Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MTB | |
Entity Registrant Name | M&T BANK CORP | |
Entity Central Index Key | 36,270 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 156,769,164 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 1,284,442 | $ 1,368,040 |
Interest-bearing deposits at banks | 8,474,839 | 7,594,350 |
Trading account | 506,131 | 273,783 |
Investment securities (includes pledged securities that can be sold or repledged of $2,119,744 at June 30, 2016; $2,136,712 at December 31, 2015) | ||
Available for sale (cost: $11,578,829 at June 30, 2016; $12,138,636 at December 31, 2015) | 11,918,974 | 12,242,671 |
Held to maturity (fair value: $2,623,259 at June 30, 2016; $2,864,147 at December 31, 2015) | 2,574,421 | 2,859,709 |
Other (fair value: $469,689 at June 30, 2016; $554,059 at December 31, 2015) | 469,689 | 554,059 |
Total investment securities | 14,963,084 | 15,656,439 |
Loans and leases | 88,754,824 | 87,719,234 |
Unearned discount | (232,826) | (229,735) |
Loans and leases, net of unearned discount | 88,521,998 | 87,489,499 |
Allowance for credit losses | (970,496) | (955,992) |
Loans and leases, net | 87,551,502 | 86,533,507 |
Premises and equipment | 658,216 | 666,682 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 116,531 | 140,268 |
Accrued interest and other assets | 5,672,727 | 5,961,703 |
Total assets | 123,820,584 | 122,787,884 |
Liabilities | ||
Noninterest-bearing deposits | 30,700,066 | 29,110,635 |
Interest-checking deposits | 2,672,524 | 2,939,274 |
Savings deposits | 48,453,713 | 46,627,370 |
Time deposits | 12,630,277 | 13,110,392 |
Deposits at Cayman Islands office | 193,523 | 170,170 |
Total deposits | 94,650,103 | 91,957,841 |
Federal funds purchased and agreements to repurchase securities | 206,943 | 150,546 |
Other short-term borrowings | 200,180 | 1,981,636 |
Accrued interest and other liabilities | 1,963,093 | 1,870,714 |
Long-term borrowings | 10,328,751 | 10,653,858 |
Total liabilities | 107,349,070 | 106,614,595 |
Shareholders' equity | ||
Preferred stock, $1.00 par, 1,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 731,500 shares at June 30, 2016 and December 31, 2015; Liquidation preference of $10,000 per share: 50,000 shares at June 30, 2016 and December 31, 2015 | 1,231,500 | 1,231,500 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,957,393 shares issued at June 30, 2016; 159,563,512 shares issued at December 31, 2015 | 79,979 | 79,782 |
Common stock issuable, 33,546 shares at June 30, 2016; 36,644 shares at December 31, 2015 | 2,201 | 2,364 |
Additional paid-in capital | 6,690,671 | 6,680,768 |
Retained earnings | 8,801,305 | 8,430,502 |
Accumulated other comprehensive income (loss), net | (101,021) | (251,627) |
Treasury stock - common, at cost - 2,073,692 shares at June 30, 2016 | (233,121) | |
Total shareholders' equity | 16,471,514 | 16,173,289 |
Total liabilities and shareholders' equity | $ 123,820,584 | $ 122,787,884 |
Consolidated Balance Sheet (Un3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Pledged securities that can be sold or repledged | $ 2,119,744 | $ 2,136,712 |
Investment securities, available for sale, amortized cost | 11,578,829 | 12,138,636 |
Investment securities, held to maturity, fair value | 2,623,259 | 2,864,147 |
Other, fair value | $ 469,689 | $ 554,059 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 159,957,393 | 159,563,512 |
Common stock issuable, shares | 33,546 | 36,644 |
Treasury stock, shares | 2,073,692 | |
Series A and Series C [Member] | ||
Preferred stock, shares issued | 731,500 | 731,500 |
Preferred stock, shares outstanding | 731,500 | 731,500 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, shares outstanding | 50,000 | 50,000 |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income | ||||
Loans and leases, including fees | $ 867,478 | $ 662,633 | $ 1,730,863 | $ 1,309,812 |
Investment securities | ||||
Fully taxable | 91,184 | 93,144 | 189,199 | 179,101 |
Exempt from federal taxes | 663 | 1,062 | 1,458 | 2,380 |
Deposits at banks | 10,993 | 3,351 | 21,330 | 6,469 |
Other | 303 | 164 | 605 | 679 |
Total interest income | 970,621 | 760,354 | 1,943,455 | 1,498,441 |
Interest expense | ||||
Interest-checking deposits | 400 | 349 | 814 | 660 |
Savings deposits | 20,134 | 10,361 | 36,025 | 20,580 |
Time deposits | 26,867 | 3,690 | 51,189 | 7,430 |
Deposits at Cayman Islands office | 181 | 150 | 374 | 297 |
Short-term borrowings | 1,143 | 36 | 3,305 | 70 |
Long-term borrowings | 58,077 | 62,640 | 115,965 | 126,688 |
Total interest expense | 106,802 | 77,226 | 207,672 | 155,725 |
Net interest income | 863,819 | 683,128 | 1,735,783 | 1,342,716 |
Provision for credit losses | 32,000 | 30,000 | 81,000 | 68,000 |
Net interest income after provision for credit losses | 831,819 | 653,128 | 1,654,783 | 1,274,716 |
Other income | ||||
Mortgage banking revenues | 89,383 | 102,602 | 171,446 | 204,203 |
Service charges on deposit accounts | 103,872 | 105,257 | 206,277 | 207,601 |
Trust income | 120,450 | 118,598 | 231,527 | 242,332 |
Brokerage services income | 16,272 | 16,861 | 32,276 | 32,322 |
Trading account and foreign exchange gains | 13,222 | 6,046 | 20,680 | 12,277 |
Gain (loss) on bank investment securities | 264 | (10) | 268 | (108) |
Other revenues from operations | 104,791 | 147,673 | 206,713 | 238,603 |
Total other income | 448,254 | 497,027 | 869,187 | 937,230 |
Other expense | ||||
Salaries and employee benefits | 398,675 | 361,657 | 830,460 | 751,550 |
Equipment and net occupancy | 75,724 | 66,852 | 149,902 | 133,322 |
Printing, postage and supplies | 9,907 | 9,305 | 21,893 | 18,895 |
Amortization of core deposit and other intangible assets | 11,418 | 5,965 | 23,737 | 12,758 |
FDIC assessments | 22,370 | 10,801 | 47,595 | 21,461 |
Other costs of operations | 231,801 | 242,048 | 452,403 | 445,017 |
Total other expense | 749,895 | 696,628 | 1,525,990 | 1,383,003 |
Income before taxes | 530,178 | 453,527 | 997,980 | 828,943 |
Income taxes | 194,147 | 166,839 | 363,421 | 300,642 |
Net income | 336,031 | 286,688 | 634,559 | 528,301 |
Net income available to common shareholders | ||||
Basic | 312,968 | 263,471 | 588,697 | 482,295 |
Diluted | $ 312,974 | $ 263,481 | $ 588,707 | $ 482,313 |
Net income per common share | ||||
Basic | $ 1.98 | $ 1.99 | $ 3.72 | $ 3.65 |
Diluted | 1.98 | 1.98 | 3.71 | 3.63 |
Cash dividends per common share | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Average common shares outstanding | ||||
Basic | 157,802 | 132,356 | 158,268 | 132,203 |
Diluted | 158,341 | 133,116 | 158,761 | 132,944 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Partners' Capital [Abstract] | ||||
Net income | $ 336,031 | $ 286,688 | $ 634,559 | $ 528,301 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Net unrealized gains (losses) on investment securities | 47,270 | (72,618) | 144,464 | (47,279) |
Cash flow hedges adjustments | (23) | (24) | (47) | 847 |
Foreign currency translation adjustment | (1,565) | 1,866 | (1,618) | (518) |
Defined benefit plans liability adjustments | 3,486 | 5,765 | 7,807 | 10,442 |
Total other comprehensive income (loss) | 49,168 | (65,011) | 150,606 | (36,508) |
Total comprehensive income | $ 385,199 | $ 221,677 | $ 785,165 | $ 491,793 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net income | $ 634,559 | $ 528,301 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 81,000 | 68,000 |
Depreciation and amortization of premises and equipment | 53,514 | 48,199 |
Amortization of capitalized servicing rights | 24,648 | 24,572 |
Amortization of core deposit and other intangible assets | 23,737 | 12,758 |
Provision for deferred income taxes | 94,458 | 29,884 |
Asset write-downs | 7,737 | 4,076 |
Net gain on sales of assets | (10,477) | (48,637) |
Net change in accrued interest receivable, payable | 2,358 | 7,912 |
Net change in other accrued income and expense | (32,180) | (39,503) |
Net change in loans originated for sale | (188,771) | (77,677) |
Net change in trading account assets and liabilities | (40,552) | 198 |
Net cash provided by operating activities | 650,031 | 558,083 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities Available for sale | 4,970 | 2,539 |
Proceeds from sales of investment securities Other | 85,389 | 254 |
Proceeds from maturities of investment securities Available for sale | 1,067,100 | 859,904 |
Proceeds from maturities of investment securities Held to maturity | 291,917 | 351,110 |
Purchases of investment securities Available for sale | (518,203) | (3,013,384) |
Purchases of investment securities Held to maturity | (10,456) | (17,403) |
Purchases of investment securities Other | (1,019) | (7,686) |
Net increase in loans and leases | (930,426) | (1,465,261) |
Net (increase) decrease in interest-bearing deposits at banks | (880,489) | 2,425,015 |
Capital expenditures, net | (36,619) | (23,395) |
Net decrease in loan servicing advances | 119,190 | 317,276 |
Other, net | (98,452) | 16,450 |
Net cash used by investing activities | (907,098) | (554,581) |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 2,705,332 | (951,347) |
Net decrease in short-term borrowings | (1,693,603) | (39,377) |
Proceeds from long-term borrowings | 1,500,000 | |
Payments on long-term borrowings | (322,591) | (323,025) |
Purchases of treasury stock | (254,000) | |
Dividends paid - common | (223,179) | (187,278) |
Dividends paid - preferred | (40,635) | (40,635) |
Other, net | 2,145 | 15,661 |
Net cash provided (used) by financing activities | 173,469 | (26,001) |
Net decrease in cash and cash equivalents | (83,598) | (22,499) |
Cash and cash equivalents at beginning of period | 1,368,040 | 1,373,357 |
Cash and cash equivalents at end of period | 1,284,442 | 1,350,858 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 1,947,027 | 1,478,848 |
Interest paid during the period | 257,222 | 149,255 |
Income taxes paid during the period | 105,361 | 225,107 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 66,286 | 23,273 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 13,923 | 36,645 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | $ 143 | $ 368 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Series A Warrants [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Warrants [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | Treasury Stock [Member]Series A Warrants [Member] |
Beginning balance at Dec. 31, 2014 | $ 12,335,896 | $ 1,231,500 | $ 66,157 | $ 2,608 | $ 3,409,506 | $ 7,807,119 | $ (180,994) | ||||
Total comprehensive income | 491,793 | 528,301 | (36,508) | ||||||||
Preferred stock cash dividends | (40,635) | (40,635) | |||||||||
Exercise of stock warrants into common stock | $ 1 | $ (1) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 21,110 | 144 | 20,966 | ||||||||
Exercises of stock options, net | 35,116 | 179 | 34,937 | ||||||||
Stock purchase plan | 10,346 | 45 | 10,301 | ||||||||
Directors' stock plan | 830 | 3 | 827 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (51) | 2 | (276) | 274 | (51) | ||||||
Other | 801 | 801 | |||||||||
Common stock cash dividends - $1.40 per share | (187,209) | (187,209) | |||||||||
Ending balance at Jun. 30, 2015 | 12,667,997 | 1,231,500 | 66,531 | 2,332 | 3,477,611 | 8,107,525 | (217,502) | ||||
Beginning balance at Dec. 31, 2015 | 16,173,289 | 1,231,500 | 79,782 | 2,364 | 6,680,768 | 8,430,502 | (251,627) | ||||
Total comprehensive income | 785,165 | 634,559 | 150,606 | ||||||||
Preferred stock cash dividends | (40,635) | (40,635) | |||||||||
Exercise of stock warrants into common stock | $ (223) | $ 223 | |||||||||
Purchases of treasury stock | (254,000) | $ (254,000) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 12,801 | 175 | 6,746 | 5,880 | |||||||
Exercises of stock options, net | 5,562 | 18 | 1,642 | 3,902 | |||||||
Stock purchase plan | 10,594 | 275 | 10,319 | ||||||||
Directors' stock plan | 1,053 | 2 | 500 | 551 | |||||||
Deferred compensation plans, net, including dividend equivalents | 28 | 2 | (163) | 232 | (47) | 4 | |||||
Other | 731 | 731 | |||||||||
Common stock cash dividends - $1.40 per share | (223,074) | (223,074) | |||||||||
Ending balance at Jun. 30, 2016 | $ 16,471,514 | $ 1,231,500 | $ 79,979 | $ 2,201 | $ 6,690,671 | $ 8,801,305 | $ (101,021) | $ (233,121) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Common stock per share dividend amount | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Common Stock [Member] | Series A Warrants [Member] | ||||
Exercise of warrants into shares of common stock | 2,315 | 2,315 | ||
Exercise of warrants into shares of common stock | 904 | |||
Retained Earnings [Member] | ||||
Common stock per share dividend amount | $ 1.40 | $ 1.40 | ||
Treasury Stock [Member] | Series A Warrants [Member] | ||||
Exercise of warrants into shares of common stock | 5,320 | 5,320 | ||
Exercise of warrants into shares of common stock | 1,983 |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies The consolidated financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2015 (“2015 Annual Report”). In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions On November 1, 2015, M&T completed the acquisition of Hudson City Bancorp, Inc. (“Hudson City”), headquartered in Paramus, New Jersey. On that date, Hudson City Savings Bank, the banking subsidiary of Hudson City, was merged into M&T Bank, a wholly owned banking subsidiary of M&T. Hudson City Savings Bank operated 135 banking offices in New Jersey, Connecticut and New York at the date of acquisition. The results of operations acquired in the Hudson City transaction have been included in the Company’s financial results since November 1, 2015. After application of the election, allocation and proration procedures contained in the merger agreement with Hudson City, M&T paid $2.1 billion in cash and issued 25,953,950 shares of M&T common stock in exchange for Hudson City shares outstanding at the time of the acquisition. The purchase price was approximately $5.2 billion based on the cash paid to Hudson City shareholders, the fair value of M&T stock exchanged and the estimated fair value of Hudson City stock awards converted into M&T stock awards. The acquisition of Hudson City expanded the Company’s presence in New Jersey, Connecticut and New York, and management expects that the Company will benefit from greater geographic diversity and the advantages of scale associated with a larger company. The Hudson City transaction has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. The consideration paid for Hudson City’s common equity and the amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows: (in thousands) Identifiable assets: Cash and due from banks $ 131,688 Interest-bearing deposits at banks 7,568,934 Investment securities 7,929,014 Loans 19,015,013 Goodwill 1,079,787 Core deposit intangible 131,665 Other assets 843,219 Total identifiable assets 36,699,320 Liabilities: Deposits 17,879,589 Borrowings 13,211,598 Other liabilities 405,025 Total liabilities 31,496,212 Total consideration $ 5,203,108 Cash paid $ 2,064,284 Common stock issued (25,953,950 shares) 3,110,581 Common stock awards converted 28,243 Total consideration $ 5,203,108 NOTES TO FINANCIAL STATEMENTS, CONTINUED 2. Acquisitions, continued In early November 2015, the Company sold $5.8 billion of investment securities obtained in the acquisition and repaid $10.6 billion of borrowings assumed in the transaction. In connection with the acquisition, the Company recorded approximately $1.1 billion of goodwill and $132 million of core deposit intangible. The core deposit intangible asset is being amortized over a period of 7 years using an accelerated method. The following table presents certain pro forma information as if Hudson City had been included in the Company’s results of operations in the three-month and six-month periods ended June 30, 2015. These results combine the historical results of Hudson City into the Company’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place as indicated. In particular, no adjustments have been made to eliminate the impact of gains on securities transactions of $67 million during the three months ended June 30, 2015 and $74 million during the six months ended June 30, 2015 that may not have been recognized had the investment securities been recorded at fair value. Additionally, the Company expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts that follow. Pro forma Pro forma (in thousands) Total revenues(a) $ 1,370,594 2,624,039 Net income 357,654 642,891 (a) Represents net interest income plus other income. In connection with the Hudson City acquisition, the Company incurred merger-related expenses related to systems conversions and other costs of integrating and conforming acquired operations with and into the Company. Those expenses consisted largely of professional services and other temporary help fees associated with preparing for systems conversions and/or integration of operations; costs related to termination of existing contractual arrangements for various services; initial marketing and promotion expenses designed to introduce M&T Bank to its new customers; severance (for former Hudson City employees); travel costs; and other costs of completing the transaction and commencing operations in new markets and offices. The Company does not expect additional merger-related expenses in 2016. A summary of merger-related expenses included in the consolidated statement of income follows: Three months Six months (in thousands) Salaries and employee benefits $ 60 5,334 Equipment and net occupancy 339 1,278 Printing, postage and supplies 545 1,482 Other costs of operations 11,649 27,661 Total $ 12,593 35,755 There were no merger-related expenses during the three-month and six-month periods ended June 30, 2015. NOTES TO FINANCIAL STATEMENTS, CONTINUED |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 3. Investment securities The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (in thousands) June 30, 2016 Investment securities available for sale: U.S. Treasury and federal agencies $ 397,825 2,537 14 $ 400,348 Obligations of states and political subdivisions 5,158 131 48 5,241 Mortgage-backed securities: Government issued or guaranteed 10,944,676 323,828 1,226 11,267,278 Privately issued 58 — 1 57 Collateralized debt obligations 28,255 17,466 2,416 43,305 Other debt securities 135,170 1,271 21,670 114,771 Equity securities 67,687 20,448 161 87,974 11,578,829 365,681 25,536 11,918,974 Investment securities held to maturity: Obligations of states and political subdivisions 84,614 712 240 85,086 Mortgage-backed securities: Government issued or guaranteed 2,315,012 88,526 350 2,403,188 Privately issued 168,784 927 40,737 128,974 Other debt securities 6,011 — — 6,011 2,574,421 90,165 41,327 2,623,259 Other securities 469,689 — — 469,689 Total $ 14,622,939 455,846 66,863 $ 15,011,922 December 31, 2015 Investment securities available for sale: U.S. Treasury and federal agencies $ 299,890 294 187 $ 299,997 Obligations of states and political subdivisions 5,924 146 42 6,028 Mortgage-backed securities: Government issued or guaranteed 11,592,959 142,370 48,701 11,686,628 Privately issued 74 2 2 74 Collateralized debt obligations 28,438 20,143 1,188 47,393 Other debt securities 137,556 1,514 20,190 118,880 Equity securities 73,795 10,230 354 83,671 12,138,636 174,699 70,664 12,242,671 Investment securities held to maturity: Obligations of states and political subdivisions 118,431 1,003 421 119,013 Mortgage-backed securities: Government issued or guaranteed 2,553,612 50,936 7,817 2,596,731 Privately issued 181,091 2,104 41,367 141,828 Other debt securities 6,575 — — 6,575 2,859,709 54,043 49,605 2,864,147 Other securities 554,059 — — 554,059 Total $ 15,552,404 228,742 120,269 $ 15,660,877 There were no significant gross realized gains or losses from sales of investment securities for the three-month and six-month periods ended June 30, 2016 and 2015, respectively. At June 30, 2016, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized cost Estimated (in thousands) Debt securities available for sale: Due in one year or less $ 6,147 6,176 Due after one year through five years 399,312 402,100 Due after five years through ten years 3,425 3,822 Due after ten years 157,524 151,567 566,408 563,665 Mortgage-backed securities available for sale 10,944,734 11,267,335 $ 11,511,142 11,831,000 Debt securities held to maturity: Due in one year or less $ 28,259 28,430 Due after one year through five years 51,414 51,611 Due after five years through ten years 4,941 5,045 Due after ten years 6,011 6,011 90,625 91,097 Mortgage-backed securities held to maturity 2,483,796 2,532,162 $ 2,574,421 2,623,259 A summary of investment securities that as of June 30, 2016 and December 31, 2015 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less than 12 months 12 months or more Fair Unrealized Fair Unrealized (in thousands) June 30, 2016 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,831 (14 ) — — Obligations of states and political subdivisions — — 1,703 (48 ) Mortgage-backed securities: Government issued or guaranteed 245,977 (1,123 ) 7,590 (103 ) Privately issued — — 40 (1 ) Collateralized debt obligations 2,883 (1,078 ) 4,285 (1,338 ) Other debt securities 11,275 (409 ) 91,997 (21,261 ) Equity securities — — 140 (161 ) 267,966 (2,624 ) 105,755 (22,912 ) Investment securities held to maturity: Obligations of states and political subdivisions 15,813 (89 ) 12,057 (151 ) Mortgage-backed securities: Government issued or guaranteed — — 125,116 (350 ) Privately issued 17,436 (3,075 ) 94,454 (37,662 ) 33,249 (3,164 ) 231,627 (38,163 ) Total $ 301,215 (5,788 ) 337,382 (61,075 ) December 31, 2015 Investment securities available for sale: U.S. Treasury and federal agencies $ 147,508 (187 ) — — Obligations of states and political subdivisions 865 (2 ) 1,335 (40 ) Mortgage-backed securities: Government issued or guaranteed 4,061,899 (48,534 ) 7,216 (167 ) Privately issued — — 43 (2 ) Collateralized debt obligations 5,711 (335 ) 2,063 (853 ) Other debt securities 12,935 (462 ) 93,344 (19,728 ) Equity securities 18,073 (207 ) 153 (147 ) 4,246,991 (49,727 ) 104,154 (20,937 ) Investment securities held to maturity: Obligations of states and political subdivisions 42,913 (335 ) 5,853 (86 ) Mortgage-backed securities: Government issued or guaranteed 459,983 (1,801 ) 228,867 (6,016 ) Privately issued — — 112,155 (41,367 ) 502,896 (2,136 ) 346,875 (47,469 ) Total $ 4,749,887 (51,863 ) 451,029 (68,406 ) NOTES TO FINANCIAL STATEMENTS, CONTINUED 3. Investment securities, continued The Company owned 428 individual investment securities with aggregate gross unrealized losses of $67 million at June 30, 2016. Based on a review of each of the securities in the investment securities portfolio at June 30, 2016, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 2016, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At June 30, 2016, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $470 million of cost method investment securities. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 4. Loans and leases and the allowance for credit losses The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date that is included in the consolidated balance sheet were as follows: June 30, December 31, (in thousands) Outstanding principal balance $ 2,735,024 3,122,935 Carrying amount: Commercial, financial, leasing, etc. 68,648 78,847 Commercial real estate 548,485 644,284 Residential real estate 903,891 1,016,129 Consumer 650,456 725,807 $ 2,171,480 2,465,067 Purchased impaired loans included in the table above totaled $662 million at June 30, 2016 and $768 million at December 31, 2015, representing less than 1% of the Company’s assets as of each date. A summary of changes in the accretable yield for loans acquired at a discount for the three months and six months ended June 30, 2016 and 2015 follows: Three months ended June 30 2016 2015 Purchased Other Purchased Other (in thousands) Balance at beginning of period $ 171,185 269,017 $ 71,422 357,895 Interest income (14,060 ) (32,898 ) (5,772 ) (40,024 ) Reclassifications from nonaccretable balance, net 4,898 2,933 11,974 26,840 Other (a) — 6,143 — 278 Balance at end of period $ 162,023 245,195 $ 77,624 344,989 NOTES TO FINANCIAL STATEMENTS, CONTINUED 4. Loans and leases and the allowance for credit losses, continued Six months ended June 30 2016 2015 Purchased Other Purchased Other (in thousands) Balance at beginning of period $ 184,618 296,434 $ 76,518 397,379 Interest income (28,122 ) (70,760 ) (10,978 ) (81,301 ) Reclassifications from nonaccretable balance, net 5,527 8,597 12,084 27,023 Other (a) — 10,924 — 1,888 Balance at end of period $ 162,023 245,195 $ 77,624 344,989 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. A summary of current, past due and nonaccrual loans as of June 30, 2016 and December 31, 2015 follows: Current 30-89 Days Accruing Accruing Purchased Nonaccrual Total June 30, 2016 (in thousands) Commercial, financial, leasing, etc. $ 21,157,606 63,069 6,665 452 766 240,684 $ 21,469,242 Real estate: Commercial 23,390,039 125,657 16,487 13,935 36,111 172,670 23,754,899 Residential builder and developer 1,819,984 14,892 — 4,847 19,972 24,263 1,883,958 Other commercial construction 4,993,493 41,297 — 280 16,009 21,294 5,072,373 Residential 19,208,724 470,646 270,845 13,087 433,192 202,949 20,599,443 Residential-limited documentation 3,584,715 112,743 — — 154,320 79,028 3,930,806 Consumer: Home equity lines and loans 5,658,417 34,735 — 14,608 1,689 86,870 5,796,319 Automobile 2,669,708 39,139 — 1 — 12,390 2,721,238 Other 3,232,679 26,501 4,452 21,381 — 8,707 3,293,720 Total $ 85,715,365 928,679 298,449 68,591 662,059 848,855 $ 88,521,998 NOTES TO FINANCIAL STATEMENTS, CONTINUED 4. Loans and leases and the allowance for credit losses, continued Current 30-89 Days Accruing Accruing Purchased Nonaccrual Total December 31, 2015 (in thousands) Commercial, financial, leasing, etc. $ 20,122,648 52,868 2,310 693 1,902 241,917 $ 20,422,338 Real estate: Commercial (d) 23,111,673 172,439 12,963 8,790 46,790 179,606 23,532,261 Residential builder and developer 1,507,856 7,969 5,760 6,925 28,734 28,429 1,585,673 Other commercial construction (d) 3,962,620 65,932 7,936 2,001 24,525 16,363 4,079,377 Residential 20,507,551 560,312 284,451 16,079 488,599 153,281 22,010,273 Residential-limited documentation 3,885,073 137,289 — — 175,518 61,950 4,259,830 Consumer: Home equity lines and loans 5,805,222 45,604 — 15,222 2,261 84,467 5,952,776 Automobile 2,446,473 56,181 — 6 — 16,597 2,519,257 Other 3,051,435 36,702 4,021 18,757 — 16,799 3,127,714 Total $ 84,400,551 1,135,296 317,441 68,473 768,329 799,409 $ 87,489,499 (a) Excludes loans acquired at a discount. (b) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. (c) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. (d) The Company expanded its definition of construction loans in 2016 and, as a result, re-characterized certain commercial real estate loans as other commercial construction loans. The December 31, 2015 balances reflect such changes. One-to-four family residential mortgage loans held for sale were $374 million and $353 million at June 30, 2016 and December 31, 2015, respectively. Commercial mortgage loans held for sale were $228 million at June 30, 2016 and $39 million at December 31, 2015. Changes in the allowance for credit losses for the three months ended June 30, 2016 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 323,866 331,985 68,371 160,819 77,711 $ 962,752 Provision for credit losses (10,919 ) 15,823 4,404 22,681 11 32,000 Net charge-offs Charge-offs (7,487 ) (733 ) (5,090 ) (33,560 ) — (46,870 ) Recoveries 10,619 2,599 1,975 7,421 — 22,614 Net charge-offs 3,132 1,866 (3,115 ) (26,139 ) — (24,256 ) Ending balance $ 316,079 349,674 69,660 157,361 77,722 $ 970,496 Changes in the allowance for credit losses for the three months ended June 30, 2015 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 281,069 317,375 60,741 186,052 76,136 $ 921,373 Provision for credit losses 9,737 (3,652 ) 1,624 21,016 1,275 30,000 Net charge-offs Charge-offs (7,728 ) (3,470 ) (3,309 ) (18,455 ) — (32,962 ) Recoveries 3,672 1,041 1,238 5,625 — 11,576 Net charge-offs (4,056 ) (2,429 ) (2,071 ) (12,830 ) — (21,386 ) Ending balance $ 286,750 311,294 60,294 194,238 77,411 $ 929,987 Changes in the allowance for credit losses for the six months ended June 30, 2016 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 300,404 326,831 72,238 178,320 78,199 $ 955,992 Provision for credit losses 13,445 19,836 5,622 42,574 (477 ) 81,000 Net charge-offs Charge-offs (13,636 ) (2,005 ) (12,062 ) (77,879 ) — (105,582 ) Recoveries 15,866 5,012 3,862 14,346 — 39,086 Net charge-offs 2,230 3,007 (8,200 ) (63,533 ) — (66,496 ) Ending balance $ 316,079 349,674 69,660 157,361 77,722 $ 970,496 Changes in the allowance for credit losses for the six months ended June 30, 2015 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 288,038 307,927 61,910 186,033 75,654 $ 919,562 Provision for credit losses 11,179 11,890 2,584 40,590 1,757 68,000 Net charge-offs Charge-offs (20,078 ) (10,149 ) (6,427 ) (43,784 ) — (80,438 ) Recoveries 7,611 1,626 2,227 11,399 — 22,863 Net charge-offs (12,467 ) (8,523 ) (4,200 ) (32,385 ) — (57,575 ) Ending balance $ 286,750 311,294 60,294 194,238 77,411 $ 929,987 Despite the above allocation, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In establishing the allowance for credit losses, the Company estimates losses attributable to specific troubled credits identified through both normal and detailed or intensified credit review processes and also estimates losses inherent in other loans and leases on a collective basis. For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by loan type. The amounts of loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial loans and commercial real estate loans that are in nonaccrual status and by applying loss factors to groups of loan balances based on loan type and management’s classification of such loans under the Company’s loan grading system. Measurement of the specific loss components is typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. In determining the allowance for credit losses, the Company utilizes a loan grading system which is applied to commercial and commercial real estate credits on an individual loan basis. Loan officers are responsible for continually assigning grades to these loans based on standards outlined in the Company’s Credit Policy. Internal loan grades are also monitored by the Company’s loan review department to ensure consistency and strict adherence to the prescribed standards. Loan grades are assigned loss component factors that reflect the Company’s loss estimate for each group of loans and leases. Factors considered in assigning loan grades and loss component factors include borrower-specific information related to expected future cash flows and operating results, collateral values, geographic location, financial condition and performance, payment status, and other information; levels of and trends in portfolio charge-offs and recoveries; levels of and trends in portfolio delinquencies and impaired loans; changes in the risk profile of specific portfolios; trends in volume and terms of loans; effects of changes in credit concentrations; and observed trends and practices in the banking industry. As updated appraisals are obtained on individual loans or other events in the market place indicate that collateral values have significantly changed, individual loan grades are adjusted as appropriate. Changes in other factors cited may also lead to loan grade changes at any time. Except for consumer and residential real estate loans that are considered smaller balance homogenous loans and acquired loans that are evaluated on an aggregated basis, the Company considers a loan to be impaired for purposes of applying GAAP when, based on current information and events, it is probable that the Company will be unable to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days. Regardless of loan type, the Company considers a loan to be impaired if it qualifies as a troubled debt restructuring. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. The following tables provide information with respect to loans and leases that were considered impaired as of June 30, 2016 and December 31, 2015 and for the three-month and six-month periods ended June 30, 2016 and 2015: June 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (in thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 196,990 219,662 50,010 179,037 195,821 44,752 Real estate: Commercial 79,748 89,051 16,562 85,974 95,855 18,764 Residential builder and developer 6,854 7,788 581 3,316 5,101 196 Other commercial construction 3,312 3,731 1,223 3,548 3,843 348 Residential 77,975 96,157 3,337 79,558 96,751 4,727 Residential-limited documentation 85,201 98,607 6,700 90,356 104,251 8,000 Consumer: Home equity lines and loans 40,004 40,914 7,421 25,220 26,195 3,777 Automobile 19,137 19,137 4,022 22,525 22,525 4,709 Other 4,426 4,426 940 17,620 17,620 4,820 513,647 579,473 90,796 507,154 567,962 90,093 With no related allowance recorded: Commercial, financial, leasing, etc. 74,409 83,632 — 93,190 110,735 — Real estate: Commercial 101,949 118,540 — 101,340 116,230 — Residential builder and developer 21,619 30,837 — 27,651 47,246 — Other commercial construction 18,334 37,278 — 13,221 31,477 — Residential 18,945 27,933 — 19,621 30,940 — Residential-limited documentation 17,790 29,972 — 18,414 31,113 — 253,046 328,192 — 273,437 367,741 — Total: Commercial, financial, leasing, etc. 271,399 303,294 50,010 272,227 306,556 44,752 Real estate: Commercial 181,697 207,591 16,562 187,314 212,085 18,764 Residential builder and developer 28,473 38,625 581 30,967 52,347 196 Other commercial construction 21,646 41,009 1,223 16,769 35,320 348 Residential 96,920 124,090 3,337 99,179 127,691 4,727 Residential-limited documentation 102,991 128,579 6,700 108,770 135,364 8,000 Consumer: Home equity lines and loans 40,004 40,914 7,421 25,220 26,195 3,777 Automobile 19,137 19,137 4,022 22,525 22,525 4,709 Other 4,426 4,426 940 17,620 17,620 4,820 Total $ 766,693 907,665 90,796 780,591 935,703 90,093 Three months ended Three months ended Interest income Interest income Average Total Cash Average Total Cash (in thousands) Commercial, financial, leasing, etc. $ 291,970 5,700 5,700 221,952 502 502 Real estate: Commercial 175,028 611 611 153,105 1,004 1,004 Residential builder and developer 31,751 41 41 66,334 131 131 Other commercial construction 20,955 335 335 23,614 168 168 Residential 97,936 1,834 1,139 101,560 1,358 785 Residential-limited documentation 103,795 1,607 640 120,286 1,650 697 Consumer: Home equity lines and loans 34,234 323 98 20,221 224 65 Automobile 20,542 322 28 26,123 416 43 Other 11,169 121 36 19,058 185 30 Total $ 787,380 10,894 8,628 752,253 5,638 3,425 Six months ended Six months ended Interest income Interest income Average Total Cash Average Total Cash (in thousands) Commercial, financial, leasing, etc. $ 294,277 6,311 6,311 218,285 1,106 1,106 Real estate: Commercial 178,741 2,085 2,085 153,088 2,106 2,106 Residential builder and developer 32,750 83 83 69,742 194 194 Other commercial construction 18,911 373 373 24,577 223 223 Residential 97,362 3,206 2,021 103,025 2,804 1,695 Residential-limited documentation 105,634 3,079 1,270 122,970 3,260 1,344 Consumer: Home equity lines and loans 30,127 569 183 19,952 425 113 Automobile 21,252 661 64 27,568 866 97 Other 14,443 299 63 18,960 359 63 Total $ 793,497 16,666 12,453 758,167 11,343 6,941 In accordance with the previously described policies, the Company utilizes a loan grading system that is applied to all commercial loans and commercial real estate loans. Loan grades are utilized to differentiate risk within the portfolio and consider the expectations of default for each loan. Commercial loans and commercial real estate loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. All larger balance criticized commercial loans and commercial real estate loans are individually reviewed by centralized loan review personnel each quarter to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. Smaller balance criticized loans are analyzed by business line risk management areas to ensure proper loan grade classification. Furthermore, criticized nonaccrual commercial loans and commercial real estate loans are considered impaired and, as a result, specific loss allowances on such loans are established within the allowance for credit losses to the extent appropriate in each individual instance. The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans. Real Estate Commercial, Commercial Residential Other (in thousands) June 30, 2016 Pass $ 20,409,928 22,785,132 1,704,457 4,847,810 Criticized accrual 818,630 797,097 155,238 203,269 Criticized nonaccrual 240,684 172,670 24,263 21,294 Total $ 21,469,242 23,754,899 1,883,958 5,072,373 December 31, 2015 Pass $ 19,442,183 22,697,398 1,497,465 3,834,137 Criticized accrual 738,238 655,257 59,779 228,877 Criticized nonaccrual 241,917 179,606 28,429 16,363 Total $ 20,422,338 23,532,261 1,585,673 4,079,377 In determining the allowance for credit losses, residential real estate loans and consumer loans are generally evaluated collectively after considering such factors as payment performance and recent loss experience and trends, which are mainly driven by current collateral values in the market place as well as the amount of loan defaults. Loss rates on such loans are determined by reference to recent charge-off history and are evaluated (and adjusted if deemed appropriate) through consideration of other factors including near-term forecasted loss estimates developed by the Company’s Credit Department. In arriving at such forecasts, the Company considers the current estimated fair value of its collateral based on geographical adjustments for home price depreciation/appreciation and overall borrower repayment performance. With regard to collateral values, the realizability of such values by the Company contemplates repayment of any first lien position prior to recovering amounts on a second lien position. However, residential real estate loans and outstanding balances of home equity loans and lines of credit that are more than 150 days past due are generally evaluated for collectibility on a loan-by-loan basis giving consideration to estimated collateral values. The carrying value of residential real estate loans and home equity loans and lines of credit for which a partial charge-off has been recognized aggregated $52 million and $31 million, respectively, at June 30, 2016 and $55 million and $21 million, respectively, at December 31, 2015. Residential real estate loans and home equity loans and lines of credit that were more than 150 days past due but did not require a partial charge-off because the net realizable value of the collateral exceeded the outstanding customer balance totaled $18 million and $39 million, respectively, at June 30, 2016 and $20 million and $28 million, respectively, at December 31, 2015. The Company also measures additional losses for purchased impaired loans when it is probable that the Company will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition. The determination of the allocated portion of the allowance for credit losses is very subjective. Given that inherent subjectivity and potential imprecision involved in determining the allocated portion of the allowance for credit losses, the Company also provides an inherent unallocated portion of the allowance. The unallocated portion of the allowance is intended to recognize probable losses that are not otherwise identifiable and includes management’s subjective determination of amounts necessary to provide for the possible use of imprecise estimates in determining the allocated portion of the allowance. Therefore, the level of the unallocated portion of the allowance is primarily reflective of the inherent imprecision in the various calculations used in determining the allocated portion of the allowance for credit losses. Other factors that could also lead to changes in the unallocated portion include the effects of expansion into new markets for which the Company does not have the same degree of familiarity and experience regarding portfolio performance in changing market conditions, the introduction of new loan and lease product types, and other risks associated with the Company’s loan portfolio that may not be specifically identifiable. The allocation of the allowance for credit losses summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Commercial Residential Consumer Total (in thousands) June 30, 2016 Individually evaluated for impairment $ 50,010 18,292 10,037 12,383 $ 90,722 Collectively evaluated for impairment 266,069 328,919 57,666 143,891 796,545 Purchased impaired — 2,463 1,957 1,087 5,507 Allocated $ 316,079 349,674 69,660 157,361 892,774 Unallocated 77,722 Total $ 970,496 December 31, 2015 Individually evaluated for impairment $ 44,752 19,175 12,727 13,306 $ 89,960 Collectively evaluated for impairment 255,615 307,000 57,624 163,511 783,750 Purchased impaired 37 656 1,887 1,503 4,083 Allocated $ 300,404 326,831 72,238 178,320 877,793 Unallocated 78,199 Total $ 955,992 The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Commercial Residential Consumer Total (in thousands) June 30, 2016 Individually evaluated for impairment $ 271,399 230,960 199,911 63,567 $ 765,837 Collectively evaluated for impairment 21,197,077 30,408,178 23,742,826 11,746,021 87,094,102 Purchased impaired 766 72,092 587,512 1,689 662,059 Total $ 21,469,242 30,711,230 24,530,249 11,811,277 $ 88,521,998 December 31, 2015 Individually evaluated for impairment $ 272,227 234,132 207,949 65,365 $ 779,673 Collectively evaluated for impairment 20,148,209 28,863,130 25,398,037 11,532,121 85,941,497 Purchased impaired 1,902 100,049 664,117 2,261 768,329 Total $ 20,422,338 29,197,311 26,270,103 11,599,747 $ 87,489,499 During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three months ended June 30, 2016 and 2015: Recorded investment Financial effects of Three months ended June 30, 2016 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 33 $ 45,733 $ 45,657 $ (76 ) $ — Combination of concession types 5 15,257 14,217 (1,040 ) — Real estate: Commercial Principal deferral 10 2,726 2,710 (16 ) — Interest rate reduction 1 129 129 — (25 ) Other 1 4,723 4,447 (276 ) — Combination of concession types 4 7,065 7,008 (57 ) (31 ) Residential builder and developer Principal deferral 3 23,905 22,958 (947 ) — Other commercial construction Principal deferral 1 250 250 — — Combination of concession types 1 124 124 — — Residential Principal deferral 8 963 1,040 77 — Combination of concession types 8 1,043 1,122 79 — Residential-limited documentation Principal deferral 2 151 195 44 — Consumer: Home equity lines and loans Principal deferral 1 69 69 — — Combination of concession types 31 3,737 3,737 — (280 ) Automobile Principal deferral 44 158 158 — — Other 22 17 17 — — Other Principal deferral 29 551 551 — — Other 3 20 20 — — Combination of concession types 9 49 49 — (5 ) Total 216 $ 106,670 $ 104,458 $ (2,212 ) $ (341 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. Recorded investment Financial effects of Three months ended June 30, 2015 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 30 $ 16,018 $ 15,355 $ (663 ) $ — Other 2 8,991 8,883 (108 ) — Combination of concession types 2 15,889 17,864 1,975 (239 ) Real estate: Commercial Principal deferral 15 38,983 37,585 (1,398 ) — Combination of concession types 1 436 436 — (53 ) Residential builder and developer Principal deferral 1 9,252 9,200 (52 ) — Residential Principal deferral 12 693 754 61 — Combination of concession types 9 961 1,066 105 (144 ) Residential-limited documentation Principal deferral 1 161 161 — — Combination of concession types 2 424 426 2 (26 ) Consumer: Home equity lines and loans Principal deferral 1 1,198 1,198 — — Combination of concession types 14 1,356 1,356 — (212 ) Automobile Principal deferral 63 615 615 — — Interest rate reduction 4 95 95 — (7 ) Other 13 21 21 — — Combination of concession types 9 138 138 — (4 ) Other Principal deferral 27 770 770 — — Other 2 21 21 — — Combination of concession types 10 43 43 — (7 ) Total 218 $ 96,065 $ 95,987 $ (78 ) $ (692 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the six months ended June 30, 2016 and 2015: Recorded investment Financial effects of Six months ended June 30, 2016 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 57 $ 57,304 $ 58,378 $ 1,074 $ — Combination of concession types 12 21,414 20,169 (1,245 ) — Real estate: Commercial Principal deferral 26 6,209 6,158 (51 ) — Interest rate reduction 1 129 129 — (25 ) Other 1 4,723 4,447 (276 ) — Combination of concession types 9 10,998 10,932 (66 ) (66 ) Residential builder and developer Principal deferral 3 23,905 22,958 (947 ) — Other commercial construction Principal deferral 1 250 250 — — Combination of concession types 1 124 124 — — Residential Principal deferral 25 2,944 3,231 287 — Combination of concession types 18 3,364 3,491 127 — Residential-limited documentation Principal deferral 3 276 333 57 — Combination of concession types 5 1,312 1,379 67 (339 ) Consumer: Home equity lines and loans Principal deferral 4 404 404 — — Combination of concession types 54 6,233 6,233 — (563 ) Automobile Principal deferral 92 679 679 — — Other 38 55 55 — — Combination of concession types 8 85 85 — (3 ) Other Principal deferral 55 925 925 — — Other 5 45 45 — — Combination of concession types 17 196 196 — (32 ) Total 435 $ 141,574 $ 140,601 $ (973 ) $ (1,028 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. Recorded investment Financial effects of Six months ended June 30, 2015 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 51 $ 17,590 $ 16,912 $ (678 ) $ — Interest rate reduction 1 99 99 — (19 ) Other 2 8,991 8,883 (108 ) — Combination of concession types 5 25,044 24,853 (191 ) (239 ) Real estate: Commercial Principal deferral 22 42,775 41,361 (1,414 ) — Combination of concession types 5 2,082 2,073 (9 ) (105 ) Residential builder and developer Principal deferral 2 10,650 10,598 (52 ) — Residential Principal deferral 19 1,414 1,496 82 — Combination of concession types 12 1,255 1,415 160 (178 ) Residential-limited documentation Principal deferral 1 161 161 — — Combination of concession types 3 634 636 2 (30 ) Consumer: Home equity lines and loans Principal deferral 2 1,219 1,219 — — Combination of concession types 19 1,552 1,552 — (225 ) Automobile Principal deferral 98 918 918 — — Interest rate reduction 7 137 137 — (10 ) Other 23 41 41 — — Combination of concession types 17 222 222 — (11 ) Other Principal deferral 49 1,066 1,066 — — Other 7 80 80 — — Combination of concession types 23 267 267 — (32 ) Total 368 $ 116,197 $ 113,989 $ (2,208 ) $ (849 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. Troubled debt restructurings are considered to be impaired loans and for purposes of establishing the allowance for credit losses are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended June 30, 2016 and 2015 and for which there was a subsequent payment default during the six-month periods ended June 30, 2016 and 2015, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $158 million and $172 million at June 30, 2016 and December 31, 2015, respectively. There were $305 million and $315 million at June 30, 2016 and December 31, 2015, respectively, in loans secured by residential real estate that were in the process of foreclosure. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings M&T had $515 million of fixed and variable rate junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) outstanding at June 30, 2016 that are held by various trusts that were issued in connection with the issuance by those trusts of preferred capital securities (“Capital Securities”) and common securities (“Common Securities”). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, beginning in 2016 none of the securities are includable in M&T’s Tier 1 regulatory capital, but do qualify for inclusion in Tier 2 regulatory capital. Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. Also included in long-term borrowings are agreements to repurchase securities of $1.9 billion at each of June 30, 2016 and December 31, 2015. The agreements reflect various repurchase dates through 2020, however, the contractual maturities of the underlying investment securities extend beyond such repurchase dates. The agreements are subject to legally enforceable master netting arrangements, however, the Company has not offset any amounts related to these agreements in its consolidated financial statements. The Company posted collateral consisting primarily of government guaranteed mortgage-backed securities of $2.0 billion at each of June 30, 2016 and December 31, 2015. |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Shareholders' equity | 6. Shareholders’ equity M&T is authorized to issue 1,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Issued and outstanding preferred stock of M&T as of June 30, 2016 and December 31, 2015 is presented below: Shares Carrying value (dollars in thousands) Series A (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 230,000 $ 230,000 Series C (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 151,500 $ 151,500 Series D (b) Fixed Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 Series E (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock $1,000 liquidation preference per share 350,000 $ 350,000 (a) Dividends, if declared, are paid at 6.375%. Warrants to purchase M&T common stock at $73.86 per share issued in connection with the Series A preferred stock expire in 2018 and totaled 713,855 at June 30, 2016 and 719,175 at December 31, 2015. (b) Dividends, if declared, are paid semi-annually at a rate of 6.875% per year. The shares became redeemable in whole or in part on June 15, 2016. (c) Dividends, if declared, are paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points (hundredths of one percent). The shares are redeemable in whole or in part on or after February 15, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. In addition to the Series A warrants mentioned in (a) above, a warrant to purchase 95,383 shares of M&T common stock at $518.96 per share was outstanding at June 30, 2016 and December 31, 2015. The obligation under that warrant was assumed by M&T in an acquisition. |
Pension plans and other postret
Pension plans and other postretirement benefits | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 7. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Other Three months ended June 30 2016 2015 2016 2015 (in thousands) Service cost $ 6,137 5,832 340 174 Interest cost on projected benefit obligation 20,822 17,732 1,281 652 Expected return on plan assets (26,423 ) (23,476 ) — — Amortization of prior service credit (789 ) (1,478 ) (330 ) (329 ) Amortization of net actuarial loss 6,773 11,237 30 28 Net periodic benefit cost $ 6,520 9,847 1,321 525 Pension Other Six months ended June 30 2016 2015 2016 2015 (in thousands) Service cost $ 12,519 11,832 798 374 Interest cost on projected benefit obligation 41,705 35,507 2,486 1,302 Expected return on plan assets (54,237 ) (47,051 ) — — Amortization of prior service credit (1,614 ) (3,003 ) (680 ) (679 ) Amortization of net actuarial loss 15,073 22,412 30 53 Net periodic benefit cost $ 13,446 19,697 2,634 1,050 Expense incurred in connection with the Company’s defined contribution pension and retirement savings plans totaled $15,274,000 and $13,346,000 for the three months ended June 30, 2016 and 2015, respectively, and $32,964,000 and $30,096,000 for the six months ended June 30, 2016 and 2015, respectively. |
Earnings per common share
Earnings per common share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 8. Earnings per common share The computations of basic earnings per common share follow: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands, except per share) Income available to common shareholders: Net income $ 336,031 286,688 634,559 528,301 Less: Preferred stock dividends (a) (20,317 ) (20,317 ) (40,635 ) (40,635 ) Net income available to common equity 315,714 266,371 593,924 487,666 Less: Income attributable to unvested stock-based compensation awards (2,746 ) (2,900 ) (5,227 ) (5,371 ) Net income available to common shareholders $ 312,968 263,471 588,697 482,295 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 159,164 133,818 159,692 133,680 Less: Unvested stock-based compensation awards (1,362 ) (1,462 ) (1,424 ) (1,477 ) Weighted-average shares outstanding 157,802 132,356 158,268 132,203 Basic earnings per common share $ 1.98 1.99 3.72 3.65 (a) Including impact of not as yet declared cumulative dividends. The computations of diluted earnings per common share follow: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands, except per share) Net income available to common equity $ 315,714 266,371 593,924 487,666 Less: Income attributable to unvested stock-based compensation awards (2,740 ) (2,890 ) (5,217 ) (5,353 ) Net income available to common shareholders $ 312,974 263,481 588,707 482,313 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 159,164 133,818 159,692 133,680 Less: Unvested stock-based compensation awards (1,362 ) (1,462 ) (1,424 ) (1,477 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 539 760 493 741 Adjusted weighted-average shares outstanding 158,341 133,116 158,761 132,944 Diluted earnings per common share $ 1.98 1.98 3.71 3.63 GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities. Stock-based compensation awards and warrants to purchase common stock of M&T representing approximately 2.7 million and 1.6 million common shares during the three-month periods ended June 30, 2016 and 2015, respectively, and 2.8 million and 2.1 million common shares during the six-month periods ended June 30, 2016 and 2015, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Comprehensive income
Comprehensive income | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Comprehensive income | 9. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment securities With All Defined Other Total Income Net (in thousands) Balance – January 1, 2016 $ 16,359 62,849 (489,660 ) (4,093 ) $ (414,545 ) 162,918 $ (251,627 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 9,260 227,118 — — 236,378 (93,010 ) 143,368 Foreign currency translation adjustment — — — (2,489 ) (2,489 ) 871 (1,618 ) Total other comprehensive income (loss) before reclassifications 9,260 227,118 — (2,489 ) 233,889 (92,139 ) 141,750 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities — 2,081 — — 2,081 (b) (819 ) 1,262 Gains realized in net income — (268 ) — — (268 )(c) 102 (166 ) Accretion of net gain on terminated cash flow hedges — — — (77 ) (77 )(d) 30 (47 ) Amortization of prior service credit — — (2,294 ) — (2,294 )(e) 902 (1,392 ) Amortization of actuarial losses — — 15,103 — 15,103 (e) (5,904 ) 9,199 Total reclassifications — 1,813 12,809 (77 ) 14,545 (5,689 ) 8,856 Total gain (loss) during the period 9,260 228,931 12,809 (2,566 ) 248,434 (97,828 ) 150,606 Balance – June 30, 2016 $ 25,619 291,780 (476,851 ) (6,659 ) $ (166,111 ) 65,090 $ (101,021 ) Investment securities With All Defined Other Total Income Net (in thousands) Balance – January 1, 2015 $ 7,438 201,828 (503,027 ) (4,082 ) $ (297,843 ) 116,849 $ (180,994 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net 5,670 (85,602 ) — — (79,932 ) 31,617 (48,315 ) Foreign currency translation adjustment — — — (779 ) (779 ) 261 (518 ) Gains on cash flow hedges — — — 1,453 1,453 (568 ) 885 Total other comprehensive income (loss) before reclassifications 5,670 (85,602 ) — 674 (79,258 ) 31,310 (47,948 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Accretion of unrealized holding losses on HTM securities — 1,589 — — 1,589 (b) (621 ) 968 Losses realized in net income — 108 — — 108 (c) (40 ) 68 Accretion of net gain on terminated cash flow hedges — — — (63 ) (63 )(d) 25 (38 ) Amortization of prior service credit — — (3,682 ) — (3,682 )(e) 1,640 (2,042 ) Amortization of actuarial losses — — 22,465 — 22,465 (e) (9,981 ) 12,484 Total reclassifications — 1,697 18,783 (63 ) 20,417 (8,977 ) 11,440 Total gain (loss) during the period 5,670 (83,905 ) 18,783 611 (58,841 ) 22,333 (36,508 ) Balance – June 30, 2015 $ 13,108 117,923 (484,244 ) (3,471 ) $ (356,684 ) 139,182 $ (217,502 ) (a) Other-than-temporary impairment (b) Included in interest income (c) Included in gain (loss) on bank investment securities (d) Included in interest expense (e) Included in salaries and employee benefits expense Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment securities benefit With OTTI All other plans Other Total (in thousands) Balance – December 31, 2015 $ 9,921 38,166 (296,979 ) (2,735 ) $ (251,627 ) Net gain (loss) during period 5,616 138,848 7,807 (1,665 ) 150,606 Balance – June 30, 2016 $ 15,537 177,014 (289,172 ) (4,400 ) $ (101,021 ) |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 10. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting and collateral provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not material as of June 30, 2016. The net effect of interest rate swap agreements was to increase net interest income by $10 million and $11 million for the three-month Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Notional Average Weighted- amount maturity Fixed Variable (in thousands) (in years) June 30, 2016 Fair value hedges: Fixed rate long-term borrowings (a) $ 1,400,000 1.2 4.42 % 1.63 % December 31, 2015 Fair value hedges: Fixed rate long-term borrowings (a) $ 1,400,000 1.7 4.42 % 1.39 % (a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale. Derivative financial instruments used for trading account purposes included interest rate contracts, foreign exchange and other option contracts, foreign exchange forward and spot contracts, and financial futures. Interest rate contracts entered into for trading account purposes had notional values of $20.1 billion and $18.4 billion at June 30, 2016 and December 31, 2015, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $826 million and $1.6 billion at June 30, 2016 and December 31, 2015, respectively. Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset derivatives Liability derivatives Fair value Fair value June 30, December 31, June 30, December 31, (in thousands) Derivatives designated and qualifying as hedging instruments Fair value hedges: Interest rate swap agreements (a) $ 33,648 43,892 — — Commitments to sell real estate loans (a) 71 1,844 8,545 656 33,719 45,736 8,545 656 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 21,431 10,282 48 403 Commitments to sell real estate loans (a) 292 533 7,720 846 Trading: Interest rate contracts (b) 401,512 203,517 345,681 153,723 Foreign exchange and other option and futures contracts (b) 7,975 8,569 6,860 7,022 431,210 222,901 360,309 161,994 Total derivatives $ 464,929 268,637 368,854 162,650 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. Amount of gain (loss) recognized Three months ended Three months ended Derivative Hedged item Derivative Hedged item (in thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (7,611 ) 7,146 (9,354 ) 8,952 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 5,782 1,772 Foreign exchange and other option and futures contracts (b) 2,457 1,621 Total $ 8,239 3,393 Amount of gain (loss) recognized Six months ended Six months ended Derivative Hedged item Derivative Hedged item (in thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (10,244 ) 9,016 (9,750 ) 9,113 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 6,756 2,432 Foreign exchange and other option and futures contracts (b) 3,669 4,410 Total $ 10,425 6,842 (a) Reported as other revenues from operations. (b) Reported as trading account and foreign exchange gains. The Company has commitments to sell and commitments to originate residential and commercial real estate loans that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $28 million and $18 million at June 30, 2016 and December 31, 2015, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position, which are subject to enforceable master netting arrangements, was $113 million and $59 million at June 30, 2016 and December 31, 2015, respectively. After consideration of such netting arrangements, the net liability positions with counterparties aggregated $108 million and $55 million at June 30, 2016 and December 31, 2015, respectively. The Company was required to post collateral relating to those positions of $102 million and $52 million at June 30, 2016 and December 31, 2015, respectively. Certain of the Company’s derivative financial instruments contain provisions that require the Company to maintain specific credit ratings from credit rating agencies to avoid higher collateral posting requirements. If the Company’s debt rating were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on June 30, 2016 was $21 million, for which the Company had posted collateral of $17 million in the normal course of business. If the credit risk-related contingent features had been triggered on June 30, 2016, the maximum amount of additional collateral the Company would have been required to post to counterparties was $4 million. The aggregate fair value of derivative financial instruments in an asset position, which are subject to enforceable master netting arrangements, was $14 million and $23 million at June 30, 2016 and December 31, 2015, respectively. After consideration of such netting arrangements, the net asset positions with counterparties aggregated $9 million and $19 million at June 30, 2016 and December 31, 2015, respectively. Counterparties posted collateral relating to those positions of $9 million and $22 million at June 30, 2016 and December 31, 2015, respectively. Trading account interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and additional collateral for contracts in a net liability position. The net fair values of derivative instruments cleared through clearinghouses at June 30, 2016 was a net liability position of $212 million and at December 31, 2015 was a net liability position of $50 million. Collateral posted with clearinghouses was $280 million and $99 million at June 30, 2016 and December 31, 2015, respectively. |
Variable interest entities and
Variable interest entities and asset securitizations | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 11. Variable interest entities and asset securitizations In accordance with GAAP, at December 31, 2015 the Company determined that it was the primary beneficiary of a residential mortgage loan securitization trust considering its role as servicer and its retained subordinated interests in the trust. As a result, the Company had included the one-to-four family residential mortgage loans that were included in the trust in its consolidated financial statements. In the first quarter of 2016, the securitization trust was terminated as the Company exercised its right to purchase the underlying mortgage loans pursuant to the clean-up call provisions of the trust. At December 31, 2015, the carrying value of the loans in the securitization trust was $81 million. The outstanding principal amount of mortgage-backed securities issued by the qualified special purpose trust that was held by parties unrelated to the Company at December 31, 2015 was $13 million. As described in note 5, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At June 30, 2016 and December 31, 2015, the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet and recognized $24 million in other assets for its “ ” The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.1 billion at each of June 30, 2016 and December 31, 2015. Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s maximum exposure to loss of its investments in such partnerships was $279 million, including $70 million of unfunded commitments, at June 30, 2016 and $295 million, including $78 million of unfunded commitments, at December 31, 2015. Contingent commitments to provide additional capital contributions to these partnerships were not material at June 30, 2016. The Company has not provided financial or other support to the partnerships that was not contractually required. Management currently estimates that no material losses are probable as a result of the Company’s involvement with such entities. The Company, in its position as a limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, in accordance with the accounting provisions for variable interest entities, the partnership entities are not included in the Company’s consolidated financial statements. The Company’s investment cost is amortized to income taxes in the consolidated statement of income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company amortized $11 million and $22 million of its investments in qualified affordable housing projects to income tax expense during the three months and six months ended June 30, 2016, respectively, and recognized $14 million and $28 million of tax credits and other tax benefits during those respective periods. Similarly, for the three months and six months ended June 30, 2015, the Company amortized $11 million and $21 million, respectively, of its investments in qualified affordable housing projects to income tax expense and recognized $15 million and $29 million of tax credits and other tax benefits during those respective periods. The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to these funds, but may waive portions of its allowable management fees as a result of market conditions. |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 12. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at June 30, 2016. Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. • Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 – Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. • Level 3 – Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company’s assets and liabilities that are measured on a recurring basis at estimated fair value. Trading account assets and liabilities Trading account assets and liabilities consist primarily of interest rate swap agreements and foreign exchange contracts with customers who require such services with offsetting positions with third parties to minimize the Company’s risk with respect to such transactions. The Company generally determines the fair value of its derivative trading account assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. Mutual funds held in connection with deferred compensation and other arrangements have been classified as Level 1 valuations. Valuations of investments in municipal and other bonds can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale The majority of the Company’s available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Included in collateralized debt obligations are securities backed by trust preferred securities issued by financial institutions and other entities. The Company could not obtain pricing indications for many of these securities from its two primary independent pricing sources. The Company, therefore, performed internal modeling to estimate the cash flows and fair value of its portfolio of securities backed by trust preferred securities at June 30, 2016 and December 31, 2015. The modeling techniques included estimating cash flows using bond-specific assumptions about future collateral defaults and related loss severities. The resulting cash flows were then discounted by reference to market yields observed in the single-name trust preferred securities market. In determining a market yield applicable to the estimated cash flows, a margin over LIBOR ranging from 4% to 10%, with a weighted-average of 8%, was used. Significant unobservable inputs used in the determination of estimated fair value of collateralized debt obligations are included in the accompanying table of significant unobservable inputs to Level 3 measurements. At June 30, 2016, the total amortized cost and fair value of securities backed by trust preferred securities issued by financial institutions and other entities were $28 million and $43 million, respectively, and at December 31, 2015 were $28 million and $47 million, respectively. Privately issued mortgage-backed securities and securities backed by trust preferred securities issued by financial institutions and other entities constituted all of the available-for-sale investment securities classified as Level 3 valuations. The Company ensures an appropriate control framework is in place over the valuation processes and techniques used for significant Level 3 fair value measurements. Internal pricing models used for significant valuation measurements have generally been subjected to validation procedures including testing of mathematical constructs, review of valuation methodology and significant assumptions used. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value on the consolidated balance sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale are adjusted to reflect the Company’s anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. The following tables present assets and liabilities at June 30, 2016 and December 31, 2015 measured at estimated fair value on a recurring basis: Fair value Level 1 (a) Level 2 (a) Level 3 (in thousands) Trading account assets $ 506,131 62,167 443,964 — Investment securities available for sale: U.S. Treasury and federal agencies 400,348 — 400,348 — Obligations of states and political subdivisions 5,241 — 5,241 — Mortgage-backed securities: Government issued or guaranteed 11,267,278 — 11,267,278 — Privately issued 57 — — 57 Collateralized debt obligations 43,305 — — 43,305 Other debt securities 114,771 — 114,771 — Equity securities 87,974 59,647 28,327 — 11,918,974 59,647 11,815,965 43,362 Real estate loans held for sale 602,019 — 602,019 — Other assets (b) 55,442 — 34,011 21,431 Total assets $ 13,082,566 121,814 12,895,959 64,793 Trading account liabilities $ 352,541 — 352,541 — Other liabilities (b) 16,313 — 16,265 48 Total liabilities $ 368,854 — 368,806 48 Fair value Level 1(a) Level 2(a) Level 3 (in thousands) Trading account assets $ 273,783 56,763 217,020 — Investment securities available for sale: U.S. Treasury and federal agencies 299,997 — 299,997 — Obligations of states and political subdivisions 6,028 — 6,028 — Mortgage-backed securities: Government issued or guaranteed 11,686,628 — 11,686,628 — Privately issued 74 — — 74 Collateralized debt obligations 47,393 — — 47,393 Other debt securities 118,880 — 118,880 — Equity securities 83,671 65,178 18,493 — 12,242,671 65,178 12,130,026 47,467 Real estate loans held for sale 392,036 — 392,036 — Other assets (b) 56,551 — 46,269 10,282 Total assets $ 12,965,041 121,941 12,785,351 57,749 Trading account liabilities $ 160,745 — 160,745 — Other liabilities (b) 1,905 — 1,502 403 Total liabilities $ 162,650 — 162,247 403 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2016 and the year ended December 31, 2015. (b) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2016 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – March 31, 2016 $ 65 45,040 16,885 Total gains (losses) realized/unrealized: Included in earnings — — 35,430 (b) Included in other comprehensive income — (1,070 )(c) — Sales — — — Settlements (8 ) (665 ) — Transfers in and/or out of Level 3 (a) — — (30,932 )(d) Balance – June 30, 2016 $ 57 43,305 21,383 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ — — 19,882 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2015 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – March 31, 2015 $ 95 47,278 26,230 Total gains realized/unrealized: Included in earnings — — 16,132 (b) Included in other comprehensive income — 7,629 (c) — Sales — — — Settlements (7 ) (4,424 ) — Transfers in and/or out of Level 3 (a) — — (31,156 )(d) Balance – June 30, 2015 $ 88 50,483 11,206 Changes in unrealized gains included in earnings related to assets still held at June 30, 2015 $ — — 6,330 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – January 1, 2016 $ 74 47,393 9,879 Total gains (losses) realized/unrealized: Included in earnings — — 59,328 (b) Included in other comprehensive income — (3,218 )(c) — Settlements (17 ) (870 ) — Transfers in and/or out of Level 3 (a) — — (47,824 )(d) Balance – June 30, 2016 $ 57 43,305 21,383 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ — — 20,661 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2015 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – January 1, 2015 $ 103 50,316 17,347 Total gains realized/unrealized: Included in earnings — — 45,902 (b) Included in other comprehensive income — 5,625 (c) — Settlements (15 ) (5,458 ) — Transfers in and/or out of Level 3 (a) — — (52,043 )(d) Balance – June 30, 2015 $ 88 50,483 11,206 Changes in unrealized gains included in earnings related to assets still held at June 30, 2015 $ — — 8,763 (b) (a) The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer. (b) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (c) Reported as net unrealized gains (losses) on investment securities in the consolidated statement of comprehensive income. (d) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. Loans Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were generally in the range of 15% to 90% at June 30, 2016. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles, and the related non-recurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans. As these recovery rates are not readily observable by market participants, such valuation adjustments have been classified as Level 3. Loans subject to nonrecurring fair value measurement were $242 million at June 30, 2016 ($141 million and $101 million of which were classified as Level 2 and Level 3, respectively), $210 million at December 31, 2015 ($106 million and $104 million of which were classified as Level 2 and Level 3, respectively) and $147 million at June 30, 2015 ($89 million and $58 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on June 30, 2016 were decreases of $4 million and $31 million for the three- and six-month periods ended June 30, 2016, respectively. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on June 30, 2015 were decreases of $34 million and $42 million for the three- and six-month periods ended June 30, 2015, respectively. Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken in foreclosure of defaulted loans subject to nonrecurring fair value measurement were $33 million and $13 million at June 30, 2016 and 2015, respectively. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month and six-month periods ended June 30, 2016 and 2015. Significant unobservable inputs to Level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at June 30, 2016 and December 31, 2015: Fair value at Valuation Unobservable Range (in thousands) Recurring fair value measurements Privately issued mortgage–backed securities $ 57 Two — — Collateralized debt obligations 43,305 Discounted Probability 10%-55% (30%) Loss severity 100% Net other assets (liabilities)(a) 21,383 Discounted Commitment 0%-93% (36%) Fair value at Valuation Unobservable Range (in thousands) Recurring fair value measurements Privately issued mortgage–backed securities $ 74 Two — — Collateralized debt obligations 47,393 Discounted Probability 10%-56% (31%) Loss severity 100% Net other assets (liabilities) (a) 9,879 Discounted Commitment 0%-60% (39%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the probability of default and loss severity for collateralized debt securities would generally result in a lower (higher) fair value measurement. An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: June 30, 2016 Carrying Estimated Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 1,284,442 1,284,442 1,216,801 67,641 — Interest-bearing deposits at banks 8,474,839 8,474,839 — 8,474,839 — Trading account assets 506,131 506,131 62,167 443,964 — Investment securities 14,963,084 15,011,922 59,647 14,779,939 172,336 Loans and leases: Commercial loans and leases 21,469,242 21,119,041 — — 21,119,041 Commercial real estate loans 30,711,230 30,553,720 — 227,929 30,325,791 Residential real estate loans 24,530,249 24,738,004 — 4,673,968 20,064,036 Consumer loans 11,811,277 11,713,181 — — 11,713,181 Allowance for credit losses (970,496 ) — — — — Loans and leases, net 87,551,502 88,123,946 — 4,901,897 83,222,049 Accrued interest receivable 299,158 299,158 — 299,158 — Financial liabilities: Noninterest-bearing deposits $ (30,700,066 ) (30,700,066 ) — (30,700,066 ) — Savings and interest-checking deposits (51,126,237 ) (51,126,237 ) — (51,126,237 ) — Time deposits (12,630,277 ) (12,677,606 ) — (12,677,606 ) — Deposits at Cayman Islands office (193,523 ) (193,523 ) — (193,523 ) — Short-term borrowings (407,123 ) (407,123 ) — (407,123 ) — Long-term borrowings (10,328,751 ) (10,382,523 ) — (10,382,523 ) — Accrued interest payable (80,165 ) (80,165 ) — (80,165 ) — Trading account liabilities (352,541 ) (352,541 ) — (352,541 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 21,383 21,383 — — 21,383 Commitments to sell real estate loans (15,902 ) (15,902 ) — (15,902 ) — Other credit-related commitments (125,630 ) (125,630 ) — — (125,630 ) Interest rate swap agreements used for interest rate risk management 33,648 33,648 — 33,648 — December 31, 2015 Carrying Estimated Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 1,368,040 1,368,040 1,276,678 91,362 — Interest-bearing deposits at banks 7,594,350 7,594,350 — 7,594,350 — Trading account assets 273,783 273,783 56,763 217,020 — Investment securities 15,656,439 15,660,877 65,178 15,406,404 189,295 Loans and leases: Commercial loans and leases 20,422,338 20,146,201 — — 20,146,201 Commercial real estate loans 29,197,311 29,044,244 — 38,774 29,005,470 Residential real estate loans 26,270,103 26,267,771 — 4,727,816 21,539,955 Consumer loans 11,599,747 11,550,270 — — 11,550,270 Allowance for credit losses (955,992 ) — — — — Loans and leases, net 86,533,507 87,008,486 — 4,766,590 82,241,896 Accrued interest receivable 306,496 306,496 — 306,496 — Financial liabilities: Noninterest-bearing deposits $ (29,110,635 ) (29,110,635 ) — (29,110,635 ) — Savings and interest-checking deposits (49,566,644 ) (49,566,644 ) — (49,566,644 ) — Time deposits (13,110,392 ) (13,135,042 ) — (13,135,042 ) — Deposits at Cayman Islands office (170,170 ) (170,170 ) — (170,170 ) — Short-term borrowings (2,132,182 ) (2,132,182 ) — (2,132,182 ) — Long-term borrowings (10,653,858 ) (10,639,556 ) — (10,639,556 ) — Accrued interest payable (85,145 ) (85,145 ) — (85,145 ) — Trading account liabilities (160,745 ) (160,745 ) — (160,745 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 9,879 9,879 — — 9,879 Commitments to sell real estate loans 875 875 — 875 — Other credit-related commitments (122,334 ) (122,334 ) — — (122,334 ) Interest rate swap agreements used for interest rate risk management 43,892 43,892 — 43,892 — With the exception of marketable securities, certain off-balance sheet financial instruments and one-to-four family residential mortgage loans originated for sale, the Company’s financial instruments are not readily marketable and market prices do not exist. The Company, in attempting to comply with the provisions of GAAP that require disclosures of fair value of financial instruments, has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. The following assumptions, methods and calculations were used in determining the estimated fair value of financial instruments not measured at fair value in the consolidated balance sheet. Cash and cash equivalents, interest-bearing deposits at banks, deposits at Cayman Islands office, short-term borrowings, accrued interest receivable and accrued interest payable Due to the nature of cash and cash equivalents and the near maturity of interest-bearing deposits at banks, deposits at Cayman Islands office, short-term borrowings, accrued interest receivable and accrued interest payable, the Company estimated that the carrying amount of such instruments approximated estimated fair value. Investment securities Estimated fair values of investments in readily marketable securities were generally based on quoted market prices. Investment securities that were not readily marketable were assigned amounts based on estimates provided by outside parties or modeling techniques that relied upon discounted calculations of projected cash flows or, in the case of other investment securities, which include capital stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York, at an amount equal to the carrying amount. Loans and leases In general, discount rates used to calculate values for loan products were based on the Company’s pricing at the respective period end. A higher discount rate was assumed with respect to estimated cash flows associated with nonaccrual loans. Projected loan cash flows were adjusted for estimated credit losses. However, such estimates made by the Company may not be indicative of assumptions and adjustments that a purchaser of the Company’s loans and leases would seek. Deposits Pursuant to GAAP, the estimated fair value ascribed to noninterest-bearing deposits, savings deposits and interest-checking deposits must be established at carrying value because of the customers’ ability to withdraw funds immediately. Time deposit accounts are required to be revalued based upon prevailing market interest rates for similar maturity instruments. As a result, amounts assigned to time deposits were based on discounted cash flow calculations using prevailing market interest rates based on the Company’s pricing at the respective date for deposits with comparable remaining terms to maturity. The Company believes that deposit accounts have a value greater than that prescribed by GAAP. The Company feels, however, that the value associated with these deposits is greatly influenced by characteristics of the buyer, such as the ability to reduce the costs of servicing the deposits and deposit attrition which often occurs following an acquisition. Long-term borrowings The amounts assigned to long-term borrowings were based on quoted market prices, when available, or were based on discounted cash flow calculations using prevailing market interest rates for borrowings of similar terms and credit risk. Other commitments and contingencies As described in note 13, in the normal course of business, various commitments and contingent liabilities are outstanding, such as loan commitments, credit guarantees and letters of credit. The Company’s pricing of such financial instruments is based largely on credit quality and relationship, probability of funding and other requirements. Loan commitments often have fixed expiration dates and contain termination and other clauses which provide for relief from funding in the event of significant deterioration in the credit quality of the customer. The rates and terms of the Company’s loan commitments, credit guarantees and letters of credit are competitive with other financial institutions operating in markets served by the Company. The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments. The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 13. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company’s significant commitments. Certain of these commitments are not included in the Company’s consolidated balance sheet. June 30, December 31, (in thousands) Commitments to extend credit Home equity lines of credit $ 5,569,936 5,631,680 Commercial real estate loans to be sold 112,251 57,597 Other commercial real estate 6,325,178 5,949,933 Residential real estate loans to be sold 638,037 488,621 Other residential real estate 286,848 212,619 Commercial and other 11,898,046 11,802,850 Standby letters of credit 3,343,858 3,330,013 Commercial letters of credit 46,748 55,559 Financial guarantees and indemnification contracts 2,926,230 2,794,322 Commitments to sell real estate loans 1,155,969 782,885 Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. Financial guarantees and indemnification contracts are oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company’s involvement in the Fannie Mae Delegated Underwriting and Servicing program. The Company’s maximum credit risk for recourse associated with loans sold under that program totaled approximately $2.6 billion and $2.5 billion at June 30, 2016 and December 31, 2015, respectively. Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are considered derivatives and along with commitments to originate real estate loans to be held for sale are generally recorded in the consolidated balance sheet at estimated fair market value. The Company also has commitments under long-term operating leases. The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. Nevertheless, given the outcome of the matter discussed in the following paragraph, at June 30, 2016, the Company’s obligation to loan purchasers is not material to the Company’s consolidated financial position. The Company was the subject of an investigation by government agencies relating to the origination of Federal Housing Administration (“FHA”) insured residential home loans and residential home loans sold to Freddie Mac and Fannie Mae. A number of other U.S. financial institutions have announced similar investigations. Regarding FHA loans, the U.S. Department of Housing and Urban Development (“HUD”) Office of Inspector General and the U.S. Department of Justice (collectively, the “Government”) investigated whether the Company complied with underwriting guidelines concerning certain loans where HUD paid FHA insurance claims. The Company fully cooperated with the investigation. The Government advised the Company that based upon its review of a sample of loans for which an FHA insurance claim was paid by HUD, some of the loans did not meet underwriting guidelines. The Company, based on its own review of the sample, did not agree with the sampling methodology and loan analysis employed by the Government. Regarding loans originated by the Company and sold to Freddie Mac and Fannie Mae, the investigation concerned whether the mortgages sold to Freddie Mac and Fannie Mae complied with applicable underwriting guidelines. The Company also cooperated with that portion of the investigation. In order to bring those investigations to a close, M&T Bank entered into a settlement agreement with the Government under which M&T Bank paid $64 million on May 12, 2016, without admitting liability. As a result, on May 20, 2016, a Joint Stipulation of Dismissal was filed with the United States District Court for the Western District of New York. The settlement did not have a material impact on the Company’s consolidated financial condition or results of operations in the three-month or six-month periods ended June 30, 2016. M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and other matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $0 and $40 million. Although the Company does not believe that the outcome of pending litigations will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment information | 14. Segment information Reportable segments have been determined based upon the Company’s internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company’s segments was compiled utilizing the accounting policies described in note 22 of Notes to Financial Statements in the 2015 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. As disclosed in the 2015 Annual Report, effective July 1, 2015, the Company changed its internal profitability reporting to move a builder and developer lending unit from the Residential Mortgage Banking segment to the Commercial Real Estate segment. Accordingly, financial information presented herein for the three-month and six-month periods ended June 30, 2015 have been reclassified to conform to the current presentation. As a result, total revenues and net income decreased in the Residential Mortgage Banking segment and increased in the Commercial Real Estate segment by $6 million and $3 million, respectively, for the three-month period ended June 30, 2015 and by $12 million and $5 million, respectively, for the six-month period ended June 30, 2015 from that which was previously reported. During the second quarter of 2016, the Company revised its funds transfer pricing allocation related to the residential real estate loans obtained in the acquisition of Hudson City, retroactive to November 1, 2015. Accordingly, financial information for the three-month period ended March 31, 2016 has been reclassified to conform to the current methodology. As a result, total revenues and net income increased in the Discretionary Portfolio segment and decreased in the “All Other” category by $25 million and $15 million, respectively, for the three months ended March 31, 2016 from that which was previously reported. As also described in note 22 in the 2015 Annual Report, neither goodwill nor core deposit and other intangible assets (and the amortization charges associated with such assets) resulting from acquisitions of financial institutions have been allocated to the Company’s reportable segments, but are included in the “All Other” category. The Company does, however, assign such intangible assets to business units for purposes of testing for impairment. Information about the Company’s segments is presented in the following table: Three months ended June 30 2016 2015 Total Inter- Net Total Inter- Net (in thousands) Business Banking $ 114,360 1,197 22,747 111,131 1,122 25,354 Commercial Banking 265,481 911 105,392 257,257 1,099 108,081 Commercial Real Estate 192,175 449 84,088 185,410 427 82,598 Discretionary Portfolio 98,460 (14,608 ) 46,225 20,477 (5,376 ) 10,756 Residential Mortgage Banking 103,882 21,244 19,980 105,568 12,436 24,852 Retail Banking 345,665 3,132 71,497 305,573 3,259 68,806 All Other 192,050 (12,325 ) (13,898 ) 194,739 (12,967 ) (33,759 ) Total $ 1,312,073 — 336,031 1,180,155 — 286,688 Six months ended June 30 2016 2015 Total Inter- Net Total Inter- Net (in thousands) Business Banking $ 228,049 2,188 48,195 219,691 2,167 50,165 Commercial Banking 519,098 1,967 206,719 503,838 2,184 204,504 Commercial Real Estate 369,555 836 164,617 354,431 509 165,189 Discretionary Portfolio 209,804 (28,931 ) 100,749 35,951 (10,819 ) 16,710 Residential Mortgage Banking 200,817 40,904 37,057 211,325 23,823 54,312 Retail Banking 684,711 6,146 134,785 605,964 6,396 137,694 All Other 392,936 (23,110 ) (57,563 ) 348,746 (24,260 ) (100,273 ) Total $ 2,604,970 — 634,559 2,279,946 — 528,301 Average total assets Six months ended June 30 Year ended 2016 2015 (in millions) Business Banking $ 5,440 5,313 5,339 Commercial Banking 25,195 23,997 24,143 Commercial Real Estate 20,116 18,514 (b) 18,827 Discretionary Portfolio 41,900 23,029 26,648 Residential Mortgage Banking 2,587 3,090 (b) 2,918 Retail Banking 11,640 10,830 11,035 All Other 16,601 11,977 12,870 Total $ 123,479 96,750 101,780 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company’s internal funds transfer pricing and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $6,522,000 and $6,020,000 for the three-month periods ended June 30, 2016 and 2015, respectively, and $12,854,000 and $11,858,000 for the six-month periods ended June 30, 2016 and 2015, respectively, and is eliminated in “All Other” total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of “All Other” total revenues. (b) Average assets of the Commercial Real Estate and Residential Mortgage Banking segments for the six-month period ended June 30, 2015 differ by approximately $323 million from the previously reported balances reflecting the noted change in the Company’s internal profitability reporting to move a builder and developer lending unit from the Residential Mortgage Banking segment to the Commercial Real Estate segment. |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 15. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 20% minority interest in Bayview Lending Group LLC (“BLG”), a privately-held commercial mortgage company. M&T recognizes income or loss from BLG using the equity method of accounting. The carrying value of that investment was $17 million at June 30, 2016. Bayview Financial Holdings, L.P. (together with its affiliates, “Bayview Financial”), a privately-held specialty mortgage finance company, is BLG’s majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $3.8 billion and $4.1 billion at June 30, 2016 and December 31, 2015, respectively. Revenues from those servicing rights were $5 million and $6 million during the three months ended June 30, 2016 and 2015, respectively, and $10 million and $12 million for the six months ended June 30, 2016 and 2015, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances totaling $34.5 billion and $37.7 billion at June 30, 2016 and December 31, 2015, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $25 million and $30 million for the three-month periods ended June 30, 2016 and 2015, respectively, and $48 million and $65 million for the six-month periods ended June 30, 2016 and 2015, respectively. In addition, the Company held $169 million and $181 million of mortgage-backed securities in its held-to-maturity portfolio at June 30, 2016 and December 31, 2015, respectively, that were securitized by Bayview Financial. |
Sale of trust accounts
Sale of trust accounts | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of trust accounts | 16. Sale of trust accounts In April 2015, the Company sold the trade processing business within the retirement services division of its Institutional Client Services business. That sale resulted in an after-tax gain of $23 million ($45 million pre-tax) that reflected the allocation of approximately $11 million of previously recorded goodwill to the divested business. Revenues of the sold business had been included in “trust income” and were $9 million during the three months ended March 31, 2015. There were no revenues from the sold business recognized during the three months ended June 30, 2015 or thereafter. After considering related expenses, net income attributable to the business that was sold was not material to the consolidated results of operations of the Company in any of those periods. |
Significant accounting polici25
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated financial statements of M&T Bank Corporation (“M&T”) and subsidiaries (“the Company”) were compiled in accordance with generally accepted accounting principles (“GAAP”) using the accounting policies set forth in note 1 of Notes to Financial Statements included in Form 10-K for the year ended December 31, 2015 (“2015 Annual Report”). In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities | The consideration paid for Hudson City’s common equity and the amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows: (in thousands) Identifiable assets: Cash and due from banks $ 131,688 Interest-bearing deposits at banks 7,568,934 Investment securities 7,929,014 Loans 19,015,013 Goodwill 1,079,787 Core deposit intangible 131,665 Other assets 843,219 Total identifiable assets 36,699,320 Liabilities: Deposits 17,879,589 Borrowings 13,211,598 Other liabilities 405,025 Total liabilities 31,496,212 Total consideration $ 5,203,108 Cash paid $ 2,064,284 Common stock issued (25,953,950 shares) 3,110,581 Common stock awards converted 28,243 Total consideration $ 5,203,108 |
Pro Forma Information | Additionally, the Company expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts that follow. Pro forma Pro forma (in thousands) Total revenues(a) $ 1,370,594 2,624,039 Net income 357,654 642,891 (a) Represents net interest income plus other income. |
Summary of Merger-Related Expenses | A summary of merger-related expenses included in the consolidated statement of income follows: Three months Six months (in thousands) Salaries and employee benefits $ 60 5,334 Equipment and net occupancy 339 1,278 Printing, postage and supplies 545 1,482 Other costs of operations 11,649 27,661 Total $ 12,593 35,755 |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities were as follows: Amortized Gross Gross Estimated (in thousands) June 30, 2016 Investment securities available for sale: U.S. Treasury and federal agencies $ 397,825 2,537 14 $ 400,348 Obligations of states and political subdivisions 5,158 131 48 5,241 Mortgage-backed securities: Government issued or guaranteed 10,944,676 323,828 1,226 11,267,278 Privately issued 58 — 1 57 Collateralized debt obligations 28,255 17,466 2,416 43,305 Other debt securities 135,170 1,271 21,670 114,771 Equity securities 67,687 20,448 161 87,974 11,578,829 365,681 25,536 11,918,974 Investment securities held to maturity: Obligations of states and political subdivisions 84,614 712 240 85,086 Mortgage-backed securities: Government issued or guaranteed 2,315,012 88,526 350 2,403,188 Privately issued 168,784 927 40,737 128,974 Other debt securities 6,011 — — 6,011 2,574,421 90,165 41,327 2,623,259 Other securities 469,689 — — 469,689 Total $ 14,622,939 455,846 66,863 $ 15,011,922 December 31, 2015 Investment securities available for sale: U.S. Treasury and federal agencies $ 299,890 294 187 $ 299,997 Obligations of states and political subdivisions 5,924 146 42 6,028 Mortgage-backed securities: Government issued or guaranteed 11,592,959 142,370 48,701 11,686,628 Privately issued 74 2 2 74 Collateralized debt obligations 28,438 20,143 1,188 47,393 Other debt securities 137,556 1,514 20,190 118,880 Equity securities 73,795 10,230 354 83,671 12,138,636 174,699 70,664 12,242,671 Investment securities held to maturity: Obligations of states and political subdivisions 118,431 1,003 421 119,013 Mortgage-backed securities: Government issued or guaranteed 2,553,612 50,936 7,817 2,596,731 Privately issued 181,091 2,104 41,367 141,828 Other debt securities 6,575 — — 6,575 2,859,709 54,043 49,605 2,864,147 Other securities 554,059 — — 554,059 Total $ 15,552,404 228,742 120,269 $ 15,660,877 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At June 30, 2016, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized cost Estimated (in thousands) Debt securities available for sale: Due in one year or less $ 6,147 6,176 Due after one year through five years 399,312 402,100 Due after five years through ten years 3,425 3,822 Due after ten years 157,524 151,567 566,408 563,665 Mortgage-backed securities available for sale 10,944,734 11,267,335 $ 11,511,142 11,831,000 Debt securities held to maturity: Due in one year or less $ 28,259 28,430 Due after one year through five years 51,414 51,611 Due after five years through ten years 4,941 5,045 Due after ten years 6,011 6,011 90,625 91,097 Mortgage-backed securities held to maturity 2,483,796 2,532,162 $ 2,574,421 2,623,259 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of June 30, 2016 and December 31, 2015 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less than 12 months 12 months or more Fair Unrealized Fair Unrealized (in thousands) June 30, 2016 Investment securities available for sale: U.S. Treasury and federal agencies $ 7,831 (14 ) — — Obligations of states and political subdivisions — — 1,703 (48 ) Mortgage-backed securities: Government issued or guaranteed 245,977 (1,123 ) 7,590 (103 ) Privately issued — — 40 (1 ) Collateralized debt obligations 2,883 (1,078 ) 4,285 (1,338 ) Other debt securities 11,275 (409 ) 91,997 (21,261 ) Equity securities — — 140 (161 ) 267,966 (2,624 ) 105,755 (22,912 ) Investment securities held to maturity: Obligations of states and political subdivisions 15,813 (89 ) 12,057 (151 ) Mortgage-backed securities: Government issued or guaranteed — — 125,116 (350 ) Privately issued 17,436 (3,075 ) 94,454 (37,662 ) 33,249 (3,164 ) 231,627 (38,163 ) Total $ 301,215 (5,788 ) 337,382 (61,075 ) December 31, 2015 Investment securities available for sale: U.S. Treasury and federal agencies $ 147,508 (187 ) — — Obligations of states and political subdivisions 865 (2 ) 1,335 (40 ) Mortgage-backed securities: Government issued or guaranteed 4,061,899 (48,534 ) 7,216 (167 ) Privately issued — — 43 (2 ) Collateralized debt obligations 5,711 (335 ) 2,063 (853 ) Other debt securities 12,935 (462 ) 93,344 (19,728 ) Equity securities 18,073 (207 ) 153 (147 ) 4,246,991 (49,727 ) 104,154 (20,937 ) Investment securities held to maturity: Obligations of states and political subdivisions 42,913 (335 ) 5,853 (86 ) Mortgage-backed securities: Government issued or guaranteed 459,983 (1,801 ) 228,867 (6,016 ) Privately issued — — 112,155 (41,367 ) 502,896 (2,136 ) 346,875 (47,469 ) Total $ 4,749,887 (51,863 ) 451,029 (68,406 ) |
Loans and leases and the allo28
Loans and leases and the allowance for credit losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Outstanding Principal Balance and Carrying Amount of Loans that is Included in Consolidated Balance Sheet | The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date that is included in the consolidated balance sheet were as follows: June 30, December 31, (in thousands) Outstanding principal balance $ 2,735,024 3,122,935 Carrying amount: Commercial, financial, leasing, etc. 68,648 78,847 Commercial real estate 548,485 644,284 Residential real estate 903,891 1,016,129 Consumer 650,456 725,807 $ 2,171,480 2,465,067 |
Summary of Changes in Accretable Yield for Acquired Loans | A summary of changes in the accretable yield for loans acquired at a discount for the three months and six months ended June 30, 2016 and 2015 follows: Three months ended June 30 2016 2015 Purchased Other Purchased Other (in thousands) Balance at beginning of period $ 171,185 269,017 $ 71,422 357,895 Interest income (14,060 ) (32,898 ) (5,772 ) (40,024 ) Reclassifications from nonaccretable balance, net 4,898 2,933 11,974 26,840 Other (a) — 6,143 — 278 Balance at end of period $ 162,023 245,195 $ 77,624 344,989 Six months ended June 30 2016 2015 Purchased Other Purchased Other (in thousands) Balance at beginning of period $ 184,618 296,434 $ 76,518 397,379 Interest income (28,122 ) (70,760 ) (10,978 ) (81,301 ) Reclassifications from nonaccretable balance, net 5,527 8,597 12,084 27,023 Other (a) — 10,924 — 1,888 Balance at end of period $ 162,023 245,195 $ 77,624 344,989 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of June 30, 2016 and December 31, 2015 follows: Current 30-89 Days Accruing Accruing Purchased Nonaccrual Total June 30, 2016 (in thousands) Commercial, financial, leasing, etc. $ 21,157,606 63,069 6,665 452 766 240,684 $ 21,469,242 Real estate: Commercial 23,390,039 125,657 16,487 13,935 36,111 172,670 23,754,899 Residential builder and developer 1,819,984 14,892 — 4,847 19,972 24,263 1,883,958 Other commercial construction 4,993,493 41,297 — 280 16,009 21,294 5,072,373 Residential 19,208,724 470,646 270,845 13,087 433,192 202,949 20,599,443 Residential-limited documentation 3,584,715 112,743 — — 154,320 79,028 3,930,806 Consumer: Home equity lines and loans 5,658,417 34,735 — 14,608 1,689 86,870 5,796,319 Automobile 2,669,708 39,139 — 1 — 12,390 2,721,238 Other 3,232,679 26,501 4,452 21,381 — 8,707 3,293,720 Total $ 85,715,365 928,679 298,449 68,591 662,059 848,855 $ 88,521,998 Current 30-89 Days Accruing Accruing Purchased Nonaccrual Total December 31, 2015 (in thousands) Commercial, financial, leasing, etc. $ 20,122,648 52,868 2,310 693 1,902 241,917 $ 20,422,338 Real estate: Commercial (d) 23,111,673 172,439 12,963 8,790 46,790 179,606 23,532,261 Residential builder and developer 1,507,856 7,969 5,760 6,925 28,734 28,429 1,585,673 Other commercial construction (d) 3,962,620 65,932 7,936 2,001 24,525 16,363 4,079,377 Residential 20,507,551 560,312 284,451 16,079 488,599 153,281 22,010,273 Residential-limited documentation 3,885,073 137,289 — — 175,518 61,950 4,259,830 Consumer: Home equity lines and loans 5,805,222 45,604 — 15,222 2,261 84,467 5,952,776 Automobile 2,446,473 56,181 — 6 — 16,597 2,519,257 Other 3,051,435 36,702 4,021 18,757 — 16,799 3,127,714 Total $ 84,400,551 1,135,296 317,441 68,473 768,329 799,409 $ 87,489,499 (a) Excludes loans acquired at a discount. (b) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. (c) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. (d) The Company expanded its definition of construction loans in 2016 and, as a result, re-characterized certain commercial real estate loans as other commercial construction loans. The December 31, 2015 balances reflect such changes. |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended June 30, 2016 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 323,866 331,985 68,371 160,819 77,711 $ 962,752 Provision for credit losses (10,919 ) 15,823 4,404 22,681 11 32,000 Net charge-offs Charge-offs (7,487 ) (733 ) (5,090 ) (33,560 ) — (46,870 ) Recoveries 10,619 2,599 1,975 7,421 — 22,614 Net charge-offs 3,132 1,866 (3,115 ) (26,139 ) — (24,256 ) Ending balance $ 316,079 349,674 69,660 157,361 77,722 $ 970,496 Changes in the allowance for credit losses for the three months ended June 30, 2015 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 281,069 317,375 60,741 186,052 76,136 $ 921,373 Provision for credit losses 9,737 (3,652 ) 1,624 21,016 1,275 30,000 Net charge-offs Charge-offs (7,728 ) (3,470 ) (3,309 ) (18,455 ) — (32,962 ) Recoveries 3,672 1,041 1,238 5,625 — 11,576 Net charge-offs (4,056 ) (2,429 ) (2,071 ) (12,830 ) — (21,386 ) Ending balance $ 286,750 311,294 60,294 194,238 77,411 $ 929,987 Changes in the allowance for credit losses for the six months ended June 30, 2016 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 300,404 326,831 72,238 178,320 78,199 $ 955,992 Provision for credit losses 13,445 19,836 5,622 42,574 (477 ) 81,000 Net charge-offs Charge-offs (13,636 ) (2,005 ) (12,062 ) (77,879 ) — (105,582 ) Recoveries 15,866 5,012 3,862 14,346 — 39,086 Net charge-offs 2,230 3,007 (8,200 ) (63,533 ) — (66,496 ) Ending balance $ 316,079 349,674 69,660 157,361 77,722 $ 970,496 Changes in the allowance for credit losses for the six months ended June 30, 2015 were as follows: Commercial, Real Estate Commercial Residential Consumer Unallocated Total (in thousands) Beginning balance $ 288,038 307,927 61,910 186,033 75,654 $ 919,562 Provision for credit losses 11,179 11,890 2,584 40,590 1,757 68,000 Net charge-offs Charge-offs (20,078 ) (10,149 ) (6,427 ) (43,784 ) — (80,438 ) Recoveries 7,611 1,626 2,227 11,399 — 22,863 Net charge-offs (12,467 ) (8,523 ) (4,200 ) (32,385 ) — (57,575 ) Ending balance $ 286,750 311,294 60,294 194,238 77,411 $ 929,987 |
Impaired Loans and Leases | The following tables provide information with respect to loans and leases that were considered impaired as of June 30, 2016 and December 31, 2015 and for the three-month and six-month periods ended June 30, 2016 and 2015: June 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (in thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 196,990 219,662 50,010 179,037 195,821 44,752 Real estate: Commercial 79,748 89,051 16,562 85,974 95,855 18,764 Residential builder and developer 6,854 7,788 581 3,316 5,101 196 Other commercial construction 3,312 3,731 1,223 3,548 3,843 348 Residential 77,975 96,157 3,337 79,558 96,751 4,727 Residential-limited documentation 85,201 98,607 6,700 90,356 104,251 8,000 Consumer: Home equity lines and loans 40,004 40,914 7,421 25,220 26,195 3,777 Automobile 19,137 19,137 4,022 22,525 22,525 4,709 Other 4,426 4,426 940 17,620 17,620 4,820 513,647 579,473 90,796 507,154 567,962 90,093 With no related allowance recorded: Commercial, financial, leasing, etc. 74,409 83,632 — 93,190 110,735 — Real estate: Commercial 101,949 118,540 — 101,340 116,230 — Residential builder and developer 21,619 30,837 — 27,651 47,246 — Other commercial construction 18,334 37,278 — 13,221 31,477 — Residential 18,945 27,933 — 19,621 30,940 — Residential-limited documentation 17,790 29,972 — 18,414 31,113 — 253,046 328,192 — 273,437 367,741 — Total: Commercial, financial, leasing, etc. 271,399 303,294 50,010 272,227 306,556 44,752 Real estate: Commercial 181,697 207,591 16,562 187,314 212,085 18,764 Residential builder and developer 28,473 38,625 581 30,967 52,347 196 Other commercial construction 21,646 41,009 1,223 16,769 35,320 348 Residential 96,920 124,090 3,337 99,179 127,691 4,727 Residential-limited documentation 102,991 128,579 6,700 108,770 135,364 8,000 Consumer: Home equity lines and loans 40,004 40,914 7,421 25,220 26,195 3,777 Automobile 19,137 19,137 4,022 22,525 22,525 4,709 Other 4,426 4,426 940 17,620 17,620 4,820 Total $ 766,693 907,665 90,796 780,591 935,703 90,093 |
Interest Income Recognized on Impaired Loans | Three months ended Three months ended Interest income Interest income Average Total Cash Average Total Cash (in thousands) Commercial, financial, leasing, etc. $ 291,970 5,700 5,700 221,952 502 502 Real estate: Commercial 175,028 611 611 153,105 1,004 1,004 Residential builder and developer 31,751 41 41 66,334 131 131 Other commercial construction 20,955 335 335 23,614 168 168 Residential 97,936 1,834 1,139 101,560 1,358 785 Residential-limited documentation 103,795 1,607 640 120,286 1,650 697 Consumer: Home equity lines and loans 34,234 323 98 20,221 224 65 Automobile 20,542 322 28 26,123 416 43 Other 11,169 121 36 19,058 185 30 Total $ 787,380 10,894 8,628 752,253 5,638 3,425 Six months ended Six months ended Interest income Interest income Average Total Cash Average Total Cash (in thousands) Commercial, financial, leasing, etc. $ 294,277 6,311 6,311 218,285 1,106 1,106 Real estate: Commercial 178,741 2,085 2,085 153,088 2,106 2,106 Residential builder and developer 32,750 83 83 69,742 194 194 Other commercial construction 18,911 373 373 24,577 223 223 Residential 97,362 3,206 2,021 103,025 2,804 1,695 Residential-limited documentation 105,634 3,079 1,270 122,970 3,260 1,344 Consumer: Home equity lines and loans 30,127 569 183 19,952 425 113 Automobile 21,252 661 64 27,568 866 97 Other 14,443 299 63 18,960 359 63 Total $ 793,497 16,666 12,453 758,167 11,343 6,941 |
Summary of Loan Grades | The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans. Real Estate Commercial, Commercial Residential Other (in thousands) June 30, 2016 Pass $ 20,409,928 22,785,132 1,704,457 4,847,810 Criticized accrual 818,630 797,097 155,238 203,269 Criticized nonaccrual 240,684 172,670 24,263 21,294 Total $ 21,469,242 23,754,899 1,883,958 5,072,373 December 31, 2015 Pass $ 19,442,183 22,697,398 1,497,465 3,834,137 Criticized accrual 738,238 655,257 59,779 228,877 Criticized nonaccrual 241,917 179,606 28,429 16,363 Total $ 20,422,338 23,532,261 1,585,673 4,079,377 |
Allocation of Allowance for Credit Losses on Basis of Company's Impairment Methodology | The allocation of the allowance for credit losses summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Commercial Residential Consumer Total (in thousands) June 30, 2016 Individually evaluated for impairment $ 50,010 18,292 10,037 12,383 $ 90,722 Collectively evaluated for impairment 266,069 328,919 57,666 143,891 796,545 Purchased impaired — 2,463 1,957 1,087 5,507 Allocated $ 316,079 349,674 69,660 157,361 892,774 Unallocated 77,722 Total $ 970,496 December 31, 2015 Individually evaluated for impairment $ 44,752 19,175 12,727 13,306 $ 89,960 Collectively evaluated for impairment 255,615 307,000 57,624 163,511 783,750 Purchased impaired 37 656 1,887 1,503 4,083 Allocated $ 300,404 326,831 72,238 178,320 877,793 Unallocated 78,199 Total $ 955,992 |
Recorded Investment in Loans and Leases on Basis of Company's Impairment Methodology | The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Commercial Residential Consumer Total (in thousands) June 30, 2016 Individually evaluated for impairment $ 271,399 230,960 199,911 63,567 $ 765,837 Collectively evaluated for impairment 21,197,077 30,408,178 23,742,826 11,746,021 87,094,102 Purchased impaired 766 72,092 587,512 1,689 662,059 Total $ 21,469,242 30,711,230 24,530,249 11,811,277 $ 88,521,998 December 31, 2015 Individually evaluated for impairment $ 272,227 234,132 207,949 65,365 $ 779,673 Collectively evaluated for impairment 20,148,209 28,863,130 25,398,037 11,532,121 85,941,497 Purchased impaired 1,902 100,049 664,117 2,261 768,329 Total $ 20,422,338 29,197,311 26,270,103 11,599,747 $ 87,489,499 |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three months ended June 30, 2016 and 2015: Recorded investment Financial effects of Three months ended June 30, 2016 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 33 $ 45,733 $ 45,657 $ (76 ) $ — Combination of concession types 5 15,257 14,217 (1,040 ) — Real estate: Commercial Principal deferral 10 2,726 2,710 (16 ) — Interest rate reduction 1 129 129 — (25 ) Other 1 4,723 4,447 (276 ) — Combination of concession types 4 7,065 7,008 (57 ) (31 ) Residential builder and developer Principal deferral 3 23,905 22,958 (947 ) — Other commercial construction Principal deferral 1 250 250 — — Combination of concession types 1 124 124 — — Residential Principal deferral 8 963 1,040 77 — Combination of concession types 8 1,043 1,122 79 — Residential-limited documentation Principal deferral 2 151 195 44 — Consumer: Home equity lines and loans Principal deferral 1 69 69 — — Combination of concession types 31 3,737 3,737 — (280 ) Automobile Principal deferral 44 158 158 — — Other 22 17 17 — — Other Principal deferral 29 551 551 — — Other 3 20 20 — — Combination of concession types 9 49 49 — (5 ) Total 216 $ 106,670 $ 104,458 $ (2,212 ) $ (341 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. Recorded investment Financial effects of Three months ended June 30, 2015 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 30 $ 16,018 $ 15,355 $ (663 ) $ — Other 2 8,991 8,883 (108 ) — Combination of concession types 2 15,889 17,864 1,975 (239 ) Real estate: Commercial Principal deferral 15 38,983 37,585 (1,398 ) — Combination of concession types 1 436 436 — (53 ) Residential builder and developer Principal deferral 1 9,252 9,200 (52 ) — Residential Principal deferral 12 693 754 61 — Combination of concession types 9 961 1,066 105 (144 ) Residential-limited documentation Principal deferral 1 161 161 — — Combination of concession types 2 424 426 2 (26 ) Consumer: Home equity lines and loans Principal deferral 1 1,198 1,198 — — Combination of concession types 14 1,356 1,356 — (212 ) Automobile Principal deferral 63 615 615 — — Interest rate reduction 4 95 95 — (7 ) Other 13 21 21 — — Combination of concession types 9 138 138 — (4 ) Other Principal deferral 27 770 770 — — Other 2 21 21 — — Combination of concession types 10 43 43 — (7 ) Total 218 $ 96,065 $ 95,987 $ (78 ) $ (692 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the six months ended June 30, 2016 and 2015: Recorded investment Financial effects of Six months ended June 30, 2016 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 57 $ 57,304 $ 58,378 $ 1,074 $ — Combination of concession types 12 21,414 20,169 (1,245 ) — Real estate: Commercial Principal deferral 26 6,209 6,158 (51 ) — Interest rate reduction 1 129 129 — (25 ) Other 1 4,723 4,447 (276 ) — Combination of concession types 9 10,998 10,932 (66 ) (66 ) Residential builder and developer Principal deferral 3 23,905 22,958 (947 ) — Other commercial construction Principal deferral 1 250 250 — — Combination of concession types 1 124 124 — — Residential Principal deferral 25 2,944 3,231 287 — Combination of concession types 18 3,364 3,491 127 — Residential-limited documentation Principal deferral 3 276 333 57 — Combination of concession types 5 1,312 1,379 67 (339 ) Consumer: Home equity lines and loans Principal deferral 4 404 404 — — Combination of concession types 54 6,233 6,233 — (563 ) Automobile Principal deferral 92 679 679 — — Other 38 55 55 — — Combination of concession types 8 85 85 — (3 ) Other Principal deferral 55 925 925 — — Other 5 45 45 — — Combination of concession types 17 196 196 — (32 ) Total 435 $ 141,574 $ 140,601 $ (973 ) $ (1,028 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. Recorded investment Financial effects of Six months ended June 30, 2015 Number Pre- Post- Recorded Interest (dollars in thousands) Commercial, financial, leasing, etc. Principal deferral 51 $ 17,590 $ 16,912 $ (678 ) $ — Interest rate reduction 1 99 99 — (19 ) Other 2 8,991 8,883 (108 ) — Combination of concession types 5 25,044 24,853 (191 ) (239 ) Real estate: Commercial Principal deferral 22 42,775 41,361 (1,414 ) — Combination of concession types 5 2,082 2,073 (9 ) (105 ) Residential builder and developer Principal deferral 2 10,650 10,598 (52 ) — Residential Principal deferral 19 1,414 1,496 82 — Combination of concession types 12 1,255 1,415 160 (178 ) Residential-limited documentation Principal deferral 1 161 161 — — Combination of concession types 3 634 636 2 (30 ) Consumer: Home equity lines and loans Principal deferral 2 1,219 1,219 — — Combination of concession types 19 1,552 1,552 — (225 ) Automobile Principal deferral 98 918 918 — — Interest rate reduction 7 137 137 — (10 ) Other 23 41 41 — — Combination of concession types 17 222 222 — (11 ) Other Principal deferral 49 1,066 1,066 — — Other 7 80 80 — — Combination of concession types 23 267 267 — (32 ) Total 368 $ 116,197 $ 113,989 $ (2,208 ) $ (849 ) (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. (b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of June 30, 2016 and December 31, 2015 is presented below: Shares Carrying value (dollars in thousands) Series A (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 230,000 $ 230,000 Series C (a) Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 151,500 $ 151,500 Series D (b) Fixed Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 Series E (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock $1,000 liquidation preference per share 350,000 $ 350,000 (a) Dividends, if declared, are paid at 6.375%. Warrants to purchase M&T common stock at $73.86 per share issued in connection with the Series A preferred stock expire in 2018 and totaled 713,855 at June 30, 2016 and 719,175 at December 31, 2015. (b) Dividends, if declared, are paid semi-annually at a rate of 6.875% per year. The shares became redeemable in whole or in part on June 15, 2016. (c) Dividends, if declared, are paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points (hundredths of one percent). The shares are redeemable in whole or in part on or after February 15, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Pension plans and other postr30
Pension plans and other postretirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Defined Benefit Cost for Defined Benefit Plans | Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Other Three months ended June 30 2016 2015 2016 2015 (in thousands) Service cost $ 6,137 5,832 340 174 Interest cost on projected benefit obligation 20,822 17,732 1,281 652 Expected return on plan assets (26,423 ) (23,476 ) — — Amortization of prior service credit (789 ) (1,478 ) (330 ) (329 ) Amortization of net actuarial loss 6,773 11,237 30 28 Net periodic benefit cost $ 6,520 9,847 1,321 525 Pension Other Six months ended June 30 2016 2015 2016 2015 (in thousands) Service cost $ 12,519 11,832 798 374 Interest cost on projected benefit obligation 41,705 35,507 2,486 1,302 Expected return on plan assets (54,237 ) (47,051 ) — — Amortization of prior service credit (1,614 ) (3,003 ) (680 ) (679 ) Amortization of net actuarial loss 15,073 22,412 30 53 Net periodic benefit cost $ 13,446 19,697 2,634 1,050 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands, except per share) Income available to common shareholders: Net income $ 336,031 286,688 634,559 528,301 Less: Preferred stock dividends (a) (20,317 ) (20,317 ) (40,635 ) (40,635 ) Net income available to common equity 315,714 266,371 593,924 487,666 Less: Income attributable to unvested stock-based compensation awards (2,746 ) (2,900 ) (5,227 ) (5,371 ) Net income available to common shareholders $ 312,968 263,471 588,697 482,295 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 159,164 133,818 159,692 133,680 Less: Unvested stock-based compensation awards (1,362 ) (1,462 ) (1,424 ) (1,477 ) Weighted-average shares outstanding 157,802 132,356 158,268 132,203 Basic earnings per common share $ 1.98 1.99 3.72 3.65 (a) Including impact of not as yet declared cumulative dividends. |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands, except per share) Net income available to common equity $ 315,714 266,371 593,924 487,666 Less: Income attributable to unvested stock-based compensation awards (2,740 ) (2,890 ) (5,217 ) (5,353 ) Net income available to common shareholders $ 312,974 263,481 588,707 482,313 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 159,164 133,818 159,692 133,680 Less: Unvested stock-based compensation awards (1,362 ) (1,462 ) (1,424 ) (1,477 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 539 760 493 741 Adjusted weighted-average shares outstanding 158,341 133,116 158,761 132,944 Diluted earnings per common share $ 1.98 1.98 3.71 3.63 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment securities With All Defined Other Total Income Net (in thousands) Balance – January 1, 2016 $ 16,359 62,849 (489,660 ) (4,093 ) $ (414,545 ) 162,918 $ (251,627 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 9,260 227,118 — — 236,378 (93,010 ) 143,368 Foreign currency translation adjustment — — — (2,489 ) (2,489 ) 871 (1,618 ) Total other comprehensive income (loss) before reclassifications 9,260 227,118 — (2,489 ) 233,889 (92,139 ) 141,750 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities — 2,081 — — 2,081 (b) (819 ) 1,262 Gains realized in net income — (268 ) — — (268 )(c) 102 (166 ) Accretion of net gain on terminated cash flow hedges — — — (77 ) (77 )(d) 30 (47 ) Amortization of prior service credit — — (2,294 ) — (2,294 )(e) 902 (1,392 ) Amortization of actuarial losses — — 15,103 — 15,103 (e) (5,904 ) 9,199 Total reclassifications — 1,813 12,809 (77 ) 14,545 (5,689 ) 8,856 Total gain (loss) during the period 9,260 228,931 12,809 (2,566 ) 248,434 (97,828 ) 150,606 Balance – June 30, 2016 $ 25,619 291,780 (476,851 ) (6,659 ) $ (166,111 ) 65,090 $ (101,021 ) Investment securities With All Defined Other Total Income Net (in thousands) Balance – January 1, 2015 $ 7,438 201,828 (503,027 ) (4,082 ) $ (297,843 ) 116,849 $ (180,994 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net 5,670 (85,602 ) — — (79,932 ) 31,617 (48,315 ) Foreign currency translation adjustment — — — (779 ) (779 ) 261 (518 ) Gains on cash flow hedges — — — 1,453 1,453 (568 ) 885 Total other comprehensive income (loss) before reclassifications 5,670 (85,602 ) — 674 (79,258 ) 31,310 (47,948 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Accretion of unrealized holding losses on HTM securities — 1,589 — — 1,589 (b) (621 ) 968 Losses realized in net income — 108 — — 108 (c) (40 ) 68 Accretion of net gain on terminated cash flow hedges — — — (63 ) (63 )(d) 25 (38 ) Amortization of prior service credit — — (3,682 ) — (3,682 )(e) 1,640 (2,042 ) Amortization of actuarial losses — — 22,465 — 22,465 (e) (9,981 ) 12,484 Total reclassifications — 1,697 18,783 (63 ) 20,417 (8,977 ) 11,440 Total gain (loss) during the period 5,670 (83,905 ) 18,783 611 (58,841 ) 22,333 (36,508 ) Balance – June 30, 2015 $ 13,108 117,923 (484,244 ) (3,471 ) $ (356,684 ) 139,182 $ (217,502 ) (a) Other-than-temporary impairment (b) Included in interest income (c) Included in gain (loss) on bank investment securities (d) Included in interest expense (e) Included in salaries and employee benefits expense |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment securities benefit With OTTI All other plans Other Total (in thousands) Balance – December 31, 2015 $ 9,921 38,166 (296,979 ) (2,735 ) $ (251,627 ) Net gain (loss) during period 5,616 138,848 7,807 (1,665 ) 150,606 Balance – June 30, 2016 $ 15,537 177,014 (289,172 ) (4,400 ) $ (101,021 ) |
Derivative financial instrume33
Derivative financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Information about Interest Rate Swap Agreements | Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows: Notional Average Weighted- amount maturity Fixed Variable (in thousands) (in years) June 30, 2016 Fair value hedges: Fixed rate long-term borrowings (a) $ 1,400,000 1.2 4.42 % 1.63 % December 31, 2015 Fair value hedges: Fixed rate long-term borrowings (a) $ 1,400,000 1.7 4.42 % 1.39 % (a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. |
Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet | Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset derivatives Liability derivatives Fair value Fair value June 30, December 31, June 30, December 31, (in thousands) Derivatives designated and qualifying as hedging instruments Fair value hedges: Interest rate swap agreements (a) $ 33,648 43,892 — — Commitments to sell real estate loans (a) 71 1,844 8,545 656 33,719 45,736 8,545 656 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 21,431 10,282 48 403 Commitments to sell real estate loans (a) 292 533 7,720 846 Trading: Interest rate contracts (b) 401,512 203,517 345,681 153,723 Foreign exchange and other option and futures contracts (b) 7,975 8,569 6,860 7,022 431,210 222,901 360,309 161,994 Total derivatives $ 464,929 268,637 368,854 162,650 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of gain (loss) recognized Three months ended Three months ended Derivative Hedged item Derivative Hedged item (in thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (7,611 ) 7,146 (9,354 ) 8,952 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 5,782 1,772 Foreign exchange and other option and futures contracts (b) 2,457 1,621 Total $ 8,239 3,393 Amount of gain (loss) recognized Six months ended Six months ended Derivative Hedged item Derivative Hedged item (in thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (10,244 ) 9,016 (9,750 ) 9,113 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 6,756 2,432 Foreign exchange and other option and futures contracts (b) 3,669 4,410 Total $ 10,425 6,842 (a) Reported as other revenues from operations. (b) Reported as trading account and foreign exchange gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at June 30, 2016 and December 31, 2015 measured at estimated fair value on a recurring basis: Fair value Level 1 (a) Level 2 (a) Level 3 (in thousands) Trading account assets $ 506,131 62,167 443,964 — Investment securities available for sale: U.S. Treasury and federal agencies 400,348 — 400,348 — Obligations of states and political subdivisions 5,241 — 5,241 — Mortgage-backed securities: Government issued or guaranteed 11,267,278 — 11,267,278 — Privately issued 57 — — 57 Collateralized debt obligations 43,305 — — 43,305 Other debt securities 114,771 — 114,771 — Equity securities 87,974 59,647 28,327 — 11,918,974 59,647 11,815,965 43,362 Real estate loans held for sale 602,019 — 602,019 — Other assets (b) 55,442 — 34,011 21,431 Total assets $ 13,082,566 121,814 12,895,959 64,793 Trading account liabilities $ 352,541 — 352,541 — Other liabilities (b) 16,313 — 16,265 48 Total liabilities $ 368,854 — 368,806 48 Fair value Level 1(a) Level 2(a) Level 3 (in thousands) Trading account assets $ 273,783 56,763 217,020 — Investment securities available for sale: U.S. Treasury and federal agencies 299,997 — 299,997 — Obligations of states and political subdivisions 6,028 — 6,028 — Mortgage-backed securities: Government issued or guaranteed 11,686,628 — 11,686,628 — Privately issued 74 — — 74 Collateralized debt obligations 47,393 — — 47,393 Other debt securities 118,880 — 118,880 — Equity securities 83,671 65,178 18,493 — 12,242,671 65,178 12,130,026 47,467 Real estate loans held for sale 392,036 — 392,036 — Other assets (b) 56,551 — 46,269 10,282 Total assets $ 12,965,041 121,941 12,785,351 57,749 Trading account liabilities $ 160,745 — 160,745 — Other liabilities (b) 1,905 — 1,502 403 Total liabilities $ 162,650 — 162,247 403 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2016 and the year ended December 31, 2015. (b) Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). |
Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2016 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – March 31, 2016 $ 65 45,040 16,885 Total gains (losses) realized/unrealized: Included in earnings — — 35,430 (b) Included in other comprehensive income — (1,070 )(c) — Sales — — — Settlements (8 ) (665 ) — Transfers in and/or out of Level 3 (a) — — (30,932 )(d) Balance – June 30, 2016 $ 57 43,305 21,383 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ — — 19,882 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2015 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – March 31, 2015 $ 95 47,278 26,230 Total gains realized/unrealized: Included in earnings — — 16,132 (b) Included in other comprehensive income — 7,629 (c) — Sales — — — Settlements (7 ) (4,424 ) — Transfers in and/or out of Level 3 (a) — — (31,156 )(d) Balance – June 30, 2015 $ 88 50,483 11,206 Changes in unrealized gains included in earnings related to assets still held at June 30, 2015 $ — — 6,330 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – January 1, 2016 $ 74 47,393 9,879 Total gains (losses) realized/unrealized: Included in earnings — — 59,328 (b) Included in other comprehensive income — (3,218 )(c) — Settlements (17 ) (870 ) — Transfers in and/or out of Level 3 (a) — — (47,824 )(d) Balance – June 30, 2016 $ 57 43,305 21,383 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ — — 20,661 (b) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2015 were as follows: Investment securities available for sale Privately issued mortgage-backed Collateralized Other assets (in thousands) Balance – January 1, 2015 $ 103 50,316 17,347 Total gains realized/unrealized: Included in earnings — — 45,902 (b) Included in other comprehensive income — 5,625 (c) — Settlements (15 ) (5,458 ) — Transfers in and/or out of Level 3 (a) — — (52,043 )(d) Balance – June 30, 2015 $ 88 50,483 11,206 Changes in unrealized gains included in earnings related to assets still held at June 30, 2015 $ — — 8,763 (b) (a) The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer. (b) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (c) Reported as net unrealized gains (losses) on investment securities in the consolidated statement of comprehensive income. (d) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at June 30, 2016 and December 31, 2015: Fair value at Valuation Unobservable Range (in thousands) Recurring fair value measurements Privately issued mortgage–backed securities $ 57 Two — — Collateralized debt obligations 43,305 Discounted Probability 10%-55% (30%) Loss severity 100% Net other assets (liabilities)(a) 21,383 Discounted Commitment 0%-93% (36%) Fair value at Valuation Unobservable Range (in thousands) Recurring fair value measurements Privately issued mortgage–backed securities $ 74 Two — — Collateralized debt obligations 47,393 Discounted Probability 10%-56% (31%) Loss severity 100% Net other assets (liabilities) (a) 9,879 Discounted Commitment 0%-60% (39%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) | The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: June 30, 2016 Carrying Estimated Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 1,284,442 1,284,442 1,216,801 67,641 — Interest-bearing deposits at banks 8,474,839 8,474,839 — 8,474,839 — Trading account assets 506,131 506,131 62,167 443,964 — Investment securities 14,963,084 15,011,922 59,647 14,779,939 172,336 Loans and leases: Commercial loans and leases 21,469,242 21,119,041 — — 21,119,041 Commercial real estate loans 30,711,230 30,553,720 — 227,929 30,325,791 Residential real estate loans 24,530,249 24,738,004 — 4,673,968 20,064,036 Consumer loans 11,811,277 11,713,181 — — 11,713,181 Allowance for credit losses (970,496 ) — — — — Loans and leases, net 87,551,502 88,123,946 — 4,901,897 83,222,049 Accrued interest receivable 299,158 299,158 — 299,158 — Financial liabilities: Noninterest-bearing deposits $ (30,700,066 ) (30,700,066 ) — (30,700,066 ) — Savings and interest-checking deposits (51,126,237 ) (51,126,237 ) — (51,126,237 ) — Time deposits (12,630,277 ) (12,677,606 ) — (12,677,606 ) — Deposits at Cayman Islands office (193,523 ) (193,523 ) — (193,523 ) — Short-term borrowings (407,123 ) (407,123 ) — (407,123 ) — Long-term borrowings (10,328,751 ) (10,382,523 ) — (10,382,523 ) — Accrued interest payable (80,165 ) (80,165 ) — (80,165 ) — Trading account liabilities (352,541 ) (352,541 ) — (352,541 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 21,383 21,383 — — 21,383 Commitments to sell real estate loans (15,902 ) (15,902 ) — (15,902 ) — Other credit-related commitments (125,630 ) (125,630 ) — — (125,630 ) Interest rate swap agreements used for interest rate risk management 33,648 33,648 — 33,648 — December 31, 2015 Carrying Estimated Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 1,368,040 1,368,040 1,276,678 91,362 — Interest-bearing deposits at banks 7,594,350 7,594,350 — 7,594,350 — Trading account assets 273,783 273,783 56,763 217,020 — Investment securities 15,656,439 15,660,877 65,178 15,406,404 189,295 Loans and leases: Commercial loans and leases 20,422,338 20,146,201 — — 20,146,201 Commercial real estate loans 29,197,311 29,044,244 — 38,774 29,005,470 Residential real estate loans 26,270,103 26,267,771 — 4,727,816 21,539,955 Consumer loans 11,599,747 11,550,270 — — 11,550,270 Allowance for credit losses (955,992 ) — — — — Loans and leases, net 86,533,507 87,008,486 — 4,766,590 82,241,896 Accrued interest receivable 306,496 306,496 — 306,496 — Financial liabilities: Noninterest-bearing deposits $ (29,110,635 ) (29,110,635 ) — (29,110,635 ) — Savings and interest-checking deposits (49,566,644 ) (49,566,644 ) — (49,566,644 ) — Time deposits (13,110,392 ) (13,135,042 ) — (13,135,042 ) — Deposits at Cayman Islands office (170,170 ) (170,170 ) — (170,170 ) — Short-term borrowings (2,132,182 ) (2,132,182 ) — (2,132,182 ) — Long-term borrowings (10,653,858 ) (10,639,556 ) — (10,639,556 ) — Accrued interest payable (85,145 ) (85,145 ) — (85,145 ) — Trading account liabilities (160,745 ) (160,745 ) — (160,745 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 9,879 9,879 — — 9,879 Commitments to sell real estate loans 875 875 — 875 — Other credit-related commitments (122,334 ) (122,334 ) — — (122,334 ) Interest rate swap agreements used for interest rate risk management 43,892 43,892 — 43,892 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Company's Significant Commitments | The following table presents the Company’s significant commitments. Certain of these commitments are not included in the Company’s consolidated balance sheet. June 30, December 31, (in thousands) Commitments to extend credit Home equity lines of credit $ 5,569,936 5,631,680 Commercial real estate loans to be sold 112,251 57,597 Other commercial real estate 6,325,178 5,949,933 Residential real estate loans to be sold 638,037 488,621 Other residential real estate 286,848 212,619 Commercial and other 11,898,046 11,802,850 Standby letters of credit 3,343,858 3,330,013 Commercial letters of credit 46,748 55,559 Financial guarantees and indemnification contracts 2,926,230 2,794,322 Commitments to sell real estate loans 1,155,969 782,885 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company’s segments is presented in the following table: Three months ended June 30 2016 2015 Total Inter- Net Total Inter- Net (in thousands) Business Banking $ 114,360 1,197 22,747 111,131 1,122 25,354 Commercial Banking 265,481 911 105,392 257,257 1,099 108,081 Commercial Real Estate 192,175 449 84,088 185,410 427 82,598 Discretionary Portfolio 98,460 (14,608 ) 46,225 20,477 (5,376 ) 10,756 Residential Mortgage Banking 103,882 21,244 19,980 105,568 12,436 24,852 Retail Banking 345,665 3,132 71,497 305,573 3,259 68,806 All Other 192,050 (12,325 ) (13,898 ) 194,739 (12,967 ) (33,759 ) Total $ 1,312,073 — 336,031 1,180,155 — 286,688 Six months ended June 30 2016 2015 Total Inter- Net Total Inter- Net (in thousands) Business Banking $ 228,049 2,188 48,195 219,691 2,167 50,165 Commercial Banking 519,098 1,967 206,719 503,838 2,184 204,504 Commercial Real Estate 369,555 836 164,617 354,431 509 165,189 Discretionary Portfolio 209,804 (28,931 ) 100,749 35,951 (10,819 ) 16,710 Residential Mortgage Banking 200,817 40,904 37,057 211,325 23,823 54,312 Retail Banking 684,711 6,146 134,785 605,964 6,396 137,694 All Other 392,936 (23,110 ) (57,563 ) 348,746 (24,260 ) (100,273 ) Total $ 2,604,970 — 634,559 2,279,946 — 528,301 Average total assets Six months ended June 30 Year ended 2016 2015 (in millions) Business Banking $ 5,440 5,313 5,339 Commercial Banking 25,195 23,997 24,143 Commercial Real Estate 20,116 18,514 (b) 18,827 Discretionary Portfolio 41,900 23,029 26,648 Residential Mortgage Banking 2,587 3,090 (b) 2,918 Retail Banking 11,640 10,830 11,035 All Other 16,601 11,977 12,870 Total $ 123,479 96,750 101,780 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company’s internal funds transfer pricing and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $6,522,000 and $6,020,000 for the three-month periods ended June 30, 2016 and 2015, respectively, and $12,854,000 and $11,858,000 for the six-month periods ended June 30, 2016 and 2015, respectively, and is eliminated in “All Other” total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of “All Other” total revenues. (b) Average assets of the Commercial Real Estate and Residential Mortgage Banking segments for the six-month period ended June 30, 2015 differ by approximately $323 million from the previously reported balances reflecting the noted change in the Company’s internal profitability reporting to move a builder and developer lending unit from the Residential Mortgage Banking segment to the Commercial Real Estate segment. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Nov. 01, 2015USD ($)Officeshares | Nov. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Proceeds from sales of investment securities | $ 4,970,000 | $ 2,539,000 | |||||
Goodwill | $ 4,593,112,000 | 4,593,112,000 | $ 4,593,112,000 | ||||
Hudson City [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gross amount of cash paid in the acquisition | $ 2,064,284,000 | ||||||
Total purchase consideration | $ 5,203,108,000 | ||||||
Number of banking offices acquired in New Jersey, Connecticut and New York | Office | 135 | ||||||
Proceeds from sales of investment securities | $ 5,800,000,000 | ||||||
Repayments of borrowings assumed in acquisition | $ 10,600,000,000 | ||||||
Goodwill | $ 1,079,787,000 | ||||||
Core deposit intangible assets | 132,000,000 | $ 132,000,000 | |||||
Amortization period of core deposit intangible assets | 7 years | ||||||
Other- than-temporary impairment | $ 67,000,000 | 74,000,000 | |||||
Merger-related expenses | $ 12,593,000 | $ 0 | $ 35,755,000 | $ 0 | |||
Hudson City [Member] | Common Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued upon acquisition | shares | 25,953,950 |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities (Detail) - USD ($) $ in Thousands | Nov. 01, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Identifiable assets: | |||
Goodwill | $ 4,593,112 | $ 4,593,112 | |
Hudson City [Member] | |||
Identifiable assets: | |||
Cash and due from banks | $ 131,688 | ||
Interest-bearing deposits at banks | 7,568,934 | ||
Investment securities | 7,929,014 | ||
Loans | 19,015,013 | ||
Goodwill | 1,079,787 | ||
Core deposit intangible | 131,665 | ||
Other assets | 843,219 | ||
Total identifiable assets | 36,699,320 | ||
Liabilities: | |||
Deposits | 17,879,589 | ||
Borrowings | 13,211,598 | ||
Other liabilities | 405,025 | ||
Total liabilities | 31,496,212 | ||
Total consideration | 5,203,108 | ||
Cash paid | 2,064,284 | ||
Common stock awards converted | 28,243 | ||
Total consideration | 5,203,108 | ||
Hudson City [Member] | Common Stock [Member] | |||
Liabilities: | |||
Common stock issued (25,953,950 shares) | $ 3,110,581 |
Acquisitions - Schedule of As39
Acquisitions - Schedule of Assets Acquired and Liabilities (Parenthetical) (Detail) | Nov. 01, 2015shares |
Common Stock [Member] | Hudson City [Member] | |
Business Acquisition [Line Items] | |
Common stock issued | 25,953,950 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Total revenues pro forma | $ 1,370,594 | $ 2,624,039 |
Net income pro forma | $ 357,654 | $ 642,891 |
Acquisitions - Summary of Merge
Acquisitions - Summary of Merger-Related Expenses (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summary of merger-related expenses | ||||
Salaries and employee benefits | $ 398,675,000 | $ 361,657,000 | $ 830,460,000 | $ 751,550,000 |
Equipment and net occupancy | 75,724,000 | 66,852,000 | 149,902,000 | 133,322,000 |
Printing, postage and supplies | 9,907,000 | 9,305,000 | 21,893,000 | 18,895,000 |
Other costs of operations | 231,801,000 | 242,048,000 | 452,403,000 | 445,017,000 |
Hudson City [Member] | ||||
Summary of merger-related expenses | ||||
Salaries and employee benefits | 60,000 | 5,334,000 | ||
Equipment and net occupancy | 339,000 | 1,278,000 | ||
Printing, postage and supplies | 545,000 | 1,482,000 | ||
Other costs of operations | 11,649,000 | 27,661,000 | ||
Total merger-related expenses | $ 12,593,000 | $ 0 | $ 35,755,000 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Other securities, Amortized cost | $ 469,689 | $ 554,059 |
Other securities, Gross unrealized gains | 0 | 0 |
Other securities, Gross unrealized losses | 0 | 0 |
Other securities, Estimated fair value | 469,689 | 554,059 |
Investment securities available for sale, amortized cost | 11,578,829 | 12,138,636 |
Investment securities available for sale, gross unrealized gains | 365,681 | 174,699 |
Investment securities available for sale, gross unrealized losses | 25,536 | 70,664 |
Investment securities available for sale, estimated fair value | 11,918,974 | 12,242,671 |
Amortized cost for held to maturity | 2,574,421 | 2,859,709 |
Gross unrealized gains for held to maturity | 90,165 | 54,043 |
Gross unrealized losses for held to maturity | 41,327 | 49,605 |
Estimated fair value for held to maturity | 2,623,259 | 2,864,147 |
Total Amortized cost | 14,622,939 | 15,552,404 |
Total for Gross unrealized gains | 455,846 | 228,742 |
Total for Gross unrealized losses | 66,863 | 120,269 |
Total for Estimated fair value | 15,011,922 | 15,660,877 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 5,158 | 5,924 |
Investment securities available for sale, gross unrealized gains | 131 | 146 |
Investment securities available for sale, gross unrealized losses | 48 | 42 |
Investment securities available for sale, estimated fair value | 5,241 | 6,028 |
Amortized cost for held to maturity | 84,614 | 118,431 |
Gross unrealized gains for held to maturity | 712 | 1,003 |
Gross unrealized losses for held to maturity | 240 | 421 |
Estimated fair value for held to maturity | 85,086 | 119,013 |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 10,944,676 | 11,592,959 |
Investment securities available for sale, gross unrealized gains | 323,828 | 142,370 |
Investment securities available for sale, gross unrealized losses | 1,226 | 48,701 |
Investment securities available for sale, estimated fair value | 11,267,278 | 11,686,628 |
Amortized cost for held to maturity | 2,315,012 | 2,553,612 |
Gross unrealized gains for held to maturity | 88,526 | 50,936 |
Gross unrealized losses for held to maturity | 350 | 7,817 |
Estimated fair value for held to maturity | 2,403,188 | 2,596,731 |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 58 | 74 |
Investment securities available for sale, gross unrealized gains | 2 | |
Investment securities available for sale, gross unrealized losses | 1 | 2 |
Investment securities available for sale, estimated fair value | 57 | 74 |
Amortized cost for held to maturity | 168,784 | 181,091 |
Gross unrealized gains for held to maturity | 927 | 2,104 |
Gross unrealized losses for held to maturity | 40,737 | 41,367 |
Estimated fair value for held to maturity | 128,974 | 141,828 |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 135,170 | 137,556 |
Investment securities available for sale, gross unrealized gains | 1,271 | 1,514 |
Investment securities available for sale, gross unrealized losses | 21,670 | 20,190 |
Investment securities available for sale, estimated fair value | 114,771 | 118,880 |
Amortized cost for held to maturity | 6,011 | 6,575 |
Estimated fair value for held to maturity | 6,011 | 6,575 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 397,825 | 299,890 |
Investment securities available for sale, gross unrealized gains | 2,537 | 294 |
Investment securities available for sale, gross unrealized losses | 14 | 187 |
Investment securities available for sale, estimated fair value | 400,348 | 299,997 |
Collateralized Debt Obligations [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 28,255 | 28,438 |
Investment securities available for sale, gross unrealized gains | 17,466 | 20,143 |
Investment securities available for sale, gross unrealized losses | 2,416 | 1,188 |
Investment securities available for sale, estimated fair value | 43,305 | 47,393 |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 67,687 | 73,795 |
Investment securities available for sale, gross unrealized gains | 20,448 | 10,230 |
Investment securities available for sale, gross unrealized losses | 161 | 354 |
Investment securities available for sale, estimated fair value | $ 87,974 | $ 83,671 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Investment | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Investment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Amortized Cost and Fair Value Debt Securities [Abstract] | |||||
Gross realized gains on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of investment securities with aggregate gross unrealized losses | Investment | 428 | 428 | |||
Unrealized losses on individual investment securities | $ 66,863,000 | $ 66,863,000 | $ 120,269,000 | ||
Cost method investment securities | $ 470,000,000 | $ 470,000,000 |
Investment Securities - Amort44
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt securities available for sale: | ||
Due in one year or less | $ 6,147 | |
Due after one year through five years | 399,312 | |
Due after five years through ten years | 3,425 | |
Due after ten years | 157,524 | |
Total available for sale (amortized cost) | 566,408 | |
Mortgage-backed securities available for sale | 10,944,734 | |
Total | 11,511,142 | |
Debt securities held to maturity: | ||
Due in one year or less | 28,259 | |
Due after one year through five years | 51,414 | |
Due after five years through ten years | 4,941 | |
Due after ten years | 6,011 | |
Total available for held to maturity (amortized cost) | 90,625 | |
Mortgage-backed securities held to maturity | 2,483,796 | |
Amortized cost for held to maturity | 2,574,421 | $ 2,859,709 |
Debt securities available for sale: | ||
Due in one year or less | 6,176 | |
Due after one year through five years | 402,100 | |
Due after five years through ten years | 3,822 | |
Due after ten years | 151,567 | |
Total available for sale (fair value) | 563,665 | |
Mortgage-backed securities available for sale | 11,267,335 | |
Total | 11,831,000 | |
Debt securities held to maturity: | ||
Due in one year or less | 28,430 | |
Due after one year through five years | 51,611 | |
Due after five years through ten years | 5,045 | |
Due after ten years | 6,011 | |
Total available for held to maturity (fair value) | 91,097 | |
Mortgage-backed securities held to maturity | 2,532,162 | |
Total | $ 2,623,259 | $ 2,864,147 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 267,966 | $ 4,246,991 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2,624) | (49,727) |
Estimated fair value, 12 months or more | 105,755 | 104,154 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (22,912) | (20,937) |
Held to maturity, Estimated fair value, Less than 12 months | 33,249 | 502,896 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (3,164) | (2,136) |
Held to maturity, Estimated fair value, 12 months or more | 231,627 | 346,875 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (38,163) | (47,469) |
Total investment securities, fair value less than 12 months | 301,215 | 4,749,887 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (5,788) | (51,863) |
Total of investment securities, fair value, 12 Months or More | 337,382 | 451,029 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (61,075) | (68,406) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 865 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2) | |
Estimated fair value, 12 months or more | 1,703 | 1,335 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (48) | (40) |
Held to maturity, Estimated fair value, Less than 12 months | 15,813 | 42,913 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (89) | (335) |
Held to maturity, Estimated fair value, 12 months or more | 12,057 | 5,853 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (151) | (86) |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 245,977 | 4,061,899 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1,123) | (48,534) |
Estimated fair value, 12 months or more | 7,590 | 7,216 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (103) | (167) |
Held to maturity, Estimated fair value, Less than 12 months | 459,983 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (1,801) | |
Held to maturity, Estimated fair value, 12 months or more | 125,116 | 228,867 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (350) | (6,016) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, Less than 12 months | 17,436 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (3,075) | |
Held to maturity, Estimated fair value, 12 months or more | 94,454 | 112,155 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (37,662) | (41,367) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 7,831 | 147,508 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (14) | (187) |
Privately Issued Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, 12 months or more | 40 | 43 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (1) | (2) |
Collateralized Debt Obligations [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 2,883 | 5,711 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1,078) | (335) |
Estimated fair value, 12 months or more | 4,285 | 2,063 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (1,338) | (853) |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 11,275 | 12,935 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (409) | (462) |
Estimated fair value, 12 months or more | 91,997 | 93,344 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (21,261) | (19,728) |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 18,073 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (207) | |
Estimated fair value, 12 months or more | 140 | 153 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | $ (161) | $ (147) |
Loans and Leases and the Allo46
Loans and Leases and the Allowance for Credit Losses - Outstanding Principal Balance and Carrying Amount of Loans that is Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Outstanding principal balance | $ 2,735,024 | $ 3,122,935 |
Carrying amount | 2,171,480 | 2,465,067 |
Commercial, Financial, Leasing, etc. [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 68,648 | 78,847 |
Commercial Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 548,485 | 644,284 |
Residential Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 903,891 | 1,016,129 |
Consumer [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | $ 650,456 | $ 725,807 |
Loans and Leases and the Allo47
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Loans And Leases Receivable [Line Items] | ||
Contractual principal and interest payments | $ 662 | $ 768 |
Commercial real estate loans held for sale | $ 228 | 39 |
Loan delinquent period | 90 days | |
Minimum delinquency period for loan level collectability analysis consumer mortgage | 150 days | |
Amount of foreclosed residential real estate property held | $ 158 | 172 |
Loans secured by residential real estate that were in the process of foreclosure | $ 305 | $ 315 |
Maximum [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Purchased impaired loans as a percentage of total assets | 1.00% | 1.00% |
Residential Mortgage Loans [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | $ 374 | $ 353 |
Carrying value of loans for which partial charge-off has been recognized | 52 | 55 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | 18 | 20 |
Home Equity Loans and Lines of Credit [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Carrying value of loans for which partial charge-off has been recognized | 31 | 21 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | $ 39 | $ 28 |
Loans and Leases and the Allo48
Loans and Leases and the Allowance for Credit Losses - Summary of Changes in Accretable Yield for Acquired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Purchased Impaired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | $ 171,185 | $ 71,422 | $ 184,618 | $ 76,518 |
Interest income | (14,060) | (5,772) | (28,122) | (10,978) |
Reclassifications from nonaccretable balance, net | 4,898 | 11,974 | 5,527 | 12,084 |
Balance at end of period | 162,023 | 77,624 | 162,023 | 77,624 |
Other Acquired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | 269,017 | 357,895 | 296,434 | 397,379 |
Interest income | (32,898) | (40,024) | (70,760) | (81,301) |
Reclassifications from nonaccretable balance, net | 2,933 | 26,840 | 8,597 | 27,023 |
Other | 6,143 | 278 | 10,924 | 1,888 |
Balance at end of period | $ 245,195 | $ 344,989 | $ 245,195 | $ 344,989 |
Loans and Leases and the Allo49
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 85,715,365 | $ 84,400,551 |
30-89 Days past due | 928,679 | 1,135,296 |
Accruing loans past due 90 days or more | 298,449 | 317,441 |
Purchased impaired | 662,059 | 768,329 |
Nonaccrual | 848,855 | 799,409 |
Loans and leases, net of unearned discount | 88,521,998 | 87,489,499 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 21,157,606 | 20,122,648 |
30-89 Days past due | 63,069 | 52,868 |
Accruing loans past due 90 days or more | 6,665 | 2,310 |
Purchased impaired | 766 | 1,902 |
Nonaccrual | 240,684 | 241,917 |
Loans and leases, net of unearned discount | 21,469,242 | 20,422,338 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 23,390,039 | 23,111,673 |
30-89 Days past due | 125,657 | 172,439 |
Accruing loans past due 90 days or more | 16,487 | 12,963 |
Purchased impaired | 36,111 | 46,790 |
Nonaccrual | 172,670 | 179,606 |
Loans and leases, net of unearned discount | 23,754,899 | 23,532,261 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,819,984 | 1,507,856 |
30-89 Days past due | 14,892 | 7,969 |
Accruing loans past due 90 days or more | 5,760 | |
Purchased impaired | 19,972 | 28,734 |
Nonaccrual | 24,263 | 28,429 |
Loans and leases, net of unearned discount | 1,883,958 | 1,585,673 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,993,493 | 3,962,620 |
30-89 Days past due | 41,297 | 65,932 |
Accruing loans past due 90 days or more | 7,936 | |
Purchased impaired | 16,009 | 24,525 |
Nonaccrual | 21,294 | 16,363 |
Loans and leases, net of unearned discount | 5,072,373 | 4,079,377 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 19,208,724 | 20,507,551 |
30-89 Days past due | 470,646 | 560,312 |
Accruing loans past due 90 days or more | 270,845 | 284,451 |
Purchased impaired | 433,192 | 488,599 |
Nonaccrual | 202,949 | 153,281 |
Loans and leases, net of unearned discount | 20,599,443 | 22,010,273 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,584,715 | 3,885,073 |
30-89 Days past due | 112,743 | 137,289 |
Purchased impaired | 154,320 | 175,518 |
Nonaccrual | 79,028 | 61,950 |
Loans and leases, net of unearned discount | 3,930,806 | 4,259,830 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 5,658,417 | 5,805,222 |
30-89 Days past due | 34,735 | 45,604 |
Purchased impaired | 1,689 | 2,261 |
Nonaccrual | 86,870 | 84,467 |
Loans and leases, net of unearned discount | 5,796,319 | 5,952,776 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,669,708 | 2,446,473 |
30-89 Days past due | 39,139 | 56,181 |
Nonaccrual | 12,390 | 16,597 |
Loans and leases, net of unearned discount | 2,721,238 | 2,519,257 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,232,679 | 3,051,435 |
30-89 Days past due | 26,501 | 36,702 |
Accruing loans past due 90 days or more | 4,452 | 4,021 |
Nonaccrual | 8,707 | 16,799 |
Loans and leases, net of unearned discount | 3,293,720 | 3,127,714 |
Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 68,591 | 68,473 |
Accruing Loans Acquired at Discount [Member] | Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 452 | 693 |
Accruing Loans Acquired at Discount [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 13,935 | 8,790 |
Accruing Loans Acquired at Discount [Member] | Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 4,847 | 6,925 |
Accruing Loans Acquired at Discount [Member] | Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 280 | 2,001 |
Accruing Loans Acquired at Discount [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 13,087 | 16,079 |
Accruing Loans Acquired at Discount [Member] | Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 14,608 | 15,222 |
Accruing Loans Acquired at Discount [Member] | Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | 1 | 6 |
Accruing Loans Acquired at Discount [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing loans past due 90 days or more | $ 21,381 | $ 18,757 |
Loans and Leases and the Allo50
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 962,752 | $ 921,373 | $ 955,992 | $ 919,562 |
Provision for credit losses | 32,000 | 30,000 | 81,000 | 68,000 |
Net charge-offs | ||||
Charge-offs | (46,870) | (32,962) | (105,582) | (80,438) |
Recoveries | 22,614 | 11,576 | 39,086 | 22,863 |
Net charge-offs | (24,256) | (21,386) | (66,496) | (57,575) |
Ending balance | 970,496 | 929,987 | 970,496 | 929,987 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 323,866 | 281,069 | 300,404 | 288,038 |
Provision for credit losses | (10,919) | 9,737 | 13,445 | 11,179 |
Net charge-offs | ||||
Charge-offs | (7,487) | (7,728) | (13,636) | (20,078) |
Recoveries | 10,619 | 3,672 | 15,866 | 7,611 |
Net charge-offs | 3,132 | (4,056) | 2,230 | (12,467) |
Ending balance | 316,079 | 286,750 | 316,079 | 286,750 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 331,985 | 317,375 | 326,831 | 307,927 |
Provision for credit losses | 15,823 | (3,652) | 19,836 | 11,890 |
Net charge-offs | ||||
Charge-offs | (733) | (3,470) | (2,005) | (10,149) |
Recoveries | 2,599 | 1,041 | 5,012 | 1,626 |
Net charge-offs | 1,866 | (2,429) | 3,007 | (8,523) |
Ending balance | 349,674 | 311,294 | 349,674 | 311,294 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 68,371 | 60,741 | 72,238 | 61,910 |
Provision for credit losses | 4,404 | 1,624 | 5,622 | 2,584 |
Net charge-offs | ||||
Charge-offs | (5,090) | (3,309) | (12,062) | (6,427) |
Recoveries | 1,975 | 1,238 | 3,862 | 2,227 |
Net charge-offs | (3,115) | (2,071) | (8,200) | (4,200) |
Ending balance | 69,660 | 60,294 | 69,660 | 60,294 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 160,819 | 186,052 | 178,320 | 186,033 |
Provision for credit losses | 22,681 | 21,016 | 42,574 | 40,590 |
Net charge-offs | ||||
Charge-offs | (33,560) | (18,455) | (77,879) | (43,784) |
Recoveries | 7,421 | 5,625 | 14,346 | 11,399 |
Net charge-offs | (26,139) | (12,830) | (63,533) | (32,385) |
Ending balance | 157,361 | 194,238 | 157,361 | 194,238 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 77,711 | 76,136 | 78,199 | 75,654 |
Provision for credit losses | 11 | 1,275 | (477) | 1,757 |
Net charge-offs | ||||
Ending balance | $ 77,722 | $ 77,411 | $ 77,722 | $ 77,411 |
Loans and Leases and the Allo51
Loans and Leases and the Allowance for Credit Losses - Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | $ 513,647 | $ 507,154 |
Unpaid principal balance with related allowance | 579,473 | 567,962 |
Related allowance | 90,796 | 90,093 |
Recorded investment with no related allowance | 253,046 | 273,437 |
Unpaid principal balance with no related allowance | 328,192 | 367,741 |
Recorded investment | 766,693 | 780,591 |
Unpaid principal balance | 907,665 | 935,703 |
Related allowance | 90,796 | 90,093 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 79,748 | 85,974 |
Unpaid principal balance with related allowance | 89,051 | 95,855 |
Related allowance | 16,562 | 18,764 |
Recorded investment with no related allowance | 101,949 | 101,340 |
Unpaid principal balance with no related allowance | 118,540 | 116,230 |
Recorded investment | 181,697 | 187,314 |
Unpaid principal balance | 207,591 | 212,085 |
Related allowance | 16,562 | 18,764 |
Automobile [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 19,137 | 22,525 |
Unpaid principal balance with related allowance | 19,137 | 22,525 |
Related allowance | 4,022 | 4,709 |
Recorded investment | 19,137 | 22,525 |
Unpaid principal balance | 19,137 | 22,525 |
Related allowance | 4,022 | 4,709 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 196,990 | 179,037 |
Unpaid principal balance with related allowance | 219,662 | 195,821 |
Related allowance | 50,010 | 44,752 |
Recorded investment with no related allowance | 74,409 | 93,190 |
Unpaid principal balance with no related allowance | 83,632 | 110,735 |
Recorded investment | 271,399 | 272,227 |
Unpaid principal balance | 303,294 | 306,556 |
Related allowance | 50,010 | 44,752 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 6,854 | 3,316 |
Unpaid principal balance with related allowance | 7,788 | 5,101 |
Related allowance | 581 | 196 |
Recorded investment with no related allowance | 21,619 | 27,651 |
Unpaid principal balance with no related allowance | 30,837 | 47,246 |
Recorded investment | 28,473 | 30,967 |
Unpaid principal balance | 38,625 | 52,347 |
Related allowance | 581 | 196 |
Other Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 3,312 | 3,548 |
Unpaid principal balance with related allowance | 3,731 | 3,843 |
Related allowance | 1,223 | 348 |
Recorded investment with no related allowance | 18,334 | 13,221 |
Unpaid principal balance with no related allowance | 37,278 | 31,477 |
Recorded investment | 21,646 | 16,769 |
Unpaid principal balance | 41,009 | 35,320 |
Related allowance | 1,223 | 348 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 77,975 | 79,558 |
Unpaid principal balance with related allowance | 96,157 | 96,751 |
Related allowance | 3,337 | 4,727 |
Recorded investment with no related allowance | 18,945 | 19,621 |
Unpaid principal balance with no related allowance | 27,933 | 30,940 |
Recorded investment | 96,920 | 99,179 |
Unpaid principal balance | 124,090 | 127,691 |
Related allowance | 3,337 | 4,727 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 85,201 | 90,356 |
Unpaid principal balance with related allowance | 98,607 | 104,251 |
Related allowance | 6,700 | 8,000 |
Recorded investment with no related allowance | 17,790 | 18,414 |
Unpaid principal balance with no related allowance | 29,972 | 31,113 |
Recorded investment | 102,991 | 108,770 |
Unpaid principal balance | 128,579 | 135,364 |
Related allowance | 6,700 | 8,000 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 40,004 | 25,220 |
Unpaid principal balance with related allowance | 40,914 | 26,195 |
Related allowance | 7,421 | 3,777 |
Recorded investment | 40,004 | 25,220 |
Unpaid principal balance | 40,914 | 26,195 |
Related allowance | 7,421 | 3,777 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 4,426 | 17,620 |
Unpaid principal balance with related allowance | 4,426 | 17,620 |
Related allowance | 940 | 4,820 |
Recorded investment | 4,426 | 17,620 |
Unpaid principal balance | 4,426 | 17,620 |
Related allowance | $ 940 | $ 4,820 |
Loans and Leases and the Allo52
Loans and Leases and the Allowance for Credit Losses - Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | $ 787,380 | $ 752,253 | $ 793,497 | $ 758,167 |
Interest income recognized, Total | 10,894 | 5,638 | 16,666 | 11,343 |
Interest income recognized, Cash basis | 8,628 | 3,425 | 12,453 | 6,941 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 175,028 | 153,105 | 178,741 | 153,088 |
Interest income recognized, Total | 611 | 1,004 | 2,085 | 2,106 |
Interest income recognized, Cash basis | 611 | 1,004 | 2,085 | 2,106 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 291,970 | 221,952 | 294,277 | 218,285 |
Interest income recognized, Total | 5,700 | 502 | 6,311 | 1,106 |
Interest income recognized, Cash basis | 5,700 | 502 | 6,311 | 1,106 |
Residential Builder and Developer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 31,751 | 66,334 | 32,750 | 69,742 |
Interest income recognized, Total | 41 | 131 | 83 | 194 |
Interest income recognized, Cash basis | 41 | 131 | 83 | 194 |
Other Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 20,955 | 23,614 | 18,911 | 24,577 |
Interest income recognized, Total | 335 | 168 | 373 | 223 |
Interest income recognized, Cash basis | 335 | 168 | 373 | 223 |
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 97,936 | 101,560 | 97,362 | 103,025 |
Interest income recognized, Total | 1,834 | 1,358 | 3,206 | 2,804 |
Interest income recognized, Cash basis | 1,139 | 785 | 2,021 | 1,695 |
Residential Limited Documentation [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 103,795 | 120,286 | 105,634 | 122,970 |
Interest income recognized, Total | 1,607 | 1,650 | 3,079 | 3,260 |
Interest income recognized, Cash basis | 640 | 697 | 1,270 | 1,344 |
Home Equity Lines and Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 34,234 | 20,221 | 30,127 | 19,952 |
Interest income recognized, Total | 323 | 224 | 569 | 425 |
Interest income recognized, Cash basis | 98 | 65 | 183 | 113 |
Automobile [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 20,542 | 26,123 | 21,252 | 27,568 |
Interest income recognized, Total | 322 | 416 | 661 | 866 |
Interest income recognized, Cash basis | 28 | 43 | 64 | 97 |
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 11,169 | 19,058 | 14,443 | 18,960 |
Interest income recognized, Total | 121 | 185 | 299 | 359 |
Interest income recognized, Cash basis | $ 36 | $ 30 | $ 63 | $ 63 |
Loans and Leases and the Allo53
Loans and Leases and the Allowance for Credit Losses - Summary of Loan Grades (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 88,521,998 | $ 87,489,499 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,469,242 | 20,422,338 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,409,928 | 19,442,183 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 818,630 | 738,238 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 240,684 | 241,917 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,754,899 | 23,532,261 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,785,132 | 22,697,398 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 797,097 | 655,257 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 172,670 | 179,606 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,883,958 | 1,585,673 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,704,457 | 1,497,465 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 155,238 | 59,779 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,263 | 28,429 |
Other Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,072,373 | 4,079,377 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,847,810 | 3,834,137 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 203,269 | 228,877 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 21,294 | $ 16,363 |
Loans and Leases and the Allo54
Loans and Leases and the Allowance for Credit Losses - Allocation of Allowance for Credit Losses on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 90,722 | $ 89,960 | ||||
Allowance for credit losses | 796,545 | 783,750 | ||||
Allowance for credit losses | 970,496 | $ 962,752 | 955,992 | $ 929,987 | $ 921,373 | $ 919,562 |
Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 5,507 | 4,083 | ||||
Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 892,774 | 877,793 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 77,722 | $ 77,711 | 78,199 | $ 77,411 | $ 76,136 | $ 75,654 |
Commercial, Financial, Leasing, etc. [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 50,010 | 44,752 | ||||
Allowance for credit losses | 266,069 | 255,615 | ||||
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 37 | |||||
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 316,079 | 300,404 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 18,292 | 19,175 | ||||
Allowance for credit losses | 328,919 | 307,000 | ||||
Commercial Real Estate [Member] | Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 2,463 | 656 | ||||
Commercial Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 349,674 | 326,831 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 10,037 | 12,727 | ||||
Allowance for credit losses | 57,666 | 57,624 | ||||
Residential Real Estate [Member] | Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 1,957 | 1,887 | ||||
Residential Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 69,660 | 72,238 | ||||
Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 12,383 | 13,306 | ||||
Allowance for credit losses | 143,891 | 163,511 | ||||
Consumer Loans [Member] | Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 1,087 | 1,503 | ||||
Consumer Loans [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 157,361 | $ 178,320 |
Loans and Leases and the Allo55
Loans and Leases and the Allowance for Credit Losses - Recorded Investment in Loans and Leases on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 88,521,998 | $ 87,489,499 |
Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 765,837 | 779,673 |
Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 87,094,102 | 85,941,497 |
Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 662,059 | 768,329 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,469,242 | 20,422,338 |
Commercial, Financial, Leasing, etc. [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 271,399 | 272,227 |
Commercial, Financial, Leasing, etc. [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,197,077 | 20,148,209 |
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 766 | 1,902 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 30,711,230 | 29,197,311 |
Commercial Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 230,960 | 234,132 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 30,408,178 | 28,863,130 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 72,092 | 100,049 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,530,249 | 26,270,103 |
Residential Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 199,911 | 207,949 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,742,826 | 25,398,037 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 587,512 | 664,117 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,811,277 | 11,599,747 |
Consumer Loans [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 63,567 | 65,365 |
Consumer Loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,746,021 | 11,532,121 |
Consumer Loans [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 1,689 | $ 2,261 |
Loans and Leases and the Allo56
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)Modification | Jun. 30, 2015USD ($)Modification | Jun. 30, 2016USD ($)Modification | Jun. 30, 2015USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 216 | 218 | 435 | 368 |
Pre-modification, Recorded investment | $ 106,670 | $ 96,065 | $ 141,574 | $ 116,197 |
Post-modification, Recorded investment | 104,458 | 95,987 | 140,601 | 113,989 |
Financial effects of modification, Recorded investment | (2,212) | (78) | (973) | (2,208) |
Financial effects of modification, Interest | $ (341) | $ (692) | $ (1,028) | $ (849) |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | |||
Pre-modification, Recorded investment | $ 129 | |||
Post-modification, Recorded investment | 129 | |||
Financial effects of modification, Interest | $ (25) | |||
Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | |||
Pre-modification, Recorded investment | $ 23,905 | |||
Post-modification, Recorded investment | 22,958 | |||
Financial effects of modification, Recorded investment | $ (947) | |||
Principal Deferral [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 10 | 15 | 26 | 22 |
Pre-modification, Recorded investment | $ 2,726 | $ 38,983 | $ 6,209 | $ 42,775 |
Post-modification, Recorded investment | 2,710 | 37,585 | 6,158 | 41,361 |
Financial effects of modification, Recorded investment | $ (16) | $ (1,398) | $ (51) | $ (1,414) |
Principal Deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 33 | 30 | 57 | 51 |
Pre-modification, Recorded investment | $ 45,733 | $ 16,018 | $ 57,304 | $ 17,590 |
Post-modification, Recorded investment | 45,657 | 15,355 | 58,378 | 16,912 |
Financial effects of modification, Recorded investment | $ (76) | $ (663) | $ 1,074 | $ (678) |
Principal Deferral [Member] | Residential Builder and Developer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | 1 | 2 | |
Pre-modification, Recorded investment | $ 23,905 | $ 9,252 | $ 10,650 | |
Post-modification, Recorded investment | 22,958 | 9,200 | 10,598 | |
Financial effects of modification, Recorded investment | $ (947) | $ (52) | $ (52) | |
Principal Deferral [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 8 | 12 | 25 | 19 |
Pre-modification, Recorded investment | $ 963 | $ 693 | $ 2,944 | $ 1,414 |
Post-modification, Recorded investment | 1,040 | 754 | 3,231 | 1,496 |
Financial effects of modification, Recorded investment | $ 77 | $ 61 | $ 287 | $ 82 |
Principal Deferral [Member] | Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 2 | 1 | 3 | 1 |
Pre-modification, Recorded investment | $ 151 | $ 161 | $ 276 | $ 161 |
Post-modification, Recorded investment | 195 | $ 161 | 333 | $ 161 |
Financial effects of modification, Recorded investment | $ 44 | $ 57 | ||
Principal Deferral [Member] | Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 1 | 4 | 2 |
Pre-modification, Recorded investment | $ 69 | $ 1,198 | $ 404 | $ 1,219 |
Post-modification, Recorded investment | $ 69 | $ 1,198 | $ 404 | $ 1,219 |
Principal Deferral [Member] | Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 44 | 63 | 92 | 98 |
Pre-modification, Recorded investment | $ 158 | $ 615 | $ 679 | $ 918 |
Post-modification, Recorded investment | $ 158 | $ 615 | $ 679 | $ 918 |
Principal Deferral [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 29 | 27 | 55 | 49 |
Pre-modification, Recorded investment | $ 551 | $ 770 | $ 925 | $ 1,066 |
Post-modification, Recorded investment | $ 551 | $ 770 | $ 925 | $ 1,066 |
Principal Deferral [Member] | Other Commercial Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 1 | ||
Pre-modification, Recorded investment | $ 250 | $ 250 | ||
Post-modification, Recorded investment | $ 250 | $ 250 | ||
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | |||
Pre-modification, Recorded investment | $ 129 | |||
Post-modification, Recorded investment | 129 | |||
Financial effects of modification, Interest | $ (25) | |||
Interest Rate Reduction [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | |||
Pre-modification, Recorded investment | $ 99 | |||
Post-modification, Recorded investment | 99 | |||
Financial effects of modification, Interest | $ (19) | |||
Interest Rate Reduction [Member] | Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 4 | 7 | ||
Pre-modification, Recorded investment | $ 95 | $ 137 | ||
Post-modification, Recorded investment | 95 | 137 | ||
Financial effects of modification, Interest | $ (7) | $ (10) | ||
Combination of Concession Types [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 4 | 1 | 9 | 5 |
Pre-modification, Recorded investment | $ 7,065 | $ 436 | $ 10,998 | $ 2,082 |
Post-modification, Recorded investment | 7,008 | 436 | 10,932 | 2,073 |
Financial effects of modification, Recorded investment | (57) | (66) | (9) | |
Financial effects of modification, Interest | $ (31) | $ (53) | $ (66) | $ (105) |
Combination of Concession Types [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 5 | 2 | 12 | 5 |
Pre-modification, Recorded investment | $ 15,257 | $ 15,889 | $ 21,414 | $ 25,044 |
Post-modification, Recorded investment | 14,217 | 17,864 | 20,169 | 24,853 |
Financial effects of modification, Recorded investment | $ (1,040) | 1,975 | $ (1,245) | (191) |
Financial effects of modification, Interest | $ (239) | $ (239) | ||
Combination of Concession Types [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 8 | 9 | 18 | 12 |
Pre-modification, Recorded investment | $ 1,043 | $ 961 | $ 3,364 | $ 1,255 |
Post-modification, Recorded investment | 1,122 | 1,066 | 3,491 | 1,415 |
Financial effects of modification, Recorded investment | $ 79 | 105 | $ 127 | 160 |
Financial effects of modification, Interest | $ (144) | $ (178) | ||
Combination of Concession Types [Member] | Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 2 | 5 | 3 | |
Pre-modification, Recorded investment | $ 424 | $ 1,312 | $ 634 | |
Post-modification, Recorded investment | 426 | 1,379 | 636 | |
Financial effects of modification, Recorded investment | 2 | 67 | 2 | |
Financial effects of modification, Interest | $ (26) | $ (339) | $ (30) | |
Combination of Concession Types [Member] | Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 31 | 14 | 54 | 19 |
Pre-modification, Recorded investment | $ 3,737 | $ 1,356 | $ 6,233 | $ 1,552 |
Post-modification, Recorded investment | 3,737 | 1,356 | 6,233 | 1,552 |
Financial effects of modification, Interest | $ (280) | $ (212) | $ (563) | $ (225) |
Combination of Concession Types [Member] | Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 9 | 8 | 17 | |
Pre-modification, Recorded investment | $ 138 | $ 85 | $ 222 | |
Post-modification, Recorded investment | 138 | 85 | 222 | |
Financial effects of modification, Interest | $ (4) | $ (3) | $ (11) | |
Combination of Concession Types [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 9 | 10 | 17 | 23 |
Pre-modification, Recorded investment | $ 49 | $ 43 | $ 196 | $ 267 |
Post-modification, Recorded investment | 49 | 43 | 196 | 267 |
Financial effects of modification, Interest | $ (5) | $ (7) | $ (32) | $ (32) |
Combination of Concession Types [Member] | Other Commercial Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 1 | ||
Pre-modification, Recorded investment | $ 124 | $ 124 | ||
Post-modification, Recorded investment | $ 124 | $ 124 | ||
Other [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 1 | ||
Pre-modification, Recorded investment | $ 4,723 | $ 4,723 | ||
Post-modification, Recorded investment | 4,447 | 4,447 | ||
Financial effects of modification, Recorded investment | $ (276) | $ (276) | ||
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 2 | 2 | ||
Pre-modification, Recorded investment | $ 8,991 | $ 8,991 | ||
Post-modification, Recorded investment | 8,883 | 8,883 | ||
Financial effects of modification, Recorded investment | $ (108) | $ (108) | ||
Other [Member] | Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 22 | 13 | 38 | 23 |
Pre-modification, Recorded investment | $ 17 | $ 21 | $ 55 | $ 41 |
Post-modification, Recorded investment | $ 17 | $ 21 | $ 55 | $ 41 |
Other [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | 2 | 5 | 7 |
Pre-modification, Recorded investment | $ 20 | $ 21 | $ 45 | $ 80 |
Post-modification, Recorded investment | $ 20 | $ 21 | $ 45 | $ 80 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instruments [Abstract] | ||
Junior subordinated debentures | $ 515 | |
Trust preferred capital securities | 0.00% | |
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Agreements to repurchase securities | $ 1,900 | $ 1,900 |
Collateral posted | $ 2,000 | $ 2,000 |
Latest year of repurchase for securities sold under agreements to repurchase | 2,020 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Warrant [Member] | Assumed In Acquisition [Member] | |||
Class of Stock [Line Items] | |||
Exercise price of each class of warrants or rights outstanding | $ 518.96 | $ 518.96 | |
Warrant to purchase common stock | 95,383 | 95,383 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Carrying value | $ 1,231,500 | $ 1,231,500 |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 230,000 | 230,000 |
Preferred stock, shares outstanding | 230,000 | 230,000 |
Carrying value | $ 230,000 | $ 230,000 |
Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 151,500 | 151,500 |
Preferred stock, shares outstanding | 151,500 | 151,500 |
Carrying value | $ 151,500 | $ 151,500 |
Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, shares outstanding | 50,000 | 50,000 |
Carrying value | $ 500,000 | $ 500,000 |
Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
Carrying value | $ 350,000 | $ 350,000 |
Shareholders' Equity - Issued60
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Preferred stock dividend rate | 6.375% | |
Exercise price of each class of warrants or rights outstanding | $ 73.86 | |
Warrants and rights outstanding | 713,855 | 719,175 |
Warrants, year of expiration | 2,018 | |
Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 10,000 | 10,000 |
Preferred stock dividend rate | 6.875% | |
Preferred shares redemption date | Jun. 15, 2016 | |
Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Preferred stock dividend rate | 6.45% | |
Preferred shares redemption date | Feb. 15, 2024 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | |
Date of change in the dividend rate | Feb. 14, 2024 | |
London Interbank offered rate plus basis points | 3.61% |
Pension Plans and Other Postr61
Pension Plans and Other Postretirement Benefits - Net Periodic Defined Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6,137 | $ 5,832 | $ 12,519 | $ 11,832 |
Interest cost on projected benefit obligation | 20,822 | 17,732 | 41,705 | 35,507 |
Expected return on plan assets | (26,423) | (23,476) | (54,237) | (47,051) |
Amortization of prior service credit | (789) | (1,478) | (1,614) | (3,003) |
Amortization of net actuarial loss | 6,773 | 11,237 | 15,073 | 22,412 |
Net periodic benefit cost | 6,520 | 9,847 | 13,446 | 19,697 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 340 | 174 | 798 | 374 |
Interest cost on projected benefit obligation | 1,281 | 652 | 2,486 | 1,302 |
Amortization of prior service credit | (330) | (329) | (680) | (679) |
Amortization of net actuarial loss | 30 | 28 | 30 | 53 |
Net periodic benefit cost | $ 1,321 | $ 525 | $ 2,634 | $ 1,050 |
Pension Plans and Other Postr62
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 15,274,000 | $ 13,346,000 | $ 32,964,000 | $ 30,096,000 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income available to common shareholders: | ||||
Net income | $ 336,031 | $ 286,688 | $ 634,559 | $ 528,301 |
Less: Preferred stock dividends | (20,317) | (20,317) | (40,635) | (40,635) |
Net income available to common equity | 315,714 | 266,371 | 593,924 | 487,666 |
Less: Income attributable to unvested stock-based compensation awards | (2,746) | (2,900) | (5,227) | (5,371) |
Net income available to common shareholders | $ 312,968 | $ 263,471 | $ 588,697 | $ 482,295 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 159,164 | 133,818 | 159,692 | 133,680 |
Less: Unvested stock-based compensation awards | (1,362) | (1,462) | (1,424) | (1,477) |
Weighted-average shares outstanding | 157,802 | 132,356 | 158,268 | 132,203 |
Basic earnings per common share | $ 1.98 | $ 1.99 | $ 3.72 | $ 3.65 |
Earnings Per Common Share - C64
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 315,714 | $ 266,371 | $ 593,924 | $ 487,666 |
Less: Income attributable to unvested stock-based compensation awards | (2,740) | (2,890) | (5,217) | (5,353) |
Net income available to common shareholders | $ 312,974 | $ 263,481 | $ 588,707 | $ 482,313 |
Adjusted weighted-average shares outstanding: | ||||
Common and unvested stock-based compensation awards | 159,164 | 133,818 | 159,692 | 133,680 |
Less: Unvested stock-based compensation awards | (1,362) | (1,462) | (1,424) | (1,477) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 539 | 760 | 493 | 741 |
Adjusted weighted-average shares outstanding | 158,341 | 133,116 | 158,761 | 132,944 |
Diluted earnings per common share | $ 1.98 | $ 1.98 | $ 3.71 | $ 3.63 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 2.7 | 1.6 | 2.8 | 2.1 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (414,545) | $ (297,843) | ||
Unrealized holding gains (losses), before tax | 236,378 | (79,932) | ||
Foreign currency translation adjustment, before tax | (2,489) | (779) | ||
Gains on cash flow hedges, before tax | 1,453 | |||
Total other comprehensive income(loss) before reclassifications, before tax | 233,889 | (79,258) | ||
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 2,081 | 1,589 | ||
Gains realized in net income, before tax | (268) | 108 | ||
Accretion of net gain on terminated cash flow hedges, before tax | (77) | (63) | ||
Amortization of prior service credit, before tax | (2,294) | (3,682) | ||
Amortization of actuarial losses, before tax | 15,103 | 22,465 | ||
Total reclassifications, before tax | 14,545 | 20,417 | ||
Total gain (loss) during the period, before tax | 248,434 | (58,841) | ||
Ending balance, before tax | $ (166,111) | $ (356,684) | (166,111) | (356,684) |
Beginning balance, tax | 162,918 | 116,849 | ||
Unrealized holding gains (losses), tax | (93,010) | 31,617 | ||
Foreign currency translation adjustment, tax | 871 | 261 | ||
Gains on cash flow hedges, tax | (568) | |||
Total other comprehensive income(loss) before reclassifications, tax | (92,139) | 31,310 | ||
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities, tax | (819) | (621) | ||
Gains realized in net income, tax | 102 | (40) | ||
Accretion of net gain on terminated cash flow hedges, tax | 30 | 25 | ||
Amortization of prior service credit, tax | 902 | 1,640 | ||
Amortization of actuarial losses, tax | (5,904) | (9,981) | ||
Total reclassifications, tax | (5,689) | (8,977) | ||
Total gain (loss) during the period, tax | (97,828) | 22,333 | ||
Ending balance, tax | 65,090 | 139,182 | 65,090 | 139,182 |
Beginning balance | (251,627) | (180,994) | ||
Unrealized holding gains (losses), net of tax | 143,368 | (48,315) | ||
Foreign currency translation adjustment, net of tax | (1,565) | 1,866 | (1,618) | (518) |
Gains on cash flow hedges, net of tax | 885 | |||
Total other comprehensive income(loss) before reclassifications, net of tax | 141,750 | (47,948) | ||
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities, net of tax | 1,262 | 968 | ||
Gains realized in net income, net of tax | (166) | 68 | ||
Accretion of net gain on terminated cash flow hedges, net of tax | (47) | (38) | ||
Amortization of prior service credit, net of tax | (1,392) | (2,042) | ||
Amortization of actuarial losses, net of tax | 9,199 | 12,484 | ||
Total reclassifications, net of tax | 8,856 | 11,440 | ||
Total other comprehensive income (loss) | 49,168 | (65,011) | 150,606 | (36,508) |
Ending balance | (101,021) | (217,502) | (101,021) | (217,502) |
Investment Securities With OTTI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 16,359 | 7,438 | ||
Unrealized holding gains (losses), before tax | 9,260 | 5,670 | ||
Total other comprehensive income(loss) before reclassifications, before tax | 9,260 | 5,670 | ||
Total gain (loss) during the period, before tax | 9,260 | 5,670 | ||
Ending balance, before tax | 25,619 | 13,108 | 25,619 | 13,108 |
Investment Securities All Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 62,849 | 201,828 | ||
Unrealized holding gains (losses), before tax | 227,118 | (85,602) | ||
Total other comprehensive income(loss) before reclassifications, before tax | 227,118 | (85,602) | ||
Accretion of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 2,081 | 1,589 | ||
Gains realized in net income, before tax | (268) | 108 | ||
Total reclassifications, before tax | 1,813 | 1,697 | ||
Total gain (loss) during the period, before tax | 228,931 | (83,905) | ||
Ending balance, before tax | 291,780 | 117,923 | 291,780 | 117,923 |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (489,660) | (503,027) | ||
Amortization of prior service credit, before tax | (2,294) | (3,682) | ||
Amortization of actuarial losses, before tax | 15,103 | 22,465 | ||
Total reclassifications, before tax | 12,809 | 18,783 | ||
Total gain (loss) during the period, before tax | 12,809 | 18,783 | ||
Ending balance, before tax | (476,851) | (484,244) | (476,851) | (484,244) |
Beginning balance | (296,979) | |||
Total other comprehensive income (loss) | 7,807 | |||
Ending balance | (289,172) | (289,172) | ||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (4,093) | (4,082) | ||
Foreign currency translation adjustment, before tax | (2,489) | (779) | ||
Gains on cash flow hedges, before tax | 1,453 | |||
Total other comprehensive income(loss) before reclassifications, before tax | (2,489) | 674 | ||
Accretion of net gain on terminated cash flow hedges, before tax | (77) | (63) | ||
Total reclassifications, before tax | (77) | (63) | ||
Total gain (loss) during the period, before tax | (2,566) | 611 | ||
Ending balance, before tax | $ (6,659) | $ (3,471) | $ (6,659) | $ (3,471) |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (251,627) | $ (180,994) | ||
Net gain (loss) during period | $ 49,168 | $ (65,011) | 150,606 | (36,508) |
Ending balance | (101,021) | $ (217,502) | (101,021) | $ (217,502) |
Investment Securities With OTTI [Member] | Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 9,921 | |||
Net gain (loss) during period | 5,616 | |||
Ending balance | 15,537 | 15,537 | ||
Investment Securities All Other [Member] | Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 38,166 | |||
Net gain (loss) during period | 138,848 | |||
Ending balance | 177,014 | 177,014 | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (296,979) | |||
Net gain (loss) during period | 7,807 | |||
Ending balance | (289,172) | (289,172) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,735) | |||
Net gain (loss) during period | (1,665) | |||
Ending balance | $ (4,400) | $ (4,400) |
Derivative Financial Instrume68
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | |||||
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | $ 28,000,000 | $ 28,000,000 | $ 18,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 113,000,000 | 113,000,000 | 59,000,000 | ||
Net liability positions with counterparties | 108,000,000 | 108,000,000 | 55,000,000 | ||
Post collateral requirements relating to positions | 102,000,000 | 102,000,000 | 52,000,000 | ||
Aggregate fair value of derivative financial instruments in asset position | 14,000,000 | 14,000,000 | 23,000,000 | ||
Net asset positions with counterparties | 9,000,000 | 9,000,000 | 19,000,000 | ||
Counterparties posted collateral relating to positions | 9,000,000 | 9,000,000 | 22,000,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Post collateral requirements relating to positions | 280,000,000 | 280,000,000 | 99,000,000 | ||
Aggregate fair value of derivative financial instruments in a net liability position | 212,000,000 | 212,000,000 | 50,000,000 | ||
Credit Risk Derivative [Member] | |||||
Derivative [Line Items] | |||||
Aggregate fair value of derivative financial instruments in a net liability position | 21,000,000 | 21,000,000 | |||
Fair value of collateral already posted for derivative financial instruments | 17,000,000 | 17,000,000 | |||
Fair value of additional collateral to be posted for derivative financial instruments | 4,000,000 | 4,000,000 | |||
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase in net interest income due to interest rate swap agreements | 10,000,000 | $ 11,000,000 | 20,000,000 | $ 22,000,000 | |
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 20,100,000,000 | 20,100,000,000 | 18,400,000,000 | ||
Foreign Currency and Other Option and Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 826,000,000 | $ 826,000,000 | $ 1,600,000,000 |
Derivative Financial Instrume69
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - Fixed Rate Long-Term Borrowings [Member] - Fair Value Hedges [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,400,000,000 | $ 1,400,000,000 |
Average Maturity (in years) | 1 year 2 months 12 days | 1 year 8 months 12 days |
Weighted-Average Rate, Fixed | 4.42% | 4.42% |
Weighted-Average Rate, Variable | 1.63% | 1.39% |
Derivative Financial Instrume70
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | $ 464,929 | $ 268,637 |
Liability derivatives, Fair value | 368,854 | 162,650 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 431,210 | 222,901 |
Liability derivatives, Fair value | 360,309 | 161,994 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 33,719 | 45,736 |
Liability derivatives, Fair value | 8,545 | 656 |
Interest Rate Swap Agreements [Member] | Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 33,648 | 43,892 |
Commitments to Sell Real Estate Loans [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 292 | 533 |
Liability derivatives, Fair value | 7,720 | 846 |
Commitments to Sell Real Estate Loans [Member] | Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 71 | 1,844 |
Liability derivatives, Fair value | 8,545 | 656 |
Mortgage-Related Commitments to Originate Real Estate Loans for Sale [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 21,431 | 10,282 |
Liability derivatives, Fair value | 48 | 403 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 401,512 | 203,517 |
Liability derivatives, Fair value | 345,681 | 153,723 |
Foreign Exchange and Other Option and Futures Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, Fair value | 7,975 | 8,569 |
Liability derivatives, Fair value | $ 6,860 | $ 7,022 |
Derivative Financial Instrume71
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 8,239 | $ 3,393 | $ 10,425 | $ 6,842 |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | 5,782 | 1,772 | 6,756 | 2,432 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | 2,457 | 1,621 | 3,669 | 4,410 |
Interest Rate Swap Agreements [Member] | Fixed Rate Long-Term Borrowings [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives in fair value hedging relationships, Derivatives | (7,611) | (9,354) | (10,244) | (9,750) |
Derivatives in fair value hedging relationships, Hedged item | $ 7,146 | $ 8,952 | $ 9,016 | $ 9,113 |
Variable Interest Entities an72
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Variable Interest Entity Disclosure [Abstract] | |||||
Carrying value of loans in the Securitization trusts | $ 81,000,000 | ||||
Combined outstanding principal amount of mortgage-backed securities issued by qualified special purpose trust held by unrelated parties | 13,000,000 | ||||
Other assets for its "investment" in the common securities recognized by the company of various trusts | $ 24,000,000 | $ 24,000,000 | 24,000,000 | ||
Total assets of partnerships in which the company invested | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | ||
Maximum exposure to loss of investments in real estate partnerships | 279,000,000 | 279,000,000 | 295,000,000 | ||
Unfunded commitments included in company's maximum exposure to loss of investments in real estate partnerships | 70,000,000 | 70,000,000 | $ 78,000,000 | ||
Investments amortized to income tax expense | 11,000,000 | $ 11,000,000 | 22,000,000 | $ 21,000,000 | |
Federal tax credits and other federal tax benefits recognized | $ 14,000,000 | $ 15,000,000 | $ 28,000,000 | $ 29,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Source | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Source | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of independent pricing sources used to value privately issued mortgage-backed securities valued with internal modeling | Source | 2 | 2 | |||
Securities issued by financial institutions and other entities backed by trust preferred securities at cost | $ 28 | $ 28 | $ 28 | ||
Fair value of securities issued by financial institutions and other entities backed by trust preferred securities | 43 | 43 | 47 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | 4 | $ 34 | 31 | $ 42 | |
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | 242 | 147 | 242 | 147 | 210 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 33 | 13 | 33 | 13 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | 141 | 89 | 141 | 89 | 106 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans measured at fair value on nonrecurring basis | $ 101 | $ 58 | $ 101 | $ 58 | $ 104 |
Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount margin over LIBOR | 4.00% | ||||
Discount rates for fair value estimations | 15.00% | ||||
Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount margin over LIBOR | 10.00% | ||||
Discount rates for fair value estimations | 90.00% | ||||
Weighted Average [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount margin over LIBOR | 8.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 506,131 | $ 273,783 |
Investment securities | 11,918,974 | 12,242,671 |
Real estate loans held for sale | 602,019 | 392,036 |
Other assets | 55,442 | 56,551 |
Total assets | 13,082,566 | 12,965,041 |
Trading account liabilities | 352,541 | 160,745 |
Other liabilities | 16,313 | 1,905 |
Total liabilities | 368,854 | 162,650 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 400,348 | 299,997 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,241 | 6,028 |
Government Issued or Guaranteed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 11,267,278 | 11,686,628 |
Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 57 | 74 |
Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 43,305 | 47,393 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 114,771 | 118,880 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 87,974 | 83,671 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 62,167 | 56,763 |
Investment securities | 59,647 | 65,178 |
Total assets | 121,814 | 121,941 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 59,647 | 65,178 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 443,964 | 217,020 |
Investment securities | 11,815,965 | 12,130,026 |
Real estate loans held for sale | 602,019 | 392,036 |
Other assets | 34,011 | 46,269 |
Total assets | 12,895,959 | 12,785,351 |
Trading account liabilities | 352,541 | 160,745 |
Other liabilities | 16,265 | 1,502 |
Total liabilities | 368,806 | 162,247 |
Significant Observable Inputs (Level 2) [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 400,348 | 299,997 |
Significant Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,241 | 6,028 |
Significant Observable Inputs (Level 2) [Member] | Government Issued or Guaranteed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 11,267,278 | 11,686,628 |
Significant Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 114,771 | 118,880 |
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 28,327 | 18,493 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 43,362 | 47,467 |
Other assets | 21,431 | 10,282 |
Total assets | 64,793 | 57,749 |
Other liabilities | 48 | 403 |
Total liabilities | 48 | 403 |
Significant Unobservable Inputs (Level 3) [Member] | Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 57 | 74 |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $ 43,305 | $ 47,393 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Assets and Other Liabilities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 16,885 | $ 26,230 | $ 9,879 | $ 17,347 |
Total gains (losses) realized/unrealized: | ||||
Included in earnings | 35,430 | 16,132 | 59,328 | 45,902 |
Sales | 0 | 0 | ||
Transfers in and/or out of Level 3 | (30,932) | (31,156) | (47,824) | (52,043) |
Ending Balance | 21,383 | 11,206 | 21,383 | 11,206 |
Changes in unrealized gains included in earnings related to assets still held at end of period | 19,882 | 6,330 | 20,661 | 8,763 |
Privately Issued [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 65 | 95 | 74 | 103 |
Total gains (losses) realized/unrealized: | ||||
Sales | 0 | 0 | ||
Settlements | (8) | (7) | (17) | (15) |
Ending Balance | 57 | 88 | 57 | 88 |
Collateralized Debt Obligations [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 45,040 | 47,278 | 47,393 | 50,316 |
Total gains (losses) realized/unrealized: | ||||
Included in other comprehensive income | (1,070) | 7,629 | (3,218) | 5,625 |
Sales | 0 | 0 | ||
Settlements | (665) | (4,424) | (870) | (5,458) |
Ending Balance | $ 43,305 | $ 50,483 | $ 43,305 | $ 50,483 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Privately Issued [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | $ 57 | $ 74 | $ 65 | $ 88 | $ 95 | $ 103 |
Collateralized Debt Obligations [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | 43,305 | 47,393 | 45,040 | 50,483 | 47,278 | 50,316 |
Other Assets and Other Liabilities [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | 21,383 | 9,879 | $ 16,885 | $ 11,206 | $ 26,230 | $ 17,347 |
Discounted Cash Flows [Member] | Collateralized Debt Obligations [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | $ 43,305 | $ 47,393 | ||||
Loss severity | 100.00% | 100.00% | ||||
Discounted Cash Flows [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Probability of default | 30.00% | 31.00% | ||||
Discounted Cash Flows [Member] | Collateralized Debt Obligations [Member] | Minimum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Probability of default | 10.00% | 10.00% | ||||
Discounted Cash Flows [Member] | Collateralized Debt Obligations [Member] | Maximum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Probability of default | 55.00% | 56.00% | ||||
Discounted Cash Flows [Member] | Other Assets and Other Liabilities [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | $ 21,383 | $ 9,879 | ||||
Discounted Cash Flows [Member] | Other Assets and Other Liabilities [Member] | Weighted Average [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Commitment expirations | 36.00% | 39.00% | ||||
Discounted Cash Flows [Member] | Other Assets and Other Liabilities [Member] | Minimum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Commitment expirations | 0.00% | 0.00% | ||||
Discounted Cash Flows [Member] | Other Assets and Other Liabilities [Member] | Maximum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Commitment expirations | 93.00% | 60.00% | ||||
Two Independent Pricing Quotes [Member] | Privately Issued [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair value | $ 57 | $ 74 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||||
Cash and cash equivalents | $ 1,284,442 | $ 1,368,040 | $ 1,350,858 | $ 1,373,357 | ||
Interest-bearing deposits at banks | 8,474,839 | 7,594,350 | ||||
Trading account assets | 506,131 | 273,783 | ||||
Investment securities | 14,963,084 | 15,656,439 | ||||
Loans and leases: | ||||||
Allowance for credit losses | (970,496) | $ (962,752) | (955,992) | $ (929,987) | $ (921,373) | $ (919,562) |
Loans and leases, net | 87,551,502 | 86,533,507 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,700,066) | (29,110,635) | ||||
Time deposits | (12,630,277) | (13,110,392) | ||||
Deposits at Cayman Islands office | (193,523) | (170,170) | ||||
Short-term borrowings | (206,943) | (150,546) | ||||
Long-term borrowings | (10,328,751) | (10,653,858) | ||||
Trading account liabilities | (352,541) | (160,745) | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,216,801 | 1,276,678 | ||||
Trading account assets | 62,167 | 56,763 | ||||
Investment securities | 59,647 | 65,178 | ||||
Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 67,641 | 91,362 | ||||
Interest-bearing deposits at banks | 8,474,839 | 7,594,350 | ||||
Trading account assets | 443,964 | 217,020 | ||||
Investment securities | 14,779,939 | 15,406,404 | ||||
Loans and leases: | ||||||
Commercial real estate loans | 227,929 | 38,774 | ||||
Residential real estate loans | 4,673,968 | 4,727,816 | ||||
Loans and leases, net | 4,901,897 | 4,766,590 | ||||
Accrued interest receivable | 299,158 | 306,496 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,700,066) | (29,110,635) | ||||
Savings and interest-checking deposits | (51,126,237) | (49,566,644) | ||||
Time deposits | (12,677,606) | (13,135,042) | ||||
Deposits at Cayman Islands office | (193,523) | (170,170) | ||||
Short-term borrowings | (407,123) | (2,132,182) | ||||
Long-term borrowings | (10,382,523) | (10,639,556) | ||||
Accrued interest payable | (80,165) | (85,145) | ||||
Trading account liabilities | (352,541) | (160,745) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | 15,902 | 875 | ||||
Interest rate swap agreements used for interest rate risk management | 33,648 | 43,892 | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 172,336 | 189,295 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,119,041 | 20,146,201 | ||||
Commercial real estate loans | 30,325,791 | 29,005,470 | ||||
Residential real estate loans | 20,064,036 | 21,539,955 | ||||
Consumer loans | 11,713,181 | 11,550,270 | ||||
Loans and leases, net | 83,222,049 | 82,241,896 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 21,383 | 9,879 | ||||
Other credit-related commitments | (125,630) | (122,334) | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,284,442 | 1,368,040 | ||||
Interest-bearing deposits at banks | 8,474,839 | 7,594,350 | ||||
Trading account assets | 506,131 | 273,783 | ||||
Investment securities | 14,963,084 | 15,656,439 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,469,242 | 20,422,338 | ||||
Commercial real estate loans | 30,711,230 | 29,197,311 | ||||
Residential real estate loans | 24,530,249 | 26,270,103 | ||||
Consumer loans | 11,811,277 | 11,599,747 | ||||
Allowance for credit losses | (970,496) | (955,992) | ||||
Loans and leases, net | 87,551,502 | 86,533,507 | ||||
Accrued interest receivable | 299,158 | 306,496 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,700,066) | (29,110,635) | ||||
Savings and interest-checking deposits | (51,126,237) | (49,566,644) | ||||
Time deposits | (12,630,277) | (13,110,392) | ||||
Deposits at Cayman Islands office | (193,523) | (170,170) | ||||
Short-term borrowings | (407,123) | (2,132,182) | ||||
Long-term borrowings | (10,328,751) | (10,653,858) | ||||
Accrued interest payable | (80,165) | (85,145) | ||||
Trading account liabilities | (352,541) | (160,745) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 21,383 | 9,879 | ||||
Commitments to sell real estate loans | 15,902 | 875 | ||||
Other credit-related commitments | (125,630) | (122,334) | ||||
Interest rate swap agreements used for interest rate risk management | 33,648 | 43,892 | ||||
Estimate Fair Value [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,284,442 | 1,368,040 | ||||
Interest-bearing deposits at banks | 8,474,839 | 7,594,350 | ||||
Trading account assets | 506,131 | 273,783 | ||||
Investment securities | 15,011,922 | 15,660,877 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,119,041 | 20,146,201 | ||||
Commercial real estate loans | 30,553,720 | 29,044,244 | ||||
Residential real estate loans | 24,738,004 | 26,267,771 | ||||
Consumer loans | 11,713,181 | 11,550,270 | ||||
Loans and leases, net | 88,123,946 | 87,008,486 | ||||
Accrued interest receivable | 299,158 | 306,496 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,700,066) | (29,110,635) | ||||
Savings and interest-checking deposits | (51,126,237) | (49,566,644) | ||||
Time deposits | (12,677,606) | (13,135,042) | ||||
Deposits at Cayman Islands office | (193,523) | (170,170) | ||||
Short-term borrowings | (407,123) | (2,132,182) | ||||
Long-term borrowings | (10,382,523) | (10,639,556) | ||||
Accrued interest payable | (80,165) | (85,145) | ||||
Trading account liabilities | (352,541) | (160,745) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 21,383 | 9,879 | ||||
Commitments to sell real estate loans | 15,902 | 875 | ||||
Other credit-related commitments | (125,630) | (122,334) | ||||
Interest rate swap agreements used for interest rate risk management | $ 33,648 | $ 43,892 |
Commitments and Contingencies -
Commitments and Contingencies - Company's Significant Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,569,936 | $ 5,631,680 |
Commercial real estate loans to be sold | 112,251 | 57,597 |
Other commercial real estate | 6,325,178 | 5,949,933 |
Residential real estate loans to be sold | 638,037 | 488,621 |
Other residential real estate | 286,848 | 212,619 |
Commercial and other | 11,898,046 | 11,802,850 |
Standby letters of credit | 3,343,858 | 3,330,013 |
Commercial letters of credit | 46,748 | 55,559 |
Financial guarantees and indemnification contracts | 2,926,230 | 2,794,322 |
Commitments to sell real estate loans | $ 1,155,969 | $ 782,885 |
Commitments and Contingencies79
Commitments and Contingencies - Additional Information (Detail) - USD ($) | May 12, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |||
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | $ 2,600,000,000 | $ 2,500,000,000 | |
Payment of litigation settlement expense | $ 64,000,000 | ||
Range of reasonably possible losses, minimum | 0 | ||
Range of reasonably possible losses, maximum | $ 40,000,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2015 | |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Decrease in revenues | $ 6 | $ 12 | |
Decrease in net income | 3 | 5 | |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase in revenues | 6 | 12 | |
Increase in net income | $ 3 | $ 5 | |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase in revenues | $ 25 | ||
Increase in net income | 15 | ||
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Decrease in revenues | 25 | ||
Decrease in net income | $ 15 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net income (loss) | $ 336,031 | $ 286,688 | $ 634,559 | $ 528,301 |
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 22,747 | 25,354 | 48,195 | 50,165 |
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 105,392 | 108,081 | 206,719 | 204,504 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 84,088 | 82,598 | 164,617 | 165,189 |
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 46,225 | 10,756 | 100,749 | 16,710 |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 19,980 | 24,852 | 37,057 | 54,312 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | 71,497 | 68,806 | 134,785 | 137,694 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss) | (13,898) | (33,759) | (57,563) | (100,273) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,312,073 | 1,180,155 | 2,604,970 | 2,279,946 |
Operating Segments [Member] | Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 114,360 | 111,131 | 228,049 | 219,691 |
Operating Segments [Member] | Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 265,481 | 257,257 | 519,098 | 503,838 |
Operating Segments [Member] | Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 192,175 | 185,410 | 369,555 | 354,431 |
Operating Segments [Member] | Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 98,460 | 20,477 | 209,804 | 35,951 |
Operating Segments [Member] | Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 103,882 | 105,568 | 200,817 | 211,325 |
Operating Segments [Member] | Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 345,665 | 305,573 | 684,711 | 605,964 |
Operating Segments [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 192,050 | 194,739 | 392,936 | 348,746 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,197 | 1,122 | 2,188 | 2,167 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 911 | 1,099 | 1,967 | 2,184 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 449 | 427 | 836 | 509 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (14,608) | (5,376) | (28,931) | (10,819) |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 21,244 | 12,436 | 40,904 | 23,823 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,132 | 3,259 | 6,146 | 6,396 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (12,325) | $ (12,967) | $ (23,110) | $ (24,260) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Segment Reporting Information [Line Items] | |||
Average Assets | $ 123,479 | $ 101,780 | $ 96,750 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 5,440 | 5,339 | 5,313 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 25,195 | 24,143 | 23,997 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 20,116 | 18,827 | 18,514 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 41,900 | 26,648 | 23,029 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 2,587 | 2,918 | 3,090 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | 11,640 | 11,035 | 10,830 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Assets | $ 16,601 | $ 12,870 | $ 11,977 |
Segment Information - Summary83
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Taxable-equivalent adjustment | $ 6,522,000 | $ 6,020,000 | $ 12,854,000 | $ 11,858,000 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Average assets | 323,000,000 | |||
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Average assets | $ 323,000,000 |
Relationship with Bayview Len84
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Bayview Lending Group and Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of mortgage servicing rights | $ 3,800 | $ 3,800 | $ 4,100 | ||
Revenues from servicing | $ 5 | $ 6 | $ 10 | $ 12 | |
Bayview Lending Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Minority interest in Bayview Lending Group LLC | 20.00% | 20.00% | |||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 17 | $ 17 | |||
Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 34,500 | 34,500 | 37,700 | ||
Revenues from sub-servicing | 25 | $ 30 | 48 | $ 65 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | $ 169 | $ 169 | $ 181 |
Sale of Trust Accounts - Additi
Sale of Trust Accounts - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Gain on sale of business net of tax | $ 23,000,000 | ||
Gain on sale of business before tax | 45,000,000 | ||
Goodwill recorded | $ 11,000,000 | ||
Revenue on sale of business | $ 0 | $ 9,000,000 |