Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MTB | |
Entity Registrant Name | M&T BANK CORP | |
Entity Central Index Key | 0000036270 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 136,622,163 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 1,267,260 | $ 1,605,439 |
Interest-bearing deposits at banks | 7,602,897 | 8,105,197 |
Trading account | 276,322 | 185,584 |
Investment securities (includes pledged securities that can be sold or repledged of $471,572 at March 31, 2019; $487,365 at December 31, 2018) | ||
Available for sale (cost: $8,398,686 at March 31, 2019; $8,869,423 at December 31, 2018) | 8,325,584 | 8,682,509 |
Held to maturity (fair value: $3,699,596 at March 31, 2019; $3,255,483 at December 31, 2018) | 3,714,699 | 3,316,640 |
Equity and other securities (cost: $468,232 at March 31, 2019; $677,187 at December 31, 2018) | 496,557 | 693,664 |
Total investment securities | 12,536,840 | 12,692,813 |
Loans and leases | 88,897,260 | 88,733,492 |
Unearned discount | (257,377) | (267,015) |
Loans and leases, net of unearned discount | 88,639,883 | 88,466,477 |
Allowance for credit losses | (1,019,337) | (1,019,444) |
Loans and leases, net | 87,620,546 | 87,447,033 |
Premises and equipment | 1,044,761 | 647,408 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 43,947 | 47,067 |
Accrued interest and other assets | 5,039,520 | 4,773,750 |
Total assets | 120,025,205 | 120,097,403 |
Liabilities | ||
Noninterest-bearing deposits | 29,966,753 | 32,256,668 |
Savings and interest-checking deposits | 52,932,297 | 50,963,744 |
Time deposits | 6,501,509 | 6,124,254 |
Deposits at Cayman Islands office | 1,069,191 | 811,906 |
Total deposits | 90,469,750 | 90,156,572 |
Short-term borrowings | 3,602,566 | 4,398,378 |
Accrued interest and other liabilities | 1,889,336 | 1,637,348 |
Long-term borrowings | 8,476,024 | 8,444,914 |
Total liabilities | 104,437,676 | 104,637,212 |
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 March 31, 2019 and December 31, 2018; Liquidation preference of $10,000 per share: 50,000 shares at March 31, 2019 and December 31, 2018 | 1,231,500 | 1,231,500 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,741,898 shares issued at March 31, 2019; 159,765,044 shares issued at December 31, 2018 | 79,871 | 79,883 |
Common stock issuable, 21,324 shares at March 31, 2019; 24,563 shares at December 31, 2018 | 1,514 | 1,726 |
Additional paid-in capital | 6,568,480 | 6,579,342 |
Retained earnings | 11,842,371 | 11,516,672 |
Accumulated other comprehensive income (loss), net | (288,009) | (420,081) |
Treasury stock — common, at cost — 23,126,505 shares at March 31, 2019; 21,255,275 shares at December 31, 2018 | (3,848,198) | (3,528,851) |
Total shareholders’ equity | 15,587,529 | 15,460,191 |
Total liabilities and shareholders’ equity | $ 120,025,205 | $ 120,097,403 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Pledged securities that can be sold or repledged | $ 471,572 | $ 487,365 |
Investment securities, available for sale, amortized cost | 8,398,686 | 8,869,423 |
Investment securities, held to maturity, fair value | 3,699,596 | 3,255,483 |
Equity and other securities, cost | $ 468,232 | $ 677,187 |
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 | 159,741,898 | 159,765,044 |
Common stock issuable, shares | 21,324 | 24,563 |
Treasury stock, common shares | 23,126,505 | 21,255,275 |
Series A Series C Series And E Preferred Stock [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 F 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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Loans and leases, including fees | $ 1,117,913 | $ 979,969 |
Investment securities | ||
Fully taxable | 80,411 | 82,852 |
Exempt from federal taxes | 95 | 248 |
Deposits at banks | 27,407 | 18,677 |
Other | 483 | 404 |
Total interest income | 1,226,309 | 1,082,150 |
Interest expense | ||
Savings and interest-checking deposits | 76,138 | 40,527 |
Time deposits | 21,081 | 10,936 |
Deposits at Cayman Islands office | 4,738 | 381 |
Short-term borrowings | 6,713 | 883 |
Long-term borrowings | 67,579 | 53,906 |
Total interest expense | 176,249 | 106,633 |
Net interest income | 1,050,060 | 975,517 |
Provision for credit losses | 22,000 | 43,000 |
Net interest income after provision for credit losses | 1,028,060 | 932,517 |
Other income | ||
Brokerage services income | 12,476 | 13,392 |
Trading account and foreign exchange gains | 10,802 | 4,637 |
Gain (loss) on bank investment securities | 11,841 | (9,431) |
Other revenues from operations | 134,437 | 126,302 |
Total other income | 500,765 | 458,696 |
Other expense | ||
Salaries and employee benefits | 499,200 | 463,428 |
Equipment and net occupancy | 79,347 | 74,797 |
Outside data processing and software | 52,417 | 48,429 |
FDIC assessments | 9,426 | 20,280 |
Advertising and marketing | 20,275 | 16,248 |
Printing, postage and supplies | 9,855 | 9,319 |
Amortization of core deposit and other intangible assets | 5,020 | 6,632 |
Other costs of operations | 218,808 | 294,211 |
Total other expense | 894,348 | 933,344 |
Income before taxes | 634,477 | 457,869 |
Income taxes | 151,735 | 105,259 |
Net income | 482,742 | 352,610 |
Net income available to common shareholders | ||
Basic | 462,086 | 332,748 |
Diluted | $ 462,086 | $ 332,749 |
Net income per common share | ||
Basic | $ 3.35 | $ 2.24 |
Diluted | $ 3.35 | $ 2.23 |
Average common shares outstanding | ||
Basic | 137,889 | 148,688 |
Diluted | 137,920 | 148,905 |
Mortgage Banking Revenues [Member] | ||
Other income | ||
Revenue from contract with customer | $ 95,311 | $ 87,306 |
Service Charges on Deposit Accounts [Member] | ||
Other income | ||
Revenue from contract with customer | 103,112 | 105,115 |
Trust Income [Member] | ||
Other income | ||
Revenue from contract with customer | $ 132,786 | $ 131,375 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Partners Capital [Abstract] | ||
Net income | $ 482,742 | $ 352,610 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||
Net unrealized gains (losses) on investment securities | 84,591 | (100,684) |
Cash flow hedges adjustments | 44,921 | (10,442) |
Foreign currency translation adjustment | 275 | 1,290 |
Defined benefit plans liability adjustments | 2,285 | 7,260 |
Total other comprehensive income (loss) | 132,072 | (102,576) |
Total comprehensive income | $ 614,814 | $ 250,034 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 482,742 | $ 352,610 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 22,000 | 43,000 |
Depreciation and amortization of premises and equipment | 50,982 | 27,281 |
Amortization of capitalized servicing rights | 16,170 | 11,656 |
Amortization of core deposit and other intangible assets | 5,020 | 6,632 |
Provision for deferred income taxes | 13,441 | (124,772) |
Asset write-downs | 1,919 | 3,192 |
Net gain on sales of assets | (5,171) | (4,547) |
Net change in accrued interest receivable, payable | (35,071) | (14,803) |
Net change in other accrued income and expense | (171,304) | 165,114 |
Net change in loans originated for sale | 202,670 | (72,403) |
Net change in trading account assets and liabilities | (170,092) | 91,219 |
Net cash provided by operating activities | 413,306 | 484,179 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities Available for sale | 100 | |
Proceeds from sales of investment securities equity and other | 312,743 | 254,860 |
Proceeds from maturities of investment securities Available for sale | 371,714 | 349,294 |
Proceeds from maturities of investment securities Held to maturity | 99,960 | 123,923 |
Purchases of investment securities Available for sale | (1,595) | (100) |
Purchases of investment securities Held to maturity | (495,277) | |
Purchases of investment securities equity and other | (103,795) | (288,259) |
Net (increase) decrease in loans and leases | (412,670) | 303,886 |
Net (increase) decrease in interest-bearing deposits at banks | 502,300 | (1,056,531) |
Capital expenditures, net | (30,710) | (9,544) |
Net decrease in loan servicing advances | 22,891 | 115,163 |
Other, net | 5,700 | (41,322) |
Net cash provided (used) by investing activities | 271,261 | (248,530) |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 313,849 | (1,484,629) |
Net increase (decrease) in short-term borrowings | (795,812) | 1,451,030 |
Proceeds from long-term borrowings | 999,594 | |
Payments on long-term borrowings | (1,139) | (504,192) |
Purchases of treasury stock | (365,628) | (720,966) |
Dividends paid — common | (139,595) | (112,318) |
Dividends paid — preferred | (17,368) | (17,368) |
Other, net | (17,053) | 24,976 |
Net cash used by financing activities | (1,022,746) | (363,873) |
Net decrease in cash, cash equivalents and restricted cash | (338,179) | (128,224) |
Cash, cash equivalents and restricted cash at beginning of period | 1,605,439 | 1,420,888 |
Cash, cash equivalents and restricted cash at end of period | 1,267,260 | 1,292,664 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 1,194,023 | 1,077,676 |
Interest paid during the period | 191,309 | 118,342 |
Income taxes paid during the period | 149,548 | 37,999 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 24,840 | 15,410 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 5,379 | 5,128 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | 83 | $ 64 |
Adoption of operating lease standard - Right-of-use assets | 393,877 | |
Adoption of operating lease standard - Other liabilities | 398,810 | |
Additions to right-of-use assets under operating leases | $ 20,410 |
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, 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 principle — equity securities | (16,853) | 16,853 | (16,853) | ||||||||
Total comprehensive income | 250,034 | 352,610 | (102,576) | ||||||||
Preferred stock cash dividends | [1] | (18,130) | (18,130) | ||||||||
Exercise of stock warrants into common stock | $ (3,455) | $ 3,455 | |||||||||
Purchases of treasury stock | (720,966) | (720,966) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 5,833 | (25) | (15,362) | 21,220 | |||||||
Exercises of stock options, net | 42,100 | (1,945) | 44,045 | ||||||||
Stock purchase plan | 11,124 | 2,358 | 8,766 | ||||||||
Directors’ stock plan | 589 | 74 | 515 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (48) | (172) | (244) | (18) | 386 | ||||||
Common stock cash dividends | (111,661) | (111,661) | |||||||||
Ending balance at Mar. 31, 2018 | 15,709,694 | 1,231,500 | 79,884 | 1,675 | 6,572,281 | 10,404,458 | (483,243) | (2,096,861) | |||
Beginning balance at Dec. 31, 2018 | 15,460,191 | 1,231,500 | 79,883 | 1,726 | 6,579,342 | 11,516,672 | (420,081) | (3,528,851) | |||
Total comprehensive income | 614,814 | 482,742 | 132,072 | ||||||||
Preferred stock cash dividends | [1] | (18,130) | (18,130) | ||||||||
Purchases of treasury stock | (365,628) | (365,628) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 18,120 | (12) | (7,606) | 25,738 | |||||||
Exercises of stock options, net | 4,727 | (2,818) | 7,545 | ||||||||
Stock purchase plan | 11,832 | (67) | 11,899 | ||||||||
Directors’ stock plan | 529 | (84) | 613 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (64) | (212) | (316) | (22) | 486 | ||||||
Performance share unit dividends | 29 | (29) | |||||||||
Common stock cash dividends | (138,862) | (138,862) | |||||||||
Ending balance at Mar. 31, 2019 | $ 15,587,529 | $ 1,231,500 | $ 79,871 | $ 1,514 | $ 6,568,480 | $ 11,842,371 | $ (288,009) | $ (3,848,198) | |||
[1] | For each of the three-month periods ended March 31, 2019 and 2018, dividends per preferred share were: Preferred Series A- $15.9375; Preferred Series C - $15.9375; Preferred Series E - $16.125; and Preferred Series F - $128.125. See accompanying notes to financial statements. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Preferred Series A [Member] | ||
Preferred stock per share dividend amount | $ 15.9375 | $ 15.9375 |
Preferred Series C [Member] | ||
Preferred stock per share dividend amount | 15.9375 | 15.9375 |
Preferred Series E [Member] | ||
Preferred stock per share dividend amount | 16.125 | 16.125 |
Series F Preferred Stock [Member] | ||
Preferred stock per share dividend amount | 128.125 | 128.125 |
Retained Earnings [Member] | ||
Common stock per share dividend amount | $ 1 | $ 0.75 |
Series A Warrants [Member] | Treasury Stock [Member] | ||
Exercise of warrants into shares of common stock | 36,974 | |
Exercise of warrants into shares of common stock | 22,553 |
Significant accounting policies
Significant accounting policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies The consolidated interim 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, 2018 (“2018 Annual Report”), except that effective January 1, 2019 the Company adopted accounting guidance that is discussed in notes 3, 4 and 16 herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2019 | |
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. 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) March 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,144,288 $ 4 $ 4,864 $ 1,139,428 Obligations of states and political subdivisions 1,181 4 4 1,181 Mortgage-backed securities: Government issued or guaranteed 7,115,459 29,959 91,511 7,053,907 Privately issued 16 — — 16 Other debt securities 137,742 1,249 7,939 131,052 8,398,686 31,216 104,318 8,325,584 Investment securities held to maturity: U.S. Treasury and federal agencies 944,230 735 15 944,950 Obligations of states and political subdivisions 6,810 27 — 6,837 Mortgage-backed securities: Government issued or guaranteed 2,652,219 11,876 19,472 2,644,623 Privately issued 107,858 12,806 21,060 99,604 Other debt securities 3,582 — — 3,582 3,714,699 25,444 40,547 3,699,596 Total debt securities $ 12,113,385 $ 56,660 $ 144,865 $ 12,025,180 Equity and other securities: Readily marketable equity — at fair value $ 48,261 $ 28,913 $ 588 $ 76,586 Other — at cost 419,971 — — 419,971 Total equity and other securities $ 468,232 $ 28,913 $ 588 $ 496,557 2. Investment securities, continued Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,346,782 $ — $ 9,851 $ 1,336,931 Obligations of states and political subdivisions 1,660 4 5 1,659 Mortgage-backed securities: Government issued or guaranteed 7,383,340 15,754 182,103 7,216,991 Privately issued 24 — 2 22 Other debt securities 137,617 770 11,481 126,906 8,869,423 16,528 203,442 8,682,509 Investment securities held to maturity: U.S. Treasury and federal agencies 446,542 — 239 446,303 Obligations of states and political subdivisions 7,494 22 12 7,504 Mortgage-backed securities: Government issued or guaranteed 2,745,776 4,165 55,111 2,694,830 Privately issued 113,160 12,345 22,327 103,178 Other debt securities 3,668 — — 3,668 3,316,640 16,532 77,689 3,255,483 Total debt securities $ 12,186,063 $ 33,060 $ 281,131 $ 11,937,992 Equity and other securities: Readily marketable equity — at fair value $ 77,440 $ 17,295 $ 818 $ 93,917 Other — at cost 599,747 — — 599,747 Total equity and other securities $ 677,187 $ 17,295 $ 818 $ 693,664 There were no significant gross realized gains or losses from sales of investment securities for the quarters ended March 31, 2019 and 2018. Net unrealized gains recorded as gain (loss) on bank investment securities in the consolidated statement of income during the three months ended March 31, 2019 were $12 million, compared with losses of $9 million during the three months ended March 31, 2018. At March 31, 2019, 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 $ 1,141,640 1,136,864 Due after one year through five years 9,470 9,355 Due after five years through ten years 102,101 99,642 Due after ten years 30,000 25,800 1,283,211 1,271,661 Mortgage-backed securities available for sale 7,115,475 7,053,923 $ 8,398,686 8,325,584 Debt securities held to maturity: Due in one year or less $ 947,176 947,905 Due after one year through five years 3,864 3,882 Due after ten years 3,582 3,582 954,622 955,369 Mortgage-backed securities held to maturity 2,760,077 2,744,227 $ 3,714,699 3,699,596 2. Investment securities, continued A summary of investment securities that as of March 31, 2019 and December 31, 2018 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) March 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 274 (1 ) 1,137,550 (4,863 ) Obligations of states and political subdivisions — — 507 (4 ) Mortgage-backed securities: Government issued or guaranteed 18,447 (111 ) 5,076,762 (91,400 ) Other debt securities 36,500 (294 ) 67,662 (7,645 ) 55,221 (406 ) 6,282,481 (103,912 ) Investment securities held to maturity: U.S. Treasury and federal agencies 249,082 (15 ) — — Mortgage-backed securities: Government issued or guaranteed — — 1,620,580 (19,472 ) Privately issued — — 51,091 (21,060 ) 249,082 (15 ) 1,671,671 (40,532 ) Total $ 304,303 (421 ) 7,954,152 (144,444 ) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 273 (2 ) 1,335,559 (9,849 ) Obligations of states and political subdivisions 629 (5 ) — — Mortgage-backed securities: Government issued or guaranteed 405,558 (2,892 ) 5,646,773 (179,211 ) Privately issued 22 (2 ) — — Other debt securities 53,478 (2,187 ) 66,014 (9,294 ) 459,960 (5,088 ) 7,048,346 (198,354 ) Investment securities held to maturity: U.S. Treasury and federal agencies 446,303 (239 ) — — Obligations of states and political subdivisions — — 3,126 (12 ) Mortgage-backed securities: Government issued or guaranteed 179,354 (989 ) 2,082,723 (54,122 ) Privately issued — — 51,943 (22,327 ) 625,657 (1,228 ) 2,137,792 (76,461 ) Total $ 1,085,617 (6,316 ) 9,186,138 (274,815 ) The Company owned 1,166 individual debt securities with aggregate gross unrealized losses of $145 million at March 31, 2019. Based on a review of each of the securities in the investment securities portfolio at March 31, 2019, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2019, 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 March 31, 2019, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $420 million of cost method equity securities. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 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) March 31, 2019 Commercial, financial, leasing, etc. $ 22,701,500 141,555 1,047 283 — 245,819 $ 23,090,204 Real estate: Commercial 25,441,419 159,209 7,394 158 10,305 207,709 25,826,194 Residential builder and developer 1,738,846 2,190 — — 549 4,392 1,745,977 Other commercial construction 7,036,036 31,152 31,032 — 640 19,899 7,118,759 Residential 13,337,558 406,106 199,940 6,425 187,631 210,266 14,347,926 Residential — limited documentation 2,186,132 71,354 — — 79,658 84,863 2,422,007 Consumer: Home equity lines and loans 4,634,634 31,145 — 4,871 — 69,245 4,739,895 Recreational finance 4,295,732 22,549 — 235 — 10,972 4,329,488 Automobile 3,619,015 62,846 — — — 21,209 3,703,070 Other 1,257,839 14,420 4,844 32,023 — 7,237 1,316,363 Total $ 86,248,711 942,526 244,257 43,995 278,783 881,611 $ 88,639,883 December 31, 2018 Commercial, financial, leasing, etc. $ 22,701,020 39,798 2,567 168 — 234,423 $ 22,977,976 Real estate: Commercial 25,250,983 134,474 11,457 10 9,769 203,672 25,610,365 Residential builder and developer 1,665,178 20,333 — — — 4,798 1,690,309 Other commercial construction 6,982,077 43,615 14,344 — 641 22,205 7,062,882 Residential 13,591,790 404,808 189,682 6,650 203,044 233,352 14,629,326 Residential — limited documentation 2,278,040 72,544 — — 89,851 84,685 2,525,120 Consumer: Home equity lines and loans 4,758,513 25,416 — 5,033 — 71,292 4,860,254 Recreational finance 4,085,781 29,947 — 235 — 11,199 4,127,162 Automobile 3,555,757 79,804 — — — 23,359 3,658,920 Other 1,271,811 15,598 4,477 27,654 — 4,623 1,324,163 Total $ 86,140,950 866,337 222,527 39,750 303,305 893,608 $ 88,466,477 (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 $178 million and $205 million at March 31, 2019 and December 31, 2018, respectively. Commercial real estate loans held for sale were $166 million at March 31, 2019 and $347 million at December 31, 2018. 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: March 31, December 31, 2019 2018 (In thousands) Outstanding principal balance $ 960,990 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 25,060 27,073 Commercial real estate 125,310 135,047 Residential real estate 442,260 473,511 Consumer 93,486 91,860 $ 686,116 $ 727,491 Purchased impaired loans included in the table above totaled $279 million at March 31, 2019 and $303 million at December 31, 2018, 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 ended March 31, 2019 and 2018 follows: Three Months Ended March 31 2019 2018 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 $ 157,918 $ 133,162 Interest income (18,082 ) (9,717 ) (9,819 ) (15,112 ) Reclassifications from nonaccretable balance 11,189 4,865 908 207 Other (a) — 1,632 — (73 ) Balance at end of period $ 140,317 $ 93,687 $ 149,007 $ 118,184 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. Changes in the allowance for credit losses for the three months ended March 31, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 6,271 (4,203 ) (2,447 ) 22,883 (504 ) 22,000 Net charge-offs Charge-offs (8,500 ) (283 ) (3,372 ) (32,945 ) — (45,100 ) Recoveries 7,794 826 1,830 12,543 — 22,993 Net (charge-offs) recoveries (706 ) 543 (1,542 ) (20,402 ) — (22,107 ) Ending balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 3. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the three months ended March 31, 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 7,230 (5,225 ) 10,486 29,814 695 43,000 Net charge-offs Charge-offs (14,581 ) (1,366 ) (4,354 ) (36,451 ) — (56,752 ) Recoveries 4,823 223 1,510 9,669 — 16,225 Net (charge-offs) recoveries (9,758 ) (1,143 ) (2,844 ) (26,782 ) — (40,527 ) Ending balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 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 March 31, 2019 and December 31, 2018 and for the three-month periods ended March 31, 2019 and 2018 follows. March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 201,337 220,116 50,192 153,478 175,549 46,034 Real estate: Commercial 102,247 119,062 10,449 110,253 125,117 11,937 Residential builder and developer 6,805 7,399 327 5,981 6,557 462 Other commercial construction 10,696 13,624 703 10,563 11,113 640 Residential 121,351 142,872 5,291 124,974 147,817 5,402 Residential — limited documentation 71,113 86,276 3,000 74,156 90,066 3,000 Consumer: Home equity lines and loans 47,363 52,583 9,025 47,982 53,248 9,135 Recreational finance 5,539 5,740 1,147 6,138 9,163 1,261 Automobile 3,522 3,603 729 3,527 3,599 729 Other 5,612 11,902 1,128 5,203 8,380 1,046 575,585 663,177 81,991 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 91,355 97,342 — 105,507 136,128 — Real estate: Commercial 125,289 138,095 — 113,376 124,657 — Residential builder and developer 2,756 2,781 — 2,593 2,602 — Other commercial construction 9,203 9,432 — 11,710 11,880 — Residential 19,535 25,771 — 15,379 20,496 — Residential — limited documentation 6,145 10,434 — 5,631 9,796 — 254,283 283,855 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 292,692 317,458 50,192 258,985 311,677 46,034 Real estate: Commercial 227,536 257,157 10,449 223,629 249,774 11,937 Residential builder and developer 9,561 10,180 327 8,574 9,159 462 Other commercial construction 19,899 23,056 703 22,273 22,993 640 Residential 140,886 168,643 5,291 140,353 168,313 5,402 Residential — limited documentation 77,258 96,710 3,000 79,787 99,862 3,000 Consumer: Home equity lines and loans 47,363 52,583 9,025 47,982 53,248 9,135 Recreational finance 5,539 5,740 1,147 6,138 9,163 1,261 Automobile 3,522 3,603 729 3,527 3,599 729 Other 5,612 11,902 1,128 5,203 8,380 1,046 Total $ 829,868 947,032 81,991 796,451 936,168 79,646 3. Loans and leases and the allowance for credit losses, continued Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 265,248 3,038 3,038 272,172 783 783 Real estate: Commercial 225,374 1,091 1,091 181,846 3,147 3,147 Residential builder and developer 8,875 115 115 9,840 1,682 1,682 Other commercial construction 20,398 564 564 10,102 6 6 Residential 140,403 2,022 666 121,209 1,902 902 Residential — limited documentation 78,238 1,353 208 85,595 1,728 696 Consumer: Home equity lines and loans 47,556 416 62 48,797 414 86 Recreational finance 6,023 142 4 1,458 63 2 Automobile 3,530 54 19 13,125 224 15 Other 5,218 122 4 1,661 22 1 Total $ 800,863 8,917 5,771 745,805 9,971 7,320 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. 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) March 31, 2019 Pass $ 21,734,455 24,686,100 1,535,068 6,870,882 Criticized accrual 1,109,930 932,385 206,517 227,978 Criticized nonaccrual 245,819 207,709 4,392 19,899 Total $ 23,090,204 25,826,194 1,745,977 7,118,759 December 31, 2018 Pass $ 21,693,705 24,539,706 1,546,002 6,890,562 Criticized accrual 1,049,848 866,987 139,509 150,115 Criticized nonaccrual 234,423 203,672 4,798 22,205 Total $ 22,977,976 25,610,365 1,690,309 7,062,882 3. Loans and leases and the allowance for credit losses, continued 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 $29 million and $22 million, respectively, at March 31, 2019 and $29 million and $23 million, respectively, at December 31, 2018. 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 $19 million and $33 million, respectively, at March 31, 2019 and $21 million and $31 million, respectively, at December 31, 2018. The Company also measures additional losses for purchased impaired loans when it is probable that the Company will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition. The determination of the allocated portion of the allowance for credit losses is very subjective. Given that inherent subjectivity and potential imprecision involved in determining the allocated portion of the allowance for credit losses, the Company also provides an inherent unallocated portion of the allowance. The unallocated portion of the allowance is intended to recognize probable losses that are not otherwise identifiable and includes management’s subjective determination of amounts necessary to provide for the possible use of imprecise estimates in determining the allocated portion of the allowance. Therefore, the level of the unallocated portion of the allowance is primarily reflective of the inherent imprecision in the various calculations used in determining the allocated portion of the allowance for credit losses. Other factors that could also lead to changes in the unallocated portion include the effects of expansion into new markets for which the Company does not have the same degree of familiarity and experience regarding portfolio performance in changing market conditions, the introduction of new loan and lease product types, and other risks associated with the Company’s loan portfolio that may not be specifically identifiable. 3. Loans and leases and the allowance for credit losses, continued 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) March 31, 2019 Individually evaluated for impairment $ 50,192 11,479 8,291 12,029 $ 81,991 Collectively evaluated for impairment 285,428 326,516 47,028 191,016 849,988 Purchased impaired — — 9,817 — 9,817 Allocated $ 335,620 337,995 65,136 203,045 941,796 Unallocated 77,541 Total $ 1,019,337 December 31, 2018 Individually evaluated for impairment $ 46,034 13,039 8,402 12,171 $ 79,646 Collectively evaluated for impairment 284,021 328,616 48,326 188,393 849,356 Purchased impaired — — 12,397 — 12,397 Allocated $ 330,055 341,655 69,125 200,564 941,399 Unallocated 78,045 Total $ 1,019,444 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) March 31, 2019 Individually evaluated for impairment $ 292,692 256,996 218,144 62,036 $ 829,868 Collectively evaluated for impairment 22,797,512 34,422,440 16,284,500 14,026,780 87,531,232 Purchased impaired — 11,494 267,289 — 278,783 Total $ 23,090,204 34,690,930 16,769,933 14,088,816 $ 88,639,883 December 31, 2018 Individually evaluated for impairment $ 258,985 254,476 220,140 62,850 $ 796,451 Collectively evaluated for impairment 22,718,991 34,098,670 16,641,411 13,907,649 87,366,721 Purchased impaired — 10,410 292,895 — 303,305 Total $ 22,977,976 34,363,556 17,154,446 13,970,499 $ 88,466,477 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 periods ended March 31, 2019 and 2018: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Combination of Concession Types Total Three Months Ended March 31, 2019 (Dollars in thousands) Commercial, financial, leasing, etc. 65 $ 30,615 $ 6,474 $ — $ 24,270 $ 30,744 Real estate: Commercial 15 9,241 987 — 7,967 8,954 Residential builder and developer 2 1,330 1,068 — — 1,068 Other commercial construction 1 418 — — 366 366 Residential 17 3,816 1,751 — 2,273 4,024 Residential — limited documentation 1 236 239 — — 239 Consumer: Home equity lines and loans 7 476 37 — 454 491 Recreational finance 4 88 88 — — 88 Automobile 20 317 280 — 37 317 Total 132 $ 46,537 $ 10,924 $ — $ 35,367 $ 46,291 Three Months Ended March 31, 2018 Commercial, financial, leasing, etc. 56 $ 47,994 $ 35,673 $ 624 $ 13,047 $ 49,344 Real estate: Commercial 20 6,780 5,824 — 927 6,751 Other commercial construction 1 752 746 — — 746 Residential 47 12,636 6,945 — 6,902 13,847 Residential — limited documentation 2 295 267 — 118 385 Consumer: Home equity lines and loans 14 1,348 4 — 1,348 1,352 Recreational finance 2 49 49 — — 49 Automobile 8 148 148 — — 148 Total 150 $ 70,002 $ 49,656 $ 624 $ 22,342 $ 72,622 (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 March 31, 2019 and 2018 and for which there was a subsequent payment default during the three-month periods ended March 31, 2019 and 2018, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $81 million and $77 million at March 31, 2019 and December 31, 2018, respectively. There were $382 million and $391 million at March 31, 2019 and December 31, 2018, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at March 31, 2019, approximately 38% were classified as purchased impaired and 21% were government guaranteed. 3. Loans and leases and the allowance for credit losses, continued The Company’s loan and lease portfolio includes commercial lease financing receivables consisting of direct financing and leveraged leases for machinery and equipment, railroad equipment, commercial trucks and trailers, and aircraft. Certain leases contain payment schedules that are tied to variable interest rate indices. In general, early termination options are provided if the lessee is not in default, returns the leased equipment and pays an early termination fee. Additionally, options to purchase the underlying asset by the lessee are generally at the fair market value of the equipment. Effective January 1, 2019, the Company adopted new guidance related to lease accounting published by the Financial Accounting Standards Board (“FASB”). Under the new guidance, the accounting applied by lessors is largely unchanged from previous GAAP, however, the guidance eliminates the accounting model for leveraged leases that commence after the effective date of the guidance. A summary of lease financing receivables follows: March 31, December 31, 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,140,794 $ 1,155,464 Estimated residual value of leased assets 82,686 85,169 Unearned income (106,797 ) (110,458 ) Investment in direct financings 1,116,683 1,130,175 Leveraged leases: Lease payments receivable 82,841 85,007 Estimated residual value of leased assets 81,261 81,261 Unearned income (33,273 ) (33,717 ) Investment in leveraged leases 130,829 132,551 Total investment in leases $ 1,247,512 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 73,808 $ 74,995 Included within the estimated residual value of leased assets at March 31, 2019 and December 31, 2018 were $35 million and $39 million, respectively, in residual value associated with direct financing leases that are guaranteed by the lessees or others. At March 31, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Twelve-month period ending March 31: 2020 $ 322,403 2021 302,912 2022 220,516 2023 148,313 2024 84,610 Later years 144,881 $ 1,223,635 |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating leases | 4. Operating leases The January 1, 2019 adoption of new lease accounting guidance resulted in the Company recording right-of-use assets and lease liabilities in the consolidated balance sheet for all operating leases with a term greater than twelve months. In addition, the Company elected the practical expedients that (1) reassessment is not needed for whether any existing contracts are or contain leases, (2) reassessment of the classification of existing operating and finance leases is not required, and (3) a lease that has a term of twelve months or less is not required to apply the asset and liability recognition requirements. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If it is determined that a contract contains a lease, the consideration in the contract is separated between lease and nonlease components (for example, taxes or common area maintenance). In calculating the present value of the lease payments, the Company has utilized its incremental borrowing rate based on electing the original lease term to account for each lease component. The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements, which prior to the adoption of the guidance were not reflected in the consolidated balance sheet. As of March 31, 2019, the Company reported right-of-use assets recognized as a component of “premises and equipment” and lease liabilities recognized as a component of “accrued interest and other liabilities” in the consolidated balance sheet, as follows: March 31, 2019 (In thousands) Right-of-use assets $ 392,847 Lease liabilities 419,958 The Company’s noncancelable operating lease agreements expire at various dates over the next 23 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense based on actual costs incurred. Some of these real estate leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a landlord's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, they are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense when incurred. 4. Operating leases, continued The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Three Months Ended March 31, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 24,639 Short-term lease cost 34 Variable lease cost 466 Sublease income (1,917 ) Total net lease cost $ 23,222 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 20,410 Cash paid toward lease liabilities 25,656 Weighted-average remaining lease term 7 years Weighted-average discount rate 3.2 % Minimum lease payments under noncancelable operating leases are summarized in the following table. These minimum lease payments are not materially different from those reported in the 2018 Annual Report. (In thousands) Twelve-month period ending March 31: 2020 $ 93,460 2021 87,025 2022 71,369 2023 58,847 2024 41,034 Later years 111,683 Total lease payments $ 463,418 Less: imputed interest 43,460 Total $ 419,958 All other operating leasing activities were not material to the Company’s consolidated results of operations. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings M&T had $523 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at March 31, 2019 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 $406 million and $409 million at March 31, 2019 and December 31, 2018, 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 $425 million and $428 million at March 31, 2019 and December 31, 2018, respectively . |
Revenue from contracts with cus
Revenue from contracts with customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 6. Revenue from contracts with customers 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, income from bank-owned life insurance, and certain other revenues that are generally excluded from the scope of accounting guidance for revenue from contracts with customers. For noninterest income revenue streams, 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 March 31, 2019 and December 31, 2018, the Company had $54 million and $56 million, respectively, of uncollected amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are 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 each of March 31, 2019 and December 31, 2018, the Company had deferred revenue of $43 million related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the consolidated balance sheet. The following tables summarize sources of the Company’s noninterest income during the three-month periods ended March 31, 2019 and 2018 that are subject to the noted accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended March 31, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,109 23,210 2,526 — 2 61,151 1,114 $ 103,112 Trust income 5 214 — — — — 132,567 132,786 Brokerage services income — — — — — — 12,476 12,476 Other revenues from operations: Merchant discount and credit card fees 8,882 12,092 606 — — 3,138 420 25,138 Other — 1,002 1,788 401 1,064 8,494 10,488 23,237 $ 23,996 36,518 4,920 401 1,066 72,783 157,065 $ 296,749 Three Months Ended March 31, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 15,404 24,654 2,764 — 3 60,601 1,689 $ 105,115 Trust income — — — — — — 131,375 131,375 Brokerage services income — — — — — — 13,392 13,392 Other revenues from operations: Merchant discount and credit card fees 7,503 12,712 554 — — 3,388 615 24,772 Other — 1,563 859 452 1,043 9,865 9,108 22,890 $ 22,907 38,929 4,177 452 1,046 73,854 156,179 $ 297,544 |
Pension plans and other postret
Pension plans and other postretirement benefits | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 7. Pension plans and other postretirement benefits The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2019 2018 2019 2018 (In thousands) Service cost $ 4,087 5,103 200 226 Interest cost on projected benefit obligation 20,200 18,805 603 557 Expected return on plan assets (30,600 ) (30,875 ) — — Amortization of prior service cost (credit) 125 125 (1,175 ) (1,175 ) Amortization of net actuarial loss (gain) 4,450 11,100 (300 ) (200 ) Net periodic cost (benefit) $ (1,738 ) 4,258 (672 ) (592 ) Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. 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 $22.2 million and $21.3 million for the three months ended March 31, 2019 and 2018, respectively, and are included in salaries and employee benefits expense. |
Earnings per common share
Earnings per common share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 8. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended March 31 2019 2018 (In thousands, except per share) Income available to common shareholders: Net income $ 482,742 352,610 Less: Preferred stock dividends (a) (18,130 ) (18,130 ) Net income available to common equity 464,612 334,480 Less: Income attributable to unvested stock-based compensation awards (2,526 ) (1,732 ) Net income available to common shareholders $ 462,086 332,748 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 138,637 149,470 Less: Unvested stock-based compensation awards (748 ) (782 ) Weighted-average shares outstanding 137,889 148,688 Basic earnings per common share $ 3.35 2.24 (a) Including impact of not as yet declared cumulative dividends. 8. Earnings per common share, continued The computations of diluted earnings per common share follow: Three Months Ended March 31 2019 2018 (In thousands, except per share) Net income available to common equity $ 464,612 334,480 Less: Income attributable to unvested stock-based compensation awards (2,526 ) (1,731 ) Net income available to common shareholders $ 462,086 332,749 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 138,637 149,470 Less: Unvested stock-based compensation awards (748 ) (782 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 31 217 Adjusted weighted-average shares outstanding 137,920 148,905 Diluted earnings per common share $ 3.35 2.23 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 280,818 and 237,584 common shares during the three-month periods ended March 31, 2019 and 2018, 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 | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive income | 9. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income: Investment Defined Benefit Total Amount Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 113,805 — — 113,805 (29,902 ) 83,903 Foreign currency translation adjustment — — 348 348 (73 ) 275 Unrealized gains on cash flow hedges — — 54,347 54,347 (14,288 ) 40,059 Total other comprehensive income before reclassifications 113,805 — 54,695 168,500 (44,263 ) 124,237 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 928 — — 928 (a) (245 ) 683 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 6,625 6,625 (a) (1,742 ) 4,883 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 4,150 — 4,150 (d) (1,091 ) 3,059 Total other comprehensive income 114,740 3,100 61,292 179,132 (47,060 ) 132,072 Balance — March 31, 2019 $ (85,367 ) (351,402 ) 46,573 $ (390,196 ) 102,187 $ (288,009 ) 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 losses, net (145,457 ) — — (145,457 ) 44,176 (101,281 ) Foreign currency translation adjustment — — 1,632 1,632 (342 ) 1,290 Unrealized losses on cash flow hedges — — (14,719 ) (14,719 ) 3,870 (10,849 ) Total other comprehensive income (loss) before reclassifications (145,457 ) — (13,087 ) (158,544 ) 47,704 (110,840 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 810 — — 810 (a) (213 ) 597 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 580 580 (a) (152 ) 428 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 10,900 — 10,900 (d) (2,866 ) 8,034 Total other comprehensive income (loss) (144,647 ) 9,850 (12,535 ) (147,332 ) 44,756 (102,576 ) Balance — March 31, 2018 $ (227,399 ) (403,318 ) (32,700 ) $ (663,417 ) 180,174 $ (483,243 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. Accumulated other comprehensive income (loss), net consisted of the following: Investment Defined Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2018 $ (147,526 ) (261,303 ) (11,252 ) $ (420,081 ) Net gain during period 84,591 2,285 45,196 132,072 Balance — March 31, 2019 $ (62,935 ) (259,018 ) 33,944 $ (288,009 ) |
Derivative financial instrument
Derivative financial instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 10. Derivative financial instruments As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, 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 material as of March 31, 2019. The net effect of interest rate swap agreements was to decrease net interest income by $13 million during the three months ended March 31, 2019 and increase net interest income by $1 million during the three months ended March 31, 2018. 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: Weighted- Average Rate Notional Average Estimated Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In March 31, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.6 2.47 % 3.04 % $ (4,390 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 29,750,000 1.4 2.29 % 2.49 % (12,534 ) Total $ 34,200,000 1.6 $ (16,924 ) December 31, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.8 2.47 % 3.02 % $ 4,219 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 15,400,000 1.3 1.52 % 2.35 % 1,311 Total $ 19,850,000 1.7 $ 5,530 (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 March 31, 2019 and December 31, 2018 was a reduction of the estimated fair value losses on interest rate swap agreements designated as fair value hedges of $11.9 million and $54.7 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $65.7 million and $9.1 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 $43.3 billion and $42.9 billion at March 31, 2019 and December 31, 2018, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $832 million and $763 million at March 31, 2019 and December 31, 2018, respectively. 10. 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 March 31, December 31, March 31, December 31, 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 267 $ 5,530 $ 17,191 $ — Commitments to sell real estate loans (a) 1,145 1,090 3,413 6,434 1,412 6,620 20,604 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 8,059 9,304 626 1,592 Commitments to sell real estate loans (a) 3,687 3,702 2,843 4,535 Trading: Interest rate contracts (b) 199,404 118,687 92,383 169,255 Foreign exchange and other option and futures contracts (b) 7,880 10,549 6,390 8,870 219,030 142,242 102,242 184,252 Total derivatives $ 220,442 $ 148,862 $ 122,846 $ 190,686 (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 March 31, 2019 and December 31, 2018 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $88.1 million and $170.7 million, respectively, and in a liability position of $122.8 million and $49.7 million, respectively. Amount of Gain (Loss) Recognized Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 34,180 (34,014 ) $ (42,390 ) 42,370 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 2,711 $ (1,605 ) Foreign exchange and other option and futures contracts (b) 1,613 2,631 Total $ 4,324 $ 1,026 (a) Reported as an adjustment to interest expense. (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 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (In thousands) Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,428,645 $ 4,394,109 $ (17,088 ) $ (51,102 ) 10. Derivative financial instruments, continued The amount of gain (loss) recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was not material. 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 $16 million and $18 million at March 31, 2019 and December 31, 2018, 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. 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 $20 million and $21 million at March 31, 2019 and December 31, 2018, respectively. The Company was required to post collateral relating to those positions of $20 million and $18 million at March 31, 2019 and December 31, 2018, 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 March 31, 2019 was not significant. If the credit risk-related contingent features had been triggered on March 31, 2019, 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 $7 million and $18 million at March 31, 2019 and December 31, 2018, respectively. Counterparties posted collateral relating to those positions of $3 million and $16 million at March 31, 2019 and December 31, 2018, respectively. Trading account interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and 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 $71 million and $65 million at March 31, 2019 and December 31, 2018, respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 11. 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 three-month periods ended March 31, 2019 and 2018 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 5, M&T has issued junior subordinated debentures payable to various trusts that have issued Capital Securities. M&T owns the common securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of March 31, 2019 and December 31, 2018, 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 5. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $1.1 billion at March 31, 2019 and December 31, 2018. Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s maximum exposure to loss of its investments in such partnerships was $517 million, including $278 million of unfunded commitments, at March 31, 2019 and $523 million, including $280 million of unfunded commitments, at December 31, 2018. Contingent commitments to provide additional capital contributions to these partnerships were not material at March 31, 2019. 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 in qualified affordable housing projects 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 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 | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 12. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at March 31, 2019. Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. • Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. • Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. The following is a description of the valuation methodologies used for the Company's assets and liabilities that are measured on a recurring basis at estimated fair value. Trading account assets and liabilities Trading account assets and liabilities consist primarily of interest rate 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. 12. Fair value measurements, continued 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. 12. Fair value measurements, continued The following tables present assets and liabilities at March 31, 2019 and December 31, 2018 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) March 31, 2019 Trading account assets $ 276,322 $ 46,521 $ 229,801 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,139,428 — 1,139,428 — Obligations of states and political subdivisions 1,181 — 1,181 — Mortgage-backed securities: Government issued or guaranteed 7,053,907 — 7,053,907 — Privately issued 16 — — 16 Other debt securities 131,052 — 131,052 — 8,325,584 — 8,325,568 16 Equity securities 76,586 43,301 33,285 — Real estate loans held for sale 344,350 — 344,350 — Other assets (b) 13,158 — 5,099 8,059 Total assets $ 9,036,000 $ 89,822 $ 8,938,103 $ 8,075 Trading account liabilities $ 98,771 $ — $ 98,771 $ — Other liabilities (b) 24,073 — 23,447 626 Total liabilities $ 122,844 $ — $ 122,218 $ 626 December 31, 2018 Trading account assets $ 185,584 $ 46,018 $ 139,566 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,336,931 — 1,336,931 — Obligations of states and political subdivisions 1,659 — 1,659 — Mortgage-backed securities: Government issued or guaranteed 7,216,991 — 7,216,991 — Privately issued 22 — — 22 Other debt securities 126,906 — 126,906 — 8,682,509 — 8,682,487 22 Equity securities 93,917 71,989 21,928 — Real estate loans held for sale 551,697 — 551,697 — Other assets (b) 19,626 — 10,322 9,304 Total assets $ 9,533,333 $ 118,007 $ 9,406,000 $ 9,326 Trading account liabilities $ 178,125 $ — $ 178,125 $ — Other liabilities (b) 12,561 — 10,969 1,592 Total liabilities $ 190,686 $ — $ 189,094 $ 1,592 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2019 and the year ended December 31, 2018. (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). 12. 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 March 31, 2019 and 2018 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2019 (In thousands) Balance — January 1, 2019 $ 22 7,712 Total gains (losses) realized/unrealized: Included in earnings — 16,546 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (16,825 ) (c) Balance — March 31, 2019 $ 16 7,433 Changes in unrealized gains included in earnings related to assets still held at March 31, 2019 $ — 8,525 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains (losses) realized/unrealized: Included in earnings — 8,130 (b) Settlements (1 ) — Transfers out of Level 3 (a) — (7,673 ) (c) Balance — March 31, 2018 $ 27 8,760 Changes in unrealized gains included in earnings related to assets still held at March 31, 2018 $ — 8,778 (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. 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. 12. Fair value measurements, continued 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 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 in the range of 15% to 90% at March 31, 2019. 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 $199 million at March 31, 2019 ($121 million and $78 million of which were classified as Level 2 and Level 3, respectively), $268 million at December 31, 2018 ($120 million and $148 million of which were classified as Level 2 and Level 3, respectively) and $178 million at March 31, 2018 ($97 million and $81 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 March 31, 2019 and 2018 were decreases of $20 million and $27 million for the three-month periods ended March 31, 2019 and 2018, 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 $9 million and $19 million at March 31, 2019 and 2018, respectively. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month periods ended March 31, 2019 and 2018. 12. 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 March 31, 2019 and December 31, 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In March 31, 2019 Recurring fair value measurements Privately issued mortgage-backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,433 Discounted cash flow Commitment expirations 0%-94% (17%) December 31, 2018 Recurring fair value measurements Privately issued mortgage-backed securities $ 22 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,712 Discounted cash flow Commitment expirations 0%-95% (13%) (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. 12. 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: March 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,267,260 1,267,260 1,194,318 72,942 — Interest-bearing deposits at banks 7,602,897 7,602,897 — 7,602,897 — Trading account assets 276,322 276,322 46,521 229,801 — Investment securities 12,536,840 12,521,737 43,301 12,378,816 99,620 Loans and leases: Commercial loans and leases 23,090,204 22,755,670 — — 22,755,670 Commercial real estate loans 34,690,930 34,424,612 — 166,019 34,258,593 Residential real estate loans 16,769,933 16,764,418 — 3,877,095 12,887,323 Consumer loans 14,088,816 14,018,581 — — 14,018,581 Allowance for credit losses (1,019,337 ) — — — — Loans and leases, net 87,620,546 87,963,281 — 4,043,114 83,920,167 Accrued interest receivable 374,084 374,084 — 374,084 — Financial liabilities: Noninterest-bearing deposits $ (29,966,753 ) (29,966,753 ) — (29,966,753 ) — Savings and interest-checking deposits (52,932,297 ) (52,932,297 ) — (52,932,297 ) — Time deposits (6,501,509 ) (6,598,274 ) — (6,598,274 ) — Deposits at Cayman Islands office (1,069,191 ) (1,069,191 ) — (1,069,191 ) — Short-term borrowings (3,602,566 ) (3,602,566 ) — (3,602,566 ) — Long-term borrowings (8,476,024 ) (8,511,141 ) — (8,511,141 ) — Accrued interest payable (80,322 ) (80,322 ) — (80,322 ) — Trading account liabilities (98,771 ) (98,771 ) — (98,771 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,433 7,433 — — 7,433 Commitments to sell real estate loans (1,424 ) (1,424 ) — (1,424 ) — Other credit-related commitments (126,811 ) (126,811 ) — — (126,811 ) Interest rate swap agreements used for interest rate risk management (16,924 ) (16,924 ) — (16,924 ) — 12. Fair value measurements, continued December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,605,439 1,605,439 1,528,302 77,137 — Interest-bearing deposits at banks 8,105,197 8,105,197 — 8,105,197 — Trading account assets 185,584 185,584 46,018 139,566 — Investment securities 12,692,813 12,631,656 71,989 12,456,467 103,200 Loans and leases: Commercial loans and leases 22,977,976 22,587,387 — — 22,587,387 Commercial real estate loans 34,363,556 33,832,558 — 346,775 33,485,783 Residential real estate loans 17,154,446 16,974,545 — 3,920,447 13,054,098 Consumer loans 13,970,499 13,819,545 — — 13,819,545 Allowance for credit losses (1,019,444 ) — — — — Loans and leases, net 87,447,033 87,214,035 — 4,267,222 82,946,813 Accrued interest receivable 353,965 353,965 — 353,965 — Financial liabilities: Noninterest-bearing deposits $ (32,256,668 ) (32,256,668 ) — (32,256,668 ) — Savings and interest-checking deposits (50,963,744 ) (50,963,744 ) — (50,963,744 ) — Time deposits (6,124,254 ) (6,201,957 ) — (6,201,957 ) — Deposits at Cayman Islands office (811,906 ) (811,906 ) — (811,906 ) — Short-term borrowings (4,398,378 ) (4,398,378 ) — (4,398,378 ) — Long-term borrowings (8,444,914 ) (8,385,289 ) — (8,385,289 ) — Accrued interest payable (95,274 ) (95,274 ) — (95,274 ) — Trading account liabilities (178,125 ) (178,125 ) — (178,125 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,712 7,712 — — 7,712 Commitments to sell real estate loans (6,177 ) (6,177 ) — (6,177 ) — Other credit-related commitments (131,688 ) (131,688 ) — — (131,688 ) Interest rate swap agreements used for interest rate risk management 5,530 5,530 — 5,530 — 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 | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 13. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. March 31, December 31, 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,529,111 5,484,197 Commercial real estate loans to be sold 199,722 229,401 Other commercial real estate 7,331,360 7,556,722 Residential real estate loans to be sold 314,402 245,211 Other residential real estate 277,708 219,351 Commercial and other 14,900,142 14,363,803 Standby letters of credit 2,246,864 2,326,991 Commercial letters of credit 59,464 55,808 Financial guarantees and indemnification contracts 3,703,612 3,529,136 Commitments to sell real estate loans 746,307 940,692 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. In addition to the amounts in the preceding table, the Company had discretionary funding commitments to commercial customers of $8.7 billion and $8.6 billion at March 31, 2019 and December 31, 2018, respectively, that the Company had the unconditional right to cancel prior to funding. 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 $3.5 billion and $3.4 billion at March 31, 2019 and December 31, 2018, respectively. Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are considered derivatives and along with commitments to originate real estate loans to be held for sale are generally recorded in the consolidated balance sheet at estimated fair market value. 13. Commitments and contingencies, continued The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At March 31, 2019, 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, a wholly-owned subsidiary of M&T, was the subject of a class action lawsuit alleging that Wilmington Trust Corporation’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. In the first quarter of 2018, the Company increased its reserve for litigation matters in anticipation of the settlement. The settlement amount of $200 million was paid, pursuant to the settlement agreement, during the third quarter of 2018. The settlement agreement was approved by the court in the fourth quarter of 2018. Wilmington Trust, N.A., a wholly owned bank subsidiary of M&T, provides retirement services, including serving in certain trustee roles relating to Employee Stock Ownership Plans (“ESOPs”). Beginning in 2010, the U.S. Department of Labor (“DOL”) announced that it would increase its focus on ESOP transactions, particularly with regard to valuation issues relating to ESOP transactions. Beginning in late 2013, Wilmington Trust, N.A. began receiving requests for information and subpoenas relating to certain ESOP transactions for which it acted as trustee. In June 2016, Wilmington Trust, N.A. received a DOL subpoena seeking information on its global ESOP trustee business. In addition to these investigations, the DOL has commenced three lawsuits against Wilmington Trust, N.A. relating to its role as trustee of three ESOP transactions. Wilmington Trust, N.A. has also been named as a defendant in four private party lawsuits relating to its role as trustee for four ESOP transactions. Under applicable transaction documents, Wilmington Trust, N.A. may be entitled to indemnification by the ESOP Plan Sponsors. The DOL investigations of Wilmington Trust, N.A. and the private party lawsuits could result in civil proceedings, damages, resolutions or settlements, including, among other things, enforcement actions, which could seek or result in damages and/or fines, penalties, restitution, injunctions, enforcement efforts, reputational damage or additional costs and expenses. 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. The Company increased its recorded liability for legal-related matters by $50 million and $135 million during the three months ended March 31, 2019 and 2018, respectively. To the extent pending or threatened litigation could result in exposure in excess of the recorded 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 estimated to be between $0 and $100 million as of March 31, 2019. Although the Company does not believe that the outcome of pending legal matters 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 | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment information | 14. Segment information Reportable segments have been determined based upon the Company's internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer and the distribution of those products and services are similar. The reportable segments are Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 22 of Notes to Financial Statements in the 2018 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. Information about the Company's segments is presented in the following table: Three Months Ended March 31 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 139,322 856 43,271 $ 127,884 918 37,718 Commercial Banking 267,490 840 132,218 266,396 850 125,465 Commercial Real Estate 219,173 354 117,498 202,607 340 108,303 Discretionary Portfolio 63,917 (9,299 ) 39,172 50,038 (10,832 ) 19,739 Residential 83,761 14,514 12,941 82,458 15,421 14,946 Retail Banking 430,891 2,511 145,066 393,476 2,865 123,380 All Other 346,271 (9,776 ) (7,424 ) 311,354 (9,562 ) (76,941 ) Total $ 1,550,825 — 482,742 $ 1,434,213 — 352,610 Average Total Assets Three Months Ended March 31 Year Ended December 31 2019 2018 2018 (In millions) Business Banking $ 5,702 5,681 5,631 Commercial Banking 27,858 26,482 26,626 Commercial Real Estate 23,572 22,811 22,885 Discretionary Portfolio 30,341 34,095 32,123 Residential Mortgage Banking 2,071 2,278 2,161 Retail Banking 14,403 13,377 13,656 All Other 12,892 12,960 13,877 Total $ 116,839 117,684 116,959 (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 $5,967,000 and $4,809,000 for the three-month periods ended March 31, 2019 and 2018, 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. | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 15. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 20% minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. M&T recognizes income or loss from BLG using the equity method of accounting. That investment had no remaining carrying value Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty 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 $2.5 billion at each of March 31, 2019 and December 31, 2018. Revenues from those servicing rights were $3 million and $4 million for the three-month periods ended March 31, 2019 and 2018, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $54.9 billion and $56.8 billion at March 31, 2019 and December 31, 2018, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $28 million and $30 million for the three-month periods ended March 31, 2019 and 2018, respectively, In addition, the Company held $108 million and $113 million of mortgage-backed securities in its held-to-maturity portfolio at March 31, 2019 and December 31, 2018, respectively, that were securitized by Bayview Financial. At March 31, 2019, the Company held $94 million of Bayview Financial’s $738 million syndicated loan facility. On January 31, 2019, the Company and Bayview Financial entered into an arrangement whereby the Company would add approximately $7.9 billion to its residential mortgage loan sub-servicing portfolio, effective April 2, 2019. |
Recent accounting developments
Recent accounting developments | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 as well as standards that are not effective that could have an impact to M&T’s consolidated financial statements upon adoption. Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2019 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 adopted the guidance on January 1, 2019 and applied the guidance retrospectively at the beginning of the period of adoption. The Company occupies certain banking offices and uses certain equipment under noncancelable operating lease agreements which prior to the adoption of the guidance were not reflected in its consolidated balance sheet. Upon adoption, the Company recognized a right-of-use asset of $394 million and increased liabilities by $399 million as a result of recognizing lease liabilities in its consolidated balance sheet. The new guidance did not have a material impact on the Company’s 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 Company adopted the amended guidance effective January 1, 2019 and applied the modified retrospective approach for reporting purposes. The adoption did not have a material effect on the Company’s consolidated financial position nor on its results of operations. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of March 31, 2019 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 continuing the development of its approach for determining expected credit losses under the new guidance. The Company has a cross-functional implementation team working on model development, model validation, and development of a qualitative framework, data sourcing, and technology enhancements. 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, in particular its consumer and residential real estate 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 changes to the allowance for credit losses and the impact to the Company’s financial statements are still to be determined. The amount of the change will be affected by economic conditions, reasonable forecasts of such conditions and the composition of the Company’s portfolio as of the date of adoption. 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. 16. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of March 31, 2019 Changes to the Disclosure Requirements for Fair Value Measurements The amended guidance modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are a result of the disclosure framework project that focuses on improvements to the effectiveness of disclosures in the notes to financial statements. The amendments remove, modify, and add certain disclosure requirements. The disclosure requirements being removed relating to public companies are (1) the amount and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation process for Level 3 fair value measurements. The disclosure requirements being modified relating to public companies are (1) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s asset and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly, and (2) the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as a result of the use of unobservable inputs. The disclosure requirements being added relating to public companies are (1) to disclose the changes in unrealized gains and losses for the period for recurring Level 3 fair value measurements, and (2) to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. January 1, 2020 Early adoption permitted The amendments relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurements uncertainty should be applied prospectively. All other amendments should be applied retrospectively. The Company does not expect the guidance to have a material impact on its consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amended guidance requires a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize and which costs to expense. January 1, 2020 Early adoption permitted The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the impact that the guidance will have 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 March 31, 2019 Improvements to Related Party Guidance for VIEs The amended guidance requires that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. January 1, 2020 Early adoption permitted The amendments should be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company does not expect the guidance to have a material impact on its consolidated financial statements. Changes to the Disclosure Requirements for Defined Benefit Plans The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments are a result of the disclosure framework project that focuses on improvements to the effectiveness of disclosures in the notes to financial statements. The amendments remove and add certain disclosure requirements. The disclosure requirements being removed relating to public companies are (1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, (2) the amount and timing of plan assets expected to be returned to the employer, (3) the 2001 disclosure requirement relating to Japanese Welfare Pension Insurance Law, (4) related party disclosures about the amount of future annual benefits covered by insurance, and (5) the effects of a one-percentage-point change in assumed health care cost trends on the benefit cost and obligation. The disclosure requirements being added relating to public companies are (1) the weighted-average interest crediting rates for cash balance plans , and (2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. January 1, 2021 Early adoption permitted The amendments should be applied retrospectively. The Company does not expect the guidance to have a material impact on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated interim 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, 2018 (“2018 Annual Report”), except that effective January 1, 2019 the Company adopted accounting guidance that is discussed in notes 3, 4 and 16 herein. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) March 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,144,288 $ 4 $ 4,864 $ 1,139,428 Obligations of states and political subdivisions 1,181 4 4 1,181 Mortgage-backed securities: Government issued or guaranteed 7,115,459 29,959 91,511 7,053,907 Privately issued 16 — — 16 Other debt securities 137,742 1,249 7,939 131,052 8,398,686 31,216 104,318 8,325,584 Investment securities held to maturity: U.S. Treasury and federal agencies 944,230 735 15 944,950 Obligations of states and political subdivisions 6,810 27 — 6,837 Mortgage-backed securities: Government issued or guaranteed 2,652,219 11,876 19,472 2,644,623 Privately issued 107,858 12,806 21,060 99,604 Other debt securities 3,582 — — 3,582 3,714,699 25,444 40,547 3,699,596 Total debt securities $ 12,113,385 $ 56,660 $ 144,865 $ 12,025,180 Equity and other securities: Readily marketable equity — at fair value $ 48,261 $ 28,913 $ 588 $ 76,586 Other — at cost 419,971 — — 419,971 Total equity and other securities $ 468,232 $ 28,913 $ 588 $ 496,557 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,346,782 $ — $ 9,851 $ 1,336,931 Obligations of states and political subdivisions 1,660 4 5 1,659 Mortgage-backed securities: Government issued or guaranteed 7,383,340 15,754 182,103 7,216,991 Privately issued 24 — 2 22 Other debt securities 137,617 770 11,481 126,906 8,869,423 16,528 203,442 8,682,509 Investment securities held to maturity: U.S. Treasury and federal agencies 446,542 — 239 446,303 Obligations of states and political subdivisions 7,494 22 12 7,504 Mortgage-backed securities: Government issued or guaranteed 2,745,776 4,165 55,111 2,694,830 Privately issued 113,160 12,345 22,327 103,178 Other debt securities 3,668 — — 3,668 3,316,640 16,532 77,689 3,255,483 Total debt securities $ 12,186,063 $ 33,060 $ 281,131 $ 11,937,992 Equity and other securities: Readily marketable equity — at fair value $ 77,440 $ 17,295 $ 818 $ 93,917 Other — at cost 599,747 — — 599,747 Total equity and other securities $ 677,187 $ 17,295 $ 818 $ 693,664 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At March 31, 2019, 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 $ 1,141,640 1,136,864 Due after one year through five years 9,470 9,355 Due after five years through ten years 102,101 99,642 Due after ten years 30,000 25,800 1,283,211 1,271,661 Mortgage-backed securities available for sale 7,115,475 7,053,923 $ 8,398,686 8,325,584 Debt securities held to maturity: Due in one year or less $ 947,176 947,905 Due after one year through five years 3,864 3,882 Due after ten years 3,582 3,582 954,622 955,369 Mortgage-backed securities held to maturity 2,760,077 2,744,227 $ 3,714,699 3,699,596 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of March 31, 2019 and December 31, 2018 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) March 31, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 274 (1 ) 1,137,550 (4,863 ) Obligations of states and political subdivisions — — 507 (4 ) Mortgage-backed securities: Government issued or guaranteed 18,447 (111 ) 5,076,762 (91,400 ) Other debt securities 36,500 (294 ) 67,662 (7,645 ) 55,221 (406 ) 6,282,481 (103,912 ) Investment securities held to maturity: U.S. Treasury and federal agencies 249,082 (15 ) — — Mortgage-backed securities: Government issued or guaranteed — — 1,620,580 (19,472 ) Privately issued — — 51,091 (21,060 ) 249,082 (15 ) 1,671,671 (40,532 ) Total $ 304,303 (421 ) 7,954,152 (144,444 ) December 31, 2018 Investment securities available for sale: U.S. Treasury and federal agencies $ 273 (2 ) 1,335,559 (9,849 ) Obligations of states and political subdivisions 629 (5 ) — — Mortgage-backed securities: Government issued or guaranteed 405,558 (2,892 ) 5,646,773 (179,211 ) Privately issued 22 (2 ) — — Other debt securities 53,478 (2,187 ) 66,014 (9,294 ) 459,960 (5,088 ) 7,048,346 (198,354 ) Investment securities held to maturity: U.S. Treasury and federal agencies 446,303 (239 ) — — Obligations of states and political subdivisions — — 3,126 (12 ) Mortgage-backed securities: Government issued or guaranteed 179,354 (989 ) 2,082,723 (54,122 ) Privately issued — — 51,943 (22,327 ) 625,657 (1,228 ) 2,137,792 (76,461 ) Total $ 1,085,617 (6,316 ) 9,186,138 (274,815 ) |
Loans and leases and the allo_2
Loans and leases and the allowance for credit losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of March 31, 2019 and December 31, 2018 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) March 31, 2019 Commercial, financial, leasing, etc. $ 22,701,500 141,555 1,047 283 — 245,819 $ 23,090,204 Real estate: Commercial 25,441,419 159,209 7,394 158 10,305 207,709 25,826,194 Residential builder and developer 1,738,846 2,190 — — 549 4,392 1,745,977 Other commercial construction 7,036,036 31,152 31,032 — 640 19,899 7,118,759 Residential 13,337,558 406,106 199,940 6,425 187,631 210,266 14,347,926 Residential — limited documentation 2,186,132 71,354 — — 79,658 84,863 2,422,007 Consumer: Home equity lines and loans 4,634,634 31,145 — 4,871 — 69,245 4,739,895 Recreational finance 4,295,732 22,549 — 235 — 10,972 4,329,488 Automobile 3,619,015 62,846 — — — 21,209 3,703,070 Other 1,257,839 14,420 4,844 32,023 — 7,237 1,316,363 Total $ 86,248,711 942,526 244,257 43,995 278,783 881,611 $ 88,639,883 December 31, 2018 Commercial, financial, leasing, etc. $ 22,701,020 39,798 2,567 168 — 234,423 $ 22,977,976 Real estate: Commercial 25,250,983 134,474 11,457 10 9,769 203,672 25,610,365 Residential builder and developer 1,665,178 20,333 — — — 4,798 1,690,309 Other commercial construction 6,982,077 43,615 14,344 — 641 22,205 7,062,882 Residential 13,591,790 404,808 189,682 6,650 203,044 233,352 14,629,326 Residential — limited documentation 2,278,040 72,544 — — 89,851 84,685 2,525,120 Consumer: Home equity lines and loans 4,758,513 25,416 — 5,033 — 71,292 4,860,254 Recreational finance 4,085,781 29,947 — 235 — 11,199 4,127,162 Automobile 3,555,757 79,804 — — — 23,359 3,658,920 Other 1,271,811 15,598 4,477 27,654 — 4,623 1,324,163 Total $ 86,140,950 866,337 222,527 39,750 303,305 893,608 $ 88,466,477 (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: March 31, December 31, 2019 2018 (In thousands) Outstanding principal balance $ 960,990 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 25,060 27,073 Commercial real estate 125,310 135,047 Residential real estate 442,260 473,511 Consumer 93,486 91,860 $ 686,116 $ 727,491 |
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 ended March 31, 2019 and 2018 follows: Three Months Ended March 31 2019 2018 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 $ 157,918 $ 133,162 Interest income (18,082 ) (9,717 ) (9,819 ) (15,112 ) Reclassifications from nonaccretable balance 11,189 4,865 908 207 Other (a) — 1,632 — (73 ) Balance at end of period $ 140,317 $ 93,687 $ 149,007 $ 118,184 (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 March 31, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 330,055 341,655 69,125 200,564 78,045 $ 1,019,444 Provision for credit losses 6,271 (4,203 ) (2,447 ) 22,883 (504 ) 22,000 Net charge-offs Charge-offs (8,500 ) (283 ) (3,372 ) (32,945 ) — (45,100 ) Recoveries 7,794 826 1,830 12,543 — 22,993 Net (charge-offs) recoveries (706 ) 543 (1,542 ) (20,402 ) — (22,107 ) Ending balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 Changes in the allowance for credit losses for the three months ended March 31, 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 7,230 (5,225 ) 10,486 29,814 695 43,000 Net charge-offs Charge-offs (14,581 ) (1,366 ) (4,354 ) (36,451 ) — (56,752 ) Recoveries 4,823 223 1,510 9,669 — 16,225 Net (charge-offs) recoveries (9,758 ) (1,143 ) (2,844 ) (26,782 ) — (40,527 ) Ending balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 |
Impaired Loans and Leases | I nformation with respect to loans and leases that were considered impaired as of March 31, 2019 and December 31, 2018 and for the three-month periods ended March 31, 2019 and 2018 follows. March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With an allowance recorded: Commercial, financial, leasing, etc. $ 201,337 220,116 50,192 153,478 175,549 46,034 Real estate: Commercial 102,247 119,062 10,449 110,253 125,117 11,937 Residential builder and developer 6,805 7,399 327 5,981 6,557 462 Other commercial construction 10,696 13,624 703 10,563 11,113 640 Residential 121,351 142,872 5,291 124,974 147,817 5,402 Residential — limited documentation 71,113 86,276 3,000 74,156 90,066 3,000 Consumer: Home equity lines and loans 47,363 52,583 9,025 47,982 53,248 9,135 Recreational finance 5,539 5,740 1,147 6,138 9,163 1,261 Automobile 3,522 3,603 729 3,527 3,599 729 Other 5,612 11,902 1,128 5,203 8,380 1,046 575,585 663,177 81,991 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 91,355 97,342 — 105,507 136,128 — Real estate: Commercial 125,289 138,095 — 113,376 124,657 — Residential builder and developer 2,756 2,781 — 2,593 2,602 — Other commercial construction 9,203 9,432 — 11,710 11,880 — Residential 19,535 25,771 — 15,379 20,496 — Residential — limited documentation 6,145 10,434 — 5,631 9,796 — 254,283 283,855 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 292,692 317,458 50,192 258,985 311,677 46,034 Real estate: Commercial 227,536 257,157 10,449 223,629 249,774 11,937 Residential builder and developer 9,561 10,180 327 8,574 9,159 462 Other commercial construction 19,899 23,056 703 22,273 22,993 640 Residential 140,886 168,643 5,291 140,353 168,313 5,402 Residential — limited documentation 77,258 96,710 3,000 79,787 99,862 3,000 Consumer: Home equity lines and loans 47,363 52,583 9,025 47,982 53,248 9,135 Recreational finance 5,539 5,740 1,147 6,138 9,163 1,261 Automobile 3,522 3,603 729 3,527 3,599 729 Other 5,612 11,902 1,128 5,203 8,380 1,046 Total $ 829,868 947,032 81,991 796,451 936,168 79,646 |
Interest Income Recognized on Impaired Loans | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Interest Income Recognized Interest Income Recognized Average Recorded Investment Total Cash Basis Average Recorded Investment Total Cash Basis (In thousands) Commercial, financial, leasing, etc. $ 265,248 3,038 3,038 272,172 783 783 Real estate: Commercial 225,374 1,091 1,091 181,846 3,147 3,147 Residential builder and developer 8,875 115 115 9,840 1,682 1,682 Other commercial construction 20,398 564 564 10,102 6 6 Residential 140,403 2,022 666 121,209 1,902 902 Residential — limited documentation 78,238 1,353 208 85,595 1,728 696 Consumer: Home equity lines and loans 47,556 416 62 48,797 414 86 Recreational finance 6,023 142 4 1,458 63 2 Automobile 3,530 54 19 13,125 224 15 Other 5,218 122 4 1,661 22 1 Total $ 800,863 8,917 5,771 745,805 9,971 7,320 |
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) March 31, 2019 Pass $ 21,734,455 24,686,100 1,535,068 6,870,882 Criticized accrual 1,109,930 932,385 206,517 227,978 Criticized nonaccrual 245,819 207,709 4,392 19,899 Total $ 23,090,204 25,826,194 1,745,977 7,118,759 December 31, 2018 Pass $ 21,693,705 24,539,706 1,546,002 6,890,562 Criticized accrual 1,049,848 866,987 139,509 150,115 Criticized nonaccrual 234,423 203,672 4,798 22,205 Total $ 22,977,976 25,610,365 1,690,309 7,062,882 |
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) March 31, 2019 Individually evaluated for impairment $ 50,192 11,479 8,291 12,029 $ 81,991 Collectively evaluated for impairment 285,428 326,516 47,028 191,016 849,988 Purchased impaired — — 9,817 — 9,817 Allocated $ 335,620 337,995 65,136 203,045 941,796 Unallocated 77,541 Total $ 1,019,337 December 31, 2018 Individually evaluated for impairment $ 46,034 13,039 8,402 12,171 $ 79,646 Collectively evaluated for impairment 284,021 328,616 48,326 188,393 849,356 Purchased impaired — — 12,397 — 12,397 Allocated $ 330,055 341,655 69,125 200,564 941,399 Unallocated 78,045 Total $ 1,019,444 |
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) March 31, 2019 Individually evaluated for impairment $ 292,692 256,996 218,144 62,036 $ 829,868 Collectively evaluated for impairment 22,797,512 34,422,440 16,284,500 14,026,780 87,531,232 Purchased impaired — 11,494 267,289 — 278,783 Total $ 23,090,204 34,690,930 16,769,933 14,088,816 $ 88,639,883 December 31, 2018 Individually evaluated for impairment $ 258,985 254,476 220,140 62,850 $ 796,451 Collectively evaluated for impairment 22,718,991 34,098,670 16,641,411 13,907,649 87,366,721 Purchased impaired — 10,410 292,895 — 303,305 Total $ 22,977,976 34,363,556 17,154,446 13,970,499 $ 88,466,477 |
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 periods ended March 31, 2019 and 2018: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Combination of Concession Types Total Three Months Ended March 31, 2019 (Dollars in thousands) Commercial, financial, leasing, etc. 65 $ 30,615 $ 6,474 $ — $ 24,270 $ 30,744 Real estate: Commercial 15 9,241 987 — 7,967 8,954 Residential builder and developer 2 1,330 1,068 — — 1,068 Other commercial construction 1 418 — — 366 366 Residential 17 3,816 1,751 — 2,273 4,024 Residential — limited documentation 1 236 239 — — 239 Consumer: Home equity lines and loans 7 476 37 — 454 491 Recreational finance 4 88 88 — — 88 Automobile 20 317 280 — 37 317 Total 132 $ 46,537 $ 10,924 $ — $ 35,367 $ 46,291 Three Months Ended March 31, 2018 Commercial, financial, leasing, etc. 56 $ 47,994 $ 35,673 $ 624 $ 13,047 $ 49,344 Real estate: Commercial 20 6,780 5,824 — 927 6,751 Other commercial construction 1 752 746 — — 746 Residential 47 12,636 6,945 — 6,902 13,847 Residential — limited documentation 2 295 267 — 118 385 Consumer: Home equity lines and loans 14 1,348 4 — 1,348 1,352 Recreational finance 2 49 49 — — 49 Automobile 8 148 148 — — 148 Total 150 $ 70,002 $ 49,656 $ 624 $ 22,342 $ 72,622 (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. |
Summary of Lease Financing Receivables | A summary of lease financing receivables follows: March 31, December 31, 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,140,794 $ 1,155,464 Estimated residual value of leased assets 82,686 85,169 Unearned income (106,797 ) (110,458 ) Investment in direct financings 1,116,683 1,130,175 Leveraged leases: Lease payments receivable 82,841 85,007 Estimated residual value of leased assets 81,261 81,261 Unearned income (33,273 ) (33,717 ) Investment in leveraged leases 130,829 132,551 Total investment in leases $ 1,247,512 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 73,808 $ 74,995 |
Minimum Future Lease Payments to be Received from Lease Financings | At March 31, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Twelve-month period ending March 31: 2020 $ 322,403 2021 302,912 2022 220,516 2023 148,313 2024 84,610 Later years 144,881 $ 1,223,635 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Right-of-Use Assets Recognized as Component of Premises and Equipment and Lease Liabilities Recognized as Component of Accrued Interest and Other Liabilities in Consolidated Balance Sheet | As of March 31, 2019, the Company reported right-of-use assets recognized as a component of “premises and equipment” and lease liabilities recognized as a component of “accrued interest and other liabilities” in the consolidated balance sheet, as follows: March 31, 2019 (In thousands) Right-of-use assets $ 392,847 Lease liabilities 419,958 |
Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases | The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Three Months Ended March 31, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 24,639 Short-term lease cost 34 Variable lease cost 466 Sublease income (1,917 ) Total net lease cost $ 23,222 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 20,410 Cash paid toward lease liabilities 25,656 Weighted-average remaining lease term 7 years Weighted-average discount rate 3.2 % |
Summary of Minimum Lease Payments Under Noncancelable Operating Leases | Minimum lease payments under noncancelable operating leases are summarized in the following table. These minimum lease payments are not materially different from those reported in the 2018 Annual Report. (In thousands) Twelve-month period ending March 31: 2020 $ 93,460 2021 87,025 2022 71,369 2023 58,847 2024 41,034 Later years 111,683 Total lease payments $ 463,418 Less: imputed interest 43,460 Total $ 419,958 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Noted Accounting Guidance | The following tables summarize sources of the Company’s noninterest income during the three-month periods ended March 31, 2019 and 2018 that are subject to the noted accounting guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Three Months Ended March 31, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,109 23,210 2,526 — 2 61,151 1,114 $ 103,112 Trust income 5 214 — — — — 132,567 132,786 Brokerage services income — — — — — — 12,476 12,476 Other revenues from operations: Merchant discount and credit card fees 8,882 12,092 606 — — 3,138 420 25,138 Other — 1,002 1,788 401 1,064 8,494 10,488 23,237 $ 23,996 36,518 4,920 401 1,066 72,783 157,065 $ 296,749 Three Months Ended March 31, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 15,404 24,654 2,764 — 3 60,601 1,689 $ 105,115 Trust income — — — — — — 131,375 131,375 Brokerage services income — — — — — — 13,392 13,392 Other revenues from operations: Merchant discount and credit card fees 7,503 12,712 554 — — 3,388 615 24,772 Other — 1,563 859 452 1,043 9,865 9,108 22,890 $ 22,907 38,929 4,177 452 1,046 73,854 156,179 $ 297,544 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31 2019 2018 2019 2018 (In thousands) Service cost $ 4,087 5,103 200 226 Interest cost on projected benefit obligation 20,200 18,805 603 557 Expected return on plan assets (30,600 ) (30,875 ) — — Amortization of prior service cost (credit) 125 125 (1,175 ) (1,175 ) Amortization of net actuarial loss (gain) 4,450 11,100 (300 ) (200 ) Net periodic cost (benefit) $ (1,738 ) 4,258 (672 ) (592 ) |
Earnings per common share (Tabl
Earnings per common share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended March 31 2019 2018 (In thousands, except per share) Income available to common shareholders: Net income $ 482,742 352,610 Less: Preferred stock dividends (a) (18,130 ) (18,130 ) Net income available to common equity 464,612 334,480 Less: Income attributable to unvested stock-based compensation awards (2,526 ) (1,732 ) Net income available to common shareholders $ 462,086 332,748 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 138,637 149,470 Less: Unvested stock-based compensation awards (748 ) (782 ) Weighted-average shares outstanding 137,889 148,688 Basic earnings per common share $ 3.35 2.24 (a) Including impact of not as yet declared cumulative dividends. |
Computations of Diluted Earnings Per Common Share | 8. Earnings per common share, continued The computations of diluted earnings per common share follow: Three Months Ended March 31 2019 2018 (In thousands, except per share) Net income available to common equity $ 464,612 334,480 Less: Income attributable to unvested stock-based compensation awards (2,526 ) (1,731 ) Net income available to common shareholders $ 462,086 332,749 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 138,637 149,470 Less: Unvested stock-based compensation awards (748 ) (782 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 31 217 Adjusted weighted-average shares outstanding 137,920 148,905 Diluted earnings per common share $ 3.35 2.23 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) (354,502 ) (14,719 ) $ (569,328 ) 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 113,805 — — 113,805 (29,902 ) 83,903 Foreign currency translation adjustment — — 348 348 (73 ) 275 Unrealized gains on cash flow hedges — — 54,347 54,347 (14,288 ) 40,059 Total other comprehensive income before reclassifications 113,805 — 54,695 168,500 (44,263 ) 124,237 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 928 — — 928 (a) (245 ) 683 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 6,625 6,625 (a) (1,742 ) 4,883 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 4,150 — 4,150 (d) (1,091 ) 3,059 Total other comprehensive income 114,740 3,100 61,292 179,132 (47,060 ) 132,072 Balance — March 31, 2019 $ (85,367 ) (351,402 ) 46,573 $ (390,196 ) 102,187 $ (288,009 ) 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 losses, net (145,457 ) — — (145,457 ) 44,176 (101,281 ) Foreign currency translation adjustment — — 1,632 1,632 (342 ) 1,290 Unrealized losses on cash flow hedges — — (14,719 ) (14,719 ) 3,870 (10,849 ) Total other comprehensive income (loss) before reclassifications (145,457 ) — (13,087 ) (158,544 ) 47,704 (110,840 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 810 — — 810 (a) (213 ) 597 Accretion of net gain on terminated cash flow hedges — — (28 ) (28 ) (c) 7 (21 ) Net yield adjustment from cash flow hedges currently in effect — — 580 580 (a) (152 ) 428 Amortization of prior service credit — (1,050 ) — (1,050 ) (d) 276 (774 ) Amortization of actuarial losses — 10,900 — 10,900 (d) (2,866 ) 8,034 Total other comprehensive income (loss) (144,647 ) 9,850 (12,535 ) (147,332 ) 44,756 (102,576 ) Balance — March 31, 2018 $ (227,399 ) (403,318 ) (32,700 ) $ (663,417 ) 180,174 $ (483,243 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) 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, 2018 $ (147,526 ) (261,303 ) (11,252 ) $ (420,081 ) Net gain during period 84,591 2,285 45,196 132,072 Balance — March 31, 2019 $ (62,935 ) (259,018 ) 33,944 $ (288,009 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: Weighted- Average Rate Notional Average Estimated Fair Value Amount Maturity Fixed Variable Gain (Loss) (a) (In thousands) (In years) (In March 31, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.6 2.47 % 3.04 % $ (4,390 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 29,750,000 1.4 2.29 % 2.49 % (12,534 ) Total $ 34,200,000 1.6 $ (16,924 ) December 31, 2018 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.8 2.47 % 3.02 % $ 4,219 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 15,400,000 1.3 1.52 % 2.35 % 1,311 Total $ 19,850,000 1.7 $ 5,530 (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 March 31, 2019 and December 31, 2018 was a reduction of the estimated fair value losses on interest rate swap agreements designated as fair value hedges of $11.9 million and $54.7 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $65.7 million and $9.1 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 | 10. 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 March 31, December 31, March 31, December 31, 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 267 $ 5,530 $ 17,191 $ — Commitments to sell real estate loans (a) 1,145 1,090 3,413 6,434 1,412 6,620 20,604 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 8,059 9,304 626 1,592 Commitments to sell real estate loans (a) 3,687 3,702 2,843 4,535 Trading: Interest rate contracts (b) 199,404 118,687 92,383 169,255 Foreign exchange and other option and futures contracts (b) 7,880 10,549 6,390 8,870 219,030 142,242 102,242 184,252 Total derivatives $ 220,442 $ 148,862 $ 122,846 $ 190,686 (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 March 31, 2019 and December 31, 2018 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $88.1 million and $170.7 million, respectively, and in a liability position of $122.8 million and $49.7 million, respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (In thousands) Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,428,645 $ 4,394,109 $ (17,088 ) $ (51,102 ) |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ 34,180 (34,014 ) $ (42,390 ) 42,370 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 2,711 $ (1,605 ) Foreign exchange and other option and futures contracts (b) 1,613 2,631 Total $ 4,324 $ 1,026 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and foreign exchange gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at March 31, 2019 and December 31, 2018 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 (a) Level 2 (a) Level 3 (In thousands) March 31, 2019 Trading account assets $ 276,322 $ 46,521 $ 229,801 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,139,428 — 1,139,428 — Obligations of states and political subdivisions 1,181 — 1,181 — Mortgage-backed securities: Government issued or guaranteed 7,053,907 — 7,053,907 — Privately issued 16 — — 16 Other debt securities 131,052 — 131,052 — 8,325,584 — 8,325,568 16 Equity securities 76,586 43,301 33,285 — Real estate loans held for sale 344,350 — 344,350 — Other assets (b) 13,158 — 5,099 8,059 Total assets $ 9,036,000 $ 89,822 $ 8,938,103 $ 8,075 Trading account liabilities $ 98,771 $ — $ 98,771 $ — Other liabilities (b) 24,073 — 23,447 626 Total liabilities $ 122,844 $ — $ 122,218 $ 626 December 31, 2018 Trading account assets $ 185,584 $ 46,018 $ 139,566 $ — Investment securities available for sale: U.S. Treasury and federal agencies 1,336,931 — 1,336,931 — Obligations of states and political subdivisions 1,659 — 1,659 — Mortgage-backed securities: Government issued or guaranteed 7,216,991 — 7,216,991 — Privately issued 22 — — 22 Other debt securities 126,906 — 126,906 — 8,682,509 — 8,682,487 22 Equity securities 93,917 71,989 21,928 — Real estate loans held for sale 551,697 — 551,697 — Other assets (b) 19,626 — 10,322 9,304 Total assets $ 9,533,333 $ 118,007 $ 9,406,000 $ 9,326 Trading account liabilities $ 178,125 $ — $ 178,125 $ — Other liabilities (b) 12,561 — 10,969 1,592 Total liabilities $ 190,686 $ — $ 189,094 $ 1,592 (a) There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2019 and the year ended December 31, 2018. (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 March 31, 2019 and 2018 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2019 (In thousands) Balance — January 1, 2019 $ 22 7,712 Total gains (losses) realized/unrealized: Included in earnings — 16,546 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (16,825 ) (c) Balance — March 31, 2019 $ 16 7,433 Changes in unrealized gains included in earnings related to assets still held at March 31, 2019 $ — 8,525 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains (losses) realized/unrealized: Included in earnings — 8,130 (b) Settlements (1 ) — Transfers out of Level 3 (a) — (7,673 ) (c) Balance — March 31, 2018 $ 27 8,760 Changes in unrealized gains included in earnings related to assets still held at March 31, 2018 $ — 8,778 (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 March 31, 2019 and December 31, 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In March 31, 2019 Recurring fair value measurements Privately issued mortgage-backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,433 Discounted cash flow Commitment expirations 0%-94% (17%) December 31, 2018 Recurring fair value measurements Privately issued mortgage-backed securities $ 22 Two independent pricing quotes — — Net other assets (liabilities) (a) 7,712 Discounted cash flow Commitment expirations 0%-95% (13%) (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: March 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,267,260 1,267,260 1,194,318 72,942 — Interest-bearing deposits at banks 7,602,897 7,602,897 — 7,602,897 — Trading account assets 276,322 276,322 46,521 229,801 — Investment securities 12,536,840 12,521,737 43,301 12,378,816 99,620 Loans and leases: Commercial loans and leases 23,090,204 22,755,670 — — 22,755,670 Commercial real estate loans 34,690,930 34,424,612 — 166,019 34,258,593 Residential real estate loans 16,769,933 16,764,418 — 3,877,095 12,887,323 Consumer loans 14,088,816 14,018,581 — — 14,018,581 Allowance for credit losses (1,019,337 ) — — — — Loans and leases, net 87,620,546 87,963,281 — 4,043,114 83,920,167 Accrued interest receivable 374,084 374,084 — 374,084 — Financial liabilities: Noninterest-bearing deposits $ (29,966,753 ) (29,966,753 ) — (29,966,753 ) — Savings and interest-checking deposits (52,932,297 ) (52,932,297 ) — (52,932,297 ) — Time deposits (6,501,509 ) (6,598,274 ) — (6,598,274 ) — Deposits at Cayman Islands office (1,069,191 ) (1,069,191 ) — (1,069,191 ) — Short-term borrowings (3,602,566 ) (3,602,566 ) — (3,602,566 ) — Long-term borrowings (8,476,024 ) (8,511,141 ) — (8,511,141 ) — Accrued interest payable (80,322 ) (80,322 ) — (80,322 ) — Trading account liabilities (98,771 ) (98,771 ) — (98,771 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,433 7,433 — — 7,433 Commitments to sell real estate loans (1,424 ) (1,424 ) — (1,424 ) — Other credit-related commitments (126,811 ) (126,811 ) — — (126,811 ) Interest rate swap agreements used for interest rate risk management (16,924 ) (16,924 ) — (16,924 ) — December 31, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,605,439 1,605,439 1,528,302 77,137 — Interest-bearing deposits at banks 8,105,197 8,105,197 — 8,105,197 — Trading account assets 185,584 185,584 46,018 139,566 — Investment securities 12,692,813 12,631,656 71,989 12,456,467 103,200 Loans and leases: Commercial loans and leases 22,977,976 22,587,387 — — 22,587,387 Commercial real estate loans 34,363,556 33,832,558 — 346,775 33,485,783 Residential real estate loans 17,154,446 16,974,545 — 3,920,447 13,054,098 Consumer loans 13,970,499 13,819,545 — — 13,819,545 Allowance for credit losses (1,019,444 ) — — — — Loans and leases, net 87,447,033 87,214,035 — 4,267,222 82,946,813 Accrued interest receivable 353,965 353,965 — 353,965 — Financial liabilities: Noninterest-bearing deposits $ (32,256,668 ) (32,256,668 ) — (32,256,668 ) — Savings and interest-checking deposits (50,963,744 ) (50,963,744 ) — (50,963,744 ) — Time deposits (6,124,254 ) (6,201,957 ) — (6,201,957 ) — Deposits at Cayman Islands office (811,906 ) (811,906 ) — (811,906 ) — Short-term borrowings (4,398,378 ) (4,398,378 ) — (4,398,378 ) — Long-term borrowings (8,444,914 ) (8,385,289 ) — (8,385,289 ) — Accrued interest payable (95,274 ) (95,274 ) — (95,274 ) — Trading account liabilities (178,125 ) (178,125 ) — (178,125 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 7,712 7,712 — — 7,712 Commitments to sell real estate loans (6,177 ) (6,177 ) — (6,177 ) — Other credit-related commitments (131,688 ) (131,688 ) — — (131,688 ) Interest rate swap agreements used for interest rate risk management 5,530 5,530 — 5,530 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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. March 31, December 31, 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,529,111 5,484,197 Commercial real estate loans to be sold 199,722 229,401 Other commercial real estate 7,331,360 7,556,722 Residential real estate loans to be sold 314,402 245,211 Other residential real estate 277,708 219,351 Commercial and other 14,900,142 14,363,803 Standby letters of credit 2,246,864 2,326,991 Commercial letters of credit 59,464 55,808 Financial guarantees and indemnification contracts 3,703,612 3,529,136 Commitments to sell real estate loans 746,307 940,692 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company's segments is presented in the following table: Three Months Ended March 31 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 139,322 856 43,271 $ 127,884 918 37,718 Commercial Banking 267,490 840 132,218 266,396 850 125,465 Commercial Real Estate 219,173 354 117,498 202,607 340 108,303 Discretionary Portfolio 63,917 (9,299 ) 39,172 50,038 (10,832 ) 19,739 Residential 83,761 14,514 12,941 82,458 15,421 14,946 Retail Banking 430,891 2,511 145,066 393,476 2,865 123,380 All Other 346,271 (9,776 ) (7,424 ) 311,354 (9,562 ) (76,941 ) Total $ 1,550,825 — 482,742 $ 1,434,213 — 352,610 Average Total Assets Three Months Ended March 31 Year Ended December 31 2019 2018 2018 (In millions) Business Banking $ 5,702 5,681 5,631 Commercial Banking 27,858 26,482 26,626 Commercial Real Estate 23,572 22,811 22,885 Discretionary Portfolio 30,341 34,095 32,123 Residential Mortgage Banking 2,071 2,278 2,161 Retail Banking 14,403 13,377 13,656 All Other 12,892 12,960 13,877 Total $ 116,839 117,684 116,959 (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 $5,967,000 and $4,809,000 for the three-month periods ended March 31, 2019 and 2018, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019USD ($)Security | Mar. 31, 2018USD ($) | |
Investment Holdings [Line Items] | ||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 |
Gain (loss) on bank investment securities | $ 11,841,000 | $ (9,431,000) |
Number of debt securities with aggregate gross unrealized losses | Security | 1,166 | |
Unrealized losses on individual debt securities | $ (145,000,000) | |
Cost method equity securities | 420,000,000 | |
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 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 8,398,686 | $ 8,869,423 |
Investment securities available for sale, gross unrealized gains | 31,216 | 16,528 |
Investment securities available for sale, gross unrealized losses | 104,318 | 203,442 |
Investment securities available for sale, estimated fair value | 8,325,584 | 8,682,509 |
Amortized cost for held to maturity | 3,714,699 | 3,316,640 |
Gross unrealized gains for held to maturity | 25,444 | 16,532 |
Gross unrealized losses for held to maturity | 40,547 | 77,689 |
Estimated fair value for held to maturity | 3,699,596 | 3,255,483 |
Equity and other securities, Amortized Cost | 468,232 | 677,187 |
Equity securities, Gross Unrealized Gains | 28,913 | 17,295 |
Equity securities, Gross Unrealized Losses | 588 | 818 |
Equity and other securities, Estimated Fair Value | 496,557 | 693,664 |
Other securities, Amortized cost | 419,971 | 599,747 |
Other securities, Estimated fair value | 419,971 | 599,747 |
Total debt securities Amortized cost | 12,113,385 | 12,186,063 |
Total debt securities Gross unrealized gains | 56,660 | 33,060 |
Total debt securities Gross unrealized losses | 144,865 | 281,131 |
Total debt securities Estimated fair value | 12,025,180 | 11,937,992 |
Readily marketable securities Amortized cost | 48,261 | 77,440 |
Readily marketable securities Gross unrealized gains | 28,913 | 17,295 |
Readily marketable securities Gross unrealized losses | 588 | 818 |
Readily marketable securities Estimated fair value | 76,586 | 93,917 |
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 | 1,144,288 | 1,346,782 |
Investment securities available for sale, gross unrealized gains | 4 | |
Investment securities available for sale, gross unrealized losses | 4,864 | 9,851 |
Investment securities available for sale, estimated fair value | 1,139,428 | 1,336,931 |
Amortized cost for held to maturity | 944,230 | 446,542 |
Gross unrealized gains for held to maturity | 735 | |
Gross unrealized losses for held to maturity | 15 | 239 |
Estimated fair value for held to maturity | 944,950 | 446,303 |
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 | 1,181 | 1,660 |
Investment securities available for sale, gross unrealized gains | 4 | 4 |
Investment securities available for sale, gross unrealized losses | 4 | 5 |
Investment securities available for sale, estimated fair value | 1,181 | 1,659 |
Amortized cost for held to maturity | 6,810 | 7,494 |
Gross unrealized gains for held to maturity | 27 | 22 |
Gross unrealized losses for held to maturity | 12 | |
Estimated fair value for held to maturity | 6,837 | 7,504 |
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 | 7,115,459 | 7,383,340 |
Investment securities available for sale, gross unrealized gains | 29,959 | 15,754 |
Investment securities available for sale, gross unrealized losses | 91,511 | 182,103 |
Investment securities available for sale, estimated fair value | 7,053,907 | 7,216,991 |
Amortized cost for held to maturity | 2,652,219 | 2,745,776 |
Gross unrealized gains for held to maturity | 11,876 | 4,165 |
Gross unrealized losses for held to maturity | 19,472 | 55,111 |
Estimated fair value for held to maturity | 2,644,623 | 2,694,830 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 16 | 24 |
Investment securities available for sale, gross unrealized losses | 2 | |
Investment securities available for sale, estimated fair value | 16 | 22 |
Amortized cost for held to maturity | 107,858 | 113,160 |
Gross unrealized gains for held to maturity | 12,806 | 12,345 |
Gross unrealized losses for held to maturity | 21,060 | 22,327 |
Estimated fair value for held to maturity | 99,604 | 103,178 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 137,742 | 137,617 |
Investment securities available for sale, gross unrealized gains | 1,249 | 770 |
Investment securities available for sale, gross unrealized losses | 7,939 | 11,481 |
Investment securities available for sale, estimated fair value | 131,052 | 126,906 |
Amortized cost for held to maturity | 3,582 | 3,668 |
Estimated fair value for held to maturity | $ 3,582 | $ 3,668 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Due in one year or less | $ 1,141,640 | |
Due after one year through five years | 9,470 | |
Due after five years through ten years | 102,101 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 1,283,211 | |
Mortgage-backed securities available for sale | 7,115,475 | |
Investment securities available for sale, amortized cost | 8,398,686 | $ 8,869,423 |
Debt securities held to maturity: | ||
Due in one year or less | 947,176 | |
Due after one year through five years | 3,864 | |
Due after ten years | 3,582 | |
Total available for held to maturity (amortized cost) | 954,622 | |
Mortgage-backed securities held to maturity | 2,760,077 | |
Amortized cost for held to maturity | 3,714,699 | 3,316,640 |
Debt securities available for sale: | ||
Due in one year or less | 1,136,864 | |
Due after one year through five years | 9,355 | |
Due after five years through ten years | 99,642 | |
Due after ten years | 25,800 | |
Total available for sale (fair value) | 1,271,661 | |
Mortgage-backed securities available for sale | 7,053,923 | |
Total | 8,325,584 | 8,682,509 |
Debt securities held to maturity: | ||
Due in one year or less | 947,905 | |
Due after one year through five years | 3,882 | |
Due after ten years | 3,582 | |
Total available for held to maturity (fair value) | 955,369 | |
Mortgage-backed securities held to maturity | 2,744,227 | |
Total | $ 3,699,596 | $ 3,255,483 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 55,221 | $ 459,960 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (406) | (5,088) |
Estimated fair value, 12 months or more | 6,282,481 | 7,048,346 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (103,912) | (198,354) |
Held to maturity, Estimated fair value, Less than 12 months | 249,082 | 625,657 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (15) | (1,228) |
Held to maturity, Estimated fair value, 12 months or more | 1,671,671 | 2,137,792 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (40,532) | (76,461) |
Total investment securities, fair value less than 12 months | 304,303 | 1,085,617 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (421) | (6,316) |
Total of investment securities, fair value, 12 Months or More | 7,954,152 | 9,186,138 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (144,444) | (274,815) |
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 | 274 | 273 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1) | (2) |
Estimated fair value, 12 months or more | 1,137,550 | 1,335,559 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (4,863) | (9,849) |
Held to maturity, Estimated fair value, Less than 12 months | 249,082 | 446,303 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (15) | (239) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 629 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (5) | |
Estimated fair value, 12 months or more | 507 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (4) | |
Held to maturity, Estimated fair value, 12 months or more | 3,126 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (12) | |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 18,447 | 405,558 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (111) | (2,892) |
Estimated fair value, 12 months or more | 5,076,762 | 5,646,773 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (91,400) | (179,211) |
Held to maturity, Estimated fair value, Less than 12 months | 179,354 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (989) | |
Held to maturity, Estimated fair value, 12 months or more | 1,620,580 | 2,082,723 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (19,472) | (54,122) |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 36,500 | 53,478 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (294) | (2,187) |
Estimated fair value, 12 months or more | 67,662 | 66,014 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (7,645) | (9,294) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 22 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2) | |
Held to maturity, Estimated fair value, 12 months or more | 51,091 | 51,943 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ (21,060) | $ (22,327) |
Loans and Leases and the Allo_3
Loans and Leases and the Allowance for Credit Losses - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 86,248,711 | $ 86,140,950 |
30-89 Days Past Due | 942,526 | 866,337 |
Accruing Loans Past Due 90 Days or More | 244,257 | 222,527 |
Purchased Impaired | 278,783 | 303,305 |
Nonaccrual | 881,611 | 893,608 |
Loans and leases, net of unearned discount | 88,639,883 | 88,466,477 |
Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 43,995 | 39,750 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 22,701,500 | 22,701,020 |
30-89 Days Past Due | 141,555 | 39,798 |
Accruing Loans Past Due 90 Days or More | 1,047 | 2,567 |
Nonaccrual | 245,819 | 234,423 |
Loans and leases, net of unearned discount | 23,090,204 | 22,977,976 |
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 | 283 | 168 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,441,419 | 25,250,983 |
30-89 Days Past Due | 159,209 | 134,474 |
Accruing Loans Past Due 90 Days or More | 7,394 | 11,457 |
Purchased Impaired | 10,305 | 9,769 |
Nonaccrual | 207,709 | 203,672 |
Loans and leases, net of unearned discount | 25,826,194 | 25,610,365 |
Commercial [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 158 | 10 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,738,846 | 1,665,178 |
30-89 Days Past Due | 2,190 | 20,333 |
Purchased Impaired | 549 | |
Nonaccrual | 4,392 | 4,798 |
Loans and leases, net of unearned discount | 1,745,977 | 1,690,309 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,036,036 | 6,982,077 |
30-89 Days Past Due | 31,152 | 43,615 |
Accruing Loans Past Due 90 Days or More | 31,032 | 14,344 |
Purchased Impaired | 640 | 641 |
Nonaccrual | 19,899 | 22,205 |
Loans and leases, net of unearned discount | 7,118,759 | 7,062,882 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 13,337,558 | 13,591,790 |
30-89 Days Past Due | 406,106 | 404,808 |
Accruing Loans Past Due 90 Days or More | 199,940 | 189,682 |
Purchased Impaired | 187,631 | 203,044 |
Nonaccrual | 210,266 | 233,352 |
Loans and leases, net of unearned discount | 14,347,926 | 14,629,326 |
Residential [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 6,425 | 6,650 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,186,132 | 2,278,040 |
30-89 Days Past Due | 71,354 | 72,544 |
Purchased Impaired | 79,658 | 89,851 |
Nonaccrual | 84,863 | 84,685 |
Loans and leases, net of unearned discount | 2,422,007 | 2,525,120 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,634,634 | 4,758,513 |
30-89 Days Past Due | 31,145 | 25,416 |
Nonaccrual | 69,245 | 71,292 |
Loans and leases, net of unearned discount | 4,739,895 | 4,860,254 |
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 | 4,871 | 5,033 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,295,732 | 4,085,781 |
30-89 Days Past Due | 22,549 | 29,947 |
Nonaccrual | 10,972 | 11,199 |
Loans and leases, net of unearned discount | 4,329,488 | 4,127,162 |
Recreational Finance [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | 235 | 235 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,619,015 | 3,555,757 |
30-89 Days Past Due | 62,846 | 79,804 |
Nonaccrual | 21,209 | 23,359 |
Loans and leases, net of unearned discount | 3,703,070 | 3,658,920 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,257,839 | 1,271,811 |
30-89 Days Past Due | 14,420 | 15,598 |
Accruing Loans Past Due 90 Days or More | 4,844 | 4,477 |
Nonaccrual | 7,237 | 4,623 |
Loans and leases, net of unearned discount | 1,316,363 | 1,324,163 |
Other [Member] | Accruing Loans Acquired at Discount [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans Past Due 90 Days or More | $ 32,023 | $ 27,654 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Loans And Leases Receivable [Line Items] | ||
Commercial real estate loans held for sale | $ 166 | $ 347 |
Contractual principal and interest payments | $ 279 | 303 |
Minimum delinquency period for loan level collectability analysis consumer mortgage | 150 days | |
Amount of foreclosed residential real estate property held | $ 81 | 77 |
Loans secured by residential real estate that were in the process of foreclosure | $ 382 | 391 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as purchased impaired | 38.00% | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 21.00% | |
Guaranteed amount included in the estimated residual value of leased assets associated with direct financing leases | $ 35 | $ 39 |
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 | |
Residential Mortgage Loans [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | $ 178 | $ 205 |
Carrying value of loans for which partial charge-off has been recognized | 29 | 29 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | 19 | 21 |
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 | 22 | 23 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | $ 33 | $ 31 |
Loans and Leases and the Allo_5
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Outstanding principal balance | $ 960,990 | $ 1,016,785 |
Carrying amount | 686,116 | 727,491 |
Commercial, Financial, Leasing, etc. [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 25,060 | 27,073 |
Commercial Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 125,310 | 135,047 |
Residential Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 442,260 | 473,511 |
Consumer [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | $ 93,486 | $ 91,860 |
Loans and Leases and the Allo_6
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Purchased Impaired [Member] | ||
Summary of changes in Accretable Yield for acquired loans | ||
Balance at beginning of period | $ 147,210 | $ 157,918 |
Interest income | (18,082) | (9,819) |
Reclassifications from nonaccretable balance | 11,189 | 908 |
Balance at end of period | 140,317 | 149,007 |
Other Acquired [Member] | ||
Summary of changes in Accretable Yield for acquired loans | ||
Balance at beginning of period | 96,907 | 133,162 |
Interest income | (9,717) | (15,112) |
Reclassifications from nonaccretable balance | 4,865 | 207 |
Other | 1,632 | (73) |
Balance at end of period | $ 93,687 | $ 118,184 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 1,019,444 | $ 1,017,198 |
Provision for credit losses | 22,000 | 43,000 |
Net charge-offs | ||
Charge-offs | (45,100) | (56,752) |
Recoveries | 22,993 | 16,225 |
Net (charge-offs) recoveries | (22,107) | (40,527) |
Ending balance | 1,019,337 | 1,019,671 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 330,055 | 328,599 |
Provision for credit losses | 6,271 | 7,230 |
Net charge-offs | ||
Charge-offs | (8,500) | (14,581) |
Recoveries | 7,794 | 4,823 |
Net (charge-offs) recoveries | (706) | (9,758) |
Ending balance | 335,620 | 326,071 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 341,655 | 374,085 |
Provision for credit losses | (4,203) | (5,225) |
Net charge-offs | ||
Charge-offs | (283) | (1,366) |
Recoveries | 826 | 223 |
Net (charge-offs) recoveries | 543 | (1,143) |
Ending balance | 337,995 | 367,717 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 69,125 | 65,405 |
Provision for credit losses | (2,447) | 10,486 |
Net charge-offs | ||
Charge-offs | (3,372) | (4,354) |
Recoveries | 1,830 | 1,510 |
Net (charge-offs) recoveries | (1,542) | (2,844) |
Ending balance | 65,136 | 73,047 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 200,564 | 170,809 |
Provision for credit losses | 22,883 | 29,814 |
Net charge-offs | ||
Charge-offs | (32,945) | (36,451) |
Recoveries | 12,543 | 9,669 |
Net (charge-offs) recoveries | (20,402) | (26,782) |
Ending balance | 203,045 | 173,841 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 78,045 | 78,300 |
Provision for credit losses | (504) | 695 |
Net charge-offs | ||
Ending balance | $ 77,541 | $ 78,995 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | $ 575,585 | $ 542,255 |
Unpaid principal balance with related allowance | 663,177 | 630,609 |
Related allowance | 81,991 | 79,646 |
Recorded investment with no related allowance | 254,283 | 254,196 |
Unpaid principal balance with no related allowance | 283,855 | 305,559 |
Recorded investment | 829,868 | 796,451 |
Unpaid principal balance | 947,032 | 936,168 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 102,247 | 110,253 |
Unpaid principal balance with related allowance | 119,062 | 125,117 |
Related allowance | 10,449 | 11,937 |
Recorded investment with no related allowance | 125,289 | 113,376 |
Unpaid principal balance with no related allowance | 138,095 | 124,657 |
Recorded investment | 227,536 | 223,629 |
Unpaid principal balance | 257,157 | 249,774 |
Automobile [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 3,522 | 3,527 |
Unpaid principal balance with related allowance | 3,603 | 3,599 |
Related allowance | 729 | 729 |
Recorded investment | 3,522 | 3,527 |
Unpaid principal balance | 3,603 | 3,599 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 201,337 | 153,478 |
Unpaid principal balance with related allowance | 220,116 | 175,549 |
Related allowance | 50,192 | 46,034 |
Recorded investment with no related allowance | 91,355 | 105,507 |
Unpaid principal balance with no related allowance | 97,342 | 136,128 |
Recorded investment | 292,692 | 258,985 |
Unpaid principal balance | 317,458 | 311,677 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 6,805 | 5,981 |
Unpaid principal balance with related allowance | 7,399 | 6,557 |
Related allowance | 327 | 462 |
Recorded investment with no related allowance | 2,756 | 2,593 |
Unpaid principal balance with no related allowance | 2,781 | 2,602 |
Recorded investment | 9,561 | 8,574 |
Unpaid principal balance | 10,180 | 9,159 |
Other Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 10,696 | 10,563 |
Unpaid principal balance with related allowance | 13,624 | 11,113 |
Related allowance | 703 | 640 |
Recorded investment with no related allowance | 9,203 | 11,710 |
Unpaid principal balance with no related allowance | 9,432 | 11,880 |
Recorded investment | 19,899 | 22,273 |
Unpaid principal balance | 23,056 | 22,993 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 121,351 | 124,974 |
Unpaid principal balance with related allowance | 142,872 | 147,817 |
Related allowance | 5,291 | 5,402 |
Recorded investment with no related allowance | 19,535 | 15,379 |
Unpaid principal balance with no related allowance | 25,771 | 20,496 |
Recorded investment | 140,886 | 140,353 |
Unpaid principal balance | 168,643 | 168,313 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 71,113 | 74,156 |
Unpaid principal balance with related allowance | 86,276 | 90,066 |
Related allowance | 3,000 | 3,000 |
Recorded investment with no related allowance | 6,145 | 5,631 |
Unpaid principal balance with no related allowance | 10,434 | 9,796 |
Recorded investment | 77,258 | 79,787 |
Unpaid principal balance | 96,710 | 99,862 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 47,363 | 47,982 |
Unpaid principal balance with related allowance | 52,583 | 53,248 |
Related allowance | 9,025 | 9,135 |
Recorded investment | 47,363 | 47,982 |
Unpaid principal balance | 52,583 | 53,248 |
Recreational Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 5,539 | 6,138 |
Unpaid principal balance with related allowance | 5,740 | 9,163 |
Related allowance | 1,147 | 1,261 |
Recorded investment | 5,539 | 6,138 |
Unpaid principal balance | 5,740 | 9,163 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 5,612 | 5,203 |
Unpaid principal balance with related allowance | 11,902 | 8,380 |
Related allowance | 1,128 | 1,046 |
Recorded investment | 5,612 | 5,203 |
Unpaid principal balance | $ 11,902 | $ 8,380 |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | $ 800,863 | $ 745,805 |
Interest income recognized, Total | 8,917 | 9,971 |
Interest income recognized, Cash basis | 5,771 | 7,320 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 225,374 | 181,846 |
Interest income recognized, Total | 1,091 | 3,147 |
Interest income recognized, Cash basis | 1,091 | 3,147 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 265,248 | 272,172 |
Interest income recognized, Total | 3,038 | 783 |
Interest income recognized, Cash basis | 3,038 | 783 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 8,875 | 9,840 |
Interest income recognized, Total | 115 | 1,682 |
Interest income recognized, Cash basis | 115 | 1,682 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 20,398 | 10,102 |
Interest income recognized, Total | 564 | 6 |
Interest income recognized, Cash basis | 564 | 6 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 140,403 | 121,209 |
Interest income recognized, Total | 2,022 | 1,902 |
Interest income recognized, Cash basis | 666 | 902 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 78,238 | 85,595 |
Interest income recognized, Total | 1,353 | 1,728 |
Interest income recognized, Cash basis | 208 | 696 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 47,556 | 48,797 |
Interest income recognized, Total | 416 | 414 |
Interest income recognized, Cash basis | 62 | 86 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 6,023 | 1,458 |
Interest income recognized, Total | 142 | 63 |
Interest income recognized, Cash basis | 4 | 2 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 3,530 | 13,125 |
Interest income recognized, Total | 54 | 224 |
Interest income recognized, Cash basis | 19 | 15 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 5,218 | 1,661 |
Interest income recognized, Total | 122 | 22 |
Interest income recognized, Cash basis | $ 4 | $ 1 |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Summary of Loan Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 88,639,883 | $ 88,466,477 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,090,204 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,734,455 | 21,693,705 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,109,930 | 1,049,848 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 245,819 | 234,423 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,826,194 | 25,610,365 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,686,100 | 24,539,706 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 932,385 | 866,987 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 207,709 | 203,672 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,745,977 | 1,690,309 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,535,068 | 1,546,002 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 206,517 | 139,509 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,392 | 4,798 |
Other Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,118,759 | 7,062,882 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,870,882 | 6,890,562 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 227,978 | 150,115 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 19,899 | $ 22,205 |
Loans and Leases and the All_11
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 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 81,991 | $ 79,646 | ||
Allowance for credit losses | 849,988 | 849,356 | ||
Allowance for credit losses | 1,019,337 | 1,019,444 | $ 1,019,671 | $ 1,017,198 |
Purchased Impaired [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 9,817 | 12,397 | ||
Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 941,796 | 941,399 | ||
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 77,541 | 78,045 | $ 78,995 | $ 78,300 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 50,192 | 46,034 | ||
Allowance for credit losses | 285,428 | 284,021 | ||
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 335,620 | 330,055 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 11,479 | 13,039 | ||
Allowance for credit losses | 326,516 | 328,616 | ||
Commercial Real Estate [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 337,995 | 341,655 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 8,291 | 8,402 | ||
Allowance for credit losses | 47,028 | 48,326 | ||
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 | 9,817 | 12,397 | ||
Residential Real Estate [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 65,136 | 69,125 | ||
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 12,029 | 12,171 | ||
Allowance for credit losses | 191,016 | 188,393 | ||
Consumer Loans [Member] | Allocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 203,045 | $ 200,564 |
Loans and Leases and the All_12
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 88,639,883 | $ 88,466,477 |
Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 829,868 | 796,451 |
Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 87,531,232 | 87,366,721 |
Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 278,783 | 303,305 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,090,204 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 292,692 | 258,985 |
Commercial, Financial, Leasing, etc. [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,797,512 | 22,718,991 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 34,690,930 | 34,363,556 |
Commercial Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 256,996 | 254,476 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 34,422,440 | 34,098,670 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,494 | 10,410 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,769,933 | 17,154,446 |
Residential Real Estate [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 218,144 | 220,140 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,284,500 | 16,641,411 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 267,289 | 292,895 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 14,088,816 | 13,970,499 |
Consumer Loans [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 62,036 | 62,850 |
Consumer Loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 14,026,780 | $ 13,907,649 |
Loans and Leases and the All_13
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Modification | Mar. 31, 2018USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 132 | 150 |
Pre-modification Recorded Investment | $ 46,537 | $ 70,002 |
Post- modification | $ 46,291 | $ 72,622 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 15 | 20 |
Pre-modification Recorded Investment | $ 9,241 | $ 6,780 |
Post- modification | 8,954 | 6,751 |
Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 10,924 | 49,656 |
Principal Deferral [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 987 | 5,824 |
Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 624 | |
Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 35,367 | 22,342 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 7,967 | $ 927 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 65 | 56 |
Pre-modification Recorded Investment | $ 30,615 | $ 47,994 |
Post- modification | 30,744 | 49,344 |
Commercial, Financial, Leasing, etc. [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 6,474 | 35,673 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 624 | |
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 24,270 | $ 13,047 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 2 | |
Pre-modification Recorded Investment | $ 1,330 | |
Post- modification | 1,068 | |
Residential Builder and Developer [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 1,068 | |
Other Commercial Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 1 | 1 |
Pre-modification Recorded Investment | $ 418 | $ 752 |
Post- modification | 366 | 746 |
Other Commercial Construction [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 746 | |
Other Commercial Construction [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 366 | |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 17 | 47 |
Pre-modification Recorded Investment | $ 3,816 | $ 12,636 |
Post- modification | 4,024 | 13,847 |
Residential [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 1,751 | 6,945 |
Residential [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 2,273 | $ 6,902 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 1 | 2 |
Pre-modification Recorded Investment | $ 236 | $ 295 |
Post- modification | 239 | 385 |
Residential Limited Documentation [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 239 | 267 |
Residential Limited Documentation [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 118 | |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 7 | 14 |
Pre-modification Recorded Investment | $ 476 | $ 1,348 |
Post- modification | 491 | 1,352 |
Home Equity Lines and Loans [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 37 | 4 |
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 454 | $ 1,348 |
Automobile [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 20 | 8 |
Pre-modification Recorded Investment | $ 317 | $ 148 |
Post- modification | 317 | 148 |
Automobile [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | 280 | $ 148 |
Automobile [Member] | Combination of Concession Types [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 37 | |
Recreational Finance [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | Modification | 4 | 2 |
Pre-modification Recorded Investment | $ 88 | $ 49 |
Post- modification | 88 | 49 |
Recreational Finance [Member] | Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Post- modification | $ 88 | $ 49 |
Loans and Leases and the All_14
Loans and Leases and the Allowance for Credit Losses - Summary of Lease Financing Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Direct financings: | ||
Lease payments receivable | $ 1,140,794 | $ 1,155,464 |
Estimated residual value of leased assets | 82,686 | 85,169 |
Unearned income | (106,797) | (110,458) |
Investment in direct financings | 1,116,683 | 1,130,175 |
Leveraged leases: | ||
Lease payments receivable | 82,841 | 85,007 |
Estimated residual value of leased assets | 81,261 | 81,261 |
Unearned income | (33,273) | (33,717) |
Investment in leveraged leases | 130,829 | 132,551 |
Total investment in leases | 1,247,512 | 1,262,726 |
Deferred taxes payable arising from leveraged leases | $ 73,808 | $ 74,995 |
Loans and Leases and the All_15
Loans and Leases and the Allowance for Credit Losses - Minimum Future Lease Payments to be Received from Lease Financings (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Receivables [Abstract] | |
2020 | $ 322,403 |
2021 | 302,912 |
2022 | 220,516 |
2023 | 148,313 |
2024 | 84,610 |
Later years | 144,881 |
Total | $ 1,223,635 |
Operating Leases - Summary of R
Operating Leases - Summary of Right-of-Use Assets Recognized as Component of Premises and Equipment and Lease Liabilities Recognized as Component of Accrued Interest and Other Liabilities in Consolidated Balance Sheet (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Right-of-use assets | $ 392,847 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Lease liabilities | $ 419,958 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Period of noncancelable operating lease in years | 23 years |
Operating Leases - Summary of L
Operating Leases - Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 24,639 |
Short-term lease cost | 34 |
Variable lease cost | 466 |
Sublease income | (1,917) |
Total net lease cost | 23,222 |
Other information | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 20,410 |
Cash paid toward lease liabilities | $ 25,656 |
Weighted-average remaining lease term | 7 years |
Weighted-average discount rate | 3.20% |
Operating Leases - Summary of M
Operating Leases - Summary of Minimum Lease Payments Under Noncancelable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 93,460 |
2021 | 87,025 |
2022 | 71,369 |
2023 | 58,847 |
2024 | 41,034 |
Later years | 111,683 |
Total lease payments | 463,418 |
Less: imputed interest | 43,460 |
Lease liabilities | $ 419,958 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instruments [Abstract] | ||
Junior subordinated debentures | $ 523 | |
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Agreements to repurchase securities | $ 406 | $ 409 |
Collateral posted | $ 425 | $ 428 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Mar. 31, 2019 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Period of satisfaction of contract with customer | 1 year |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 54 | $ 56 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 43 | $ 43 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Noted Accounting Guidance (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Brokerage services income | $ 12,476 | $ 13,392 |
Other revenues from operations: | ||
Total other income | 500,765 | 458,696 |
Service Charges on Deposit Accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 103,112 | 105,115 |
Trust Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 132,786 | 131,375 |
ASU 2014-09 [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Brokerage services income | 12,476 | 13,392 |
Other revenues from operations: | ||
Merchant discount and credit card fees | 25,138 | 24,772 |
Other | 23,237 | 22,890 |
Total other income | 296,749 | 297,544 |
ASU 2014-09 [Member] | Business Banking [Member] | ||
Other revenues from operations: | ||
Merchant discount and credit card fees | 8,882 | 7,503 |
Total other income | 23,996 | 22,907 |
ASU 2014-09 [Member] | Commercial Banking [Member] | ||
Other revenues from operations: | ||
Merchant discount and credit card fees | 12,092 | 12,712 |
Other | 1,002 | 1,563 |
Total other income | 36,518 | 38,929 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||
Other revenues from operations: | ||
Merchant discount and credit card fees | 606 | 554 |
Other | 1,788 | 859 |
Total other income | 4,920 | 4,177 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||
Other revenues from operations: | ||
Other | 401 | 452 |
Total other income | 401 | 452 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||
Other revenues from operations: | ||
Other | 1,064 | 1,043 |
Total other income | 1,066 | 1,046 |
ASU 2014-09 [Member] | Retail Banking [Member] | ||
Other revenues from operations: | ||
Merchant discount and credit card fees | 3,138 | 3,388 |
Other | 8,494 | 9,865 |
Total other income | 72,783 | 73,854 |
ASU 2014-09 [Member] | All Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Brokerage services income | 12,476 | 13,392 |
Other revenues from operations: | ||
Merchant discount and credit card fees | 420 | 615 |
Other | 10,488 | 9,108 |
Total other income | 157,065 | 156,179 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 103,112 | 105,115 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Business Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 15,109 | 15,404 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 23,210 | 24,654 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 2,526 | 2,764 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Residential Mortgage Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 2 | 3 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Retail Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 61,151 | 60,601 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | All Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 1,114 | 1,689 |
ASU 2014-09 [Member] | Trust Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 132,786 | 131,375 |
ASU 2014-09 [Member] | Trust Income [Member] | Business Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 5 | |
ASU 2014-09 [Member] | Trust Income [Member] | Commercial Banking [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | 214 | |
ASU 2014-09 [Member] | Trust Income [Member] | All Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contract with customer | $ 132,567 | $ 131,375 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Defined Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,087 | $ 5,103 |
Interest cost on projected benefit obligation | 20,200 | 18,805 |
Expected return on plan assets | (30,600) | (30,875) |
Amortization of prior service cost (credit) | 125 | 125 |
Amortization of net actuarial loss (gain) | 4,450 | 11,100 |
Net periodic cost (benefit) | (1,738) | 4,258 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 200 | 226 |
Interest cost on projected benefit obligation | 603 | 557 |
Amortization of prior service cost (credit) | (1,175) | (1,175) |
Amortization of net actuarial loss (gain) | (300) | (200) |
Net periodic cost (benefit) | $ (672) | $ (592) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Defined contribution pension and retirement savings plans total expense | $ 22.2 | $ 21.3 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income available to common shareholders: | ||
Net income | $ 482,742 | $ 352,610 |
Less: Preferred stock dividends | (18,130) | (18,130) |
Net income available to common equity | 464,612 | 334,480 |
Less: Income attributable to unvested stock-based compensation awards | (2,526) | (1,732) |
Net income available to common shareholders | $ 462,086 | $ 332,748 |
Weighted-average shares outstanding: | ||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 138,637 | 149,470 |
Less: Unvested stock-based compensation awards | (748) | (782) |
Weighted-average shares outstanding | 137,889 | 148,688 |
Basic earnings per common share | $ 3.35 | $ 2.24 |
Earnings Per Common Share - C_2
Earnings Per Common Share - Computations of Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available to common equity | $ 464,612 | $ 334,480 |
Less: Income attributable to unvested stock-based compensation awards | (2,526) | (1,731) |
Net income available to common shareholders | $ 462,086 | $ 332,749 |
Adjusted weighted-average shares outstanding: | ||
Common and unvested stock-based compensation awards | 138,637 | 149,470 |
Less: Unvested stock-based compensation awards | (748) | (782) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 31 | 217 |
Adjusted weighted-average shares outstanding | 137,920 | 148,905 |
Diluted earnings per common share | $ 3.35 | $ 2.23 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 280,818 | 237,584 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | $ (569,328) | $ (493,290) |
Cumulative effect of change in accounting principles — equity securities, before tax | (22,795) | |
Unrealized holding gains (losses), net, before tax | 113,805 | (145,457) |
Foreign currency translation adjustment, before tax | 348 | 1,632 |
Unrealized gains (losses) on cash flow hedges, before tax | 54,347 | (14,719) |
Total other comprehensive income (loss) before reclassifications, before tax | 168,500 | (158,544) |
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 928 | 810 |
Losses realized in net income, before tax | 7 | |
Accretion of net gain on terminated cash flow hedges, before tax | (28) | (28) |
Net yield adjustment from cash flow hedges currently in effect, before tax | 6,625 | 580 |
Amortization of prior service credit, before tax | (1,050) | (1,050) |
Amortization of actuarial losses, before tax | 4,150 | 10,900 |
Total other comprehensive income (loss), before tax | 179,132 | (147,332) |
Ending balance, before tax | (390,196) | (663,417) |
Beginning balance, tax | 149,247 | 129,476 |
Cumulative effect of change in accounting principles — equity securities, tax | 5,942 | |
Unrealized holding gains (losses), net, tax | (29,902) | 44,176 |
Foreign currency translation adjustment, tax | (73) | (342) |
Unrealized gains (losses) on cash flow hedges, tax | (14,288) | 3,870 |
Total other comprehensive income (loss) before reclassifications, tax | (44,263) | 47,704 |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (245) | (213) |
Losses realized in net income, tax | (2) | |
Accretion of net gain on terminated cash flow hedges, tax | 7 | 7 |
Net yield adjustment from cash flow hedges currently in effect, tax | (1,742) | (152) |
Amortization of prior service credit, tax | 276 | 276 |
Amortization of actuarial losses, tax | (1,091) | (2,866) |
Total other comprehensive income (loss), tax | (47,060) | 44,756 |
Ending balance, tax | 102,187 | 180,174 |
Beginning balance, net of tax | (420,081) | (363,814) |
Cumulative effect of change in accounting principle — equity securities | (16,853) | |
Unrealized holding gains (losses), net of tax | 83,903 | (101,281) |
Foreign currency translation adjustment | 275 | 1,290 |
Unrealized gains (losses) on cash flow hedges, net of tax | 40,059 | (10,849) |
Total other comprehensive income (loss) before reclassifications, net of tax | 124,237 | (110,840) |
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 683 | 597 |
Losses realized in net income, net of tax | 5 | |
Accretion of net gain on terminated cash flow hedges, net of tax | (21) | (21) |
Net yield adjustment from cash flow hedges currently in effect, net of tax | 4,883 | 428 |
Amortization of prior service credit, net of tax | (774) | (774) |
Amortization of actuarial losses, net of tax | 3,059 | 8,034 |
Total other comprehensive income (loss) | 132,072 | (102,576) |
Ending balance, net of tax | (288,009) | (483,243) |
Investment Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | (200,107) | (59,957) |
Cumulative effect of change in accounting principles — equity securities, before tax | (22,795) | |
Unrealized holding gains (losses), net, before tax | 113,805 | (145,457) |
Total other comprehensive income (loss) before reclassifications, before tax | 113,805 | (145,457) |
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 928 | 810 |
Losses realized in net income, before tax | 7 | |
Total other comprehensive income (loss), before tax | 114,740 | (144,647) |
Ending balance, before tax | (85,367) | (227,399) |
Total other comprehensive income (loss) | 84,591 | |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | (354,502) | (413,168) |
Amortization of prior service credit, before tax | (1,050) | (1,050) |
Amortization of actuarial losses, before tax | 4,150 | 10,900 |
Total other comprehensive income (loss), before tax | 3,100 | 9,850 |
Ending balance, before tax | (351,402) | (403,318) |
Total other comprehensive income (loss) | 2,285 | |
Other [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, before tax | (14,719) | (20,165) |
Foreign currency translation adjustment, before tax | 348 | 1,632 |
Unrealized gains (losses) on cash flow hedges, before tax | 54,347 | (14,719) |
Total other comprehensive income (loss) before reclassifications, before tax | 54,695 | (13,087) |
Accretion of net gain on terminated cash flow hedges, before tax | (28) | (28) |
Net yield adjustment from cash flow hedges currently in effect, before tax | 6,625 | 580 |
Total other comprehensive income (loss), before tax | 61,292 | (12,535) |
Ending balance, before tax | $ 46,573 | $ (32,700) |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 15,460,191 | $ 16,250,819 |
Net gain during period | 132,072 | (102,576) |
Ending balance | 15,587,529 | 15,709,694 |
Investment Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (147,526) | |
Net gain during period | 84,591 | |
Ending balance | (62,935) | |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (261,303) | |
Net gain during period | 2,285 | |
Ending balance | (259,018) | |
Accumulated Other Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (11,252) | |
Net gain during period | 45,196 | |
Ending balance | 33,944 | |
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (420,081) | (363,814) |
Net gain during period | 132,072 | |
Ending balance | $ (288,009) | $ (483,243) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 34,200,000,000 | $ 19,850,000,000 | |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 16,000,000 | 18,000,000 | |
Aggregate fair value of derivative financial instruments in a liability position | 20,000,000 | 21,000,000 | |
Net liability positions with counterparties | 20,000,000 | 21,000,000 | |
Aggregate fair value of derivative financial instruments in asset position | 7,000,000 | 18,000,000 | |
Net fair value of derivative financial instruments in a net asset position | 7,000,000 | 18,000,000 | |
Collateral relating to net asset positions | 3,000,000 | 16,000,000 | |
Counterparties [Member] | |||
Derivative [Line Items] | |||
Post collateral requirements relating to positions | 20,000,000 | 18,000,000 | |
Clearinghouse Credit Facilities [Member] | |||
Derivative [Line Items] | |||
Amount of initial margin posted | 71,000,000 | 65,000,000 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Increase decrease in net interest income due to interest rate swap agreements | (13,000,000) | $ 1,000,000 | |
Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 43,300,000,000 | 42,900,000,000 | |
Foreign Currency and Other Option and Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 832,000,000 | $ 763,000,000 | |
Credit Risk Derivative [Member] | |||
Derivative [Line Items] | |||
Fair value of additional collateral to be posted for derivative financial instruments | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 34,200,000,000 | $ 19,850,000,000 |
Average Maturity (in years) | 1 year 7 months 6 days | 1 year 8 months 12 days |
Estimated Fair Value Gain (Loss) | $ (16,924,000) | $ 5,530,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 29,750,000,000 | $ 15,400,000,000 |
Average Maturity (in years) | 1 year 4 months 24 days | 1 year 3 months 18 days |
Weighted-Average Rate, Fixed | 2.29% | 1.52% |
Weighted-Average Rate, Variable | 2.49% | 2.35% |
Estimated Fair Value Gain (Loss) | $ (12,534,000) | $ 1,311,000 |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 4,450,000,000 | $ 4,450,000,000 |
Average Maturity (in years) | 2 years 7 months 6 days | 2 years 9 months 18 days |
Weighted-Average Rate, Fixed | 2.47% | 2.47% |
Weighted-Average Rate, Variable | 3.04% | 3.02% |
Estimated Fair Value Gain (Loss) | $ (4,390,000) | $ 4,219,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 34,200,000,000 | $ 19,850,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 16,400,000,000 | 12,600,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 11,900,000 | 54,700,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | $ 65,700,000 | $ 9,100,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 220,442 | $ 148,862 |
Liability Derivatives, Fair Value | 122,846 | 190,686 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 219,030 | 142,242 |
Liability Derivatives, Fair Value | 102,242 | 184,252 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 1,412 | 6,620 |
Liability Derivatives, Fair Value | 20,604 | 6,434 |
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 | 267 | 5,530 |
Liability Derivatives, Fair Value | 17,191 | |
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 | 3,687 | 3,702 |
Liability Derivatives, Fair Value | 2,843 | 4,535 |
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 | 1,145 | 1,090 |
Liability Derivatives, Fair Value | 3,413 | 6,434 |
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 | 8,059 | 9,304 |
Liability Derivatives, Fair Value | 626 | 1,592 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 199,404 | 118,687 |
Liability Derivatives, Fair Value | 92,383 | 169,255 |
Foreign Exchange and Other Option and Futures Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 7,880 | 10,549 |
Liability Derivatives, Fair Value | $ 6,390 | $ 8,870 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (88.1) | $ (170.7) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (122.8) | $ (49.7) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | $ 4,324 | $ 1,026 |
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 | 34,180 | (42,390) |
Derivatives in fair value hedging relationships, Hedged item | (34,014) | 42,370 |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | 2,711 | (1,605) |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging instruments, Derivatives | $ 1,613 | $ 2,631 |
Derivative Financial Instrume_9
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 4,428,645 | $ 4,394,109 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ (17,088) | $ (51,102) |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Variable Interest Entity Disclosure [Abstract] | |||
Loss on securitization of assets | $ 0 | $ 0 | |
Other assets for its "investment" in the common securities recognized by the company of various trusts | 23,000,000 | $ 23,000,000 | |
Total assets of partnerships in which the company invested | 1,100,000,000 | 1,100,000,000 | |
Maximum exposure to loss of investments in real estate partnerships | 517,000,000 | 523,000,000 | |
Unfunded commitments included in company's maximum exposure to loss of investments in real estate partnerships | 278,000,000 | $ 280,000,000 | |
Investments amortized to income tax expense | 17,000,000 | 13,000,000 | |
Federal tax credits and other federal tax benefits recognized | $ 20,000,000 | $ 16,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 276,322 | $ 185,584 |
Investment securities | 8,325,584 | 8,682,509 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,139,428 | 1,336,931 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 1,181 | 1,659 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 7,053,907 | 7,216,991 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,052 | 126,906 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 276,322 | 185,584 |
Investment securities | 8,325,584 | 8,682,509 |
Equity securities | 76,586 | 93,917 |
Real estate loans held for sale | 344,350 | 551,697 |
Other assets | 13,158 | 19,626 |
Total assets | 9,036,000 | 9,533,333 |
Trading account liabilities | 98,771 | 178,125 |
Other liabilities | 24,073 | 12,561 |
Total liabilities | 122,844 | 190,686 |
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 | 46,521 | 46,018 |
Equity securities | 43,301 | 71,989 |
Total assets | 89,822 | 118,007 |
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 | 229,801 | 139,566 |
Investment securities | 8,325,568 | 8,682,487 |
Equity securities | 33,285 | 21,928 |
Real estate loans held for sale | 344,350 | 551,697 |
Other assets | 5,099 | 10,322 |
Total assets | 8,938,103 | 9,406,000 |
Trading account liabilities | 98,771 | 178,125 |
Other liabilities | 23,447 | 10,969 |
Total liabilities | 122,218 | 189,094 |
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 | 16 | 22 |
Other assets | 8,059 | 9,304 |
Total assets | 8,075 | 9,326 |
Other liabilities | 626 | 1,592 |
Total liabilities | 626 | 1,592 |
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 | 1,139,428 | 1,336,931 |
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 | 1,139,428 | 1,336,931 |
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 | 1,181 | 1,659 |
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 | 1,181 | 1,659 |
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 | 7,053,907 | 7,216,991 |
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 | 7,053,907 | 7,216,991 |
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 | 16 | 22 |
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 | 16 | 22 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,052 | 126,906 |
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 | $ 131,052 | $ 126,906 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Transfer of asset from level 1 to 2 | $ 0 | $ 0 |
Transfer of asset from level 2 to 1 | 0 | 0 |
Transfer of liabilities from level 1 to 2 | 0 | 0 |
Transfer of liabilities from level 2 to 1 | $ 0 | $ 0 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Privately Issued Mortgage-Backed Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 22 | $ 28 |
Total gains (losses) realized/unrealized: | ||
Settlements | (6) | (1) |
Ending Balance | 16 | 27 |
Other Assets and Other Liabilities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 7,712 | 8,303 |
Total gains (losses) realized/unrealized: | ||
Included in earnings | 16,546 | 8,130 |
Transfers out of Level 3 | (16,825) | (7,673) |
Ending Balance | 7,433 | 8,760 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 8,525 | $ 8,778 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Input [Extensible List] | 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 | $ 20 | $ 27 | |
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 | 199 | 178 | $ 268 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 9 | 19 | |
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 | 121 | 97 | 120 |
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 | $ 78 | $ 81 | $ 148 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
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 | $ 16 | $ 22 |
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 | $ 7,433 | $ 7,712 |
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 | 94.00% | 95.00% |
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 | 17.00% | 13.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||||
Interest-bearing deposits at banks | $ 7,602,897 | $ 8,105,197 | ||
Trading account assets | 276,322 | 185,584 | ||
Investment securities | 12,536,840 | 12,692,813 | ||
Loans and leases: | ||||
Allowance for credit losses | (1,019,337) | (1,019,444) | $ (1,019,671) | $ (1,017,198) |
Loans and leases, net | 87,620,546 | 87,447,033 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (29,966,753) | (32,256,668) | ||
Savings and interest-checking deposits | (52,932,297) | (50,963,744) | ||
Time deposits | (6,501,509) | (6,124,254) | ||
Deposits at Cayman Islands office | (1,069,191) | (811,906) | ||
Long-term borrowings | (8,476,024) | (8,444,914) | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,267,260 | 1,605,439 | ||
Interest-bearing deposits at banks | 7,602,897 | 8,105,197 | ||
Trading account assets | 276,322 | 185,584 | ||
Investment securities | 12,536,840 | 12,692,813 | ||
Loans and leases: | ||||
Commercial loans and leases | 23,090,204 | 22,977,976 | ||
Commercial real estate loans | 34,690,930 | 34,363,556 | ||
Residential real estate loans | 16,769,933 | 17,154,446 | ||
Consumer loans | 14,088,816 | 13,970,499 | ||
Allowance for credit losses | (1,019,337) | (1,019,444) | ||
Loans and leases, net | 87,620,546 | 87,447,033 | ||
Accrued interest receivable | 374,084 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (29,966,753) | (32,256,668) | ||
Savings and interest-checking deposits | (52,932,297) | (50,963,744) | ||
Time deposits | (6,501,509) | (6,124,254) | ||
Deposits at Cayman Islands office | (1,069,191) | (811,906) | ||
Short-term borrowings | (3,602,566) | (4,398,378) | ||
Long-term borrowings | (8,476,024) | (8,444,914) | ||
Accrued interest payable | (80,322) | (95,274) | ||
Trading account liabilities | (98,771) | (178,125) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 7,433 | 7,712 | ||
Commitments to sell real estate loans | (1,424) | (6,177) | ||
Other credit-related commitments | (126,811) | (131,688) | ||
Interest rate swap agreements used for interest rate risk management | (16,924) | 5,530 | ||
Estimate Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,267,260 | 1,605,439 | ||
Interest-bearing deposits at banks | 7,602,897 | 8,105,197 | ||
Trading account assets | 276,322 | 185,584 | ||
Investment securities | 12,521,737 | 12,631,656 | ||
Loans and leases: | ||||
Commercial loans and leases | 22,755,670 | 22,587,387 | ||
Commercial real estate loans | 34,424,612 | 33,832,558 | ||
Residential real estate loans | 16,764,418 | 16,974,545 | ||
Consumer loans | 14,018,581 | 13,819,545 | ||
Loans and leases, net | 87,963,281 | 87,214,035 | ||
Accrued interest receivable | 374,084 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (29,966,753) | (32,256,668) | ||
Savings and interest-checking deposits | (52,932,297) | (50,963,744) | ||
Time deposits | (6,598,274) | (6,201,957) | ||
Deposits at Cayman Islands office | (1,069,191) | (811,906) | ||
Short-term borrowings | (3,602,566) | (4,398,378) | ||
Long-term borrowings | (8,511,141) | (8,385,289) | ||
Accrued interest payable | (80,322) | (95,274) | ||
Trading account liabilities | (98,771) | (178,125) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 7,433 | 7,712 | ||
Commitments to sell real estate loans | (1,424) | (6,177) | ||
Other credit-related commitments | (126,811) | (131,688) | ||
Interest rate swap agreements used for interest rate risk management | (16,924) | 5,530 | ||
Estimate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,194,318 | 1,528,302 | ||
Trading account assets | 46,521 | 46,018 | ||
Investment securities | 43,301 | 71,989 | ||
Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 72,942 | 77,137 | ||
Interest-bearing deposits at banks | 7,602,897 | 8,105,197 | ||
Trading account assets | 229,801 | 139,566 | ||
Investment securities | 12,378,816 | 12,456,467 | ||
Loans and leases: | ||||
Commercial real estate loans | 166,019 | 346,775 | ||
Residential real estate loans | 3,877,095 | 3,920,447 | ||
Loans and leases, net | 4,043,114 | 4,267,222 | ||
Accrued interest receivable | 374,084 | 353,965 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (29,966,753) | (32,256,668) | ||
Savings and interest-checking deposits | (52,932,297) | (50,963,744) | ||
Time deposits | (6,598,274) | (6,201,957) | ||
Deposits at Cayman Islands office | (1,069,191) | (811,906) | ||
Short-term borrowings | (3,602,566) | (4,398,378) | ||
Long-term borrowings | (8,511,141) | (8,385,289) | ||
Accrued interest payable | (80,322) | (95,274) | ||
Trading account liabilities | (98,771) | (178,125) | ||
Other financial instruments: | ||||
Commitments to sell real estate loans | (1,424) | (6,177) | ||
Interest rate swap agreements used for interest rate risk management | (16,924) | 5,530 | ||
Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment securities | 99,620 | 103,200 | ||
Loans and leases: | ||||
Commercial loans and leases | 22,755,670 | 22,587,387 | ||
Commercial real estate loans | 34,258,593 | 33,485,783 | ||
Residential real estate loans | 12,887,323 | 13,054,098 | ||
Consumer loans | 14,018,581 | 13,819,545 | ||
Loans and leases, net | 83,920,167 | 82,946,813 | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 7,433 | 7,712 | ||
Other credit-related commitments | $ (126,811) | $ (131,688) |
Commitments and Contingencies -
Commitments and Contingencies - Company's Significant Commitments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,529,111 | $ 5,484,197 |
Commercial real estate loans to be sold | 199,722 | 229,401 |
Other commercial real estate | 7,331,360 | 7,556,722 |
Residential real estate loans to be sold | 314,402 | 245,211 |
Other residential real estate | 277,708 | 219,351 |
Commercial and other | 14,900,142 | 14,363,803 |
Standby letters of credit | 2,246,864 | 2,326,991 |
Commercial letters of credit | 59,464 | 55,808 |
Financial guarantees and indemnification contracts | 3,703,612 | 3,529,136 |
Commitments to sell real estate loans | $ 746,307 | $ 940,692 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||||
Commitments to extend credit to commercial customers | $ 8,700,000,000 | $ 8,600,000,000 | ||
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,500,000,000 | $ 3,400,000,000 | ||
Payment of legal settlement expense | $ 200,000,000 | |||
Increased recorded liability for legal-related matters | 50,000,000 | $ 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 | $ 100,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | $ 482,742 | $ 352,610 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 1,550,825 | 1,434,213 |
Business Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 43,271 | 37,718 |
Business Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 139,322 | 127,884 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 856 | 918 |
Commercial Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 132,218 | 125,465 |
Commercial Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 267,490 | 266,396 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 840 | 850 |
Commercial Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 117,498 | 108,303 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 219,173 | 202,607 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 354 | 340 |
Discretionary Portfolio [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 39,172 | 19,739 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 63,917 | 50,038 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | (9,299) | (10,832) |
Residential Mortgage Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 12,941 | 14,946 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 83,761 | 82,458 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 14,514 | 15,421 |
Retail Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | 145,066 | 123,380 |
Retail Banking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 430,891 | 393,476 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 2,511 | 2,865 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Income (Loss) | (7,424) | (76,941) |
All Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | 346,271 | 311,354 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenues | $ (9,776) | $ (9,562) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 116,839 | $ 116,959 | $ 117,684 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 5,702 | 5,631 | 5,681 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 27,858 | 26,626 | 26,482 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 23,572 | 22,885 | 22,811 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 30,341 | 32,123 | 34,095 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 2,071 | 2,161 | 2,278 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 14,403 | 13,656 | 13,377 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 12,892 | $ 13,877 | $ 12,960 |
Segment Information - Summary_2
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting [Abstract] | ||
Taxable-equivalent adjustment | $ 5,967,000 | $ 4,809,000 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Loan facility carrying amount | $ 8,476,024,000 | $ 8,444,914,000 | ||
Bayview Lending Group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Minority interest in Bayview Lending Group LLC | 20.00% | |||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | |||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from equity method investments | 37,000,000 | $ 23,000,000 | ||
Bayview Lending Group and Bayview Financial [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding principal balances of mortgage servicing rights | 2,500,000,000 | 2,500,000,000 | ||
Revenue from contract with customer | 3,000,000 | 4,000,000 | ||
Bayview Financial [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 54,900,000,000 | 56,800,000,000 | ||
Revenues from sub-servicing | 28,000,000 | $ 30,000,000 | ||
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 108,000,000 | $ 113,000,000 | ||
Addition on outstanding principal balances of residential mortgage loans from Bayview Financial | $ 7,900,000,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loan facility carrying amount | 738,000,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loan facility carrying amount | $ 94,000,000 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Recognized right of use asset | $ 392,847 |
Recognizing lease liabilities | $ 419,958 |
ASU 2016-02 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Lessee, operating lease term | 12 months |
Recognized right of use asset | $ 394,000 |
Recognizing lease liabilities | $ 399,000 |