Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 143,790,862 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 1,367,594 | $ 1,420,888 |
Interest-bearing deposits at banks | 6,669,985 | 5,078,903 |
Federal funds sold | 1,500 | |
Trading account | 148,303 | 132,909 |
Investment securities (includes pledged securities that can be sold or repledged of $473,505 at June 30, 2018; $487,151 at December 31, 2017) | ||
Available for sale (cost: $9,912,160 at June 30, 2018; $10,938,796 at December 31, 2017) | 9,658,846 | 10,896,284 |
Held to maturity (fair value: $3,022,329 at June 30, 2018; $3,341,762 at December 31, 2017) | 3,101,095 | 3,353,213 |
Equity and other securities (cost: $507,389 at June 30, 2018; $415,028 at December 31, 2017) | 523,061 | 415,028 |
Total investment securities | 13,283,002 | 14,664,525 |
Loans and leases | 88,059,392 | 88,242,886 |
Unearned discount | (261,942) | (253,903) |
Loans and leases, net of unearned discount | 87,797,450 | 87,988,983 |
Allowance for credit losses | (1,019,248) | (1,017,198) |
Loans and leases, net | 86,778,202 | 86,971,785 |
Premises and equipment | 637,809 | 646,451 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 58,569 | 71,589 |
Accrued interest and other assets | 4,887,977 | 5,013,325 |
Total assets | 118,426,053 | 118,593,487 |
Liabilities | ||
Noninterest-bearing deposits | 32,086,191 | 33,975,180 |
Savings and interest-checking deposits | 51,107,290 | 51,698,008 |
Time deposits | 5,817,680 | 6,580,962 |
Deposits at Cayman Islands office | 261,427 | 177,996 |
Total deposits | 89,272,588 | 92,432,146 |
Short-term borrowings | 3,239,416 | 175,099 |
Accrued interest and other liabilities | 1,953,848 | 1,593,993 |
Long-term borrowings | 8,382,316 | 8,141,430 |
Total liabilities | 102,848,168 | 102,342,668 |
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, 2018 and December 31, 2017; Liquidation preference of $10,000 per share: 50,000 shares at June 30, 2018 and December 31, 2017 | 1,231,500 | 1,231,500 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,767,147 shares issued at June 30, 2018; 159,817,518 shares issued at December 31, 2017 | 79,884 | 79,909 |
Common stock issuable, 24,447 shares at June 30, 2018; 27,138 shares at December 31, 2017 | 1,691 | 1,847 |
Additional paid-in capital | 6,579,395 | 6,590,855 |
Retained earnings | 10,763,638 | 10,164,804 |
Accumulated other comprehensive income (loss), net | (517,941) | (363,814) |
Treasury stock — common, at cost — 15,530,445 shares at June 30, 2018; 9,733,115 shares at December 31, 2017 | (2,560,282) | (1,454,282) |
Total shareholders’ equity | 15,577,885 | 16,250,819 |
Total liabilities and shareholders’ equity | $ 118,426,053 | $ 118,593,487 |
Consolidated Balance Sheet (Un3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Pledged securities that can be sold or repledged | $ 473,505 | $ 487,151 |
Investment securities, available for sale, amortized cost | 9,912,160 | 10,938,796 |
Investment securities, held to maturity, fair value | 3,022,329 | 3,341,762 |
Equity and other securities, cost | $ 507,389 | $ 415,028 |
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 | 159,767,147 | 159,817,518 |
Common stock issuable, shares | 24,447 | 27,138 |
Treasury stock, common shares | 15,530,445 | 9,733,115 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income | ||||
Loans and leases, including fees | $ 1,024,471 | $ 924,640 | $ 2,004,440 | $ 1,822,678 |
Investment securities | ||||
Fully taxable | 82,019 | 92,996 | 164,871 | 188,120 |
Exempt from federal taxes | 172 | 379 | 420 | 809 |
Deposits at banks | 21,869 | 12,213 | 40,546 | 24,375 |
Other | 374 | 185 | 778 | 464 |
Total interest income | 1,128,905 | 1,030,413 | 2,211,055 | 2,036,446 |
Interest expense | ||||
Savings and interest-checking deposits | 48,738 | 30,543 | 89,265 | 56,177 |
Time deposits | 11,362 | 16,303 | 22,298 | 35,301 |
Deposits at Cayman Islands office | 542 | 281 | 923 | 546 |
Short-term borrowings | 1,383 | 378 | 2,266 | 594 |
Long-term borrowings | 58,093 | 44,708 | 111,999 | 91,368 |
Total interest expense | 120,118 | 92,213 | 226,751 | 183,986 |
Net interest income | 1,008,787 | 938,200 | 1,984,304 | 1,852,460 |
Provision for credit losses | 35,000 | 52,000 | 78,000 | 107,000 |
Net interest income after provision for credit losses | 973,787 | 886,200 | 1,906,304 | 1,745,460 |
Other income | ||||
Brokerage services income | 12,629 | 16,617 | 26,021 | 34,001 |
Trading account and foreign exchange gains | 5,255 | 8,084 | 9,892 | 17,775 |
Gain (loss) on bank investment securities | 2,326 | (17) | (7,105) | (17) |
Other revenues from operations | 100,280 | 117,115 | 226,582 | 228,002 |
Total other income | 457,414 | 460,816 | 916,110 | 907,661 |
Other expense | ||||
Salaries and employee benefits | 418,537 | 398,054 | 881,965 | 847,795 |
Equipment and net occupancy | 73,031 | 73,797 | 147,828 | 148,163 |
Outside data processing and software | 49,712 | 44,575 | 98,141 | 88,876 |
FDIC assessments | 19,560 | 25,353 | 39,840 | 54,180 |
Advertising and marketing | 21,768 | 16,324 | 38,016 | 32,434 |
Printing, postage and supplies | 8,719 | 8,957 | 18,038 | 18,665 |
Amortization of core deposit and other intangible assets | 6,388 | 8,113 | 13,020 | 16,533 |
Other costs of operations | 178,862 | 175,462 | 473,073 | 331,841 |
Total other expense | 776,577 | 750,635 | 1,709,921 | 1,538,487 |
Income before taxes | 654,624 | 596,381 | 1,112,493 | 1,114,634 |
Income taxes | 161,464 | 215,328 | 266,723 | 384,654 |
Net income | 493,160 | 381,053 | 845,770 | 729,980 |
Net income available to common shareholders | ||||
Basic | 472,598 | 360,658 | 805,338 | 689,208 |
Diluted | $ 472,600 | $ 360,662 | $ 805,342 | $ 689,217 |
Net income per common share | ||||
Basic | $ 3.26 | $ 2.36 | $ 5.49 | $ 4.49 |
Diluted | 3.26 | 2.35 | 5.48 | 4.47 |
Cash dividends per common share | $ 0.80 | $ 0.75 | $ 1.55 | $ 1.50 |
Average common shares outstanding | ||||
Basic | 144,825 | 152,857 | 146,746 | 153,638 |
Diluted | 144,998 | 153,276 | 146,941 | 154,108 |
Mortgage Banking Revenues [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 92,499 | $ 86,163 | $ 179,805 | $ 170,855 |
Service Charges on Deposit Accounts [Member] | ||||
Other income | ||||
Revenue from contract with customer | 106,784 | 106,057 | 211,899 | 210,233 |
Trust Income [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 137,641 | $ 126,797 | $ 269,016 | $ 246,812 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Partners Capital [Abstract] | ||||
Net income | $ 493,160 | $ 381,053 | $ 845,770 | $ 729,980 |
Other comprehensive income, net of tax and reclassification adjustments: | ||||
Net unrealized gains (losses) on investment securities | (36,733) | 16,932 | (137,417) | 15,576 |
Cash flow hedges adjustments | (2,569) | (955) | (13,011) | (978) |
Foreign currency translation adjustment | (2,434) | 1,150 | (1,144) | 1,626 |
Defined benefit plans liability adjustments | 7,038 | 4,359 | 14,298 | 8,331 |
Total other comprehensive income (loss) | (34,698) | 21,486 | (137,274) | 24,555 |
Total comprehensive income | $ 458,462 | $ 402,539 | $ 708,496 | $ 754,535 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net income | $ 845,770 | $ 729,980 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 78,000 | 107,000 |
Depreciation and amortization of premises and equipment | 54,092 | 54,901 |
Amortization of capitalized servicing rights | 24,207 | 27,984 |
Amortization of core deposit and other intangible assets | 13,020 | 16,533 |
Provision for deferred income taxes | (123,980) | 17,136 |
Asset write-downs | 5,237 | 8,797 |
Net gain on sales of assets | (8,738) | (21,272) |
Net change in accrued interest receivable, payable | 5,759 | (6,350) |
Net change in other accrued income and expense | 255,124 | 50,660 |
Net change in loans originated for sale | (756,003) | 545,864 |
Net change in trading account assets and liabilities | 128,754 | 92,054 |
Net cash provided by operating activities | 521,242 | 1,623,287 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities Available for sale | 418 | 512,129 |
Proceeds from sales of investment securities equity and other | 505,841 | 31,016 |
Proceeds from maturities of investment securities Available for sale | 950,071 | 1,151,982 |
Proceeds from maturities of investment securities Held to maturity | 247,385 | 245,105 |
Purchases of investment securities Available for sale | (5,799) | (244,449) |
Purchases of investment securities Held to maturity | (1,175,608) | |
Purchases of investment securities equity and other | (520,040) | (68,825) |
Net decrease (increase) in loans and leases | 859,071 | 1,134,470 |
Net increase in interest-bearing deposits at banks | (1,591,082) | (23,191) |
Capital expenditures, net | (37,116) | (49,862) |
Net decrease in loan servicing advances | 262,947 | 104,289 |
Other, net | (8,708) | 47,742 |
Net cash provided by investing activities | 662,988 | 1,664,798 |
Net decrease in deposits | (3,157,898) | (1,949,877) |
Net increase in short-term borrowings | 3,064,317 | 1,532,011 |
Proceeds from long-term borrowings | 999,594 | 898,200 |
Payments on long-term borrowings | (706,370) | (2,728,059) |
Purchases of treasury stock | (1,196,062) | (756,967) |
Dividends paid - common | (227,565) | (230,652) |
Dividends paid - preferred | (36,260) | (36,474) |
Other, net | 24,220 | 8,662 |
Net cash used by financing activities | (1,236,024) | (3,263,156) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (51,794) | 24,929 |
Cash, cash equivalents and restricted cash at beginning of period | 1,420,888 | 1,320,549 |
Cash, cash equivalents and restricted cash at end of period | 1,369,094 | 1,345,478 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 2,210,063 | 2,038,009 |
Interest paid during the period | 218,731 | 199,621 |
Income taxes paid during the period | 175,619 | 321,106 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 36,418 | 57,202 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 10,303 | 10,025 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | $ 150 | $ 106 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | 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, 2016 | $ 16,486,622 | $ 1,231,500 | $ 79,973 | $ 2,145 | $ 6,676,948 | $ 9,222,488 | $ (294,636) | $ (431,796) | ||
Total comprehensive income | 754,535 | 729,980 | 24,555 | |||||||
Preferred stock cash dividends | (36,474) | (36,474) | ||||||||
Exercise of stock warrants into common stock | $ (10,443) | $ 10,443 | ||||||||
Purchases of treasury stock | (756,967) | (756,967) | ||||||||
Stock-based compensation plans: | ||||||||||
Compensation expense, net | (2,521) | (62) | (58,749) | 56,290 | ||||||
Exercises of stock options, net | 57,074 | (5,354) | 62,428 | |||||||
Stock purchase plan | 10,831 | 2,563 | 8,268 | |||||||
Directors’ stock plan | 965 | 173 | 792 | |||||||
Deferred compensation plans, net, including dividend equivalents | (55) | (205) | (208) | (43) | 401 | |||||
Common stock cash dividends | (230,473) | (230,473) | ||||||||
Ending balance at Jun. 30, 2017 | 16,283,537 | 1,231,500 | 79,911 | 1,940 | 6,604,930 | 9,685,478 | (270,081) | (1,050,141) | ||
Beginning balance at Dec. 31, 2017 | 16,250,819 | 1,231,500 | 79,909 | 1,847 | 6,590,855 | 10,164,804 | (363,814) | (1,454,282) | ||
Cumulative effect of change in accounting principles- equity securities | (16,853) | 16,853 | (16,853) | |||||||
Total comprehensive income | 708,496 | 845,770 | (137,274) | |||||||
Preferred stock cash dividends | (36,260) | (36,260) | ||||||||
Exercise of stock warrants into common stock | $ (5,123) | $ 5,123 | ||||||||
Purchases of treasury stock | (1,196,062) | (1,196,062) | ||||||||
Stock-based compensation plans: | ||||||||||
Compensation expense, net | 15,446 | (25) | (6,194) | 21,665 | ||||||
Exercises of stock options, net | 50,671 | (2,402) | 53,073 | |||||||
Stock purchase plan | 11,124 | 2,358 | 8,766 | |||||||
Directors’ stock plan | 1,192 | 149 | 1,043 | |||||||
Deferred compensation plans, net, including dividend equivalents | (49) | (156) | (248) | (37) | 392 | |||||
Common stock cash dividends | (227,492) | (227,492) | ||||||||
Ending balance at Jun. 30, 2018 | $ 15,577,885 | $ 1,231,500 | $ 79,884 | $ 1,691 | $ 6,579,395 | $ 10,763,638 | $ (517,941) | $ (2,560,282) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Common stock per share dividend amount | $ 1.55 | $ 1.50 |
Retained Earnings [Member] | ||
Common stock per share dividend amount | $ 1.55 | $ 1.50 |
Series A Warrants [Member] | Treasury Stock [Member] | ||
Exercise of warrants into shares of common stock | 54,226 | 146,157 |
Exercise of warrants into shares of common stock | 32,668 | 79,470 |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 (“2017 Annual Report”), except that effective January 1, 2018 the Company adopted amended accounting guidance that is discussed in notes 2, 15 and 16 herein. In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | 2. Investment securities On January 1, 2018, the Company adopted amended guidance requiring equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in the consolidated statement of income. This amended guidance excludes equity method investments, investments in consolidated subsidiaries, exchange membership ownership interests, and Federal Home Loan Bank of New York and Federal Reserve Bank of New York capital stock. Upon adoption the Company reclassified $17 million, after-tax effect, from accumulated other comprehensive income to retained earnings, representing the difference between fair value and the cost basis of equity investments with readily determinable fair values at January 1, 2018. Net unrealized gains recorded as gain (loss) on bank investment securities in the consolidated statement of income during the three months ended June 30, 2018 were $2 million and net unrealized losses during the six months ended June 30, 2018 were $7 million. The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) June 30, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,726,242 4 18,425 $ 1,707,821 Obligations of states and political subdivisions 1,914 12 1 1,925 Mortgage-backed securities: Government issued or guaranteed 8,046,603 15,521 244,825 7,817,299 Privately issued 26 — 2 24 Other debt securities 137,375 2,225 7,823 131,777 9,912,160 17,762 271,076 9,658,846 Investment securities held to maturity: Obligations of states and political subdivisions 13,547 57 20 13,584 Mortgage-backed securities: Government issued or guaranteed 2,960,045 4,539 71,183 2,893,401 Privately issued 122,906 11,451 23,610 110,747 Other debt securities 4,597 — — 4,597 3,101,095 16,047 94,813 3,022,329 Total debt securities $ 13,013,255 33,809 365,889 $ 12,681,175 Equity and other securities: Readily marketable equity — at fair value 70,810 16,527 855 86,482 Other — at cost 436,579 — — 436,579 Total equity and other securities $ 507,389 16,527 855 $ 523,061 2. Investment securities, continued Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2017 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,965,665 — 18,178 $ 1,947,487 Obligations of states and political subdivisions 2,555 36 2 2,589 Mortgage-backed securities: Government issued or guaranteed 8,755,482 59,497 98,587 8,716,392 Privately issued 28 — — 28 Other debt securities 136,905 2,402 10,475 128,832 Equity securities 78,161 23,219 424 100,956 10,938,796 85,154 127,666 10,896,284 Investment securities held to maturity: Obligations of states and political subdivisions 24,562 109 49 24,622 Mortgage-backed securities: Government issued or guaranteed 3,187,953 27,236 13,746 3,201,443 Privately issued 135,688 2,574 27,575 110,687 Other debt securities 5,010 — — 5,010 3,353,213 29,919 41,370 3,341,762 Other securities — at cost 415,028 — — 415,028 Total $ 14,707,037 115,073 169,036 $ 14,653,074 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, 2018 and 2017, respectively. At June 30, 2018, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Cost Estimated Fair Value (In thousands) Debt securities available for sale: Due in one year or less $ 1,297,040 1,286,504 Due after one year through five years 436,548 428,617 Due after five years through ten years 96,521 95,992 Due after ten years 35,422 30,410 1,865,531 1,841,523 Mortgage-backed securities available for sale 8,046,629 7,817,323 $ 9,912,160 9,658,846 Debt securities held to maturity: Due in one year or less $ 7,630 7,633 Due after one year through five years 5,917 5,951 Due after ten years 4,597 4,597 18,144 18,181 Mortgage-backed securities held to maturity 3,082,951 3,004,148 $ 3,101,095 3,022,329 2. Investment securities, continued A summary of investment securities that as of June 30, 2018 and December 31, 2017 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) June 30, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 164,931 (1,622 ) 1,539,796 (16,803 ) Obligations of states and political subdivisions — — 375 (1 ) Mortgage-backed securities: Government issued or guaranteed 3,872,321 (91,083 ) 2,907,972 (153,742 ) Privately issued 8 (2 ) — — Other debt securities 4,323 (94 ) 63,902 (7,729 ) 4,041,583 (92,801 ) 4,512,045 (178,275 ) Investment securities held to maturity: Obligations of states and political subdivisions — — 4,218 (20 ) Mortgage-backed securities: Government issued or guaranteed 2,252,672 (58,405 ) 250,341 (12,778 ) Privately issued — — 53,579 (23,610 ) 2,252,672 (58,405 ) 308,138 (36,408 ) Total $ 6,294,255 (151,206 ) 4,820,183 (214,683 ) December 31, 2017 Investment securities available for sale: U.S. Treasury and federal agencies $ 278,132 (1,761 ) 1,669,355 (16,417 ) Obligations of states and political subdivisions — — 474 (2 ) Mortgage-backed securities: Government issued or guaranteed 2,106,142 (13,695 ) 3,138,841 (84,892 ) Other debt securities 3,067 (26 ) 61,159 (10,449 ) Equity securities (a) — — 18,162 (424 ) 2,387,341 (15,482 ) 4,887,991 (112,184 ) Investment securities held to maturity: Obligations of states and political subdivisions 2,954 (4 ) 6,110 (45 ) Mortgage-backed securities: Government issued or guaranteed 1,331,759 (7,036 ) 265,695 (6,710 ) Privately issued 5,061 (1,216 ) 55,255 (26,359 ) 1,339,774 (8,256 ) 327,060 (33,114 ) Total $ 3,727,115 (23,738 ) 5,215,051 (145,298 ) (a) Beginning January 1, 2018, equity securities with readily determinable fair values are required to be measured at fair value with changes in fair value recognized in the consolidated statement of income. As a result, subsequent to December 31, 2017 disclosing the time period for which these equity securities had been in a continuous unrealized loss position is no longer relevant. 2. Investment securities, continued The Company owned 1,487 individual debt securities with aggregate gross unrealized losses of $366 million at June 30, 2018. Based on a review of each of the securities in the investment securities portfolio at June 30, 2018, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 2018, 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, 2018, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $437 million of cost method equity securities. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 3. Loans and leases and the allowance for credit losses A summary of current, past due and nonaccrual loans as of June 30, 2018 and December 31, 2017 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More (a) Accruing Loans Acquired a Discount Past Due 90 days or More (b) Purchased Impaired (c) Nonaccrual Total (In thousands) June 30, 2018 Commercial, financial, leasing, etc. $ 21,615,676 29,906 4,210 31 3 245,031 $ 21,894,857 Real estate: Commercial 25,352,075 212,480 10,621 4,330 10,579 153,552 25,743,637 Residential builder and developer 1,628,793 8,668 — — 547 5,212 1,643,220 Other commercial construction 6,597,814 140,490 4,000 — 1,053 7,723 6,751,080 Residential 14,456,180 425,894 200,159 8,019 244,865 215,850 15,550,967 Residential — limited documentation 2,488,340 79,179 — — 95,418 96,808 2,759,745 Consumer: Home equity lines and loans 4,931,331 29,589 49 6,856 — 66,690 5,034,515 Automobile 3,450,113 69,398 — — — 19,564 3,539,075 Other 4,807,912 30,732 3,987 28,169 — 9,554 4,880,354 Total $ 85,328,234 1,026,336 223,026 47,405 352,465 819,984 $ 87,797,450 December 31, 2017 Commercial, financial, leasing, etc. $ 21,332,234 167,756 1,322 327 21 240,991 $ 21,742,651 Real estate: Commercial 24,910,381 166,305 4,444 6,016 16,815 184,982 25,288,943 Residential builder and developer 1,618,973 5,159 — — 1,135 6,451 1,631,718 Other commercial construction 6,407,451 23,467 — — 4,706 10,088 6,445,712 Residential 15,376,759 474,372 233,437 7,582 282,102 235,834 16,610,086 Residential — limited documentation 2,718,019 83,898 — — 105,236 96,105 3,003,258 Consumer: Home equity lines and loans 5,171,345 38,546 — 9,391 — 74,500 5,293,782 Automobile 3,441,371 78,511 — — — 23,781 3,543,663 Other 4,349,071 40,929 5,202 24,102 — 9,866 4,429,170 Total $ 85,325,604 1,078,943 244,405 47,418 410,015 882,598 $ 87,988,983 (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. 3. Loans and leases and the allowance for credit losses, continued One-to-four family residential mortgage loans held for sale were $283 million and $356 million at June 30, 2018 and December 31, 2017, respectively. Commercial real estate loans held for sale were $868 million at June 30, 2018 and $22 million at December 31, 2017. The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date and included in the consolidated balance sheet were as follows: June 30, December 31, 2018 2017 (In thousands) Outstanding principal balance $ 1,213,758 1,394,188 Carrying amount: Commercial, financial, leasing, etc. 27,726 31,105 Commercial real estate 183,126 228,054 Residential real estate 545,438 620,827 Consumer 107,492 123,413 $ 863,782 1,003,399 Purchased impaired loans included in the table above totaled $352 million at June 30, 2018 and $410 million at December 31, 2017, 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, 2018 and 2017 follows: Three Months Ended June 30, 2018 2017 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 149,007 118,184 $ 143,454 $ 181,310 Interest income (7,969 ) (15,394 ) (10,806 ) (20,923 ) Reclassifications from nonaccretable balance 8,350 10,998 884 1,852 Other (a) — 3,927 — 860 Balance at end of period $ 149,388 117,715 $ 133,532 $ 163,099 Six Months Ended June 30, 2018 2017 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 157,918 $ 133,162 $ 154,233 201,153 Interest income (17,788 ) (30,506 ) (21,731 ) (46,441 ) Reclassifications from nonaccretable balance 9,258 11,205 1,030 5,035 Other (a) — 3,854 — 3,352 Balance at end of period $ 149,388 $ 117,715 $ 133,532 163,099 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. 3. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the three months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 Provision for credit losses 11,250 (10,845 ) 5,242 30,801 (1,448 ) 35,000 Net charge-offs Charge-offs (14,900 ) (4,548 ) (3,966 ) (34,033 ) — (57,447 ) Recoveries 6,409 1,437 1,800 12,378 — 22,024 Net charge-offs (8,491 ) (3,111 ) (2,166 ) (21,655 ) — (35,423 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 Changes in the allowance for credit losses for the three months ended June 30, 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 347,760 360,010 62,012 153,172 78,476 $ 1,001,430 Provision for credit losses 13,368 7,638 7,163 24,190 (359 ) 52,000 Net charge-offs Charge-offs (25,247 ) (1,853 ) (5,899 ) (28,683 ) — (61,682 ) Recoveries 3,433 434 2,730 9,880 — 16,477 Net charge-offs (21,814 ) (1,419 ) (3,169 ) (18,803 ) — (45,205 ) Ending balance $ 339,314 366,229 66,006 158,559 78,117 $ 1,008,225 Changes in the allowance for credit losses for the six months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 18,480 (16,070 ) 15,728 60,615 (753 ) 78,000 Net charge-offs Charge-offs (29,481 ) (5,914 ) (8,320 ) (70,484 ) — (114,199 ) Recoveries 11,232 1,660 3,310 22,047 — 38,249 Net charge-offs (18,249 ) (4,254 ) (5,010 ) (48,437 ) — (75,950 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 3. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the six months ended June 30, 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,833 362,719 61,127 156,288 78,030 $ 988,997 Provision for credit losses 42,191 8,900 12,800 43,022 87 107,000 Net charge-offs Charge-offs (41,604 ) (7,298 ) (12,158 ) (63,186 ) — (124,246 ) Recoveries 7,894 1,908 4,237 22,435 — 36,474 Net charge-offs (33,710 ) (5,390 ) (7,921 ) (40,751 ) — (87,772 ) Ending balance $ 339,314 366,229 66,006 158,559 78,117 $ 1,008,225 Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In establishing the allowance for credit losses, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted 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 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. 3. Loans and leases and the allowance for credit losses, continued I nformation with respect to loans and leases that were considered impaired as of June 30, 2018 and December 31, 2017 and for the three-month and six-month periods ended June 30, 2018 and 2017 follows. June 30, 2018 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 157,228 180,016 37,589 177,250 194,257 45,488 Real estate: Commercial 85,588 96,221 9,316 67,199 75,084 9,140 Residential builder and developer 6,085 6,465 211 5,320 5,641 308 Other commercial construction 1,829 17,670 345 4,817 20,357 647 Residential 117,111 139,966 4,068 101,724 122,602 4,000 Residential — limited documentation 76,040 91,851 4,000 77,277 92,439 3,900 Consumer: Home equity lines and loans 48,436 53,538 8,757 48,847 53,914 8,812 Automobile 12,467 15,396 2,595 13,498 15,737 2,811 Other 3,011 6,036 614 3,220 5,872 656 507,795 607,159 67,495 499,152 585,903 75,762 With no related allowance recorded: Commercial, financial, leasing, etc. 112,604 139,843 — 89,126 115,327 — Real estate: Commercial 89,024 99,658 — 138,356 149,716 — Residential builder and developer 4,353 4,471 — 5,057 5,296 — Other commercial construction 6,021 9,726 — 5,456 9,130 — Residential 12,665 17,161 — 13,574 18,980 — Residential — limited documentation 6,831 11,853 — 9,588 16,138 — 231,498 282,712 — 261,157 314,587 — Total: Commercial, financial, leasing, etc. 269,832 319,859 37,589 266,376 309,584 45,488 Real estate: Commercial 174,612 195,879 9,316 205,555 224,800 9,140 Residential builder and developer 10,438 10,936 211 10,377 10,937 308 Other commercial construction 7,850 27,396 345 10,273 29,487 647 Residential 129,776 157,127 4,068 115,298 141,582 4,000 Residential — limited documentation 82,871 103,704 4,000 86,865 108,577 3,900 Consumer: Home equity lines and loans 48,436 53,538 8,757 48,847 53,914 8,812 Automobile 12,467 15,396 2,595 13,498 15,737 2,811 Other 3,011 6,036 614 3,220 5,872 656 Total $ 739,293 889,871 67,495 760,309 900,490 75,762 3. Loans and leases and the allowance for credit losses, continued Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 271,413 1,333 1,333 230,767 805 805 Real estate: Commercial 168,224 3,811 3,811 200,005 813 813 Residential builder and developer 8,494 — — 15,577 467 467 Other commercial construction 7,443 53 53 14,213 86 86 Residential 126,185 2,329 937 108,036 1,465 606 Residential — limited documentation 83,776 1,428 317 95,208 1,449 339 Consumer: Home equity lines and loans 48,644 433 72 46,872 422 91 Automobile 12,636 225 14 15,506 262 21 Other 3,066 88 3 3,468 75 3 Total $ 729,881 9,700 6,540 729,652 5,844 3,231 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 271,793 2,116 2,116 251,352 1,283 1,283 Real estate: Commercial 175,035 6,958 6,958 191,935 1,788 1,788 Residential builder and developer 9,167 1,682 1,682 17,552 896 896 Other commercial construction 8,773 59 59 14,922 933 933 Residential 123,697 4,231 1,839 106,166 3,101 1,380 Residential — limited documentation 84,686 3,156 1,013 96,033 2,949 723 Consumer: Home equity lines and loans 48,721 847 158 46,327 821 191 Automobile 12,881 449 29 15,931 537 40 Other 3,092 173 6 3,510 147 6 Total $ 737,845 19,671 13,860 743,728 12,455 7,240 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. 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. 3. Loans and leases and the allowance for credit losses, continued 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, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) June 30, 2018 Pass $ 20,769,679 24,954,015 1,503,766 6,594,613 Criticized accrual 880,147 636,070 134,242 148,744 Criticized nonaccrual 245,031 153,552 5,212 7,723 Total $ 21,894,857 25,743,637 1,643,220 6,751,080 December 31, 2017 Pass $ 20,490,486 24,380,184 1,485,148 6,270,812 Criticized accrual 1,011,174 723,777 140,119 164,812 Criticized nonaccrual 240,991 184,982 6,451 10,088 Total $ 21,742,651 25,288,943 1,631,718 6,445,712 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 totaled $32 million and $25 million, respectively, at June 30, 2018 and $34 million and $25 million, respectively, at December 31, 2017. 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 were $15 million and $30 million, respectively, at June 30, 2018 and $20 million and $32 million, respectively, at December 31, 2017. 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 3. Loans and leases and the allowance for credit losses, continued 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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) June 30, 2018 Individually evaluated for impairment $ 37,589 9,872 8,068 11,966 $ 67,495 Collectively evaluated for impairment 291,241 343,889 54,999 171,021 861,150 Purchased impaired — — 13,056 — 13,056 Allocated $ 328,830 353,761 76,123 182,987 941,701 Unallocated 77,547 Total $ 1,019,248 December 31, 2017 Individually evaluated for impairment $ 45,488 10,095 7,900 12,279 $ 75,762 Collectively evaluated for impairment 283,111 363,990 47,645 158,530 853,276 Purchased impaired — — 9,860 — 9,860 Allocated $ 328,599 374,085 65,405 170,809 938,898 Unallocated 78,300 Total $ 1,017,198 The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology was as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) June 30, 2018 Individually evaluated for impairment $ 269,832 192,900 212,647 63,914 $ 739,293 Collectively evaluated for impairment 21,625,022 33,932,858 17,757,782 13,390,030 86,705,692 Purchased impaired 3 12,179 340,283 — 352,465 Total $ 21,894,857 34,137,937 18,310,712 13,453,944 $ 87,797,450 December 31, 2017 Individually evaluated for impairment $ 266,376 226,205 202,163 65,565 $ 760,309 Collectively evaluated for impairment 21,476,254 33,117,512 19,023,843 13,201,050 86,818,659 Purchased impaired 21 22,656 387,338 — 410,015 Total $ 21,742,651 33,366,373 19,613,344 13,266,615 $ 87,988,983 During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. 3. Loans and leases and the allowance for credit losses, continued The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and six-month periods ended June 30, 2018 and 2017: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended June 30, 2018 (Dollars in thousands) Commercial, financial, leasing, etc. 47 $ 41,390 $ 9,673 $ 29 $ 6,111 $ 25,021 $ 40,834 Real estate: Commercial 28 7,200 7,376 175 394 — 7,945 Residential 30 7,951 2,814 — — 5,766 8,580 Residential — limited documentation 3 584 200 — — 458 658 Consumer: Home equity lines and loans 10 555 — — — 559 559 Automobile 19 333 321 — — 12 333 Total 137 $ 58,013 $ 20,384 $ 204 $ 6,505 $ 31,816 $ 58,909 Three Months Ended June 30, 2017 Commercial, financial, leasing, etc. 63 $ 65,613 $ 8,172 $ — $ 5,556 $ 35,232 $ 48,960 Real estate: Commercial 30 26,045 11,782 — — 14,276 26,058 Other commercial construction 1 66 66 — — — 66 Residential 30 7,956 2,982 — — 5,486 8,468 Residential — limited documentation 7 1,831 235 — — 1,660 1,895 Consumer: Home equity lines and loans 35 3,229 416 — — 2,818 3,234 Automobile 22 428 380 — — 48 428 Other 3 54 54 — — — 54 Total 191 $ 105,222 $ 24,087 $ — $ 5,556 $ 59,520 $ 89,163 3. Loans and leases and the allowance for credit losses, continued Post-modification (a) Six Months Ended June 30, 2018 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 103 $ 89,384 $ 45,346 $ 653 $ 6,111 $ 38,068 $ 90,178 Real estate: Commercial 48 13,980 13,200 175 394 927 14,696 Other commercial construction 1 752 746 — — — 746 Residential 77 20,587 9,759 — — 12,668 22,427 Residential — limited documentation 5 879 467 — — 576 1,043 Consumer: Home equity lines and loans 24 1,903 4 — — 1,907 1,911 Automobile 27 481 469 — — 12 481 Other 2 49 49 — — — 49 Total 287 $ 128,015 $ 70,040 $ 828 $ 6,505 $ 54,158 $ 131,531 Six Months Ended June 30, 2017 Commercial, financial, leasing, etc. 113 $ 77,534 $ 12,561 $ — $ 6,362 $ 37,960 $ 56,883 Real estate: Commercial 50 32,747 14,773 — — 17,882 32,655 Residential builder and developer 3 12,291 — — — 10,879 10,879 Other commercial construction 2 168 168 — — — 168 Residential 71 17,336 8,575 — — 9,841 18,416 Residential — limited documentation 13 3,209 235 — — 3,185 3,420 Consumer: Home equity lines and loans 60 5,731 579 — 491 4,666 5,736 Automobile 42 818 763 — — 55 818 Other 5 80 80 — — — 80 Total 359 $ 149,914 $ 37,734 $ — $ 6,853 $ 84,468 $ 129,055 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. Troubled debt restructurings are 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, 2018 and 2017 and for which there was a subsequent payment default during the six-month periods ended June 30, 2018 and 2017, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $97 million and $108 million at June 30, 2018 and December 31, 2017, respectively. There were $433 million and $497 million at June 30, 2018 and December 31, 2017, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at June 30, 2018, approximately 41% were classified as purchased impaired and 21% were government guaranteed. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | 4. Borrowings During January 2018, M&T Bank, the principal subsidiary of M&T, issued $1.0 billion of senior notes that mature in January 2021 pursuant to a Bank Note Program, of which $650 million have a 2.625% fixed interest rate and $350 million have a variable rate paid quarterly at rates that are indexed to the three-month London Interbank Offered Rate (“LIBOR”). In July 2018, M&T issued $750 million of senior notes that mature in July 2023, of which $500 million have a 3.55% fixed interest rate and $250 million have a variable rate paid quarterly at rates that are indexed to the three-month LIBOR. M&T had $521 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at June 30, 2018 that are held by various trusts that were issued in connection with the issuance by those trusts of preferred capital securities ("Capital Securities") and common securities ("Common Securities"). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust's securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, the securities are includable in M&T’s Tier 2 regulatory capital. Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval. Also included in long-term borrowings are agreements to repurchase securities of $416 million and $422 million at June 30, 2018 and December 31, 2017, respectively. 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 $433 million and $442 million at June 30, 2018 and December 31, 2017, respectively . |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' equity | 5. 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, 2018 and December 31, 2017 is presented below: Shares Issued and Outstanding 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 E (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 Series F (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 (a) Dividends, if declared, are paid at 6.375%. Warrants to purchase M&T common stock at $73.71 per share issued in connection with the Series A preferred stock expire on December 23, 2018 and totaled 202,782 at June 30, 2018. (b) 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. 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. (c) Dividends, if declared, are paid semi-annually at a rate of 5.125% through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026. 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 95,580 shares of M&T common stock at $517.89 per share was outstanding at June 30, 2018. The obligation under that warrant was assumed by M&T in an acquisition and expires on December 12, 2018. |
Pension plans and other postret
Pension plans and other postretirement benefits | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 6. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended June 30 2018 2017 2018 2017 (In thousands) Service cost $ 5,069 5,189 243 202 Interest cost on projected benefit obligation 18,548 19,943 589 778 Expected return on plan assets (30,688 ) (27,062 ) — — Amortization of prior service cost (credit) 153 154 (1,189 ) (329 ) Amortization of net actuarial loss (gain) 10,796 7,831 (213 ) (469 ) Net periodic benefit cost $ 3,878 6,055 (570 ) 182 Pension Benefits Other Postretirement Benefits Six Months Ended June 30 2018 2017 2018 2017 (In thousands) Service cost $ 10,172 10,097 469 585 Interest cost on projected benefit obligation 37,353 39,634 1,146 1,858 Expected return on plan assets (61,563 ) (54,262 ) — — Amortization of prior service cost (credit) 278 279 (2,364 ) (679 ) Amortization of net actuarial loss (gain) 21,896 14,631 (413 ) (494 ) Net periodic benefit cost $ 8,136 10,379 (1,162 ) 1,270 Service cost is reflected in salaries and employee benefits expense. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $17,194,000 and $17,623,000 for the three months ended June 30, 2018 and 2017, respectively, and $38,468,000 and $37,042,000 for the six months ended June 30, 2018 and 2017, respectively, and are included in salaries and employee benefits expense. |
Earnings per common share
Earnings per common share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 7. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended June 30 Six Months Ended June 30 2018 2017 2018 2017 (In thousands, except per share) Income available to common shareholders: Net income $ 493,160 381,053 845,770 729,980 Less: Preferred stock dividends (a) (18,130 ) (18,237 ) (36,260 ) (36,474 ) Net income available to common equity 475,030 362,816 809,510 693,506 Less: Income attributable to unvested stock-based compensation awards (2,432 ) (2,158 ) (4,172 ) (4,298 ) Net income available to common shareholders $ 472,598 360,658 805,338 689,208 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 145,571 153,770 147,510 154,612 Less: Unvested stock-based compensation awards (746 ) (913 ) (764 ) (974 ) Weighted-average shares outstanding 144,825 152,857 146,746 153,638 Basic earnings per common share $ 3.26 2.36 5.49 4.49 (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 2018 2017 2018 2017 (In thousands, except per share) Net income available to common equity $ 475,030 362,816 809,510 693,506 Less: Income attributable to unvested stock-based compensation awards (2,430 ) (2,154 ) (4,168 ) (4,289 ) Net income available to common shareholders $ 472,600 360,662 805,342 689,217 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 145,571 153,770 147,510 154,612 Less: Unvested stock-based compensation awards (746 ) (913 ) (764 ) (974 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 173 419 195 470 Adjusted weighted-average shares outstanding 144,998 153,276 146,941 154,108 Diluted earnings per common share $ 3.26 2.35 5.48 4.47 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 212,244 and 412,826 common shares during the three-month periods ended June 30, 2018 and 2017, respectively, and 224,844 and 402,367 common shares during the six-month periods ended June 30, 2018 and 2017, 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, 2018 | |
Equity [Abstract] | |
Comprehensive income | 8. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Amount Income Securities (a) Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2018 $ (59,957 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (22,795 ) — — (22,795 ) 5,942 (16,853 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net (187,989 ) — — (187,989 ) 49,414 (138,575 ) Foreign currency translation adjustment — — (1,448 ) (1,448 ) 304 (1,144 ) Unrealized losses on cash flow hedges — — (21,065 ) (21,065 ) 5,538 (15,527 ) Total other comprehensive income (loss) before reclassifications (187,989 ) — (22,513 ) (210,502 ) 55,256 (155,246 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 1,590 — — 1,590 (c) (418 ) 1,172 Gains realized in net income (18 ) — — (18 ) (d) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (e) 15 (41 ) Net yield adjustment from cash flow hedges currently in effect — — 3,469 3,469 (e) (912 ) 2,557 Amortization of prior service credit — (2,086 ) — (2,086 ) (f) 549 (1,537 ) Amortization of actuarial losses — 21,483 — 21,483 (f) (5,648 ) 15,835 Total other comprehensive income (loss) (186,417 ) 19,397 (19,100 ) (186,120 ) 48,846 (137,274 ) Balance — June 30, 2018 $ (269,169 ) (393,771 ) (39,265 ) $ (702,205 ) 184,264 $ (517,941 ) Investment Securities Defined Benefit Total Amount Income With OTTI (b) All Other Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2017 $ 46,725 (73,785 ) (449,917 ) (8,268 ) $ (485,245 ) 190,609 $ (294,636 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net (13,802 ) 37,728 — — 23,926 (9,404 ) 14,522 Foreign currency translation adjustment — — — 2,502 2,502 (876 ) 1,626 Unrealized losses on cash flow hedges — — — (441 ) (441 ) 174 (267 ) Total other comprehensive income (loss) before reclassifications (13,802 ) 37,728 — 2,061 25,987 (10,106 ) 15,881 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities — 1,721 — — 1,721 (c) (677 ) 1,044 (Gains) losses realized in net income (50 ) 67 — — 17 (d) (7 ) 10 Accretion of net gain on terminated cash flow hedges — — — (78 ) (78 ) (e) 31 (47 ) Net yield adjustment from cash flow hedges currently in effect — — — (1,094 ) (1,094 ) (e) 430 (664 ) Amortization of prior service credit — — (400 ) — (400 ) (f) 157 (243 ) Amortization of actuarial losses — — 14,137 — 14,137 (f) (5,563 ) 8,574 Total other comprehensive income (loss) (13,852 ) 39,516 13,737 889 40,290 (15,735 ) 24,555 Balance — June 30, 2017 $ 32,873 (34,269 ) (436,180 ) (7,379 ) $ (444,955 ) 174,874 $ (270,081 ) (a) Beginning January 1, 2018, equity securities with readily determinable fair values are required to be measured at fair value with changes in fair value recognized in the income statement. All investment securities with an other-than-temporary impairment charge are within scope of the adopted accounting guidance and no longer require separate presentation. (b) Other-than-temporary impairment (c) Included in interest income (d) Included in gain (loss) on bank investment securities (e) Included in interest expense (f) Included in other costs of operations 8. Comprehensive income, continued Accumulated other comprehensive income (loss), net consisted of the following: Investment Defined Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2017 $ (44,150 ) (304,546 ) (15,118 ) $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (16,853 ) — — (16,853 ) Net gain (loss) during period (137,417 ) 14,298 (14,155 ) (137,274 ) Balance — June 30, 2018 $ (198,420 ) (290,248 ) (29,273 ) $ (517,941 ) |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 9. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not significant as of June 30, 2018. The net effect of interest rate swap agreements was to decrease net interest income by $5 million and $4 million for the three-month and six-month periods ended June 30, 2018, respectively, compared with increases of $7 million and $11 million for the three-month and six-month periods ended June 30, 2017, respectively. 9. Derivative financial instruments, continued 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- Average Rate Estimated Fair Amount Maturity Fixed Variable Value (In thousands) (In years) (In thousands) June 30, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,700,000 2.7 2.41 % 2.72 % $ (185 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 7,700,000 1.4 1.52 % 1.98 % 56 Total $ 12,400,000 1.9 $ (129 ) December 31, 2017 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,550,000 2.9 2.27 % 2.09 % $ 573 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 4,850,000 2.0 1.52 % 1.36 % 66 Total $ 9,400,000 2.5 $ 639 (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at June 30, 2018 and December 31, 2017 was a reduction of the estimated fair value losses on interest rate swap agreements designated as fair value hedges of $96.1 million and $41.1 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $33.9 million and $16.3 million, respectively. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) (d) 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 $40.3 billion and $29.9 billion at June 30, 2018 and December 31, 2017, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $647 million and $530 million at June 30, 2018 and December 31, 2017, respectively. 9. Derivative financial instruments, continued 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, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 397 $ 639 $ 526 $ — Commitments to sell real estate loans (a) 3,872 734 4,696 283 4,269 1,373 5,222 283 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,801 8,797 1,050 494 Commitments to sell real estate loans (a) 3,917 2,526 2,211 1,019 Trading: Interest rate contracts (b) 72,973 74,164 274,959 132,104 Foreign exchange and other option and futures contracts (b) 8,514 5,657 6,579 5,286 97,205 91,144 284,799 138,903 Total derivatives $ 101,474 $ 92,517 $ 290,021 $ 139,186 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. The impact of variation margin payments at June 30, 2018 and December 31, 2017 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $272.2 million and $136.2 million, respectively, and in a liability position of $4.0 million and $12.2 million, respectively. Amount of Gain (Loss) Recognized Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (13,357 ) 13,884 $ (5,795 ) 5,011 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (2,686 ) $ 831 Foreign exchange and other option and futures contracts (b) 2,365 1,568 Total $ (321 ) $ 2,399 9. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Derivative Hedged item Derivative Hedged item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (55,747 ) 56,254 $ (9,914 ) 9,023 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (4,291 ) $ 2,781 Foreign exchange and other option and futures contracts (b) 4,996 3,404 Total $ 705 $ 6,185 (a) Effective January 1, 2018, reported as an adjustment to interest expense. Prior to 2018, reported as other revenues from operations. (b) Reported as trading account and foreign exchange gains. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item (In thousands) June 30, December 31, June 30, December 31, 2018 2017 2018 2017 Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,598,712 $ 4,504,029 $ (96,387 ) $ (40,133 ) The amount of gain (loss) resulting from hedge ineffectiveness recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was not material during the three and six months ended June 30, 2018 and 2017. The Company also has commitments to sell and commitments to originate residential and commercial real estate loans that are considered derivatives. The Company designates certain of the commitments to sell real estate loans as fair value hedges of real estate loans held for sale. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. As a result of these activities, net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans were approximately $26 million and $16 million at June 30, 2018 and December 31, 2017, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. 9. Derivative financial instruments, continued The aggregate fair value of derivative financial instruments in a liability position and the net liability positions with counterparties, which are subject to enforceable master netting arrangements, was $5 million and $13 million at June 30, 2018 and December 31, 2017, respectively. The Company was required to post collateral relating to those positions of $4 million and $12 million at June 30, 2018 and December 31, 2017, 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, 2018 was not significant. If the credit risk-related contingent features had been triggered on June 30, 2018, the Company would not have been required to post any additional collateral to counterparties. The aggregate fair value of derivative financial instruments in an asset position and the net asset positions with counterparties, which are subject to enforceable master netting arrangements, was $36 million and $13 million at June 30, 2018 and December 31, 2017, respectively. In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $54 million and $52 million at June 30, 2018 and December 31, 2017, respectively. The fair value asset and liability amounts of derivative contracts at June 30, 2018 have been reduced by variation margin payments treated as settlements of $272 million and $134 million, respectively. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company. |
Variable interest entities and
Variable interest entities and asset securitizations | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 10. Variable interest entities and asset securitizations The Company’s securitization activity has consisted of securitizing loans originated for sale into government issued or guaranteed mortgage-backed securities. The amounts of those securitizations during the six-month periods ended June 30, 2018 and June 30, 2017 are presented in the Company’s consolidated statement of cash flows. The Company has not recognized any losses as a result of having securitized assets. As described in note 4, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of June 30, 2018 and December 31, 2017, the Company included the junior subordinated debentures as “long-term borrowings” in its consolidated balance sheet and recognized $23 million, in other assets for its “investment” in the common securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the junior subordinated debentures associated with preferred capital securities described in note 4. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.0 billion at each of June 30, 2018 and December 31, 2017. 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 10. Variable interest entities and asset securitizations, continued 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 $461 million, including $229 million of unfunded commitments, at June, 2018 and $420 million, including $201 million of unfunded commitments, at December 31, 2017. Contingent commitments to provide additional capital contributions to these partnerships were not material at June 30, 2018. 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 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 $13 million and $26 million of its investments in qualified affordable housing projects to income tax expense during the three-month and six-month periods ended June 30, 2018, respectively, and recognized $16 million and $32 million of tax credits and other tax benefits during each of those respective periods. Similarly, for the three-month and six-month periods ended June 30, 2017, the Company amortized $11 million and $24 million, respectively, of its investments in qualified affordable housing projects to income tax expense and recognized $15 million and $31 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 those 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, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 11. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at June 30, 2018. 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. 11. Fair value measurements, continued Trading account assets and liabilities Trading account assets and liabilities consist primarily of interest rate contracts and foreign exchange contracts with customers who require such services with offsetting positions with third parties to minimize the Company's risk with respect to such transactions. The Company generally determines the fair value of its derivative trading account assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. Mutual funds held in connection with deferred compensation and other arrangements have been classified as Level 1 valuations. Valuations of investments in municipal and other bonds can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale and equity securities The majority of the Company's available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value on the consolidated balance sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale are adjusted to reflect the Company's anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. 11. Fair value measurements, continued The following tables present assets and liabilities at June 30, 2018 and December 31, 2017 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) June 30, 2018 Trading account assets $ 148,303 $ 46,502 $ 101,801 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,707,821 — 1,707,821 — Obligations of states and political subdivisions 1,925 — 1,925 — Mortgage-backed securities: Government issued or guaranteed 7,817,299 — 7,817,299 — Privately issued 24 — — 24 Other debt securities 131,777 — 131,777 — 9,658,846 — 9,658,822 24 Equity securities 86,482 65,748 20,734 — Real estate loans held for sale 1,151,090 — 1,151,090 — Other assets (b) 19,987 — 8,186 11,801 Total assets $ 11,064,708 $ 112,250 $ 10,940,633 $ 11,825 Trading account liabilities $ 281,538 $ — $ 281,538 $ — Other liabilities (b) 8,483 — 7,433 1,050 Total liabilities $ 290,021 $ — $ 288,971 $ 1,050 December 31, 2017 Trading account assets $ 132,909 $ 47,873 $ 85,036 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,947,487 — 1,947,487 — Obligations of states and political subdivisions 2,589 — 2,589 — Mortgage-backed securities: Government issued or guaranteed 8,716,392 — 8,716,392 — Privately issued 28 — — 28 Other debt securities 128,832 — 128,832 — Equity securities 100,956 73,232 27,724 — 10,896,284 73,232 10,823,024 28 Real estate loans held for sale 378,047 — 378,047 — Other assets (b) 12,696 — 3,899 8,797 Total assets $ 11,419,936 $ 121,105 $ 11,290,006 $ 8,825 Trading account liabilities $ 137,390 $ — $ 137,390 $ — Other liabilities (b) 1,796 — 1,302 494 Total liabilities $ 139,186 $ — $ 138,692 $ 494 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2018 and the year ended December 31, 2017. (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). 11. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2018 were as follows: Investment Securities Available for S Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance - March 31, 2018 $ 27 8,760 Total gains (losses) realized/unrealized: Included in earnings — 20,277 (b) Settlements (3 ) — Transfers out of Level 3 (a) — (18,286 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (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, 2017 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance - March 31, 2017 $ 41 16,202 Total gains (losses) realized/unrealized: Included in earnings — 19,571 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (23,348 ) (c) Balance — June 30, 2017 $ 35 12,425 Changes in unrealized gains included in earnings related to assets still held at June 30, 2017 $ — 10,892 (b) 11. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2018 were as follows: Investment securities available for sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance — January 1, 2018 $ 28 8,303 Total gains (losses) realized/unrealized: Included in earnings — 28,407 (b) Settlements (4 ) — Transfers out of Level 3 (a) — (25,959 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (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, 2017 were as follows: Investment securities available for sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance — January 1, 2017 $ 44 7,325 Total gains (losses) realized/unrealized: Included in earnings — 43,511 (b) Settlements (9 ) — Transfers out of Level 3 (a) — (38,411 ) (c) Balance — June 30, 2017 $ 35 12,425 Changes in unrealized gains included in earnings related to assets still held at June 30, 2017 $ — 12,372 (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) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. 11. Fair value measurements, continued 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, 2018. As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles, and the related nonrecurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans. 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 $206 million at June 30, 2018 ($119 million and $87 million of which were classified as Level 2 and Level 3, respectively), $210 million at December 31, 2017 ($145 million and $65 million of which were classified as Level 2 and Level 3, respectively) and $200 million at June 30, 2017 ($118 million and $82 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, 2018 were decreases of $21 million and $45 million for the three-month and six-month periods ended June 30, 2018, 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, 2017 were decreases of $21 million and $43 million for the three-month and six-month periods ended June 30, 2017, 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 $30 million and $37 million at June 30, 2018 and 2017, 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, 2018 and 2017. 11. Fair value measurements, continued Significant unobservable inputs to Level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at June 30, 2018 and December 31, 2017: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In thousands) June 30, 2018 Recurring fair value measurements Privately issued mortgage-backed securities $ 24 Two independent pricing quotes — — Net other assets (liabilities) (a) 10,751 Discounted cash flow Commitment expirations 0%-90% (20%) December 31, 2017 Recurring fair value measurements Privately issued mortgage-backed securities $ 28 Two independent pricing quotes — — Net other assets (liabilities) (a) 8,303 Discounted cash flow Commitment expirations 0%-78% (22%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. 11. Fair value measurements, continued Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following table: June 30, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,369,094 1,369,094 1,258,614 110,480 — Interest-bearing deposits at banks 6,669,985 6,669,985 — 6,669,985 — Trading account assets 148,303 148,303 46,502 101,801 — Investment securities 13,283,002 13,204,236 65,748 13,027,717 110,771 Loans and leases: Commercial loans and leases 21,894,857 21,465,594 — — 21,465,594 Commercial real estate loans 34,137,937 33,579,305 — 868,392 32,710,913 Residential real estate loans 18,310,712 18,110,823 — 4,128,794 13,982,029 Consumer loans 13,453,944 13,257,759 — — 13,257,759 Allowance for credit losses (1,019,248 ) — — — — Loans and leases, net 86,778,202 86,413,481 — 4,997,186 81,416,295 Accrued interest receivable 333,549 333,549 — 333,549 — Financial liabilities: Noninterest-bearing deposits $ (32,086,191 ) (32,086,191 ) — (32,086,191 ) — Savings and interest-checking deposits (51,107,290 ) (51,107,290 ) — (51,107,290 ) — Time deposits (5,817,680 ) (5,865,067 ) — (5,865,067 ) — Deposits at Cayman Islands office (261,427 ) (261,427 ) — (261,427 ) — Short-term borrowings (3,239,416 ) (3,239,416 ) — (3,239,416 ) — Long-term borrowings (8,382,316 ) (8,392,684 ) — (8,392,684 ) — Accrued interest payable (87,779 ) (87,779 ) — (87,779 ) — Trading account liabilities (281,538 ) (281,538 ) — (281,538 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 10,751 10,751 — — 10,751 Commitments to sell real estate loans 882 882 — 882 — Other credit-related commitments (127,898 ) (127,898 ) — — (127,898 ) Interest rate swap agreements used for interest rate risk management (129 ) (129 ) — (129 ) — 11. Fair value measurements, continued December 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,420,888 1,420,888 1,352,035 68,853 — Interest-bearing deposits at banks 5,078,903 5,078,903 — 5,078,903 — Trading account assets 132,909 132,909 47,873 85,036 — Investment securities 14,664,525 14,653,074 73,232 14,469,127 110,715 Loans and leases: Commercial loans and leases 21,742,651 21,321,282 — — 21,321,282 Commercial real estate loans 33,366,373 32,950,724 — 22,130 32,928,594 Residential real estate loans 19,613,344 19,596,826 — 4,440,645 15,156,181 Consumer loans 13,266,615 13,161,517 — — 13,161,517 Allowance for credit losses (1,017,198 ) — — — — Loans and leases, net 86,971,785 87,030,349 — 4,462,775 82,567,574 Accrued interest receivable 327,170 327,170 — 327,170 — Financial liabilities: Noninterest-bearing deposits $ (33,975,180 ) (33,975,180 ) — (33,975,180 ) — Savings and interest-checking deposits (51,698,008 ) (51,698,008 ) — (51,698,008 ) — Time deposits (6,580,962 ) (6,635,048 ) — (6,635,048 ) — Deposits at Cayman Islands office (177,996 ) (177,996 ) — (177,996 ) — Short-term borrowings (175,099 ) (175,099 ) — (175,099 ) — Long-term borrowings (8,141,430 ) (8,193,783 ) — (8,193,783 ) — Accrued interest payable (75,641 ) (75,641 ) — (75,641 ) — Trading account liabilities (137,390 ) (137,390 ) — (137,390 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 8,303 8,303 — — 8,303 Commitments to sell real estate loans 1,958 1,958 — 1,958 — Other credit-related commitments (125,281 ) (125,281 ) — — (125,281 ) Interest rate swap agreements used for interest rate risk management 639 639 — 639 — With the exception of marketable securities, certain off-balance sheet financial instruments and mortgage loans originated for sale, the Company’s financial instruments are not readily marketable and market prices do not exist. The Company, in attempting to comply with the provisions of GAAP that require disclosures of fair value of financial instruments, has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, 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, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. June 30, December 31, 2018 2017 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,474,798 5,482,622 Commercial real estate loans to be sold 323,750 194,763 Other commercial real estate 5,855,075 6,050,569 Residential real estate loans to be sold 361,034 347,113 Other residential real estate 240,020 201,426 Commercial and other 13,247,615 12,733,815 Standby letters of credit 2,410,569 2,497,844 Commercial letters of credit 55,655 46,739 Financial guarantees and indemnification contracts 3,458,625 3,434,381 Commitments to sell real estate loans 1,725,093 812,217 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 this program totaled approximately $3.3 billion at each of June 30, 2018 and December 31, 2017. 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. 12. Commitments and contingencies, continued The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At June 30, 2018 the Company believes that its obligation to loan purchasers was not material to the Company’s consolidated financial position. As previously disclosed, Wilmington Trust Corporation (“WTC”), a wholly-owned subsidiary of M&T, is the subject of a class action lawsuit alleging that WTC’s financial reporting and securities filings prior to its acquisition by M&T in 2011 were in violation of securities laws. In April 2018, the parties reached an agreement in principle and a formal settlement agreement was executed and filed with the court later in the second quarter of 2018. The proposed settlement was preliminarily approved by the court in July 2018. The final settlement hearing is scheduled to occur in the fourth quarter of 2018. In the first quarter of 2018, the Company increased its reserve for litigation matters by $135 million in anticipation of the settlement. M&T and its subsidiaries are subject in the normal course of business to various other pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. 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 $50 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, 2018 | |
Segment Reporting [Abstract] | |
Segment information | 13. Segment information Reportable segments have been determined based upon the Company's internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 22 of Notes to Financial Statements in the 2017 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, the financial information of the reported segments is not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. 13. Segment information, continued Information about the Company's segments is presented in the following table: Three Months Ended June 30 2018 2017 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 136,029 912 43,007 $ 124,982 1,006 28,750 Commercial Banking 269,499 928 126,391 277,116 843 105,627 Commercial Real Estate 205,541 385 112,691 197,298 357 87,271 Discretionary Portfolio 58,976 (10,554 ) 29,113 72,044 (12,397 ) 29,740 Residential 82,167 16,047 15,402 88,700 18,144 13,742 Retail Banking 420,540 2,707 143,089 383,904 3,045 100,094 All Other 293,449 (10,425 ) 23,467 254,972 (10,998 ) 15,829 Total $ 1,466,201 — 493,160 $ 1,399,016 — 381,053 Six Months Ended June 30 2018 2017 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 263,913 1,830 80,725 $ 245,315 1,917 53,738 Commercial Banking 535,895 1,778 251,856 551,024 1,763 218,414 Commercial Real Estate 408,148 725 220,994 392,423 764 171,818 Discretionary Portfolio 109,014 (21,386 ) 48,852 150,990 (25,324 ) 63,685 Residential Mortgage Banking 164,625 31,468 30,348 174,102 36,355 23,660 Retail Banking 814,016 5,572 266,469 752,422 6,092 186,285 All Other 604,803 (19,987 ) (53,474 ) 493,845 (21,567 ) 12,380 Total $ 2,900,414 — 845,770 $ 2,760,121 — 729,980 13. Segment information, continued Average Total Assets Six Months Ended June 30 Year Ended December 31 2018 2017 2017 (In millions) Business Banking $ 5,656 5,595 5,602 Commercial Banking 26,542 26,802 26,573 Commercial Real Estate 22,848 22,875 22,741 Discretionary Portfolio 33,277 38,341 37,203 Residential Mortgage Banking 2,186 2,341 2,355 Retail Banking 13,403 12,337 12,702 All Other 13,109 13,574 13,684 Total $ 117,021 121,865 120,860 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $5,397,000 and $8,736,000 for the three-month periods ended June 30, 2018 and 2017, respectively, and $10,206,000 and $16,735,000 for the six-month periods ended June 30, 2018 and 2017, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues. |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 14. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 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. That investment had no remaining carrying value 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 $2.8 billion and $3.0 billion at June 30, 2018 and December 31, 2017, respectively. Revenues from those servicing rights were $4 million for each of the three-month periods ended June 30, 2018 and 2017, and $7 million and $9 million for the six-month periods ended June 30, 2018 and 2017, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $53.5 billion and $56.6 billion at June 30, 2018 and December 31, 2017, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $28 million and $25 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $58 million and $48 million for the six-month periods ended June 30, 2018 and 2017, respectively. In addition, the Company held $123 million and $136 million of mortgage-backed securities in its held-to-maturity portfolio at June 30, 2018 and December 31, 2017, respectively, that were securitized by Bayview Financial. At June 30, 2018, the Company held $90 million of Bayview Financial’s $750 million syndicated loan facility. |
Revenue from Contracts with Cus
Revenue from Contracts with Customer | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customer | 15. Revenue from contracts with customers Effective January 1, 2018 the Company adopted amended accounting and disclosure guidance for revenue from contracts with customers under the modified retrospective approach. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, mortgage banking revenues, trading account and foreign exchange gains, investment securities gains, loan and letter of credit fees, operating lease income, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of the amended guidance. As of result of the adoption, the Company began reporting credit card interchange revenue net of $3 million and $6 million of rewards in other revenue from operations for the three-month and six-month periods ended June 30, 2018, respectively. For the three-month and six-month periods ended June 30, 2017, credit card rewards expense of $3 million and $5 million, respectively, was included in other costs of operations. The adjustment to beginning retained earnings as well as the impact of any changes in timing of revenue recognition of noninterest income items within the scope of the guidance was not material to the Company’s consolidated financial position at December 31, 2017 or its consolidated results of operations for the six months ended June 30, 2018. For noninterest income revenue streams within the scope of the amended guidance, the Company recognizes the expected amount of consideration as revenue when the performance obligations related to the services under the terms of a contract are satisfied. The Company’s contracts generally do not contain terms that necessitate significant judgment to determine the amount of revenue to recognize. The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At June 30, 2018, the Company had $53 million of uncollected amounts receivable related to recognized revenue from the sources in the table below. Such amount is classified in accrued interest and other assets in the Company’s consolidated balance sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At June 30, 2018, the Company had deferred revenue of $46 million related to the sources in the table below recorded in accrued interest and other liabilities on its consolidated balance sheet. The following tables summarize sources of M&T’s noninterest income during 2018 that are subject to the amended guidance. Three Months Ended June 30, 2018 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,611 24,270 2,451 — 3 63,015 1,434 $ 106,784 Trust income — — — — — — 137,641 137,641 Brokerage services income — — — — — — 12,629 12,629 Other revenues from operations: Merchant discount and credit card fees 8,334 12,542 428 — — 4,140 618 26,062 Other — 3,646 2,215 413 927 9,613 7,598 24,412 $ 23,945 40,458 5,094 413 930 76,768 159,920 $ 307,528 15. Revenue from contracts with customers, continued Six Months Ended June 30, 2018 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 31,015 48,924 5,215 — 6 123,616 3,123 $ 211,899 Trust income — — — — — — 269,016 269,016 Brokerage services income — — — — — — 26,021 26,021 Other revenues from operations: Merchant discount and credit card fees 15,837 25,254 982 — — 7,528 1,233 50,834 Other — 5,209 3,074 865 1,970 19,478 16,706 47,302 $ 46,852 79,387 9,271 865 1,976 150,622 316,099 $ 605,072 Service charges on deposit accounts are generally deducted directly from customer account balances and include account maintenance charges as well as fees for insufficient funds, debit card usage, and other transactional services. Account maintenance charges are generally recognized as revenue on a monthly basis, whereas transactional fees are recognized after M&T provides the respective service. Trust income includes fees related to the Institutional Client Services (“ICS”) business and the Wealth Advisory Services (“WAS”) business. Revenues from the ICS business are largely derived from a variety of trustee, agency, investment, cash management and administrative services, whereas revenues from the WAS business are mainly derived from asset management, fiduciary services, and family office services. Trust fees may be billed in arrears or in advance and are recognized as revenues as M&T’s performance obligations are satisfied. Certain fees are based on a percentage of assets invested or under management and are recognized as the service is performed and constraints regarding the uncertainty of the amount of fees are resolved. Brokerage service income includes revenues from the sale of mutual funds and annuities and securities brokerage fees. Such revenues are generally recognized at the time of transaction execution. Mutual fund and other distribution fees are recognized upon initial placement of customer funds as well as in future periods as such customers continue to hold amounts in those mutual funds. Other revenues from operations include merchant discount and credit card fees such as interchange fees and merchant discount fees that are generally recognized when the cardholder’s transaction is approved and settled. Beginning in 2018, credit card rewards accrued to cardholders are recognized as a reduction of interchange revenue. Also included in other revenues from operations are insurance commissions, ATM surcharge fees, and advisory fees. Insurance commissions are recognized at the time the insurance policy is executed with the customer. Insurance renewal commissions are recognized upon subsequent renewal of the policy. ATM surcharge fees are included in revenue at the time of the respective ATM transaction. Advisory fees are generally recognized at the conclusion of the advisory engagement when the Company has satisfied its service obligation. |
Recent accounting developments
Recent accounting developments | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 16. Recent accounting developments The following table provides a description of accounting standards that were adopted by the company in 2018 as well as standards that are not effective that could have an impact to M&T’s consolidated financial statements upon adoption. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2018 Revenue from Contracts with Customers The core principle of the accounting guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. January 1, 2018 As described in note 15 the Company adopted the revenue recognition guidance effective January 1, 2018 and applied the modified retrospective approach for reporting purposes. The adjustment to beginning retained earnings as well as the impact of any changes in the timing of revenue recognition of noninterest income items within the scope of this guidance did not have a material effect on the Company’s financial position or results of operations. Recognition and Measurement of Financial Assets and Financial Liabilities The amended guidance requires equity investments (excluding those accounted for under the equity method of accounting or those that result in consolidation of the investee) be measured at fair value with changes in fair value recognized in net income, public entities to use the exit price when measuring the fair value of financial instruments for disclosure purposes, and an entity to present separately in other comprehensive income a change in the instrument-specific credit risk when the entity has elected to measure a liability at fair value in accordance with the fair value option. January 1, 2018 At January 1, 2018 the Company reclassified marketable equity securities from investment securities available for sale. Upon adoption $17 million of fair value changes in those equity securities, net of tax were reclassified from accumulated other comprehensive income to retained earnings. See note 2 for information on amounts recognized in gain (loss) on bank investment securities in the consolidated statement of income. Improvements to Accounting for Hedging Activities The amended guidance expands and clarifies hedge accounting for nonfinancial and financial risk components, aligns the recognition and presentation of the effects of the hedging instrument and hedged item in the financial statements, and simplifies the requirements for assessing effectiveness in a hedging relationship. January 1, 2019 Early adoption permitted The Company early adopted the amended guidance on January 1, 2018 and such adoption did not have a material impact on its consolidated financial statements. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The amended guidance requires the service cost component of the net periodic pension cost and net periodic postretirement benefit cost to be reported in the same line item in the income statement as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments also require that the other components of net benefit costs be presented separately from the service cost component. January 1, 2018 The Company adopted the new reporting requirements effective January 1, 2018. The Company previously reported all of its net periodic pension and postretirement benefit costs in salaries and employee benefits within the consolidated statement of income. Information about net periodic pension and postretirement benefit costs that were not service cost-related is included in note 6. The impact of adopting the amended guidance was not material. Scope of Modification Accounting for Share-Based Payment Awards The amended guidance addresses which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The Company adopted the amended guidance on January 1, 2018. The guidance is being applied on a prospective basis for awards modified on or after the adoption date. Restricted Cash The amended guidance requires that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. In addition, when cash, cash equivalents, and restricted cash or restricted cash equivalents are presented in more than one line item within the statement of financial position, the line items and amounts must be presented on the face of the statement of cash flows or disclosed in the notes to the financial statements. Information about the nature of restrictions on an entity’s cash and cash equivalents must also be disclosed. January 1, 2018 The guidance was adopted on January 1, 2018 and did not have a material impact on the Company’s consolidated financial statements. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2018 Classification of Certain Cash Receipts and Cash Payments This amendment provides clarifying guidance for classifying cash inflows or outflows on the statement of cash flows where current guidance is unclear or silent. January 1, 2018 The guidance was Clarifying the Definition of a Business The amended guidance clarifies the definition of a business for purposes of evaluating whether transactions would be accounted for as acquisitions (or disposals) of assets or businesses. January 1, 2018 The guidance was adopted January 1, 2018 and will be future transactions Standards Not Yet Adopted as of June 30, 2018 Leases The new guidance requires lessees to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months. While the guidance requires all leases to be recognized in the balance sheet, there continues to be a differentiation between finance leases and operating leases for purposes of income statement recognition and cash flow statement presentation. For finance leases, interest on the lease liability and amortization of the right-of-use asset will be recognized separately in the statement of income. Repayments of principal on those lease liabilities will be classified within financing activities and payments of interest on the lease liability will be classified within operating activities in the statement of cash flows. For operating leases, a single lease cost is recognized in the statement of income and allocated over the lease term, generally on a straight-line basis. All cash payments are presented within operating activities in the statement of cash flows. The accounting applied by lessors is largely unchanged from existing GAAP, however, the guidance eliminates the accounting model for leveraged leases for leases that commence after the effective date of the guidance. January 1, 2019 Early adoption permitted The Company occupies certain banking offices and uses certain equipment under noncancelable operating lease agreements which currently are not reflected in its consolidated balance sheet. Upon adoption of the guidance, the Company expects to report increased assets and increased liabilities as a result of recognizing right-of-use assets and lease liabilities on its consolidated balance sheet. The Company was committed to $429 million of minimum lease payments under noncancelable operating lease agreements at December 31, 2017. The Company does not expect the new guidance will have a material impact to its consolidated statement of income. Premium Amortization on Purchased Callable Debt Securities The amended guidance requires the premium on callable debt securities to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. January 1, 2019 Early adoption permitted The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does not expect the guidance to have a material impact on its consolidated financial statements. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of June 30, 2018 Measurement of Credit Losses on Financial Instruments The amended guidance replaces the current incurred loss model for determining the allowance for credit losses. The guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses will represent a valuation account that is deducted from the amortized cost basis of the financial assets to present their net carrying value at the amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as expected increases or decreases of expected credit losses that have taken place during the period. When determining the allowance, expected credit losses over the contractual term of the financial asset(s) (taking into account prepayments) will be estimated considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amended guidance also requires recording an allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The initial allowance for these assets will be added to the purchase price at acquisition rather than being reported as an expense. Subsequent changes in the allowance will be recorded through the income statement as an expense adjustment. In addition, the amended guidance requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The calculation of credit losses for available-for-sale securities will be similar to how it is determined under existing guidance. January 1, 2020 Early adoption permitted as of January 1, 2019 The Company is developing its approach for determining expected credit losses under the new guidance. The Company expects that the new guidance will result in an increase in its allowance for credit losses as a result of considering credit losses over the expected life of its loan portfolios. Increases in the level of allowances will reflect new requirements to include the nonaccretable principal difference on purchased credit impaired loans and estimated credit losses on investment securities classified as held-to-maturity, if any. The expected increase to the allowance for credit losses and the impact to the Company’s financial statements are still being determined. Simplifying the Test for Goodwill Impairment The amended guidance eliminates step 2 from the goodwill impairment test. January 1, 2020 Early adoption permitted The amendments should be applied using a prospective transition method. The Company does not expect the guidance will have a material impact on its consolidated financial statements, unless at some point in the future one of its reporting units were to fail step 1 of the goodwill impairment test. |
Significant accounting polici25
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 (“2017 Annual Report”), except that effective January 1, 2018 the Company adopted amended accounting guidance that is discussed in notes 2, 15 and 16 herein. In the opinion of management, all adjustments necessary for a fair presentation have been made and were all of a normal recurring nature. |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) June 30, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,726,242 4 18,425 $ 1,707,821 Obligations of states and political subdivisions 1,914 12 1 1,925 Mortgage-backed securities: Government issued or guaranteed 8,046,603 15,521 244,825 7,817,299 Privately issued 26 — 2 24 Other debt securities 137,375 2,225 7,823 131,777 9,912,160 17,762 271,076 9,658,846 Investment securities held to maturity: Obligations of states and political subdivisions 13,547 57 20 13,584 Mortgage-backed securities: Government issued or guaranteed 2,960,045 4,539 71,183 2,893,401 Privately issued 122,906 11,451 23,610 110,747 Other debt securities 4,597 — — 4,597 3,101,095 16,047 94,813 3,022,329 Total debt securities $ 13,013,255 33,809 365,889 $ 12,681,175 Equity and other securities: Readily marketable equity — at fair value 70,810 16,527 855 86,482 Other — at cost 436,579 — — 436,579 Total equity and other securities $ 507,389 16,527 855 $ 523,061 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2017 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,965,665 — 18,178 $ 1,947,487 Obligations of states and political subdivisions 2,555 36 2 2,589 Mortgage-backed securities: Government issued or guaranteed 8,755,482 59,497 98,587 8,716,392 Privately issued 28 — — 28 Other debt securities 136,905 2,402 10,475 128,832 Equity securities 78,161 23,219 424 100,956 10,938,796 85,154 127,666 10,896,284 Investment securities held to maturity: Obligations of states and political subdivisions 24,562 109 49 24,622 Mortgage-backed securities: Government issued or guaranteed 3,187,953 27,236 13,746 3,201,443 Privately issued 135,688 2,574 27,575 110,687 Other debt securities 5,010 — — 5,010 3,353,213 29,919 41,370 3,341,762 Other securities — at cost 415,028 — — 415,028 Total $ 14,707,037 115,073 169,036 $ 14,653,074 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At June 30, 2018, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows: Amortized Cost Estimated Fair Value (In thousands) Debt securities available for sale: Due in one year or less $ 1,297,040 1,286,504 Due after one year through five years 436,548 428,617 Due after five years through ten years 96,521 95,992 Due after ten years 35,422 30,410 1,865,531 1,841,523 Mortgage-backed securities available for sale 8,046,629 7,817,323 $ 9,912,160 9,658,846 Debt securities held to maturity: Due in one year or less $ 7,630 7,633 Due after one year through five years 5,917 5,951 Due after ten years 4,597 4,597 18,144 18,181 Mortgage-backed securities held to maturity 3,082,951 3,004,148 $ 3,101,095 3,022,329 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of June 30, 2018 and December 31, 2017 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows: Less Than 12 Months 12 Months or More Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) June 30, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 164,931 (1,622 ) 1,539,796 (16,803 ) Obligations of states and political subdivisions — — 375 (1 ) Mortgage-backed securities: Government issued or guaranteed 3,872,321 (91,083 ) 2,907,972 (153,742 ) Privately issued 8 (2 ) — — Other debt securities 4,323 (94 ) 63,902 (7,729 ) 4,041,583 (92,801 ) 4,512,045 (178,275 ) Investment securities held to maturity: Obligations of states and political subdivisions — — 4,218 (20 ) Mortgage-backed securities: Government issued or guaranteed 2,252,672 (58,405 ) 250,341 (12,778 ) Privately issued — — 53,579 (23,610 ) 2,252,672 (58,405 ) 308,138 (36,408 ) Total $ 6,294,255 (151,206 ) 4,820,183 (214,683 ) December 31, 2017 Investment securities available for sale: U.S. Treasury and federal agencies $ 278,132 (1,761 ) 1,669,355 (16,417 ) Obligations of states and political subdivisions — — 474 (2 ) Mortgage-backed securities: Government issued or guaranteed 2,106,142 (13,695 ) 3,138,841 (84,892 ) Other debt securities 3,067 (26 ) 61,159 (10,449 ) Equity securities (a) — — 18,162 (424 ) 2,387,341 (15,482 ) 4,887,991 (112,184 ) Investment securities held to maturity: Obligations of states and political subdivisions 2,954 (4 ) 6,110 (45 ) Mortgage-backed securities: Government issued or guaranteed 1,331,759 (7,036 ) 265,695 (6,710 ) Privately issued 5,061 (1,216 ) 55,255 (26,359 ) 1,339,774 (8,256 ) 327,060 (33,114 ) Total $ 3,727,115 (23,738 ) 5,215,051 (145,298 ) (a) Beginning January 1, 2018, equity securities with readily determinable fair values are required to be measured at fair value with changes in fair value recognized in the consolidated statement of income. As a result, subsequent to December 31, 2017 disclosing the time period for which these equity securities had been in a continuous unrealized loss position is no longer relevant. |
Loans and leases and the allo27
Loans and leases and the allowance for credit losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of June 30, 2018 and December 31, 2017 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More (a) Accruing Loans Acquired a Discount Past Due 90 days or More (b) Purchased Impaired (c) Nonaccrual Total (In thousands) June 30, 2018 Commercial, financial, leasing, etc. $ 21,615,676 29,906 4,210 31 3 245,031 $ 21,894,857 Real estate: Commercial 25,352,075 212,480 10,621 4,330 10,579 153,552 25,743,637 Residential builder and developer 1,628,793 8,668 — — 547 5,212 1,643,220 Other commercial construction 6,597,814 140,490 4,000 — 1,053 7,723 6,751,080 Residential 14,456,180 425,894 200,159 8,019 244,865 215,850 15,550,967 Residential — limited documentation 2,488,340 79,179 — — 95,418 96,808 2,759,745 Consumer: Home equity lines and loans 4,931,331 29,589 49 6,856 — 66,690 5,034,515 Automobile 3,450,113 69,398 — — — 19,564 3,539,075 Other 4,807,912 30,732 3,987 28,169 — 9,554 4,880,354 Total $ 85,328,234 1,026,336 223,026 47,405 352,465 819,984 $ 87,797,450 December 31, 2017 Commercial, financial, leasing, etc. $ 21,332,234 167,756 1,322 327 21 240,991 $ 21,742,651 Real estate: Commercial 24,910,381 166,305 4,444 6,016 16,815 184,982 25,288,943 Residential builder and developer 1,618,973 5,159 — — 1,135 6,451 1,631,718 Other commercial construction 6,407,451 23,467 — — 4,706 10,088 6,445,712 Residential 15,376,759 474,372 233,437 7,582 282,102 235,834 16,610,086 Residential — limited documentation 2,718,019 83,898 — — 105,236 96,105 3,003,258 Consumer: Home equity lines and loans 5,171,345 38,546 — 9,391 — 74,500 5,293,782 Automobile 3,441,371 78,511 — — — 23,781 3,543,663 Other 4,349,071 40,929 5,202 24,102 — 9,866 4,429,170 Total $ 85,325,604 1,078,943 244,405 47,418 410,015 882,598 $ 87,988,983 (a) Excludes loans acquired at a discount. (b) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. (c) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. |
Outstanding Principal Balance and Carrying Amount of Loans and Included in Consolidated Balance Sheet | The outstanding principal balance and the carrying amount of loans acquired at a discount that were recorded at fair value at the acquisition date and included in the consolidated balance sheet were as follows: June 30, December 31, 2018 2017 (In thousands) Outstanding principal balance $ 1,213,758 1,394,188 Carrying amount: Commercial, financial, leasing, etc. 27,726 31,105 Commercial real estate 183,126 228,054 Residential real estate 545,438 620,827 Consumer 107,492 123,413 $ 863,782 1,003,399 |
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, 2018 and 2017 follows: Three Months Ended June 30, 2018 2017 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 149,007 118,184 $ 143,454 $ 181,310 Interest income (7,969 ) (15,394 ) (10,806 ) (20,923 ) Reclassifications from nonaccretable balance 8,350 10,998 884 1,852 Other (a) — 3,927 — 860 Balance at end of period $ 149,388 117,715 $ 133,532 $ 163,099 Six Months Ended June 30, 2018 2017 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 157,918 $ 133,162 $ 154,233 201,153 Interest income (17,788 ) (30,506 ) (21,731 ) (46,441 ) Reclassifications from nonaccretable balance 9,258 11,205 1,030 5,035 Other (a) — 3,854 — 3,352 Balance at end of period $ 149,388 $ 117,715 $ 133,532 163,099 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 Provision for credit losses 11,250 (10,845 ) 5,242 30,801 (1,448 ) 35,000 Net charge-offs Charge-offs (14,900 ) (4,548 ) (3,966 ) (34,033 ) — (57,447 ) Recoveries 6,409 1,437 1,800 12,378 — 22,024 Net charge-offs (8,491 ) (3,111 ) (2,166 ) (21,655 ) — (35,423 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 Changes in the allowance for credit losses for the three months ended June 30, 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 347,760 360,010 62,012 153,172 78,476 $ 1,001,430 Provision for credit losses 13,368 7,638 7,163 24,190 (359 ) 52,000 Net charge-offs Charge-offs (25,247 ) (1,853 ) (5,899 ) (28,683 ) — (61,682 ) Recoveries 3,433 434 2,730 9,880 — 16,477 Net charge-offs (21,814 ) (1,419 ) (3,169 ) (18,803 ) — (45,205 ) Ending balance $ 339,314 366,229 66,006 158,559 78,117 $ 1,008,225 Changes in the allowance for credit losses for the six months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 18,480 (16,070 ) 15,728 60,615 (753 ) 78,000 Net charge-offs Charge-offs (29,481 ) (5,914 ) (8,320 ) (70,484 ) — (114,199 ) Recoveries 11,232 1,660 3,310 22,047 — 38,249 Net charge-offs (18,249 ) (4,254 ) (5,010 ) (48,437 ) — (75,950 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 Changes in the allowance for credit losses for the six months ended June 30, 2017 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,833 362,719 61,127 156,288 78,030 $ 988,997 Provision for credit losses 42,191 8,900 12,800 43,022 87 107,000 Net charge-offs Charge-offs (41,604 ) (7,298 ) (12,158 ) (63,186 ) — (124,246 ) Recoveries 7,894 1,908 4,237 22,435 — 36,474 Net charge-offs (33,710 ) (5,390 ) (7,921 ) (40,751 ) — (87,772 ) Ending balance $ 339,314 366,229 66,006 158,559 78,117 $ 1,008,225 |
Impaired Loans and Leases | I nformation with respect to loans and leases that were considered impaired as of June 30, 2018 and December 31, 2017 and for the three-month and six-month periods ended June 30, 2018 and 2017 follows. June 30, 2018 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 157,228 180,016 37,589 177,250 194,257 45,488 Real estate: Commercial 85,588 96,221 9,316 67,199 75,084 9,140 Residential builder and developer 6,085 6,465 211 5,320 5,641 308 Other commercial construction 1,829 17,670 345 4,817 20,357 647 Residential 117,111 139,966 4,068 101,724 122,602 4,000 Residential — limited documentation 76,040 91,851 4,000 77,277 92,439 3,900 Consumer: Home equity lines and loans 48,436 53,538 8,757 48,847 53,914 8,812 Automobile 12,467 15,396 2,595 13,498 15,737 2,811 Other 3,011 6,036 614 3,220 5,872 656 507,795 607,159 67,495 499,152 585,903 75,762 With no related allowance recorded: Commercial, financial, leasing, etc. 112,604 139,843 — 89,126 115,327 — Real estate: Commercial 89,024 99,658 — 138,356 149,716 — Residential builder and developer 4,353 4,471 — 5,057 5,296 — Other commercial construction 6,021 9,726 — 5,456 9,130 — Residential 12,665 17,161 — 13,574 18,980 — Residential — limited documentation 6,831 11,853 — 9,588 16,138 — 231,498 282,712 — 261,157 314,587 — Total: Commercial, financial, leasing, etc. 269,832 319,859 37,589 266,376 309,584 45,488 Real estate: Commercial 174,612 195,879 9,316 205,555 224,800 9,140 Residential builder and developer 10,438 10,936 211 10,377 10,937 308 Other commercial construction 7,850 27,396 345 10,273 29,487 647 Residential 129,776 157,127 4,068 115,298 141,582 4,000 Residential — limited documentation 82,871 103,704 4,000 86,865 108,577 3,900 Consumer: Home equity lines and loans 48,436 53,538 8,757 48,847 53,914 8,812 Automobile 12,467 15,396 2,595 13,498 15,737 2,811 Other 3,011 6,036 614 3,220 5,872 656 Total $ 739,293 889,871 67,495 760,309 900,490 75,762 |
Interest Income Recognized on Impaired Loans | Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 271,413 1,333 1,333 230,767 805 805 Real estate: Commercial 168,224 3,811 3,811 200,005 813 813 Residential builder and developer 8,494 — — 15,577 467 467 Other commercial construction 7,443 53 53 14,213 86 86 Residential 126,185 2,329 937 108,036 1,465 606 Residential — limited documentation 83,776 1,428 317 95,208 1,449 339 Consumer: Home equity lines and loans 48,644 433 72 46,872 422 91 Automobile 12,636 225 14 15,506 262 21 Other 3,066 88 3 3,468 75 3 Total $ 729,881 9,700 6,540 729,652 5,844 3,231 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 271,793 2,116 2,116 251,352 1,283 1,283 Real estate: Commercial 175,035 6,958 6,958 191,935 1,788 1,788 Residential builder and developer 9,167 1,682 1,682 17,552 896 896 Other commercial construction 8,773 59 59 14,922 933 933 Residential 123,697 4,231 1,839 106,166 3,101 1,380 Residential — limited documentation 84,686 3,156 1,013 96,033 2,949 723 Consumer: Home equity lines and loans 48,721 847 158 46,327 821 191 Automobile 12,881 449 29 15,931 537 40 Other 3,092 173 6 3,510 147 6 Total $ 737,845 19,671 13,860 743,728 12,455 7,240 |
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, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) June 30, 2018 Pass $ 20,769,679 24,954,015 1,503,766 6,594,613 Criticized accrual 880,147 636,070 134,242 148,744 Criticized nonaccrual 245,031 153,552 5,212 7,723 Total $ 21,894,857 25,743,637 1,643,220 6,751,080 December 31, 2017 Pass $ 20,490,486 24,380,184 1,485,148 6,270,812 Criticized accrual 1,011,174 723,777 140,119 164,812 Criticized nonaccrual 240,991 184,982 6,451 10,088 Total $ 21,742,651 25,288,943 1,631,718 6,445,712 |
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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) June 30, 2018 Individually evaluated for impairment $ 37,589 9,872 8,068 11,966 $ 67,495 Collectively evaluated for impairment 291,241 343,889 54,999 171,021 861,150 Purchased impaired — — 13,056 — 13,056 Allocated $ 328,830 353,761 76,123 182,987 941,701 Unallocated 77,547 Total $ 1,019,248 December 31, 2017 Individually evaluated for impairment $ 45,488 10,095 7,900 12,279 $ 75,762 Collectively evaluated for impairment 283,111 363,990 47,645 158,530 853,276 Purchased impaired — — 9,860 — 9,860 Allocated $ 328,599 374,085 65,405 170,809 938,898 Unallocated 78,300 Total $ 1,017,198 |
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, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) June 30, 2018 Individually evaluated for impairment $ 269,832 192,900 212,647 63,914 $ 739,293 Collectively evaluated for impairment 21,625,022 33,932,858 17,757,782 13,390,030 86,705,692 Purchased impaired 3 12,179 340,283 — 352,465 Total $ 21,894,857 34,137,937 18,310,712 13,453,944 $ 87,797,450 December 31, 2017 Individually evaluated for impairment $ 266,376 226,205 202,163 65,565 $ 760,309 Collectively evaluated for impairment 21,476,254 33,117,512 19,023,843 13,201,050 86,818,659 Purchased impaired 21 22,656 387,338 — 410,015 Total $ 21,742,651 33,366,373 19,613,344 13,266,615 $ 87,988,983 |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and six-month periods ended June 30, 2018 and 2017: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended June 30, 2018 (Dollars in thousands) Commercial, financial, leasing, etc. 47 $ 41,390 $ 9,673 $ 29 $ 6,111 $ 25,021 $ 40,834 Real estate: Commercial 28 7,200 7,376 175 394 — 7,945 Residential 30 7,951 2,814 — — 5,766 8,580 Residential — limited documentation 3 584 200 — — 458 658 Consumer: Home equity lines and loans 10 555 — — — 559 559 Automobile 19 333 321 — — 12 333 Total 137 $ 58,013 $ 20,384 $ 204 $ 6,505 $ 31,816 $ 58,909 Three Months Ended June 30, 2017 Commercial, financial, leasing, etc. 63 $ 65,613 $ 8,172 $ — $ 5,556 $ 35,232 $ 48,960 Real estate: Commercial 30 26,045 11,782 — — 14,276 26,058 Other commercial construction 1 66 66 — — — 66 Residential 30 7,956 2,982 — — 5,486 8,468 Residential — limited documentation 7 1,831 235 — — 1,660 1,895 Consumer: Home equity lines and loans 35 3,229 416 — — 2,818 3,234 Automobile 22 428 380 — — 48 428 Other 3 54 54 — — — 54 Total 191 $ 105,222 $ 24,087 $ — $ 5,556 $ 59,520 $ 89,163 Post-modification (a) Six Months Ended June 30, 2018 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 103 $ 89,384 $ 45,346 $ 653 $ 6,111 $ 38,068 $ 90,178 Real estate: Commercial 48 13,980 13,200 175 394 927 14,696 Other commercial construction 1 752 746 — — — 746 Residential 77 20,587 9,759 — — 12,668 22,427 Residential — limited documentation 5 879 467 — — 576 1,043 Consumer: Home equity lines and loans 24 1,903 4 — — 1,907 1,911 Automobile 27 481 469 — — 12 481 Other 2 49 49 — — — 49 Total 287 $ 128,015 $ 70,040 $ 828 $ 6,505 $ 54,158 $ 131,531 Six Months Ended June 30, 2017 Commercial, financial, leasing, etc. 113 $ 77,534 $ 12,561 $ — $ 6,362 $ 37,960 $ 56,883 Real estate: Commercial 50 32,747 14,773 — — 17,882 32,655 Residential builder and developer 3 12,291 — — — 10,879 10,879 Other commercial construction 2 168 168 — — — 168 Residential 71 17,336 8,575 — — 9,841 18,416 Residential — limited documentation 13 3,209 235 — — 3,185 3,420 Consumer: Home equity lines and loans 60 5,731 579 — 491 4,666 5,736 Automobile 42 818 763 — — 55 818 Other 5 80 80 — — — 80 Total 359 $ 149,914 $ 37,734 $ — $ 6,853 $ 84,468 $ 129,055 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of June 30, 2018 and December 31, 2017 is presented below: Shares Issued and Outstanding 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 E (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 Series F (c) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 (a) Dividends, if declared, are paid at 6.375%. Warrants to purchase M&T common stock at $73.71 per share issued in connection with the Series A preferred stock expire on December 23, 2018 and totaled 202,782 at June 30, 2018. (b) 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. 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. (c) Dividends, if declared, are paid semi-annually at a rate of 5.125% through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points. The shares are redeemable in whole or in part on or after November 1, 2026. 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 postr29
Pension plans and other postretirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Defined Benefit Cost for Defined Benefit Plans | Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended June 30 2018 2017 2018 2017 (In thousands) Service cost $ 5,069 5,189 243 202 Interest cost on projected benefit obligation 18,548 19,943 589 778 Expected return on plan assets (30,688 ) (27,062 ) — — Amortization of prior service cost (credit) 153 154 (1,189 ) (329 ) Amortization of net actuarial loss (gain) 10,796 7,831 (213 ) (469 ) Net periodic benefit cost $ 3,878 6,055 (570 ) 182 Pension Benefits Other Postretirement Benefits Six Months Ended June 30 2018 2017 2018 2017 (In thousands) Service cost $ 10,172 10,097 469 585 Interest cost on projected benefit obligation 37,353 39,634 1,146 1,858 Expected return on plan assets (61,563 ) (54,262 ) — — Amortization of prior service cost (credit) 278 279 (2,364 ) (679 ) Amortization of net actuarial loss (gain) 21,896 14,631 (413 ) (494 ) Net periodic benefit cost $ 8,136 10,379 (1,162 ) 1,270 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 2018 2017 2018 2017 (In thousands, except per share) Income available to common shareholders: Net income $ 493,160 381,053 845,770 729,980 Less: Preferred stock dividends (a) (18,130 ) (18,237 ) (36,260 ) (36,474 ) Net income available to common equity 475,030 362,816 809,510 693,506 Less: Income attributable to unvested stock-based compensation awards (2,432 ) (2,158 ) (4,172 ) (4,298 ) Net income available to common shareholders $ 472,598 360,658 805,338 689,208 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 145,571 153,770 147,510 154,612 Less: Unvested stock-based compensation awards (746 ) (913 ) (764 ) (974 ) Weighted-average shares outstanding 144,825 152,857 146,746 153,638 Basic earnings per common share $ 3.26 2.36 5.49 4.49 (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 2018 2017 2018 2017 (In thousands, except per share) Net income available to common equity $ 475,030 362,816 809,510 693,506 Less: Income attributable to unvested stock-based compensation awards (2,430 ) (2,154 ) (4,168 ) (4,289 ) Net income available to common shareholders $ 472,600 360,662 805,342 689,217 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 145,571 153,770 147,510 154,612 Less: Unvested stock-based compensation awards (746 ) (913 ) (764 ) (974 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 173 419 195 470 Adjusted weighted-average shares outstanding 144,998 153,276 146,941 154,108 Diluted earnings per common share $ 3.26 2.35 5.48 4.47 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Amount Income Securities (a) Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2018 $ (59,957 ) (413,168 ) (20,165 ) $ (493,290 ) 129,476 $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (22,795 ) — — (22,795 ) 5,942 (16,853 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net (187,989 ) — — (187,989 ) 49,414 (138,575 ) Foreign currency translation adjustment — — (1,448 ) (1,448 ) 304 (1,144 ) Unrealized losses on cash flow hedges — — (21,065 ) (21,065 ) 5,538 (15,527 ) Total other comprehensive income (loss) before reclassifications (187,989 ) — (22,513 ) (210,502 ) 55,256 (155,246 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 1,590 — — 1,590 (c) (418 ) 1,172 Gains realized in net income (18 ) — — (18 ) (d) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (e) 15 (41 ) Net yield adjustment from cash flow hedges currently in effect — — 3,469 3,469 (e) (912 ) 2,557 Amortization of prior service credit — (2,086 ) — (2,086 ) (f) 549 (1,537 ) Amortization of actuarial losses — 21,483 — 21,483 (f) (5,648 ) 15,835 Total other comprehensive income (loss) (186,417 ) 19,397 (19,100 ) (186,120 ) 48,846 (137,274 ) Balance — June 30, 2018 $ (269,169 ) (393,771 ) (39,265 ) $ (702,205 ) 184,264 $ (517,941 ) Investment Securities Defined Benefit Total Amount Income With OTTI (b) All Other Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2017 $ 46,725 (73,785 ) (449,917 ) (8,268 ) $ (485,245 ) 190,609 $ (294,636 ) Other comprehensive income before reclassifications: Unrealized holding gains (losses), net (13,802 ) 37,728 — — 23,926 (9,404 ) 14,522 Foreign currency translation adjustment — — — 2,502 2,502 (876 ) 1,626 Unrealized losses on cash flow hedges — — — (441 ) (441 ) 174 (267 ) Total other comprehensive income (loss) before reclassifications (13,802 ) 37,728 — 2,061 25,987 (10,106 ) 15,881 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities — 1,721 — — 1,721 (c) (677 ) 1,044 (Gains) losses realized in net income (50 ) 67 — — 17 (d) (7 ) 10 Accretion of net gain on terminated cash flow hedges — — — (78 ) (78 ) (e) 31 (47 ) Net yield adjustment from cash flow hedges currently in effect — — — (1,094 ) (1,094 ) (e) 430 (664 ) Amortization of prior service credit — — (400 ) — (400 ) (f) 157 (243 ) Amortization of actuarial losses — — 14,137 — 14,137 (f) (5,563 ) 8,574 Total other comprehensive income (loss) (13,852 ) 39,516 13,737 889 40,290 (15,735 ) 24,555 Balance — June 30, 2017 $ 32,873 (34,269 ) (436,180 ) (7,379 ) $ (444,955 ) 174,874 $ (270,081 ) (a) Beginning January 1, 2018, equity securities with readily determinable fair values are required to be measured at fair value with changes in fair value recognized in the income statement. All investment securities with an other-than-temporary impairment charge are within scope of the adopted accounting guidance and no longer require separate presentation. (b) Other-than-temporary impairment (c) Included in interest income (d) Included in gain (loss) on bank investment securities (e) Included in interest expense (f) Included in other costs of operations |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Investment Defined Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2017 $ (44,150 ) (304,546 ) (15,118 ) $ (363,814 ) Cumulative effect of change in accounting principle — equity securities (16,853 ) — — (16,853 ) Net gain (loss) during period (137,417 ) 14,298 (14,155 ) (137,274 ) Balance — June 30, 2018 $ (198,420 ) (290,248 ) (29,273 ) $ (517,941 ) |
Derivative financial instrume32
Derivative financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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- Average Rate Estimated Fair Amount Maturity Fixed Variable Value (In thousands) (In years) (In thousands) June 30, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,700,000 2.7 2.41 % 2.72 % $ (185 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 7,700,000 1.4 1.52 % 1.98 % 56 Total $ 12,400,000 1.9 $ (129 ) December 31, 2017 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,550,000 2.9 2.27 % 2.09 % $ 573 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 4,850,000 2.0 1.52 % 1.36 % 66 Total $ 9,400,000 2.5 $ 639 (a) Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at June 30, 2018 and December 31, 2017 was a reduction of the estimated fair value losses on interest rate swap agreements designated as fair value hedges of $96.1 million and $41.1 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $33.9 million and $16.3 million, respectively. (b) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate. (c) (d) |
Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet | Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 397 $ 639 $ 526 $ — Commitments to sell real estate loans (a) 3,872 734 4,696 283 4,269 1,373 5,222 283 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,801 8,797 1,050 494 Commitments to sell real estate loans (a) 3,917 2,526 2,211 1,019 Trading: Interest rate contracts (b) 72,973 74,164 274,959 132,104 Foreign exchange and other option and futures contracts (b) 8,514 5,657 6,579 5,286 97,205 91,144 284,799 138,903 Total derivatives $ 101,474 $ 92,517 $ 290,021 $ 139,186 (a) Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities. (b) Asset derivatives are reported in trading account assets and liability derivatives are reported in other liabilities. The impact of variation margin payments at June 30, 2018 and December 31, 2017 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $272.2 million and $136.2 million, respectively, and in a liability position of $4.0 million and $12.2 million, respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item (In thousands) June 30, December 31, June 30, December 31, 2018 2017 2018 2017 Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,598,712 $ 4,504,029 $ (96,387 ) $ (40,133 ) |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (13,357 ) 13,884 $ (5,795 ) 5,011 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (2,686 ) $ 831 Foreign exchange and other option and futures contracts (b) 2,365 1,568 Total $ (321 ) $ 2,399 9. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Derivative Hedged item Derivative Hedged item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (55,747 ) 56,254 $ (9,914 ) 9,023 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (4,291 ) $ 2,781 Foreign exchange and other option and futures contracts (b) 4,996 3,404 Total $ 705 $ 6,185 (a) Effective January 1, 2018, reported as an adjustment to interest expense. Prior to 2018, 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, 2018 | |
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, 2018 and December 31, 2017 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) June 30, 2018 Trading account assets $ 148,303 $ 46,502 $ 101,801 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,707,821 — 1,707,821 — Obligations of states and political subdivisions 1,925 — 1,925 — Mortgage-backed securities: Government issued or guaranteed 7,817,299 — 7,817,299 — Privately issued 24 — — 24 Other debt securities 131,777 — 131,777 — 9,658,846 — 9,658,822 24 Equity securities 86,482 65,748 20,734 — Real estate loans held for sale 1,151,090 — 1,151,090 — Other assets (b) 19,987 — 8,186 11,801 Total assets $ 11,064,708 $ 112,250 $ 10,940,633 $ 11,825 Trading account liabilities $ 281,538 $ — $ 281,538 $ — Other liabilities (b) 8,483 — 7,433 1,050 Total liabilities $ 290,021 $ — $ 288,971 $ 1,050 December 31, 2017 Trading account assets $ 132,909 $ 47,873 $ 85,036 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,947,487 — 1,947,487 — Obligations of states and political subdivisions 2,589 — 2,589 — Mortgage-backed securities: Government issued or guaranteed 8,716,392 — 8,716,392 — Privately issued 28 — — 28 Other debt securities 128,832 — 128,832 — Equity securities 100,956 73,232 27,724 — 10,896,284 73,232 10,823,024 28 Real estate loans held for sale 378,047 — 378,047 — Other assets (b) 12,696 — 3,899 8,797 Total assets $ 11,419,936 $ 121,105 $ 11,290,006 $ 8,825 Trading account liabilities $ 137,390 $ — $ 137,390 $ — Other liabilities (b) 1,796 — 1,302 494 Total liabilities $ 139,186 $ — $ 138,692 $ 494 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2018 and the year ended December 31, 2017. (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, 2018 were as follows: Investment Securities Available for S Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance - March 31, 2018 $ 27 8,760 Total gains (losses) realized/unrealized: Included in earnings — 20,277 (b) Settlements (3 ) — Transfers out of Level 3 (a) — (18,286 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (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, 2017 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance - March 31, 2017 $ 41 16,202 Total gains (losses) realized/unrealized: Included in earnings — 19,571 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (23,348 ) (c) Balance — June 30, 2017 $ 35 12,425 Changes in unrealized gains included in earnings related to assets still held at June 30, 2017 $ — 10,892 (b) 11. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2018 were as follows: Investment securities available for sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance — January 1, 2018 $ 28 8,303 Total gains (losses) realized/unrealized: Included in earnings — 28,407 (b) Settlements (4 ) — Transfers out of Level 3 (a) — (25,959 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (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, 2017 were as follows: Investment securities available for sale Privately Issued Mortgage-Backed Securities Other Assets and Other Liabilities (In thousands) Balance — January 1, 2017 $ 44 7,325 Total gains (losses) realized/unrealized: Included in earnings — 43,511 (b) Settlements (9 ) — Transfers out of Level 3 (a) — (38,411 ) (c) Balance — June 30, 2017 $ 35 12,425 Changes in unrealized gains included in earnings related to assets still held at June 30, 2017 $ — 12,372 (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) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at June 30, 2018 and December 31, 2017: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In thousands) June 30, 2018 Recurring fair value measurements Privately issued mortgage-backed securities $ 24 Two independent pricing quotes — — Net other assets (liabilities) (a) 10,751 Discounted cash flow Commitment expirations 0%-90% (20%) December 31, 2017 Recurring fair value measurements Privately issued mortgage-backed securities $ 28 Two independent pricing quotes — — Net other assets (liabilities) (a) 8,303 Discounted cash flow Commitment expirations 0%-78% (22%) (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, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,369,094 1,369,094 1,258,614 110,480 — Interest-bearing deposits at banks 6,669,985 6,669,985 — 6,669,985 — Trading account assets 148,303 148,303 46,502 101,801 — Investment securities 13,283,002 13,204,236 65,748 13,027,717 110,771 Loans and leases: Commercial loans and leases 21,894,857 21,465,594 — — 21,465,594 Commercial real estate loans 34,137,937 33,579,305 — 868,392 32,710,913 Residential real estate loans 18,310,712 18,110,823 — 4,128,794 13,982,029 Consumer loans 13,453,944 13,257,759 — — 13,257,759 Allowance for credit losses (1,019,248 ) — — — — Loans and leases, net 86,778,202 86,413,481 — 4,997,186 81,416,295 Accrued interest receivable 333,549 333,549 — 333,549 — Financial liabilities: Noninterest-bearing deposits $ (32,086,191 ) (32,086,191 ) — (32,086,191 ) — Savings and interest-checking deposits (51,107,290 ) (51,107,290 ) — (51,107,290 ) — Time deposits (5,817,680 ) (5,865,067 ) — (5,865,067 ) — Deposits at Cayman Islands office (261,427 ) (261,427 ) — (261,427 ) — Short-term borrowings (3,239,416 ) (3,239,416 ) — (3,239,416 ) — Long-term borrowings (8,382,316 ) (8,392,684 ) — (8,392,684 ) — Accrued interest payable (87,779 ) (87,779 ) — (87,779 ) — Trading account liabilities (281,538 ) (281,538 ) — (281,538 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 10,751 10,751 — — 10,751 Commitments to sell real estate loans 882 882 — 882 — Other credit-related commitments (127,898 ) (127,898 ) — — (127,898 ) Interest rate swap agreements used for interest rate risk management (129 ) (129 ) — (129 ) — December 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,420,888 1,420,888 1,352,035 68,853 — Interest-bearing deposits at banks 5,078,903 5,078,903 — 5,078,903 — Trading account assets 132,909 132,909 47,873 85,036 — Investment securities 14,664,525 14,653,074 73,232 14,469,127 110,715 Loans and leases: Commercial loans and leases 21,742,651 21,321,282 — — 21,321,282 Commercial real estate loans 33,366,373 32,950,724 — 22,130 32,928,594 Residential real estate loans 19,613,344 19,596,826 — 4,440,645 15,156,181 Consumer loans 13,266,615 13,161,517 — — 13,161,517 Allowance for credit losses (1,017,198 ) — — — — Loans and leases, net 86,971,785 87,030,349 — 4,462,775 82,567,574 Accrued interest receivable 327,170 327,170 — 327,170 — Financial liabilities: Noninterest-bearing deposits $ (33,975,180 ) (33,975,180 ) — (33,975,180 ) — Savings and interest-checking deposits (51,698,008 ) (51,698,008 ) — (51,698,008 ) — Time deposits (6,580,962 ) (6,635,048 ) — (6,635,048 ) — Deposits at Cayman Islands office (177,996 ) (177,996 ) — (177,996 ) — Short-term borrowings (175,099 ) (175,099 ) — (175,099 ) — Long-term borrowings (8,141,430 ) (8,193,783 ) — (8,193,783 ) — Accrued interest payable (75,641 ) (75,641 ) — (75,641 ) — Trading account liabilities (137,390 ) (137,390 ) — (137,390 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 8,303 8,303 — — 8,303 Commitments to sell real estate loans 1,958 1,958 — 1,958 — Other credit-related commitments (125,281 ) (125,281 ) — — (125,281 ) Interest rate swap agreements used for interest rate risk management 639 639 — 639 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,474,798 5,482,622 Commercial real estate loans to be sold 323,750 194,763 Other commercial real estate 5,855,075 6,050,569 Residential real estate loans to be sold 361,034 347,113 Other residential real estate 240,020 201,426 Commercial and other 13,247,615 12,733,815 Standby letters of credit 2,410,569 2,497,844 Commercial letters of credit 55,655 46,739 Financial guarantees and indemnification contracts 3,458,625 3,434,381 Commitments to sell real estate loans 1,725,093 812,217 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 2018 2017 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 136,029 912 43,007 $ 124,982 1,006 28,750 Commercial Banking 269,499 928 126,391 277,116 843 105,627 Commercial Real Estate 205,541 385 112,691 197,298 357 87,271 Discretionary Portfolio 58,976 (10,554 ) 29,113 72,044 (12,397 ) 29,740 Residential 82,167 16,047 15,402 88,700 18,144 13,742 Retail Banking 420,540 2,707 143,089 383,904 3,045 100,094 All Other 293,449 (10,425 ) 23,467 254,972 (10,998 ) 15,829 Total $ 1,466,201 — 493,160 $ 1,399,016 — 381,053 Six Months Ended June 30 2018 2017 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 263,913 1,830 80,725 $ 245,315 1,917 53,738 Commercial Banking 535,895 1,778 251,856 551,024 1,763 218,414 Commercial Real Estate 408,148 725 220,994 392,423 764 171,818 Discretionary Portfolio 109,014 (21,386 ) 48,852 150,990 (25,324 ) 63,685 Residential Mortgage Banking 164,625 31,468 30,348 174,102 36,355 23,660 Retail Banking 814,016 5,572 266,469 752,422 6,092 186,285 All Other 604,803 (19,987 ) (53,474 ) 493,845 (21,567 ) 12,380 Total $ 2,900,414 — 845,770 $ 2,760,121 — 729,980 13. Segment information, continued Average Total Assets Six Months Ended June 30 Year Ended December 31 2018 2017 2017 (In millions) Business Banking $ 5,656 5,595 5,602 Commercial Banking 26,542 26,802 26,573 Commercial Real Estate 22,848 22,875 22,741 Discretionary Portfolio 33,277 38,341 37,203 Residential Mortgage Banking 2,186 2,341 2,355 Retail Banking 13,403 12,337 12,702 All Other 13,109 13,574 13,684 Total $ 117,021 121,865 120,860 (a) Total revenues are comprised of net interest income and other income. Net interest income is the difference between taxable-equivalent interest earned on assets and interest paid on liabilities owed by a segment and a funding charge (credit) based on the Company's internal funds transfer and allocation methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated $5,397,000 and $8,736,000 for the three-month periods ended June 30, 2018 and 2017, respectively, and $10,206,000 and $16,735,000 for the six-month periods ended June 30, 2018 and 2017, 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. |
Revenue from Contracts with C36
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
ASU 2014-09 [Member] | |
Summary of Sources of M&T's Noninterest Income that are Subject to the Amended Guidance | The following tables summarize sources of M&T’s noninterest income during 2018 that are subject to the amended guidance. Three Months Ended June 30, 2018 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,611 24,270 2,451 — 3 63,015 1,434 $ 106,784 Trust income — — — — — — 137,641 137,641 Brokerage services income — — — — — — 12,629 12,629 Other revenues from operations: Merchant discount and credit card fees 8,334 12,542 428 — — 4,140 618 26,062 Other — 3,646 2,215 413 927 9,613 7,598 24,412 $ 23,945 40,458 5,094 413 930 76,768 159,920 $ 307,528 15. Revenue from contracts with customers, continued Six Months Ended June 30, 2018 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 31,015 48,924 5,215 — 6 123,616 3,123 $ 211,899 Trust income — — — — — — 269,016 269,016 Brokerage services income — — — — — — 26,021 26,021 Other revenues from operations: Merchant discount and credit card fees 15,837 25,254 982 — — 7,528 1,233 50,834 Other — 5,209 3,074 865 1,970 19,478 16,706 47,302 $ 46,852 79,387 9,271 865 1,976 150,622 316,099 $ 605,072 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | |
Investment Holdings [Line Items] | ||||
Gain (loss) on bank investment securities | $ 2,326,000 | $ (17,000) | $ (7,105,000) | $ (17,000) |
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 |
Number of debt securities with aggregate gross unrealized losses | Security | 1,487 | 1,487 | ||
Unrealized losses on individual debt securities | $ 366,000,000 | $ 366,000,000 | ||
Cost method equity securities | 437,000,000 | 437,000,000 | ||
Retained Earnings [Member] | Adjustments for New Accounting Pronouncement [Member] | ||||
Investment Holdings [Line Items] | ||||
Reclassification from accumulated comprehensive income to retained earnings, net of tax | $ 17,000,000 | $ 17,000,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 9,912,160 | $ 10,938,796 |
Investment securities available for sale, gross unrealized gains | 17,762 | 85,154 |
Investment securities available for sale, gross unrealized losses | 271,076 | 127,666 |
Investment securities available for sale, estimated fair value | 9,658,846 | 10,896,284 |
Amortized cost for held to maturity | 3,101,095 | 3,353,213 |
Gross unrealized gains for held to maturity | 16,047 | 29,919 |
Gross unrealized losses for held to maturity | 94,813 | 41,370 |
Estimated fair value for held to maturity | 3,022,329 | 3,341,762 |
Equity and other securities, Amortized Cost | 507,389 | 415,028 |
Equity securities, Gross Unrealized Gains | 16,527 | |
Equity securities, Gross Unrealized Losses | 855 | |
Equity and other securities, Estimated Fair Value | 523,061 | 415,028 |
Other securities, Amortized cost | 436,579 | 415,028 |
Other securities, Estimated fair value | 436,579 | 415,028 |
Total debt securities Amortized cost | 13,013,255 | |
Total debt securities Gross unrealized gains | 33,809 | |
Total debt securities Gross unrealized losses | 365,889 | |
Total debt securities Estimated fair value | 12,681,175 | |
Readily marketable securities Amortized cost | 70,810 | |
Readily marketable securities Gross unrealized gains | 16,527 | |
Readily marketable securities Gross unrealized losses | 855 | |
Readily marketable securities Estimated fair value | 86,482 | |
Total Amortized cost | 14,707,037 | |
Total for Gross unrealized gains | 115,073 | |
Total for Gross unrealized losses | 169,036 | |
Total for Estimated fair value | 14,653,074 | |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 1,726,242 | 1,965,665 |
Investment securities available for sale, gross unrealized gains | 4 | |
Investment securities available for sale, gross unrealized losses | 18,425 | 18,178 |
Investment securities available for sale, estimated fair value | 1,707,821 | 1,947,487 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 1,914 | 2,555 |
Investment securities available for sale, gross unrealized gains | 12 | 36 |
Investment securities available for sale, gross unrealized losses | 1 | 2 |
Investment securities available for sale, estimated fair value | 1,925 | 2,589 |
Amortized cost for held to maturity | 13,547 | 24,562 |
Gross unrealized gains for held to maturity | 57 | 109 |
Gross unrealized losses for held to maturity | 20 | 49 |
Estimated fair value for held to maturity | 13,584 | 24,622 |
Government Issued or Guaranteed [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 8,046,603 | 8,755,482 |
Investment securities available for sale, gross unrealized gains | 15,521 | 59,497 |
Investment securities available for sale, gross unrealized losses | 244,825 | 98,587 |
Investment securities available for sale, estimated fair value | 7,817,299 | 8,716,392 |
Amortized cost for held to maturity | 2,960,045 | 3,187,953 |
Gross unrealized gains for held to maturity | 4,539 | 27,236 |
Gross unrealized losses for held to maturity | 71,183 | 13,746 |
Estimated fair value for held to maturity | 2,893,401 | 3,201,443 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 26 | 28 |
Investment securities available for sale, gross unrealized losses | 2 | |
Investment securities available for sale, estimated fair value | 24 | 28 |
Amortized cost for held to maturity | 122,906 | 135,688 |
Gross unrealized gains for held to maturity | 11,451 | 2,574 |
Gross unrealized losses for held to maturity | 23,610 | 27,575 |
Estimated fair value for held to maturity | 110,747 | 110,687 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 137,375 | 136,905 |
Investment securities available for sale, gross unrealized gains | 2,225 | 2,402 |
Investment securities available for sale, gross unrealized losses | 7,823 | 10,475 |
Investment securities available for sale, estimated fair value | 131,777 | 128,832 |
Amortized cost for held to maturity | 4,597 | 5,010 |
Estimated fair value for held to maturity | $ 4,597 | 5,010 |
Equity Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 78,161 | |
Investment securities available for sale, gross unrealized gains | 23,219 | |
Investment securities available for sale, gross unrealized losses | 424 | |
Investment securities available for sale, estimated fair value | $ 100,956 |
Investment Securities - Amort39
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt securities available for sale: | ||
Due in one year or less | $ 1,297,040 | |
Due after one year through five years | 436,548 | |
Due after five years through ten years | 96,521 | |
Due after ten years | 35,422 | |
Total available for sale (amortized cost) | 1,865,531 | |
Mortgage-backed securities available for sale | 8,046,629 | |
Total | 9,912,160 | |
Debt securities held to maturity: | ||
Due in one year or less | 7,630 | |
Due after one year through five years | 5,917 | |
Due after ten years | 4,597 | |
Total available for held to maturity (amortized cost) | 18,144 | |
Mortgage-backed securities held to maturity | 3,082,951 | |
Amortized cost for held to maturity | 3,101,095 | $ 3,353,213 |
Debt securities available for sale: | ||
Due in one year or less | 1,286,504 | |
Due after one year through five years | 428,617 | |
Due after five years through ten years | 95,992 | |
Due after ten years | 30,410 | |
Total available for sale (fair value) | 1,841,523 | |
Mortgage-backed securities available for sale | 7,817,323 | |
Total | 9,658,846 | |
Debt securities held to maturity: | ||
Due in one year or less | 7,633 | |
Due after one year through five years | 5,951 | |
Due after ten years | 4,597 | |
Total available for held to maturity (fair value) | 18,181 | |
Mortgage-backed securities held to maturity | 3,004,148 | |
Total | $ 3,022,329 | $ 3,341,762 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 4,041,583 | $ 2,387,341 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (92,801) | (15,482) |
Estimated fair value, 12 months or more | 4,512,045 | 4,887,991 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (178,275) | (112,184) |
Held to maturity, Estimated fair value, Less than 12 months | 2,252,672 | 1,339,774 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (58,405) | (8,256) |
Held to maturity, Estimated fair value, 12 months or more | 308,138 | 327,060 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (36,408) | (33,114) |
Total investment securities, fair value less than 12 months | 6,294,255 | 3,727,115 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (151,206) | (23,738) |
Total of investment securities, fair value, 12 Months or More | 4,820,183 | 5,215,051 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (214,683) | (145,298) |
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 | 164,931 | 278,132 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1,622) | (1,761) |
Estimated fair value, 12 months or more | 1,539,796 | 1,669,355 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (16,803) | (16,417) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, 12 months or more | 375 | 474 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (1) | (2) |
Held to maturity, Estimated fair value, Less than 12 months | 2,954 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (4) | |
Held to maturity, Estimated fair value, 12 months or more | 4,218 | 6,110 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (20) | (45) |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 3,872,321 | 2,106,142 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (91,083) | (13,695) |
Estimated fair value, 12 months or more | 2,907,972 | 3,138,841 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (153,742) | (84,892) |
Held to maturity, Estimated fair value, Less than 12 months | 2,252,672 | 1,331,759 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (58,405) | (7,036) |
Held to maturity, Estimated fair value, 12 months or more | 250,341 | 265,695 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (12,778) | (6,710) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 8 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2) | |
Held to maturity, Estimated fair value, Less than 12 months | 5,061 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (1,216) | |
Held to maturity, Estimated fair value, 12 months or more | 53,579 | 55,255 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (23,610) | (26,359) |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 4,323 | 3,067 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (94) | (26) |
Estimated fair value, 12 months or more | 63,902 | 61,159 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | $ (7,729) | (10,449) |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, 12 months or more | 18,162 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | $ (424) |
Loans and Leases and the Allo41
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 85,328,234 | $ 85,325,604 |
30-89 Days Past Due | 1,026,336 | 1,078,943 |
Accruing Loans Past Due 90 Days or More | 223,026 | 244,405 |
Purchased Impaired | 352,465 | 410,015 |
Nonaccrual | 819,984 | 882,598 |
Loans and leases, net of unearned discount | 87,797,450 | 87,988,983 |
Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 47,405 | 47,418 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 21,615,676 | 21,332,234 |
30-89 Days Past Due | 29,906 | 167,756 |
Accruing Loans Past Due 90 Days or More | 4,210 | 1,322 |
Purchased Impaired | 3 | 21 |
Nonaccrual | 245,031 | 240,991 |
Loans and leases, net of unearned discount | 21,894,857 | 21,742,651 |
Commercial, Financial, Leasing, etc. [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 31 | 327 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,352,075 | 24,910,381 |
30-89 Days Past Due | 212,480 | 166,305 |
Accruing Loans Past Due 90 Days or More | 10,621 | 4,444 |
Purchased Impaired | 10,579 | 16,815 |
Nonaccrual | 153,552 | 184,982 |
Loans and leases, net of unearned discount | 25,743,637 | 25,288,943 |
Commercial [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 4,330 | 6,016 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,628,793 | 1,618,973 |
30-89 Days Past Due | 8,668 | 5,159 |
Purchased Impaired | 547 | 1,135 |
Nonaccrual | 5,212 | 6,451 |
Loans and leases, net of unearned discount | 1,643,220 | 1,631,718 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 6,597,814 | 6,407,451 |
30-89 Days Past Due | 140,490 | 23,467 |
Accruing Loans Past Due 90 Days or More | 4,000 | |
Purchased Impaired | 1,053 | 4,706 |
Nonaccrual | 7,723 | 10,088 |
Loans and leases, net of unearned discount | 6,751,080 | 6,445,712 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 14,456,180 | 15,376,759 |
30-89 Days Past Due | 425,894 | 474,372 |
Accruing Loans Past Due 90 Days or More | 200,159 | 233,437 |
Purchased Impaired | 244,865 | 282,102 |
Nonaccrual | 215,850 | 235,834 |
Loans and leases, net of unearned discount | 15,550,967 | 16,610,086 |
Residential [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 8,019 | 7,582 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,488,340 | 2,718,019 |
30-89 Days Past Due | 79,179 | 83,898 |
Purchased Impaired | 95,418 | 105,236 |
Nonaccrual | 96,808 | 96,105 |
Loans and leases, net of unearned discount | 2,759,745 | 3,003,258 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,931,331 | 5,171,345 |
30-89 Days Past Due | 29,589 | 38,546 |
Accruing Loans Past Due 90 Days or More | 49 | |
Nonaccrual | 66,690 | 74,500 |
Loans and leases, net of unearned discount | 5,034,515 | 5,293,782 |
Home Equity Lines and Loans [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 6,856 | 9,391 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,450,113 | 3,441,371 |
30-89 Days Past Due | 69,398 | 78,511 |
Nonaccrual | 19,564 | 23,781 |
Loans and leases, net of unearned discount | 3,539,075 | 3,543,663 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,807,912 | 4,349,071 |
30-89 Days Past Due | 30,732 | 40,929 |
Accruing Loans Past Due 90 Days or More | 3,987 | 5,202 |
Nonaccrual | 9,554 | 9,866 |
Loans and leases, net of unearned discount | 4,880,354 | 4,429,170 |
Other [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | $ 28,169 | $ 24,102 |
Loans and Leases and the Allo42
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Loans And Leases Receivable [Line Items] | ||
Commercial real estate loans held for sale | $ 868 | $ 22 |
Contractual principal and interest payments | $ 352 | 410 |
Minimum delinquency period for loan level collectability analysis consumer mortgage | 150 days | |
Amount of foreclosed residential real estate property held | $ 97 | 108 |
Loans secured by residential real estate that were in the process of foreclosure | $ 433 | 497 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as purchased impaired | 41.00% | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 21.00% | |
Residential Mortgage Loans [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | $ 283 | 356 |
Carrying value of loans for which partial charge-off has been recognized | 32 | 34 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | 15 | 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 | 25 | 25 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | $ 30 | $ 32 |
Maximum [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Purchased impaired loans as a percentage of total assets | 1.00% | 1.00% |
Minimum [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loan delinquent period | 90 days |
Loans and Leases and the Allo43
Loans and Leases and the Allowance for Credit Losses - Outstanding Principal Balance and Carrying Amount of Loans and Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Outstanding principal balance | $ 1,213,758 | $ 1,394,188 |
Carrying amount | 863,782 | 1,003,399 |
Commercial, Financial, Leasing, etc. [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 27,726 | 31,105 |
Commercial Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 183,126 | 228,054 |
Residential Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 545,438 | 620,827 |
Consumer [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | $ 107,492 | $ 123,413 |
Loans and Leases and the Allo44
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Purchased Impaired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | $ 149,007 | $ 143,454 | $ 157,918 | $ 154,233 |
Interest income | (7,969) | (10,806) | (17,788) | (21,731) |
Reclassifications from nonaccretable balance | 8,350 | 884 | 9,258 | 1,030 |
Balance at end of period | 149,388 | 133,532 | 149,388 | 133,532 |
Other Acquired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | 118,184 | 181,310 | 133,162 | 201,153 |
Interest income | (15,394) | (20,923) | (30,506) | (46,441) |
Reclassifications from nonaccretable balance | 10,998 | 1,852 | 11,205 | 5,035 |
Other | 3,927 | 860 | 3,854 | 3,352 |
Balance at end of period | $ 117,715 | $ 163,099 | $ 117,715 | $ 163,099 |
Loans and Leases and the Allo45
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 1,019,671 | $ 1,001,430 | $ 1,017,198 | $ 988,997 |
Provision for credit losses | 35,000 | 52,000 | 78,000 | 107,000 |
Net charge-offs | ||||
Charge-offs | (57,447) | (61,682) | (114,199) | (124,246) |
Recoveries | 22,024 | 16,477 | 38,249 | 36,474 |
Net charge-offs | (35,423) | (45,205) | (75,950) | (87,772) |
Ending balance | 1,019,248 | 1,008,225 | 1,019,248 | 1,008,225 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 326,071 | 347,760 | 328,599 | 330,833 |
Provision for credit losses | 11,250 | 13,368 | 18,480 | 42,191 |
Net charge-offs | ||||
Charge-offs | (14,900) | (25,247) | (29,481) | (41,604) |
Recoveries | 6,409 | 3,433 | 11,232 | 7,894 |
Net charge-offs | (8,491) | (21,814) | (18,249) | (33,710) |
Ending balance | 328,830 | 339,314 | 328,830 | 339,314 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 367,717 | 360,010 | 374,085 | 362,719 |
Provision for credit losses | (10,845) | 7,638 | (16,070) | 8,900 |
Net charge-offs | ||||
Charge-offs | (4,548) | (1,853) | (5,914) | (7,298) |
Recoveries | 1,437 | 434 | 1,660 | 1,908 |
Net charge-offs | (3,111) | (1,419) | (4,254) | (5,390) |
Ending balance | 353,761 | 366,229 | 353,761 | 366,229 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 73,047 | 62,012 | 65,405 | 61,127 |
Provision for credit losses | 5,242 | 7,163 | 15,728 | 12,800 |
Net charge-offs | ||||
Charge-offs | (3,966) | (5,899) | (8,320) | (12,158) |
Recoveries | 1,800 | 2,730 | 3,310 | 4,237 |
Net charge-offs | (2,166) | (3,169) | (5,010) | (7,921) |
Ending balance | 76,123 | 66,006 | 76,123 | 66,006 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 173,841 | 153,172 | 170,809 | 156,288 |
Provision for credit losses | 30,801 | 24,190 | 60,615 | 43,022 |
Net charge-offs | ||||
Charge-offs | (34,033) | (28,683) | (70,484) | (63,186) |
Recoveries | 12,378 | 9,880 | 22,047 | 22,435 |
Net charge-offs | (21,655) | (18,803) | (48,437) | (40,751) |
Ending balance | 182,987 | 158,559 | 182,987 | 158,559 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 78,995 | 78,476 | 78,300 | 78,030 |
Provision for credit losses | (1,448) | (359) | (753) | 87 |
Net charge-offs | ||||
Ending balance | $ 77,547 | $ 78,117 | $ 77,547 | $ 78,117 |
Loans and Leases and the Allo46
Loans and Leases and the Allowance for Credit Losses - Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | $ 507,795 | $ 499,152 |
Unpaid principal balance with related allowance | 607,159 | 585,903 |
Related allowance | 67,495 | 75,762 |
Recorded investment with no related allowance | 231,498 | 261,157 |
Unpaid principal balance with no related allowance | 282,712 | 314,587 |
Recorded investment | 739,293 | 760,309 |
Unpaid principal balance | 889,871 | 900,490 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 85,588 | 67,199 |
Unpaid principal balance with related allowance | 96,221 | 75,084 |
Related allowance | 9,316 | 9,140 |
Recorded investment with no related allowance | 89,024 | 138,356 |
Unpaid principal balance with no related allowance | 99,658 | 149,716 |
Recorded investment | 174,612 | 205,555 |
Unpaid principal balance | 195,879 | 224,800 |
Automobile [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 12,467 | 13,498 |
Unpaid principal balance with related allowance | 15,396 | 15,737 |
Related allowance | 2,595 | 2,811 |
Recorded investment | 12,467 | 13,498 |
Unpaid principal balance | 15,396 | 15,737 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 157,228 | 177,250 |
Unpaid principal balance with related allowance | 180,016 | 194,257 |
Related allowance | 37,589 | 45,488 |
Recorded investment with no related allowance | 112,604 | 89,126 |
Unpaid principal balance with no related allowance | 139,843 | 115,327 |
Recorded investment | 269,832 | 266,376 |
Unpaid principal balance | 319,859 | 309,584 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 6,085 | 5,320 |
Unpaid principal balance with related allowance | 6,465 | 5,641 |
Related allowance | 211 | 308 |
Recorded investment with no related allowance | 4,353 | 5,057 |
Unpaid principal balance with no related allowance | 4,471 | 5,296 |
Recorded investment | 10,438 | 10,377 |
Unpaid principal balance | 10,936 | 10,937 |
Other Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 1,829 | 4,817 |
Unpaid principal balance with related allowance | 17,670 | 20,357 |
Related allowance | 345 | 647 |
Recorded investment with no related allowance | 6,021 | 5,456 |
Unpaid principal balance with no related allowance | 9,726 | 9,130 |
Recorded investment | 7,850 | 10,273 |
Unpaid principal balance | 27,396 | 29,487 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 117,111 | 101,724 |
Unpaid principal balance with related allowance | 139,966 | 122,602 |
Related allowance | 4,068 | 4,000 |
Recorded investment with no related allowance | 12,665 | 13,574 |
Unpaid principal balance with no related allowance | 17,161 | 18,980 |
Recorded investment | 129,776 | 115,298 |
Unpaid principal balance | 157,127 | 141,582 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 76,040 | 77,277 |
Unpaid principal balance with related allowance | 91,851 | 92,439 |
Related allowance | 4,000 | 3,900 |
Recorded investment with no related allowance | 6,831 | 9,588 |
Unpaid principal balance with no related allowance | 11,853 | 16,138 |
Recorded investment | 82,871 | 86,865 |
Unpaid principal balance | 103,704 | 108,577 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 48,436 | 48,847 |
Unpaid principal balance with related allowance | 53,538 | 53,914 |
Related allowance | 8,757 | 8,812 |
Recorded investment | 48,436 | 48,847 |
Unpaid principal balance | 53,538 | 53,914 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 3,011 | 3,220 |
Unpaid principal balance with related allowance | 6,036 | 5,872 |
Related allowance | 614 | 656 |
Recorded investment | 3,011 | 3,220 |
Unpaid principal balance | $ 6,036 | $ 5,872 |
Loans and Leases and the Allo47
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | $ 729,881 | $ 729,652 | $ 737,845 | $ 743,728 |
Interest income recognized, Total | 9,700 | 5,844 | 19,671 | 12,455 |
Interest income recognized, Cash basis | 6,540 | 3,231 | 13,860 | 7,240 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 168,224 | 200,005 | 175,035 | 191,935 |
Interest income recognized, Total | 3,811 | 813 | 6,958 | 1,788 |
Interest income recognized, Cash basis | 3,811 | 813 | 6,958 | 1,788 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 271,413 | 230,767 | 271,793 | 251,352 |
Interest income recognized, Total | 1,333 | 805 | 2,116 | 1,283 |
Interest income recognized, Cash basis | 1,333 | 805 | 2,116 | 1,283 |
Residential Builder and Developer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 8,494 | 15,577 | 9,167 | 17,552 |
Interest income recognized, Total | 467 | 1,682 | 896 | |
Interest income recognized, Cash basis | 467 | 1,682 | 896 | |
Other Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 7,443 | 14,213 | 8,773 | 14,922 |
Interest income recognized, Total | 53 | 86 | 59 | 933 |
Interest income recognized, Cash basis | 53 | 86 | 59 | 933 |
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 126,185 | 108,036 | 123,697 | 106,166 |
Interest income recognized, Total | 2,329 | 1,465 | 4,231 | 3,101 |
Interest income recognized, Cash basis | 937 | 606 | 1,839 | 1,380 |
Residential Limited Documentation [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 83,776 | 95,208 | 84,686 | 96,033 |
Interest income recognized, Total | 1,428 | 1,449 | 3,156 | 2,949 |
Interest income recognized, Cash basis | 317 | 339 | 1,013 | 723 |
Home Equity Lines and Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 48,644 | 46,872 | 48,721 | 46,327 |
Interest income recognized, Total | 433 | 422 | 847 | 821 |
Interest income recognized, Cash basis | 72 | 91 | 158 | 191 |
Automobile [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 12,636 | 15,506 | 12,881 | 15,931 |
Interest income recognized, Total | 225 | 262 | 449 | 537 |
Interest income recognized, Cash basis | 14 | 21 | 29 | 40 |
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 3,066 | 3,468 | 3,092 | 3,510 |
Interest income recognized, Total | 88 | 75 | 173 | 147 |
Interest income recognized, Cash basis | $ 3 | $ 3 | $ 6 | $ 6 |
Loans and Leases and the Allo48
Loans and Leases and the Allowance for Credit Losses - Summary of Loan Grades (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 87,797,450 | $ 87,988,983 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,894,857 | 21,742,651 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,769,679 | 20,490,486 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 880,147 | 1,011,174 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 245,031 | 240,991 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,743,637 | 25,288,943 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,954,015 | 24,380,184 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 636,070 | 723,777 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 153,552 | 184,982 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,643,220 | 1,631,718 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,503,766 | 1,485,148 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 134,242 | 140,119 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,212 | 6,451 |
Other Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,751,080 | 6,445,712 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,594,613 | 6,270,812 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 148,744 | 164,812 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 7,723 | $ 10,088 |
Loans and Leases and the Allo49
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, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 67,495 | $ 75,762 | ||||
Allowance for credit losses | 861,150 | 853,276 | ||||
Allowance for credit losses | 1,019,248 | $ 1,019,671 | 1,017,198 | $ 1,008,225 | $ 1,001,430 | $ 988,997 |
Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 13,056 | 9,860 | ||||
Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 941,701 | 938,898 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 77,547 | $ 78,995 | 78,300 | $ 78,117 | $ 78,476 | $ 78,030 |
Commercial, Financial, Leasing, etc. [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 37,589 | 45,488 | ||||
Allowance for credit losses | 291,241 | 283,111 | ||||
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 328,830 | 328,599 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 9,872 | 10,095 | ||||
Allowance for credit losses | 343,889 | 363,990 | ||||
Commercial Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 353,761 | 374,085 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 8,068 | 7,900 | ||||
Allowance for credit losses | 54,999 | 47,645 | ||||
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 | 13,056 | 9,860 | ||||
Residential Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 76,123 | 65,405 | ||||
Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 11,966 | 12,279 | ||||
Allowance for credit losses | 171,021 | 158,530 | ||||
Consumer Loans [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 182,987 | $ 170,809 |
Loans and Leases and the Allo50
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, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 87,797,450 | $ 87,988,983 |
Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 739,293 | 760,309 |
Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 86,705,692 | 86,818,659 |
Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 352,465 | 410,015 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,894,857 | 21,742,651 |
Commercial, Financial, Leasing, etc. [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 269,832 | 266,376 |
Commercial, Financial, Leasing, etc. [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,625,022 | 21,476,254 |
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3 | 21 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 34,137,937 | 33,366,373 |
Commercial Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 192,900 | 226,205 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,932,858 | 33,117,512 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,179 | 22,656 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,310,712 | 19,613,344 |
Residential Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 212,647 | 202,163 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,757,782 | 19,023,843 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 340,283 | 387,338 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,453,944 | 13,266,615 |
Consumer Loans [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 63,914 | 65,565 |
Consumer Loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 13,390,030 | $ 13,201,050 |
Loans and Leases and the Allo51
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, 2018USD ($)Modification | Jun. 30, 2017USD ($)Modification | Jun. 30, 2018USD ($)Modification | Jun. 30, 2017USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 137 | 191 | 287 | 359 |
Pre-modification Recorded Investment | $ 58,013 | $ 105,222 | $ 128,015 | $ 149,914 |
Post- modification | $ 58,909 | $ 89,163 | $ 131,531 | $ 129,055 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 28 | 30 | 48 | 50 |
Pre-modification Recorded Investment | $ 7,200 | $ 26,045 | $ 13,980 | $ 32,747 |
Post- modification | 7,945 | 26,058 | 14,696 | 32,655 |
Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 20,384 | 24,087 | 70,040 | 37,734 |
Principal Deferral [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 7,376 | 11,782 | 13,200 | 14,773 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 204 | 828 | ||
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 175 | 175 | ||
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 6,505 | 5,556 | 6,505 | 6,853 |
Other [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 394 | 394 | ||
Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 31,816 | 59,520 | 54,158 | 84,468 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 14,276 | $ 927 | $ 17,882 | |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 47 | 63 | 103 | 113 |
Pre-modification Recorded Investment | $ 41,390 | $ 65,613 | $ 89,384 | $ 77,534 |
Post- modification | 40,834 | 48,960 | 90,178 | 56,883 |
Commercial, Financial, Leasing, etc. [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 9,673 | 8,172 | 45,346 | 12,561 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 29 | 653 | ||
Commercial, Financial, Leasing, etc. [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 6,111 | 5,556 | 6,111 | 6,362 |
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 25,021 | $ 35,232 | $ 38,068 | $ 37,960 |
Residential Builder and Developer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | |||
Pre-modification Recorded Investment | $ 12,291 | |||
Post- modification | 10,879 | |||
Residential Builder and Developer [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 10,879 | |||
Other Commercial Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 1 | 2 | |
Pre-modification Recorded Investment | $ 66 | $ 752 | $ 168 | |
Post- modification | 66 | 746 | 168 | |
Other Commercial Construction [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 66 | $ 746 | $ 168 | |
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 30 | 30 | 77 | 71 |
Pre-modification Recorded Investment | $ 7,951 | $ 7,956 | $ 20,587 | $ 17,336 |
Post- modification | 8,580 | 8,468 | 22,427 | 18,416 |
Residential [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 2,814 | 2,982 | 9,759 | 8,575 |
Residential [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 5,766 | $ 5,486 | $ 12,668 | $ 9,841 |
Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | 7 | 5 | 13 |
Pre-modification Recorded Investment | $ 584 | $ 1,831 | $ 879 | $ 3,209 |
Post- modification | 658 | 1,895 | 1,043 | 3,420 |
Residential Limited Documentation [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 200 | 235 | 467 | 235 |
Residential Limited Documentation [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 458 | $ 1,660 | $ 576 | $ 3,185 |
Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 10 | 35 | 24 | 60 |
Pre-modification Recorded Investment | $ 555 | $ 3,229 | $ 1,903 | $ 5,731 |
Post- modification | 559 | 3,234 | 1,911 | 5,736 |
Home Equity Lines and Loans [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 416 | 4 | 579 | |
Home Equity Lines and Loans [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 491 | |||
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 559 | $ 2,818 | $ 1,907 | $ 4,666 |
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | 2 | 5 | |
Pre-modification Recorded Investment | $ 54 | $ 49 | $ 80 | |
Post- modification | 54 | 49 | 80 | |
Other [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 54 | $ 49 | $ 80 | |
Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 19 | 22 | 27 | 42 |
Pre-modification Recorded Investment | $ 333 | $ 428 | $ 481 | $ 818 |
Post- modification | 333 | 428 | 481 | 818 |
Automobile [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 321 | 380 | 469 | 763 |
Automobile [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 12 | $ 48 | $ 12 | $ 55 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Jul. 31, 2018 | Jan. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | $ 521 | |||
Debt Maturity, Start Year | Jan. 1, 2027 | |||
Debt Maturity, End Year | Dec. 31, 2033 | |||
Agreements to repurchase securities | $ 416 | $ 422 | ||
Collateral posted | $ 433 | $ 442 | ||
Bank Note Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 1,000 | |||
Debt instrument maturity year | Jan. 31, 2021 | |||
Bank Note Program Fixed Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 650 | |||
Fixed interest rate | 2.625% | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 750 | |||
Debt instrument maturity year | Jul. 31, 2023 | |||
Subsequent Event [Member] | Fixed Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 500 | |||
Fixed interest rate | 3.55% | |||
London Interbank Offered Rate (LIBOR) [Member] | Bank Note Program Variable Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 350 | |||
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Variable Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 250 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Warrant [Member] | Assumed In Acquisition [Member] | ||
Class of Stock [Line Items] | ||
Exercise price of each class of warrants or rights outstanding | $ 517.89 | |
Warrant to purchase common stock | 95,580 | |
Warrants, date of expiration | Dec. 12, 2018 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
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 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 |
Series F Fixed-to-Floating 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 |
Shareholders' Equity - Issued55
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
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 | $ 73.71 | |
Warrants and rights outstanding | 202,782 | |
Warrants, date of expiration | Dec. 23, 2018 | |
Series C 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% | |
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% | 6.45% |
Date of change in the dividend rate | Feb. 14, 2024 | Feb. 14, 2024 |
London Interbank offered rate plus basis points | 3.61% | 3.61% |
Preferred shares redemption date | Feb. 15, 2024 | Feb. 15, 2024 |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days |
Series F Fixed-to-Floating 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 | 5.125% | 5.125% |
Date of change in the dividend rate | Oct. 31, 2026 | Oct. 31, 2026 |
London Interbank offered rate plus basis points | 3.52% | 3.52% |
Preferred shares redemption date | Nov. 1, 2026 | Nov. 1, 2026 |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days |
Pension Plans and Other Postr56
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5,069 | $ 5,189 | $ 10,172 | $ 10,097 |
Interest cost on projected benefit obligation | 18,548 | 19,943 | 37,353 | 39,634 |
Expected return on plan assets | (30,688) | (27,062) | (61,563) | (54,262) |
Amortization of prior service cost (credit) | 153 | 154 | 278 | 279 |
Amortization of net actuarial loss (gain) | 10,796 | 7,831 | 21,896 | 14,631 |
Net periodic benefit cost | 3,878 | 6,055 | 8,136 | 10,379 |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 243 | 202 | 469 | 585 |
Interest cost on projected benefit obligation | 589 | 778 | 1,146 | 1,858 |
Amortization of prior service cost (credit) | (1,189) | (329) | (2,364) | (679) |
Amortization of net actuarial loss (gain) | (213) | (469) | (413) | (494) |
Net periodic benefit cost | $ (570) | $ 182 | $ (1,162) | $ 1,270 |
Pension Plans and Other Postr57
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 17,194,000 | $ 17,623,000 | $ 38,468,000 | $ 37,042,000 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income available to common shareholders: | ||||
Net income | $ 493,160 | $ 381,053 | $ 845,770 | $ 729,980 |
Less: Preferred stock dividends | (18,130) | (18,237) | (36,260) | (36,474) |
Net income available to common equity | 475,030 | 362,816 | 809,510 | 693,506 |
Less: Income attributable to unvested stock-based compensation awards | (2,432) | (2,158) | (4,172) | (4,298) |
Net income available to common shareholders | $ 472,598 | $ 360,658 | $ 805,338 | $ 689,208 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 145,571 | 153,770 | 147,510 | 154,612 |
Less: Unvested stock-based compensation awards | (746) | (913) | (764) | (974) |
Weighted-average shares outstanding | 144,825 | 152,857 | 146,746 | 153,638 |
Basic earnings per common share | $ 3.26 | $ 2.36 | $ 5.49 | $ 4.49 |
Earnings Per Common Share - C59
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 475,030 | $ 362,816 | $ 809,510 | $ 693,506 |
Less: Income attributable to unvested stock-based compensation awards | (2,430) | (2,154) | (4,168) | (4,289) |
Net income available to common shareholders | $ 472,600 | $ 360,662 | $ 805,342 | $ 689,217 |
Adjusted weighted-average shares outstanding: | ||||
Common and unvested stock-based compensation awards | 145,571 | 153,770 | 147,510 | 154,612 |
Less: Unvested stock-based compensation awards | (746) | (913) | (764) | (974) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 173 | 419 | 195 | 470 |
Adjusted weighted-average shares outstanding | 144,998 | 153,276 | 146,941 | 154,108 |
Diluted earnings per common share | $ 3.26 | $ 2.35 | $ 5.48 | $ 4.47 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 212,244 | 412,826 | 224,844 | 402,367 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (493,290) | $ (485,245) | ||
Cumulative effect of change in accounting principles — equity securities, before tax | (22,795) | |||
Unrealized holding gains (losses), before tax | (187,989) | 23,926 | ||
Foreign currency translation adjustment, before tax | (1,448) | 2,502 | ||
Unrealized losses on cash flow hedges, before tax | (21,065) | (441) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (210,502) | 25,987 | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 1,590 | 1,721 | ||
(Gains) losses realized in net income, before tax | (18) | 17 | ||
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (56) | (78) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 3,469 | (1,094) | ||
Amortization of prior service credit, before tax | (2,086) | (400) | ||
Amortization of actuarial losses, before tax | 21,483 | 14,137 | ||
Total other comprehensive income (loss), before tax | (186,120) | 40,290 | ||
Ending balance, before tax | $ (702,205) | $ (444,955) | (702,205) | (444,955) |
Beginning balance, tax | 129,476 | 190,609 | ||
Cumulative effect of change in accounting principles — equity securities, tax | 5,942 | |||
Unrealized holding gains (losses), tax | 49,414 | (9,404) | ||
Foreign currency translation adjustment, tax | 304 | (876) | ||
Unrealized losses on cash flow hedges, tax | 5,538 | 174 | ||
Total other comprehensive income (loss) before reclassifications, tax | 55,256 | (10,106) | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (418) | (677) | ||
(Gains) losses realized in net income | 4 | (7) | ||
Accretion of net gain (losses) on terminated cash flow hedges, tax | 15 | 31 | ||
Net yield adjustment from cash flow hedges currently in effect, tax | (912) | 430 | ||
Amortization of prior service credit, tax | 549 | 157 | ||
Amortization of actuarial losses, tax | (5,648) | (5,563) | ||
Total other comprehensive income (loss), tax | 48,846 | (15,735) | ||
Ending balance, tax | 184,264 | 174,874 | 184,264 | 174,874 |
Beginning balance, net of tax | (363,814) | (294,636) | ||
Cumulative effect of change in accounting principles- equity securities | (16,853) | |||
Unrealized holding gains (losses), net of tax | (138,575) | 14,522 | ||
Foreign currency translation adjustment, net of tax | (2,434) | 1,150 | (1,144) | 1,626 |
Unrealized losses on cash flow hedges, net of tax | (15,527) | (267) | ||
Total other comprehensive income (loss) before reclassifications, net of tax | (155,246) | 15,881 | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 1,172 | 1,044 | ||
(Gains) losses realized in net income, net of tax | (14) | 10 | ||
Accretion of net gain on terminated cash flow hedges, net of tax | (41) | (47) | ||
Net yield adjustment from cash flow hedges currently in effect, net of tax | 2,557 | (664) | ||
Amortization of prior service credit, net of tax | (1,537) | (243) | ||
Amortization of actuarial losses, net of tax | 15,835 | 8,574 | ||
Total other comprehensive income (loss) | (34,698) | 21,486 | (137,274) | 24,555 |
Ending balance, net of tax | (517,941) | (270,081) | (517,941) | (270,081) |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (59,957) | |||
Cumulative effect of change in accounting principles — equity securities, before tax | (22,795) | |||
Unrealized holding gains (losses), before tax | (187,989) | |||
Total other comprehensive income (loss) before reclassifications, before tax | (187,989) | |||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 1,590 | |||
(Gains) losses realized in net income, before tax | (18) | |||
Total other comprehensive income (loss), before tax | (186,417) | |||
Ending balance, before tax | (269,169) | (269,169) | ||
Cumulative effect of change in accounting principles- equity securities | (16,853) | |||
Total other comprehensive income (loss) | (137,417) | |||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (413,168) | (449,917) | ||
Amortization of prior service credit, before tax | (2,086) | (400) | ||
Amortization of actuarial losses, before tax | 21,483 | 14,137 | ||
Total other comprehensive income (loss), before tax | 19,397 | 13,737 | ||
Ending balance, before tax | (393,771) | (436,180) | (393,771) | (436,180) |
Total other comprehensive income (loss) | 14,298 | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (20,165) | (8,268) | ||
Foreign currency translation adjustment, before tax | (1,448) | 2,502 | ||
Unrealized losses on cash flow hedges, before tax | (21,065) | (441) | ||
Total other comprehensive income (loss) before reclassifications, before tax | (22,513) | 2,061 | ||
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (56) | (78) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 3,469 | (1,094) | ||
Total other comprehensive income (loss), before tax | (19,100) | 889 | ||
Ending balance, before tax | $ (39,265) | (7,379) | $ (39,265) | (7,379) |
Investment Securities With OTTI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 46,725 | |||
Unrealized holding gains (losses), before tax | (13,802) | |||
Total other comprehensive income (loss) before reclassifications, before tax | (13,802) | |||
(Gains) losses realized in net income, before tax | (50) | |||
Total other comprehensive income (loss), before tax | (13,852) | |||
Ending balance, before tax | 32,873 | 32,873 | ||
Investment Securities All Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (73,785) | |||
Unrealized holding gains (losses), before tax | 37,728 | |||
Total other comprehensive income (loss) before reclassifications, before tax | 37,728 | |||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 1,721 | |||
(Gains) losses realized in net income, before tax | 67 | |||
Total other comprehensive income (loss), before tax | 39,516 | |||
Ending balance, before tax | $ (34,269) | $ (34,269) |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 16,250,819 | $ 16,486,622 | ||
Cumulative effect of change in accounting principle — equity securities | (16,853) | |||
Net gain (loss) during period | $ (34,698) | $ 21,486 | (137,274) | 24,555 |
Ending balance | 15,577,885 | 16,283,537 | 15,577,885 | 16,283,537 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (44,150) | |||
Cumulative effect of change in accounting principle — equity securities | (16,853) | |||
Net gain (loss) during period | (137,417) | |||
Ending balance | (198,420) | (198,420) | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (304,546) | |||
Net gain (loss) during period | 14,298 | |||
Ending balance | (290,248) | (290,248) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (15,118) | |||
Net gain (loss) during period | (14,155) | |||
Ending balance | (29,273) | (29,273) | ||
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (363,814) | (294,636) | ||
Cumulative effect of change in accounting principle — equity securities | (16,853) | |||
Net gain (loss) during period | (137,274) | |||
Ending balance | $ (517,941) | $ (270,081) | $ (517,941) | $ (270,081) |
Derivative Financial Instrume63
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 12,400,000,000 | $ 12,400,000,000 | $ 9,400,000,000 | ||
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 26,000,000 | 26,000,000 | 16,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 5,000,000 | 5,000,000 | 13,000,000 | ||
Net liability positions with counterparties | 5,000,000 | 5,000,000 | 13,000,000 | ||
Aggregate fair value of derivative financial instruments in asset position | 36,000,000 | 36,000,000 | 13,000,000 | ||
Net fair value of derivative financial instruments in a net asset position | 36,000,000 | 36,000,000 | 13,000,000 | ||
Collateral relating to net asset positions | 37,000,000 | 37,000,000 | 12,000,000 | ||
Counterparties [Member] | |||||
Derivative [Line Items] | |||||
Post collateral requirements relating to positions | 4,000,000 | 4,000,000 | 12,000,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Amount of initial margin posted | 54,000,000 | 54,000,000 | 52,000,000 | ||
Reduction in the fair value of derivative asset due to contractual settlements | (272,000,000) | ||||
Reduction in the fair value of derivative liability due to contractual settlements | (134,000,000) | ||||
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase decrease in net interest income due to interest rate swap agreements | (5,000,000) | $ 7,000,000 | (4,000,000) | $ 11,000,000 | |
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 40,300,000,000 | 40,300,000,000 | 29,900,000,000 | ||
Foreign Currency and Other Option and Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 647,000,000 | 647,000,000 | $ 530,000,000 | ||
Credit Risk Derivative [Member] | |||||
Derivative [Line Items] | |||||
Fair value of additional collateral to be posted for derivative financial instruments | $ 0 | $ 0 |
Derivative Financial Instrume64
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional Amount | $ 12,400,000,000 | $ 9,400,000,000 |
Average Maturity (in years) | 1 year 10 months 24 days | 2 years 6 months |
Estimated Fair Value Gain (Loss) | $ (129,000) | $ 639,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,700,000,000 | $ 4,850,000,000 |
Average Maturity (in years) | 1 year 4 months 24 days | 2 years |
Weighted-Average Rate, Fixed | 1.52% | 1.52% |
Weighted-Average Rate, Variable | 1.98% | 1.36% |
Estimated Fair Value Gain (Loss) | $ 56,000 | $ 66,000 |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 4,700,000,000 | $ 4,550,000,000 |
Average Maturity (in years) | 2 years 8 months 12 days | 2 years 10 months 25 days |
Weighted-Average Rate, Fixed | 2.41% | 2.27% |
Weighted-Average Rate, Variable | 2.72% | 2.09% |
Estimated Fair Value Gain (Loss) | $ (185,000) | $ 573,000 |
Derivative Financial Instrume65
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional Amount | $ 12,400,000,000 | $ 9,400,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 4,850,000,000 | 2,000,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 96,100,000 | 41,100,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | $ 33,900,000 | $ 16,300,000 |
Derivative Financial Instrume66
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 101,474 | $ 92,517 |
Liability Derivatives, Fair Value | 290,021 | 139,186 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 97,205 | 91,144 |
Liability Derivatives, Fair Value | 284,799 | 138,903 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 4,269 | 1,373 |
Liability Derivatives, Fair Value | 5,222 | 283 |
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 | 397 | 639 |
Liability Derivatives, Fair Value | 526 | |
Commitments to Sell Real Estate Loans [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 3,917 | 2,526 |
Liability Derivatives, Fair Value | 2,211 | 1,019 |
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 | 3,872 | 734 |
Liability Derivatives, Fair Value | 4,696 | 283 |
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 | 11,801 | 8,797 |
Liability Derivatives, Fair Value | 1,050 | 494 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 72,973 | 74,164 |
Liability Derivatives, Fair Value | 274,959 | 132,104 |
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 | 8,514 | 5,657 |
Liability Derivatives, Fair Value | $ 6,579 | $ 5,286 |
Derivative Financial Instrume67
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ 272.2 | $ 136.2 |
Reduction in estimated fair value of interest rate contracts in liability position | $ 4 | $ 12.2 |
Derivative Financial Instrume68
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ (321) | $ 2,399 | $ 705 | $ 6,185 |
Interest Rate Swap Agreements [Member] | Fixed Rate Long-Term Borrowings [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives in fair value hedging relationships, Derivatives | (13,357) | (5,795) | (55,747) | (9,914) |
Derivatives in fair value hedging relationships, Hedged item | 13,884 | 5,011 | 56,254 | 9,023 |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | (2,686) | 831 | (4,291) | 2,781 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 2,365 | $ 1,568 | $ 4,996 | $ 3,404 |
Derivative Financial Instrume69
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 4,598,712 | $ 4,504,029 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ (96,387) | $ (40,133) |
Variable Interest Entities an70
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity Disclosure [Abstract] | |||||
Other assets for its "investment" in the common securities recognized by the company of various trusts | $ 23,000,000 | $ 23,000,000 | $ 23,000,000 | ||
Total assets of partnerships in which the company invested | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Maximum exposure to loss of investments in real estate partnerships | 461,000,000 | 461,000,000 | 420,000,000 | ||
Unfunded commitments included in company's maximum exposure to loss of investments in real estate partnerships | 229,000,000 | 229,000,000 | $ 201,000,000 | ||
Investments amortized to income tax expense | 13,000,000 | $ 11,000,000 | 26,000,000 | $ 24,000,000 | |
Federal tax credits and other federal tax benefits recognized | $ 16,000,000 | $ 15,000,000 | $ 32,000,000 | $ 31,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 148,303 | $ 132,909 |
Investment securities | 9,658,846 | 10,896,284 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,707,821 | 1,947,487 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,925 | 2,589 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 7,817,299 | 8,716,392 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,777 | 128,832 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 100,956 | |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 148,303 | 132,909 |
Investment securities | 9,658,846 | 10,896,284 |
Real estate loans held for sale | 1,151,090 | 378,047 |
Other assets | 19,987 | 12,696 |
Total assets | 11,064,708 | 11,419,936 |
Trading account liabilities | 281,538 | 137,390 |
Other liabilities | 8,483 | 1,796 |
Total liabilities | 290,021 | 139,186 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 46,502 | 47,873 |
Investment securities | 73,232 | |
Total assets | 112,250 | 121,105 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 101,801 | 85,036 |
Investment securities | 9,658,822 | 10,823,024 |
Real estate loans held for sale | 1,151,090 | 378,047 |
Other assets | 8,186 | 3,899 |
Total assets | 10,940,633 | 11,290,006 |
Trading account liabilities | 281,538 | 137,390 |
Other liabilities | 7,433 | 1,302 |
Total liabilities | 288,971 | 138,692 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 24 | 28 |
Other assets | 11,801 | 8,797 |
Total assets | 11,825 | 8,825 |
Other liabilities | 1,050 | 494 |
Total liabilities | 1,050 | 494 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,707,821 | 1,947,487 |
Fair Value Measurements, Recurring [Member] | U.S. Treasury and Federal Agencies [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,707,821 | 1,947,487 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,925 | 2,589 |
Fair Value Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,925 | 2,589 |
Fair Value Measurements, Recurring [Member] | Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 7,817,299 | 8,716,392 |
Fair Value Measurements, Recurring [Member] | Government Issued or Guaranteed [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 7,817,299 | 8,716,392 |
Fair Value Measurements, Recurring [Member] | Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 24 | 28 |
Fair Value Measurements, Recurring [Member] | Privately Issued Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 24 | 28 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,777 | 128,832 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,777 | 128,832 |
Fair Value Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 86,482 | 100,956 |
Fair Value Measurements, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 65,748 | 73,232 |
Fair Value Measurements, Recurring [Member] | Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 20,734 | $ 27,724 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Privately Issued Mortgage-Backed Securities [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 27 | $ 41 | $ 28 | $ 44 |
Total gains (losses) realized/unrealized: | ||||
Settlements | (3) | (6) | (4) | (9) |
Ending Balance | 24 | 35 | 24 | 35 |
Other Assets and Other Liabilities [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 8,760 | 16,202 | 8,303 | 7,325 |
Total gains (losses) realized/unrealized: | ||||
Included in earnings | 20,277 | 19,571 | 28,407 | 43,511 |
Transfers out of Level 3 | (18,286) | (23,348) | (25,959) | (38,411) |
Ending Balance | 10,751 | 12,425 | 10,751 | 12,425 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 10,686 | $ 10,892 | $ 10,686 | $ 12,372 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | |||
Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 15.00% | ||||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 90.00% | ||||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | $ 21 | $ 21 | $ 45 | $ 43 | |
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 | 206 | 200 | 206 | 200 | $ 210 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 30 | 37 | 30 | 37 | |
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 | 119 | 118 | 119 | 118 | 145 |
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 | $ 87 | $ 82 | $ 87 | $ 82 | $ 65 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Privately Issued Mortgage-Backed Securities [Member] | Two Independent Pricing Quotes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements for certain Level 3 Assets and Liabilities | $ 24 | $ 28 |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Recurring fair value measurements for certain Level 3 Assets and Liabilities | $ 10,751 | $ 8,303 |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 0.00% | 0.00% |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 90.00% | 78.00% |
Other Assets and Other Liabilities [Member] | Discounted Cash Flows [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 20.00% | 22.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||||||
Interest-bearing deposits at banks | $ 6,669,985 | $ 5,078,903 | ||||
Trading account assets | 148,303 | 132,909 | ||||
Investment securities | 13,283,002 | 14,664,525 | ||||
Loans and leases: | ||||||
Allowance for credit losses | (1,019,248) | $ (1,019,671) | (1,017,198) | $ (1,008,225) | $ (1,001,430) | $ (988,997) |
Loans and leases, net | 86,778,202 | 86,971,785 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (32,086,191) | (33,975,180) | ||||
Savings and interest-checking deposits | (51,107,290) | (51,698,008) | ||||
Time deposits | (5,817,680) | (6,580,962) | ||||
Deposits at Cayman Islands office | (261,427) | (177,996) | ||||
Long-term borrowings | (8,382,316) | (8,141,430) | ||||
Estimate Fair Value [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,369,094 | 1,420,888 | ||||
Interest-bearing deposits at banks | 6,669,985 | 5,078,903 | ||||
Trading account assets | 148,303 | 132,909 | ||||
Investment securities | 13,204,236 | 14,653,074 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,465,594 | 21,321,282 | ||||
Commercial real estate loans | 33,579,305 | 32,950,724 | ||||
Residential real estate loans | 18,110,823 | 19,596,826 | ||||
Consumer loans | 13,257,759 | 13,161,517 | ||||
Loans and leases, net | 86,413,481 | 87,030,349 | ||||
Accrued interest receivable | 333,549 | 327,170 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (32,086,191) | (33,975,180) | ||||
Savings and interest-checking deposits | (51,107,290) | (51,698,008) | ||||
Time deposits | (5,865,067) | (6,635,048) | ||||
Deposits at Cayman Islands office | (261,427) | (177,996) | ||||
Short-term borrowings | (3,239,416) | (175,099) | ||||
Long-term borrowings | (8,392,684) | (8,193,783) | ||||
Accrued interest payable | (87,779) | (75,641) | ||||
Trading account liabilities | (281,538) | (137,390) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 10,751 | 8,303 | ||||
Commitments to sell real estate loans | 882 | 1,958 | ||||
Other credit-related commitments | (127,898) | (125,281) | ||||
Interest rate swap agreements used for interest rate risk management | (129) | 639 | ||||
Estimate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,258,614 | 1,352,035 | ||||
Trading account assets | 46,502 | 47,873 | ||||
Investment securities | 65,748 | 73,232 | ||||
Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 110,480 | 68,853 | ||||
Interest-bearing deposits at banks | 6,669,985 | 5,078,903 | ||||
Trading account assets | 101,801 | 85,036 | ||||
Investment securities | 13,027,717 | 14,469,127 | ||||
Loans and leases: | ||||||
Commercial real estate loans | 868,392 | 22,130 | ||||
Residential real estate loans | 4,128,794 | 4,440,645 | ||||
Loans and leases, net | 4,997,186 | 4,462,775 | ||||
Accrued interest receivable | 333,549 | 327,170 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (32,086,191) | (33,975,180) | ||||
Savings and interest-checking deposits | (51,107,290) | (51,698,008) | ||||
Time deposits | (5,865,067) | (6,635,048) | ||||
Deposits at Cayman Islands office | (261,427) | (177,996) | ||||
Short-term borrowings | (3,239,416) | (175,099) | ||||
Long-term borrowings | (8,392,684) | (8,193,783) | ||||
Accrued interest payable | (87,779) | (75,641) | ||||
Trading account liabilities | (281,538) | (137,390) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | 882 | 1,958 | ||||
Interest rate swap agreements used for interest rate risk management | (129) | 639 | ||||
Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 110,771 | 110,715 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,465,594 | 21,321,282 | ||||
Commercial real estate loans | 32,710,913 | 32,928,594 | ||||
Residential real estate loans | 13,982,029 | 15,156,181 | ||||
Consumer loans | 13,257,759 | 13,161,517 | ||||
Loans and leases, net | 81,416,295 | 82,567,574 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 10,751 | 8,303 | ||||
Other credit-related commitments | (127,898) | (125,281) | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,369,094 | 1,420,888 | ||||
Interest-bearing deposits at banks | 6,669,985 | 5,078,903 | ||||
Trading account assets | 148,303 | 132,909 | ||||
Investment securities | 13,283,002 | 14,664,525 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 21,894,857 | 21,742,651 | ||||
Commercial real estate loans | 34,137,937 | 33,366,373 | ||||
Residential real estate loans | 18,310,712 | 19,613,344 | ||||
Consumer loans | 13,453,944 | 13,266,615 | ||||
Allowance for credit losses | (1,019,248) | (1,017,198) | ||||
Loans and leases, net | 86,778,202 | 86,971,785 | ||||
Accrued interest receivable | 333,549 | 327,170 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (32,086,191) | (33,975,180) | ||||
Savings and interest-checking deposits | (51,107,290) | (51,698,008) | ||||
Time deposits | (5,817,680) | (6,580,962) | ||||
Deposits at Cayman Islands office | (261,427) | (177,996) | ||||
Short-term borrowings | (3,239,416) | (175,099) | ||||
Long-term borrowings | (8,382,316) | (8,141,430) | ||||
Accrued interest payable | (87,779) | (75,641) | ||||
Trading account liabilities | (281,538) | (137,390) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 10,751 | 8,303 | ||||
Commitments to sell real estate loans | 882 | 1,958 | ||||
Other credit-related commitments | (127,898) | (125,281) | ||||
Interest rate swap agreements used for interest rate risk management | $ (129) | $ 639 |
Commitments and Contingencies -
Commitments and Contingencies - Company's Significant Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,474,798 | $ 5,482,622 |
Commercial real estate loans to be sold | 323,750 | 194,763 |
Other commercial real estate | 5,855,075 | 6,050,569 |
Residential real estate loans to be sold | 361,034 | 347,113 |
Other residential real estate | 240,020 | 201,426 |
Commercial and other | 13,247,615 | 12,733,815 |
Standby letters of credit | 2,410,569 | 2,497,844 |
Commercial letters of credit | 55,655 | 46,739 |
Financial guarantees and indemnification contracts | 3,458,625 | 3,434,381 |
Commitments to sell real estate loans | $ 1,725,093 | $ 812,217 |
Commitments and Contingencies77
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | $ 3,300,000,000 | $ 3,300,000,000 | |
Increase in litigation reserve | $ 135,000,000 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Range of reasonably possible losses | 0 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Range of reasonably possible losses | $ 50,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | $ 493,160 | $ 381,053 | $ 845,770 | $ 729,980 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,466,201 | 1,399,016 | 2,900,414 | 2,760,121 |
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 43,007 | 28,750 | 80,725 | 53,738 |
Business Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 136,029 | 124,982 | 263,913 | 245,315 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 912 | 1,006 | 1,830 | 1,917 |
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 126,391 | 105,627 | 251,856 | 218,414 |
Commercial Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 269,499 | 277,116 | 535,895 | 551,024 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 928 | 843 | 1,778 | 1,763 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 112,691 | 87,271 | 220,994 | 171,818 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 205,541 | 197,298 | 408,148 | 392,423 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 385 | 357 | 725 | 764 |
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 29,113 | 29,740 | 48,852 | 63,685 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 58,976 | 72,044 | 109,014 | 150,990 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (10,554) | (12,397) | (21,386) | (25,324) |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 15,402 | 13,742 | 30,348 | 23,660 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 82,167 | 88,700 | 164,625 | 174,102 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 16,047 | 18,144 | 31,468 | 36,355 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 143,089 | 100,094 | 266,469 | 186,285 |
Retail Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 420,540 | 383,904 | 814,016 | 752,422 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,707 | 3,045 | 5,572 | 6,092 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 23,467 | 15,829 | (53,474) | 12,380 |
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 293,449 | 254,972 | 604,803 | 493,845 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (10,425) | $ (10,998) | $ (19,987) | $ (21,567) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 117,021 | $ 120,860 | $ 121,865 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 5,656 | 5,602 | 5,595 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 26,542 | 26,573 | 26,802 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 22,848 | 22,741 | 22,875 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 33,277 | 37,203 | 38,341 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 2,186 | 2,355 | 2,341 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 13,403 | 12,702 | 12,337 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 13,109 | $ 13,684 | $ 13,574 |
Segment Information - Summary80
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting [Abstract] | ||||
Taxable-equivalent adjustment | $ 5,397,000 | $ 8,736,000 | $ 10,206,000 | $ 16,735,000 |
Relationship with Bayview Len81
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 8,382,316 | $ 8,382,316 | $ 8,141,430 | ||
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 | $ 0 | $ 0 | |||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (loss) from equity method investments | 23,000 | ||||
Bayview Lending Group and Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of mortgage servicing rights | 2,800,000 | 2,800,000 | 3,000,000 | ||
Bayview Lending Group and Bayview Financial [Member] | Bank Servicing [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue from contract with customer | 4,000 | $ 4,000 | 7,000 | $ 9,000 | |
Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 53,500,000 | 53,500,000 | 56,600,000 | ||
Revenues from sub-servicing | 28,000 | $ 25,000 | 58,000 | $ 48,000 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 123,000 | 123,000 | $ 136,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | 750,000 | 750,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 90,000 | $ 90,000 |
Revenue from Contracts with C82
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Uncollected amounts receivable | $ 53 | $ 53 | ||
Accrued interest and other liabilities [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue | $ 46 | $ 46 | ||
Maximum [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Period of satisfaction of contract with customer | 1 year | 1 year | ||
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Expense recognized on credit card rewards in other costs of operations | $ 3 | $ 3 | $ 6 | $ 5 |
Revenue from Contracts with C83
Revenue from Contracts with Customers - Summary of Sources of M&T's Noninterest Income that are Subject to the Amended Guidance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | $ 12,629 | $ 16,617 | $ 26,021 | $ 34,001 |
Other revenues from operations: | ||||
Total other income | 457,414 | 460,816 | 916,110 | 907,661 |
Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 106,784 | 106,057 | 211,899 | 210,233 |
Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 137,641 | $ 126,797 | 269,016 | $ 246,812 |
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 12,629 | 26,021 | ||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 26,062 | 50,834 | ||
Other | 24,412 | 47,302 | ||
Total other income | 307,528 | 605,072 | ||
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 106,784 | 211,899 | ||
ASU 2014-09 [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 137,641 | 269,016 | ||
ASU 2014-09 [Member] | Business Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 8,334 | 15,837 | ||
Total other income | 23,945 | 46,852 | ||
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 15,611 | 31,015 | ||
ASU 2014-09 [Member] | Commercial Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 12,542 | 25,254 | ||
Other | 3,646 | 5,209 | ||
Total other income | 40,458 | 79,387 | ||
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 24,270 | 48,924 | ||
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 428 | 982 | ||
Other | 2,215 | 3,074 | ||
Total other income | 5,094 | 9,271 | ||
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,451 | 5,215 | ||
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||||
Other revenues from operations: | ||||
Other | 413 | 865 | ||
Total other income | 413 | 865 | ||
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||||
Other revenues from operations: | ||||
Other | 927 | 1,970 | ||
Total other income | 930 | 1,976 | ||
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 3 | 6 | ||
ASU 2014-09 [Member] | Retail Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 4,140 | 7,528 | ||
Other | 9,613 | 19,478 | ||
Total other income | 76,768 | 150,622 | ||
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 63,015 | 123,616 | ||
ASU 2014-09 [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 12,629 | 26,021 | ||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 618 | 1,233 | ||
Other | 7,598 | 16,706 | ||
Total other income | 159,920 | 316,099 | ||
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,434 | 3,123 | ||
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 137,641 | $ 269,016 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Reclassification from accumulated other comprehensive income to retained earnings | $ 17 | |
ASU 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Minimum lease payments under non cancelable operating lease | $ 429 | |
Lessee, operating lease term | 12 months |