million of expense for December 31, 2018 related to the correction of an error in prior periods that resulted from an incorrect calculation of the proportional amortization of the Company's Low Income Housing Tax Credit investments. See Note 1, Summary of Significant Accounting Policies, for additional details. |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 216,449 | $ 205,433 |
Lease ROU liability | 73,958 | |
Accrued expenses | 85,212 | 85,283 |
Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment | 289 | 69,483 |
Other real estate owned | 941 | 241 |
Nonaccrual interest | 22,737 | 19,472 |
Federal net operating loss carryforwards | 3,956 | 3,962 |
Other | 30,689 | 37,306 |
Gross deferred taxes | 434,231 | 421,180 |
Valuation allowance | (8,852) | (11,974) |
Total deferred tax assets | 425,379 | 409,206 |
Deferred tax liabilities: | ||
Premises and equipment | 127,649 | 138,486 |
Lease ROU asset | 64,252 | |
Core deposit and other acquired intangibles | 8,077 | 7,203 |
Capitalized loan costs | 34,907 | 35,129 |
Loan valuation | 5,729 | 6,513 |
Other | 17,038 | 12,559 |
Total deferred tax liabilities | 257,652 | 199,890 |
Net deferred tax asset | $ 167,727 | $ 209,316 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate investment subsidiary | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 18,800 | $ 18,800 |
Operating loss carryforwards, valuation allowance | 4,000 | 4,000 |
Domestic tax authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | 49 |
State jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 182,000 | 215,000 |
Operating loss carryforwards, valuation allowance | $ 4,900 | $ 8,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized income tax benefits, at beginning of year | $ 7,191 | $ 14,916 | $ 13,615 |
Increases for tax positions related to: | |||
Prior years | 0 | 215 | 414 |
Current year | 2,871 | 2,887 | 2,196 |
Decreases for tax positions related to: | |||
Prior years | (348) | (111) | 0 |
Current year | 0 | 0 | 0 |
Settlement with taxing authorities | 0 | (8,617) | 0 |
Expiration of applicable statutes of limitation | (2,445) | (2,099) | (1,309) |
Unrecognized income tax benefits, at end of year | 7,269 | 7,191 | 14,916 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits, income tax penalties and interest expense | (19) | (772) | (872) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized tax benefits, accrued interest and penalties | 507 | 527 | |
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 7,300 | $ 7,200 | $ 14,900 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 1,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Residential mortgage loans held for sale | Noninterest income | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains realized due to changes in fair value of loans | $ 999 | $ 596 | $ 748 |
Forward contracts | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains realized due to changes in fair value of loans | $ 469 | $ (790) | $ (2,000) |
Fair Value Measurements - Unpai
Fair Value Measurements - Unpaid Principle Balances (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 112,058 | $ 68,766 |
Aggregate Unpaid Principal Balance | 108,345 | 66,052 |
Difference | $ 3,713 | $ 2,714 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value of balance sheet items (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | $ 7,235,305 | $ 10,981,216 |
Assets: | ||
Derivative asset | 354,982 | 202,727 |
Liabilities: | ||
Derivative liabilities | 135,900 | 196,734 |
Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 473,976 | 237,656 |
Debt securities available for sale | 7,235,305 | 10,981,216 |
Assets: | ||
Loans held for sale | 112,058 | 68,766 |
Derivative asset | 18,643 | 33,993 |
Liabilities: | ||
Trading account liabilities | 118,559 | 148,045 |
Derivative liabilities | 11,437 | 44,983 |
Fair Value, measurements, recurring | Interest rate contracts | ||
Assets: | ||
Derivative asset | 13,907 | 18,045 |
Liabilities: | ||
Derivative liabilities | 3,732 | 31,438 |
Fair Value, measurements, recurring | Equity contracts | ||
Assets: | ||
Derivative asset | 4,460 | 14,185 |
Liabilities: | ||
Derivative liabilities | 3,765 | 12,434 |
Fair Value, measurements, recurring | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 276 | 1,763 |
Liabilities: | ||
Derivative liabilities | 3,940 | 1,111 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 137,637 | 68,922 |
Debt securities available for sale | 2,598,471 | 4,746,335 |
Assets: | ||
Derivative asset | 38 | 0 |
Liabilities: | ||
Trading account liabilities | 0 | 0 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 38 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 336,339 | 168,734 |
Debt securities available for sale | 4,636,834 | 6,234,881 |
Assets: | ||
Loans held for sale | 112,058 | 68,766 |
Derivative asset | 15,517 | 31,981 |
Liabilities: | ||
Trading account liabilities | 118,559 | 148,045 |
Derivative liabilities | 11,437 | 44,983 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 10,781 | 16,033 |
Liabilities: | ||
Derivative liabilities | 3,732 | 31,438 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | Equity contracts | ||
Assets: | ||
Derivative asset | 4,460 | 14,185 |
Liabilities: | ||
Derivative liabilities | 3,765 | 12,434 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 276 | 1,763 |
Liabilities: | ||
Derivative liabilities | 3,940 | 1,111 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Assets: | ||
Derivative asset | 3,088 | 2,012 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 3,088 | 2,012 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
U.S. Treasury and other U.S. government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 3,127,525 | 5,431,467 |
U.S. Treasury and other U.S. government agencies | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 137,637 | 68,922 |
Debt securities available for sale | 3,127,525 | 5,431,467 |
U.S. Treasury and other U.S. government agencies | Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 137,637 | 68,922 |
Debt securities available for sale | 2,598,471 | 4,746,335 |
U.S. Treasury and other U.S. government agencies | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 529,054 | 685,132 |
Agency mortgage-backed securities | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 1,325,857 | 2,129,821 |
Agency mortgage-backed securities | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 1,325,857 | 2,129,821 |
Agency collateralized mortgage obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 2,781,125 | 3,418,979 |
Agency collateralized mortgage obligations | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 2,781,125 | 3,418,979 |
Agency collateralized mortgage obligations | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 2,781,125 | 3,418,979 |
States and political subdivisions | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 798 | 949 |
States and political subdivisions | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 798 | 949 |
States and political subdivisions | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 798 | 949 |
Interest rate contracts | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 313,573 | 149,269 |
Liabilities: | ||
Trading account liabilities | 97,881 | 130,704 |
Interest rate contracts | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 313,573 | 149,269 |
Liabilities: | ||
Trading account liabilities | 97,881 | 130,704 |
Interest rate contracts | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Derivative asset | 3,088 | 2,012 |
Equity securities | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 19,038 | 17,839 |
Equity securities | Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Assets: | ||
Other assets | 19,038 | 17,839 |
Foreign exchange contracts | Fair Value, measurements, recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 22,766 | 19,465 |
Liabilities: | ||
Trading account liabilities | 20,678 | 17,341 |
Foreign exchange contracts | Fair Value, measurements, recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading account assets | 22,766 | 19,465 |
Liabilities: | ||
Trading account liabilities | 20,678 | 17,341 |
Other Assets, MSR [Member] | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 42,022 | 51,539 |
Other Assets, MSR [Member] | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | 42,022 | 51,539 |
Other assets - SBIC investments | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 119,475 | 80,074 |
Other assets - SBIC investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | $ 119,475 | $ 80,074 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets measured on a recurring basis (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest rate contracts for customers | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | $ 2,012 | $ 2,416 | |
Included in earnings | 1,076 | (404) | [1] |
Purchases, issuances, sales and settlements: [Abstract] | |||
Balance, end of year | 3,088 | 2,012 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 | 1,076 | (404) | |
Other Assets - MSR | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 51,539 | 49,597 | |
Included in earnings | (16,156) | (4,932) | [1] |
Purchases, issuances, sales and settlements: [Abstract] | |||
Purchases | 0 | ||
Issuances | 6,639 | 6,874 | |
Balance, end of year | 42,022 | 51,539 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 | (16,156) | (4,932) | |
Other assets - SBIC investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 80,074 | 45,042 | |
Included in earnings | 21,936 | 3,961 | [1] |
Purchases, issuances, sales and settlements: [Abstract] | |||
Purchases | 17,465 | 31,071 | |
Balance, end of year | 119,475 | 80,074 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 | $ 21,936 | $ 3,961 | |
[1] | Included in noninterest income in the Consolidated Statements of Income. |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured on nonrecurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value | $ 6,921,158 | $ 2,925,420 | ||
Investment securities held to maturity, total gains (losses) | (215) | (592) | $ (242) | |
Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value | 1,340,448 | |||
Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value | 4,912,399 | 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 | 668,311 | 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 | 2,177 | 4,380 | ||
Investment securities held to maturity, total gains (losses) | (215) | (592) | ||
Impaired loans | [1] | 484 | 57,968 | |
Impaired loans, total gains (losses) | [1] | (143,024) | (62,317) | |
OREO, fair value | 21,583 | 16,869 | ||
OREO, total gains (losses) | (5,614) | (3,019) | ||
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 | 4,380 | |||
Impaired loans | [1] | 484 | 57,968 | |
OREO, fair value | 21,583 | 16,869 | ||
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 | $ 2,177 | $ 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) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | $ 354,982,000 | $ 202,727,000 | ||
Debt securities held to maturity, estimated fair value | 6,921,158,000 | 2,925,420,000 | ||
Fair Value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 18,643,000 | 33,993,000 | ||
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 | 2,177,000 | 4,380,000 | ||
Impaired loans | [1] | 484,000 | 57,968,000 | |
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 | 668,311,000 | 818,910,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 3,088,000 | 2,012,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 3,088,000 | 2,012,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - MSRs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 42,022,000 | 51,539,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - SBIC investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 119,475,000 | 80,074,000 | ||
Fair Value, Inputs, Level 3 | 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 | 4,380,000 | |||
Impaired loans | [1] | 484,000 | 57,968,000 | |
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Debt securities held to maturity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value | 2,177,000 | 4,380,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 484,000 | 57,968,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | OREO | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other real estate owned | $ 21,583,000 | [2] | $ 16,869,000 | |
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 0.168 | 0.150 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 1 | 0.996 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 0.601 | 0.615 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 0.005 | 0.005 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 0.025 | 0.031 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, measurement input | 0.009 | 0.010 | ||
Option adjusted spread | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, measurement input | 0.060 | 0.063 | ||
Option adjusted spread | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, measurement input | 0.090 | 0.085 | ||
Option adjusted spread | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, measurement input | 0.800 | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, measurement input | 0.146 | 0.096 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, measurement input | 0 | |||
Prepayment rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.137 | |||
Prepayment rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.147 | |||
Prepayment rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.142 | 0.084 | ||
Default rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.031 | |||
Default rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.049 | |||
Default rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.040 | 0.094 | ||
Loss severity | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.503 | |||
Loss severity | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.619 | |||
Loss severity | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.561 | 0.835 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0 | |||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Impaired loans | Appraised value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans, measurement input | 0 | |||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Impaired loans | Appraised value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans, measurement input | 0.097 | 0.146 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | OREO | Appraised value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
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 discounts 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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||
Cash and cash equivalents | $ 6,938,698 | $ 3,332,626 | $ 4,082,826 |
Debt securities held to maturity | 6,797,046 | 2,885,613 | |
Debt securities held to maturity, estimated fair value | 6,921,158 | 2,925,420 | |
Loans, net | 63,025,864 | 64,301,312 | |
Liabilities: | |||
Deposits | 74,985,283 | 72,167,987 | |
Fair Value, Inputs, Level 1 | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 6,938,698 | 3,332,626 | |
Debt securities held to maturity, estimated fair value | 1,340,448 | ||
Fair Value, Inputs, Level 2 | |||
Assets: | |||
Debt securities held to maturity, estimated fair value | 4,912,399 | 2,106,510 | |
Liabilities: | |||
Deposits, estimated fair value | 75,024,350 | 72,175,418 | |
FHLB and other borrowings, estimated fair value | 3,721,949 | 3,935,945 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 173,028 | 102,275 | |
Fair Value, Inputs, Level 3 | |||
Assets: | |||
Debt securities held to maturity, estimated fair value | 668,311 | 818,910 | |
Loans, net, estimated fair value | 60,869,662 | 61,186,996 | |
Reported value measurement | |||
Assets: | |||
Cash and cash equivalents | 6,938,698 | 3,332,626 | |
Debt securities held to maturity | 6,797,046 | 2,885,613 | |
Loans, net | 63,025,864 | ||
Liabilities: | |||
Deposits | 74,985,283 | 72,167,987 | |
FHLB and other borrowings | 3,690,044 | 3,987,590 | |
Federal funds purchased and securities sold under agreements to repurchase | 173,028 | 102,275 | |
Estimate of fair value measurement | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 6,938,698 | 3,332,626 | |
Debt securities held to maturity, estimated fair value | 6,921,158 | 2,925,420 | |
Loans, net, estimated fair value | 60,869,662 | 61,186,996 | |
Liabilities: | |||
Deposits, estimated fair value | 75,024,350 | 72,175,418 | |
FHLB and other borrowings, estimated fair value | 3,721,949 | 3,935,945 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | $ 173,028 | $ 102,275 |
Supplemental Disclosure for S_3
Supplemental Disclosure for Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental disclosures of cash flow information: | ||||
Interest paid | $ 955,655 | $ 592,747 | $ 458,660 | |
Net income taxes paid | 111,688 | 146,016 | 164,875 | |
Supplemental schedule of noncash investing and financing activities: | ||||
Transfer of loans and loans held for sale to OREO | 34,327 | 22,908 | 28,986 | |
Loans transferred from held for investment to held for sale | 1,196,883 | 0 | 0 | |
Transfer of available for sale debt securities to held to maturity debt securities | 0 | 1,017,275 | 0 | |
Issuance of restricted stock, net of cancellations | 0 | 0 | (689) | |
Cash and cash equivalents | 6,938,698 | 3,332,626 | 4,082,826 | |
Restricted cash in other assets | 217,991 | 168,754 | 188,124 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 7,156,689 | $ 3,501,380 | $ 4,270,950 | $ 3,419,488 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | $ 2,607,033 | $ 2,606,578 | $ 2,330,167 |
Allocated provision (credit) for loan losses | 597,444 | 365,420 | 287,693 |
Noninterest income | 1,135,944 | 1,056,909 | 1,045,975 |
Noninterest expense | 2,866,080 | 2,349,960 | 2,311,587 |
Net income before income tax expense | 279,453 | 948,107 | 776,862 |
Income tax expense (benefit) | 126,046 | 184,678 | 316,076 |
Net income | 153,407 | 763,429 | 460,786 |
Less: net income attributable to noncontrolling interests | 2,332 | 1,981 | 2,005 |
Net income | 151,075 | 761,448 | 458,781 |
Average total assets | 94,293,422 | 89,576,037 | 87,358,298 |
Commercial Banking and Wealth | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 258,133 | 246,166 | 216,068 |
Retail Banking | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 489,041 | 455,582 | 449,782 |
Corporate and Investment Banking | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 197,470 | 159,991 | 183,439 |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 122,853 | (334,934) | (222,489) |
Allocated provision (credit) for loan losses | 40,574 | 132,921 | 17,540 |
Noninterest income | 146,193 | 175,047 | 174,026 |
Noninterest expense | 757,745 | 318,019 | 313,183 |
Net income before income tax expense | (529,273) | (610,827) | (379,186) |
Income tax expense (benefit) | (43,786) | (142,699) | (88,541) |
Net income | (485,487) | (468,128) | (290,645) |
Less: net income attributable to noncontrolling interests | 161 | (32) | 21 |
Net income | (485,648) | (468,096) | (290,666) |
Average total assets | 8,297,184 | 7,690,936 | 7,665,858 |
Operating Segments | Commercial Banking and Wealth | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 1,158,173 | 1,351,510 | 1,117,073 |
Allocated provision (credit) for loan losses | 212,038 | 71,136 | 70,748 |
Noninterest income | 258,133 | 246,166 | 216,068 |
Noninterest expense | 704,326 | 680,109 | 628,971 |
Net income before income tax expense | 499,942 | 846,431 | 633,422 |
Income tax expense (benefit) | 104,988 | 177,751 | 221,698 |
Net income | 394,954 | 668,680 | 411,724 |
Less: net income attributable to noncontrolling interests | 547 | 358 | 299 |
Net income | 394,407 | 668,322 | 411,425 |
Average total assets | 39,932,741 | 38,726,839 | 36,070,626 |
Operating Segments | Retail Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 1,310,274 | 1,472,751 | 1,203,255 |
Allocated provision (credit) for loan losses | 305,772 | 220,240 | 192,499 |
Noninterest income | 489,041 | 455,582 | 449,782 |
Noninterest expense | 1,227,194 | 1,173,619 | 1,195,758 |
Net income before income tax expense | 266,349 | 534,474 | 264,780 |
Income tax expense (benefit) | 55,933 | 112,240 | 92,673 |
Net income | 210,416 | 422,234 | 172,107 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income | 210,416 | 422,234 | 172,107 |
Average total assets | 19,132,653 | 18,688,884 | 18,072,367 |
Operating Segments | Corporate and Investment Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 128,599 | 189,074 | 144,312 |
Allocated provision (credit) for loan losses | 39,753 | (57,700) | 6,906 |
Noninterest income | 197,470 | 159,991 | 183,439 |
Noninterest expense | 156,328 | 155,404 | 148,754 |
Net income before income tax expense | 129,988 | 251,361 | 172,091 |
Income tax expense (benefit) | 27,297 | 52,786 | 60,232 |
Net income | 102,691 | 198,575 | 111,859 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income | 102,691 | 198,575 | 111,859 |
Average total assets | 7,773,995 | 8,295,416 | 10,073,583 |
Operating Segments | Treasury | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | (112,866) | (71,823) | 88,016 |
Allocated provision (credit) for loan losses | (693) | (1,177) | 0 |
Noninterest income | 45,107 | 20,123 | 22,660 |
Noninterest expense | 20,487 | 22,809 | 24,921 |
Net income before income tax expense | (87,553) | (73,332) | 85,755 |
Income tax expense (benefit) | (18,386) | (15,400) | 30,014 |
Net income | (69,167) | (57,932) | 55,741 |
Less: net income attributable to noncontrolling interests | 1,624 | 1,655 | 1,685 |
Net income | (70,791) | (59,587) | 54,056 |
Average total assets | $ 19,156,849 | $ 16,173,962 | $ 15,475,864 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 791,734 | $ 737,428 | $ 705,128 | |
Other revenues | [1] | 344,210 | 319,481 | 340,847 |
Total noninterest income | 1,135,944 | 1,056,909 | 1,045,975 | |
Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 248,303 | 232,435 | 197,107 | |
Other revenues | [1] | 9,830 | 13,731 | 18,961 |
Total noninterest income | 258,133 | 246,166 | 216,068 | |
Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 338,512 | 315,789 | 287,330 | |
Other revenues | [1] | 150,529 | 139,793 | 162,452 |
Total noninterest income | 489,041 | 455,582 | 449,782 | |
Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 90,538 | 84,524 | 109,797 | |
Other revenues | [1] | 106,932 | 75,467 | 73,642 |
Total noninterest income | 197,470 | 159,991 | 183,439 | |
Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114,381 | 104,680 | 110,894 | |
Other revenues | [1] | 76,919 | 90,490 | 85,792 |
Total noninterest income | 191,300 | 195,170 | 196,686 | |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 250,367 | 236,673 | 222,110 | |
Service charges on deposit accounts | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50,618 | 46,498 | 46,771 | |
Service charges on deposit accounts | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 192,870 | 183,335 | 169,243 | |
Service charges on deposit accounts | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,879 | 6,840 | 6,096 | |
Service charges on deposit accounts | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Card and merchant processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 197,547 | 174,927 | 128,129 | |
Card and merchant processing fees | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36,668 | 29,474 | 657 | |
Card and merchant processing fees | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 145,642 | 132,454 | 118,087 | |
Card and merchant processing fees | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Card and merchant processing fees | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15,237 | 12,999 | 9,385 | |
Investment services sales fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 115,446 | 112,652 | 109,214 | |
Investment services sales fees | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 115,446 | 112,652 | 109,214 | |
Investment services sales fees | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Investment services sales fees | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Investment services sales fees | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Money transfer income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 99,144 | 91,681 | 101,509 | |
Money transfer income | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Money transfer income | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Money transfer income | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Money transfer income | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 99,144 | 91,681 | 101,509 | |
Investment banking and advisory fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 83,659 | 77,684 | 103,701 | |
Investment banking and advisory fees | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Investment banking and advisory fees | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Investment banking and advisory fees | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 83,659 | 77,684 | 103,701 | |
Investment banking and advisory fees | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 45,571 | 43,811 | 40,465 | |
Asset management fees | Commercial Banking and Wealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 45,571 | 43,811 | 40,465 | |
Asset management fees | Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Asset management fees | Corporate and Investment Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Asset management fees | Treasury, Corporate Support and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | |
[1] | Other revenues primarily relate to revenues not derived from contracts with customers. |
Parent Company Financial Stat_3
Parent Company Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||
Cash and cash equivalents | $ 6,938,698 | $ 3,332,626 | $ 4,082,826 |
Debt securities available for sale | 7,235,305 | 10,981,216 | |
Other assets | 2,669,182 | 2,267,560 | |
Total assets | 93,603,347 | 90,947,174 | |
Liabilities and Equity [Abstract] | |||
Accrued expenses and other liabilities | 1,368,403 | 1,176,793 | |
Total BBVA USA Bancshares, Inc. shareholder’s equity | 13,357,133 | 13,483,508 | |
Total liabilities and shareholder’s equity | 93,603,347 | 90,947,174 | |
Parent Company | |||
Assets: | |||
Cash and cash equivalents | 217,765 | 238,763 | |
Debt securities available for sale | 250,000 | 249,833 | |
Other assets | 73,663 | 52,102 | |
Total assets | 13,430,195 | 13,530,022 | |
Liabilities and Equity [Abstract] | |||
Accrued expenses and other liabilities | 73,062 | 46,514 | |
Total BBVA USA Bancshares, Inc. shareholder’s equity | 13,357,133 | 13,483,508 | |
Total liabilities and shareholder’s equity | 13,430,195 | 13,530,022 | |
Banking subsidiaries | Parent Company | |||
Assets: | |||
Investments in subsidiaries: | 12,428,503 | 12,537,511 | |
Non-banking subsidiaries | Parent Company | |||
Assets: | |||
Investments in subsidiaries: | $ 460,264 | $ 451,813 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Expense: | ||||
Salaries and employee benefits | $ 1,181,934 | $ 1,154,791 | $ 1,131,971 | |
Income tax expense (benefit) | 126,046 | 184,678 | 316,076 | |
Net income | 151,075 | 761,448 | 458,781 | |
Comprehensive income attributable to BBVA USA Bancshares, Inc. | 372,287 | 772,018 | 429,628 | |
Parent Company | ||||
Income: | ||||
Other | 5,320 | 7,731 | 6,333 | |
Total income | 463,676 | 312,731 | 406,445 | |
Expense: | ||||
Salaries and employee benefits | 994 | 3,980 | 3,898 | |
Other | 12,840 | 8,781 | 10,603 | |
Total expense | 13,834 | 12,761 | 14,501 | |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 449,842 | 299,970 | 391,944 | |
Income tax expense (benefit) | 2,215 | (1,255) | (979) | |
Income before equity in undistributed earnings of subsidiaries | 447,627 | 301,225 | 392,923 | |
Equity in undistributed (losses) earnings of subsidiaries | (296,552) | 460,223 | 65,858 | |
Net income | 151,075 | 761,448 | 458,781 | |
Other comprehensive income (loss) | [1] | 221,212 | 10,570 | (29,153) |
Comprehensive income attributable to BBVA USA Bancshares, Inc. | 372,287 | 772,018 | 429,628 | |
Banking subsidiaries | Parent Company | ||||
Income: | ||||
Dividends from banking subsidiaries | 445,000 | 305,000 | 400,000 | |
Non-banking subsidiaries | Parent Company | ||||
Income: | ||||
Dividends from banking subsidiaries | $ 13,356 | $ 0 | $ 112 | |
[1] | See Consolidated Statement of Comprehensive Income detail. |
Parent Company Financial Stat_5
Parent Company Financial Statements - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 151,075 | $ 761,448 | $ 458,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Increase (decrease) in other assets | 64,289 | (320,369) | (239,400) |
Increase in accrued expenses and other liabilities | (84,020) | 122,538 | 96,147 |
Net cash provided by operating activities | 1,057,951 | 1,130,894 | 1,122,285 |
Investing Activities: | |||
Purchases of debt securities available for sale | (3,555,480) | (3,752,847) | (4,018,878) |
Purchase of premises and equipment | (135,635) | (138,997) | (126,953) |
Net cash provided by (used in) investing activities | 550,409 | (4,665,542) | (254,518) |
Financing Activities: | |||
Vesting of restricted stock | (2,914) | (712) | (1,530) |
Restricted stock grants retained to cover taxes | 0 | 0 | (689) |
Issuance of common stock | 802 | 0 | 0 |
Net cash provided by (used in) financing activities | 2,046,949 | 2,765,078 | (16,305) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 3,655,309 | (769,570) | 851,462 |
Cash, cash equivalents and restricted cash at beginning of year | 3,501,380 | 4,270,950 | 3,419,488 |
Cash, cash equivalents and restricted cash at end of year | 7,156,689 | 3,501,380 | 4,270,950 |
Parent Company | |||
Operating Activities: | |||
Net income | 151,075 | 761,448 | 458,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,229 | 1,257 | 1,272 |
Equity in undistributed losses (earnings) of subsidiaries | 296,552 | (460,223) | (65,858) |
Increase (decrease) in other assets | (6,050) | (878) | (3,827) |
Increase in accrued expenses and other liabilities | 8,960 | 4,085 | 11,406 |
Net cash provided by operating activities | 451,766 | 305,689 | 401,774 |
Investing Activities: | |||
Purchases of debt securities available for sale | (3,493,942) | (2,194,278) | (99,991) |
Sales and maturities of debt securities available for sale | 3,495,000 | 2,155,000 | 90,000 |
Purchase of premises and equipment | (377) | (3) | (955) |
Contributions to subsidiaries | 28,677 | (31,109) | (69,317) |
Net cash provided by (used in) investing activities | 29,358 | (70,390) | (80,263) |
Financing Activities: | |||
Repayment of other borrowings | 0 | 0 | (100,537) |
Vesting of restricted stock | (2,914) | (712) | (1,530) |
Restricted stock grants retained to cover taxes | 0 | 0 | (689) |
Issuance of common stock | 802 | 0 | 0 |
Dividends paid | (500,010) | (272,047) | (164,846) |
Net cash provided by (used in) financing activities | (502,122) | (272,759) | (267,602) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (20,998) | (37,460) | 53,909 |
Cash, cash equivalents and restricted cash at beginning of year | 238,763 | 276,223 | 222,314 |
Cash, cash equivalents and restricted cash at end of year | $ 217,765 | $ 238,763 | $ 276,223 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 16, 2017 | Aug. 01, 2014 | Mar. 16, 2012 | |
Related Party Transaction [Line Items] | ||||||
Securities purchased under agreements to resell | $ 178,914,000 | $ 109,947,000 | ||||
Securities sold under agreements to repurchase | 173,028,000 | 102,275,000 | ||||
Preferred stock | 229,475,000 | 229,475,000 | ||||
Preferred stock dividends | 20,103,000 | 19,140,000 | $ 16,939,000 | |||
Loans transferred from held for investment to held for sale | 1,196,883,000 | 0 | 0 | |||
BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Securities purchased under agreements to resell | 178,914,000 | 109,947,000 | ||||
Securities sold under agreements to repurchase | 16,596,000 | 0 | ||||
Related party, income | 165,000,000 | |||||
BBVA | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party, income | 30,100,000 | 49,700,000 | 45,000,000 | |||
Related party, expenses | 38,600,000 | 31,500,000 | 28,500,000 | |||
BBVA | Line of credit | BSI | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 150,000,000 | |||||
BBVA | Line of credit | Revolving credit facility | BSI | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 0 | 0 | $ 450,000,000 | $ 420,000,000 | ||
Uncommitted Demand Facility | BBVA | Line of credit | Revolving credit facility | BSI | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 1,000,000,000 | |||||
Revolving Note And Cash Subordinated Agreement | BBVA | BSI | ||||||
Related Party Transaction [Line Items] | ||||||
Related party, interest expense | 50,000 | 309,000 | 931,000 | |||
Derivatives designated as hedging instrument | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative notional amount | 3,400,000,000 | 4,100,000,000 | ||||
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 | (9,688,000) | 23,378,000 | ||||
Fair value hedges | Derivatives designated as hedging instrument | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amount of transaction | (354,000) | (24,839,000) | ||||
Cash flow hedges | Derivatives designated as hedging instrument | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amount of transaction | 102,000 | 174,000 | ||||
Series A Preferred Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred stock | 229,000,000 | 229,000,000 | ||||
Preferred Stock | Series A Preferred Stock | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred stock | 229,000,000 | 229,000,000 | ||||
Preferred stock dividends | 18,000,000 | 17,000,000 | ||||
Loans and Loans Held for Sale Excluding Loans Originated for Sale in Secondary Market | ||||||
Related Party Transaction [Line Items] | ||||||
Loans transferred from held for investment to held for sale | 1,196,883,000 | $ 0 | $ 0 | |||
Gain on sale of loans | $ 778,000 |