Cover Page
Cover Page - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-39009 | ||
Entity Registrant Name | TCF Financial Corporation | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-2022454 | ||
Entity Address, Address Line One | 333 W. Fort Street, Suite 1800 | ||
Entity Address, City or Town | Detroit | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48226 | ||
City Area Code | (866) | ||
Local Phone Number | 258-1807 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 152,648,603 | ||
Entity Central Index Key | 0000019612 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 |
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock (par value $1 per share) | ||
Trading Symbol | TCF | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock | ||
Trading Symbol | TCFCP | ||
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 585,663 | $ 531,918 |
Interest-bearing deposits with other banks | 463,641 | 728,677 |
Total cash and cash equivalents | 1,049,304 | 1,260,595 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 358,414 | 320,436 |
Investment securities: | ||
Available-for-sale, at fair value (amortized cost of $8,396,973 and $8,041,173) | 8,403,788 | 8,284,723 |
Held-to-maturity, at amortized cost (fair value of $212,411 and $193,554) | 209,778 | 184,359 |
Total investment securities | 8,613,566 | 8,469,082 |
Loans and leases held-for-sale (includes $107,417 and $22,178 at fair value) | 107,649 | 222,028 |
Loans and leases | 36,221,019 | 34,466,408 |
Allowance for loan and lease losses | (504,645) | (525,868) |
Loans and leases, net | 35,716,374 | 33,940,540 |
Premises and equipment, net | 455,032 | 470,131 |
Goodwill | 1,379,890 | 1,313,046 |
Other intangible assets, net | 149,438 | 146,377 |
Loan servicing rights | 44,151 | 38,303 |
Other assets | 1,585,733 | 1,621,949 |
Total assets | 49,459,551 | 47,802,487 |
Deposits: | ||
Noninterest-bearing | 12,394,753 | 11,036,086 |
Interest-bearing | 27,392,061 | 27,820,233 |
Total deposits | 39,786,814 | 38,856,319 |
Short-term borrowings | 1,426,083 | 617,363 |
Long-term borrowings | 1,518,816 | 1,374,732 |
Other liabilities | 1,136,067 | 1,264,776 |
Total liabilities | 43,867,780 | 42,113,190 |
Equity | ||
Preferred stock issued | 169,302 | 169,302 |
Common stock issued | 152,696 | 152,566 |
Additional paid-in capital | 3,466,655 | 3,457,802 |
Retained earnings | 1,802,340 | 1,735,201 |
Accumulated other comprehensive income | 2,654 | 182,673 |
Other | (29,813) | (26,731) |
Total TCF Financial Corporation shareholders' equity | 5,563,834 | 5,670,813 |
Non-controlling interest | 27,937 | 18,484 |
Total equity | 5,591,771 | 5,689,297 |
Total liabilities and equity | $ 49,459,551 | $ 47,802,487 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued | 7,000 | 7,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 220,000,000 | 220,000,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, at fair value | $ 212,411 | $ 193,554 |
Available-for-sale, at amortized cost | 8,396,973 | 8,041,173 |
Loans and leases held-for-sale, fair value | $ 107,417 | $ 221,784 |
Preferred stock, par value (dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 7,000 | 7,000 |
Common stock, par value (dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 220,000,000 | 220,000,000 |
Common stock, shares issued (in shares) | 152,696,133 | 152,565,504 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | ||
Interest and fees on loans and leases | $ 360,584 | $ 443,096 |
Interest on investment securities: | ||
Taxable | 38,716 | 40,920 |
Tax-exempt | 3,700 | 4,349 |
Interest on loans held-for-sale | 975 | 1,561 |
Interest on other earning assets | 1,657 | 5,466 |
Total interest income | 405,632 | 495,392 |
Interest expense | ||
Interest on deposits | 13,786 | 67,419 |
Interest on borrowings | 10,019 | 26,492 |
Total interest expense | 23,805 | 93,911 |
Net interest income | 381,827 | 401,481 |
Provision for credit losses | 20,556 | 96,943 |
Net interest income after provision for credit losses | 361,271 | 304,538 |
Noninterest income | ||
Net gains on sales of loans and leases | 6,058 | 7,573 |
Net gains on investment securities | 8 | 0 |
Other | 11,055 | 27,727 |
Total noninterest income | 132,060 | 136,963 |
Noninterest expense | ||
Compensation and employee benefits | 173,602 | 171,528 |
Occupancy and equipment | 52,166 | 57,288 |
Lease financing equipment depreciation | 20,426 | 18,450 |
Net foreclosed real estate and repossessed assets | 1,029 | 1,859 |
Merger-related expenses | 16,216 | 36,728 |
Other | 85,243 | 88,746 |
Total noninterest expense | 348,682 | 374,599 |
Income before income tax expense | 144,649 | 66,902 |
Income tax expense | 19,540 | 13,086 |
Income after income tax expense | 125,109 | 53,816 |
Income attributable to non-controlling interest | 1,773 | 1,917 |
Net income attributable to TCF Financial Corporation | 123,336 | 51,899 |
Preferred stock dividends | 2,493 | 2,493 |
Net income available to common shareholders | $ 120,843 | $ 49,406 |
Earnings per common share: | ||
Basic earnings per common share (in usd per share) | $ 0.79 | $ 0.33 |
Diluted earnings per common share (in usd per share) | $ 0.79 | $ 0.32 |
Weighted-average common shares outstanding | ||
Basic (in shares) | 152,159,117 | 151,902,357 |
Diluted (in shares) | 152,540,687 | 152,114,017 |
Leasing revenue | ||
Interest expense | ||
Revenue From Contract with Customer And Revenue Not From Contract With Customer, Excluding Interest Income | $ 36,453 | $ 33,565 |
Noninterest income | ||
Noninterest income | 36,453 | 33,565 |
Fees and service charges on deposit accounts | ||
Interest expense | ||
Revenue From Contract with Customer And Revenue Not From Contract With Customer, Excluding Interest Income | 25,895 | 34,597 |
Noninterest income | ||
Noninterest income | 25,895 | 34,597 |
Total noninterest income | 25,895 | 34,597 |
Card and ATM revenue | ||
Interest expense | ||
Revenue From Contract with Customer And Revenue Not From Contract With Customer, Excluding Interest Income | 24,661 | 21,685 |
Noninterest income | ||
Noninterest income | 24,661 | 21,685 |
Total noninterest income | 24,661 | 21,685 |
Mortgage banking income | ||
Interest expense | ||
Revenue From Contract with Customer And Revenue Not From Contract With Customer, Excluding Interest Income | 20,986 | 5,665 |
Noninterest income | ||
Noninterest income | 20,986 | 5,665 |
Wealth management revenue | ||
Interest expense | ||
Revenue From Contract with Customer And Revenue Not From Contract With Customer, Excluding Interest Income | 6,944 | 6,151 |
Noninterest income | ||
Noninterest income | 6,944 | 6,151 |
Total noninterest income | $ 6,944 | $ 6,151 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income attributable to TCF Financial Corporation | $ 123,336 | $ 51,899 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips | (180,612) | 115,847 |
Net unrealized gains (losses) on net investment hedges | (1,559) | 10,481 |
Foreign currency translation adjustment | 2,170 | (14,426) |
Recognized postretirement prior service cost | (18) | (9) |
Total other comprehensive income (loss), net of tax | (180,019) | 111,893 |
Comprehensive (loss) income | $ (56,683) | $ 163,792 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Series C Preferred Stock | Total | TotalSeries C Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsSeries C Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Other | Non-controlling Interest | Cumulative Effect, Period of Adoption, Adjustment | [1] | Cumulative Effect, Period of Adoption, AdjustmentTotal | [1] | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings | [1] | Cumulative Effect, Period of Adoption, AdjustmentNon-controlling Interest | [1] | Cumulative Effect, Period of Adoption, Adjusted Balance | Cumulative Effect, Period of Adoption, Adjusted BalanceTotal | Cumulative Effect, Period of Adoption, Adjusted BalancePreferred Stock | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock | Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-in Capital | Cumulative Effect, Period of Adoption, Adjusted BalanceRetained Earnings | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted BalanceOther | Cumulative Effect, Period of Adoption, Adjusted BalanceNon-controlling Interest |
Balance (in shares) at Dec. 31, 2019 | 7,000 | 152,965,571 | 7,000 | 152,965,571 | |||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 5,727,241 | $ 5,707,015 | $ 169,302 | $ 152,966 | $ 3,462,080 | $ 1,896,427 | $ 54,277 | $ (28,037) | $ 20,226 | $ (159,249) | $ (159,323) | $ (159,323) | $ 74 | $ 5,567,992 | $ 5,547,692 | $ 169,302 | $ 152,966 | $ 3,462,080 | $ 1,737,104 | $ 54,277 | $ (28,037) | $ 20,300 | |||||||
Increase (Decrease) in Equity | |||||||||||||||||||||||||||||
Income after income tax expense | 53,816 | 51,899 | 51,899 | 1,917 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 111,893 | 111,893 | 111,893 | ||||||||||||||||||||||||||
Net investment by (distribution to) non-controlling interest | $ 7,932 | 7,932 | |||||||||||||||||||||||||||
Repurchases of shares of common stock (in shares) | (873,376) | (873,376) | |||||||||||||||||||||||||||
Repurchases of shares of common stock | $ (33,098) | (33,098) | $ (873) | (32,225) | 0 | ||||||||||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | $ (2,493) | $ (2,493) | $ (2,493) | ||||||||||||||||||||||||||
Dividends on common stock | (53,578) | (53,578) | (53,578) | ||||||||||||||||||||||||||
Stock compensation plans, net of tax (in shares) | 93,789 | ||||||||||||||||||||||||||||
Stock compensation plans, net of tax | 3,369 | 3,369 | $ 93 | 3,276 | 0 | ||||||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 103 | (103) | |||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 7,000 | 152,185,984 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | 5,655,833 | 5,625,684 | $ 169,302 | $ 152,186 | 3,433,234 | 1,732,932 | 166,170 | (28,140) | 30,149 | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 7,000 | 152,565,504 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 5,689,297 | 5,670,813 | $ 169,302 | $ 152,566 | 3,457,802 | 1,735,201 | 182,673 | (26,731) | 18,484 | ||||||||||||||||||||
Increase (Decrease) in Equity | |||||||||||||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||||||||||||
Income after income tax expense | $ 125,109 | 123,336 | 123,336 | 1,773 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (180,019) | (180,019) | (180,019) | ||||||||||||||||||||||||||
Net investment by (distribution to) non-controlling interest | $ 7,680 | 7,680 | |||||||||||||||||||||||||||
Repurchases of shares of common stock (in shares) | 0 | ||||||||||||||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | $ (2,493) | $ (2,493) | $ (2,493) | ||||||||||||||||||||||||||
Dividends on common stock | $ (53,704) | (53,704) | (53,704) | ||||||||||||||||||||||||||
Stock compensation plans, net of tax (in shares) | 130,629 | ||||||||||||||||||||||||||||
Stock compensation plans, net of tax | 5,901 | 5,901 | $ 130 | 5,771 | 0 | ||||||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 3,082 | (3,082) | |||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 7,000 | 152,696,133 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 5,591,771 | $ 5,563,834 | $ 169,302 | $ 152,696 | $ 3,466,655 | $ 1,802,340 | $ 2,654 | $ (29,813) | $ 27,937 | ||||||||||||||||||||
[1] | See "Note 2. Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2020 for further information. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||
Dividends on common stock, per common share | $ 0.35 | $ 0.35 |
Repurchases of shares of common stock (in shares) | 0 | 873,376 |
Series C Preferred Stock | ||
Stock Transactions, Parenthetical Disclosures [Abstract] | ||
Dividends on preferred stock | 5.70% | 5.70% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Income after income tax expense | $ 125,109 | $ 53,816 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 20,556 | 96,943 |
Share-based compensation expense | 7,277 | 5,647 |
Depreciation and amortization | 106,381 | 99,541 |
Provision (benefit) for deferred income taxes | 46,452 | (3,016) |
Net gains on sales of assets | (24,365) | (28,573) |
Proceeds from sales of loans and leases held-for-sale | 525,556 | 268,133 |
Originations of loans and leases held-for-sale, net of repayments | (399,628) | (362,680) |
Loan servicing rights (recovery) impairment | (7,637) | 8,236 |
Net change in other assets | (138,828) | (218,094) |
Net change in other liabilities | (143,062) | (405,718) |
Other, net | (1,073) | (14,106) |
Net cash provided by (used in) operating activities | 116,738 | (499,871) |
Cash flows from investing activities | ||
Proceeds from maturities of and principal collected on investment securities available-for-sale | 704,304 | 311,531 |
Purchases of investment securities available-for-sale | (858,934) | (412,011) |
Proceeds from maturities of and principal collected on investment securities held-to-maturity | 9,865 | 4,152 |
Purchases of investment securities held-to-maturity | (20,051) | 0 |
Redemption of Federal Home Loan Bank stock | 136,002 | 144,000 |
Purchases of Federal Home Loan Bank stock | (174,000) | (186,000) |
Proceeds from sales of loans and leases | 67,791 | 287,050 |
Loan and lease originations and purchases, net of principal collected | (961,317) | (1,717,733) |
Proceeds from sales of other assets | 28,114 | 16,494 |
Purchases of premises and equipment and lease equipment | (25,304) | (23,846) |
Net cash paid in business combination | (1,069,830) | 0 |
Other, net | (1,732) | 15,177 |
Net cash used in investing activities | (2,165,092) | (1,561,186) |
Cash flows from financing activities | ||
Net change in deposits | 930,495 | 1,143,905 |
Net change in short-term borrowings | 808,720 | 813,425 |
Proceeds from long-term borrowings | 2,857,651 | 4,150,000 |
Payments on long-term borrowings | (2,710,221) | (3,912,310) |
Repurchases of common stock | 0 | (33,098) |
Dividends paid on preferred stock | (2,493) | (2,493) |
Dividends paid on common stock | (53,704) | (53,578) |
Exercise of stock options | (327) | 63 |
Payments related to tax-withholding upon conversion of share-based awards | (738) | (2,289) |
Net investment by (distribution to) non-controlling interest | 7,680 | 7,932 |
Net cash provided by financing activities | 1,837,063 | 2,111,557 |
Net change in cash and due from banks | (211,291) | 50,500 |
Cash and cash equivalents at beginning of period | 1,260,595 | 1,228,371 |
Cash and cash equivalents at end of period | 1,049,304 | 1,278,871 |
Cash paid for: | ||
Interest on deposits and borrowings | 34,454 | 76,688 |
Income taxes, net | 4,971 | 1,838 |
Noncash activities: | ||
Transfer of loans and leases to other assets | 8,143 | 15,983 |
Transfer of loans and leases from held-for-investment to held for sale, net | $ 48,210 | $ 251,855 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TCF Financial Corporation, a Michigan corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Corporation"), is a financial holding company, headquartered in Detroit, Michigan. TCF National Bank ("TCF Bank"), TCF's wholly owned bank subsidiary, a national banking association, has its main office in Sioux Falls, South Dakota. References herein to "TCF Financial" refer to TCF Financial Corporation on an unconsolidated basis. TCF Bank operates banking centers primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, Wisconsin and South Dakota (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial customers. The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Corporation's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at and for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Proposed Merger with Huntington Bancshares Incorporated On December 13, 2020, TCF and Huntington Bancshares Incorporated ("Huntington") jointly announced the signing of a definitive merger agreement (the "TCF/Huntington Merger Agreement"). Under the terms of the agreement, the combined company will have dual headquarters for banking operations in Detroit, Michigan and Columbus, Ohio. Huntington is headquartered in Columbus, Ohio with reported assets of $125.8 billion as of March 31, 2021. Under the terms of the TCF/Huntington Merger Agreement, TCF shareholders will receive 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock will receive cash in lieu of fractional shares. Each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be converted into the right to receive one share of a newly created series of preferred stock of Huntington and Huntington will assume the obligations of TCF under the applicable deposit agreement related to the depositary shares. On March 25, 2021, shareholders of both TCF and Huntington have approved the merger. Subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, the transaction is anticipated to close in the second quarter of 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting policies in effect at December 31, 2020, as previously disclosed in "Note 2. Summary of Significant Accounting Policies" in the Corporation’s Annual Report on Form 10-K at and for the year ended December 31, 2020, remain significantly unchanged and have been followed similarly as in previous periods. Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Corporation adopted Accounting Standards Update ("ASU") No. 2020-10, Codification Improvements , which is intended to clarify or correct the unintended application of the Codification of accounting guidance for a wide variety of topics. The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs , which clarifies the intent of certain updates that were included in ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) , which clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740 - Income Taxes. The adoption of this guidance did not have a material impact on the consolidated financial statements. Recently Issued but Not Yet Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which reduces the complexity of accounting for certain financial instruments with characteristics of both debt and equity. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2022. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides a number of optional expedients to general accounting guidance intended to ease the burden of the accounting impacts of reference rate reform related to contract modifications and hedge accounting elections. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that the scope of Topic 848 includes derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Adoption of the expedients is allowed after March 12, 2020 and no later than December 31, 2022. Management is currently evaluating the impact of this guidance on the consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. Total cash and cash equivalents were $1.0 billion and $1.3 billion at March 31, 2021 and December 31, 2020, respectively. The Corporation maintains cash balances that are restricted as to their use in accordance with certain obligations. Cash payments received on loans serviced for third parties are generally held in separate accounts until remitted. The Corporation may also retain cash balances for collateral on certain borrowings and derivatives. The Corporation maintained restricted cash totaling $95.5 million and $95.1 million at March 31, 2021 and December 31, 2020, respectively. |
Federal Home Loan Bank and Fede
Federal Home Loan Bank and Federal Reserve Bank Stock | 3 Months Ended |
Mar. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank and Federal Reserve Bank Stocks | Federal Home Loan Bank and Federal Reserve Bank Stocks Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stocks were as follows: (In thousands) At March 31, 2021 At December 31, 2020 FHLB stock, at cost $ 234,455 $ 196,457 FRB stock, at cost 123,959 123,979 Total investments $ 358,414 $ 320,436 The investments in FHLB stock are required investments related to the Corporation's membership and borrowings in the FHLB of Des Moines, and additional commitments from the FHLB of Indianapolis and Cincinnati. The Corporation's investments in the FHLB of Des Moines, Indianapolis and Cincinnati could be adversely impacted by the financial operations of the Federal Home Loan Banks and actions of their regulator, the Federal Housing Finance Agency. The amount of FRB stock that TCF Bank is required to hold is based on TCF Bank's capital structure. The Corporation periodically evaluates investments for impairment. There was no impairment of these investments at March 31, 2021 and December 31, 2020. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and fair value of investment securities were as follows: Investment Securities Available-for-sale, At Fair Value (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At March 31, 2021 Debt securities: Obligations of states and political subdivisions $ 824,061 $ 30,772 $ 8,041 $ 846,792 Government and government-sponsored enterprises 186,541 506 649 186,398 Mortgage-backed securities: Residential agency 6,545,644 93,014 123,937 6,514,721 Residential non-agency 119,284 1,882 3 121,163 Commercial agency 681,641 23,146 10,557 694,230 Commercial non-agency 39,348 671 — 40,019 Total mortgage-backed debt securities 7,385,917 118,713 134,497 7,370,133 Corporate debt and trust preferred securities 454 11 — 465 Total investment securities available-for-sale $ 8,396,973 $ 150,002 $ 143,187 $ 8,403,788 At December 31, 2020 Debt securities: Obligations of states and political subdivisions $ 827,191 $ 44,077 $ 1,087 $ 870,181 Government and government-sponsored enterprises 196,560 153 813 195,900 Mortgage-backed securities: Residential agency 6,151,511 157,955 1,388 6,308,078 Residential non-agency 156,865 2,819 2 159,682 Commercial agency 669,235 39,715 999 707,951 Commercial non-agency 39,358 3,072 — 42,430 Total mortgage-backed debt securities 7,016,969 203,561 2,389 7,218,141 Corporate debt and trust preferred securities 453 48 — 501 Total investment securities available-for-sale $ 8,041,173 $ 247,839 $ 4,289 $ 8,284,723 Investment Securities Held-to-Maturity (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At March 31, 2021 Residential agency mortgage-backed securities $ 206,151 $ 6,615 $ 3,982 $ 208,784 Corporate debt and trust preferred securities 3,627 — — 3,627 Total investment securities held-to-maturity (1) $ 209,778 $ 6,615 $ 3,982 $ 212,411 At December 31, 2020 Residential agency mortgage-backed securities $ 180,946 $ 9,267 $ 72 $ 190,141 Corporate debt and trust preferred securities 3,413 — — 3,413 Total investment securities held-to-maturity (1) $ 184,359 $ 9,267 $ 72 $ 193,554 (1) At both March 31, 2021 and December 31, 2020 there was no ACL for investment securities held-to-maturity. Accrued interest receivable for investment securities was $23.1 million and $20.6 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets on the Consolidated Statements of Financial Condition. Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: At March 31, 2021 Less than 12 months 12 months or more Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available-for-sale Debt securities: Obligations of states and political subdivisions $ 130,928 $ 8,041 $ — $ — $ 130,928 $ 8,041 Government and government sponsored enterprises 93,950 649 — — 93,950 649 Mortgage-backed securities: Residential agency 3,848,667 123,937 — — 3,848,667 123,937 Residential non-agency 3,001 3 — — 3,001 3 Commercial agency 175,579 10,557 — — 175,579 10,557 Commercial non-agency — — — — — — Total mortgage-backed debt securities 4,027,247 134,497 — — 4,027,247 134,497 Total investment securities available-for-sale $ 4,252,125 $ 143,187 $ — $ — $ 4,252,125 $ 143,187 Investment securities held-to-maturity Residential agency mortgage-backed securities 108,682 3,982 — — 108,682 3,982 Total investment securities held-to-maturity $ 108,682 $ 3,982 $ — $ — $ 108,682 $ 3,982 At December 31, 2020 Less than 12 months 12 months or more Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available-for-sale Debt securities: Obligations of states and political subdivisions $ 78,241 $ 1,087 $ — $ — $ 78,241 $ 1,087 Government and government sponsored enterprises 139,940 813 — — 139,940 813 Mortgage-backed securities: Residential agency 426,171 1,388 — — 426,171 1,388 Residential non-agency 1,529 2 — — 1,529 2 Commercial agency 96,667 999 — — 96,667 999 Commercial non-agency — — — — — — Total mortgage-backed debt securities 524,367 2,389 — — 524,367 2,389 Total investment securities available-for-sale $ 742,548 $ 4,289 $ — $ — $ 742,548 $ 4,289 At March 31, 2021 there was no ACL for investment securities available-for-sale. At March 31, 2021 there were 582 available-for-sale investment securities in an unrealized loss position. Management assessed each investment security with unrealized losses for credit impairment. Substantially all unrealized losses on investment securities available-for-sale were due to credit spreads and interest rates rather than credit impairment. As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Corporation will not be required and does not intend to sell any of the investment securities prior to recovery of the amortized cost. The gross gains and losses on sales of investment securities were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Gross realized gains $ — $ — Gross realized losses — — Recoveries on previously impaired investment securities held-to-maturity 8 — Net gains on investment securities $ 8 $ — The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At March 31, 2021 At December 31, 2020 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Investment Securities Available-for-Sale Due in one year or less $ 45,902 $ 46,020 $ 45,912 $ 46,163 Due in 1-5 years 160,915 163,885 163,346 168,125 Due in 5-10 years 770,039 788,800 681,135 720,239 Due after 10 years 7,420,117 7,405,083 7,150,780 7,350,196 Total investment securities available-for-sale $ 8,396,973 $ 8,403,788 $ 8,041,173 $ 8,284,723 Investment Securities Held-to-Maturity Due in one year or less $ 400 $ 400 $ 400 $ 400 Due in 1-5 years 2,150 2,150 2,150 2,150 Due in 5-10 years 43 48 46 51 Due after 10 years 207,185 209,813 181,763 190,953 Total investment securities held-to-maturity $ 209,778 $ 212,411 $ 184,359 $ 193,554 |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Loans and leases were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial (1) $ 12,856,701 $ 11,422,383 Commercial real estate 9,881,341 9,702,587 Lease financing 2,956,626 2,817,231 Total commercial loan and lease portfolio 25,694,668 23,942,201 Consumer loan portfolio: Residential mortgage 6,510,981 6,182,045 Home equity 2,864,142 3,108,736 Consumer installment 1,151,228 1,233,426 Total consumer loan portfolio 10,526,351 10,524,207 Total loans and leases (2) $ 36,221,019 $ 34,466,408 (1) Includes $1.9 billion and $1.6 billion of PPP loans at March 31, 2021 and December 31, 2020, respectively. (2) Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $(85.4) million and $(118.6) million at March 31, 2021 and December 31, 2020, respectively. Accrued interest receivable for loans and leases was $94.2 million and $93.6 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets on the Consolidated Statements of Financial Condition. Acquired Loans and Leases The Corporation acquires loans and leases through business combinations and purchases of loan and lease portfolios. These loans and leases are recorded at fair value at acquisition and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. On January 29, 2021, TCF acquired BB&T Commercial Equipment Capital, Corp. ("CEC") through a business combination, which included a portfolio of $1.0 billion of commercial loans and leases. During the three months ended March 31, 2021, the Corporation acquired total loans and leases with a fair value of $1.8 billion, which primarily included the CEC commercial loans and leases and jumbo residential mortgage loans. Lease Income The components of total lease income were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Interest and fees on loans and leases (Interest income): Interest income on net investment in direct financing and sales-type leases $ 34,189 $ 34,156 Leasing revenue (Noninterest income): Lease income from operating lease payments 25,550 23,902 Profit recorded on commencement date on sales-type leases 6,541 3,580 Gains on sales of leased equipment 4,362 6,083 Leasing revenue 36,453 33,565 Total lease income $ 70,642 $ 67,721 Loan and Lease Sales The following table summarizes the net gains on sales of loans and leases related to all loan and lease sales. The Corporation retains servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information. Three Months Ended March 31, (In thousands) 2021 2020 Sale proceeds, net $ 593,347 $ 555,182 Recorded investment in loans and leases sold, including accrued interest 563,489 537,180 Other (8,135) 2,588 Net gains on sales of loans and leases related to all loan and lease sales (1) $ 21,723 $ 20,590 (1) Three months ended March 31, 2021 amount included within net gain on sales of loans and leases ($6.1 million) and mortgage banking income ($15.7 million). Three months ended March 31, 2020 amounts included within net gain on sales of loans and leases ($7.6 million) and mortgage banking income ($13.0 million). The interest-only strips on the balance sheet related to loan sales were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Interest-only strips $ 6,737 $ 7,823 The Corporation recorded $262 thousand of impairment charges related to interest-only strips during the three months ended March 31, 2021 and $224 thousand of impairment charges for the three months ended March 31, 2020. The Corporation's agreements to sell consumer loans typically contain certain representations, warranties and covenants regarding the loans sold or securitized. These representations, warranties and covenants generally relate to, among other things, the ownership of the loan, the validity, priority and perfection of the lien securing the loan, accuracy of information supplied to the buyer or investor, the loan's compliance with the criteria set forth in the agreement, the manner in which the loans will be serviced, payment delinquency and compliance with applicable laws and regulations. These agreements generally require the repurchase of loans or indemnification of the purchaser in the event these representations are breached, warranties or covenants and such breaches are not cured. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. Losses related to repurchases pursuant to such representations, warranties and covenants were immaterial for the three months ended March 31, 2021 and 2020. |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Credit Quality | Allowance for Credit Losses and Credit Quality Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related ASUs on a modified retrospective basis. Allowance for Credit Losses The rollforwards of the allowance for credit losses ("ACL") were as follows: (In thousands) Consumer Loan Portfolio Commercial Loan and Lease Portfolio Total Allowance for Loan and Lease Losses Reserve for Unfunded Lending Commitments (1) Total Allowance for Credit Losses Three months ended March 31, 2021 Balance, beginning of period $ 136,894 $ 388,974 $ 525,868 $ 23,313 $ 549,181 Charge-offs (8,340) (47,278) (55,618) — (55,618) Recoveries 7,879 4,477 12,356 — 12,356 Net (charge-offs) recoveries (461) (42,801) (43,262) — (43,262) Provision for credit losses 9,276 12,684 21,960 (1,404) 20,556 Other (2) (2,230) 2,309 79 — 79 Balance, end of period $ 143,479 $ 361,166 $ 504,645 $ 21,909 $ 526,554 Three months ended March 31, 2020 Balance, beginning of period $ 28,572 $ 84,480 $ 113,052 $ 3,528 $ 116,580 Impact of CECL adoption 107,337 98,655 205,992 14,707 220,699 Adjusted balance, beginning of period 135,909 183,135 319,044 18,235 337,279 Charge-offs (5,848) (8,881) (14,729) — (14,729) Recoveries 4,708 4,544 9,252 — 9,252 Net (charge-offs) recoveries (1,140) (4,337) (5,477) — (5,477) Provision for credit losses 40,288 52,702 92,990 3,953 96,943 Other (2) — (174) (174) — (174) Balance, end of period $ 175,057 $ 231,326 $ 406,383 $ 22,188 $ 428,571 (1) Reserve for unfunded lending commitments ("RULC") is recognized within other liabilities. (2) Primarily includes the allowance for purchased financial assets with credit deterioration ("PCD") and the transfer of the allowance to loans and leases held-for-sale. Management considers our ACL of $526.6 million, or 1.45% of total loans and leases, appropriate to cover current credit losses expected to be incurred in the loan and lease portfolios over the remaining expected life of each financial asset at March 31, 2021, including loans and leases which are not currently known to require specific allowances. The ACL was $549.2 million, or 1.59% of total loans and leases, at December 31, 2020. The decrease in the ACL as a percentage of total loans and leases from December 31, 2020 was primarily due to continued improvement in both current and forecasted macro-economic conditions and benefit from nonaccrual loan sale recoveries. The provision for credit losses related to loans and leases for the three months ended March 31, 2021 was primarily due to loan and lease growth, which included the purchase of commercial loans and leases as a part of the CEC business combination. PPP loans totaling $1.9 billion at March 31, 2021, are individually guaranteed by the Small Business Administration and therefore the accounting under CECL does not require reserves to be recorded on such loans. PCD Loan Activity For PCD loans and leases, the initial estimate of expected credit losses is recognized in the allowance for loan and lease losses ("ALLL") on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans and leases purchased as part of the CEC business combination with credit deterioration at acquisition: (In thousands) Three months ended March 31, 2021 Par value $ 70,263 ALLL at acquisition (2,383) Non-credit premium (discount) (1,020) Purchase price $ 66,860 Accruing and Nonaccrual Loans and Leases The Corporation's key credit quality indicator is the receivable's payment performance status, defined as accruing or not accruing. Nonaccrual loans and leases are those which management believes have a higher risk of loss. Delinquent balances are determined based on the contractual terms of the loan or lease. Loans and leases that are over 90 days delinquent are a leading indicator for future charge-off trends and are generally placed on nonaccrual status. In addition, loans and leases that have requested payment deferral under the Coronavirus Aid, Relief and Economic Security ("CARES") Act of greater than 180 days are generally placed on nonaccrual status. The Corporation's accruing and nonaccrual loans and leases were as follows: (In thousands) Current 30-89 Days Delinquent and Accruing 90 Days or More Delinquent and Accruing Total Nonaccrual Total At March 31, 2021 Commercial loan and lease portfolio: Commercial and industrial $ 12,588,529 $ 25,413 $ 2,772 $ 12,616,714 $ 239,987 $ 12,856,701 Commercial real estate 9,662,431 30,490 — 9,692,921 188,420 9,881,341 Lease financing 2,824,770 33,164 4,734 2,862,668 93,958 2,956,626 Total commercial loan and lease portfolio 25,075,730 89,067 7,506 25,172,303 522,365 25,694,668 Consumer loan portfolio: Residential mortgage 6,421,403 11,171 1,874 6,434,448 76,533 6,510,981 Home equity 2,781,347 9,798 56 2,791,201 72,941 2,864,142 Consumer installment 1,142,579 2,587 — 1,145,166 6,062 1,151,228 Total consumer loan portfolio 10,345,329 23,556 1,930 10,370,815 155,536 10,526,351 Total $ 35,421,059 $ 112,623 $ 9,436 $ 35,543,118 $ 677,901 $ 36,221,019 At December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial $ 11,119,453 $ 42,033 $ 1,458 $ 11,162,944 $ 259,439 $ 11,422,383 Commercial real estate 9,453,743 94,383 22 9,548,148 154,439 9,702,587 Lease financing 2,695,356 27,118 3,935 2,726,409 90,822 2,817,231 Total commercial loan and lease portfolio 23,268,552 163,534 5,415 23,437,501 504,700 23,942,201 Consumer loan portfolio: Residential mortgage 6,065,379 17,048 1,965 6,084,392 97,653 6,182,045 Home equity 3,008,450 30,840 63 3,039,353 69,383 3,108,736 Consumer installment 1,224,059 3,801 — 1,227,860 5,566 1,233,426 Total consumer loan portfolio 10,297,888 51,689 2,028 10,351,605 172,602 10,524,207 Total $ 33,566,440 $ 215,223 $ 7,443 $ 33,789,106 $ 677,302 $ 34,466,408 Further details of the Corporation's nonaccrual loans and leases were as follows: At March 31, 2021 At December 31, 2020 (In thousands) Total nonaccrual Nonaccrual with no ACL Total nonaccrual Nonaccrual with no ACL Commercial loan and lease portfolio: Commercial and industrial $ 239,987 $ 45,371 $ 259,439 $ 55,773 Commercial real estate 188,420 150,882 154,439 79,203 Lease financing 93,958 — 90,822 — Total commercial loan and lease portfolio 522,365 196,253 504,700 134,976 Consumer loan portfolio: Residential mortgage 76,533 — 97,653 49 Home equity 72,941 358 69,383 23 Consumer installment 6,062 3,505 5,566 3,531 Total consumer loan portfolio 155,536 3,863 172,602 3,603 Total $ 677,901 $ 200,116 $ 677,302 $ 138,579 Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ — $ 420 $ 163 $ — $ 4 $ 262 $ 1,923 $ — $ 2,772 Commercial real estate — — — — — — — — — Lease financing — 1,693 1,085 1,022 674 260 — — 4,734 Total commercial loan and lease portfolio — 2,113 1,248 1,022 678 522 1,923 — 7,506 Consumer loan portfolio: Residential mortgage — 85 312 — 202 1,275 — — 1,874 Home equity — — — — 56 — — — 56 Consumer installment — — — — — — — — — Total consumer loan portfolio — 85 312 — 258 1,275 — — 1,930 Total 90 days or more delinquent and accruing $ — $ 2,198 $ 1,560 $ 1,022 $ 936 $ 1,797 $ 1,923 $ — $ 9,436 Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 874 $ 50 $ 94 $ 13 $ — $ 52 $ 375 $ — $ 1,458 Commercial real estate — — — — — 22 — — 22 Lease financing 1,286 975 680 463 392 139 — — 3,935 Total commercial loan and lease portfolio 2,160 1,025 774 476 392 213 375 — 5,415 Consumer loan portfolio: Residential mortgage 85 134 — — — 1,746 — — 1,965 Home equity — — — — — 27 36 — 63 Consumer installment — — — — — — — — — Total consumer loan portfolio 85 134 — — — 1,773 36 — 2,028 Total 90 days or more delinquent and accruing $ 2,245 $ 1,159 $ 774 $ 476 $ 392 $ 1,986 $ 411 $ — $ 7,443 Nonaccrual loans and leases by year of origination were as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 121 $ 27,464 $ 58,160 $ 51,542 $ 25,885 $ 39,613 $ 37,191 $ 11 $ 239,987 Commercial real estate — 4,309 25,233 13,738 57,547 87,593 — — 188,420 Lease financing — 3,606 29,189 26,513 16,047 16,758 — 1,845 93,958 Total commercial loan and lease portfolio 121 35,379 112,582 91,793 99,479 143,964 37,191 1,856 522,365 Consumer loan portfolio: Residential mortgage — 3,253 7,744 11,920 2,996 50,620 — — 76,533 Home equity 22 847 934 445 432 5,594 63,920 747 72,941 Consumer installment — 87 238 340 514 4,690 193 — 6,062 Total consumer loan portfolio 22 4,187 8,916 12,705 3,942 60,904 64,113 747 155,536 Total nonaccrual loans and leases $ 143 $ 39,566 $ 121,498 $ 104,498 $ 103,421 $ 204,868 $ 101,304 $ 2,603 $ 677,901 Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 26,109 $ 61,595 $ 60,686 $ 29,360 $ 17,669 $ 23,644 $ 40,364 $ 12 $ 259,439 Commercial real estate 5,194 4,835 14,452 53,934 21,667 54,357 — — 154,439 Lease financing 3,190 27,412 26,348 15,184 8,601 8,145 — 1,942 90,822 Total commercial loan and lease portfolio 34,493 93,842 101,486 98,478 47,937 86,146 40,364 1,954 504,700 Consumer loan portfolio: Residential mortgage 2,631 9,177 16,391 4,172 2,812 62,470 — — 97,653 Home equity 889 1,449 530 379 223 5,149 59,826 938 69,383 Consumer installment 33 267 181 281 575 4,060 169 — 5,566 Total consumer loan portfolio 3,553 10,893 17,102 4,832 3,610 71,679 59,995 938 172,602 Total nonaccrual loans and leases $ 38,046 $ 104,735 $ 118,588 $ 103,310 $ 51,547 $ 157,825 $ 100,359 $ 2,892 $ 677,302 The average balance of nonaccrual loans and leases and interest income recognized on nonaccrual loans and leases were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Average Loan and Lease Balance Interest Income Recognized Average Loan and Lease Balance Interest Income Recognized Commercial loan and lease portfolio: Commercial and industrial $ 249,713 $ 2,116 $ 68,985 $ 1,709 Commercial real estate 171,429 3,040 38,383 1,784 Lease financing 92,390 19 12,063 51 Total commercial loan and lease portfolio 513,532 5,175 119,431 3,544 Consumer loan portfolio: Residential mortgage 87,093 1,304 50,278 638 Home equity 71,162 1,387 39,505 156 Consumer installment 5,814 66 852 25 Total consumer loan portfolio 164,069 2,757 90,635 819 Total nonaccrual loans and leases $ 677,601 $ 7,932 $ 210,066 $ 4,363 In addition to the receivable's payment performance status, credit quality is also analyzed using credit risk classifications, which vary based on the size and type of credit risk exposure and additionally measure liquidity, debt capacity, coverage and payment behavior as shown in the borrower's financial statements. The credit risk classifications also measure the quality of the borrower's management group and the repayment support offered by any guarantors. Loan and lease credit risk classifications are derived from standard regulatory rating definitions, which include: pass, special mention, substandard, doubtful and loss. Substandard and doubtful loans and leases have well-defined weaknesses, but may never result in a loss. The amortized cost basis of loans and leases by credit risk classifications and year of origination was as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases (1) Revolving Loans and Leases Converted to Term Loans and Leases (2) At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial Pass $ 1,289,456 $ 3,069,589 $ 1,924,724 $ 1,033,717 $ 527,205 $ 618,661 $ 3,541,892 $ 51,531 $ 12,056,775 Special mention 6,898 16,592 87,857 75,921 42,692 10,888 147,237 754 388,839 Substandard 2,501 36,312 98,860 61,460 33,431 76,814 101,429 280 411,087 Total commercial and industrial 1,298,855 3,122,493 2,111,441 1,171,098 603,328 706,363 3,790,558 52,565 12,856,701 Commercial real estate Pass 304,562 1,373,808 2,274,851 1,767,581 1,169,172 2,021,114 — — 8,911,088 Special mention 81 17,878 88,125 83,486 214,000 175,698 — — 579,268 Substandard 1,739 60,777 43,251 86,540 82,812 115,866 — — 390,985 Total commercial real estate 306,382 1,452,463 2,406,227 1,937,607 1,465,984 2,312,678 — — 9,881,341 Lease financing Pass 247,246 970,143 686,909 389,597 205,845 115,862 32,369 148,755 2,796,726 Special mention 848 14,307 8,802 5,459 4,670 2,461 — 4,586 41,133 Substandard 1,023 10,122 35,382 30,848 18,302 18,751 — 4,339 118,767 Total lease financing 249,117 994,572 731,093 425,904 228,817 137,074 32,369 157,680 2,956,626 Total commercial 1,854,354 5,569,528 5,248,761 3,534,609 2,298,129 3,156,115 3,822,927 210,245 25,694,668 Consumer loan portfolio: Residential mortgage Pass 710,828 2,207,173 860,827 510,015 361,669 1,780,396 — — 6,430,908 Substandard — 3,338 8,056 11,920 3,198 53,561 — — 80,073 Total residential mortgage 710,828 2,210,511 868,883 521,935 364,867 1,833,957 — — 6,510,981 Home equity Pass 1,362 20,638 44,156 42,176 34,373 135,924 2,503,856 7,331 2,789,816 Substandard 22 847 934 445 488 6,923 63,920 747 74,326 Total home equity 1,384 21,485 45,090 42,621 34,861 142,847 2,567,776 8,078 2,864,142 Consumer installment Pass 65,000 183,103 335,641 171,972 155,700 212,480 20,871 62 1,144,829 Substandard — 134 403 340 514 4,815 193 — 6,399 Total consumer installment 65,000 183,237 336,044 172,312 156,214 217,295 21,064 62 1,151,228 Total consumer 777,212 2,415,233 1,250,017 736,868 555,942 2,194,099 2,588,840 8,140 10,526,351 Total loans and leases $ 2,631,566 $ 7,984,761 $ 6,498,778 $ 4,271,477 $ 2,854,071 $ 5,350,214 $ 6,411,767 $ 218,385 $ 36,221,019 (1) This balance includes $32.4 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods. (2) This balance includes $210.2 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods. Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases (1) Revolving Loans and Leases Converted to Term Loans and Leases (2) December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial Pass $ 3,282,275 $ 1,877,468 $ 994,081 $ 547,940 $ 357,567 $ 316,557 $ 3,286,687 $ 48,079 $ 10,710,654 Special mention 13,377 66,485 46,174 34,959 4,661 6,733 94,338 858 267,585 Substandard 28,908 69,510 94,227 48,246 52,944 29,295 120,738 276 444,144 Total commercial and industrial 3,324,560 2,013,463 1,134,482 631,145 415,172 352,585 3,501,763 49,213 11,422,383 Commercial real estate Pass 1,361,117 2,193,489 1,877,374 1,211,426 683,612 1,480,027 — — 8,807,045 Special mention 17,745 78,236 53,087 197,935 79,540 104,473 — — 531,016 Substandard 6,995 53,079 31,930 124,728 57,221 90,573 — — 364,526 Total commercial real estate 1,385,857 2,324,804 1,962,391 1,534,089 820,373 1,675,073 — — 9,702,587 Lease financing Pass 1,013,374 715,327 393,644 226,818 109,992 30,620 23,806 167,726 2,681,307 Special mention 4,050 9,871 3,897 4,870 1,484 1,001 — 8,911 34,084 Substandard 6,440 29,040 27,579 16,150 9,360 8,635 7 4,629 101,840 Total lease financing 1,023,864 754,238 425,120 247,838 120,836 40,256 23,813 181,266 2,817,231 Total commercial 5,734,281 5,092,505 3,521,993 2,413,072 1,356,381 2,067,914 3,525,576 230,479 23,942,201 Consumer loan portfolio: Residential mortgage Pass 2,011,791 1,047,735 604,127 435,617 439,816 1,539,779 — — 6,078,865 Special mention — — — — — 112 — — 112 Substandard 3,292 9,311 17,268 4,601 3,814 64,782 — — 103,068 Total residential mortgage 2,015,083 1,057,046 621,395 440,218 443,630 1,604,673 — — 6,182,045 Home equity Pass 23,066 51,448 48,092 39,834 29,071 126,147 2,703,354 7,753 3,028,765 Special mention — — — — — — — — — Substandard 940 1,469 579 515 424 8,354 66,590 1,100 79,971 Total home equity 24,006 52,917 48,671 40,349 29,495 134,501 2,769,944 8,853 3,108,736 Consumer installment Pass 206,994 371,924 192,067 185,051 119,663 127,252 24,043 67 1,227,061 Special mention — — — — — — — — — Substandard 247 1,179 680 887 909 2,086 377 — 6,365 Total consumer installment 207,241 373,103 192,747 185,938 120,572 129,338 24,420 67 1,233,426 Total consumer 2,246,330 1,483,066 862,813 666,505 593,697 1,868,512 2,794,364 8,920 10,524,207 Total loans and leases $ 7,980,611 $ 6,575,571 $ 4,384,806 $ 3,079,577 $ 1,950,078 $ 3,936,426 $ 6,319,940 $ 239,399 $ 34,466,408 (1) This balance includes $23.8 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods. (2) This balance includes $230.5 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods. Troubled Debt Restructurings In certain circumstances, the Corporation may consider modifying the terms of a loan for economic or legal reasons related to the customer's financial difficulties. If the Corporation grants a concession, the modified loan would generally be classified as a TDR. However, Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications provide banks the option to temporarily suspend the application of TDR accounting guidance for loans modified due to the effects of COVID-19 when certain conditions are met. TDRs typically involve a deferral of the principal balance of the loan, a reduction of the stated interest rate of the loan or, in certain limited circumstances, a reduction of the principal balance of the loan or the loan's accrued interest. The following table presents the recorded investment of loan modifications first classified as TDRs during the periods presented: Three Months Ended March 31, 2021 2020 (In thousands) Pre-modification Investment Post-modification Investment Pre-modification Investment Post-modification Investment Commercial loan and lease portfolio: Commercial and industrial $ 2,491 $ 2,491 $ 5,751 $ 5,751 Commercial real estate 1,700 1,700 106 106 Total commercial loan and lease portfolio 4,191 4,191 5,857 5,857 Consumer loan portfolio: Residential mortgage 1,126 1,126 3,222 3,157 Home equity 334 334 997 996 Consumer installment 44 44 376 353 Total consumer loan portfolio 1,504 1,504 4,595 4,506 Total $ 5,695 $ 5,695 $ 10,452 $ 10,363 The following table presents TDR loans: At March 31, 2021 At December 31, 2020 (In thousands) Accruing Nonaccrual TDR Loans Total Accruing Nonaccrual TDR Loans Total Commercial loan and lease portfolio $ 12,121 $ 21,554 $ 33,675 $ 35,697 $ 23,575 $ 59,272 Consumer loan portfolio 17,154 19,700 36,854 16,658 22,804 39,462 Total $ 29,275 $ 41,254 $ 70,529 $ 52,355 $ 46,379 $ 98,734 Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were $1.3 million and $2.6 million at March 31, 2021 and December 31, 2020, respectively. Loan modifications to troubled borrowers are no longer disclosed as TDR loans in the calendar years after modification if the loans were modified to an interest rate equal to or greater than the yields of new loan originations with comparable risk at the time of restructuring and if the loan is performing based on the restructured terms; however, these loans do not share similar risk characteristics with other loans and follow the Corporation's loan reserve policies for individually evaluated loans. The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period. The Corporation considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to nonaccrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets. Three Months Ended March 31, (In thousands) 2021 2020 Defaulted TDR loan balances modified during the applicable period Commercial loan and lease portfolio: Commercial and industrial $ 1,515 $ — Commercial real estate 1,228 — Total commercial loan and lease portfolio 2,743 — Consumer loan portfolio: Residential mortgage 197 630 Home equity 198 59 Consumer installment 34 — Total consumer loan portfolio 429 689 Defaulted TDR loan balances $ 3,172 $ 689 Other Real Estate Owned and Repossessed and Returned Assets Other real estate owned and repossessed and returned assets were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Other real estate owned $ 32,115 $ 33,192 Repossessed and returned assets 8,501 8,932 Consumer loans in process of foreclosure 24,173 14,790 Other real estate owned and repossessed and returned assets were written down $816 thousand and $842 thousand and during the three months ended March 31, 2021 and March 31, 2020, respectively. Other real estate owned and repossessed and returned assets are included in other assets on the Consolidated Statements of Financial Condition. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goodwill was as follows: (In thousands) At March 31, 2021 At December 31, 2020 Goodwill related to consumer banking segment $ 771,555 $ 771,555 Goodwill related to commercial banking segment 608,335 541,491 Goodwill, net $ 1,379,890 $ 1,313,046 During the three months ended March 31, 2021, the Corporation recorded additional goodwill in the amount of $66.8 million related to the CEC business combination. There was no impairment of goodwill for the three months ended March 31, 2021 and 2020. |
Loan Servicing Rights
Loan Servicing Rights | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Loan Servicing Rights | Loan Servicing Rights Information regarding LSRs was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Balance, beginning of period $ 38,303 $ 56,313 New servicing assets created 4,531 2,451 Impairment (charge) recovery 7,637 (8,236) Amortization (6,320) (3,245) Balance, end of period $ 44,151 $ 47,283 Valuation allowance, end of period $ (13,850) $ (12,118) Loans serviced for others that have servicing rights capitalized, end of period $ 6,068,120 $ 6,444,101 Total loan servicing, late fee and other ancillary fee income, included in mortgage banking income, related to loans serviced for others that have servicing rights capitalized was $4.0 million for the three months ended March 31, 2021 and $4.2 million for the three months ended March 31, 2020. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects and Historic Projects | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investments in Qualified Affordable Housing Projects and Historic Projects | Investments in Qualified Affordable Housing Projects and Historic Projects The Corporation invests in qualified affordable housing projects and historic projects for the purposes of community reinvestment and to obtain tax credits. Return on the Corporation's investment in these projects comes in the form of pass-through tax credits and tax losses. The carrying value of the investments is included in other assets. The Corporation primarily utilizes the proportional amortization method to account for investments in qualified affordable housing projects and the equity method to account for investments in other tax credit projects. Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized amortization expense of investments in qualified affordable housing projects of $5.9 million and $5.3 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense was more than offset by tax credits and other tax benefits of $7.9 million and $6.6 million for the three months ended March 31, 2021 and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects totaled $222.1 million and $214.3 million at March 31, 2021 and December 31, 2020, respectively. Under the equity method, the Corporation's share of the earnings or losses is included in other noninterest expense. The Corporation's remaining investment in historic projects and Ohio historic preservation tax credits totaled $50.2 million and $48.6 million at March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021, $0.6 million of income tax benefit was recognized due to the federal historic tax credits, which was partially offset by amortization expense, inclusive of impairment, of $0.5 million. During the three months ended March 31, 2020, $0.3 million of income tax benefit was recognized due to the federal historic tax credits, which was partially offset by amortization expense, inclusive of impairment, of $0.2 million. During the three months ended March 31, 2020, state tax credits, inclusive of impairment, totaled $0.4 million. The Corporation's unfunded equity contributions relating to investments in qualified affordable housing projects and historic projects are included in other liabilities. The Corporation's remaining unfunded equity contributions totaled $109.4 million and $107.4 million at March 31, 2021 and December 31, 2020, respectively. Management analyzes these investments for potential impairment when events or changes in circumstances indicate that it is more-likely-than-not that the carrying amount of the investment will not be realized. An impairment loss is measured as the amount by which the carrying amount of an investment exceeds its fair value. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings TCF Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage related assets to its members. Collateralized Deposits include TCF Bank's Repurchase Investment Sweep Agreement product collateralized by mortgage-backed securities, and funds deposited by customers that are collateralized by investment securities owned by TCF Bank, as these deposits are not covered by FDIC insurance. Short-term borrowings (borrowings with an original maturity of less than one year) were as follows: At March 31, 2021 At December 31, 2020 (Dollars in thousands) Amount Weighted-average Rate Amount Weighted-average Rate FHLB advances $ 1,200,000 0.29 % $ 400,000 0.33 % Collateralized Deposits 223,695 0.07 217,363 0.11 Line-of-Credit - TCF Commercial Finance Canada, Inc. 2,388 2.45 — — Total short-term borrowings $ 1,426,083 0.26 % $ 617,363 0.25 % Long-term borrowings were as follows: (In thousands) At March 31, 2021 At December 31, 2020 FHLB advances $ 859,335 $ 709,848 Subordinated debt obligations 583,312 586,145 Discounted lease rentals 73,222 75,770 Finance lease obligation 2,947 2,969 Total long-term borrowings $ 1,518,816 $ 1,374,732 At March 31, 2021, TCF Bank had pledged $13.0 billion of loans secured by consumer and commercial real estate to provide borrowing capacity from the FHLB. At March 31, 2021, TCF Bank had pledged $3.4 billion of loans secured by assets to provide borrowing capacity from the Federal Reserve Bank discount window. No borrowings were sourced from this facility at March 31, 2021. The contractual maturities of long-term borrowings at March 31, 2021 were as follows: (In thousands) Remainder of 2021 $ 4,339 2022 779,845 2023 25,099 2024 15,996 2025 373,772 Thereafter 319,765 Total long-term borrowings $ 1,518,816 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips: Net unrealized gains (losses) arising during the period $ (237,054) $ 56,371 $ (180,683) $ 150,744 $ (35,607) $ 115,137 Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to: Total interest income (44) 10 (34) 754 (177) 577 Net gains (losses) on investment securities — — — — — — Other noninterest expense 137 (32) 105 173 (40) 133 Amounts reclassified from accumulated other comprehensive income (loss) 93 (22) 71 927 (217) 710 Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips (236,961) 56,349 (180,612) 151,671 (35,824) 115,847 Recognized postretirement prior service cost: Reclassification of amortization of prior service cost to other noninterest expense (23) 5 (18) (12) 3 (9) Foreign currency translation adjustment (1) 2,170 — 2,170 (14,426) — (14,426) Net unrealized gains (losses) on net investment hedges (2,046) 487 $ (1,559) 13,695 (3,214) 10,481 Total other comprehensive income (loss) $ (236,860) $ 56,841 $ (180,019) $ 150,928 $ (39,035) $ 111,893 (1) Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments. The components of accumulated other comprehensive income (loss) were as follows: (In thousands) Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips Net Unrealized Gains (Losses) on Net Foreign Recognized Total At or For the Three Months Ended March 31, 2021 Balance, beginning of period $ 182,488 $ 5,605 $ (5,803) $ 383 $ 182,673 Other comprehensive income (loss) (180,683) (1,559) 2,170 — (180,072) Amounts reclassified from accumulated other comprehensive income (loss) 71 — — (18) 53 Net other comprehensive income (loss) (180,612) (1,559) 2,170 (18) (180,019) Balance, end of period $ 1,876 $ 4,046 $ (3,633) $ 365 $ 2,654 At or For the Three Months Ended March 31, 2020 Balance, beginning of period $ 56,098 $ 9,800 $ (11,697) $ 76 $ 54,277 Other comprehensive income (loss) 115,137 10,481 (14,426) — 111,192 Amounts reclassified from accumulated other comprehensive income (loss) 710 — — (9) 701 Net other comprehensive income (loss) 115,847 10,481 (14,426) (9) 111,893 Balance, end of period $ 171,945 $ 20,281 $ (26,123) $ 67 $ 166,170 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements TCF and TCF Bank are subject to minimum capital requirements administered by the federal banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by the federal banking regulators that could have a material adverse effect on TCF. In general, TCF Bank may not declare or pay a dividend to TCF Financial in excess of 100% of its net retained earnings for the current year combined with its net retained earnings for the preceding two calendar years, which was $207.8 million at March 31, 2021, without prior approval of the Office of the Comptroller of the Currency ("OCC"). The OCC also has the authority to prohibit the payment of dividends by a national bank when it determines such payments would constitute an unsafe and unsound banking practice. TCF Bank's ability to make capital distributions in the future may require regulatory approval and may be restricted by its federal banking regulators. TCF Bank's ability to make any such distributions will also depend on its earnings and ability to meet minimum regulatory capital requirements in effect during future periods. In the future, these capital adequacy standards may be higher than existing minimum regulatory capital requirements. The Basel III capital standards allowed institutions not subject to the advanced approaches requirements to opt out of including components of accumulated other comprehensive income (loss) in common equity Tier 1 capital. TCF and TCF Bank made the one-time permanent election to not include accumulated other comprehensive income (loss) in regulatory capital. Effective January 1, 2020, the Corporation adopted CECL. In response to the COVID-19 pandemic, the regulatory agencies published a final rule that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for two years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the final rule issued by the regulatory agencies. Regulatory capital information for TCF and TCF Bank was as follows: TCF TCF Bank At March 31, At December 31, At March 31, At December 31, (Dollars in thousands) 2021 2020 2021 2020 Well-capitalized Standard Minimum Capital Requirement (1) Regulatory Capital: Common equity Tier 1 capital $ 4,101,896 $ 4,103,007 $ 4,095,564 $ 4,093,974 Tier 1 capital 4,299,135 4,290,793 4,123,501 4,112,458 Total capital 4,994,676 5,026,611 4,799,935 4,831,026 Regulatory Capital Ratios: Common equity Tier 1 capital ratio 11.06 % 11.45 % 11.06 % 11.45 % 6.50 % 4.50 % Tier 1 risk-based capital ratio 11.59 11.98 11.14 11.50 8.00 6.00 Total risk-based capital ratio 13.47 14.03 12.96 13.51 10.00 8.00 Tier 1 leverage ratio 9.09 9.34 8.73 8.97 5.00 4.00 (1) Excludes capital conservation buffer of 2.5% at both March 31, 2021 and December 31, 2020. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows: At March 31, 2021 Fair Value (In thousands) Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments Interest rate contract $ 150,000 $ — $ 118 Forward foreign exchange contracts 210,856 373 1,400 Total derivatives designated as hedging instruments 373 1,518 Derivatives not designated as hedging instruments Interest rate contracts $ 6,297,778 $ 164,438 $ 21,827 Risk participation agreements 549,262 27 63 Forward foreign exchange contracts 75,267 820 105 Interest rate lock commitments 465,180 7,073 166 Forward loan sales commitments 460,280 5,560 45 Power Equity CDs 10,450 300 300 Swap agreement 12,652 — 286 Total derivatives not designated as hedging instruments 178,218 22,792 Total derivatives before netting 178,591 24,310 Netting (2) (781) (627) Total derivatives, net $ 177,810 $ 23,683 (1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition. (2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place. At December 31, 2020 Fair Value (In thousands) Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments Interest rate contract $ 150,000 $ 59 $ — Forward foreign exchange contracts 207,515 — 1,521 Total derivatives designated as hedging instruments 59 1,521 Derivatives not designated as hedging instruments Interest rate contracts 6,140,464 248,208 14,681 Risk participation agreements 470,670 62 125 Forward foreign exchange contracts 90,647 11 865 Interest rate lock commitments 447,278 14,565 4 Forward loan sales commitments 535,244 37 3,411 Power Equity CD 16,752 459 459 Swap agreement 12,652 — 66 Total derivatives not designated as hedging instruments 263,342 19,611 Total derivatives before netting 263,401 21,132 Netting (2) (52) (1,876) Total derivatives, net $ 263,349 $ 19,256 (1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition. (2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place. Derivative instruments may be subject to master netting arrangements and collateral arrangements and qualify for offset in the Consolidated Statements of Financial Condition. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Derivative instruments subject to master netting arrangements and collateral arrangements are recognized on a net basis in the Consolidated Statements of Financial Condition. The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows: At March 31, 2021 (In thousands) Gross Amounts Recognized Gross Amounts Offset (1) Net Amount Presented Derivative assets Interest rate contracts $ 164,438 $ — $ 164,438 Risk participation agreements 27 — 27 Forward foreign exchange contracts 1,193 (570) 623 Interest rate lock commitments 7,073 (166) 6,907 Forward loan sales commitments 5,560 (45) 5,515 Power Equity CDs 300 300 Total derivative assets $ 178,591 $ (781) $ 177,810 Derivative liabilities Interest rate contracts $ 21,945 $ — $ 21,945 Risk participation agreements 63 — 63 Forward foreign exchange contracts 1,505 (130) 1,375 Interest rate lock commitments 166 (166) — Forward loan sales commitments 45 (45) — Power Equity CDs 300 300 Swap agreement 286 (286) — Total derivative liabilities $ 24,310 $ (627) $ 23,683 (1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition. At December 31, 2020 (In thousands) Gross Amounts Recognized Gross Amounts Offset (1) Net Amount Presented Derivative assets Interest rate contracts $ 248,267 $ — $ 248,267 Risk participation agreements 62 — 62 Forward foreign exchange contracts 11 (11) — Interest rate lock commitments 14,565 (4) 14,561 Forward loan sales commitments 37 (37) — Power Equity CDs 459 — 459 Total derivative assets $ 263,401 $ (52) $ 263,349 Derivative liabilities Interest rate contracts $ 14,681 $ — $ 14,681 Risk participation agreements 125 — 125 Forward foreign exchange contracts 2,386 (1,769) 617 Interest rate lock commitments 4 (4) — Forward loan sales commitments 3,411 (37) 3,374 Power Equity CD 459 — 459 Swap agreement 66 (66) — Total derivative liabilities $ 21,132 $ (1,876) $ 19,256 (1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition. Derivatives Designated as Hedging Instruments Interest rate contract: The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows: Carrying Amount Cumulative Amount of (In thousands) At March 31, 2021 At December 31, 2020 At March 31, 2021 At December 31, 2020 Subordinated bank note - 2025 $ 156,829 $ 159,888 $ 7,857 $ 10,975 The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, (In thousands) 2021 2020 Statement of income line where the gain (loss) on the fair value hedge was recorded: Interest expense on borrowings $ 10,019 $ 26,492 Gain (loss) on interest rate contract (fair value hedge) Hedged item 3,118 (8,830) Derivative designated as a hedging instrument (3,176) 8,936 Gain (loss) on interest rate contract recognized in interest expense on borrowings $ (58) $ 106 Forward foreign exchange contracts: The effect of net investment hedges on accumulated other comprehensive income was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Forward foreign exchange contracts $ (2,046) $ 13,695 Derivatives Not Designated as Hedging Instruments Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows: Three Months Ended March 31, (In thousands) Location of Gain (Loss) 2021 2020 Interest rate contracts Other noninterest income $ 255 $ 1,662 Risk participation agreements Other noninterest expense 1,607 4,326 Forward foreign exchange contracts Other noninterest expense 10 18,713 Interest rate lock commitments Mortgage banking income (7,189) 10,378 Forward loan sales commitments Mortgage banking income 8,889 (8,545) Swap agreement Other noninterest income (288) (1) Net gain (loss) recognized $ 3,284 $ 26,533 At March 31, 2021 and December 31, 2020, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $26.8 million and $35.0 million, respectively. In the event the Corporation is rated less than BB- by Standard and Poor's, the contracts could be terminated or the Corporation may be required to provide approximately $535 thousand and $699 thousand in additional collateral at March 31, 2021 and December 31, 2020, respectively. There were no forward foreign exchange contracts containing credit risk-related features in a liability position at both March 31, 2021 and December 31, 2020. At March 31, 2021, the Corporation had posted $65.9 million and $340 thousand of cash collateral related to its interest rate contracts and forward foreign exchange contracts, respectively, and received $440 thousand of cash collateral related to its forward foreign exchange contracts. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair values are based on the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investment securities available-for-sale, certain loans held for sale, interest-only strips, derivative instruments, forward loan sales commitments and assets and liabilities held in trust for deferred compensation plans are recorded at fair value on a recurring basis. From time to time the Corporation may be required to record at fair value other assets on a non-recurring basis, such as certain investment securities held-to-maturity, loans and leases, goodwill, loan servicing rights, other intangible assets, other real estate owned, repossessed and returned assets or securitization receivables. These non-recurring fair value adjustments typically involve application of lower of cost or fair value accounting or write-downs of individual assets. The Corporation groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the degree and reliability of estimates and assumptions used to determine fair value. The levels are as follows: Level 1 Valuations that are based on prices obtained from independent pricing sources for the same instruments traded in active markets. Level 2 Valuations that are based on prices obtained from independent pricing sources that are based on observable transactions of similar instruments, but not quoted markets. Level 3 Valuations generated from model-based techniques that use at least one significant unobservable input. Such unobservable inputs reflect estimates of assumptions that market participants would use in pricing the asset or liability. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Investment Securities Available-for-Sale: The fair value of investment securities available-for-sale, categorized primarily as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and comparisons to current market trading activity. Loans Held-for-Sale: The Corporation has elected the fair value option for residential mortgage loans held-for-sale. Accordingly, the fair values of residential mortgage loans held-for-sale are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2. Interest-only Strips: The fair value of interest-only strips, categorized as Level 3, represents the present value of future cash flows expected to be received by the Corporation on certain assets. The Corporation uses available market data, along with its own empirical data and discounted cash flow models, to arrive at the fair value of its interest-only strips. The present value of the estimated expected future cash flows to be received is determined by using discount, loss and prepayment rates that the Corporation believes are commensurate with the risks associated with the cash flows and what a market participant would use. These assumptions are inherently subject to volatility and uncertainty and, as a result, the fair value of the interest-only strips may fluctuate significantly from period to period. Unobservable inputs used to value the interest-only strips include a discount rate of 14% (weighted average) and prepayment rates of 4% (weighted average). Derivative Instruments: Interest Rate Contracts: The Corporation executes interest rate contracts as described in "Note 15. Derivative Instruments." The fair value of these interest rate contracts, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower non-performance risk. Risk Participation Agreements: The fair value of risk participation agreements, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower nonperformance risk. Forward Foreign Exchange Contracts: The Corporation's forward foreign exchange contracts are recorded at fair value using a cash flow model that includes key inputs such as foreign exchange rates and an assessment of the risk of counterparty non-performance. The risk of counterparty non-performance is based on external assessments of credit risk. The fair value of these contracts, categorized as Level 2, is based on observable transactions, but not quoted markets. Interest Rate Lock Commitments: The Corporation's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The interest rate lock commitments are adjusted for expectations of exercise and funding. As the prices are derived from market observable inputs, the Corporation categorized these instruments as Level 2. Power Equity CDs : Power Equity CDs are categorized as Level 2, and determined using quoted prices of underlying stocks, along with other terms and features of the derivative instruments. Swap Agreement: The Corporation's swap agreement related to the sale of Legacy TCF's Visa Class B stock is categorized as Level 3. The fair value of the swap agreement is based on the Corporation's estimated exposure related to the Visa covered litigation through a probability analysis of the funding and estimated settlement amounts. Forward Loan Sales Commitments: The Corporation enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Corporation’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data and therefore the commitments are categorized as Level 2. Assets and Liabilities Held in Trust for Deferred Compensation Plans: Assets held in trust for deferred compensation plans include investments in publicly traded securities, excluding TCF Financial common stock reported in other equity, and U.S. Treasury notes. The fair value of these assets, categorized as Level 1, is based on prices obtained from independent asset pricing services based on active markets. The fair value of the liabilities equals the fair value of the assets. The balances of assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets Investment securities available-for-sale $ — $ 8,403,321 $ 467 $ 8,403,788 Loans held-for-sale — 107,417 — 107,417 Interest-only strips — — 6,737 6,737 Derivative assets: (1) Interest rate contracts — 164,438 — 164,438 Risk participation agreements — 27 — 27 Forward foreign exchange contracts — 1,193 — 1,193 Interest rate lock commitments — 7,073 — 7,073 Forward loan sales commitments — 5,560 — 5,560 Power Equity CDs — 300 — 300 Total derivative assets — 178,591 — 178,591 Assets held in trust for deferred compensation plans 49,669 — — 49,669 Total assets at fair value $ 49,669 $ 8,689,329 $ 7,204 $ 8,746,202 Liabilities Derivative liabilities: (1) Interest rate contracts $ — $ 21,945 $ — $ 21,945 Risk participation agreements — 63 — 63 Forward foreign exchange contracts — 1,505 — 1,505 Interest rate lock commitments — 166 — 166 Forward loan sales commitments — 45 — 45 Power Equity CDs — 300 — 300 Swap agreement — — 286 286 Total derivative liabilities — 24,024 286 24,310 Liabilities held in trust for deferred compensation plans 49,669 — — 49,669 Total liabilities at fair value $ 49,669 $ 24,024 $ 286 $ 73,979 (1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment. December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Assets Investment securities available-for-sale $ — $ 8,284,219 $ 504 $ 8,284,723 Loans held-for-sale — 221,784 — 221,784 Interest-only strips — — 7,823 7,823 Derivative assets: (1) Interest rate contracts — 248,267 — 248,267 Risk participation agreements — 62 — 62 Forward foreign exchange contracts — 11 — 11 Interest rate lock commitments — 14,565 — 14,565 Forward loan sales commitments — 37 — 37 Power Equity CDs — 459 — 459 Total derivative assets — 263,401 — 263,401 Assets held in trust for deferred compensation plans 48,659 — — 48,659 Total assets at fair value $ 48,659 $ 8,769,404 $ 8,327 $ 8,826,390 Liabilities Derivative liabilities: (1) Interest rate contracts $ — $ 14,681 $ — $ 14,681 Risk participation agreements — 125 — 125 Forward foreign exchange contracts — 2,386 — 2,386 Interest rate lock commitments — 4 — 4 Forward loan sales commitments — 3,411 — 3,411 Power Equity CDs — 459 — 459 Swap agreement — — 66 66 Total derivative liabilities — 21,066 66 21,132 Liabilities held in trust for deferred compensation plans 48,659 — — 48,659 Total liabilities at fair value $ 48,659 $ 21,066 $ 66 $ 69,791 (1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment. Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy by monitoring the level of available observable market information. Changes in markets or economic conditions, as well as changes to the valuation models, may require the transfer of financial instruments from one fair value level to another. Such transfers, if any, are recorded at the fair values as of the beginning of the quarter in which the transfers occurred. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: (In thousands) Investment securities available-for-sale Interest-only strips Swap agreement At or For the Three Months Ended March 31, 2021 Asset (liability) balance, beginning of period $ 504 $ 7,823 $ (66) Total net gains (losses) included in: Net income — 144 — Other comprehensive income (loss) (37) (181) — Originations — — (288) Principal paydowns / settlements — (1,049) 68 Asset (liability) balance, end of period $ 467 $ 6,737 $ (286) Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period $ (37) $ (181) $ — At or For the Three Months Ended March 31, 2020 Asset (liability) balance, beginning of period $ 433 $ 12,813 $ (356) Total net gains (losses) included in: Net income 1 159 (1) Other comprehensive income (loss) (31) (348) — Principal paydowns / settlements — (1,673) 71 Asset (liability) balance, end of period $ 403 $ 10,951 $ (286) Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period $ (31) $ (348) $ — Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis The following is a discussion of the valuation methodologies used to record assets and liabilities at fair value on a non-recurring basis. Loans and Leases: Loans and leases for which repayment is expected to be provided solely by the value of the underlying collateral, categorized as Level 3 and recorded at fair value on a non-recurring basis, are valued based on the fair value of that collateral less estimated selling costs. The fair value of the collateral is determined based on internal estimates and/or assessments provided by third-party appraisers and the valuation relies on discount rates of 10%. Loan servicing rights: The fair value of loan servicing rights, categorized as Level 3, is based on a third party valuation model utilizing a discounted cash flow analysis using interest rates and prepayment speed assumptions currently quoted for comparable instruments and a discount rate determined by management. The valuation relies on discount rates ranging from 10% to 15% and prepayment speeds ranging from 8% to 43%. Loan servicing rights are recorded at the lower of cost or fair value. Other Real Estate Owned: The fair value of other real estate owned, categorized as Level 3, is based on independent appraisals, real estate brokers' price opinions or automated valuation methods, less estimated selling costs. Certain properties require assumptions that are not observable in an active market in the determination of fair value and include a discount rate of 10%. Assets acquired through foreclosure are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to other real estate owned. Repossessed and Returned Assets: The fair value of repossessed and returned assets, categorized as Level 2 or Level 3 depending on the underlying asset type, are based on available pricing guides, auction results or price opinions, less estimated selling costs. Assets acquired through repossession or returned to TCF are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to repossessed and returned assets. The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020. (In thousands) Level 1 Level 2 Level 3 Total At March 31, 2021 Loans and leases $ — $ — $ 602,723 $ 602,723 Loan servicing rights — — 44,151 44,151 Other real estate owned — — 14,072 14,072 Repossessed and returned assets — 6,348 — 6,348 Total non-recurring fair value measurements $ — $ 6,348 $ 660,946 $ 667,294 At December 31, 2020 Loans and leases $ — $ — $ 592,133 $ 592,133 Loan servicing rights — — 38,303 38,303 Other real estate owned — — 14,575 14,575 Repossessed and returned assets — 7,332 — 7,332 Total non-recurring fair value measurements $ — $ 7,332 $ 645,011 $ 652,343 Fair Value Option The Corporation has elected the fair value option for residential mortgage loans held-for-sale. This election facilitates the offsetting of changes in fair value of the loans held-for-sale and the derivative financial instruments used to economically hedge them. The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows: (In thousands) March 31, 2021 December 31, 2020 Fair value carrying amount $ 107,417 $ 221,784 Aggregate unpaid principal amount 105,019 210,311 Fair value carrying amount less aggregate unpaid principal $ 2,398 $ 11,473 Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding and gains and losses on the related loan commitment prior to funding. No loans recorded under the fair value option were delinquent or on nonaccrual status at March 31, 2021 and December 31, 2020. The net gain from initial measurement of the loans held-for-sale, any subsequent changes in fair value while the loans are outstanding and any actual adjustment to the gains realized upon sales of the loans totaled $9.5 million for the three months ended March 31, 2021 and $15.2 million for the same period in 2020, and are included in mortgage banking income. These amounts exclude the impacts from the interest rate lock commitments and forward loan sales commitments which are also included in mortgage banking income. Disclosures about Fair Value of Financial Instruments Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair value estimates were made at March 31, 2021 and December 31, 2020 based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, given there is no active market or observable market transactions for many of TCF's financial instruments, the estimates of fair value are subjective in nature, involve uncertainties and include matters of significant judgment. Changes in assumptions could significantly affect the estimated values. The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value, and financial instruments recorded at fair value on a recurring basis, are included below. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's banking centers and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation. At March 31, 2021 Carrying Estimated Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total Financial instrument assets FHLB and FRB stocks $ 358,414 $ — $ 358,414 $ — $ 358,414 Investment securities held-to-maturity 209,778 — 208,784 3,627 212,411 Loans and leases held-for-sale 232 — — 233 233 Net loans (1) 32,806,406 — — 32,983,379 32,983,379 Securitization receivable (2) 19,992 — — 19,992 19,992 Deferred fees on commitments to extend credit (2) 18,477 — 18,477 — 18,477 Total financial instrument assets $ 33,413,299 $ — $ 585,675 $ 33,007,231 $ 33,592,906 Financial instrument liabilities Certificates of deposits $ 4,665,211 $ — $ 4,670,257 $ — $ 4,670,257 Long-term borrowings 1,518,816 — 1,562,225 — 1,562,225 Total financial instrument liabilities $ 6,184,027 $ — $ 6,232,482 $ — $ 6,232,482 (1) Expected credit losses are included in the carrying amount and estimated fair value. (2) Carrying amounts are included in other assets. At December 31, 2020 Carrying Estimated Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total Financial instrument assets FHLB and FRB stocks $ 320,436 $ — $ 320,436 $ — $ 320,436 Investment securities held-to-maturity 184,359 — 190,141 3,413 193,554 Loans held-for-sale 244 — — 248 248 Net loans (1) 31,164,287 — — 31,434,749 31,434,749 Securitization receivable (2) 19,949 — — 19,916 19,916 Deferred fees on commitments to extend credit (2) 20,002 — 20,002 — 20,002 Total financial instrument assets $ 31,709,277 $ — $ 530,579 $ 31,458,326 $ 31,988,905 Financial instrument liabilities Certificates of deposits $ 5,524,381 $ — $ 5,534,751 $ — $ 5,534,751 Long-term borrowings 1,374,732 — 1,416,355 — 1,416,355 Total financial instrument liabilities $ 6,899,113 $ — $ 6,951,106 $ — $ 6,951,106 (1) Expected credit losses are included in the carrying amount and estimated fair value. (2) Carrying amounts are included in other assets. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Corporation earns revenue from various sources, including interest and fees from customers and noncustomers. The majority of the sources of revenue are included in interest income and noninterest income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Other sources of revenue fall within the scope of ASC 606 and are mostly included in noninterest income. The Corporation recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time, while others are satisfied over a period of time. Revenue is recognized as the amount of consideration expected to be received in exchange for transferring goods or services to a customer and is segregated based on the nature of product and services offered as part of contractual arrangements. Revenue streams within the scope of ASC 606 are discussed below. • Fees and Service Charges on Deposit Accounts Fees and service charges on deposit accounts includes fees and other charges TCF receives to provide various services, including but not limited to, service charges on deposit accounts and other fees including account analysis fees, monthly service fees, overdraft services, transferring funds, and accepting and executing stop-payment orders. The Corporation's performance obligation for account analysis fees and monthly service fees are generally satisfied and, therefore, revenue is recognized over the period in which the service is provided. Deposit account related fees are largely transactional based, and therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs. • Wealth Management Revenue Wealth management revenue includes fee income generated from personal and institutional customers and investment management services. Revenue is recognized over the period of time the services are rendered. Wealth management revenue also includes commissions that are earned for placing a brokerage transaction for execution. Revenue is recognized once the transaction is completed and the Corporation is entitled to receive consideration. • Card and ATM Revenue Card and ATM revenue includes ATM surcharges and debit card related revenue. ATM surcharges and certain debit card fees are transaction based and the performance obligation is satisfied with related revenue recognized at the point in time when the transaction occurs. Other debit card fees satisfied over a period of time are recognized over the period in which the service is provided. • Other Noninterest Income Other noninterest income includes wire transfer fees, safe deposit box income and check orders. The consideration includes both fixed (e.g., safe deposit box fees) and transaction (e.g., wire-transfer fee and check orders) fees. Fixed fees are recognized over the period of time the service is provided, while transaction fees are recognized when a specific service is rendered to the customer. The following tables present total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP topics. Three Months Ended March 31, 2021 Within the scope of ASC 606 Out of scope of ASC 606 Total (In thousands) Consumer Banking Commercial Banking Enterprise Services Noninterest income Fees and service charges on deposit accounts $ 22,560 $ 3,007 $ — $ 328 $ 25,895 Wealth management revenue 1,919 — — 5,025 6,944 Card and ATM revenue 21,214 29 — 3,418 24,661 Other noninterest income 1,755 1,785 30 70,990 74,560 Total $ 47,448 $ 4,821 $ 30 $ 79,761 $ 132,060 Three Months Ended March 31, 2020 Within the scope of ASC 606 Out of scope of ASC 606 Total (In thousands) Consumer Banking Commercial Banking Enterprise Services Noninterest income Fees and service charges on deposit accounts $ 31,828 $ 2,555 $ — $ 214 $ 34,597 Wealth management revenue 1,110 — — 5,041 6,151 Card and ATM revenue 19,182 2 — 2,501 21,685 Other noninterest income 1,004 2,405 359 70,762 74,530 Total $ 53,124 $ 4,962 $ 359 $ 78,518 $ 136,963 |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation The Corporation maintains share-based compensation plans under which it periodically grants share-based awards for a fixed number of shares to directors and certain officers of the Corporation. Before the TCF/Chemical Merger, Chemical and Legacy TCF granted share-based awards under their respective share-based compensation plans, including the Chemical Stock Incentive Plan of 2019 (the "Stock Incentive Plan of 2019") and the TCF Financial 2015 Omnibus Incentive Plan (the "Legacy TCF Omnibus Incentive Plan"). At March 31, 2021, there were 1,029,723 shares reserved for issuance under the Legacy TCF Omnibus Incentive Plan and there were 639,366 shares reserved for issuance under the Stock Incentive Plan of 2019. The fair value of share-based awards is recognized as compensation expense over the requisite service or performance period. Compensation expense for share-based awards, including the merger-related share-based compensation expense was $6.2 million for the three months ended March 31, 2021 and $4.7 million for the same period in 2020. The excess tax realized from share-based compensation transactions during the three months ended March 31, 2021 was a benefit of $161 thousand and a benefit of $677 thousand for the same period in 2020. Restricted Stock Units The Corporation can grant performance-based restricted stock units ("PRSUs") and time-based restricted stock units ("TRSUs") (collectively referred to as "RSUs") under the Stock Incentive Plan of 2019 and the Legacy TCF Omnibus Incentive Plan; provided, that, RSUs granted under the Legacy TCF Omnibus Incentive Plan may only be granted to new employees hired after the merger or employees who previously were employees of Legacy TCF. At March 31, 2021, there were 306,190 PRSUs outstanding dependent on achieving certain performance target levels and the grantee completing the requisite service period. The TRSUs vest upon satisfaction of a service condition. Upon achievement of the satisfaction of a service condition and/or performance target level, as applicable, the TRSUs are converted into shares of TCF Financial's common stock on a one-to-one basis and the PRSUs are converted into shares of TCF Financial's common stock in accordance with the achievement of the performance target (ranging from 0% to 150% of the granted PRSUs). Compensation expense related to RSUs is recognized over the expected requisite performance or service period, as applicable. A summary of the activity for RSUs at and for the three months ended March 31, 2021 is presented below: Number of Units Weighted-average Grant Date Fair Value Per Unit Outstanding at December 31, 2020 2,015,514 $ 31.25 Granted 686,885 47.41 Forfeited/canceled (56,707) 32.93 Vested (121,476) 45.07 Outstanding at March 31, 2021 2,524,216 $ 34.94 Unrecognized compensation expense related to RSUs totaled $66.8 million at March 31, 2021 and is expected to be recognized over the remaining weighted-average period of 3.1 years. Restricted Stock Awards The Corporation's restricted stock award transactions were as follows: Number of Awards Weighted-Average Grant Date Fair Value Per Award Outstanding at December 31, 2020 505,162 $ 38.57 Granted 27,417 47.41 Forfeited/canceled (3,983) 40.48 Vested (50,264) 40.38 Outstanding at March 31, 2021 478,332 $ 38.88 At March 31, 2021, there were no shares of performance-based restricted stock awards outstanding. Unrecognized stock compensation expense for restricted stock awards was $7.9 million at March 31, 2021 with a weighted-average remaining amortization period of 1.6 years. The following table provides information regarding total expense for restricted stock awards: Three Months Ended March 31, (In thousands) 2021 2020 Restricted stock expense related to employees (1) $ 5,692 $ 4,724 Restricted stock expense related to directors (2) 470 — Total restricted stock expense $ 6,162 $ 4,724 (1) Included in "Compensation and employee benefits" in the Consolidated Statements of Income. (2) Included in "Other noninterest expense" in the Consolidated Statements of Income. Stock Options A summary of activity for the Corporation's stock options at and for the three months ended March 31, 2021 is presented below: Non-Vested Stock Options Outstanding Stock Options Outstanding Number of Options Weighted-average Exercise Price Number of Options Weighted-average Outstanding at December 31, 2020 55,722 $ 41.23 401,636 $ 31.69 Exercised — — (156,347) 27.74 Forfeited/canceled (135) 53.72 — — Vested (43,272) 38.00 43,272 38.00 Outstanding at March 31, 2021 12,315 $ 52.46 288,561 $ 35.05 Exercisable/vested at March 31, 2021 288,561 $ 35.05 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The computations of basic and diluted earnings per common share were as follows: Three Months Ended March 31, (Dollars in thousands, except per share data) 2021 2020 Basic earnings per common share Net income attributable to TCF Financial Corporation $ 123,336 $ 51,899 Preferred stock dividends 2,493 2,493 Net income available to common shareholders 120,843 49,406 Less: Earnings allocated to participating securities — — Earnings allocated to common stock $ 120,843 $ 49,406 Weighted-average common shares outstanding used in basic earnings per common share calculation 152,159,117 151,902,357 Basic earnings per common share $ 0.79 $ 0.33 Diluted earnings per common share Earnings allocated to common stock $ 120,843 $ 49,406 Weighted-average common shares outstanding used in basic earnings per common share calculation 152,159,117 151,902,357 Net dilutive effect of: Non-participating restricted stock 279,308 83,580 Stock options 102,262 128,080 Weighted-average common shares outstanding used in diluted earnings per common share calculation 152,540,687 152,114,017 Diluted earnings per common share $ 0.79 $ 0.32 Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share Non-participating restricted stock 324,514 1,173,331 Stock options 74,376 90,144 |
Other Noninterest Income and Ex
Other Noninterest Income and Expense | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Income and Expense | Other Noninterest Income and Expense Other noninterest income and expense was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Other Noninterest Income Interest rate swap mark-to-market adjustment $ 1,863 $ 5,988 Other 9,192 21,739 Total other noninterest income $ 11,055 $ 27,727 Other Noninterest Expense Outside processing $ 16,730 $ 13,913 Loan and lease expense 7,185 7,783 Professional fees 9,073 6,569 Advertising and marketing 6,879 8,377 FDIC insurance 5,688 6,559 Card processing and issuance costs 4,274 8,690 Other 35,414 36,855 Total other noninterest expense $ 85,243 $ 88,746 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments The Corporation's reportable segments are Consumer Banking, Commercial Banking and Enterprise Services. Consumer Banking is comprised of all of the Corporation's consumer-facing businesses and includes retail banking, consumer lending, wealth management and small business banking. Commercial Banking is comprised of commercial and industrial and commercial real estate banking and lease financing. Enterprise Services is comprised of (i) corporate treasury, which includes the Corporation's investment and borrowing portfolios and management of capital, debt and market risks, (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments, (iii) the Holding Company and (iv) eliminations. The Corporation evaluates performance and allocates resources based on each reportable segment's net income or loss. The reportable segments follow GAAP as described in "Note 1. Basis of Presentation," except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation and presenting net interest income on a fully-taxable equivalent basis. The Corporation generally accounts for inter-segment sales and transfers at cost. Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows: (In thousands) Consumer Banking Commercial Banking Enterprise Services Consolidated At or For the Three Months Ended March 31, 2021 Net interest income $ 199,374 $ 174,018 $ 8,435 $ 381,827 Provision (benefit) for credit losses 4,101 16,455 — 20,556 Net interest income after provision for credit losses 195,273 157,563 8,435 361,271 Noninterest income 81,390 49,016 1,654 132,060 Noninterest expense 212,304 110,630 25,748 348,682 Income (loss) before income tax expense (benefit) 64,359 95,949 (15,659) 144,649 Income tax expense (benefit) 13,401 19,568 (13,429) 19,540 Income (loss) after income tax expense (benefit) 50,958 76,381 (2,230) 125,109 Income attributable to non-controlling interest — 1,773 — 1,773 Preferred stock dividends — — 2,493 2,493 Net income (loss) available to common shareholders 50,958 74,608 (4,723) 120,843 Total assets $ 13,699,477 $ 25,941,038 $ 9,819,036 $ 49,459,551 At or For the Three Months Ended March 31, 2020 Net interest income $ 193,832 $ 185,986 $ 21,663 $ 401,481 Provision for credit losses 44,369 52,574 — 96,943 Net interest income after provision for credit losses 149,463 133,412 21,663 304,538 Noninterest income 81,414 55,773 (224) 136,963 Noninterest expense 228,859 114,455 31,285 374,599 Income (loss) before income tax expense (benefit) 2,018 74,730 (9,846) 66,902 Income tax expense (benefit) 1,982 16,306 (5,202) 13,086 Income (loss) after income tax expense (benefit) 36 58,424 (4,644) 53,816 Income attributable to non-controlling interest — 1,917 — 1,917 Preferred stock dividends — — 2,493 2,493 Net income (loss) available to common shareholders 36 56,507 (7,137) 49,406 Total assets $ 14,463,055 $ 24,859,839 $ 9,271,489 $ 48,594,383 |
Commitments, Contingent Liabili
Commitments, Contingent Liabilities and Guarantees | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingent Liabilities and Guarantees | Commitments, Contingent Liabilities and Guarantees Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Corporation enters into financial instruments with off-balance sheet risk, primarily to meet the financing needs of its customers. These financial instruments, which are issued or held for purposes other than trading, involve elements of credit and interest-rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition. The Corporation's exposure to credit loss, in the event of non-performance by the counterparty to the financial instrument is represented by the contractual amount of the commitments. The Corporation uses the same credit policies in making these commitments as it does for making direct loans. The Corporation evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained is based on a credit evaluation of the customer. Financial instruments with off-balance sheet risk were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Commitments to extend credit: Commercial $ 4,441,962 $ 4,396,191 Consumer 2,113,311 2,126,327 Total commitments to extend credit 6,555,273 6,522,518 Standby letters of credit and guarantees on industrial revenue bonds 120,779 114,636 Total $ 6,676,052 $ 6,637,154 Commitments to Extend Credit: Commitments to extend credit are agreements to lend provided there is no violation of any condition in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a certain amount of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral to secure any funding of these commitments predominantly consists of residential and commercial real estate mortgages. Standby Letters of Credit and Guarantees on Industrial Revenue Bonds: Standby letters of credit and guarantees on industrial revenue bonds are conditional commitments issued by the Corporation guaranteeing the performance of a customer to a third party. These conditional commitments expire in various years through 2039. The majority of these standby letters of credit are collateralized. Collateral held consists primarily of commercial real estate mortgages. Since the conditions under which the Corporation is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments. Contingencies and Guarantees The Corporation has originated and sold certain loans, and additionally acquired the potential liability for loans originated and sold by merged or acquired entities, for which the buyer has limited recourse to the Corporation in the event the loans do not perform as specified in the agreements. These loans had an outstanding balance of $6.8 million and $7.0 million at March 31, 2021 and December 31, 2020, respectively. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of nonperformance by the borrower totaled $6.8 million and $7.0 million at March 31, 2021 and December 31, 2020, respectively. In the event of nonperformance, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2021 and December 31, 2020 there was no recorded liability. In addition, the Corporation acquired certain Small Business Administration ("SBA") guaranteed loans in which the guaranteed portion had been sold to a third party investor. In the event these loans default and the SBA guaranty is no longer intact (i.e. an issue is found to have occurred during the origination or the liquidation of the loans) the Corporation would be liable to make the loan whole to the third party investor. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of default by the borrower was $12.7 million and $13.2 million at March 31, 2021 and December 31, 2020, respectively. In the event of default, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2021 and December 31, 2020, the Corporation had recorded a liability of $829 thousand in other liabilities. Representations, Warranties and Contractual Liabilities In connection with the Corporation's residential mortgage loan sales, and the historical sales of merged or acquired entities, the Corporation makes certain representations and warranties that the loans meet certain criteria, such as collateral type, underwriting standards and the manner in which the loans will be serviced. The Corporation may be required to repurchase individual loans and/or indemnify the purchaser against losses if the loan fails to meet established criteria. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. At March 31, 2021 and December 31, 2020 the liability recorded in connection with these representations and warranties was $3.0 million and $3.6 million, respectively, included in other liabilities. Litigation Contingencies From time to time, we are a party to legal proceedings arising out of our lending, leasing and deposit operations, including foreclosure proceedings and other collection actions as part of our lending and leasing collections activities. We may also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the SEC, the Federal Reserve, the OCC and the CFPB which may impose sanctions in the event of a regulatory violation. The COVID-19 pandemic has resulted in novel legal and regulatory risks, including risks in the area of workplace safety, risks related to emergency lending programs and the associated risk of fraud and regulatory activity. From time to time, borrowers and other customers, and employees and former employees have also brought actions against us, in some cases claiming substantial damages. We, like other financial services companies are subject to the risk of class action litigation. Litigation is often unpredictable and the actual results of litigation cannot be determined, and therefore the ultimate resolution of a matter and the possible range of loss associated with certain potential outcomes cannot be established. Based on our current understanding of our pending legal proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on our consolidated financial position, operating results or cash flows. As previously disclosed, following the announcement of our proposed merger with Huntington, ten lawsuits challenging the merger were filed alleging, among other things, that the defendants, including TCF, caused a materially incomplete and misleading joint proxy statement/prospectus relating to the proposed merger to be filed with the SEC in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder and/or in breach of their fiduciary obligations under state law. We refer to the ten lawsuits collectively as the “Merger Litigation.” TCF and Huntington believe that the claims asserted in the Merger Litigation, including those related to breaches of law or fiduciary duties to shareholders, are without merit and supplemental disclosures are not required or necessary under applicable laws. However, in order to avoid the risk that the Merger Litigation would delay or otherwise adversely affect the merger, and to minimize the costs, risks and uncertainties inherent in defending the lawsuits, and without admitting any liability or wrongdoing, TCF and Huntington agreed to supplement the joint proxy statement/prospectus as described in our Current Report on Form 8-K filed with the SEC on March 12, 2021, and plaintiffs in the Merger Litigation agreed to dismiss their complaints as moot. In the Garfield and Bushansky actions, which were filed as a putative class action, such dismissal was agreed to be with prejudice as to the named plaintiff only and without prejudice to all other members of the putative class. The Stein and Garfield cases were voluntarily dismissed on March 15, 2021, the Curtis case was voluntarily dismissed on March 12, 2021, and the Gallo case was voluntarily dismissed on March 16, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued but Not Yet Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Corporation adopted Accounting Standards Update ("ASU") No. 2020-10, Codification Improvements , which is intended to clarify or correct the unintended application of the Codification of accounting guidance for a wide variety of topics. The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs , which clarifies the intent of certain updates that were included in ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) , which clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The adoption of this guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2021, the Corporation adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740 - Income Taxes. The adoption of this guidance did not have a material impact on the consolidated financial statements. Recently Issued but Not Yet Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which reduces the complexity of accounting for certain financial instruments with characteristics of both debt and equity. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2022. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides a number of optional expedients to general accounting guidance intended to ease the burden of the accounting impacts of reference rate reform related to contract modifications and hedge accounting elections. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that the scope of Topic 848 includes derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Adoption of the expedients is allowed after March 12, 2020 and no later than December 31, 2022. Management is currently evaluating the impact of this guidance on the consolidated financial statements. |
Federal Home Loan Bank and Fe_2
Federal Home Loan Bank and Federal Reserve Bank Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank and Federal Reserve Bank Stocks | Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stocks were as follows: (In thousands) At March 31, 2021 At December 31, 2020 FHLB stock, at cost $ 234,455 $ 196,457 FRB stock, at cost 123,959 123,979 Total investments $ 358,414 $ 320,436 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities | The amortized cost and fair value of investment securities were as follows: Investment Securities Available-for-sale, At Fair Value (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At March 31, 2021 Debt securities: Obligations of states and political subdivisions $ 824,061 $ 30,772 $ 8,041 $ 846,792 Government and government-sponsored enterprises 186,541 506 649 186,398 Mortgage-backed securities: Residential agency 6,545,644 93,014 123,937 6,514,721 Residential non-agency 119,284 1,882 3 121,163 Commercial agency 681,641 23,146 10,557 694,230 Commercial non-agency 39,348 671 — 40,019 Total mortgage-backed debt securities 7,385,917 118,713 134,497 7,370,133 Corporate debt and trust preferred securities 454 11 — 465 Total investment securities available-for-sale $ 8,396,973 $ 150,002 $ 143,187 $ 8,403,788 At December 31, 2020 Debt securities: Obligations of states and political subdivisions $ 827,191 $ 44,077 $ 1,087 $ 870,181 Government and government-sponsored enterprises 196,560 153 813 195,900 Mortgage-backed securities: Residential agency 6,151,511 157,955 1,388 6,308,078 Residential non-agency 156,865 2,819 2 159,682 Commercial agency 669,235 39,715 999 707,951 Commercial non-agency 39,358 3,072 — 42,430 Total mortgage-backed debt securities 7,016,969 203,561 2,389 7,218,141 Corporate debt and trust preferred securities 453 48 — 501 Total investment securities available-for-sale $ 8,041,173 $ 247,839 $ 4,289 $ 8,284,723 Investment Securities Held-to-Maturity (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At March 31, 2021 Residential agency mortgage-backed securities $ 206,151 $ 6,615 $ 3,982 $ 208,784 Corporate debt and trust preferred securities 3,627 — — 3,627 Total investment securities held-to-maturity (1) $ 209,778 $ 6,615 $ 3,982 $ 212,411 At December 31, 2020 Residential agency mortgage-backed securities $ 180,946 $ 9,267 $ 72 $ 190,141 Corporate debt and trust preferred securities 3,413 — — 3,413 Total investment securities held-to-maturity (1) $ 184,359 $ 9,267 $ 72 $ 193,554 (1) At both March 31, 2021 and December 31, 2020 there was no ACL for investment securities held-to-maturity. |
Schedule of Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity that are in a Loss Position | Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: At March 31, 2021 Less than 12 months 12 months or more Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available-for-sale Debt securities: Obligations of states and political subdivisions $ 130,928 $ 8,041 $ — $ — $ 130,928 $ 8,041 Government and government sponsored enterprises 93,950 649 — — 93,950 649 Mortgage-backed securities: Residential agency 3,848,667 123,937 — — 3,848,667 123,937 Residential non-agency 3,001 3 — — 3,001 3 Commercial agency 175,579 10,557 — — 175,579 10,557 Commercial non-agency — — — — — — Total mortgage-backed debt securities 4,027,247 134,497 — — 4,027,247 134,497 Total investment securities available-for-sale $ 4,252,125 $ 143,187 $ — $ — $ 4,252,125 $ 143,187 Investment securities held-to-maturity Residential agency mortgage-backed securities 108,682 3,982 — — 108,682 3,982 Total investment securities held-to-maturity $ 108,682 $ 3,982 $ — $ — $ 108,682 $ 3,982 At December 31, 2020 Less than 12 months 12 months or more Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities available-for-sale Debt securities: Obligations of states and political subdivisions $ 78,241 $ 1,087 $ — $ — $ 78,241 $ 1,087 Government and government sponsored enterprises 139,940 813 — — 139,940 813 Mortgage-backed securities: Residential agency 426,171 1,388 — — 426,171 1,388 Residential non-agency 1,529 2 — — 1,529 2 Commercial agency 96,667 999 — — 96,667 999 Commercial non-agency — — — — — — Total mortgage-backed debt securities 524,367 2,389 — — 524,367 2,389 Total investment securities available-for-sale $ 742,548 $ 4,289 $ — $ — $ 742,548 $ 4,289 |
Realized Gain (Loss) on Investments | The gross gains and losses on sales of investment securities were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Gross realized gains $ — $ — Gross realized losses — — Recoveries on previously impaired investment securities held-to-maturity 8 — Net gains on investment securities $ 8 $ — |
Schedule of Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At March 31, 2021 At December 31, 2020 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Investment Securities Available-for-Sale Due in one year or less $ 45,902 $ 46,020 $ 45,912 $ 46,163 Due in 1-5 years 160,915 163,885 163,346 168,125 Due in 5-10 years 770,039 788,800 681,135 720,239 Due after 10 years 7,420,117 7,405,083 7,150,780 7,350,196 Total investment securities available-for-sale $ 8,396,973 $ 8,403,788 $ 8,041,173 $ 8,284,723 Investment Securities Held-to-Maturity Due in one year or less $ 400 $ 400 $ 400 $ 400 Due in 1-5 years 2,150 2,150 2,150 2,150 Due in 5-10 years 43 48 46 51 Due after 10 years 207,185 209,813 181,763 190,953 Total investment securities held-to-maturity $ 209,778 $ 212,411 $ 184,359 $ 193,554 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans and Leases | Loans and leases were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial (1) $ 12,856,701 $ 11,422,383 Commercial real estate 9,881,341 9,702,587 Lease financing 2,956,626 2,817,231 Total commercial loan and lease portfolio 25,694,668 23,942,201 Consumer loan portfolio: Residential mortgage 6,510,981 6,182,045 Home equity 2,864,142 3,108,736 Consumer installment 1,151,228 1,233,426 Total consumer loan portfolio 10,526,351 10,524,207 Total loans and leases (2) $ 36,221,019 $ 34,466,408 (1) Includes $1.9 billion and $1.6 billion of PPP loans at March 31, 2021 and December 31, 2020, respectively. (2) Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $(85.4) million and $(118.6) million at March 31, 2021 and December 31, 2020, respectively. |
Schedule of Components of Total Lease Income | The components of total lease income were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Interest and fees on loans and leases (Interest income): Interest income on net investment in direct financing and sales-type leases $ 34,189 $ 34,156 Leasing revenue (Noninterest income): Lease income from operating lease payments 25,550 23,902 Profit recorded on commencement date on sales-type leases 6,541 3,580 Gains on sales of leased equipment 4,362 6,083 Leasing revenue 36,453 33,565 Total lease income $ 70,642 $ 67,721 |
Schedule of Components of Total Lease Income | The components of total lease income were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Interest and fees on loans and leases (Interest income): Interest income on net investment in direct financing and sales-type leases $ 34,189 $ 34,156 Leasing revenue (Noninterest income): Lease income from operating lease payments 25,550 23,902 Profit recorded on commencement date on sales-type leases 6,541 3,580 Gains on sales of leased equipment 4,362 6,083 Leasing revenue 36,453 33,565 Total lease income $ 70,642 $ 67,721 |
Summary of Net Gains On Sales of Loans | The following table summarizes the net gains on sales of loans and leases related to all loan and lease sales. The Corporation retains servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information. Three Months Ended March 31, (In thousands) 2021 2020 Sale proceeds, net $ 593,347 $ 555,182 Recorded investment in loans and leases sold, including accrued interest 563,489 537,180 Other (8,135) 2,588 Net gains on sales of loans and leases related to all loan and lease sales (1) $ 21,723 $ 20,590 (1) Three months ended March 31, 2021 amount included within net gain on sales of loans and leases ($6.1 million) and mortgage banking income ($15.7 million). Three months ended March 31, 2020 amounts included within net gain on sales of loans and leases ($7.6 million) and mortgage banking income ($13.0 million). |
Interest-only Strips | The interest-only strips on the balance sheet related to loan sales were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Interest-only strips $ 6,737 $ 7,823 |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Rollforwards of the allowance for loan and lease losses | The rollforwards of the allowance for credit losses ("ACL") were as follows: (In thousands) Consumer Loan Portfolio Commercial Loan and Lease Portfolio Total Allowance for Loan and Lease Losses Reserve for Unfunded Lending Commitments (1) Total Allowance for Credit Losses Three months ended March 31, 2021 Balance, beginning of period $ 136,894 $ 388,974 $ 525,868 $ 23,313 $ 549,181 Charge-offs (8,340) (47,278) (55,618) — (55,618) Recoveries 7,879 4,477 12,356 — 12,356 Net (charge-offs) recoveries (461) (42,801) (43,262) — (43,262) Provision for credit losses 9,276 12,684 21,960 (1,404) 20,556 Other (2) (2,230) 2,309 79 — 79 Balance, end of period $ 143,479 $ 361,166 $ 504,645 $ 21,909 $ 526,554 Three months ended March 31, 2020 Balance, beginning of period $ 28,572 $ 84,480 $ 113,052 $ 3,528 $ 116,580 Impact of CECL adoption 107,337 98,655 205,992 14,707 220,699 Adjusted balance, beginning of period 135,909 183,135 319,044 18,235 337,279 Charge-offs (5,848) (8,881) (14,729) — (14,729) Recoveries 4,708 4,544 9,252 — 9,252 Net (charge-offs) recoveries (1,140) (4,337) (5,477) — (5,477) Provision for credit losses 40,288 52,702 92,990 3,953 96,943 Other (2) — (174) (174) — (174) Balance, end of period $ 175,057 $ 231,326 $ 406,383 $ 22,188 $ 428,571 (1) Reserve for unfunded lending commitments ("RULC") is recognized within other liabilities. (2) Primarily includes the allowance for purchased financial assets with credit deterioration ("PCD") and the transfer of the allowance to loans and leases held-for-sale. |
Rollforwards of the allowance for loan and lease losses | The rollforwards of the allowance for credit losses ("ACL") were as follows: (In thousands) Consumer Loan Portfolio Commercial Loan and Lease Portfolio Total Allowance for Loan and Lease Losses Reserve for Unfunded Lending Commitments (1) Total Allowance for Credit Losses Three months ended March 31, 2021 Balance, beginning of period $ 136,894 $ 388,974 $ 525,868 $ 23,313 $ 549,181 Charge-offs (8,340) (47,278) (55,618) — (55,618) Recoveries 7,879 4,477 12,356 — 12,356 Net (charge-offs) recoveries (461) (42,801) (43,262) — (43,262) Provision for credit losses 9,276 12,684 21,960 (1,404) 20,556 Other (2) (2,230) 2,309 79 — 79 Balance, end of period $ 143,479 $ 361,166 $ 504,645 $ 21,909 $ 526,554 Three months ended March 31, 2020 Balance, beginning of period $ 28,572 $ 84,480 $ 113,052 $ 3,528 $ 116,580 Impact of CECL adoption 107,337 98,655 205,992 14,707 220,699 Adjusted balance, beginning of period 135,909 183,135 319,044 18,235 337,279 Charge-offs (5,848) (8,881) (14,729) — (14,729) Recoveries 4,708 4,544 9,252 — 9,252 Net (charge-offs) recoveries (1,140) (4,337) (5,477) — (5,477) Provision for credit losses 40,288 52,702 92,990 3,953 96,943 Other (2) — (174) (174) — (174) Balance, end of period $ 175,057 $ 231,326 $ 406,383 $ 22,188 $ 428,571 (1) Reserve for unfunded lending commitments ("RULC") is recognized within other liabilities. (2) Primarily includes the allowance for purchased financial assets with credit deterioration ("PCD") and the transfer of the allowance to loans and leases held-for-sale. |
Schedule of purchased with credit deterioration loan activity | The following table provides a summary of loans and leases purchased as part of the CEC business combination with credit deterioration at acquisition: (In thousands) Three months ended March 31, 2021 Par value $ 70,263 ALLL at acquisition (2,383) Non-credit premium (discount) (1,020) Purchase price $ 66,860 |
Schedule of accruing and non-accruing loans and leases | The Corporation's accruing and nonaccrual loans and leases were as follows: (In thousands) Current 30-89 Days Delinquent and Accruing 90 Days or More Delinquent and Accruing Total Nonaccrual Total At March 31, 2021 Commercial loan and lease portfolio: Commercial and industrial $ 12,588,529 $ 25,413 $ 2,772 $ 12,616,714 $ 239,987 $ 12,856,701 Commercial real estate 9,662,431 30,490 — 9,692,921 188,420 9,881,341 Lease financing 2,824,770 33,164 4,734 2,862,668 93,958 2,956,626 Total commercial loan and lease portfolio 25,075,730 89,067 7,506 25,172,303 522,365 25,694,668 Consumer loan portfolio: Residential mortgage 6,421,403 11,171 1,874 6,434,448 76,533 6,510,981 Home equity 2,781,347 9,798 56 2,791,201 72,941 2,864,142 Consumer installment 1,142,579 2,587 — 1,145,166 6,062 1,151,228 Total consumer loan portfolio 10,345,329 23,556 1,930 10,370,815 155,536 10,526,351 Total $ 35,421,059 $ 112,623 $ 9,436 $ 35,543,118 $ 677,901 $ 36,221,019 At December 31, 2020 Commercial loan and lease portfolio: Commercial and industrial $ 11,119,453 $ 42,033 $ 1,458 $ 11,162,944 $ 259,439 $ 11,422,383 Commercial real estate 9,453,743 94,383 22 9,548,148 154,439 9,702,587 Lease financing 2,695,356 27,118 3,935 2,726,409 90,822 2,817,231 Total commercial loan and lease portfolio 23,268,552 163,534 5,415 23,437,501 504,700 23,942,201 Consumer loan portfolio: Residential mortgage 6,065,379 17,048 1,965 6,084,392 97,653 6,182,045 Home equity 3,008,450 30,840 63 3,039,353 69,383 3,108,736 Consumer installment 1,224,059 3,801 — 1,227,860 5,566 1,233,426 Total consumer loan portfolio 10,297,888 51,689 2,028 10,351,605 172,602 10,524,207 Total $ 33,566,440 $ 215,223 $ 7,443 $ 33,789,106 $ 677,302 $ 34,466,408 |
Schedule of nonaccrual loans and leases | Further details of the Corporation's nonaccrual loans and leases were as follows: At March 31, 2021 At December 31, 2020 (In thousands) Total nonaccrual Nonaccrual with no ACL Total nonaccrual Nonaccrual with no ACL Commercial loan and lease portfolio: Commercial and industrial $ 239,987 $ 45,371 $ 259,439 $ 55,773 Commercial real estate 188,420 150,882 154,439 79,203 Lease financing 93,958 — 90,822 — Total commercial loan and lease portfolio 522,365 196,253 504,700 134,976 Consumer loan portfolio: Residential mortgage 76,533 — 97,653 49 Home equity 72,941 358 69,383 23 Consumer installment 6,062 3,505 5,566 3,531 Total consumer loan portfolio 155,536 3,863 172,602 3,603 Total $ 677,901 $ 200,116 $ 677,302 $ 138,579 |
Financing receivable credit quality indicators | Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ — $ 420 $ 163 $ — $ 4 $ 262 $ 1,923 $ — $ 2,772 Commercial real estate — — — — — — — — — Lease financing — 1,693 1,085 1,022 674 260 — — 4,734 Total commercial loan and lease portfolio — 2,113 1,248 1,022 678 522 1,923 — 7,506 Consumer loan portfolio: Residential mortgage — 85 312 — 202 1,275 — — 1,874 Home equity — — — — 56 — — — 56 Consumer installment — — — — — — — — — Total consumer loan portfolio — 85 312 — 258 1,275 — — 1,930 Total 90 days or more delinquent and accruing $ — $ 2,198 $ 1,560 $ 1,022 $ 936 $ 1,797 $ 1,923 $ — $ 9,436 Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 874 $ 50 $ 94 $ 13 $ — $ 52 $ 375 $ — $ 1,458 Commercial real estate — — — — — 22 — — 22 Lease financing 1,286 975 680 463 392 139 — — 3,935 Total commercial loan and lease portfolio 2,160 1,025 774 476 392 213 375 — 5,415 Consumer loan portfolio: Residential mortgage 85 134 — — — 1,746 — — 1,965 Home equity — — — — — 27 36 — 63 Consumer installment — — — — — — — — — Total consumer loan portfolio 85 134 — — — 1,773 36 — 2,028 Total 90 days or more delinquent and accruing $ 2,245 $ 1,159 $ 774 $ 476 $ 392 $ 1,986 $ 411 $ — $ 7,443 Nonaccrual loans and leases by year of origination were as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 121 $ 27,464 $ 58,160 $ 51,542 $ 25,885 $ 39,613 $ 37,191 $ 11 $ 239,987 Commercial real estate — 4,309 25,233 13,738 57,547 87,593 — — 188,420 Lease financing — 3,606 29,189 26,513 16,047 16,758 — 1,845 93,958 Total commercial loan and lease portfolio 121 35,379 112,582 91,793 99,479 143,964 37,191 1,856 522,365 Consumer loan portfolio: Residential mortgage — 3,253 7,744 11,920 2,996 50,620 — — 76,533 Home equity 22 847 934 445 432 5,594 63,920 747 72,941 Consumer installment — 87 238 340 514 4,690 193 — 6,062 Total consumer loan portfolio 22 4,187 8,916 12,705 3,942 60,904 64,113 747 155,536 Total nonaccrual loans and leases $ 143 $ 39,566 $ 121,498 $ 104,498 $ 103,421 $ 204,868 $ 101,304 $ 2,603 $ 677,901 Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Revolving Loans and Leases Converted to Term Loans and Leases At December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial $ 26,109 $ 61,595 $ 60,686 $ 29,360 $ 17,669 $ 23,644 $ 40,364 $ 12 $ 259,439 Commercial real estate 5,194 4,835 14,452 53,934 21,667 54,357 — — 154,439 Lease financing 3,190 27,412 26,348 15,184 8,601 8,145 — 1,942 90,822 Total commercial loan and lease portfolio 34,493 93,842 101,486 98,478 47,937 86,146 40,364 1,954 504,700 Consumer loan portfolio: Residential mortgage 2,631 9,177 16,391 4,172 2,812 62,470 — — 97,653 Home equity 889 1,449 530 379 223 5,149 59,826 938 69,383 Consumer installment 33 267 181 281 575 4,060 169 — 5,566 Total consumer loan portfolio 3,553 10,893 17,102 4,832 3,610 71,679 59,995 938 172,602 Total nonaccrual loans and leases $ 38,046 $ 104,735 $ 118,588 $ 103,310 $ 51,547 $ 157,825 $ 100,359 $ 2,892 $ 677,302 The amortized cost basis of loans and leases by credit risk classifications and year of origination was as follows: Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases (1) Revolving Loans and Leases Converted to Term Loans and Leases (2) At March 31, 2021 2021 2020 2019 2018 2017 2016 and Prior Total Commercial loan and lease portfolio: Commercial and industrial Pass $ 1,289,456 $ 3,069,589 $ 1,924,724 $ 1,033,717 $ 527,205 $ 618,661 $ 3,541,892 $ 51,531 $ 12,056,775 Special mention 6,898 16,592 87,857 75,921 42,692 10,888 147,237 754 388,839 Substandard 2,501 36,312 98,860 61,460 33,431 76,814 101,429 280 411,087 Total commercial and industrial 1,298,855 3,122,493 2,111,441 1,171,098 603,328 706,363 3,790,558 52,565 12,856,701 Commercial real estate Pass 304,562 1,373,808 2,274,851 1,767,581 1,169,172 2,021,114 — — 8,911,088 Special mention 81 17,878 88,125 83,486 214,000 175,698 — — 579,268 Substandard 1,739 60,777 43,251 86,540 82,812 115,866 — — 390,985 Total commercial real estate 306,382 1,452,463 2,406,227 1,937,607 1,465,984 2,312,678 — — 9,881,341 Lease financing Pass 247,246 970,143 686,909 389,597 205,845 115,862 32,369 148,755 2,796,726 Special mention 848 14,307 8,802 5,459 4,670 2,461 — 4,586 41,133 Substandard 1,023 10,122 35,382 30,848 18,302 18,751 — 4,339 118,767 Total lease financing 249,117 994,572 731,093 425,904 228,817 137,074 32,369 157,680 2,956,626 Total commercial 1,854,354 5,569,528 5,248,761 3,534,609 2,298,129 3,156,115 3,822,927 210,245 25,694,668 Consumer loan portfolio: Residential mortgage Pass 710,828 2,207,173 860,827 510,015 361,669 1,780,396 — — 6,430,908 Substandard — 3,338 8,056 11,920 3,198 53,561 — — 80,073 Total residential mortgage 710,828 2,210,511 868,883 521,935 364,867 1,833,957 — — 6,510,981 Home equity Pass 1,362 20,638 44,156 42,176 34,373 135,924 2,503,856 7,331 2,789,816 Substandard 22 847 934 445 488 6,923 63,920 747 74,326 Total home equity 1,384 21,485 45,090 42,621 34,861 142,847 2,567,776 8,078 2,864,142 Consumer installment Pass 65,000 183,103 335,641 171,972 155,700 212,480 20,871 62 1,144,829 Substandard — 134 403 340 514 4,815 193 — 6,399 Total consumer installment 65,000 183,237 336,044 172,312 156,214 217,295 21,064 62 1,151,228 Total consumer 777,212 2,415,233 1,250,017 736,868 555,942 2,194,099 2,588,840 8,140 10,526,351 Total loans and leases $ 2,631,566 $ 7,984,761 $ 6,498,778 $ 4,271,477 $ 2,854,071 $ 5,350,214 $ 6,411,767 $ 218,385 $ 36,221,019 (1) This balance includes $32.4 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods. (2) This balance includes $210.2 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods. Amortized Cost Basis (In thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases (1) Revolving Loans and Leases Converted to Term Loans and Leases (2) December 31, 2020 2020 2019 2018 2017 2016 2015 and Prior Total Commercial loan and lease portfolio: Commercial and industrial Pass $ 3,282,275 $ 1,877,468 $ 994,081 $ 547,940 $ 357,567 $ 316,557 $ 3,286,687 $ 48,079 $ 10,710,654 Special mention 13,377 66,485 46,174 34,959 4,661 6,733 94,338 858 267,585 Substandard 28,908 69,510 94,227 48,246 52,944 29,295 120,738 276 444,144 Total commercial and industrial 3,324,560 2,013,463 1,134,482 631,145 415,172 352,585 3,501,763 49,213 11,422,383 Commercial real estate Pass 1,361,117 2,193,489 1,877,374 1,211,426 683,612 1,480,027 — — 8,807,045 Special mention 17,745 78,236 53,087 197,935 79,540 104,473 — — 531,016 Substandard 6,995 53,079 31,930 124,728 57,221 90,573 — — 364,526 Total commercial real estate 1,385,857 2,324,804 1,962,391 1,534,089 820,373 1,675,073 — — 9,702,587 Lease financing Pass 1,013,374 715,327 393,644 226,818 109,992 30,620 23,806 167,726 2,681,307 Special mention 4,050 9,871 3,897 4,870 1,484 1,001 — 8,911 34,084 Substandard 6,440 29,040 27,579 16,150 9,360 8,635 7 4,629 101,840 Total lease financing 1,023,864 754,238 425,120 247,838 120,836 40,256 23,813 181,266 2,817,231 Total commercial 5,734,281 5,092,505 3,521,993 2,413,072 1,356,381 2,067,914 3,525,576 230,479 23,942,201 Consumer loan portfolio: Residential mortgage Pass 2,011,791 1,047,735 604,127 435,617 439,816 1,539,779 — — 6,078,865 Special mention — — — — — 112 — — 112 Substandard 3,292 9,311 17,268 4,601 3,814 64,782 — — 103,068 Total residential mortgage 2,015,083 1,057,046 621,395 440,218 443,630 1,604,673 — — 6,182,045 Home equity Pass 23,066 51,448 48,092 39,834 29,071 126,147 2,703,354 7,753 3,028,765 Special mention — — — — — — — — — Substandard 940 1,469 579 515 424 8,354 66,590 1,100 79,971 Total home equity 24,006 52,917 48,671 40,349 29,495 134,501 2,769,944 8,853 3,108,736 Consumer installment Pass 206,994 371,924 192,067 185,051 119,663 127,252 24,043 67 1,227,061 Special mention — — — — — — — — — Substandard 247 1,179 680 887 909 2,086 377 — 6,365 Total consumer installment 207,241 373,103 192,747 185,938 120,572 129,338 24,420 67 1,233,426 Total consumer 2,246,330 1,483,066 862,813 666,505 593,697 1,868,512 2,794,364 8,920 10,524,207 Total loans and leases $ 7,980,611 $ 6,575,571 $ 4,384,806 $ 3,079,577 $ 1,950,078 $ 3,936,426 $ 6,319,940 $ 239,399 $ 34,466,408 (1) This balance includes $23.8 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods. (2) This balance includes $230.5 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods. |
Information on impaired loans | The average balance of nonaccrual loans and leases and interest income recognized on nonaccrual loans and leases were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Average Loan and Lease Balance Interest Income Recognized Average Loan and Lease Balance Interest Income Recognized Commercial loan and lease portfolio: Commercial and industrial $ 249,713 $ 2,116 $ 68,985 $ 1,709 Commercial real estate 171,429 3,040 38,383 1,784 Lease financing 92,390 19 12,063 51 Total commercial loan and lease portfolio 513,532 5,175 119,431 3,544 Consumer loan portfolio: Residential mortgage 87,093 1,304 50,278 638 Home equity 71,162 1,387 39,505 156 Consumer installment 5,814 66 852 25 Total consumer loan portfolio 164,069 2,757 90,635 819 Total nonaccrual loans and leases $ 677,601 $ 7,932 $ 210,066 $ 4,363 |
Schedule of TDR loans | The following table presents the recorded investment of loan modifications first classified as TDRs during the periods presented: Three Months Ended March 31, 2021 2020 (In thousands) Pre-modification Investment Post-modification Investment Pre-modification Investment Post-modification Investment Commercial loan and lease portfolio: Commercial and industrial $ 2,491 $ 2,491 $ 5,751 $ 5,751 Commercial real estate 1,700 1,700 106 106 Total commercial loan and lease portfolio 4,191 4,191 5,857 5,857 Consumer loan portfolio: Residential mortgage 1,126 1,126 3,222 3,157 Home equity 334 334 997 996 Consumer installment 44 44 376 353 Total consumer loan portfolio 1,504 1,504 4,595 4,506 Total $ 5,695 $ 5,695 $ 10,452 $ 10,363 The following table presents TDR loans: At March 31, 2021 At December 31, 2020 (In thousands) Accruing Nonaccrual TDR Loans Total Accruing Nonaccrual TDR Loans Total Commercial loan and lease portfolio $ 12,121 $ 21,554 $ 33,675 $ 35,697 $ 23,575 $ 59,272 Consumer loan portfolio 17,154 19,700 36,854 16,658 22,804 39,462 Total $ 29,275 $ 41,254 $ 70,529 $ 52,355 $ 46,379 $ 98,734 The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period. The Corporation considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to nonaccrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets. Three Months Ended March 31, (In thousands) 2021 2020 Defaulted TDR loan balances modified during the applicable period Commercial loan and lease portfolio: Commercial and industrial $ 1,515 $ — Commercial real estate 1,228 — Total commercial loan and lease portfolio 2,743 — Consumer loan portfolio: Residential mortgage 197 630 Home equity 198 59 Consumer installment 34 — Total consumer loan portfolio 429 689 Defaulted TDR loan balances $ 3,172 $ 689 |
Schedule of other real estate owned and repossessed and returned assets | Other real estate owned and repossessed and returned assets were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Other real estate owned $ 32,115 $ 33,192 Repossessed and returned assets 8,501 8,932 Consumer loans in process of foreclosure 24,173 14,790 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill was as follows: (In thousands) At March 31, 2021 At December 31, 2020 Goodwill related to consumer banking segment $ 771,555 $ 771,555 Goodwill related to commercial banking segment 608,335 541,491 Goodwill, net $ 1,379,890 $ 1,313,046 |
Loan Servicing Rights (Tables)
Loan Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets at Fair Value | Information regarding LSRs was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Balance, beginning of period $ 38,303 $ 56,313 New servicing assets created 4,531 2,451 Impairment (charge) recovery 7,637 (8,236) Amortization (6,320) (3,245) Balance, end of period $ 44,151 $ 47,283 Valuation allowance, end of period $ (13,850) $ (12,118) Loans serviced for others that have servicing rights capitalized, end of period $ 6,068,120 $ 6,444,101 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Short-term borrowings (borrowings with an original maturity of less than one year) were as follows: At March 31, 2021 At December 31, 2020 (Dollars in thousands) Amount Weighted-average Rate Amount Weighted-average Rate FHLB advances $ 1,200,000 0.29 % $ 400,000 0.33 % Collateralized Deposits 223,695 0.07 217,363 0.11 Line-of-Credit - TCF Commercial Finance Canada, Inc. 2,388 2.45 — — Total short-term borrowings $ 1,426,083 0.26 % $ 617,363 0.25 % |
Schedule of Long-term Borrowings | Long-term borrowings were as follows: (In thousands) At March 31, 2021 At December 31, 2020 FHLB advances $ 859,335 $ 709,848 Subordinated debt obligations 583,312 586,145 Discounted lease rentals 73,222 75,770 Finance lease obligation 2,947 2,969 Total long-term borrowings $ 1,518,816 $ 1,374,732 |
Schedule of Maturities of Long-term Borrowings | The contractual maturities of long-term borrowings at March 31, 2021 were as follows: (In thousands) Remainder of 2021 $ 4,339 2022 779,845 2023 25,099 2024 15,996 2025 373,772 Thereafter 319,765 Total long-term borrowings $ 1,518,816 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Summary of Components of Other Comprehensive Income (Loss), Reclassifications from Accumulated Other Comprehensive Income (Loss) to Various Financial Statement Line Items and the Related Tax Effects | The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips: Net unrealized gains (losses) arising during the period $ (237,054) $ 56,371 $ (180,683) $ 150,744 $ (35,607) $ 115,137 Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to: Total interest income (44) 10 (34) 754 (177) 577 Net gains (losses) on investment securities — — — — — — Other noninterest expense 137 (32) 105 173 (40) 133 Amounts reclassified from accumulated other comprehensive income (loss) 93 (22) 71 927 (217) 710 Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips (236,961) 56,349 (180,612) 151,671 (35,824) 115,847 Recognized postretirement prior service cost: Reclassification of amortization of prior service cost to other noninterest expense (23) 5 (18) (12) 3 (9) Foreign currency translation adjustment (1) 2,170 — 2,170 (14,426) — (14,426) Net unrealized gains (losses) on net investment hedges (2,046) 487 $ (1,559) 13,695 (3,214) 10,481 Total other comprehensive income (loss) $ (236,860) $ 56,841 $ (180,019) $ 150,928 $ (39,035) $ 111,893 (1) Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments. |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) were as follows: (In thousands) Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips Net Unrealized Gains (Losses) on Net Foreign Recognized Total At or For the Three Months Ended March 31, 2021 Balance, beginning of period $ 182,488 $ 5,605 $ (5,803) $ 383 $ 182,673 Other comprehensive income (loss) (180,683) (1,559) 2,170 — (180,072) Amounts reclassified from accumulated other comprehensive income (loss) 71 — — (18) 53 Net other comprehensive income (loss) (180,612) (1,559) 2,170 (18) (180,019) Balance, end of period $ 1,876 $ 4,046 $ (3,633) $ 365 $ 2,654 At or For the Three Months Ended March 31, 2020 Balance, beginning of period $ 56,098 $ 9,800 $ (11,697) $ 76 $ 54,277 Other comprehensive income (loss) 115,137 10,481 (14,426) — 111,192 Amounts reclassified from accumulated other comprehensive income (loss) 710 — — (9) 701 Net other comprehensive income (loss) 115,847 10,481 (14,426) (9) 111,893 Balance, end of period $ 171,945 $ 20,281 $ (26,123) $ 67 $ 166,170 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Regulatory Capital Information for TCF and TCF Bank | Regulatory capital information for TCF and TCF Bank was as follows: TCF TCF Bank At March 31, At December 31, At March 31, At December 31, (Dollars in thousands) 2021 2020 2021 2020 Well-capitalized Standard Minimum Capital Requirement (1) Regulatory Capital: Common equity Tier 1 capital $ 4,101,896 $ 4,103,007 $ 4,095,564 $ 4,093,974 Tier 1 capital 4,299,135 4,290,793 4,123,501 4,112,458 Total capital 4,994,676 5,026,611 4,799,935 4,831,026 Regulatory Capital Ratios: Common equity Tier 1 capital ratio 11.06 % 11.45 % 11.06 % 11.45 % 6.50 % 4.50 % Tier 1 risk-based capital ratio 11.59 11.98 11.14 11.50 8.00 6.00 Total risk-based capital ratio 13.47 14.03 12.96 13.51 10.00 8.00 Tier 1 leverage ratio 9.09 9.34 8.73 8.97 5.00 4.00 (1) Excludes capital conservation buffer of 2.5% at both March 31, 2021 and December 31, 2020. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows: At March 31, 2021 Fair Value (In thousands) Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments Interest rate contract $ 150,000 $ — $ 118 Forward foreign exchange contracts 210,856 373 1,400 Total derivatives designated as hedging instruments 373 1,518 Derivatives not designated as hedging instruments Interest rate contracts $ 6,297,778 $ 164,438 $ 21,827 Risk participation agreements 549,262 27 63 Forward foreign exchange contracts 75,267 820 105 Interest rate lock commitments 465,180 7,073 166 Forward loan sales commitments 460,280 5,560 45 Power Equity CDs 10,450 300 300 Swap agreement 12,652 — 286 Total derivatives not designated as hedging instruments 178,218 22,792 Total derivatives before netting 178,591 24,310 Netting (2) (781) (627) Total derivatives, net $ 177,810 $ 23,683 (1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition. (2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place. At December 31, 2020 Fair Value (In thousands) Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments Interest rate contract $ 150,000 $ 59 $ — Forward foreign exchange contracts 207,515 — 1,521 Total derivatives designated as hedging instruments 59 1,521 Derivatives not designated as hedging instruments Interest rate contracts 6,140,464 248,208 14,681 Risk participation agreements 470,670 62 125 Forward foreign exchange contracts 90,647 11 865 Interest rate lock commitments 447,278 14,565 4 Forward loan sales commitments 535,244 37 3,411 Power Equity CD 16,752 459 459 Swap agreement 12,652 — 66 Total derivatives not designated as hedging instruments 263,342 19,611 Total derivatives before netting 263,401 21,132 Netting (2) (52) (1,876) Total derivatives, net $ 263,349 $ 19,256 (1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition. |
Schedule of Gross Amounts Recognized, Gross Amounts Offset and Net Amount Presented | The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows: At March 31, 2021 (In thousands) Gross Amounts Recognized Gross Amounts Offset (1) Net Amount Presented Derivative assets Interest rate contracts $ 164,438 $ — $ 164,438 Risk participation agreements 27 — 27 Forward foreign exchange contracts 1,193 (570) 623 Interest rate lock commitments 7,073 (166) 6,907 Forward loan sales commitments 5,560 (45) 5,515 Power Equity CDs 300 300 Total derivative assets $ 178,591 $ (781) $ 177,810 Derivative liabilities Interest rate contracts $ 21,945 $ — $ 21,945 Risk participation agreements 63 — 63 Forward foreign exchange contracts 1,505 (130) 1,375 Interest rate lock commitments 166 (166) — Forward loan sales commitments 45 (45) — Power Equity CDs 300 300 Swap agreement 286 (286) — Total derivative liabilities $ 24,310 $ (627) $ 23,683 (1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition. At December 31, 2020 (In thousands) Gross Amounts Recognized Gross Amounts Offset (1) Net Amount Presented Derivative assets Interest rate contracts $ 248,267 $ — $ 248,267 Risk participation agreements 62 — 62 Forward foreign exchange contracts 11 (11) — Interest rate lock commitments 14,565 (4) 14,561 Forward loan sales commitments 37 (37) — Power Equity CDs 459 — 459 Total derivative assets $ 263,401 $ (52) $ 263,349 Derivative liabilities Interest rate contracts $ 14,681 $ — $ 14,681 Risk participation agreements 125 — 125 Forward foreign exchange contracts 2,386 (1,769) 617 Interest rate lock commitments 4 (4) — Forward loan sales commitments 3,411 (37) 3,374 Power Equity CD 459 — 459 Swap agreement 66 (66) — Total derivative liabilities $ 21,132 $ (1,876) $ 19,256 (1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition. |
Amounts Recorded in the Consolidated Statements of Financial Condition Related to the Cumulative Basis Adjustment for the Fair Value Hedge | The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows: Carrying Amount Cumulative Amount of (In thousands) At March 31, 2021 At December 31, 2020 At March 31, 2021 At December 31, 2020 Subordinated bank note - 2025 $ 156,829 $ 159,888 $ 7,857 $ 10,975 |
Summary of Gains and Losses Related to the Fair Value Hedge of the Interest Rate Swap and the Offsetting Changes in the Fair Value of the Hedged Debt | The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, (In thousands) 2021 2020 Statement of income line where the gain (loss) on the fair value hedge was recorded: Interest expense on borrowings $ 10,019 $ 26,492 Gain (loss) on interest rate contract (fair value hedge) Hedged item 3,118 (8,830) Derivative designated as a hedging instrument (3,176) 8,936 Gain (loss) on interest rate contract recognized in interest expense on borrowings $ (58) $ 106 |
Effect of Net Investment Hedges on Accumulated Other Comprehensive Income | The effect of net investment hedges on accumulated other comprehensive income was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Forward foreign exchange contracts $ (2,046) $ 13,695 |
Summary of Effects of Derivatives not Designated as Hedging Instruments on the Consolidated Statements of Income | The effect of these derivatives on the Consolidated Statements of Income was as follows: Three Months Ended March 31, (In thousands) Location of Gain (Loss) 2021 2020 Interest rate contracts Other noninterest income $ 255 $ 1,662 Risk participation agreements Other noninterest expense 1,607 4,326 Forward foreign exchange contracts Other noninterest expense 10 18,713 Interest rate lock commitments Mortgage banking income (7,189) 10,378 Forward loan sales commitments Mortgage banking income 8,889 (8,545) Swap agreement Other noninterest income (288) (1) Net gain (loss) recognized $ 3,284 $ 26,533 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Balances of Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis | The balances of assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets Investment securities available-for-sale $ — $ 8,403,321 $ 467 $ 8,403,788 Loans held-for-sale — 107,417 — 107,417 Interest-only strips — — 6,737 6,737 Derivative assets: (1) Interest rate contracts — 164,438 — 164,438 Risk participation agreements — 27 — 27 Forward foreign exchange contracts — 1,193 — 1,193 Interest rate lock commitments — 7,073 — 7,073 Forward loan sales commitments — 5,560 — 5,560 Power Equity CDs — 300 — 300 Total derivative assets — 178,591 — 178,591 Assets held in trust for deferred compensation plans 49,669 — — 49,669 Total assets at fair value $ 49,669 $ 8,689,329 $ 7,204 $ 8,746,202 Liabilities Derivative liabilities: (1) Interest rate contracts $ — $ 21,945 $ — $ 21,945 Risk participation agreements — 63 — 63 Forward foreign exchange contracts — 1,505 — 1,505 Interest rate lock commitments — 166 — 166 Forward loan sales commitments — 45 — 45 Power Equity CDs — 300 — 300 Swap agreement — — 286 286 Total derivative liabilities — 24,024 286 24,310 Liabilities held in trust for deferred compensation plans 49,669 — — 49,669 Total liabilities at fair value $ 49,669 $ 24,024 $ 286 $ 73,979 (1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment. December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Assets Investment securities available-for-sale $ — $ 8,284,219 $ 504 $ 8,284,723 Loans held-for-sale — 221,784 — 221,784 Interest-only strips — — 7,823 7,823 Derivative assets: (1) Interest rate contracts — 248,267 — 248,267 Risk participation agreements — 62 — 62 Forward foreign exchange contracts — 11 — 11 Interest rate lock commitments — 14,565 — 14,565 Forward loan sales commitments — 37 — 37 Power Equity CDs — 459 — 459 Total derivative assets — 263,401 — 263,401 Assets held in trust for deferred compensation plans 48,659 — — 48,659 Total assets at fair value $ 48,659 $ 8,769,404 $ 8,327 $ 8,826,390 Liabilities Derivative liabilities: (1) Interest rate contracts $ — $ 14,681 $ — $ 14,681 Risk participation agreements — 125 — 125 Forward foreign exchange contracts — 2,386 — 2,386 Interest rate lock commitments — 4 — 4 Forward loan sales commitments — 3,411 — 3,411 Power Equity CDs — 459 — 459 Swap agreement — — 66 66 Total derivative liabilities — 21,066 66 21,132 Liabilities held in trust for deferred compensation plans 48,659 — — 48,659 Total liabilities at fair value $ 48,659 $ 21,066 $ 66 $ 69,791 (1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment. The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020. (In thousands) Level 1 Level 2 Level 3 Total At March 31, 2021 Loans and leases $ — $ — $ 602,723 $ 602,723 Loan servicing rights — — 44,151 44,151 Other real estate owned — — 14,072 14,072 Repossessed and returned assets — 6,348 — 6,348 Total non-recurring fair value measurements $ — $ 6,348 $ 660,946 $ 667,294 At December 31, 2020 Loans and leases $ — $ — $ 592,133 $ 592,133 Loan servicing rights — — 38,303 38,303 Other real estate owned — — 14,575 14,575 Repossessed and returned assets — 7,332 — 7,332 Total non-recurring fair value measurements $ — $ 7,332 $ 645,011 $ 652,343 |
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: (In thousands) Investment securities available-for-sale Interest-only strips Swap agreement At or For the Three Months Ended March 31, 2021 Asset (liability) balance, beginning of period $ 504 $ 7,823 $ (66) Total net gains (losses) included in: Net income — 144 — Other comprehensive income (loss) (37) (181) — Originations — — (288) Principal paydowns / settlements — (1,049) 68 Asset (liability) balance, end of period $ 467 $ 6,737 $ (286) Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period $ (37) $ (181) $ — At or For the Three Months Ended March 31, 2020 Asset (liability) balance, beginning of period $ 433 $ 12,813 $ (356) Total net gains (losses) included in: Net income 1 159 (1) Other comprehensive income (loss) (31) (348) — Principal paydowns / settlements — (1,673) 71 Asset (liability) balance, end of period $ 403 $ 10,951 $ (286) Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period $ (31) $ (348) $ — |
Schedule of Differences Between the Aggregate Fair Value and Aggregate Unpaid Principal Balance on Loans Held for Sale | The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows: (In thousands) March 31, 2021 December 31, 2020 Fair value carrying amount $ 107,417 $ 221,784 Aggregate unpaid principal amount 105,019 210,311 Fair value carrying amount less aggregate unpaid principal $ 2,398 $ 11,473 |
Fair Value of Assets and Liabilities, Including Hierarchy Level | The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value, and financial instruments recorded at fair value on a recurring basis, are included below. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's banking centers and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation. At March 31, 2021 Carrying Estimated Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total Financial instrument assets FHLB and FRB stocks $ 358,414 $ — $ 358,414 $ — $ 358,414 Investment securities held-to-maturity 209,778 — 208,784 3,627 212,411 Loans and leases held-for-sale 232 — — 233 233 Net loans (1) 32,806,406 — — 32,983,379 32,983,379 Securitization receivable (2) 19,992 — — 19,992 19,992 Deferred fees on commitments to extend credit (2) 18,477 — 18,477 — 18,477 Total financial instrument assets $ 33,413,299 $ — $ 585,675 $ 33,007,231 $ 33,592,906 Financial instrument liabilities Certificates of deposits $ 4,665,211 $ — $ 4,670,257 $ — $ 4,670,257 Long-term borrowings 1,518,816 — 1,562,225 — 1,562,225 Total financial instrument liabilities $ 6,184,027 $ — $ 6,232,482 $ — $ 6,232,482 (1) Expected credit losses are included in the carrying amount and estimated fair value. (2) Carrying amounts are included in other assets. At December 31, 2020 Carrying Estimated Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total Financial instrument assets FHLB and FRB stocks $ 320,436 $ — $ 320,436 $ — $ 320,436 Investment securities held-to-maturity 184,359 — 190,141 3,413 193,554 Loans held-for-sale 244 — — 248 248 Net loans (1) 31,164,287 — — 31,434,749 31,434,749 Securitization receivable (2) 19,949 — — 19,916 19,916 Deferred fees on commitments to extend credit (2) 20,002 — 20,002 — 20,002 Total financial instrument assets $ 31,709,277 $ — $ 530,579 $ 31,458,326 $ 31,988,905 Financial instrument liabilities Certificates of deposits $ 5,524,381 $ — $ 5,534,751 $ — $ 5,534,751 Long-term borrowings 1,374,732 — 1,416,355 — 1,416,355 Total financial instrument liabilities $ 6,899,113 $ — $ 6,951,106 $ — $ 6,951,106 (1) Expected credit losses are included in the carrying amount and estimated fair value. (2) Carrying amounts are included in other assets. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Segregation of Noninterest Income | The following tables present total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP topics. Three Months Ended March 31, 2021 Within the scope of ASC 606 Out of scope of ASC 606 Total (In thousands) Consumer Banking Commercial Banking Enterprise Services Noninterest income Fees and service charges on deposit accounts $ 22,560 $ 3,007 $ — $ 328 $ 25,895 Wealth management revenue 1,919 — — 5,025 6,944 Card and ATM revenue 21,214 29 — 3,418 24,661 Other noninterest income 1,755 1,785 30 70,990 74,560 Total $ 47,448 $ 4,821 $ 30 $ 79,761 $ 132,060 Three Months Ended March 31, 2020 Within the scope of ASC 606 Out of scope of ASC 606 Total (In thousands) Consumer Banking Commercial Banking Enterprise Services Noninterest income Fees and service charges on deposit accounts $ 31,828 $ 2,555 $ — $ 214 $ 34,597 Wealth management revenue 1,110 — — 5,041 6,151 Card and ATM revenue 19,182 2 — 2,501 21,685 Other noninterest income 1,004 2,405 359 70,762 74,530 Total $ 53,124 $ 4,962 $ 359 $ 78,518 $ 136,963 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Award Transactions | A summary of the activity for RSUs at and for the three months ended March 31, 2021 is presented below: Number of Units Weighted-average Grant Date Fair Value Per Unit Outstanding at December 31, 2020 2,015,514 $ 31.25 Granted 686,885 47.41 Forfeited/canceled (56,707) 32.93 Vested (121,476) 45.07 Outstanding at March 31, 2021 2,524,216 $ 34.94 The Corporation's restricted stock award transactions were as follows: Number of Awards Weighted-Average Grant Date Fair Value Per Award Outstanding at December 31, 2020 505,162 $ 38.57 Granted 27,417 47.41 Forfeited/canceled (3,983) 40.48 Vested (50,264) 40.38 Outstanding at March 31, 2021 478,332 $ 38.88 |
Schedule of Total Expense for Restricted Stock Awards | The following table provides information regarding total expense for restricted stock awards: Three Months Ended March 31, (In thousands) 2021 2020 Restricted stock expense related to employees (1) $ 5,692 $ 4,724 Restricted stock expense related to directors (2) 470 — Total restricted stock expense $ 6,162 $ 4,724 (1) Included in "Compensation and employee benefits" in the Consolidated Statements of Income. (2) Included in "Other noninterest expense" in the Consolidated Statements of Income. |
Stock Option Activity | A summary of activity for the Corporation's stock options at and for the three months ended March 31, 2021 is presented below: Non-Vested Stock Options Outstanding Stock Options Outstanding Number of Options Weighted-average Exercise Price Number of Options Weighted-average Outstanding at December 31, 2020 55,722 $ 41.23 401,636 $ 31.69 Exercised — — (156,347) 27.74 Forfeited/canceled (135) 53.72 — — Vested (43,272) 38.00 43,272 38.00 Outstanding at March 31, 2021 12,315 $ 52.46 288,561 $ 35.05 Exercisable/vested at March 31, 2021 288,561 $ 35.05 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The computations of basic and diluted earnings per common share were as follows: Three Months Ended March 31, (Dollars in thousands, except per share data) 2021 2020 Basic earnings per common share Net income attributable to TCF Financial Corporation $ 123,336 $ 51,899 Preferred stock dividends 2,493 2,493 Net income available to common shareholders 120,843 49,406 Less: Earnings allocated to participating securities — — Earnings allocated to common stock $ 120,843 $ 49,406 Weighted-average common shares outstanding used in basic earnings per common share calculation 152,159,117 151,902,357 Basic earnings per common share $ 0.79 $ 0.33 Diluted earnings per common share Earnings allocated to common stock $ 120,843 $ 49,406 Weighted-average common shares outstanding used in basic earnings per common share calculation 152,159,117 151,902,357 Net dilutive effect of: Non-participating restricted stock 279,308 83,580 Stock options 102,262 128,080 Weighted-average common shares outstanding used in diluted earnings per common share calculation 152,540,687 152,114,017 Diluted earnings per common share $ 0.79 $ 0.32 Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share Non-participating restricted stock 324,514 1,173,331 Stock options 74,376 90,144 |
Other Noninterest Income and _2
Other Noninterest Income and Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Income and Expense | Other noninterest income and expense was as follows: Three Months Ended March 31, (In thousands) 2021 2020 Other Noninterest Income Interest rate swap mark-to-market adjustment $ 1,863 $ 5,988 Other 9,192 21,739 Total other noninterest income $ 11,055 $ 27,727 Other Noninterest Expense Outside processing $ 16,730 $ 13,913 Loan and lease expense 7,185 7,783 Professional fees 9,073 6,569 Advertising and marketing 6,879 8,377 FDIC insurance 5,688 6,559 Card processing and issuance costs 4,274 8,690 Other 35,414 36,855 Total other noninterest expense $ 85,243 $ 88,746 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments, Including a Reconciliation of Consolidated Totals | Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows: (In thousands) Consumer Banking Commercial Banking Enterprise Services Consolidated At or For the Three Months Ended March 31, 2021 Net interest income $ 199,374 $ 174,018 $ 8,435 $ 381,827 Provision (benefit) for credit losses 4,101 16,455 — 20,556 Net interest income after provision for credit losses 195,273 157,563 8,435 361,271 Noninterest income 81,390 49,016 1,654 132,060 Noninterest expense 212,304 110,630 25,748 348,682 Income (loss) before income tax expense (benefit) 64,359 95,949 (15,659) 144,649 Income tax expense (benefit) 13,401 19,568 (13,429) 19,540 Income (loss) after income tax expense (benefit) 50,958 76,381 (2,230) 125,109 Income attributable to non-controlling interest — 1,773 — 1,773 Preferred stock dividends — — 2,493 2,493 Net income (loss) available to common shareholders 50,958 74,608 (4,723) 120,843 Total assets $ 13,699,477 $ 25,941,038 $ 9,819,036 $ 49,459,551 At or For the Three Months Ended March 31, 2020 Net interest income $ 193,832 $ 185,986 $ 21,663 $ 401,481 Provision for credit losses 44,369 52,574 — 96,943 Net interest income after provision for credit losses 149,463 133,412 21,663 304,538 Noninterest income 81,414 55,773 (224) 136,963 Noninterest expense 228,859 114,455 31,285 374,599 Income (loss) before income tax expense (benefit) 2,018 74,730 (9,846) 66,902 Income tax expense (benefit) 1,982 16,306 (5,202) 13,086 Income (loss) after income tax expense (benefit) 36 58,424 (4,644) 53,816 Income attributable to non-controlling interest — 1,917 — 1,917 Preferred stock dividends — — 2,493 2,493 Net income (loss) available to common shareholders 36 56,507 (7,137) 49,406 Total assets $ 14,463,055 $ 24,859,839 $ 9,271,489 $ 48,594,383 |
Commitments, Contingent Liabi_2
Commitments, Contingent Liabilities and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial instruments with off-balance sheet risk were as follows: (In thousands) At March 31, 2021 At December 31, 2020 Commitments to extend credit: Commercial $ 4,441,962 $ 4,396,191 Consumer 2,113,311 2,126,327 Total commitments to extend credit 6,555,273 6,522,518 Standby letters of credit and guarantees on industrial revenue bonds 120,779 114,636 Total $ 6,676,052 $ 6,637,154 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Total assets | $ 49,459,551 | $ 48,594,383 | $ 47,802,487 |
Huntington Bancshares | |||
Business Acquisition [Line Items] | |||
Total assets | $ 125,800,000 | ||
Common Stock | Huntington Bancshares | |||
Business Acquisition [Line Items] | |||
Share conversion ratio | 3.0028 | ||
Series C Preferred Stock | |||
Business Acquisition [Line Items] | |||
Annual rate of dividend (as a percent) | 5.70% | 5.70% | |
Series C Preferred Stock | Huntington Bancshares | |||
Business Acquisition [Line Items] | |||
Share conversion ratio | 1 | ||
Series C Preferred Stock | TCF Financial Corporation | |||
Business Acquisition [Line Items] | |||
Annual rate of dividend (as a percent) | 5.70% |
Cash and Cash Equivalents - Nar
Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Total cash and cash equivalents | $ 1,049,304 | $ 1,260,595 |
Total restricted cash balance | $ 95,500 | $ 95,100 |
Federal Home Loan Bank and Fe_3
Federal Home Loan Bank and Federal Reserve Bank Stock - Summary of FHLB and FRB Stocks (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Banks [Abstract] | ||
FHLB stock, at cost | $ 234,455 | $ 196,457 |
FRB stock, at cost | 123,959 | 123,979 |
Total investments | $ 358,414 | $ 320,436 |
Federal Home Loan Bank and Fe_4
Federal Home Loan Bank and Federal Reserve Bank Stock - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |||
Impairment of investments | $ 0 | $ 0 | $ 0 |
Investment Securities - Debt Se
Investment Securities - Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt securities available for sale: | ||
Amortized Cost | $ 8,396,973 | $ 8,041,173 |
Gross Unrealized Gains | 150,002 | 247,839 |
Gross Unrealized Losses | 143,187 | 4,289 |
Fair Value | 8,403,788 | 8,284,723 |
Debt securities held to maturity: | ||
Amortized Cost | 209,778 | 184,359 |
Gross Unrealized Gains | 6,615 | 9,267 |
Gross Unrealized Losses | 3,982 | 72 |
Fair Value | 212,411 | 193,554 |
Obligations of states and political subdivisions | ||
Debt securities available for sale: | ||
Amortized Cost | 824,061 | 827,191 |
Gross Unrealized Gains | 30,772 | 44,077 |
Gross Unrealized Losses | 8,041 | 1,087 |
Fair Value | 846,792 | 870,181 |
Government and government-sponsored enterprises | ||
Debt securities available for sale: | ||
Amortized Cost | 186,541 | 196,560 |
Gross Unrealized Gains | 506 | 153 |
Gross Unrealized Losses | 649 | 813 |
Fair Value | 186,398 | 195,900 |
Total mortgage-backed debt securities | ||
Debt securities available for sale: | ||
Amortized Cost | 7,385,917 | 7,016,969 |
Gross Unrealized Gains | 118,713 | 203,561 |
Gross Unrealized Losses | 134,497 | 2,389 |
Fair Value | 7,370,133 | 7,218,141 |
Residential agency | ||
Debt securities available for sale: | ||
Amortized Cost | 6,545,644 | 6,151,511 |
Gross Unrealized Gains | 93,014 | 157,955 |
Gross Unrealized Losses | 123,937 | 1,388 |
Fair Value | 6,514,721 | 6,308,078 |
Debt securities held to maturity: | ||
Amortized Cost | 206,151 | 180,946 |
Gross Unrealized Gains | 6,615 | 9,267 |
Gross Unrealized Losses | 3,982 | 72 |
Fair Value | 208,784 | 190,141 |
Residential non-agency | ||
Debt securities available for sale: | ||
Amortized Cost | 119,284 | 156,865 |
Gross Unrealized Gains | 1,882 | 2,819 |
Gross Unrealized Losses | 3 | 2 |
Fair Value | 121,163 | 159,682 |
Commercial agency | ||
Debt securities available for sale: | ||
Amortized Cost | 681,641 | 669,235 |
Gross Unrealized Gains | 23,146 | 39,715 |
Gross Unrealized Losses | 10,557 | 999 |
Fair Value | 694,230 | 707,951 |
Commercial non-agency | ||
Debt securities available for sale: | ||
Amortized Cost | 39,348 | 39,358 |
Gross Unrealized Gains | 671 | 3,072 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 40,019 | 42,430 |
Corporate debt and trust preferred securities | ||
Debt securities available for sale: | ||
Amortized Cost | 454 | 453 |
Gross Unrealized Gains | 11 | 48 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 465 | 501 |
Debt securities held to maturity: | ||
Amortized Cost | 3,627 | 3,413 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3,627 | $ 3,413 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | $ 4,252,125 | $ 742,548 |
Less than 12 months, Unrealized Losses | 143,187 | 4,289 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 4,252,125 | 742,548 |
Total, Unrealized Losses | 143,187 | 4,289 |
Investment securities held-to-maturity | ||
Less than 12 months, Fair Value | 108,682 | |
Less than 12 months, Unrealized Losses | 3,982 | |
12 months of more, Fair Value | 0 | |
12 months of more, Unrealized Losses | 0 | |
Total, Fair Value | 108,682 | |
Total, Unrealized Losses | 3,982 | |
Obligations of states and political subdivisions | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 130,928 | 78,241 |
Less than 12 months, Unrealized Losses | 8,041 | 1,087 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 130,928 | 78,241 |
Total, Unrealized Losses | 8,041 | 1,087 |
Government and government-sponsored enterprises | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 93,950 | 139,940 |
Less than 12 months, Unrealized Losses | 649 | 813 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 93,950 | 139,940 |
Total, Unrealized Losses | 649 | 813 |
Total mortgage-backed debt securities | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 4,027,247 | 524,367 |
Less than 12 months, Unrealized Losses | 134,497 | 2,389 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 4,027,247 | 524,367 |
Total, Unrealized Losses | 134,497 | 2,389 |
Residential agency | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 3,848,667 | 426,171 |
Less than 12 months, Unrealized Losses | 123,937 | 1,388 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 3,848,667 | 426,171 |
Total, Unrealized Losses | 123,937 | 1,388 |
Investment securities held-to-maturity | ||
Less than 12 months, Fair Value | 108,682 | |
Less than 12 months, Unrealized Losses | 3,982 | |
12 months of more, Fair Value | 0 | |
12 months of more, Unrealized Losses | 0 | |
Total, Fair Value | 108,682 | |
Total, Unrealized Losses | 3,982 | |
Residential non-agency | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 3,001 | 1,529 |
Less than 12 months, Unrealized Losses | 3 | 2 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 3,001 | 1,529 |
Total, Unrealized Losses | 3 | 2 |
Commercial agency | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 175,579 | 96,667 |
Less than 12 months, Unrealized Losses | 10,557 | 999 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 175,579 | 96,667 |
Total, Unrealized Losses | 10,557 | 999 |
Commercial non-agency | ||
Investment securities available-for-sale | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 0 |
Total, Unrealized Losses | $ 0 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Millions | Mar. 31, 2021USD ($)investment | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Interest receivable | $ 23.1 | $ 20.6 |
Investment securities in unrealized loss position | investment | 582 | |
Collateral Pledged | Total mortgage-backed debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted investments | $ 581 | $ 1,000 |
Investment Securities - Realize
Investment Securities - Realized Gains (Losses) On Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 0 | $ 0 |
Gross realized losses | 0 | 0 |
Recoveries on previously impaired investment securities held-to-maturity | 8 | 0 |
Net gains on investment securities | $ 8 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Due in one year or less | $ 45,902 | $ 45,912 |
Due in 1-5 years | 160,915 | 163,346 |
Due in 5-10 years | 770,039 | 681,135 |
Due after 10 years | 7,420,117 | 7,150,780 |
Amortized Cost | 8,396,973 | 8,041,173 |
Fair value | ||
Due in one year or less | 46,020 | 46,163 |
Due in 1-5 years | 163,885 | 168,125 |
Due in 5-10 years | 788,800 | 720,239 |
Due after 10 years | 7,405,083 | 7,350,196 |
Total investment securities available-for-sale | 8,403,788 | 8,284,723 |
Amortized cost | ||
Due in one year or less | 400 | 400 |
Due in 1-5 years | 2,150 | 2,150 |
Due in 5-10 years | 43 | 46 |
Due after 10 years | 207,185 | 181,763 |
Amortized Cost | 209,778 | 184,359 |
Fair value | ||
Due in one year or less | 400 | 400 |
Due in 1-5 years | 2,150 | 2,150 |
Due in 5-10 years | 48 | 51 |
Due after 10 years | 209,813 | 190,953 |
Fair Value | $ 212,411 | $ 193,554 |
Loans and Leases - Loan and Lea
Loans and Leases - Loan and Lease Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure | ||
Loans and leases | $ 36,221,019 | $ 34,466,408 |
Loan and lease adjustments | (85,400) | (118,600) |
Commercial | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 25,694,668 | 23,942,201 |
Commercial | Commercial and industrial | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 12,856,701 | 11,422,383 |
Commercial | Commercial and industrial | PPP Loan | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 1,900,000 | 1,600,000 |
Commercial | Commercial real estate | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 9,881,341 | 9,702,587 |
Commercial | Lease financing | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 2,956,626 | 2,817,231 |
Consumer | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 10,526,351 | 10,524,207 |
Consumer | Residential mortgage | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 6,510,981 | 6,182,045 |
Consumer | Home equity | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | 2,864,142 | 3,108,736 |
Consumer | Consumer installment | ||
Loans and Leases Receivable Disclosure | ||
Loans and leases | $ 1,151,228 | $ 1,233,426 |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 29, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest receivable | $ 94,200,000 | $ 93,600,000 | ||
Impairment charges | 262,000 | $ 224,000 | ||
BB&T Commercial Equipment Capital, Corp | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired loans and leases | $ 1,800,000,000 | $ 1,000,000,000 |
Loans and Leases - Components o
Loans and Leases - Components of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | ||
Interest income on net investment in direct financing and sales-type leases | $ 34,189 | $ 34,156 |
Lease income from operating lease payments | 25,550 | 23,902 |
Profit recorded on commencement date on sales-type leases | 6,541 | 3,580 |
Gains on sales of leased equipment | 4,362 | 6,083 |
Leasing revenue | 36,453 | 33,565 |
Total lease income | $ 70,642 | $ 67,721 |
Loans and Leases - Loan Sales (
Loans and Leases - Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure | |||
Sale proceeds, net | $ 593,347 | $ 555,182 | |
Recorded investment in loans and leases sold, including accrued interest | 563,489 | 537,180 | |
Other | (8,135) | 2,588 | |
Net gains on sales of loans and leases related to all loan and lease sales | 21,723 | 20,590 | |
Interest-only strips | 6,737 | $ 7,823 | |
Mortgage Banking | |||
Loans and Leases Receivable Disclosure | |||
Net gains on sales of loans and leases related to all loan and lease sales | 15,700 | 13,000 | |
Financing Receivable | |||
Loans and Leases Receivable Disclosure | |||
Net gains on sales of loans and leases related to all loan and lease sales | $ 6,100 | $ 7,600 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Credit Quality - Rollfowards of the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | $ 525,868 | $ 113,052 |
Charge-offs | (55,618) | (14,729) |
Recoveries | 12,356 | 9,252 |
Net (charge-offs) recoveries | (43,262) | (5,477) |
Provision for credit losses | 21,960 | 92,990 |
Other | 79 | (174) |
Balance, end of period | 504,645 | 406,383 |
Unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 23,313 | 3,528 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | 0 |
Provision for credit losses | (1,404) | 3,953 |
Other | 0 | 0 |
Balance, end of period | 21,909 | 22,188 |
Allowance for loan, leases and unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 549,181 | 116,580 |
Charge-offs | (55,618) | (14,729) |
Recoveries | 12,356 | 9,252 |
Net (charge-offs) recoveries | (43,262) | (5,477) |
Provision for credit losses | 20,556 | 96,943 |
Other | 79 | (174) |
Balance, end of period | 526,554 | 428,571 |
Consumer | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 136,894 | 28,572 |
Charge-offs | (8,340) | (5,848) |
Recoveries | 7,879 | 4,708 |
Net (charge-offs) recoveries | (461) | (1,140) |
Provision for credit losses | 9,276 | 40,288 |
Other | (2,230) | 0 |
Balance, end of period | 143,479 | 175,057 |
Commercial | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 388,974 | 84,480 |
Charge-offs | (47,278) | (8,881) |
Recoveries | 4,477 | 4,544 |
Net (charge-offs) recoveries | (42,801) | (4,337) |
Provision for credit losses | 12,684 | 52,702 |
Other | 2,309 | (174) |
Balance, end of period | $ 361,166 | 231,326 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 205,992 | |
Unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 14,707 | |
Allowance for loan, leases and unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 220,699 | |
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 107,337 | |
Cumulative Effect, Period of Adoption, Adjustment | Commercial | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 98,655 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 319,044 | |
Unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 18,235 | |
Allowance for loan, leases and unfunded commitments [Roll Forward] | ||
Balance, beginning of period | 337,279 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | 135,909 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | ||
Allowance for loan and lease losses [Roll Forward] | ||
Balance, beginning of period | $ 183,135 |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Credit Quality - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss | $ 526,554 | $ 428,571 | $ 549,181 | $ 116,580 |
Percentage of allowance for credit loss to total loans and leases | 1.45% | 1.59% | ||
Commitments to lend additional funds | $ 1,300 | $ 2,600 | ||
Other real estate owned and repossessed and returned assets, write down | 816 | $ 842 | ||
Loans and leases | 36,221,019 | 34,466,408 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases | 25,694,668 | 23,942,201 | ||
Commercial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases | 12,856,701 | 11,422,383 | ||
PPP Loan | Commercial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases | $ 1,900,000 | $ 1,600,000 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Credit Quality - Schedule of Purchased with Credit Deterioration Loan Activity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Receivables [Abstract] | |
Par value | $ 70,263 |
ALLL at acquisition | (2,383) |
Non-credit premium (discount) | (1,020) |
Purchase price | $ 66,860 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Credit Quality - Accruing and Non-accrual Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due | ||
Current | $ 35,421,059 | $ 33,566,440 |
30-89 Days Delinquent and Accruing | 112,623 | 215,223 |
90 Days or More Delinquent and Accruing | 9,436 | 7,443 |
Total Accruing | 35,543,118 | 33,789,106 |
Nonaccrual | 677,901 | 677,302 |
Total | 36,221,019 | 34,466,408 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 10,526,351 | 10,524,207 |
Consumer | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 10,345,329 | 10,297,888 |
30-89 Days Delinquent and Accruing | 23,556 | 51,689 |
90 Days or More Delinquent and Accruing | 1,930 | 2,028 |
Total Accruing | 10,370,815 | 10,351,605 |
Nonaccrual | 155,536 | 172,602 |
Total | 10,526,351 | 10,524,207 |
Consumer | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 6,510,981 | 6,182,045 |
Consumer | Residential mortgage | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 6,421,403 | 6,065,379 |
30-89 Days Delinquent and Accruing | 11,171 | 17,048 |
90 Days or More Delinquent and Accruing | 1,874 | 1,965 |
Total Accruing | 6,434,448 | 6,084,392 |
Nonaccrual | 76,533 | 97,653 |
Total | 6,510,981 | 6,182,045 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 2,864,142 | 3,108,736 |
Consumer | Home equity | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 2,781,347 | 3,008,450 |
30-89 Days Delinquent and Accruing | 9,798 | 30,840 |
90 Days or More Delinquent and Accruing | 56 | 63 |
Total Accruing | 2,791,201 | 3,039,353 |
Nonaccrual | 72,941 | 69,383 |
Total | 2,864,142 | 3,108,736 |
Consumer | Consumer installment | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 1,151,228 | 1,233,426 |
Consumer | Consumer installment | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 1,142,579 | 1,224,059 |
30-89 Days Delinquent and Accruing | 2,587 | 3,801 |
90 Days or More Delinquent and Accruing | 0 | 0 |
Total Accruing | 1,145,166 | 1,227,860 |
Nonaccrual | 6,062 | 5,566 |
Total | 1,151,228 | 1,233,426 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 25,694,668 | 23,942,201 |
Commercial | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 25,075,730 | 23,268,552 |
30-89 Days Delinquent and Accruing | 89,067 | 163,534 |
90 Days or More Delinquent and Accruing | 7,506 | 5,415 |
Total Accruing | 25,172,303 | 23,437,501 |
Nonaccrual | 522,365 | 504,700 |
Total | 25,694,668 | 23,942,201 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 12,856,701 | 11,422,383 |
Commercial | Commercial and industrial | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 12,588,529 | 11,119,453 |
30-89 Days Delinquent and Accruing | 25,413 | 42,033 |
90 Days or More Delinquent and Accruing | 2,772 | 1,458 |
Total Accruing | 12,616,714 | 11,162,944 |
Nonaccrual | 239,987 | 259,439 |
Total | 12,856,701 | 11,422,383 |
Commercial | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 9,881,341 | 9,702,587 |
Commercial | Commercial real estate | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 9,662,431 | 9,453,743 |
30-89 Days Delinquent and Accruing | 30,490 | 94,383 |
90 Days or More Delinquent and Accruing | 0 | 22 |
Total Accruing | 9,692,921 | 9,548,148 |
Nonaccrual | 188,420 | 154,439 |
Total | 9,881,341 | 9,702,587 |
Commercial | Lease financing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total | 2,956,626 | 2,817,231 |
Commercial | Lease financing | Financial Asset Originated | ||
Financing Receivable, Recorded Investment, Past Due | ||
Current | 2,824,770 | 2,695,356 |
30-89 Days Delinquent and Accruing | 33,164 | 27,118 |
90 Days or More Delinquent and Accruing | 4,734 | 3,935 |
Total Accruing | 2,862,668 | 2,726,409 |
Nonaccrual | 93,958 | 90,822 |
Total | $ 2,956,626 | $ 2,817,231 |
Allowance for Credit Losses a_7
Allowance for Credit Losses and Credit Quality - Schedule of Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | $ 677,901 | $ 677,302 |
Nonaccrual with no ACL | 200,116 | 138,579 |
Financial Asset Originated | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 522,365 | 504,700 |
Nonaccrual with no ACL | 196,253 | 134,976 |
Financial Asset Originated | Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 239,987 | 259,439 |
Nonaccrual with no ACL | 45,371 | 55,773 |
Financial Asset Originated | Commercial | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 188,420 | 154,439 |
Nonaccrual with no ACL | 150,882 | 79,203 |
Financial Asset Originated | Commercial | Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 93,958 | 90,822 |
Nonaccrual with no ACL | 0 | 0 |
Financial Asset Originated | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 155,536 | 172,602 |
Nonaccrual with no ACL | 3,863 | 3,603 |
Financial Asset Originated | Consumer | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 76,533 | 97,653 |
Nonaccrual with no ACL | 0 | 49 |
Financial Asset Originated | Consumer | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 72,941 | 69,383 |
Nonaccrual with no ACL | 358 | 23 |
Financial Asset Originated | Consumer | Consumer installment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual | 6,062 | 5,566 |
Nonaccrual with no ACL | $ 3,505 | $ 3,531 |
Allowance for Credit Losses a_8
Allowance for Credit Losses and Credit Quality - Schedule of Amortized Cost Basis of Loans and Leases by Year of Origination (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | $ 2,631,566 | $ 7,980,611 |
Fiscal Year Before Current Fiscal Year | 7,984,761 | 6,575,571 |
Two Years before Current Fiscal Year | 6,498,778 | 4,384,806 |
Three Years before Current Fiscal Year | 4,271,477 | 3,079,577 |
Four Years before Current Fiscal Year | 2,854,071 | 1,950,078 |
More than Five Years before Current Fiscal Year | 5,350,214 | 3,936,426 |
Revolving Loans and Leases | 6,411,767 | 6,319,940 |
Revolving Loans and Leases Converted to Term Loans and Leases | 218,385 | 239,399 |
Total | 36,221,019 | 34,466,408 |
Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 143 | 38,046 |
Fiscal Year Before Current Fiscal Year | 39,566 | 104,735 |
Two Years before Current Fiscal Year | 121,498 | 118,588 |
Three Years before Current Fiscal Year | 104,498 | 103,310 |
Four Years before Current Fiscal Year | 103,421 | 51,547 |
More than Five Years before Current Fiscal Year | 204,868 | 157,825 |
Revolving Loans and Leases | 101,304 | 100,359 |
Revolving Loans and Leases Converted to Term Loans and Leases | 2,603 | 2,892 |
Total | 677,901 | 677,302 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,854,354 | 5,734,281 |
Fiscal Year Before Current Fiscal Year | 5,569,528 | 5,092,505 |
Two Years before Current Fiscal Year | 5,248,761 | 3,521,993 |
Three Years before Current Fiscal Year | 3,534,609 | 2,413,072 |
Four Years before Current Fiscal Year | 2,298,129 | 1,356,381 |
More than Five Years before Current Fiscal Year | 3,156,115 | 2,067,914 |
Revolving Loans and Leases | 3,822,927 | 3,525,576 |
Revolving Loans and Leases Converted to Term Loans and Leases | 210,245 | 230,479 |
Total | 25,694,668 | 23,942,201 |
Commercial | Equipment Leased to Other Party | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans and Leases Converted to Term Loans and Leases | 210,200 | 230,500 |
Commercial | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 2,160 |
Fiscal Year Before Current Fiscal Year | 2,113 | 1,025 |
Two Years before Current Fiscal Year | 1,248 | 774 |
Three Years before Current Fiscal Year | 1,022 | 476 |
Four Years before Current Fiscal Year | 678 | 392 |
More than Five Years before Current Fiscal Year | 522 | 213 |
Revolving Loans and Leases | 1,923 | 375 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 7,506 | 5,415 |
Commercial | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 121 | 34,493 |
Fiscal Year Before Current Fiscal Year | 35,379 | 93,842 |
Two Years before Current Fiscal Year | 112,582 | 101,486 |
Three Years before Current Fiscal Year | 91,793 | 98,478 |
Four Years before Current Fiscal Year | 99,479 | 47,937 |
More than Five Years before Current Fiscal Year | 143,964 | 86,146 |
Revolving Loans and Leases | 37,191 | 40,364 |
Revolving Loans and Leases Converted to Term Loans and Leases | 1,856 | 1,954 |
Total | 522,365 | 504,700 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,298,855 | 3,324,560 |
Fiscal Year Before Current Fiscal Year | 3,122,493 | 2,013,463 |
Two Years before Current Fiscal Year | 2,111,441 | 1,134,482 |
Three Years before Current Fiscal Year | 1,171,098 | 631,145 |
Four Years before Current Fiscal Year | 603,328 | 415,172 |
More than Five Years before Current Fiscal Year | 706,363 | 352,585 |
Revolving Loans and Leases | 3,790,558 | 3,501,763 |
Revolving Loans and Leases Converted to Term Loans and Leases | 52,565 | 49,213 |
Total | 12,856,701 | 11,422,383 |
Commercial | Commercial and industrial | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 874 |
Fiscal Year Before Current Fiscal Year | 420 | 50 |
Two Years before Current Fiscal Year | 163 | 94 |
Three Years before Current Fiscal Year | 0 | 13 |
Four Years before Current Fiscal Year | 4 | 0 |
More than Five Years before Current Fiscal Year | 262 | 52 |
Revolving Loans and Leases | 1,923 | 375 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 2,772 | 1,458 |
Commercial | Commercial and industrial | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 121 | 26,109 |
Fiscal Year Before Current Fiscal Year | 27,464 | 61,595 |
Two Years before Current Fiscal Year | 58,160 | 60,686 |
Three Years before Current Fiscal Year | 51,542 | 29,360 |
Four Years before Current Fiscal Year | 25,885 | 17,669 |
More than Five Years before Current Fiscal Year | 39,613 | 23,644 |
Revolving Loans and Leases | 37,191 | 40,364 |
Revolving Loans and Leases Converted to Term Loans and Leases | 11 | 12 |
Total | 239,987 | 259,439 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 306,382 | 1,385,857 |
Fiscal Year Before Current Fiscal Year | 1,452,463 | 2,324,804 |
Two Years before Current Fiscal Year | 2,406,227 | 1,962,391 |
Three Years before Current Fiscal Year | 1,937,607 | 1,534,089 |
Four Years before Current Fiscal Year | 1,465,984 | 820,373 |
More than Five Years before Current Fiscal Year | 2,312,678 | 1,675,073 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 9,881,341 | 9,702,587 |
Commercial | Commercial real estate | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Current Fiscal Year | 0 | 0 |
Two Years before Current Fiscal Year | 0 | 0 |
Three Years before Current Fiscal Year | 0 | 0 |
Four Years before Current Fiscal Year | 0 | 0 |
More than Five Years before Current Fiscal Year | 0 | 22 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 0 | 22 |
Commercial | Commercial real estate | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 5,194 |
Fiscal Year Before Current Fiscal Year | 4,309 | 4,835 |
Two Years before Current Fiscal Year | 25,233 | 14,452 |
Three Years before Current Fiscal Year | 13,738 | 53,934 |
Four Years before Current Fiscal Year | 57,547 | 21,667 |
More than Five Years before Current Fiscal Year | 87,593 | 54,357 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 188,420 | 154,439 |
Commercial | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 249,117 | 1,023,864 |
Fiscal Year Before Current Fiscal Year | 994,572 | 754,238 |
Two Years before Current Fiscal Year | 731,093 | 425,120 |
Three Years before Current Fiscal Year | 425,904 | 247,838 |
Four Years before Current Fiscal Year | 228,817 | 120,836 |
More than Five Years before Current Fiscal Year | 137,074 | 40,256 |
Revolving Loans and Leases | 32,369 | 23,813 |
Revolving Loans and Leases Converted to Term Loans and Leases | 157,680 | 181,266 |
Total | 2,956,626 | 2,817,231 |
Commercial | Lease financing | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 1,286 |
Fiscal Year Before Current Fiscal Year | 1,693 | 975 |
Two Years before Current Fiscal Year | 1,085 | 680 |
Three Years before Current Fiscal Year | 1,022 | 463 |
Four Years before Current Fiscal Year | 674 | 392 |
More than Five Years before Current Fiscal Year | 260 | 139 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 4,734 | 3,935 |
Commercial | Lease financing | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 3,190 |
Fiscal Year Before Current Fiscal Year | 3,606 | 27,412 |
Two Years before Current Fiscal Year | 29,189 | 26,348 |
Three Years before Current Fiscal Year | 26,513 | 15,184 |
Four Years before Current Fiscal Year | 16,047 | 8,601 |
More than Five Years before Current Fiscal Year | 16,758 | 8,145 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 1,845 | 1,942 |
Total | 93,958 | 90,822 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 777,212 | 2,246,330 |
Fiscal Year Before Current Fiscal Year | 2,415,233 | 1,483,066 |
Two Years before Current Fiscal Year | 1,250,017 | 862,813 |
Three Years before Current Fiscal Year | 736,868 | 666,505 |
Four Years before Current Fiscal Year | 555,942 | 593,697 |
More than Five Years before Current Fiscal Year | 2,194,099 | 1,868,512 |
Revolving Loans and Leases | 2,588,840 | 2,794,364 |
Revolving Loans and Leases Converted to Term Loans and Leases | 8,140 | 8,920 |
Total | 10,526,351 | 10,524,207 |
Consumer | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 85 |
Fiscal Year Before Current Fiscal Year | 85 | 134 |
Two Years before Current Fiscal Year | 312 | 0 |
Three Years before Current Fiscal Year | 0 | 0 |
Four Years before Current Fiscal Year | 258 | 0 |
More than Five Years before Current Fiscal Year | 1,275 | 1,773 |
Revolving Loans and Leases | 0 | 36 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 1,930 | 2,028 |
Consumer | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 22 | 3,553 |
Fiscal Year Before Current Fiscal Year | 4,187 | 10,893 |
Two Years before Current Fiscal Year | 8,916 | 17,102 |
Three Years before Current Fiscal Year | 12,705 | 4,832 |
Four Years before Current Fiscal Year | 3,942 | 3,610 |
More than Five Years before Current Fiscal Year | 60,904 | 71,679 |
Revolving Loans and Leases | 64,113 | 59,995 |
Revolving Loans and Leases Converted to Term Loans and Leases | 747 | 938 |
Total | 155,536 | 172,602 |
Consumer | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 710,828 | 2,015,083 |
Fiscal Year Before Current Fiscal Year | 2,210,511 | 1,057,046 |
Two Years before Current Fiscal Year | 868,883 | 621,395 |
Three Years before Current Fiscal Year | 521,935 | 440,218 |
Four Years before Current Fiscal Year | 364,867 | 443,630 |
More than Five Years before Current Fiscal Year | 1,833,957 | 1,604,673 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 6,510,981 | 6,182,045 |
Consumer | Residential mortgage | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 85 |
Fiscal Year Before Current Fiscal Year | 85 | 134 |
Two Years before Current Fiscal Year | 312 | 0 |
Three Years before Current Fiscal Year | 0 | 0 |
Four Years before Current Fiscal Year | 202 | 0 |
More than Five Years before Current Fiscal Year | 1,275 | 1,746 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 1,874 | 1,965 |
Consumer | Residential mortgage | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 2,631 |
Fiscal Year Before Current Fiscal Year | 3,253 | 9,177 |
Two Years before Current Fiscal Year | 7,744 | 16,391 |
Three Years before Current Fiscal Year | 11,920 | 4,172 |
Four Years before Current Fiscal Year | 2,996 | 2,812 |
More than Five Years before Current Fiscal Year | 50,620 | 62,470 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 76,533 | 97,653 |
Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,384 | 24,006 |
Fiscal Year Before Current Fiscal Year | 21,485 | 52,917 |
Two Years before Current Fiscal Year | 45,090 | 48,671 |
Three Years before Current Fiscal Year | 42,621 | 40,349 |
Four Years before Current Fiscal Year | 34,861 | 29,495 |
More than Five Years before Current Fiscal Year | 142,847 | 134,501 |
Revolving Loans and Leases | 2,567,776 | 2,769,944 |
Revolving Loans and Leases Converted to Term Loans and Leases | 8,078 | 8,853 |
Total | 2,864,142 | 3,108,736 |
Consumer | Home equity | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Current Fiscal Year | 0 | 0 |
Two Years before Current Fiscal Year | 0 | 0 |
Three Years before Current Fiscal Year | 0 | 0 |
Four Years before Current Fiscal Year | 56 | 0 |
More than Five Years before Current Fiscal Year | 0 | 27 |
Revolving Loans and Leases | 0 | 36 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 56 | 63 |
Consumer | Home equity | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 22 | 889 |
Fiscal Year Before Current Fiscal Year | 847 | 1,449 |
Two Years before Current Fiscal Year | 934 | 530 |
Three Years before Current Fiscal Year | 445 | 379 |
Four Years before Current Fiscal Year | 432 | 223 |
More than Five Years before Current Fiscal Year | 5,594 | 5,149 |
Revolving Loans and Leases | 63,920 | 59,826 |
Revolving Loans and Leases Converted to Term Loans and Leases | 747 | 938 |
Total | 72,941 | 69,383 |
Consumer | Consumer installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 65,000 | 207,241 |
Fiscal Year Before Current Fiscal Year | 183,237 | 373,103 |
Two Years before Current Fiscal Year | 336,044 | 192,747 |
Three Years before Current Fiscal Year | 172,312 | 185,938 |
Four Years before Current Fiscal Year | 156,214 | 120,572 |
More than Five Years before Current Fiscal Year | 217,295 | 129,338 |
Revolving Loans and Leases | 21,064 | 24,420 |
Revolving Loans and Leases Converted to Term Loans and Leases | 62 | 67 |
Total | 1,151,228 | 1,233,426 |
Consumer | Consumer installment | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Current Fiscal Year | 0 | 0 |
Two Years before Current Fiscal Year | 0 | 0 |
Three Years before Current Fiscal Year | 0 | 0 |
Four Years before Current Fiscal Year | 0 | 0 |
More than Five Years before Current Fiscal Year | 0 | 0 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 0 | 0 |
Consumer | Consumer installment | Impaired Loans With No Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 33 |
Fiscal Year Before Current Fiscal Year | 87 | 267 |
Two Years before Current Fiscal Year | 238 | 181 |
Three Years before Current Fiscal Year | 340 | 281 |
Four Years before Current Fiscal Year | 514 | 575 |
More than Five Years before Current Fiscal Year | 4,690 | 4,060 |
Revolving Loans and Leases | 193 | 169 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 6,062 | 5,566 |
Pass | Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,289,456 | 3,282,275 |
Fiscal Year Before Current Fiscal Year | 3,069,589 | 1,877,468 |
Two Years before Current Fiscal Year | 1,924,724 | 994,081 |
Three Years before Current Fiscal Year | 1,033,717 | 547,940 |
Four Years before Current Fiscal Year | 527,205 | 357,567 |
More than Five Years before Current Fiscal Year | 618,661 | 316,557 |
Revolving Loans and Leases | 3,541,892 | 3,286,687 |
Revolving Loans and Leases Converted to Term Loans and Leases | 51,531 | 48,079 |
Total | 12,056,775 | 10,710,654 |
Pass | Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 304,562 | 1,361,117 |
Fiscal Year Before Current Fiscal Year | 1,373,808 | 2,193,489 |
Two Years before Current Fiscal Year | 2,274,851 | 1,877,374 |
Three Years before Current Fiscal Year | 1,767,581 | 1,211,426 |
Four Years before Current Fiscal Year | 1,169,172 | 683,612 |
More than Five Years before Current Fiscal Year | 2,021,114 | 1,480,027 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 8,911,088 | 8,807,045 |
Pass | Commercial | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 247,246 | 1,013,374 |
Fiscal Year Before Current Fiscal Year | 970,143 | 715,327 |
Two Years before Current Fiscal Year | 686,909 | 393,644 |
Three Years before Current Fiscal Year | 389,597 | 226,818 |
Four Years before Current Fiscal Year | 205,845 | 109,992 |
More than Five Years before Current Fiscal Year | 115,862 | 30,620 |
Revolving Loans and Leases | 32,369 | 23,806 |
Revolving Loans and Leases Converted to Term Loans and Leases | 148,755 | 167,726 |
Total | 2,796,726 | 2,681,307 |
Pass | Consumer | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 710,828 | 2,011,791 |
Fiscal Year Before Current Fiscal Year | 2,207,173 | 1,047,735 |
Two Years before Current Fiscal Year | 860,827 | 604,127 |
Three Years before Current Fiscal Year | 510,015 | 435,617 |
Four Years before Current Fiscal Year | 361,669 | 439,816 |
More than Five Years before Current Fiscal Year | 1,780,396 | 1,539,779 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 6,430,908 | 6,078,865 |
Pass | Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,362 | 23,066 |
Fiscal Year Before Current Fiscal Year | 20,638 | 51,448 |
Two Years before Current Fiscal Year | 44,156 | 48,092 |
Three Years before Current Fiscal Year | 42,176 | 39,834 |
Four Years before Current Fiscal Year | 34,373 | 29,071 |
More than Five Years before Current Fiscal Year | 135,924 | 126,147 |
Revolving Loans and Leases | 2,503,856 | 2,703,354 |
Revolving Loans and Leases Converted to Term Loans and Leases | 7,331 | 7,753 |
Total | 2,789,816 | 3,028,765 |
Pass | Consumer | Consumer installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 65,000 | 206,994 |
Fiscal Year Before Current Fiscal Year | 183,103 | 371,924 |
Two Years before Current Fiscal Year | 335,641 | 192,067 |
Three Years before Current Fiscal Year | 171,972 | 185,051 |
Four Years before Current Fiscal Year | 155,700 | 119,663 |
More than Five Years before Current Fiscal Year | 212,480 | 127,252 |
Revolving Loans and Leases | 20,871 | 24,043 |
Revolving Loans and Leases Converted to Term Loans and Leases | 62 | 67 |
Total | 1,144,829 | 1,227,061 |
Special Mention | Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 6,898 | 13,377 |
Fiscal Year Before Current Fiscal Year | 16,592 | 66,485 |
Two Years before Current Fiscal Year | 87,857 | 46,174 |
Three Years before Current Fiscal Year | 75,921 | 34,959 |
Four Years before Current Fiscal Year | 42,692 | 4,661 |
More than Five Years before Current Fiscal Year | 10,888 | 6,733 |
Revolving Loans and Leases | 147,237 | 94,338 |
Revolving Loans and Leases Converted to Term Loans and Leases | 754 | 858 |
Total | 388,839 | 267,585 |
Special Mention | Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 81 | 17,745 |
Fiscal Year Before Current Fiscal Year | 17,878 | 78,236 |
Two Years before Current Fiscal Year | 88,125 | 53,087 |
Three Years before Current Fiscal Year | 83,486 | 197,935 |
Four Years before Current Fiscal Year | 214,000 | 79,540 |
More than Five Years before Current Fiscal Year | 175,698 | 104,473 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 579,268 | 531,016 |
Special Mention | Commercial | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 848 | 4,050 |
Fiscal Year Before Current Fiscal Year | 14,307 | 9,871 |
Two Years before Current Fiscal Year | 8,802 | 3,897 |
Three Years before Current Fiscal Year | 5,459 | 4,870 |
Four Years before Current Fiscal Year | 4,670 | 1,484 |
More than Five Years before Current Fiscal Year | 2,461 | 1,001 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 4,586 | 8,911 |
Total | 41,133 | 34,084 |
Special Mention | Consumer | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Current Fiscal Year | 0 | |
Two Years before Current Fiscal Year | 0 | |
Three Years before Current Fiscal Year | 0 | |
Four Years before Current Fiscal Year | 0 | |
More than Five Years before Current Fiscal Year | 112 | |
Revolving Loans and Leases | 0 | |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | |
Total | 112 | |
Special Mention | Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Current Fiscal Year | 0 | |
Two Years before Current Fiscal Year | 0 | |
Three Years before Current Fiscal Year | 0 | |
Four Years before Current Fiscal Year | 0 | |
More than Five Years before Current Fiscal Year | 0 | |
Revolving Loans and Leases | 0 | |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | |
Total | 0 | |
Special Mention | Consumer | Consumer installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Current Fiscal Year | 0 | |
Two Years before Current Fiscal Year | 0 | |
Three Years before Current Fiscal Year | 0 | |
Four Years before Current Fiscal Year | 0 | |
More than Five Years before Current Fiscal Year | 0 | |
Revolving Loans and Leases | 0 | |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | |
Total | 0 | |
Substandard | Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 2,501 | 28,908 |
Fiscal Year Before Current Fiscal Year | 36,312 | 69,510 |
Two Years before Current Fiscal Year | 98,860 | 94,227 |
Three Years before Current Fiscal Year | 61,460 | 48,246 |
Four Years before Current Fiscal Year | 33,431 | 52,944 |
More than Five Years before Current Fiscal Year | 76,814 | 29,295 |
Revolving Loans and Leases | 101,429 | 120,738 |
Revolving Loans and Leases Converted to Term Loans and Leases | 280 | 276 |
Total | 411,087 | 444,144 |
Substandard | Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,739 | 6,995 |
Fiscal Year Before Current Fiscal Year | 60,777 | 53,079 |
Two Years before Current Fiscal Year | 43,251 | 31,930 |
Three Years before Current Fiscal Year | 86,540 | 124,728 |
Four Years before Current Fiscal Year | 82,812 | 57,221 |
More than Five Years before Current Fiscal Year | 115,866 | 90,573 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 390,985 | 364,526 |
Substandard | Commercial | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,023 | 6,440 |
Fiscal Year Before Current Fiscal Year | 10,122 | 29,040 |
Two Years before Current Fiscal Year | 35,382 | 27,579 |
Three Years before Current Fiscal Year | 30,848 | 16,150 |
Four Years before Current Fiscal Year | 18,302 | 9,360 |
More than Five Years before Current Fiscal Year | 18,751 | 8,635 |
Revolving Loans and Leases | 0 | 7 |
Revolving Loans and Leases Converted to Term Loans and Leases | 4,339 | 4,629 |
Total | 118,767 | 101,840 |
Substandard | Consumer | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 3,292 |
Fiscal Year Before Current Fiscal Year | 3,338 | 9,311 |
Two Years before Current Fiscal Year | 8,056 | 17,268 |
Three Years before Current Fiscal Year | 11,920 | 4,601 |
Four Years before Current Fiscal Year | 3,198 | 3,814 |
More than Five Years before Current Fiscal Year | 53,561 | 64,782 |
Revolving Loans and Leases | 0 | 0 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 80,073 | 103,068 |
Substandard | Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 22 | 940 |
Fiscal Year Before Current Fiscal Year | 847 | 1,469 |
Two Years before Current Fiscal Year | 934 | 579 |
Three Years before Current Fiscal Year | 445 | 515 |
Four Years before Current Fiscal Year | 488 | 424 |
More than Five Years before Current Fiscal Year | 6,923 | 8,354 |
Revolving Loans and Leases | 63,920 | 66,590 |
Revolving Loans and Leases Converted to Term Loans and Leases | 747 | 1,100 |
Total | 74,326 | 79,971 |
Substandard | Consumer | Consumer installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 247 |
Fiscal Year Before Current Fiscal Year | 134 | 1,179 |
Two Years before Current Fiscal Year | 403 | 680 |
Three Years before Current Fiscal Year | 340 | 887 |
Four Years before Current Fiscal Year | 514 | 909 |
More than Five Years before Current Fiscal Year | 4,815 | 2,086 |
Revolving Loans and Leases | 193 | 377 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | 6,399 | 6,365 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Impaired Loans With Valuation Allowance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 2,245 |
Fiscal Year Before Current Fiscal Year | 2,198 | 1,159 |
Two Years before Current Fiscal Year | 1,560 | 774 |
Three Years before Current Fiscal Year | 1,022 | 476 |
Four Years before Current Fiscal Year | 936 | 392 |
More than Five Years before Current Fiscal Year | 1,797 | 1,986 |
Revolving Loans and Leases | 1,923 | 411 |
Revolving Loans and Leases Converted to Term Loans and Leases | 0 | 0 |
Total | $ 9,436 | $ 7,443 |
Allowance for Credit Losses a_9
Allowance for Credit Losses and Credit Quality - Average Balance of Nonaccrual Loans and Leases and Interest Income Recognized on Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | $ 677,601 | $ 210,066 |
Interest Income Recognized | 7,932 | 4,363 |
Reclassification of previous purchased credit impaired loans | 66,860 | |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 513,532 | 119,431 |
Interest Income Recognized | 5,175 | 3,544 |
Impaired Loans With No Valuation Allowance | Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 249,713 | 68,985 |
Interest Income Recognized | 2,116 | 1,709 |
Impaired Loans With No Valuation Allowance | Commercial | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 171,429 | 38,383 |
Interest Income Recognized | 3,040 | 1,784 |
Impaired Loans With No Valuation Allowance | Commercial | Lease financing | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 92,390 | 12,063 |
Interest Income Recognized | 19 | 51 |
Impaired Loans With No Valuation Allowance | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 164,069 | 90,635 |
Interest Income Recognized | 2,757 | 819 |
Impaired Loans With No Valuation Allowance | Consumer | Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 87,093 | 50,278 |
Interest Income Recognized | 1,304 | 638 |
Impaired Loans With No Valuation Allowance | Consumer | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 71,162 | 39,505 |
Interest Income Recognized | 1,387 | 156 |
Impaired Loans With No Valuation Allowance | Consumer | Consumer installment | ||
Financing Receivable, Impaired [Line Items] | ||
Average Loan and Lease Balance | 5,814 | 852 |
Interest Income Recognized | $ 66 | $ 25 |
Allowance for Credit Losses _10
Allowance for Credit Losses and Credit Quality - Summary of TDR Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | $ 5,695 | $ 10,452 |
Post-modification Investment | 5,695 | 10,363 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 4,191 | 5,857 |
Post-modification Investment | 4,191 | 5,857 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 2,491 | 5,751 |
Post-modification Investment | 2,491 | 5,751 |
Commercial | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 1,700 | 106 |
Post-modification Investment | 1,700 | 106 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 1,504 | 4,595 |
Post-modification Investment | 1,504 | 4,506 |
Consumer | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 1,126 | 3,222 |
Post-modification Investment | 1,126 | 3,157 |
Consumer | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 334 | 997 |
Post-modification Investment | 334 | 996 |
Consumer | Consumer installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-modification Investment | 44 | 376 |
Post-modification Investment | $ 44 | $ 353 |
Allowance for Credit Losses _11
Allowance for Credit Losses and Credit Quality - Summary of TDR Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | $ 70,529 | $ 98,734 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 33,675 | 59,272 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 36,854 | 39,462 |
Accruing TDR Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 29,275 | 52,355 |
Accruing TDR Loans | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 12,121 | 35,697 |
Accruing TDR Loans | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 17,154 | 16,658 |
Nonaccrual TDR Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 41,254 | 46,379 |
Nonaccrual TDR Loans | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | 21,554 | 23,575 |
Nonaccrual TDR Loans | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDR loans | $ 19,700 | $ 22,804 |
Allowance for Credit Losses _12
Allowance for Credit Losses and Credit Quality - Summary of Defaulted TDR Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | $ 3,172 | $ 689 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 2,743 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 1,515 | 0 |
Commercial | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 1,228 | 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 429 | 689 |
Consumer | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 197 | 630 |
Consumer | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | 198 | 59 |
Consumer | Consumer installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Defaulted TDR loan balance modified during the period | $ 34 | $ 0 |
Allowance for Credit Losses _13
Allowance for Credit Losses and Credit Quality - Other Real Estate Owned and Repossessed Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Other real estate owned | $ 32,115 | $ 33,192 |
Repossessed and returned assets | 8,501 | 8,932 |
Consumer loans in process of foreclosure | $ 24,173 | $ 14,790 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 1,379,890 | $ 1,313,046 |
Goodwill related to consumer banking segment | ||
Goodwill [Line Items] | ||
Goodwill | 771,555 | 771,555 |
Goodwill related to commercial banking segment | ||
Goodwill [Line Items] | ||
Goodwill | $ 608,335 | $ 541,491 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,379,890,000 | $ 1,313,046,000 | |
Impairment of goodwill | 0 | $ 0 | |
CEC Business Combination | |||
Goodwill [Line Items] | |||
Goodwill | $ 66,800,000 |
Loan Servicing Rights - Summary
Loan Servicing Rights - Summary of Loan Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Balance, beginning of period | $ 38,303 | $ 56,313 |
New servicing assets created | 4,531 | 2,451 |
Impairment (charge) recovery | 7,637 | (8,236) |
Amortization | (6,320) | (3,245) |
Balance, end of period | 44,151 | 47,283 |
Valuation allowance, end of period | (13,850) | (12,118) |
Loans serviced for others that have servicing rights capitalized, end of period | $ 6,068,120 | $ 6,444,101 |
Loan Servicing Rights - Narrati
Loan Servicing Rights - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | ||
Total loan servicing, late fee and other ancillary fee income | $ 4 | $ 4.2 |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Projects and Historic Projects - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Remaining unfunded equity contributions | $ 109.4 | $ 107.4 | |
Qualified Affordable Housing Projects | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortization expense | 5.9 | $ 5.3 | |
Tax credits and other benefits | 7.9 | 6.6 | |
Remaining investment amount | 222.1 | 214.3 | |
Federal Historical Projects and Ohio Historical Preservation Projects | |||
Schedule of Equity Method Investments [Line Items] | |||
Remaining investment amount | 50.2 | $ 48.6 | |
Federal Historical Projects | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortization expense | 0.5 | 0.2 | |
Tax credits and other benefits | $ 0.6 | 0.3 | |
State Tax Credits | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortization expense | $ 0.4 |
Borrowings - Schedule of Short-
Borrowings - Schedule of Short-term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Amount | $ 1,426,083 | $ 617,363 |
Weighted-average Rate | 0.26% | 0.25% |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Amount | $ 1,200,000 | $ 400,000 |
Weighted-average Rate | 0.29% | 0.33% |
Collateralized Deposits | ||
Short-term Debt [Line Items] | ||
Amount | $ 223,695 | $ 217,363 |
Weighted-average Rate | 0.07% | 0.11% |
Line-of-Credit - TCF Financial Corporation | Line of Credit | ||
Short-term Debt [Line Items] | ||
Amount | $ 2,388 | $ 0 |
Weighted-average Rate | 2.45% | 0.00% |
Borrowings - Schedule of Long-t
Borrowings - Schedule of Long-term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Subordinated debt obligations | $ 583,312 | $ 586,145 |
Discounted lease rentals | 73,222 | 75,770 |
Total long-term borrowings | 1,518,816 | 1,374,732 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
FHLB advances | 859,335 | 709,848 |
Finance lease obligation | ||
Debt Instrument [Line Items] | ||
Finance lease obligation | $ 2,947 | $ 2,969 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | May 06, 2020 | Mar. 31, 2021 |
London Interbank Offered Rate (LIBOR) | ||
Short-term Debt [Line Items] | ||
Basis points | 5.09% | |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Loans pledged | $ 13,000,000,000 | |
Federal Reserve Bank Advances | ||
Short-term Debt [Line Items] | ||
Loans pledged | 3,400,000,000 | |
FHLB advances outstanding | $ 0 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities of Long-term Debt (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2021 | $ 4,339 |
2022 | 779,845 |
2023 | 25,099 |
2024 | 15,996 |
2025 | 373,772 |
Thereafter | 319,765 |
Long-term Debt | $ 1,518,816 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt securities available for sale and interest-only strips | ||
Net unrealized gains (losses) arising during the period, before tax | $ (237,054) | $ 150,744 |
Net unrealized gains (losses) arising during the period, tax effect | 56,371 | (35,607) |
Net unrealized gains (losses) arising during the period, net of tax | (180,683) | 115,137 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax | 93 | 927 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect | (22) | (217) |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax | 71 | 710 |
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, before taxes | (236,961) | 151,671 |
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, tax effect | 56,349 | (35,824) |
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, net of tax | (180,612) | 115,847 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||
Reclassification of amortization of prior service cost to Other non-interest expense, before tax | (23) | (12) |
Reclassification of amortization of prior service cost to Other non-interest expense, tax effect | 5 | 3 |
Reclassification of amortization of prior service cost to Other non-interest expense, net of tax | (18) | (9) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||
Foreign currency translation adjustment, before tax | 2,170 | (14,426) |
Foreign currency translation adjustment, tax effect | 0 | 0 |
Foreign currency translation adjustment, net of tax | 2,170 | (14,426) |
Net investment hedges | ||
Net unrealized gains (losses) on net investment hedges, before tax | (2,046) | 13,695 |
Net unrealized gains (losses) on net investment hedges, tax effect | 487 | (3,214) |
Net unrealized gains (losses) on net investment hedges, net of tax | (1,559) | 10,481 |
Total other comprehensive income (loss), before tax | (236,860) | 150,928 |
Total other comprehensive income (loss), tax effect | 56,841 | (39,035) |
Total other comprehensive income (loss), net of tax | (180,019) | 111,893 |
Total interest income | ||
Debt securities available for sale and interest-only strips | ||
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax | (44) | 754 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect | 10 | (177) |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax | (34) | 577 |
Gains (losses) on debt securities, net | ||
Debt securities available for sale and interest-only strips | ||
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax | 0 | 0 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect | 0 | 0 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax | 0 | 0 |
Other noninterest expense | ||
Debt securities available for sale and interest-only strips | ||
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax | 137 | 173 |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect | (32) | (40) |
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax | $ 105 | $ 133 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Rollforward of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in accumulated other comprehensive income by component | ||
Balance | $ 5,689,297 | $ 5,727,241 |
Total other comprehensive income (loss), net of tax | (180,019) | 111,893 |
Balance | 5,591,771 | 5,655,833 |
Total | ||
Changes in accumulated other comprehensive income by component | ||
Balance | 182,673 | 54,277 |
Other comprehensive income (loss) | (180,072) | 111,192 |
Amounts reclassified from accumulated other comprehensive income (loss) | 53 | 701 |
Total other comprehensive income (loss), net of tax | (180,019) | 111,893 |
Balance | 2,654 | 166,170 |
Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips | ||
Changes in accumulated other comprehensive income by component | ||
Balance | 182,488 | 56,098 |
Other comprehensive income (loss) | (180,683) | 115,137 |
Amounts reclassified from accumulated other comprehensive income (loss) | 71 | 710 |
Total other comprehensive income (loss), net of tax | (180,612) | 115,847 |
Balance | 1,876 | 171,945 |
Net Unrealized Gains (Losses) on Net Investment Hedges | ||
Changes in accumulated other comprehensive income by component | ||
Balance | 5,605 | 9,800 |
Other comprehensive income (loss) | (1,559) | 10,481 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Total other comprehensive income (loss), net of tax | (1,559) | 10,481 |
Balance | 4,046 | 20,281 |
Foreign Currency Translation Adjustment | ||
Changes in accumulated other comprehensive income by component | ||
Balance | (5,803) | (11,697) |
Other comprehensive income (loss) | 2,170 | (14,426) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Total other comprehensive income (loss), net of tax | 2,170 | (14,426) |
Balance | (3,633) | (26,123) |
Recognized Postretirement Prior Service Cost | ||
Changes in accumulated other comprehensive income by component | ||
Balance | 383 | 76 |
Other comprehensive income (loss) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (18) | (9) |
Total other comprehensive income (loss), net of tax | (18) | (9) |
Balance | $ 365 | $ 67 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Percentage of net retained profits for the current year combined with retained net profits for the preceding two calendar years that can be declared as dividend | 100.00% |
TCF Bank | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Net profits for the current year combined with retained net profits for preceding two calendar years | $ 207.8 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Regulatory Capital Requirements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Tier 1 leverage ratio | ||
Capital conservation buffer | 2.50% | 2.50% |
TCF | ||
Regulatory Capital: | ||
Common equity Tier 1 capital | $ 4,101,896 | $ 4,103,007 |
Tier 1 capital | 4,299,135 | 4,290,793 |
Total capital | $ 4,994,676 | $ 5,026,611 |
Common equity Tier 1 capital ratio | ||
Common equity Tier 1 capital - actual, ratio | 0.1106 | 0.1145 |
Risk-based capital ratios | ||
Tier 1 risk-based capital - actual, ratio | 0.1159 | 0.1198 |
Total risk-based capital - actual, ratio | 0.1347 | 0.1403 |
Tier 1 leverage ratio | ||
Tier 1 leverage - actual, ratio | 0.0909 | 0.0934 |
TCF Bank | ||
Regulatory Capital: | ||
Common equity Tier 1 capital | $ 4,095,564 | $ 4,093,974 |
Tier 1 capital | 4,123,501 | 4,112,458 |
Total capital | $ 4,799,935 | $ 4,831,026 |
Common equity Tier 1 capital ratio | ||
Common equity Tier 1 capital - actual, ratio | 0.1106 | 0.1145 |
Common equity Tier 1 capital - well-capitalized capital requirement, ratio | 6.50% | |
Common equity Tier 1 capital - minimum capital requirement, ratio | 4.50% | |
Risk-based capital ratios | ||
Tier 1 risk-based capital - actual, ratio | 0.1114 | 0.1150 |
Tier 1 risk-based capital - well-capitalized capital requirement, ratio | 0.0800 | |
Tier 1 risk-based capital - minimum capital requirement, ratio | 0.0600 | |
Total risk-based capital - actual, ratio | 0.1296 | 0.1351 |
Total risk-based capital - well-capitalized capital requirement, ratio | 0.1000 | |
Total risk-based capital - minimum capital requirement, ratio | 0.0800 | |
Tier 1 leverage ratio | ||
Tier 1 leverage - actual, ratio | 0.0873 | 0.0897 |
Tier 1 leverage - well-capitalized capital requirement, ratio | 0.0500 | |
Tier 1 leverage - minimum capital requirement, ratio | 0.0400 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives | ||
Notional Amount | ||
Derivative Assets | 178,591 | 263,401 |
Derivative Liabilities | 24,310 | 21,132 |
Derivative asset netting | (781) | (52) |
Derivative liability netting | (627) | (1,876) |
Total derivative assets, net | 177,810 | 263,349 |
Total derivative liabilities, net | 23,683 | 19,256 |
Other assets | ||
Derivatives | ||
Derivative Assets | 178,591 | 263,401 |
Derivative asset netting | (781) | (52) |
Total derivative assets, net | 177,810 | 263,349 |
Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 24,310 | 21,132 |
Derivative liability netting | (627) | (1,876) |
Total derivative liabilities, net | 23,683 | 19,256 |
Derivatives designated as hedges | ||
Derivatives | ||
Notional Amount | ||
Derivatives designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 373 | 59 |
Derivatives designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 1,518 | 1,521 |
Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | ||
Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 178,218 | 263,342 |
Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 22,792 | 19,611 |
Interest rate contracts | ||
Derivatives | ||
Derivative Assets | 164,438 | 248,267 |
Derivative Liabilities | 21,945 | 14,681 |
Derivative asset netting | 0 | 0 |
Derivative liability netting | 0 | 0 |
Total derivative assets, net | 164,438 | 248,267 |
Total derivative liabilities, net | 21,945 | 14,681 |
Interest rate contracts | Derivatives designated as hedges | ||
Derivatives | ||
Notional Amount | 150,000 | 150,000 |
Interest rate contracts | Derivatives designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 0 | 59 |
Interest rate contracts | Derivatives designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 118 | 0 |
Interest rate contracts | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 6,297,778 | 6,140,464 |
Interest rate contracts | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 164,438 | 248,208 |
Interest rate contracts | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 21,827 | 14,681 |
Risk participation agreements | ||
Derivatives | ||
Derivative Assets | 27 | 62 |
Derivative Liabilities | 63 | 125 |
Derivative asset netting | 0 | 0 |
Derivative liability netting | 0 | 0 |
Total derivative assets, net | 27 | 62 |
Total derivative liabilities, net | 63 | 125 |
Risk participation agreements | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 549,262 | 470,670 |
Risk participation agreements | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 27 | 62 |
Risk participation agreements | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 63 | 125 |
Forward foreign exchange contracts | ||
Derivatives | ||
Derivative Assets | 1,193 | 11 |
Derivative Liabilities | 1,505 | 2,386 |
Derivative asset netting | (570) | (11) |
Derivative liability netting | (130) | (1,769) |
Total derivative assets, net | 623 | 0 |
Total derivative liabilities, net | 1,375 | 617 |
Forward foreign exchange contracts | Derivatives designated as hedges | ||
Derivatives | ||
Notional Amount | 210,856 | 207,515 |
Forward foreign exchange contracts | Derivatives designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 373 | 0 |
Forward foreign exchange contracts | Derivatives designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 1,400 | 1,521 |
Forward foreign exchange contracts | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 75,267 | 90,647 |
Forward foreign exchange contracts | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 820 | 11 |
Forward foreign exchange contracts | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 105 | 865 |
Interest rate lock commitments | ||
Derivatives | ||
Derivative Assets | 7,073 | 14,565 |
Derivative Liabilities | 166 | 4 |
Derivative asset netting | (166) | (4) |
Derivative liability netting | (166) | (4) |
Total derivative assets, net | 6,907 | 14,561 |
Total derivative liabilities, net | 0 | 0 |
Interest rate lock commitments | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 465,180 | 447,278 |
Interest rate lock commitments | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 7,073 | 14,565 |
Interest rate lock commitments | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 166 | 4 |
Forward loan sales commitments | ||
Derivatives | ||
Derivative Assets | 5,560 | 37 |
Derivative Liabilities | 45 | 3,411 |
Derivative asset netting | (45) | (37) |
Derivative liability netting | (45) | (37) |
Total derivative assets, net | 5,515 | 0 |
Total derivative liabilities, net | 0 | 3,374 |
Forward loan sales commitments | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 460,280 | 535,244 |
Forward loan sales commitments | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 5,560 | 37 |
Forward loan sales commitments | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 45 | 3,411 |
Power Equity CDs | ||
Derivatives | ||
Derivative Assets | 300 | 459 |
Derivative Liabilities | 300 | 459 |
Derivative asset netting | 0 | |
Derivative liability netting | 0 | |
Total derivative assets, net | 300 | 459 |
Total derivative liabilities, net | 300 | 459 |
Power Equity CDs | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 10,450 | 16,752 |
Power Equity CDs | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 300 | 459 |
Power Equity CDs | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | 300 | 459 |
Swap agreement | ||
Derivatives | ||
Derivative Liabilities | 286 | 66 |
Derivative liability netting | (286) | (66) |
Total derivative liabilities, net | 0 | 0 |
Swap agreement | Derivatives not designated as hedges | ||
Derivatives | ||
Notional Amount | 12,652 | 12,652 |
Swap agreement | Derivatives not designated as hedges | Other assets | ||
Derivatives | ||
Derivative Assets | 0 | 0 |
Swap agreement | Derivatives not designated as hedges | Accrued expenses and other liabilities | ||
Derivatives | ||
Derivative Liabilities | $ 286 | $ 66 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Gross Amounts Recognized and Offset (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Gross amounts recognized | $ 178,591 | $ 263,401 |
Gross amounts offset | (781) | (52) |
Total derivative assets, net | 177,810 | 263,349 |
Derivative Liabilities | ||
Gross amounts recognized | 24,310 | 21,132 |
Gross amounts offset | (627) | (1,876) |
Net amount presented | 23,683 | 19,256 |
Interest rate contracts | ||
Derivative Assets | ||
Gross amounts recognized | 164,438 | 248,267 |
Gross amounts offset | 0 | 0 |
Total derivative assets, net | 164,438 | 248,267 |
Derivative Liabilities | ||
Gross amounts recognized | 21,945 | 14,681 |
Gross amounts offset | 0 | 0 |
Net amount presented | 21,945 | 14,681 |
Risk participation agreements | ||
Derivative Assets | ||
Gross amounts recognized | 27 | 62 |
Gross amounts offset | 0 | 0 |
Total derivative assets, net | 27 | 62 |
Derivative Liabilities | ||
Gross amounts recognized | 63 | 125 |
Gross amounts offset | 0 | 0 |
Net amount presented | 63 | 125 |
Forward foreign exchange contracts | ||
Derivative Assets | ||
Gross amounts recognized | 1,193 | 11 |
Gross amounts offset | (570) | (11) |
Total derivative assets, net | 623 | 0 |
Derivative Liabilities | ||
Gross amounts recognized | 1,505 | 2,386 |
Gross amounts offset | (130) | (1,769) |
Net amount presented | 1,375 | 617 |
Interest rate lock commitments | ||
Derivative Assets | ||
Gross amounts recognized | 7,073 | 14,565 |
Gross amounts offset | (166) | (4) |
Total derivative assets, net | 6,907 | 14,561 |
Derivative Liabilities | ||
Gross amounts recognized | 166 | 4 |
Gross amounts offset | (166) | (4) |
Net amount presented | 0 | 0 |
Forward loan sales commitments | ||
Derivative Assets | ||
Gross amounts recognized | 5,560 | 37 |
Gross amounts offset | (45) | (37) |
Total derivative assets, net | 5,515 | 0 |
Derivative Liabilities | ||
Gross amounts recognized | 45 | 3,411 |
Gross amounts offset | (45) | (37) |
Net amount presented | 0 | 3,374 |
Power Equity CDs | ||
Derivative Assets | ||
Gross amounts recognized | 300 | 459 |
Gross amounts offset | 0 | |
Total derivative assets, net | 300 | 459 |
Derivative Liabilities | ||
Gross amounts recognized | 300 | 459 |
Gross amounts offset | 0 | |
Net amount presented | 300 | 459 |
Swap agreement | ||
Derivative Liabilities | ||
Gross amounts recognized | 286 | 66 |
Gross amounts offset | (286) | (66) |
Net amount presented | $ 0 | $ 0 |
Derivative Instruments - Deri_2
Derivative Instruments - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Interest Rate Contract | |||
Carrying amount of the hedged liability - Subordinated bank note - 2025 | $ 156,829 | $ 159,888 | |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged liability - Subordinated bank note - 2025 | 7,857 | $ 10,975 | |
Gains and losses related to changes in the fair vale of the interest rate swap and hedged debt | |||
Interest expense on borrowings | 10,019 | $ 26,492 | |
Summary of Net Investment Hedge Activity [Abstract] | |||
Effect of net investment hedges on accumulated other comprehensive income | (2,046) | 13,695 | |
Derivatives designated as hedges | Interest expense - borrowings | |||
Gains and losses related to changes in the fair vale of the interest rate swap and hedged debt | |||
Gain (loss) of fair value hedge: Hedged item | 3,118 | (8,830) | |
Gain (loss) of fair value hedge: Derivative designated as a hedging instrument | (3,176) | 8,936 | |
Gain (loss) on interest rate contract recognized in interest expense on borrowings | (58) | 106 | |
Derivatives designated as hedges | Net investment hedges | Forward foreign exchange contracts | |||
Summary of Net Investment Hedge Activity [Abstract] | |||
Effect of net investment hedges on accumulated other comprehensive income | $ (2,046) | $ 13,695 |
Derivative Instruments - Deri_3
Derivative Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | $ 1,863 | $ 5,988 | |
Terminated interest rate swaps | 177,810 | $ 263,349 | |
Interest rate contracts | |||
Derivative instruments, gain (loss) | |||
Terminated interest rate swaps | 164,438 | 248,267 | |
Risk participation agreements | |||
Derivative instruments, gain (loss) | |||
Terminated interest rate swaps | 27 | 62 | |
Forward foreign exchange contracts | |||
Derivative instruments, gain (loss) | |||
Terminated interest rate swaps | 623 | 0 | |
Interest rate lock commitments | |||
Derivative instruments, gain (loss) | |||
Terminated interest rate swaps | 6,907 | 14,561 | |
Forward loan sales commitments | |||
Derivative instruments, gain (loss) | |||
Terminated interest rate swaps | 5,515 | $ 0 | |
Derivatives not designated as hedges | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | 3,284 | 26,533 | |
Derivatives not designated as hedges | Interest Rate Swap [Member] | |||
Derivative instruments, gain (loss) | |||
Loss on termination of interest rate swaps | 17,300 | ||
Derivatives not designated as hedges | Interest rate contracts | Other noninterest income | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | 255 | 1,662 | |
Derivatives not designated as hedges | Risk participation agreements | Other noninterest expense | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | 1,607 | 4,326 | |
Derivatives not designated as hedges | Forward foreign exchange contracts | Other noninterest expense | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | 10 | 18,713 | |
Derivatives not designated as hedges | Interest rate lock commitments | Mortgage banking income | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | (7,189) | 10,378 | |
Derivatives not designated as hedges | Forward loan sales commitments | Mortgage banking income | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | 8,889 | (8,545) | |
Derivatives not designated as hedges | Swap agreement | Other noninterest income | |||
Derivative instruments, gain (loss) | |||
Interest rate swap mark-to-market adjustment | $ (288) | $ (1) |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Cash collateral posted | $ 65,900,000 | |
Forward foreign exchange contracts | ||
Derivative [Line Items] | ||
Forward foreign exchange contracts with credit risk-related contingent features, notional value | 26,800,000 | $ 35,000,000 |
Additional collateral required, if TCF was rated less than BB- by Standard and Poor's | 535,000 | 699,000 |
Forward foreign exchange contracts with credit risk-related contingent features, net liability amount | 0 | $ 0 |
Cash collateral posted | 340,000 | |
Cash collateral received | $ 440,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Amount of loans recorded under the fair value option that were delinquent or on non-accrual status | $ 0 | $ 0 | |
Discount rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Swap agreement, measurement input | 0.14 | ||
Prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Swap agreement, measurement input | 0.04 | ||
Minimum | Discount rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans and leases, measurement input | 0.10 | ||
Loan servicing rights, measurement input | 0.10 | ||
Other real estate owned, measurement input | 0.10 | ||
Minimum | Prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loan servicing rights, measurement input | 0.08 | ||
Maximum | Discount rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loan servicing rights, measurement input | 0.15 | ||
Maximum | Prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loan servicing rights, measurement input | 0.43 | ||
Net (loss) gain on sales of loans and leases | Loans Held for Sale | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net gain from initial measurement of the correspondent lending loans held for sale and subsequent changes in fair value for loans outstanding | $ 9,500,000 | $ 15,200,000 | |
Nonrecurring | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Liabilities | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Loans held-for-sale | $ 107,417 | $ 221,784 |
Derivative assets | 177,810 | 263,349 |
Liabilities | ||
Derivative liabilities | 23,683 | 19,256 |
Interest rate contracts | ||
Assets | ||
Derivative assets | 164,438 | 248,267 |
Liabilities | ||
Derivative liabilities | 21,945 | 14,681 |
Risk participation agreements | ||
Assets | ||
Derivative assets | 27 | 62 |
Liabilities | ||
Derivative liabilities | 63 | 125 |
Forward foreign exchange contracts | ||
Assets | ||
Derivative assets | 623 | 0 |
Liabilities | ||
Derivative liabilities | 1,375 | 617 |
Interest rate lock commitments | ||
Assets | ||
Derivative assets | 6,907 | 14,561 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Forward loan sales commitments | ||
Assets | ||
Derivative assets | 5,515 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 3,374 |
Power Equity CDs | ||
Assets | ||
Derivative assets | 300 | 459 |
Liabilities | ||
Derivative liabilities | 300 | 459 |
Recurring | ||
Assets | ||
Investment securities available-for-sale | 8,403,788 | 8,284,723 |
Loans held-for-sale | 107,417 | 221,784 |
Interest-only strips | 6,737 | 7,823 |
Derivative assets | 178,591 | 263,401 |
Assets held in trust for deferred compensation plans | 49,669 | 48,659 |
Total assets at fair value | 8,746,202 | 8,826,390 |
Liabilities | ||
Derivative liabilities | 24,310 | 21,132 |
Liabilities held in trust for deferred compensation plans | 49,669 | 48,659 |
Total liabilities at fair value | 73,979 | 69,791 |
Recurring | Interest rate contracts | ||
Assets | ||
Derivative assets | 164,438 | 248,267 |
Liabilities | ||
Derivative liabilities | 21,945 | 14,681 |
Recurring | Risk participation agreements | ||
Assets | ||
Derivative assets | 27 | 62 |
Liabilities | ||
Derivative liabilities | 63 | 125 |
Recurring | Forward foreign exchange contracts | ||
Assets | ||
Derivative assets | 1,193 | 11 |
Liabilities | ||
Derivative liabilities | 1,505 | 2,386 |
Recurring | Interest rate lock commitments | ||
Assets | ||
Derivative assets | 7,073 | 14,565 |
Liabilities | ||
Derivative liabilities | 166 | 4 |
Recurring | Forward loan sales commitments | ||
Assets | ||
Derivative assets | 5,560 | 37 |
Liabilities | ||
Derivative liabilities | 45 | 3,411 |
Recurring | Power Equity CDs | ||
Assets | ||
Derivative assets | 300 | 459 |
Liabilities | ||
Derivative liabilities | 300 | 459 |
Recurring | Swap agreement | ||
Liabilities | ||
Derivative liabilities | 286 | 66 |
Recurring | Level 1 | ||
Assets | ||
Investment securities available-for-sale | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Assets held in trust for deferred compensation plans | 49,669 | 48,659 |
Total assets at fair value | 49,669 | 48,659 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Liabilities held in trust for deferred compensation plans | 49,669 | 48,659 |
Total liabilities at fair value | 49,669 | 48,659 |
Recurring | Level 1 | Interest rate contracts | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Risk participation agreements | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Forward foreign exchange contracts | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Interest rate lock commitments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Forward loan sales commitments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Power Equity CDs | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Swap agreement | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Investment securities available-for-sale | 8,403,321 | 8,284,219 |
Loans held-for-sale | 107,417 | 221,784 |
Interest-only strips | 0 | 0 |
Derivative assets | 178,591 | 263,401 |
Assets held in trust for deferred compensation plans | 0 | 0 |
Total assets at fair value | 8,689,329 | 8,769,404 |
Liabilities | ||
Derivative liabilities | 24,024 | 21,066 |
Liabilities held in trust for deferred compensation plans | 0 | 0 |
Total liabilities at fair value | 24,024 | 21,066 |
Recurring | Level 2 | Interest rate contracts | ||
Assets | ||
Derivative assets | 164,438 | 248,267 |
Liabilities | ||
Derivative liabilities | 21,945 | 14,681 |
Recurring | Level 2 | Risk participation agreements | ||
Assets | ||
Derivative assets | 27 | 62 |
Liabilities | ||
Derivative liabilities | 63 | 125 |
Recurring | Level 2 | Forward foreign exchange contracts | ||
Assets | ||
Derivative assets | 1,193 | 11 |
Liabilities | ||
Derivative liabilities | 1,505 | 2,386 |
Recurring | Level 2 | Interest rate lock commitments | ||
Assets | ||
Derivative assets | 7,073 | 14,565 |
Liabilities | ||
Derivative liabilities | 166 | 4 |
Recurring | Level 2 | Forward loan sales commitments | ||
Assets | ||
Derivative assets | 5,560 | 37 |
Liabilities | ||
Derivative liabilities | 45 | 3,411 |
Recurring | Level 2 | Power Equity CDs | ||
Assets | ||
Derivative assets | 300 | 459 |
Liabilities | ||
Derivative liabilities | 300 | 459 |
Recurring | Level 2 | Swap agreement | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | ||
Assets | ||
Investment securities available-for-sale | 467 | 504 |
Loans held-for-sale | 0 | 0 |
Interest-only strips | 6,737 | 7,823 |
Derivative assets | 0 | 0 |
Assets held in trust for deferred compensation plans | 0 | 0 |
Total assets at fair value | 7,204 | 8,327 |
Liabilities | ||
Derivative liabilities | 286 | 66 |
Liabilities held in trust for deferred compensation plans | 0 | 0 |
Total liabilities at fair value | 286 | 66 |
Recurring | Level 3 | Interest rate contracts | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Risk participation agreements | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Forward foreign exchange contracts | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate lock commitments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Forward loan sales commitments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Power Equity CDs | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Swap agreement | ||
Liabilities | ||
Derivative liabilities | $ 286 | $ 66 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest-only Strips | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Asset (liability) balance, beginning of period | $ 7,823 | $ 12,813 |
Total net gains (losses) included in: | ||
Net income | 144 | 159 |
Other comprehensive income (loss) | (181) | (348) |
Principal paydowns / settlements | (1,049) | (1,673) |
Asset (liability) balance, end of period | 6,737 | 10,951 |
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period | (181) | (348) |
Originations | 0 | |
Swap agreement | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Asset (liability) balance, beginning of period | (66) | (356) |
Total net gains (losses) included in: | ||
Net income | 0 | (1) |
Other comprehensive income (loss) | 0 | 0 |
Principal paydowns / settlements | 68 | 71 |
Asset (liability) balance, end of period | (286) | (286) |
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period | 0 | 0 |
Originations | (288) | |
Investment securities available-for-sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Asset balance, beginning of period | 504 | 433 |
Total net gains (losses) included in: | ||
Net income | 0 | 1 |
Other comprehensive income (loss) | (37) | (31) |
Principal paydowns / settlements | 0 | 0 |
Asset balance, end of period | 467 | 403 |
Total net gains (losses) included in: | ||
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period | (37) | $ (31) |
Originations | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and leases | $ 602,723 | $ 592,133 |
Loan servicing rights | 44,151 | 38,303 |
Other real estate owned | 14,072 | 14,575 |
Repossessed and returned assets | 6,348 | 7,332 |
Total assets at fair value | 667,294 | 652,343 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and leases | 0 | 0 |
Loan servicing rights | 0 | 0 |
Other real estate owned | 0 | 0 |
Repossessed and returned assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and leases | 0 | 0 |
Loan servicing rights | 0 | 0 |
Other real estate owned | 0 | 0 |
Repossessed and returned assets | 6,348 | 7,332 |
Total assets at fair value | 6,348 | 7,332 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and leases | 602,723 | 592,133 |
Loan servicing rights | 44,151 | 38,303 |
Other real estate owned | 14,072 | 14,575 |
Repossessed and returned assets | 0 | 0 |
Total assets at fair value | $ 660,946 | $ 645,011 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Option (Details) - Loans Held for Sale - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures | ||
Fair value carrying amount | $ 107,417 | $ 221,784 |
Aggregate unpaid principal amount | 105,019 | 210,311 |
Fair value carrying amount less aggregate unpaid principal | $ 2,398 | $ 11,473 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | $ 107,417 | $ 221,784 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 8,403,788 | 8,284,723 |
Loans held-for-sale | 107,417 | 221,784 |
Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 8,403,321 | 8,284,219 |
Loans held-for-sale | 107,417 | 221,784 |
Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 467 | 504 |
Loans held-for-sale | 0 | 0 |
Carrying Amount | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 232 | 244 |
Net loans | 32,806,406 | 31,164,287 |
Securitization receivable | 19,992 | 19,949 |
Deferred fees on commitments to extend credit | 18,477 | 20,002 |
Total financial instrument assets | 33,413,299 | 31,709,277 |
Certificates of deposits | 4,665,211 | 5,524,381 |
Long-term borrowings | 1,518,816 | 1,374,732 |
Total financial instrument liabilities | 6,184,027 | 6,899,113 |
Carrying Amount | Recurring | FHLB and FRB stocks | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 358,414 | 320,436 |
Carrying Amount | Recurring | Investment securities held-to-maturity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 209,778 | 184,359 |
Estimated Fair Value | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 233 | 248 |
Net loans | 32,983,379 | 31,434,749 |
Securitization receivable | 19,992 | 19,916 |
Deferred fees on commitments to extend credit | 18,477 | 20,002 |
Total financial instrument assets | 33,592,906 | 31,988,905 |
Certificates of deposits | 4,670,257 | 5,534,751 |
Long-term borrowings | 1,562,225 | 1,416,355 |
Total financial instrument liabilities | 6,232,482 | 6,951,106 |
Estimated Fair Value | Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 0 | 0 |
Net loans | 0 | 0 |
Securitization receivable | 0 | 0 |
Deferred fees on commitments to extend credit | 0 | 0 |
Total financial instrument assets | 0 | 0 |
Certificates of deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Total financial instrument liabilities | 0 | 0 |
Estimated Fair Value | Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 0 | 0 |
Net loans | 0 | 0 |
Securitization receivable | 0 | 0 |
Deferred fees on commitments to extend credit | 18,477 | 20,002 |
Total financial instrument assets | 585,675 | 530,579 |
Certificates of deposits | 4,670,257 | 5,534,751 |
Long-term borrowings | 1,562,225 | 1,416,355 |
Total financial instrument liabilities | 6,232,482 | 6,951,106 |
Estimated Fair Value | Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 233 | 248 |
Net loans | 32,983,379 | 31,434,749 |
Securitization receivable | 19,992 | 19,916 |
Deferred fees on commitments to extend credit | 0 | 0 |
Total financial instrument assets | 33,007,231 | 31,458,326 |
Certificates of deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Total financial instrument liabilities | 0 | 0 |
Estimated Fair Value | Recurring | FHLB and FRB stocks | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 358,414 | 320,436 |
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 358,414 | 320,436 |
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | Recurring | Investment securities held-to-maturity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 212,411 | 193,554 |
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | 208,784 | 190,141 |
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | $ 3,627 | $ 3,413 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue out of scope of ASC 606 | $ 79,761 | $ 78,518 |
Total noninterest income | 132,060 | 136,963 |
Fees and service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue out of scope of ASC 606 | 328 | 214 |
Total noninterest income | 25,895 | 34,597 |
Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue out of scope of ASC 606 | 5,025 | 5,041 |
Total noninterest income | 6,944 | 6,151 |
Card and ATM revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue out of scope of ASC 606 | 3,418 | 2,501 |
Total noninterest income | 24,661 | 21,685 |
Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue out of scope of ASC 606 | 70,990 | 70,762 |
Total noninterest income | 74,560 | 74,530 |
Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 47,448 | 53,124 |
Total noninterest income | 81,390 | 81,414 |
Consumer Banking | Fees and service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 22,560 | 31,828 |
Consumer Banking | Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 1,919 | 1,110 |
Consumer Banking | Card and ATM revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 21,214 | 19,182 |
Consumer Banking | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 1,755 | 1,004 |
Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 4,821 | 4,962 |
Total noninterest income | 49,016 | 55,773 |
Commercial Banking | Fees and service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 3,007 | 2,555 |
Commercial Banking | Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 0 | 0 |
Commercial Banking | Card and ATM revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 29 | 2 |
Commercial Banking | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 1,785 | 2,405 |
Enterprise Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 30 | 359 |
Total noninterest income | 1,654 | (224) |
Enterprise Services | Fees and service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 0 | 0 |
Enterprise Services | Wealth management revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 0 | 0 |
Enterprise Services | Card and ATM revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | 0 | 0 |
Enterprise Services | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenues within the scope of 606 | $ 30 | $ 359 |
Share-based Compensation - Narr
Share-based Compensation - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ | $ 6,200 | $ 4,700 | |
Tax benefit (expense) from share-based compensation | $ | $ 161 | 677 | |
Weighted average remaining contractual term for all outstanding stock options | 4 years 3 months 18 days | ||
Weighted average remaining contractual term for exercisable stock options | 4 years 2 months 12 days | ||
Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for plan (in shares) | 1,029,723 | ||
2019 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for plan (in shares) | 639,366 | ||
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 306,190 | ||
Share conversion ratio (in percent) | 1 | ||
Performance-Based Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 0 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 2,524,216 | 2,015,514 | |
Unrecognized compensation costs | $ | $ 66,800 | ||
Unrecognized compensation cost, recognition period | 3 years 1 month 6 days | ||
Restricted Stock Awards (RSAs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ | $ 6,162 | $ 4,724 | |
Shares outstanding (in shares) | 478,332 | 505,162 | |
Unrecognized compensation costs | $ | $ 7,900 | ||
Unrecognized compensation cost, recognition period | 1 year 7 months 6 days | ||
Minimum | Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target (in percent) | 0 | ||
Maximum | Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target (in percent) | 1.50 |
Share-based Compensation - Awar
Share-based Compensation - Award Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted Stock Units (RSUs) | |
Restricted Stock Awards, Shares Activity | |
Outstanding at the beginning of the period (in shares) | shares | 2,015,514 |
Granted (in shares) | shares | 686,885 |
Forfeited/canceled (in shares) | shares | (56,707) |
Vested (in shares) | shares | (121,476) |
Outstanding at the end of the period (in shares) | shares | 2,524,216 |
Restricted Stock Awards, Weighted-average Grant Date Fair Value | |
Outstanding at the beginning of the period (in usd per share) | $ 31.25 |
Granted (in usd per share) | 47.41 |
Forfeited/canceled (in usd per share) | 32.93 |
Vested (in usd per share) | 45.07 |
Outstanding at the end of the period (in usd per share) | $ 34.94 |
Restricted Stock Awards (RSAs) | |
Restricted Stock Awards, Shares Activity | |
Outstanding at the beginning of the period (in shares) | shares | 505,162 |
Granted (in shares) | shares | 27,417 |
Forfeited/canceled (in shares) | shares | (3,983) |
Vested (in shares) | shares | (50,264) |
Outstanding at the end of the period (in shares) | shares | 478,332 |
Restricted Stock Awards, Weighted-average Grant Date Fair Value | |
Outstanding at the beginning of the period (in usd per share) | $ 38.57 |
Granted (in usd per share) | 47.41 |
Forfeited/canceled (in usd per share) | 40.48 |
Vested (in usd per share) | 40.38 |
Outstanding at the end of the period (in usd per share) | $ 38.88 |
Non-Vested Stock Options Outstanding | |
Non-Vested Stock Options Outstanding, Shares Activity | |
Beginning balance (in shares) | shares | 55,722 |
Exercised (in shares) | shares | 0 |
Forfeited/canceled (in shares) | shares | (135) |
Vested (in shares) | shares | 43,272 |
Ending balance (in shares) | shares | 12,315 |
Non-Vested Stock Options Outstanding, Weighted-average Grant Date Fair Value | |
Beginning balance (in usd per share) | $ 41.23 |
Exercised (in usd per share) | 0 |
Forfeited/canceled (in usd per share) | 53.72 |
Vested (in usd per share) | 38 |
Ending balance (in usd per share) | $ 52.46 |
Stock Options Outstanding, Shares Activity | |
Vested (in shares) | shares | 43,272 |
Stock Options Outstanding, Weighted-average Grant Date Fair Value | |
Forfeited/canceled (in usd per share) | $ 53.72 |
Vested (in usd per share) | $ 38 |
Stock Options Outstanding | |
Non-Vested Stock Options Outstanding, Shares Activity | |
Exercised (in shares) | shares | (156,347) |
Vested (in shares) | shares | 43,272 |
Non-Vested Stock Options Outstanding, Weighted-average Grant Date Fair Value | |
Exercised (in usd per share) | $ 27.74 |
Forfeited/canceled (in usd per share) | 0 |
Vested (in usd per share) | $ 38 |
Stock Options Outstanding, Shares Activity | |
Beginning balance (in shares) | shares | 401,636 |
Forfeited/canceled (in shares) | shares | 0 |
Vested (in shares) | shares | 43,272 |
Ending balance (in shares) | shares | 288,561 |
Stock Options Outstanding, Weighted-average Grant Date Fair Value | |
Beginning balance (in usd per share) | $ 31.69 |
Forfeited/canceled (in usd per share) | 0 |
Vested (in usd per share) | 38 |
Ending balance (in usd per share) | $ 35.05 |
Exercisable/vested (in shares) | shares | 288,561 |
Exercisable/vested (in usd per share) | $ 35.05 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Restricted Stock Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total restricted stock expense | $ 6,200 | $ 4,700 |
Restricted Stock Awards (RSAs) | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total restricted stock expense | 6,162 | 4,724 |
Restricted Stock Awards (RSAs) | Employees | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total restricted stock expense | 5,692 | 4,724 |
Restricted Stock Awards (RSAs) | Director | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total restricted stock expense | $ 470 | $ 0 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic Earnings Per Common Share: | ||
Net income attributable to TCF Financial Corporation | $ 123,336 | $ 51,899 |
Preferred stock dividends | 2,493 | 2,493 |
Net income available to common stockholders | 120,843 | 49,406 |
Less: Earnings allocated to participating securities | 0 | 0 |
Earnings allocated to common stock | $ 120,843 | $ 49,406 |
Weighted-average common shares outstanding used in basic earnings per common share calculation (in shares) | 152,159,117 | 151,902,357 |
Basic earnings per common share (in usd per share) | $ 0.79 | $ 0.33 |
Diluted Earnings Per Common Share: | ||
Earnings allocated to common stock | $ 120,843 | $ 49,406 |
Weighted-average common shares outstanding used in basic earnings per common share calculation (in shares) | 152,159,117 | 151,902,357 |
Net dilutive effect of: | ||
Non-participating restricted stock (in shares) | 279,308 | 83,580 |
Stock options (in shares) | 102,262 | 128,080 |
Weighted-average common shares outstanding used in diluted earnings per common share calculation (in shares) | 152,540,687 | 152,114,017 |
Diluted earnings per common share (in usd per share) | $ 0.79 | $ 0.32 |
Non-participating restricted stock | ||
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share: | ||
Non-participating restricted stock (in shares) | 324,514 | 1,173,331 |
Stock options | ||
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share: | ||
Non-participating restricted stock (in shares) | 74,376 | 90,144 |
Other Noninterest Income and _3
Other Noninterest Income and Expense - Summary of Other Noninterest Income and Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Interest rate swap mark-to-market adjustment | $ 1,863 | $ 5,988 |
Other | 9,192 | 21,739 |
Total other noninterest income | 11,055 | 27,727 |
Outside processing | 16,730 | 13,913 |
Loan and lease expense | 7,185 | 7,783 |
Professional fees | 9,073 | 6,569 |
Advertising and marketing | 6,879 | 8,377 |
FDIC insurance | 5,688 | 6,559 |
Card processing and issuance costs | 4,274 | 8,690 |
Other | 35,414 | 36,855 |
Total other noninterest expense | $ 85,243 | $ 88,746 |
Reportable Segments - Summary o
Reportable Segments - Summary of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information | |||
Net interest income | $ 381,827 | $ 401,481 | |
Provision (benefit) for credit losses | 20,556 | 96,943 | |
Net interest income after provision for credit losses | 361,271 | 304,538 | |
Noninterest income | 132,060 | 136,963 | |
Noninterest expense | 348,682 | 374,599 | |
Income before income tax expense | 144,649 | 66,902 | |
Income tax expense (benefit) | 19,540 | 13,086 | |
Income after income tax expense | 125,109 | 53,816 | |
Income attributable to non-controlling interest | 1,773 | 1,917 | |
Preferred stock dividends | 2,493 | 2,493 | |
Net income available to common shareholders | 120,843 | 49,406 | |
Total assets | 49,459,551 | 48,594,383 | $ 47,802,487 |
Consumer Banking | |||
Segment Reporting Information | |||
Net interest income | 199,374 | 193,832 | |
Provision (benefit) for credit losses | 4,101 | 44,369 | |
Net interest income after provision for credit losses | 195,273 | 149,463 | |
Noninterest income | 81,390 | 81,414 | |
Noninterest expense | 212,304 | 228,859 | |
Income before income tax expense | 64,359 | 2,018 | |
Income tax expense (benefit) | 13,401 | 1,982 | |
Income after income tax expense | 50,958 | 36 | |
Income attributable to non-controlling interest | 0 | 0 | |
Preferred stock dividends | 0 | 0 | |
Net income available to common shareholders | 50,958 | 36 | |
Total assets | 13,699,477 | 14,463,055 | |
Commercial Banking | |||
Segment Reporting Information | |||
Net interest income | 174,018 | 185,986 | |
Provision (benefit) for credit losses | 16,455 | 52,574 | |
Net interest income after provision for credit losses | 157,563 | 133,412 | |
Noninterest income | 49,016 | 55,773 | |
Noninterest expense | 110,630 | 114,455 | |
Income before income tax expense | 95,949 | 74,730 | |
Income tax expense (benefit) | 19,568 | 16,306 | |
Income after income tax expense | 76,381 | 58,424 | |
Income attributable to non-controlling interest | 1,773 | 1,917 | |
Preferred stock dividends | 0 | 0 | |
Net income available to common shareholders | 74,608 | 56,507 | |
Total assets | 25,941,038 | 24,859,839 | |
Enterprise Services | |||
Segment Reporting Information | |||
Net interest income | 8,435 | 21,663 | |
Provision (benefit) for credit losses | 0 | 0 | |
Net interest income after provision for credit losses | 8,435 | 21,663 | |
Noninterest income | 1,654 | (224) | |
Noninterest expense | 25,748 | 31,285 | |
Income before income tax expense | (15,659) | (9,846) | |
Income tax expense (benefit) | (13,429) | (5,202) | |
Income after income tax expense | (2,230) | (4,644) | |
Income attributable to non-controlling interest | 0 | 0 | |
Preferred stock dividends | 2,493 | 2,493 | |
Net income available to common shareholders | (4,723) | (7,137) | |
Total assets | $ 9,819,036 | $ 9,271,489 |
Commitments, Contingent Liabi_3
Commitments, Contingent Liabilities and Guarantees - Off-Balance Sheet Risks (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks | $ 6,676,052 | $ 6,637,154 |
Total commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks | 6,555,273 | 6,522,518 |
Standby letters of credit and guarantees on industrial revenue bonds | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks | 120,779 | 114,636 |
Commercial | Total commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks | 4,441,962 | 4,396,191 |
Consumer | Total commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks | $ 2,113,311 | $ 2,126,327 |
Commitments, Contingent Liabi_4
Commitments, Contingent Liabilities and Guarantees - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Representations and Warranties | ||
Loss Contingencies [Line Items] | ||
Accrued liability | $ 3,000,000 | $ 3,600,000 |
Certain Loans | Performance Guarantee | ||
Loss Contingencies [Line Items] | ||
Outstanding balance | 6,800,000 | 7,000,000 |
Maximum potential amount of undiscounted future payments | 6,800,000 | 7,000,000 |
Recourse liability | 0 | 0 |
SBA Guaranteed Loans | Performance Guarantee | ||
Loss Contingencies [Line Items] | ||
Maximum potential amount of undiscounted future payments | 12,700,000 | 13,200,000 |
Recourse liability | $ 829,000 | $ 829,000 |