Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
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 | 133,666,679 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-9861 | |
Entity Tax Identification Number | 160968385 | |
Entity Address, Address Line One | One M & T Plaza | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | New York | |
Entity Address, Postal Zip Code | 14203 | |
City Area Code | 716 | |
Local Phone Number | 635-4000 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 1,271,611 | $ 1,605,439 |
Interest-bearing deposits at banks | 8,791,753 | 8,105,197 |
Trading account | 479,403 | 185,584 |
Investment securities (includes pledged securities that can be sold or repledged of $167,935 at June 30, 2019; $487,365 at December 31, 2018) | ||
Available for sale (cost: $7,359,445 at June 30, 2019; $8,869,423 at December 31, 2018) | 7,380,340 | 8,682,509 |
Held to maturity (fair value: $3,630,158 at June 30, 2019; $3,255,483 at December 31, 2018) | 3,604,233 | 3,316,640 |
Equity and other securities (cost: $558,440 at June 30, 2019; $677,187 at December 31, 2018) | 595,676 | 693,664 |
Total investment securities | 11,580,249 | 12,692,813 |
Loans and leases | 90,142,482 | 88,733,492 |
Unearned discount | (264,424) | (267,015) |
Loans and leases, net of unearned discount | 89,878,058 | 88,466,477 |
Allowance for credit losses | (1,029,867) | (1,019,444) |
Loans and leases, net | 88,848,191 | 87,447,033 |
Premises and equipment | 1,066,511 | 647,408 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 38,428 | 47,067 |
Accrued interest and other assets | 4,885,637 | 4,773,750 |
Total assets | 121,554,895 | 120,097,403 |
Liabilities | ||
Noninterest-bearing deposits | 30,747,946 | 32,256,668 |
Savings and interest-checking deposits | 53,221,672 | 50,963,744 |
Time deposits | 6,346,551 | 6,124,254 |
Deposits at Cayman Islands office | 1,364,855 | 811,906 |
Total deposits | 91,681,024 | 90,156,572 |
Short-term borrowings | 4,611,390 | 4,398,378 |
Accrued interest and other liabilities | 1,915,147 | 1,637,348 |
Long-term borrowings | 7,655,507 | 8,444,914 |
Total liabilities | 105,863,068 | 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 June 30, 2019 and December 31, 2018; Liquidation preference of $10,000 per share: 50,000 shares at June 30, 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 June 30, 2019; 159,765,044 shares issued at December 31, 2018 | 79,871 | 79,883 |
Common stock issuable, 21,327 shares at June 30, 2019; 24,563 shares at December 31, 2018 | 1,526 | 1,726 |
Additional paid-in capital | 6,577,603 | 6,579,342 |
Retained earnings | 12,162,278 | 11,516,672 |
Accumulated other comprehensive income (loss), net | (112,958) | (420,081) |
Treasury stock — common, at cost — 25,563,347 shares at June 30, 2019; 21,255,275 shares at December 31, 2018 | (4,247,993) | (3,528,851) |
Total shareholders’ equity | 15,691,827 | 15,460,191 |
Total liabilities and shareholders’ equity | $ 121,554,895 | $ 120,097,403 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Pledged securities that can be sold or repledged | $ 167,935 | $ 487,365 |
Investment securities, available for sale, amortized cost | 7,359,445 | 8,869,423 |
Investment securities, held to maturity, fair value | 3,630,158 | 3,255,483 |
Equity and other securities, cost | $ 558,440 | $ 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 | 21,327 | 24,563 |
Treasury stock, common shares | 25,563,347 | 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Loans and leases, including fees | $ 1,125,577 | $ 1,024,471 | $ 2,243,490 | $ 2,004,440 |
Investment securities | ||||
Fully taxable | 75,578 | 82,019 | 155,989 | 164,871 |
Exempt from federal taxes | 77 | 172 | 172 | 420 |
Deposits at banks | 36,325 | 21,869 | 63,732 | 40,546 |
Other | 356 | 374 | 839 | 778 |
Total interest income | 1,237,913 | 1,128,905 | 2,464,222 | 2,211,055 |
Interest expense | ||||
Savings and interest-checking deposits | 91,557 | 48,738 | 167,695 | 89,265 |
Time deposits | 24,931 | 11,362 | 46,012 | 22,298 |
Deposits at Cayman Islands office | 6,039 | 542 | 10,777 | 923 |
Short-term borrowings | 7,893 | 1,383 | 14,606 | 2,266 |
Long-term borrowings | 66,012 | 58,093 | 133,591 | 111,999 |
Total interest expense | 196,432 | 120,118 | 372,681 | 226,751 |
Net interest income | 1,041,481 | 1,008,787 | 2,091,541 | 1,984,304 |
Provision for credit losses | 55,000 | 35,000 | 77,000 | 78,000 |
Net interest income after provision for credit losses | 986,481 | 973,787 | 2,014,541 | 1,906,304 |
Other income | ||||
Brokerage services income | 12,478 | 12,629 | 24,954 | 26,021 |
Trading account and foreign exchange gains | 18,453 | 5,255 | 29,255 | 9,892 |
Gain (loss) on bank investment securities | 8,911 | 2,326 | 20,752 | (7,105) |
Other revenues from operations | 112,763 | 100,280 | 247,200 | 226,582 |
Total other income | 512,095 | 457,414 | 1,012,860 | 916,110 |
Other expense | ||||
Salaries and employee benefits | 455,737 | 418,537 | 954,937 | 881,965 |
Equipment and net occupancy | 79,150 | 73,031 | 158,497 | 147,828 |
Outside data processing and software | 55,234 | 49,712 | 107,651 | 98,141 |
FDIC assessments | 9,772 | 19,560 | 19,198 | 39,840 |
Advertising and marketing | 24,046 | 21,768 | 44,321 | 38,016 |
Printing, postage and supplies | 10,324 | 8,719 | 20,179 | 18,038 |
Amortization of core deposit and other intangible assets | 5,077 | 6,388 | 10,097 | 13,020 |
Other costs of operations | 233,692 | 178,862 | 452,500 | 473,073 |
Total other expense | 873,032 | 776,577 | 1,767,380 | 1,709,921 |
Income before taxes | 625,544 | 654,624 | 1,260,021 | 1,112,493 |
Income taxes | 152,284 | 161,464 | 304,019 | 266,723 |
Net income | 473,260 | 493,160 | 956,002 | 845,770 |
Net income available to common shareholders | ||||
Basic | 452,632 | 472,598 | 914,718 | 805,338 |
Diluted | $ 452,633 | $ 472,600 | $ 914,719 | $ 805,342 |
Net income per common share | ||||
Basic | $ 3.34 | $ 3.26 | $ 6.69 | $ 5.49 |
Diluted | $ 3.34 | $ 3.26 | $ 6.69 | $ 5.48 |
Average common shares outstanding | ||||
Basic | 135,433 | 144,825 | 136,654 | 146,746 |
Diluted | 135,464 | 144,998 | 136,685 | 146,941 |
Mortgage Banking Revenues [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 107,321 | $ 92,499 | $ 202,632 | $ 179,805 |
Service Charges on Deposit Accounts [Member] | ||||
Other income | ||||
Revenue from contract with customer | 107,787 | 106,784 | 210,899 | 211,899 |
Trust Income [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 144,382 | $ 137,641 | $ 277,168 | $ 269,016 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Partners Capital [Abstract] | ||||
Net income | $ 473,260 | $ 493,160 | $ 956,002 | $ 845,770 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Net unrealized gains (losses) on investment securities | 69,853 | (36,733) | 154,444 | (137,417) |
Cash flow hedges adjustments | 102,050 | (2,569) | 146,971 | (13,011) |
Foreign currency translation adjustment | (675) | (2,434) | (400) | (1,144) |
Defined benefit plans liability adjustments | 3,823 | 7,038 | 6,108 | 14,298 |
Total other comprehensive income (loss) | 175,051 | (34,698) | 307,123 | (137,274) |
Total comprehensive income | $ 648,311 | $ 458,462 | $ 1,263,125 | $ 708,496 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 956,002 | $ 845,770 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 77,000 | 78,000 |
Depreciation and amortization of premises and equipment | 101,983 | 54,092 |
Amortization of capitalized servicing rights | 34,017 | 24,207 |
Amortization of core deposit and other intangible assets | 10,097 | 13,020 |
Provision for deferred income taxes | 15,817 | (123,980) |
Asset write-downs | 52,324 | 5,237 |
Net gain on sales of assets | (10,521) | (8,738) |
Net change in accrued interest receivable, payable | 5,650 | 5,759 |
Net change in other accrued income and expense | (144,714) | 255,124 |
Net change in loans originated for sale | (218,925) | (756,003) |
Net change in trading account assets and liabilities | (398,552) | 128,754 |
Net cash provided by operating activities | 480,178 | 521,242 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities Available for sale | 418 | |
Proceeds from sales of investment securities equity and other | 580,489 | 505,841 |
Proceeds from maturities of investment securities Available for sale | 1,506,273 | 950,071 |
Proceeds from maturities of investment securities Held to maturity | 213,086 | 247,385 |
Purchases of investment securities Available for sale | (2,694) | (5,799) |
Purchases of investment securities Held to maturity | (495,277) | |
Purchases of investment securities equity and other | (461,749) | (520,040) |
Net (increase) decrease in loans and leases | (1,259,545) | 859,071 |
Net increase in interest-bearing deposits at banks | (686,556) | (1,591,082) |
Capital expenditures, net | (82,657) | (37,116) |
Net decrease in loan servicing advances | 23,663 | 262,947 |
Other, net | 84,108 | (8,708) |
Net cash provided (used) by investing activities | (580,859) | 662,988 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 1,525,777 | (3,157,898) |
Net increase in short-term borrowings | 213,012 | 3,064,317 |
Proceeds from long-term borrowings | 999,594 | |
Payments on long-term borrowings | (876,581) | (706,370) |
Purchases of treasury stock | (767,612) | (1,196,062) |
Dividends paid — common | (274,037) | (227,565) |
Dividends paid — preferred | (36,260) | (36,260) |
Other, net | (17,446) | 24,220 |
Net cash used by financing activities | (233,147) | (1,236,024) |
Net decrease in cash, cash equivalents and restricted cash | (333,828) | (51,794) |
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 | 1,271,611 | 1,369,094 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 2,444,623 | 2,210,063 |
Interest paid during the period | 361,179 | 218,731 |
Income taxes paid during the period | 243,404 | 175,619 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 39,456 | 36,418 |
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 5,379 | 10,303 |
Securitization of residential mortgage loans allocated to capitalized servicing rights | 83 | $ 150 |
Adoption of lease accounting standard - Right-of-use assets | 393,877 | |
Adoption of lease accounting standard - Other liabilities | 398,810 | |
Additions to right-of-use assets under operating leases | $ 44,928 |
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 | 708,496 | 845,770 | (137,274) | ||||||||
Preferred stock cash dividends | [1] | (36,260) | (36,260) | ||||||||
Exercise of stock warrants into common stock | $ (5,123) | $ 5,123 | |||||||||
Purchases of treasury stock | (1,196,062) | (1,196,062) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 15,446 | (25) | (6,194) | 21,665 | |||||||
Exercises of stock options, net | 50,671 | (2,402) | 53,073 | ||||||||
Stock purchase plan | 11,124 | 2,358 | 8,766 | ||||||||
Directors’ stock plan | 1,192 | 149 | 1,043 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (49) | (156) | (248) | (37) | 392 | ||||||
Common stock cash dividends | (227,492) | (227,492) | |||||||||
Ending balance at Jun. 30, 2018 | 15,577,885 | 1,231,500 | 79,884 | 1,691 | 6,579,395 | 10,763,638 | (517,941) | (2,560,282) | |||
Beginning 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) | |||
Total comprehensive income | 458,462 | 493,160 | (34,698) | ||||||||
Preferred stock cash dividends | [1] | (18,130) | (18,130) | ||||||||
Exercise of stock warrants into common stock | $ (1,668) | $ 1,668 | |||||||||
Purchases of treasury stock | (475,096) | (475,096) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 9,613 | 9,168 | 445 | ||||||||
Exercises of stock options, net | 8,571 | (457) | 9,028 | ||||||||
Directors’ stock plan | 603 | 75 | 528 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (1) | 16 | (4) | (19) | 6 | ||||||
Common stock cash dividends | (115,831) | (115,831) | |||||||||
Ending balance at Jun. 30, 2018 | 15,577,885 | 1,231,500 | 79,884 | 1,691 | 6,579,395 | 10,763,638 | (517,941) | (2,560,282) | |||
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 | 1,263,125 | 956,002 | 307,123 | ||||||||
Preferred stock cash dividends | [1] | (36,260) | (36,260) | ||||||||
Purchases of treasury stock | (767,612) | (767,612) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 28,855 | (12) | 1,531 | 27,336 | |||||||
Exercises of stock options, net | 4,727 | (2,818) | 7,545 | ||||||||
Stock purchase plan | 11,832 | (67) | 11,899 | ||||||||
Directors’ stock plan | 1,068 | (116) | 1,184 | ||||||||
Deferred compensation plans, net, including dividend equivalents | (64) | (200) | (327) | (43) | 506 | ||||||
Performance share unit dividends | 58 | (58) | |||||||||
Common stock cash dividends | (274,035) | (274,035) | |||||||||
Ending balance at Jun. 30, 2019 | 15,691,827 | 1,231,500 | 79,871 | 1,526 | 6,577,603 | 12,162,278 | (112,958) | (4,247,993) | |||
Beginning 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) | |||
Total comprehensive income | 648,311 | 473,260 | 175,051 | ||||||||
Preferred stock cash dividends | [1] | (18,130) | (18,130) | ||||||||
Purchases of treasury stock | (401,984) | (401,984) | |||||||||
Stock-based compensation plans: | |||||||||||
Compensation expense, net | 10,735 | 9,137 | 1,598 | ||||||||
Directors’ stock plan | 539 | (32) | 571 | ||||||||
Deferred compensation plans, net, including dividend equivalents | 12 | (11) | (21) | 20 | |||||||
Performance share unit dividends | 29 | (29) | |||||||||
Common stock cash dividends | (135,173) | (135,173) | |||||||||
Ending balance at Jun. 30, 2019 | $ 15,691,827 | $ 1,231,500 | $ 79,871 | $ 1,526 | $ 6,577,603 | $ 12,162,278 | $ (112,958) | $ (4,247,993) | |||
[1] | For each of the three-month periods ended June 30, 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. For each of the six-month periods ended June 30, 2019 and 2018, dividends per preferred share were: Preferred Series A- $31.875; Preferred Series C - $31.875; Preferred Series E - $32.25; and Preferred Series F - $256.25. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Preferred Series A [Member] | ||||
Preferred stock per share dividend amount | $ 15.9375 | $ 15.9375 | $ 31.875 | $ 31.875 |
Preferred Series C [Member] | ||||
Preferred stock per share dividend amount | 15.9375 | 15.9375 | 31.875 | 31.875 |
Preferred Series E [Member] | ||||
Preferred stock per share dividend amount | 16.125 | 16.125 | 32.25 | 32.25 |
Series F Preferred Stock [Member] | ||||
Preferred stock per share dividend amount | 128.125 | 128.125 | 256.25 | 256.25 |
Retained Earnings [Member] | ||||
Common stock per share dividend amount | $ 1 | $ 0.80 | $ 2 | $ 1.55 |
Treasury Stock [Member] | Series A Warrants [Member] | ||||
Exercise of warrants into shares of common stock | 17,252 | 54,226 | ||
Exercise of warrants into shares of common stock | 10,115 | 32,668 |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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) June 30, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 431,334 $ 17 $ 1,538 $ 429,813 Obligations of states and political subdivisions 1,015 3 3 1,015 Mortgage-backed securities: Government issued or guaranteed 6,789,309 66,806 37,782 6,818,333 Privately issued 16 — — 16 Other debt securities 137,771 1,118 7,726 131,163 7,359,445 67,944 47,049 7,380,340 Investment securities held to maturity: U.S. Treasury and federal agencies 946,782 1,547 — 948,329 Obligations of states and political subdivisions 5,415 32 — 5,447 Mortgage-backed securities: Government issued or guaranteed 2,543,906 37,595 4,505 2,576,996 Privately issued 104,592 11,986 20,730 95,848 Other debt securities 3,538 — — 3,538 3,604,233 51,160 25,235 3,630,158 Total debt securities $ 10,963,678 $ 119,104 $ 72,284 $ 11,010,498 Equity and other securities: Readily marketable equity — at fair value $ 114,565 $ 37,558 $ 322 $ 151,801 Other — at cost 443,875 — — 443,875 Total equity and other securities $ 558,440 $ 37,558 $ 322 $ 595,676 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 three-month and six-month periods ended June 30, 2019 and 2018. Net unrealized gains recorded as gain (loss) on bank investment securities in the consolidated statement of income during the three months and six months ended June 30, 2019 were $9 million and $21 million, respectively, compared with net unrealized gains of $2 million during the three months ended June 30, 2018 and net unrealized losses of $7 million during the six months ended June 30, 2018. 2. Investment securities, continued At June 30, 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 $ 429,891 428,384 Due after one year through five years 8,048 8,048 Due after five years through ten years 102,181 99,357 Due after ten years 30,000 26,202 570,120 561,991 Mortgage-backed securities available for sale 6,789,325 6,818,349 $ 7,359,445 7,380,340 Debt securities held to maturity: Due in one year or less $ 948,757 950,308 Due after one year through five years 3,440 3,468 Due after ten years 3,538 3,538 955,735 957,314 Mortgage-backed securities held to maturity 2,648,498 2,672,844 $ 3,604,233 3,630,158 2. Investment securities, continued A summary of investment securities that as of June 30, 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) June 30, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ — — 428,193 (1,538 ) Obligations of states and political subdivisions — — 457 (3 ) Mortgage-backed securities: Government issued or guaranteed 4,795 (28 ) 2,911,625 (37,754 ) Other debt securities 45,420 (474 ) 67,921 (7,252 ) 50,215 (502 ) 3,408,196 (46,547 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed — — 318,799 (4,505 ) Privately issued — — 50,757 (20,730 ) — — 369,556 (25,235 ) Total $ 50,215 (502 ) 3,777,752 (71,782 ) 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 801 individual debt securities with aggregate gross unrealized losses of $72 million at June 30, 2019. Based on a review of each of the securities in the investment securities portfolio at June 30, 2019, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 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 June 30, 2019, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $444 million of cost method equity securities. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 6 Months Ended |
Jun. 30, 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 June 30, 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) June 30, 2019 Commercial, financial, leasing, etc. $ 23,177,367 26,974 3,332 — 2 223,733 $ 23,431,408 Real estate: Commercial 25,829,322 146,704 12,450 390 12,867 203,116 26,204,849 Residential builder and developer 1,665,951 6,495 — — 468 5,985 1,678,899 Other commercial construction 7,217,573 55,060 4,600 — 625 32,769 7,310,627 Residential 13,206,787 462,391 321,810 5,981 172,718 210,922 14,380,609 Residential — limited documentation 2,067,375 81,857 — — 76,345 87,551 2,313,128 Consumer: Home equity lines and loans 4,562,840 29,972 — 4,360 — 66,927 4,664,099 Recreational finance 4,759,183 24,485 — 295 — 11,153 4,795,116 Automobile 3,639,155 70,177 — — — 20,170 3,729,502 Other 1,315,662 12,515 6,533 32,053 — 3,058 1,369,821 Total $ 87,441,215 916,630 348,725 43,079 263,025 865,384 $ 89,878,058 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 $294 million and $205 million at June 30, 2019 and December 31, 2018, respectively. Commercial real estate loans held for sale were $504 million at June 30, 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: June 30, December 31, 2019 2018 (In thousands) Outstanding principal balance $ 920,481 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 23,648 27,073 Commercial real estate 125,737 135,047 Residential real estate 415,242 473,511 Consumer 90,410 91,860 $ 655,037 $ 727,491 Purchased impaired loans included in the table above totaled $263 million at June 30, 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 and six months ended June 30, 2019 and 2018 follows: Three Months Ended June 30 2019 2018 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 140,317 $ 93,687 $ 149,007 $ 118,184 Interest income (9,632 ) (9,666 ) (7,969 ) (15,394 ) Reclassifications from nonaccretable balance 16,419 3,457 8,350 10,998 Other (a) — 3,433 — 3,927 Balance at end of period $ 147,104 $ 90,911 $ 149,388 $ 117,715 Six Months Ended June 30 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 (27,714 ) (19,383 ) (17,788 ) (30,506 ) Reclassifications from nonaccretable balance 27,608 8,322 9,258 11,205 Other (a) — 5,065 — 3,854 Balance at end of period $ 147,104 $ 90,911 $ 149,388 $ 117,715 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. 3. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the three months ended June 30, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 Provision for credit losses 10,337 14,501 (2,376 ) 31,594 944 55,000 Net charge-offs Charge-offs (16,608 ) (10,165 ) (3,263 ) (39,370 ) — (69,406 ) Recoveries 6,506 965 1,514 15,951 — 24,936 Net charge-offs (10,102 ) (9,200 ) (1,749 ) (23,419 ) — (44,470 ) Ending balance $ 335,855 343,296 61,011 211,220 78,485 $ 1,029,867 Changes in the allowance for credit losses for the three months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 Provision for credit losses 11,250 (10,845 ) 5,242 30,801 (1,448 ) 35,000 Net charge-offs Charge-offs (14,900 ) (4,548 ) (3,966 ) (34,033 ) — (57,447 ) Recoveries 6,409 1,437 1,800 12,378 — 22,024 Net charge-offs (8,491 ) (3,111 ) (2,166 ) (21,655 ) — (35,423 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 Changes in the allowance for credit losses for the six months ended June 30, 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 16,608 10,298 (4,823 ) 54,477 440 77,000 Net charge-offs Charge-offs (25,108 ) (10,448 ) (6,635 ) (72,315 ) — (114,506 ) Recoveries 14,300 1,791 3,344 28,494 — 47,929 Net charge-offs (10,808 ) (8,657 ) (3,291 ) (43,821 ) — (66,577 ) Ending balance $ 335,855 343,296 61,011 211,220 78,485 $ 1,029,867 3. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the six months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 18,480 (16,070 ) 15,728 60,615 (753 ) 78,000 Net charge-offs Charge-offs (29,481 ) (5,914 ) (8,320 ) (70,484 ) — (114,199 ) Recoveries 11,232 1,660 3,310 22,047 — 38,249 Net charge-offs (18,249 ) (4,254 ) (5,010 ) (48,437 ) — (75,950 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 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 Information with respect to loans and leases that were considered impaired as of June 30, 2019 and December 31, 2018 and for the three-month and six-month periods ended June 30, 2019 and 2018 follows. June 30, 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. $ 192,660 220,662 36,496 153,478 175,549 46,034 Real estate: Commercial 63,236 70,777 8,276 110,253 125,117 11,937 Residential builder and developer 7,490 8,059 286 5,981 6,557 462 Other commercial construction 22,851 34,782 1,901 10,563 11,113 640 Residential 125,607 147,097 6,220 124,974 147,817 5,402 Residential — limited documentation 69,340 83,920 2,600 74,156 90,066 3,000 Consumer: Home equity lines and loans 47,437 52,838 9,060 47,982 53,248 9,135 Recreational finance 5,701 9,248 1,178 6,138 9,163 1,261 Automobile 3,374 3,458 686 3,527 3,599 729 Other 4,832 8,175 974 5,203 8,380 1,046 542,528 639,016 67,677 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 73,247 77,171 — 105,507 136,128 — Real estate: Commercial 150,804 168,046 — 113,376 124,657 — Residential builder and developer 4,555 4,602 — 2,593 2,602 — Other commercial construction 9,918 10,313 — 11,710 11,880 — Residential 17,530 23,155 — 15,379 20,496 — Residential — limited documentation 5,397 9,344 — 5,631 9,796 — 261,451 292,631 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 265,907 297,833 36,496 258,985 311,677 46,034 Real estate: Commercial 214,040 238,823 8,276 223,629 249,774 11,937 Residential builder and developer 12,045 12,661 286 8,574 9,159 462 Other commercial construction 32,769 45,095 1,901 22,273 22,993 640 Residential 143,137 170,252 6,220 140,353 168,313 5,402 Residential — limited documentation 74,737 93,264 2,600 79,787 99,862 3,000 Consumer: Home equity lines and loans 47,437 52,838 9,060 47,982 53,248 9,135 Recreational finance 5,701 9,248 1,178 6,138 9,163 1,261 Automobile 3,374 3,458 686 3,527 3,599 729 Other 4,832 8,175 974 5,203 8,380 1,046 Total $ 803,979 931,647 67,677 796,451 936,168 79,646 3. Loans and leases and the allowance for credit losses, continued Three Months Ended June 30, 2019 Three Months Ended June 30, 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. $ 273,924 3,627 3,627 271,413 1,333 1,333 Real estate: Commercial 214,775 2,032 2,032 168,224 3,811 3,811 Residential builder and developer 9,590 35 35 8,494 — — Other commercial construction 22,521 12 12 7,443 53 53 Residential 142,555 2,390 1,004 126,185 2,329 937 Residential — limited documentation 75,940 1,452 218 83,776 1,428 317 Consumer: Home equity lines and loans 47,435 406 57 48,644 433 72 Recreational finance 5,808 125 4 1,480 65 3 Automobile 3,450 53 18 12,636 225 14 Other 5,026 142 5 1,586 23 — Total $ 801,024 10,274 7,012 729,881 9,700 6,540 Six Months Ended June 30, 2019 Six Months Ended June 30, 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. $ 269,586 6,665 6,665 271,793 2,116 2,116 Real estate: Commercial 220,075 3,123 3,123 175,035 6,958 6,958 Residential builder and developer 9,233 150 150 9,167 1,682 1,682 Other commercial construction 21,460 576 576 8,773 59 59 Residential 141,479 4,412 1,670 123,697 4,231 1,839 Residential — limited documentation 77,089 2,805 426 84,686 3,156 1,013 Consumer: Home equity lines and loans 47,496 822 119 48,721 847 158 Recreational finance 5,917 267 8 1,469 128 5 Automobile 3,490 107 37 12,881 449 29 Other 5,122 264 9 1,623 45 1 Total $ 800,947 19,191 12,783 737,845 19,671 13,860 Commercial loans and commercial real estate loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. Furthermore, criticized nonaccrual commercial loans and commercial real estate loans are considered impaired and, as a result, specific loss allowances on such loans are established within the allowance for credit losses to the extent appropriate in each individual instance. 3. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans. Real Estate Commercial, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) June 30, 2019 Pass $ 22,112,126 25,213,055 1,476,023 7,024,168 Criticized accrual 1,095,549 788,678 196,891 253,690 Criticized nonaccrual 223,733 203,116 5,985 32,769 Total $ 23,431,408 26,204,849 1,678,899 7,310,627 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 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 $26 million and $21 million, respectively, at June 30, 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 $18 million and $31 million, respectively, at June 30, 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) June 30, 2019 Individually evaluated for impairment $ 36,496 10,463 8,820 11,898 $ 67,677 Collectively evaluated for impairment 299,359 332,833 45,666 199,322 877,180 Purchased impaired — — 6,525 — 6,525 Allocated $ 335,855 343,296 61,011 211,220 951,382 Unallocated 78,485 Total $ 1,029,867 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) June 30, 2019 Individually evaluated for impairment $ 265,907 258,854 217,874 61,344 $ 803,979 Collectively evaluated for impairment 23,165,499 34,921,561 16,226,800 14,497,194 88,811,054 Purchased impaired 2 13,960 249,063 — 263,025 Total $ 23,431,408 35,194,375 16,693,737 14,558,538 $ 89,878,058 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 and six-month periods ended June 30, 2019 and 2018: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended June 30, 2019 (Dollars in thousands) Commercial, financial, leasing, etc. 24 $ 2,597 $ 667 $ — $ — $ 1,891 $ 2,558 Real estate: Commercial 14 10,340 2,577 — — 7,641 10,218 Other commercial construction 1 1,038 — — — 1,033 1,033 Residential 26 7,513 4,008 — — 4,034 8,042 Residential — limited documentation 2 612 160 — — 465 625 Consumer: Home equity lines and loans 13 1,273 53 — — 1,225 1,278 Recreational finance 1 15 15 — — — 15 Automobile 12 189 189 — — — 189 Total 93 $ 23,577 $ 7,669 $ — $ — $ 16,289 $ 23,958 Three Months Ended June 30, 2018 Commercial, financial, leasing, etc. 47 $ 41,390 $ 9,673 $ 29 $ 6,111 $ 25,021 $ 40,834 Real estate: Commercial 28 7,200 7,376 175 394 — 7,945 Residential 30 7,951 2,814 — — 5,766 8,580 Residential — limited documentation 3 584 200 — — 458 658 Consumer: Home equity lines and loans 10 555 — — — 559 559 Automobile 19 333 321 — — 12 333 Total 137 $ 58,013 $ 20,384 $ 204 $ 6,505 $ 31,816 $ 58,909 3. Loans and leases and the allowance for credit losses, continued Post-modification (a) Six Months Ended June 30, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 89 $ 33,212 $ 7,141 $ — $ — $ 26,161 $ 33,302 Real estate: Commercial 29 19,581 3,564 — — 15,608 19,172 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 2 1,456 — — — 1,399 1,399 Residential 43 11,329 5,759 — — 6,307 12,066 Residential — limited documentation 3 848 399 — — 465 864 Consumer: Home equity lines and loans 20 1,749 90 — — 1,679 1,769 Recreational finance 5 103 103 — — — 103 Automobile 32 506 469 — — 37 506 Total 225 $ 70,114 $ 18,593 $ — $ — $ 51,656 $ 70,249 Six Months Ended June 30, 2018 Commercial, financial, leasing, etc. 103 $ 89,384 $ 45,346 $ 653 $ 6,111 $ 38,068 $ 90,178 Real estate: Commercial 48 13,980 13,200 175 394 927 14,696 Other commercial construction 1 752 746 — — — 746 Residential 77 20,587 9,759 — — 12,668 22,427 Residential — limited documentation 5 879 467 — — 576 1,043 Consumer: Home equity lines and loans 24 1,903 4 — — 1,907 1,911 Recreational finance 2 49 49 — — — 49 Automobile 27 481 469 — — 12 481 Total 287 $ 128,015 $ 70,040 $ 828 $ 6,505 $ 54,158 $ 131,531 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. Troubled debt restructurings are considered to be impaired loans and for purposes of establishing the allowance for credit losses are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Impairment of troubled debt restructurings that have subsequently defaulted may also be measured based on the loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Charge-offs may also be recognized on troubled debt restructurings that have subsequently defaulted. Loans that were modified as troubled debt restructurings during the twelve months ended June 30, 2019 and 2018 and for which there was a subsequent payment default during the six-month periods ended June 30, 2019 and 2018, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $72 million and $77 million at June 30, 2019 and December 31, 2018, respectively. There were $380 million and $391 million at June 30, 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 June 30, 2019, approximately 33% were classified as purchased impaired and 24% 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: June 30, December 31, 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,188,750 $ 1,155,464 Estimated residual value of leased assets 82,021 85,169 Unearned income (107,409 ) (110,458 ) Investment in direct financings 1,163,362 1,130,175 Leveraged leases: Lease payments receivable 82,828 85,007 Estimated residual value of leased assets 81,244 81,261 Unearned income (32,774 ) (33,717 ) Investment in leveraged leases 131,298 132,551 Total investment in leases $ 1,294,660 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 72,620 $ 74,995 Included within the estimated residual value of leased assets at June 30, 2019 and December 31, 2018 were $37 million and $39 million, respectively, in residual value associated with direct financing leases that are guaranteed by the lessees or others. At June 30, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Twelve-month period ending June 30: 2020 $ 356,518 2021 294,985 2022 223,456 2023 145,794 2024 105,567 Later years 145,258 $ 1,271,578 |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 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 June 30, 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: June 30, 2019 (In thousands) Right-of-use assets $ 395,659 Lease liabilities 422,384 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 Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 24,902 $ 49,541 Short-term lease cost 28 62 Variable lease cost 623 1,089 Sublease income (1,904 ) (3,821 ) Total net lease cost $ 23,649 $ 46,871 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 24,518 $ 44,928 Cash paid toward lease liabilities 25,205 50,861 Weighted-average remaining lease term 7 years 7 years Weighted-average discount rate 3.2 % 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 June 30: 2020 $ 89,301 2021 87,300 2022 71,956 2023 57,685 2024 41,815 Later years 113,403 Total lease payments $ 461,460 Less: imputed interest 39,076 Total $ 422,384 All other operating leasing activities were not material to the Company’s consolidated results of operations. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings M&T had $524 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at June 30, 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 $103 million and $409 million at June 30, 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 $109 million and $428 million at June 30, 2019 and December 31, 2018, respectively . |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018, the Company had $58 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 June 30, 2019 and December 31, 2018, the Company had deferred revenue of $43 million The following tables summarize sources of the Company’s noninterest income during the three-month and six-month periods ended June 30, 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 June 30, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,175 23,094 2,362 — 2 65,661 1,493 $ 107,787 Trust income 7 224 — — — — 144,151 144,382 Brokerage services income — — — — — — 12,478 12,478 Other revenues from operations: Merchant discount and credit card fees 9,895 13,129 496 — — 4,566 602 28,688 Other — 3,145 2,680 641 1,033 9,329 8,595 25,423 $ 25,077 39,592 5,538 641 1,035 79,556 167,319 $ 318,758 Three Months Ended June 30, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 15,611 24,270 2,451 — 3 63,015 1,434 $ 106,784 Trust income — — — — — — 137,641 137,641 Brokerage services income — — — — — — 12,629 12,629 Other revenues from operations: Merchant discount and credit card fees 8,334 12,542 428 — — 4,140 618 26,062 Other — 3,646 2,215 413 927 9,613 7,598 24,412 $ 23,945 40,458 5,094 413 930 76,768 159,920 $ 307,528 6. Revenue from contracts with customers, continued Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Six Months Ended June 30, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts 30,284 46,304 4,888 — 4 126,812 2,607 210,899 Trust income 12 438 — — — — 276,718 277,168 Brokerage services income — — — — — — 24,954 24,954 Other revenues from operations: Merchant discount and credit card fees 18,777 25,221 1,102 — — 7,704 1,022 53,826 Other — 4,147 4,468 1,042 2,097 17,823 19,083 48,660 $ 49,073 76,110 10,458 1,042 2,101 152,339 324,384 $ 615,507 Six Months Ended June 30, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 31,015 48,924 5,215 — 6 123,616 3,123 $ 211,899 Trust income — — — — — — 269,016 269,016 Brokerage services income — — — — — — 26,021 26,021 Other revenues from operations: Merchant discount and credit card fees 15,837 25,254 982 — — 7,528 1,233 50,834 Other — 5,209 3,074 865 1,970 19,478 16,706 47,302 $ 46,852 79,387 9,271 865 1,976 150,622 316,099 $ 605,072 |
Pension plans and other postret
Pension plans and other postretirement benefits | 6 Months Ended |
Jun. 30, 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 June 30 2019 2018 2019 2018 (In thousands) Service cost $ 4,559 5,069 229 243 Interest cost on projected benefit obligation 20,590 18,548 569 589 Expected return on plan assets (30,470 ) (30,688 ) — — Amortization of prior service cost (credit) 154 153 (1,190 ) (1,189 ) Amortization of net actuarial loss (gain) 6,546 10,796 (323 ) (213 ) Net periodic cost (benefit) $ 1,379 3,878 (715 ) (570 ) Pension Benefits Other Postretirement Benefits Six Months Ended June 30 2019 2018 2019 2018 (In thousands) Service cost $ 8,646 10,172 429 469 Interest cost on projected benefit obligation 40,790 37,353 1,172 1,146 Expected return on plan assets (61,070 ) (61,563 ) — — Amortization of prior service cost (credit) 279 278 (2,365 ) (2,364 ) Amortization of net actuarial loss (gain) 10,996 21,896 (623 ) (413 ) Net periodic cost (benefit) $ (359 ) 8,136 (1,387 ) (1,162 ) Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic cost (benefit) are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $19 million and $17 million for the three months ended June 30, 2019 and 2018, respectively, a nd $41 million and $38 million for the six months ended June 30, 2019 and 2018, respectively, |
Earnings per common share
Earnings per common share | 6 Months Ended |
Jun. 30, 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 June 30 Six Months Ended June 30 2019 2018 2019 2018 (In thousands, except per share) Income available to common shareholders: Net income $ 473,260 493,160 956,002 845,770 Less: Preferred stock dividends (a) (18,130 ) (18,130 ) (36,260 ) (36,260 ) Net income available to common equity 455,130 475,030 919,742 809,510 Less: Income attributable to unvested stock-based compensation awards (2,498 ) (2,432 ) (5,024 ) (4,172 ) Net income available to common shareholders $ 452,632 472,598 914,718 805,338 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 136,182 145,571 137,403 147,510 Less: Unvested stock-based compensation awards (749 ) (746 ) (749 ) (764 ) Weighted-average shares outstanding 135,433 144,825 136,654 146,746 Basic earnings per common share $ 3.34 3.26 6.69 5.49 (a) Including impact of not as yet declared cumulative dividends. The computations of diluted earnings per common share follow: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 (In thousands, except per share) Net income available to common equity $ 455,130 475,030 919,742 809,510 Less: Income attributable to unvested stock-based compensation awards (2,497 ) (2,430 ) (5,023 ) (4,168 ) Net income available to common shareholders $ 452,633 472,600 914,719 805,342 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 136,182 145,571 137,403 147,510 Less: Unvested stock-based compensation awards (749 ) (746 ) (749 ) (764 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 31 173 31 195 Adjusted weighted-average shares outstanding 135,464 144,998 136,685 146,941 Diluted earnings per common share $ 3.34 3.26 6.69 5.48 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 115,293 and 212,244 common shares during the three-month periods ended June 30, 2019 and 2018, respectively, and 197,598 and 224,844 common shares during the six-month periods ended June 30, 2019 and 2018, respectively, |
Comprehensive income
Comprehensive income | 6 Months Ended |
Jun. 30, 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 207,802 — — 207,802 (54,609 ) 153,193 Foreign currency translation adjustment — — (507 ) (507 ) 107 (400 ) Unrealized gains on cash flow hedges — — 188,272 188,272 (49,497 ) 138,775 Total other comprehensive income before reclassifications 207,802 — 187,765 395,567 (103,999 ) 291,568 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 1,691 — — 1,691 (a) (445 ) 1,246 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (c) 14 (42 ) Net yield adjustment from cash flow hedges currently in effect — — 11,176 11,176 (a) (2,938 ) 8,238 Amortization of prior service credit — (2,086 ) — (2,086 ) (d) 548 (1,538 ) Amortization of actuarial losses — 10,373 — 10,373 (d) (2,727 ) 7,646 Total other comprehensive income 209,500 8,287 198,885 416,672 (109,549 ) 307,123 Balance — June 30, 2019 $ 9,393 (346,215 ) 184,166 $ (152,656 ) 39,698 $ (112,958 ) 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 (187,989 ) — — (187,989 ) 49,414 (138,575 ) Foreign currency translation adjustment — — (1,448 ) (1,448 ) 304 (1,144 ) Unrealized losses on cash flow hedges — — (21,065 ) (21,065 ) 5,538 (15,527 ) Total other comprehensive income (loss) before reclassifications (187,989 ) — (22,513 ) (210,502 ) 55,256 (155,246 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 1,590 — — 1,590 (a) (418 ) 1,172 Gains realized in net income (18 ) — — (18 ) (b) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (c) 15 (41 ) Net yield adjustment from cash flow hedges currently in effect — — 3,469 3,469 (a) (912 ) 2,557 Amortization of prior service credit — (2,086 ) — (2,086 ) (d) 549 (1,537 ) Amortization of actuarial losses — 21,483 — 21,483 (d) (5,648 ) 15,835 Total other comprehensive income (loss) (186,417 ) 19,397 (19,100 ) (186,120 ) 48,846 (137,274 ) Balance — June 30, 2018 $ (269,169 ) (393,771 ) (39,265 ) $ (702,205 ) 184,264 $ (517,941 ) (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 154,444 6,108 146,571 307,123 Balance — June 30, 2019 $ 6,918 (255,195 ) 135,319 $ (112,958 ) |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2019. The net effect of interest rate swap agreements was to decrease net interest income by $11 million and $24 million during the three-month and six-month periods ended June 30, 2019, respectively, compared with decreases of $5 million and $4 million during the three-month and six-month periods ended June 30, 2018, respectively. 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 June 30, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.3 2.47 % 2.95 % $ (1,224 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 34,750,000 1.4 2.38 % 2.42 % (4,556 ) Total $ 39,200,000 1.5 $ (5,780 ) 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 June 30, 2019 and December 31, 2018 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $41.6 million and fair value losses of $54.7 million, respectively, and on interest rate swaps designated as cash flow hedges a reduction of fair value gains of $196.2 million and a reduction of fair value losses of $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 $44.4 billion and $42.9 billion at June 30, 2019 and December 31, 2018, respectively. The notional amounts of foreign currency and other option and futures 10. Derivative financial instruments, continued contracts entered into for trading account purposes aggregated $949 million and $763 million at June 30, 2019 and December 31, 2018, respectively. Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value June 30, December 31, June 30, December 31, 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 70 $ 5,530 $ 5,850 $ — Commitments to sell real estate loans (a) 665 1,090 16,607 6,434 735 6,620 22,457 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 17,411 9,304 211 1,592 Commitments to sell real estate loans (a) 515 3,702 8,020 4,535 Trading: Interest rate contracts (b) 399,155 118,687 66,897 169,255 Foreign exchange and other option and futures contracts (b) 7,305 10,549 6,495 8,870 424,386 142,242 81,623 184,252 Total derivatives $ 425,121 $ 148,862 $ 104,080 $ 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 June 30, 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 $29.2 million and $170.7 million, respectively, and in a liability position of $281.2 million and $49.7 million, respectively. Amount of Gain (Loss) Recognized Three Months Ended June 30, 2019 Three Months Ended June 30, 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) $ 56,679 (56,458 ) $ (13,357 ) 13,884 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 8,493 $ (2,686 ) Foreign exchange and other option and futures contracts (b) 2,479 2,365 Total $ 10,972 $ (321 ) 10. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Six Months Ended June 30, 2019 Six Months Ended June 30, 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) $ 90,859 (90,472 ) $ (55,747 ) 56,254 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 11,204 $ (4,291 ) Foreign exchange and other option and futures contracts (b) 4,092 4,996 Total $ 15,296 $ 705 (a) Reported as 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 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (In thousands) Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,485,626 $ 4,394,109 $ 39,370 $ (51,102 ) 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 $25 million and $18 million at June 30, 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. 10. Derivative financial instruments, continued The aggregate fair value of derivative financial instruments in a liability position and the net liability positions with counterparties, which are subject to enforceable master netting arrangements, was $52 million and $21 million at June 30, 2019 and December 31, 2018, respectively. The Company was required to post collateral relating to those positions of $48 million and $18 million at June 30, 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, however, the aggregate fair value of such derivative financial instruments in a net liability position and the amount of incremental collateralization that could be required was not significant at June 30, 2019. 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 $4 million and $18 million at June 30, 2019 and December 31, 2018, respectively. Counterparties posted collateral relating to those positions of $2 million and $16 million at June 30, 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 $98 million and $65 million at June 30, 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 | 6 Months Ended |
Jun. 30, 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 six-month periods ended June 30, 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 June 30, 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 $1.2 billion at June 30, 2019 and $1.1 billion at 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 $573 million, including $267 million of unfunded commitments, at June 30, 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 June 30, 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 because of market conditions . |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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) June 30, 2019 Trading account assets $ 479,403 $ 47,344 $ 432,059 $ — Investment securities available for sale: U.S. Treasury and federal agencies 429,813 — 429,813 — Obligations of states and political subdivisions 1,015 — 1,015 — Mortgage-backed securities: Government issued or guaranteed 6,818,333 — 6,818,333 — Privately issued 16 — — 16 Other debt securities 131,163 — 131,163 — 7,380,340 — 7,380,324 16 Equity securities 151,801 109,377 42,424 — Real estate loans held for sale 797,474 — 797,474 — Other assets (b) 18,661 — 1,250 17,411 Total assets $ 8,827,679 $ 156,721 $ 8,653,531 $ 17,427 Trading account liabilities $ 73,392 $ — $ 73,392 $ — Other liabilities (b) 30,688 — 30,477 211 Total liabilities $ 104,080 $ — $ 103,869 $ 211 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 six months ended June 30, 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 three months ended June 30, 2019 and 2018 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2019 (In thousands) Balance — March 31 , 2019 $ 16 7,433 Total gains realized/unrealized: Included in earnings — 36,463 (b) Settlements — — Transfers out of Level 3 (a) — (26,696 ) (c) Balance — June 30, 2019 $ 16 17,200 Changes in unrealized gains included in earnings related to assets still held at June 30, 2019 $ — 17,464 (b) 2018 Balance — March 31 , 2018 $ 27 8,760 Total gains realized/unrealized: Included in earnings — 20,277 (b) Settlements (3 ) — Transfers out of Level 3 (a) — (18,286 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (b) 12. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 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 realized/unrealized: Included in earnings — 53,009 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (43,521 ) (c) Balance — June 30, 2019 $ 16 17,200 Changes in unrealized gains included in earnings related to assets still held at June 30, 2019 $ — 17,372 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains realized/unrealized: Included in earnings — 28,407 (b) Settlements (4 ) — Transfers out of Level 3 (a) — (25,959 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (b) (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. 12. Fair value measurements, continued The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. Loans Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have 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 85% at June 30, 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 $212 million at June 30, 2019 ($155 million and $57 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 $206 million at June 30, 2018 ($119 million and $87 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on June 30, 2019 were decreases of $20 million and $36 million for the three-month and six-month periods ended June 30, 2019, respectively. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on June 30, 2018 were decreases of $21 million and $45 million for the three-month and six-month periods ended June 30, 2018, respectively. 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 $17 million and $30 million at June 30, 2019 and 2018, respectively. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month and six-month periods ended June 30, 2019 and 2018. 12. Fair value measurements, continued Capitalized servicing rights Capitalized servicing rights are initially measured at fair value in the Company’s consolidated balance sheet. The Company utilizes the amortization method to subsequently measure its capitalized servicing assets. In accordance with GAAP, the Company must record impairment charges, on a nonrecurring basis, when the carrying value of certain strata exceed their estimated fair value. To estimate the fair value of servicing rights, the Company considers market prices for similar assets, if available, and the present value of expected future cash flows associated with the servicing rights calculated using assumptions that market participants would use in estimating future servicing income and expense. Such assumptions include estimates of the cost of servicing loans, loan default rates, an appropriate discount rate, and prepayment speeds. For purposes of evaluating and measuring impairment of capitalized servicing rights, the Company stratifies such assets based on the predominant risk characteristics of the underlying financial instruments that are expected to have the most impact on projected prepayments, cost of servicing and other factors affecting future cash flows associated with the servicing rights. Such factors may include financial asset or loan type, note rate and term. The amount of impairment recognized is the amount by which the carrying value of the capitalized servicing rights for a stratum exceed estimated fair value. Impairment is recognized through a valuation allowance. The determination of fair value of capitalized servicing rights is considered a Level 3 valuation. At June 30, 2019, $199 million of capitalized servicing rights required a valuation allowance of approximately $9 million. No stratum of capitalized servicing rights required a valuation allowance at December 31, 2018 or June 30, 2018. Significant unobservable inputs to Level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at June 30, 2019 and December 31, 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In June 30, 2019 Recurring fair value measurements Privately issued mortgage-backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 17,200 Discounted cash flow Commitment expirations 0%-98% (16%) 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: June 30, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,271,611 1,271,611 1,214,826 56,785 — Interest-bearing deposits at banks 8,791,753 8,791,753 — 8,791,753 — Trading account assets 479,403 479,403 47,344 432,059 — Investment securities 11,580,249 11,606,174 109,377 11,400,933 95,864 Loans and leases: Commercial loans and leases 23,431,408 23,095,155 — — 23,095,155 Commercial real estate loans 35,194,375 34,932,104 — 503,599 34,428,505 Residential real estate loans 16,693,737 16,734,846 — 3,965,011 12,769,835 Consumer loans 14,558,538 14,537,432 — — 14,537,432 Allowance for credit losses (1,029,867 ) — — — — Loans and leases, net 88,848,191 89,299,537 — 4,468,610 84,830,927 Accrued interest receivable 362,012 362,012 — 362,012 — Financial liabilities: Noninterest-bearing deposits $ (30,747,946 ) (30,747,946 ) — (30,747,946 ) — Savings and interest-checking deposits (53,221,672 ) (53,221,672 ) — (53,221,672 ) — Time deposits (6,346,551 ) (6,447,027 ) — (6,447,027 ) — Deposits at Cayman Islands office (1,364,855 ) (1,364,855 ) — (1,364,855 ) — Short-term borrowings (4,611,390 ) (4,611,390 ) — (4,611,390 ) — Long-term borrowings (7,655,507 ) (7,703,957 ) — (7,703,957 ) — Accrued interest payable (108,971 ) (108,971 ) — (108,971 ) — Trading account liabilities (73,392 ) (73,392) — (73,392 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 17,200 17,200 — — 17,200 Commitments to sell real estate loans (23,447 ) (23,447 ) — (23,447 ) — Other credit-related commitments (127,699 ) (127,699 ) — — (127,699 ) Interest rate swap agreements used for interest rate risk management (5,780 ) (5,780 ) — (5,780 ) — 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 | 6 Months Ended |
Jun. 30, 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. Certain of these commitments are not included in the Company's consolidated balance sheet. June 30, December 31, 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,489,356 5,484,197 Commercial real estate loans to be sold 247,494 229,401 Other commercial real estate 7,771,353 7,556,722 Residential real estate loans to be sold 473,275 245,211 Other residential real estate 414,375 219,351 Commercial and other 15,188,645 14,363,803 Standby letters of credit 2,353,515 2,326,991 Commercial letters of credit 43,824 55,808 Financial guarantees and indemnification contracts 3,741,060 3,529,136 Commitments to sell real estate loans 1,377,712 940,692 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 $8.6 billion at each of June 30, 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 $3.6 billion and $3.4 billion at June 30, 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 June 30, 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. In July 2019, Wilmington Trust, N.A. reached a settlement in principle with the DOL to resolve certain pending DOL ESOP matters. Although a formal settlement agreement has yet to be prepared and executed, the Company does not expect that the agreed-upon settlement will have a material incremental impact on the Company’s consolidated financial position or results of operations. 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. These matters could result in damages, settlements, penalties, restitution, 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 $50 million as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 140,767 1,004 42,250 $ 136,029 912 43,007 Commercial Banking 278,110 887 123,507 269,499 928 126,391 Commercial Real Estate 225,442 406 121,629 205,541 385 112,691 Discretionary Portfolio 60,976 (9,291 ) 38,040 58,976 (10,554 ) 29,113 Residential 96,449 17,150 7,642 82,167 16,047 15,402 Retail Banking 436,593 2,787 140,494 420,540 2,707 143,089 All Other 315,239 (12,943 ) (302 ) 293,449 (10,425 ) 23,467 Total $ 1,553,576 — 473,260 $ 1,466,201 — 493,160 Six Months Ended June 30 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 280,089 1,860 85,521 $ 263,913 1,830 80,725 Commercial Banking 545,600 1,727 255,725 535,895 1,778 251,856 Commercial Real Estate 444,615 760 239,127 408,148 725 220,994 Discretionary Portfolio 124,893 (18,590 ) 77,212 109,014 (21,386 ) 48,852 Residential Mortgage Banking 180,210 31,664 20,583 164,625 31,468 30,348 Retail Banking 867,484 5,298 285,560 814,016 5,572 266,469 All Other 661,510 (22,719 ) (7,726 ) 604,803 (19,987 ) (53,474 ) Total $ 3,104,401 — 956,002 $ 2,900,414 — 845,770 14. Segment information, continued Average Total Assets Six Months Ended June 30 Year Ended December 31 2019 2018 2018 (In millions) Business Banking $ 5,724 5,656 5,631 Commercial Banking 27,981 26,542 26,626 Commercial Real Estate 23,720 22,848 22,885 Discretionary Portfolio 29,888 33,277 32,123 Residential Mortgage Banking 2,173 2,186 2,161 Retail Banking 14,580 13,403 13,656 All Other 13,601 13,109 13,877 Total $ 117,667 117,021 116,959 (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 $5,925,000 and $5,397,000 for the three-month periods ended June 30, 2019 and 2018, respectively, and $11,892,000 and $10,206,000 for the six-month periods ended June 30, 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. | 6 Months Ended |
Jun. 30, 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 $2.4 billion and $2.5 billion at each of June 30, 2019 and December 31, 2018, respectively. Revenues from those servicing rights were $3 million and $4 million for the three-month periods ended June 30, 2019 and 2018, respectively, and $6 million and $7 million for the six-month periods ended June 30, 2019 and 2018, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $68.7 billion and $56.8 billion at June 30, 2019 and December 31, 2018, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $29 million and $28 million for the three-month periods ended June 30, 2019 and 2018, respectively, and $57 million and $58 million for the , respectively. |
Recent accounting developments
Recent accounting developments | 6 Months Ended |
Jun. 30, 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 is recognized separately in the statement of income. Repayments of principal on those lease liabilities are classified within financing activities and payments of interest on the lease liability are 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, 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 June 30, 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. 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 June 30, 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 June 30, 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On July 30, 2019, M&T issued 40,000 shares of Series G Perpetual Fixed-Rate Reset Non-cumulative Preferred Stock, par value $1.00 per share and liquidation preference of $10,000 per share. Through July 31, 2024 holders of the Series G preferred stock are entitled to receive, only when, as and if declared by M&T’s Board of Directors, non-cumulative cash dividends at an annual rate of 5.0%, payable semiannually in arrears. Subsequent to July 31, 2024 holders will be entitled to receive, only when, as and if declared by M&T’s Board of Directors, non-cumulative cash dividends at an annual rate of the five-year U.S. Treasury Rate plus 3.174%, payable semiannually in arrears. The Series G preferred stock may be redeemed at M&T’s option, in whole or in part, on any dividend payment date on or after August 1, 2024 or, in whole but not in part, at any time within 90 days following a regulatory capital treatment event whereby the full liquidation value of the shares no longer qualifies as “additional Tier 1 capital.” In addition, M&T expects to redeem the 230,000 shares issued and outstanding of the Series A and 151,500 shares issued and outstanding of the Series C Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share on August 30, 2019, having received the approval of the Federal Reserve to redeem such shares after issuing the Series G preferred stock. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) June 30, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ 431,334 $ 17 $ 1,538 $ 429,813 Obligations of states and political subdivisions 1,015 3 3 1,015 Mortgage-backed securities: Government issued or guaranteed 6,789,309 66,806 37,782 6,818,333 Privately issued 16 — — 16 Other debt securities 137,771 1,118 7,726 131,163 7,359,445 67,944 47,049 7,380,340 Investment securities held to maturity: U.S. Treasury and federal agencies 946,782 1,547 — 948,329 Obligations of states and political subdivisions 5,415 32 — 5,447 Mortgage-backed securities: Government issued or guaranteed 2,543,906 37,595 4,505 2,576,996 Privately issued 104,592 11,986 20,730 95,848 Other debt securities 3,538 — — 3,538 3,604,233 51,160 25,235 3,630,158 Total debt securities $ 10,963,678 $ 119,104 $ 72,284 $ 11,010,498 Equity and other securities: Readily marketable equity — at fair value $ 114,565 $ 37,558 $ 322 $ 151,801 Other — at cost 443,875 — — 443,875 Total equity and other securities $ 558,440 $ 37,558 $ 322 $ 595,676 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 June 30, 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 $ 429,891 428,384 Due after one year through five years 8,048 8,048 Due after five years through ten years 102,181 99,357 Due after ten years 30,000 26,202 570,120 561,991 Mortgage-backed securities available for sale 6,789,325 6,818,349 $ 7,359,445 7,380,340 Debt securities held to maturity: Due in one year or less $ 948,757 950,308 Due after one year through five years 3,440 3,468 Due after ten years 3,538 3,538 955,735 957,314 Mortgage-backed securities held to maturity 2,648,498 2,672,844 $ 3,604,233 3,630,158 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of June 30, 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) June 30, 2019 Investment securities available for sale: U.S. Treasury and federal agencies $ — — 428,193 (1,538 ) Obligations of states and political subdivisions — — 457 (3 ) Mortgage-backed securities: Government issued or guaranteed 4,795 (28 ) 2,911,625 (37,754 ) Other debt securities 45,420 (474 ) 67,921 (7,252 ) 50,215 (502 ) 3,408,196 (46,547 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed — — 318,799 (4,505 ) Privately issued — — 50,757 (20,730 ) — — 369,556 (25,235 ) Total $ 50,215 (502 ) 3,777,752 (71,782 ) 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) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of June 30, 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) June 30, 2019 Commercial, financial, leasing, etc. $ 23,177,367 26,974 3,332 — 2 223,733 $ 23,431,408 Real estate: Commercial 25,829,322 146,704 12,450 390 12,867 203,116 26,204,849 Residential builder and developer 1,665,951 6,495 — — 468 5,985 1,678,899 Other commercial construction 7,217,573 55,060 4,600 — 625 32,769 7,310,627 Residential 13,206,787 462,391 321,810 5,981 172,718 210,922 14,380,609 Residential — limited documentation 2,067,375 81,857 — — 76,345 87,551 2,313,128 Consumer: Home equity lines and loans 4,562,840 29,972 — 4,360 — 66,927 4,664,099 Recreational finance 4,759,183 24,485 — 295 — 11,153 4,795,116 Automobile 3,639,155 70,177 — — — 20,170 3,729,502 Other 1,315,662 12,515 6,533 32,053 — 3,058 1,369,821 Total $ 87,441,215 916,630 348,725 43,079 263,025 865,384 $ 89,878,058 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: June 30, December 31, 2019 2018 (In thousands) Outstanding principal balance $ 920,481 $ 1,016,785 Carrying amount: Commercial, financial, leasing, etc. 23,648 27,073 Commercial real estate 125,737 135,047 Residential real estate 415,242 473,511 Consumer 90,410 91,860 $ 655,037 $ 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 and six months ended June 30, 2019 and 2018 follows: Three Months Ended June 30 2019 2018 Purchased Other Purchased Other Impaired Acquired Impaired Acquired (In thousands) Balance at beginning of period $ 140,317 $ 93,687 $ 149,007 $ 118,184 Interest income (9,632 ) (9,666 ) (7,969 ) (15,394 ) Reclassifications from nonaccretable balance 16,419 3,457 8,350 10,998 Other (a) — 3,433 — 3,927 Balance at end of period $ 147,104 $ 90,911 $ 149,388 $ 117,715 Six Months Ended June 30 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 (27,714 ) (19,383 ) (17,788 ) (30,506 ) Reclassifications from nonaccretable balance 27,608 8,322 9,258 11,205 Other (a) — 5,065 — 3,854 Balance at end of period $ 147,104 $ 90,911 $ 149,388 $ 117,715 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended June 30, 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 335,620 337,995 65,136 203,045 77,541 $ 1,019,337 Provision for credit losses 10,337 14,501 (2,376 ) 31,594 944 55,000 Net charge-offs Charge-offs (16,608 ) (10,165 ) (3,263 ) (39,370 ) — (69,406 ) Recoveries 6,506 965 1,514 15,951 — 24,936 Net charge-offs (10,102 ) (9,200 ) (1,749 ) (23,419 ) — (44,470 ) Ending balance $ 335,855 343,296 61,011 211,220 78,485 $ 1,029,867 Changes in the allowance for credit losses for the three months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 326,071 367,717 73,047 173,841 78,995 $ 1,019,671 Provision for credit losses 11,250 (10,845 ) 5,242 30,801 (1,448 ) 35,000 Net charge-offs Charge-offs (14,900 ) (4,548 ) (3,966 ) (34,033 ) — (57,447 ) Recoveries 6,409 1,437 1,800 12,378 — 22,024 Net charge-offs (8,491 ) (3,111 ) (2,166 ) (21,655 ) — (35,423 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 Changes in the allowance for credit losses for the six months ended June 30, 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 16,608 10,298 (4,823 ) 54,477 440 77,000 Net charge-offs Charge-offs (25,108 ) (10,448 ) (6,635 ) (72,315 ) — (114,506 ) Recoveries 14,300 1,791 3,344 28,494 — 47,929 Net charge-offs (10,808 ) (8,657 ) (3,291 ) (43,821 ) — (66,577 ) Ending balance $ 335,855 343,296 61,011 211,220 78,485 $ 1,029,867 Changes in the allowance for credit losses for the six months ended June 30, 2018 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 328,599 374,085 65,405 170,809 78,300 $ 1,017,198 Provision for credit losses 18,480 (16,070 ) 15,728 60,615 (753 ) 78,000 Net charge-offs Charge-offs (29,481 ) (5,914 ) (8,320 ) (70,484 ) — (114,199 ) Recoveries 11,232 1,660 3,310 22,047 — 38,249 Net charge-offs (18,249 ) (4,254 ) (5,010 ) (48,437 ) — (75,950 ) Ending balance $ 328,830 353,761 76,123 182,987 77,547 $ 1,019,248 |
Impaired Loans and Leases | Information with respect to loans and leases that were considered impaired as of June 30, 2019 and December 31, 2018 and for the three-month and six-month periods ended June 30, 2019 and 2018 follows. June 30, 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. $ 192,660 220,662 36,496 153,478 175,549 46,034 Real estate: Commercial 63,236 70,777 8,276 110,253 125,117 11,937 Residential builder and developer 7,490 8,059 286 5,981 6,557 462 Other commercial construction 22,851 34,782 1,901 10,563 11,113 640 Residential 125,607 147,097 6,220 124,974 147,817 5,402 Residential — limited documentation 69,340 83,920 2,600 74,156 90,066 3,000 Consumer: Home equity lines and loans 47,437 52,838 9,060 47,982 53,248 9,135 Recreational finance 5,701 9,248 1,178 6,138 9,163 1,261 Automobile 3,374 3,458 686 3,527 3,599 729 Other 4,832 8,175 974 5,203 8,380 1,046 542,528 639,016 67,677 542,255 630,609 79,646 With no related allowance recorded: Commercial, financial, leasing, etc. 73,247 77,171 — 105,507 136,128 — Real estate: Commercial 150,804 168,046 — 113,376 124,657 — Residential builder and developer 4,555 4,602 — 2,593 2,602 — Other commercial construction 9,918 10,313 — 11,710 11,880 — Residential 17,530 23,155 — 15,379 20,496 — Residential — limited documentation 5,397 9,344 — 5,631 9,796 — 261,451 292,631 — 254,196 305,559 — Total: Commercial, financial, leasing, etc. 265,907 297,833 36,496 258,985 311,677 46,034 Real estate: Commercial 214,040 238,823 8,276 223,629 249,774 11,937 Residential builder and developer 12,045 12,661 286 8,574 9,159 462 Other commercial construction 32,769 45,095 1,901 22,273 22,993 640 Residential 143,137 170,252 6,220 140,353 168,313 5,402 Residential — limited documentation 74,737 93,264 2,600 79,787 99,862 3,000 Consumer: Home equity lines and loans 47,437 52,838 9,060 47,982 53,248 9,135 Recreational finance 5,701 9,248 1,178 6,138 9,163 1,261 Automobile 3,374 3,458 686 3,527 3,599 729 Other 4,832 8,175 974 5,203 8,380 1,046 Total $ 803,979 931,647 67,677 796,451 936,168 79,646 |
Interest Income Recognized on Impaired Loans | Three Months Ended June 30, 2019 Three Months Ended June 30, 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. $ 273,924 3,627 3,627 271,413 1,333 1,333 Real estate: Commercial 214,775 2,032 2,032 168,224 3,811 3,811 Residential builder and developer 9,590 35 35 8,494 — — Other commercial construction 22,521 12 12 7,443 53 53 Residential 142,555 2,390 1,004 126,185 2,329 937 Residential — limited documentation 75,940 1,452 218 83,776 1,428 317 Consumer: Home equity lines and loans 47,435 406 57 48,644 433 72 Recreational finance 5,808 125 4 1,480 65 3 Automobile 3,450 53 18 12,636 225 14 Other 5,026 142 5 1,586 23 — Total $ 801,024 10,274 7,012 729,881 9,700 6,540 Six Months Ended June 30, 2019 Six Months Ended June 30, 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. $ 269,586 6,665 6,665 271,793 2,116 2,116 Real estate: Commercial 220,075 3,123 3,123 175,035 6,958 6,958 Residential builder and developer 9,233 150 150 9,167 1,682 1,682 Other commercial construction 21,460 576 576 8,773 59 59 Residential 141,479 4,412 1,670 123,697 4,231 1,839 Residential — limited documentation 77,089 2,805 426 84,686 3,156 1,013 Consumer: Home equity lines and loans 47,496 822 119 48,721 847 158 Recreational finance 5,917 267 8 1,469 128 5 Automobile 3,490 107 37 12,881 449 29 Other 5,122 264 9 1,623 45 1 Total $ 800,947 19,191 12,783 737,845 19,671 13,860 |
Summary of Loan Grades | 3. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied to the various classes of the Company’s commercial loans and commercial real estate loans. Real Estate Commercial, Residential Other Financial, Builder and Commercial Leasing, etc. Commercial Developer Construction (In thousands) June 30, 2019 Pass $ 22,112,126 25,213,055 1,476,023 7,024,168 Criticized accrual 1,095,549 788,678 196,891 253,690 Criticized nonaccrual 223,733 203,116 5,985 32,769 Total $ 23,431,408 26,204,849 1,678,899 7,310,627 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) June 30, 2019 Individually evaluated for impairment $ 36,496 10,463 8,820 11,898 $ 67,677 Collectively evaluated for impairment 299,359 332,833 45,666 199,322 877,180 Purchased impaired — — 6,525 — 6,525 Allocated $ 335,855 343,296 61,011 211,220 951,382 Unallocated 78,485 Total $ 1,029,867 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) June 30, 2019 Individually evaluated for impairment $ 265,907 258,854 217,874 61,344 $ 803,979 Collectively evaluated for impairment 23,165,499 34,921,561 16,226,800 14,497,194 88,811,054 Purchased impaired 2 13,960 249,063 — 263,025 Total $ 23,431,408 35,194,375 16,693,737 14,558,538 $ 89,878,058 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 and six-month periods ended June 30, 2019 and 2018: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended June 30, 2019 (Dollars in thousands) Commercial, financial, leasing, etc. 24 $ 2,597 $ 667 $ — $ — $ 1,891 $ 2,558 Real estate: Commercial 14 10,340 2,577 — — 7,641 10,218 Other commercial construction 1 1,038 — — — 1,033 1,033 Residential 26 7,513 4,008 — — 4,034 8,042 Residential — limited documentation 2 612 160 — — 465 625 Consumer: Home equity lines and loans 13 1,273 53 — — 1,225 1,278 Recreational finance 1 15 15 — — — 15 Automobile 12 189 189 — — — 189 Total 93 $ 23,577 $ 7,669 $ — $ — $ 16,289 $ 23,958 Three Months Ended June 30, 2018 Commercial, financial, leasing, etc. 47 $ 41,390 $ 9,673 $ 29 $ 6,111 $ 25,021 $ 40,834 Real estate: Commercial 28 7,200 7,376 175 394 — 7,945 Residential 30 7,951 2,814 — — 5,766 8,580 Residential — limited documentation 3 584 200 — — 458 658 Consumer: Home equity lines and loans 10 555 — — — 559 559 Automobile 19 333 321 — — 12 333 Total 137 $ 58,013 $ 20,384 $ 204 $ 6,505 $ 31,816 $ 58,909 3. Loans and leases and the allowance for credit losses, continued Post-modification (a) Six Months Ended June 30, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 89 $ 33,212 $ 7,141 $ — $ — $ 26,161 $ 33,302 Real estate: Commercial 29 19,581 3,564 — — 15,608 19,172 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 2 1,456 — — — 1,399 1,399 Residential 43 11,329 5,759 — — 6,307 12,066 Residential — limited documentation 3 848 399 — — 465 864 Consumer: Home equity lines and loans 20 1,749 90 — — 1,679 1,769 Recreational finance 5 103 103 — — — 103 Automobile 32 506 469 — — 37 506 Total 225 $ 70,114 $ 18,593 $ — $ — $ 51,656 $ 70,249 Six Months Ended June 30, 2018 Commercial, financial, leasing, etc. 103 $ 89,384 $ 45,346 $ 653 $ 6,111 $ 38,068 $ 90,178 Real estate: Commercial 48 13,980 13,200 175 394 927 14,696 Other commercial construction 1 752 746 — — — 746 Residential 77 20,587 9,759 — — 12,668 22,427 Residential — limited documentation 5 879 467 — — 576 1,043 Consumer: Home equity lines and loans 24 1,903 4 — — 1,907 1,911 Recreational finance 2 49 49 — — — 49 Automobile 27 481 469 — — 12 481 Total 287 $ 128,015 $ 70,040 $ 828 $ 6,505 $ 54,158 $ 131,531 (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: June 30, December 31, 2019 2018 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 1,188,750 $ 1,155,464 Estimated residual value of leased assets 82,021 85,169 Unearned income (107,409 ) (110,458 ) Investment in direct financings 1,163,362 1,130,175 Leveraged leases: Lease payments receivable 82,828 85,007 Estimated residual value of leased assets 81,244 81,261 Unearned income (32,774 ) (33,717 ) Investment in leveraged leases 131,298 132,551 Total investment in leases $ 1,294,660 $ 1,262,726 Deferred taxes payable arising from leveraged leases $ 72,620 $ 74,995 |
Minimum Future Lease Payments to be Received from Lease Financings | At June 30, 2019, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Twelve-month period ending June 30: 2020 $ 356,518 2021 294,985 2022 223,456 2023 145,794 2024 105,567 Later years 145,258 $ 1,271,578 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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: June 30, 2019 (In thousands) Right-of-use assets $ 395,659 Lease liabilities 422,384 |
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 Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Lease cost Operating lease cost $ 24,902 $ 49,541 Short-term lease cost 28 62 Variable lease cost 623 1,089 Sublease income (1,904 ) (3,821 ) Total net lease cost $ 23,649 $ 46,871 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 24,518 $ 44,928 Cash paid toward lease liabilities 25,205 50,861 Weighted-average remaining lease term 7 years 7 years Weighted-average discount rate 3.2 % 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 June 30: 2020 $ 89,301 2021 87,300 2022 71,956 2023 57,685 2024 41,815 Later years 113,403 Total lease payments $ 461,460 Less: imputed interest 39,076 Total $ 422,384 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 6 Months Ended |
Jun. 30, 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 and six-month periods ended June 30, 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 June 30, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 15,175 23,094 2,362 — 2 65,661 1,493 $ 107,787 Trust income 7 224 — — — — 144,151 144,382 Brokerage services income — — — — — — 12,478 12,478 Other revenues from operations: Merchant discount and credit card fees 9,895 13,129 496 — — 4,566 602 28,688 Other — 3,145 2,680 641 1,033 9,329 8,595 25,423 $ 25,077 39,592 5,538 641 1,035 79,556 167,319 $ 318,758 Three Months Ended June 30, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 15,611 24,270 2,451 — 3 63,015 1,434 $ 106,784 Trust income — — — — — — 137,641 137,641 Brokerage services income — — — — — — 12,629 12,629 Other revenues from operations: Merchant discount and credit card fees 8,334 12,542 428 — — 4,140 618 26,062 Other — 3,646 2,215 413 927 9,613 7,598 24,412 $ 23,945 40,458 5,094 413 930 76,768 159,920 $ 307,528 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Six Months Ended June 30, 2019 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts 30,284 46,304 4,888 — 4 126,812 2,607 210,899 Trust income 12 438 — — — — 276,718 277,168 Brokerage services income — — — — — — 24,954 24,954 Other revenues from operations: Merchant discount and credit card fees 18,777 25,221 1,102 — — 7,704 1,022 53,826 Other — 4,147 4,468 1,042 2,097 17,823 19,083 48,660 $ 49,073 76,110 10,458 1,042 2,101 152,339 324,384 $ 615,507 Six Months Ended June 30, 2018 Classification in consolidated statement of income Service charges on deposit accounts $ 31,015 48,924 5,215 — 6 123,616 3,123 $ 211,899 Trust income — — — — — — 269,016 269,016 Brokerage services income — — — — — — 26,021 26,021 Other revenues from operations: Merchant discount and credit card fees 15,837 25,254 982 — — 7,528 1,233 50,834 Other — 5,209 3,074 865 1,970 19,478 16,706 47,302 $ 46,852 79,387 9,271 865 1,976 150,622 316,099 $ 605,072 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 2019 2018 2019 2018 (In thousands) Service cost $ 4,559 5,069 229 243 Interest cost on projected benefit obligation 20,590 18,548 569 589 Expected return on plan assets (30,470 ) (30,688 ) — — Amortization of prior service cost (credit) 154 153 (1,190 ) (1,189 ) Amortization of net actuarial loss (gain) 6,546 10,796 (323 ) (213 ) Net periodic cost (benefit) $ 1,379 3,878 (715 ) (570 ) Pension Benefits Other Postretirement Benefits Six Months Ended June 30 2019 2018 2019 2018 (In thousands) Service cost $ 8,646 10,172 429 469 Interest cost on projected benefit obligation 40,790 37,353 1,172 1,146 Expected return on plan assets (61,070 ) (61,563 ) — — Amortization of prior service cost (credit) 279 278 (2,365 ) (2,364 ) Amortization of net actuarial loss (gain) 10,996 21,896 (623 ) (413 ) Net periodic cost (benefit) $ (359 ) 8,136 (1,387 ) (1,162 ) |
Earnings per common share (Tabl
Earnings per common share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 (In thousands, except per share) Income available to common shareholders: Net income $ 473,260 493,160 956,002 845,770 Less: Preferred stock dividends (a) (18,130 ) (18,130 ) (36,260 ) (36,260 ) Net income available to common equity 455,130 475,030 919,742 809,510 Less: Income attributable to unvested stock-based compensation awards (2,498 ) (2,432 ) (5,024 ) (4,172 ) Net income available to common shareholders $ 452,632 472,598 914,718 805,338 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 136,182 145,571 137,403 147,510 Less: Unvested stock-based compensation awards (749 ) (746 ) (749 ) (764 ) Weighted-average shares outstanding 135,433 144,825 136,654 146,746 Basic earnings per common share $ 3.34 3.26 6.69 5.49 (a) Including impact of not as yet declared cumulative dividends. |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 (In thousands, except per share) Net income available to common equity $ 455,130 475,030 919,742 809,510 Less: Income attributable to unvested stock-based compensation awards (2,497 ) (2,430 ) (5,023 ) (4,168 ) Net income available to common shareholders $ 452,633 472,600 914,719 805,342 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 136,182 145,571 137,403 147,510 Less: Unvested stock-based compensation awards (749 ) (746 ) (749 ) (764 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 31 173 31 195 Adjusted weighted-average shares outstanding 135,464 144,998 136,685 146,941 Diluted earnings per common share $ 3.34 3.26 6.69 5.48 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 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 207,802 — — 207,802 (54,609 ) 153,193 Foreign currency translation adjustment — — (507 ) (507 ) 107 (400 ) Unrealized gains on cash flow hedges — — 188,272 188,272 (49,497 ) 138,775 Total other comprehensive income before reclassifications 207,802 — 187,765 395,567 (103,999 ) 291,568 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 1,691 — — 1,691 (a) (445 ) 1,246 Losses realized in net income 7 — — 7 (b) (2 ) 5 Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (c) 14 (42 ) Net yield adjustment from cash flow hedges currently in effect — — 11,176 11,176 (a) (2,938 ) 8,238 Amortization of prior service credit — (2,086 ) — (2,086 ) (d) 548 (1,538 ) Amortization of actuarial losses — 10,373 — 10,373 (d) (2,727 ) 7,646 Total other comprehensive income 209,500 8,287 198,885 416,672 (109,549 ) 307,123 Balance — June 30, 2019 $ 9,393 (346,215 ) 184,166 $ (152,656 ) 39,698 $ (112,958 ) 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 (187,989 ) — — (187,989 ) 49,414 (138,575 ) Foreign currency translation adjustment — — (1,448 ) (1,448 ) 304 (1,144 ) Unrealized losses on cash flow hedges — — (21,065 ) (21,065 ) 5,538 (15,527 ) Total other comprehensive income (loss) before reclassifications (187,989 ) — (22,513 ) (210,502 ) 55,256 (155,246 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 1,590 — — 1,590 (a) (418 ) 1,172 Gains realized in net income (18 ) — — (18 ) (b) 4 (14 ) Accretion of net gain on terminated cash flow hedges — — (56 ) (56 ) (c) 15 (41 ) Net yield adjustment from cash flow hedges currently in effect — — 3,469 3,469 (a) (912 ) 2,557 Amortization of prior service credit — (2,086 ) — (2,086 ) (d) 549 (1,537 ) Amortization of actuarial losses — 21,483 — 21,483 (d) (5,648 ) 15,835 Total other comprehensive income (loss) (186,417 ) 19,397 (19,100 ) (186,120 ) 48,846 (137,274 ) Balance — June 30, 2018 $ (269,169 ) (393,771 ) (39,265 ) $ (702,205 ) 184,264 $ (517,941 ) (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 154,444 6,108 146,571 307,123 Balance — June 30, 2019 $ 6,918 (255,195 ) 135,319 $ (112,958 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 Fair value hedges: Fixed rate long-term borrowings (b) $ 4,450,000 2.3 2.47 % 2.95 % $ (1,224 ) Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 34,750,000 1.4 2.38 % 2.42 % (4,556 ) Total $ 39,200,000 1.5 $ (5,780 ) 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 June 30, 2019 and December 31, 2018 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $41.6 million and fair value losses of $54.7 million, respectively, and on interest rate swaps designated as cash flow hedges a reduction of fair value gains of $196.2 million and a reduction of fair value losses of $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 | Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows: Asset Derivatives Liability Derivatives Fair Value Fair Value June 30, December 31, June 30, December 31, 2019 2018 2019 2018 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 70 $ 5,530 $ 5,850 $ — Commitments to sell real estate loans (a) 665 1,090 16,607 6,434 735 6,620 22,457 6,434 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 17,411 9,304 211 1,592 Commitments to sell real estate loans (a) 515 3,702 8,020 4,535 Trading: Interest rate contracts (b) 399,155 118,687 66,897 169,255 Foreign exchange and other option and futures contracts (b) 7,305 10,549 6,495 8,870 424,386 142,242 81,623 184,252 Total derivatives $ 425,121 $ 148,862 $ 104,080 $ 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 June 30, 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 $29.2 million and $170.7 million, respectively, and in a liability position of $281.2 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 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (In thousands) Location in the Consolidated Balance Sheet of the Hedged Items in Fair Value Hedges Long-term debt $ 4,485,626 $ 4,394,109 $ 39,370 $ (51,102 ) |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Three Months Ended June 30, 2019 Three Months Ended June 30, 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) $ 56,679 (56,458 ) $ (13,357 ) 13,884 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 8,493 $ (2,686 ) Foreign exchange and other option and futures contracts (b) 2,479 2,365 Total $ 10,972 $ (321 ) 10. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Six Months Ended June 30, 2019 Six Months Ended June 30, 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) $ 90,859 (90,472 ) $ (55,747 ) 56,254 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ 11,204 $ (4,291 ) Foreign exchange and other option and futures contracts (b) 4,092 4,996 Total $ 15,296 $ 705 (a) Reported as interest expense. (b) Reported as trading account and foreign exchange gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at June 30, 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) June 30, 2019 Trading account assets $ 479,403 $ 47,344 $ 432,059 $ — Investment securities available for sale: U.S. Treasury and federal agencies 429,813 — 429,813 — Obligations of states and political subdivisions 1,015 — 1,015 — Mortgage-backed securities: Government issued or guaranteed 6,818,333 — 6,818,333 — Privately issued 16 — — 16 Other debt securities 131,163 — 131,163 — 7,380,340 — 7,380,324 16 Equity securities 151,801 109,377 42,424 — Real estate loans held for sale 797,474 — 797,474 — Other assets (b) 18,661 — 1,250 17,411 Total assets $ 8,827,679 $ 156,721 $ 8,653,531 $ 17,427 Trading account liabilities $ 73,392 $ — $ 73,392 $ — Other liabilities (b) 30,688 — 30,477 211 Total liabilities $ 104,080 $ — $ 103,869 $ 211 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 six months ended June 30, 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 three months ended June 30, 2019 and 2018 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2019 (In thousands) Balance — March 31 , 2019 $ 16 7,433 Total gains realized/unrealized: Included in earnings — 36,463 (b) Settlements — — Transfers out of Level 3 (a) — (26,696 ) (c) Balance — June 30, 2019 $ 16 17,200 Changes in unrealized gains included in earnings related to assets still held at June 30, 2019 $ — 17,464 (b) 2018 Balance — March 31 , 2018 $ 27 8,760 Total gains realized/unrealized: Included in earnings — 20,277 (b) Settlements (3 ) — Transfers out of Level 3 (a) — (18,286 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (b) Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2019 (In thousands) Balance — January 1, 2019 $ 22 7,712 Total gains realized/unrealized: Included in earnings — 53,009 (b) Settlements (6 ) — Transfers out of Level 3 (a) — (43,521 ) (c) Balance — June 30, 2019 $ 16 17,200 Changes in unrealized gains included in earnings related to assets still held at June 30, 2019 $ — 17,372 (b) 2018 Balance — January 1, 2018 $ 28 8,303 Total gains realized/unrealized: Included in earnings — 28,407 (b) Settlements (4 ) — Transfers out of Level 3 (a) — (25,959 ) (c) Balance — June 30, 2018 $ 24 10,751 Changes in unrealized gains included in earnings related to assets still held at June 30, 2018 $ — 10,686 (b) (a) The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer. (b) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (c) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for certain Level 3 assets and liabilities at June 30, 2019 and December 31, 2018: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In June 30, 2019 Recurring fair value measurements Privately issued mortgage-backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 17,200 Discounted cash flow Commitment expirations 0%-98% (16%) 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: June 30, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,271,611 1,271,611 1,214,826 56,785 — Interest-bearing deposits at banks 8,791,753 8,791,753 — 8,791,753 — Trading account assets 479,403 479,403 47,344 432,059 — Investment securities 11,580,249 11,606,174 109,377 11,400,933 95,864 Loans and leases: Commercial loans and leases 23,431,408 23,095,155 — — 23,095,155 Commercial real estate loans 35,194,375 34,932,104 — 503,599 34,428,505 Residential real estate loans 16,693,737 16,734,846 — 3,965,011 12,769,835 Consumer loans 14,558,538 14,537,432 — — 14,537,432 Allowance for credit losses (1,029,867 ) — — — — Loans and leases, net 88,848,191 89,299,537 — 4,468,610 84,830,927 Accrued interest receivable 362,012 362,012 — 362,012 — Financial liabilities: Noninterest-bearing deposits $ (30,747,946 ) (30,747,946 ) — (30,747,946 ) — Savings and interest-checking deposits (53,221,672 ) (53,221,672 ) — (53,221,672 ) — Time deposits (6,346,551 ) (6,447,027 ) — (6,447,027 ) — Deposits at Cayman Islands office (1,364,855 ) (1,364,855 ) — (1,364,855 ) — Short-term borrowings (4,611,390 ) (4,611,390 ) — (4,611,390 ) — Long-term borrowings (7,655,507 ) (7,703,957 ) — (7,703,957 ) — Accrued interest payable (108,971 ) (108,971 ) — (108,971 ) — Trading account liabilities (73,392 ) (73,392) — (73,392 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 17,200 17,200 — — 17,200 Commitments to sell real estate loans (23,447 ) (23,447 ) — (23,447 ) — Other credit-related commitments (127,699 ) (127,699 ) — — (127,699 ) Interest rate swap agreements used for interest rate risk management (5,780 ) (5,780 ) — (5,780 ) — 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) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities Outstanding | In the normal course of business, various commitments and contingent liabilities are outstanding. Certain of these commitments are not included in the Company's consolidated balance sheet. June 30, December 31, 2019 2018 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,489,356 5,484,197 Commercial real estate loans to be sold 247,494 229,401 Other commercial real estate 7,771,353 7,556,722 Residential real estate loans to be sold 473,275 245,211 Other residential real estate 414,375 219,351 Commercial and other 15,188,645 14,363,803 Standby letters of credit 2,353,515 2,326,991 Commercial letters of credit 43,824 55,808 Financial guarantees and indemnification contracts 3,741,060 3,529,136 Commitments to sell real estate loans 1,377,712 940,692 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company's segments is presented in the following table: Three Months Ended June 30 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 140,767 1,004 42,250 $ 136,029 912 43,007 Commercial Banking 278,110 887 123,507 269,499 928 126,391 Commercial Real Estate 225,442 406 121,629 205,541 385 112,691 Discretionary Portfolio 60,976 (9,291 ) 38,040 58,976 (10,554 ) 29,113 Residential 96,449 17,150 7,642 82,167 16,047 15,402 Retail Banking 436,593 2,787 140,494 420,540 2,707 143,089 All Other 315,239 (12,943 ) (302 ) 293,449 (10,425 ) 23,467 Total $ 1,553,576 — 473,260 $ 1,466,201 — 493,160 Six Months Ended June 30 2019 2018 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 280,089 1,860 85,521 $ 263,913 1,830 80,725 Commercial Banking 545,600 1,727 255,725 535,895 1,778 251,856 Commercial Real Estate 444,615 760 239,127 408,148 725 220,994 Discretionary Portfolio 124,893 (18,590 ) 77,212 109,014 (21,386 ) 48,852 Residential Mortgage Banking 180,210 31,664 20,583 164,625 31,468 30,348 Retail Banking 867,484 5,298 285,560 814,016 5,572 266,469 All Other 661,510 (22,719 ) (7,726 ) 604,803 (19,987 ) (53,474 ) Total $ 3,104,401 — 956,002 $ 2,900,414 — 845,770 14. Segment information, continued Average Total Assets Six Months Ended June 30 Year Ended December 31 2019 2018 2018 (In millions) Business Banking $ 5,724 5,656 5,631 Commercial Banking 27,981 26,542 26,626 Commercial Real Estate 23,720 22,848 22,885 Discretionary Portfolio 29,888 33,277 32,123 Residential Mortgage Banking 2,173 2,186 2,161 Retail Banking 14,580 13,403 13,656 All Other 13,601 13,109 13,877 Total $ 117,667 117,021 116,959 (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 $5,925,000 and $5,397,000 for the three-month periods ended June 30, 2019 and 2018, respectively, and $11,892,000 and $10,206,000 for the six-month periods ended June 30, 2019 and 2018, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($) | |
Investment Holdings [Line Items] | ||||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (loss) on bank investment securities | $ 8,911,000 | $ 2,326,000 | $ 20,752,000 | $ (7,105,000) |
Number of debt securities with aggregate gross unrealized losses | Security | 801 | 801 | ||
Unrealized losses on individual debt securities | $ (72,000,000) | |||
Cost method equity securities | $ 444,000,000 | 444,000,000 | ||
Retained Earnings [Member] | Adjustments for New Accounting Pronouncement [Member] | ||||
Investment Holdings [Line Items] | ||||
Reclassification from accumulated comprehensive income to retained earnings, net of tax | $ 17,000,000 | $ 17,000,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 7,359,445 | $ 8,869,423 |
Investment securities available for sale, gross unrealized gains | 67,944 | 16,528 |
Investment securities available for sale, gross unrealized losses | 47,049 | 203,442 |
Investment securities available for sale, estimated fair value | 7,380,340 | 8,682,509 |
Amortized cost for held to maturity | 3,604,233 | 3,316,640 |
Gross unrealized gains for held to maturity | 51,160 | 16,532 |
Gross unrealized losses for held to maturity | 25,235 | 77,689 |
Estimated fair value for held to maturity | 3,630,158 | 3,255,483 |
Equity and other securities, Amortized Cost | 558,440 | 677,187 |
Equity securities, Gross Unrealized Gains | 37,558 | 17,295 |
Equity securities, Gross Unrealized Losses | 322 | 818 |
Equity and other securities, Estimated Fair Value | 595,676 | 693,664 |
Other securities, Amortized cost | 443,875 | 599,747 |
Other securities, Estimated fair value | 443,875 | 599,747 |
Total debt securities Amortized cost | 10,963,678 | 12,186,063 |
Total debt securities Gross unrealized gains | 119,104 | 33,060 |
Total debt securities Gross unrealized losses | 72,284 | 281,131 |
Total debt securities Estimated fair value | 11,010,498 | 11,937,992 |
Readily marketable securities Amortized cost | 114,565 | 77,440 |
Readily marketable securities Gross unrealized gains | 37,558 | 17,295 |
Readily marketable securities Gross unrealized losses | 322 | 818 |
Readily marketable securities Estimated fair value | 151,801 | 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 | 431,334 | 1,346,782 |
Investment securities available for sale, gross unrealized gains | 17 | |
Investment securities available for sale, gross unrealized losses | 1,538 | 9,851 |
Investment securities available for sale, estimated fair value | 429,813 | 1,336,931 |
Amortized cost for held to maturity | 946,782 | 446,542 |
Gross unrealized gains for held to maturity | 1,547 | |
Gross unrealized losses for held to maturity | 239 | |
Estimated fair value for held to maturity | 948,329 | 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 | 1,015 | 1,660 |
Investment securities available for sale, gross unrealized gains | 3 | 4 |
Investment securities available for sale, gross unrealized losses | 3 | 5 |
Investment securities available for sale, estimated fair value | 1,015 | 1,659 |
Amortized cost for held to maturity | 5,415 | 7,494 |
Gross unrealized gains for held to maturity | 32 | 22 |
Gross unrealized losses for held to maturity | 12 | |
Estimated fair value for held to maturity | 5,447 | 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 | 6,789,309 | 7,383,340 |
Investment securities available for sale, gross unrealized gains | 66,806 | 15,754 |
Investment securities available for sale, gross unrealized losses | 37,782 | 182,103 |
Investment securities available for sale, estimated fair value | 6,818,333 | 7,216,991 |
Amortized cost for held to maturity | 2,543,906 | 2,745,776 |
Gross unrealized gains for held to maturity | 37,595 | 4,165 |
Gross unrealized losses for held to maturity | 4,505 | 55,111 |
Estimated fair value for held to maturity | 2,576,996 | 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 | 104,592 | 113,160 |
Gross unrealized gains for held to maturity | 11,986 | 12,345 |
Gross unrealized losses for held to maturity | 20,730 | 22,327 |
Estimated fair value for held to maturity | 95,848 | 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 | 137,771 | 137,617 |
Investment securities available for sale, gross unrealized gains | 1,118 | 770 |
Investment securities available for sale, gross unrealized losses | 7,726 | 11,481 |
Investment securities available for sale, estimated fair value | 131,163 | 126,906 |
Amortized cost for held to maturity | 3,538 | 3,668 |
Estimated fair value for held to maturity | $ 3,538 | $ 3,668 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt securities available for sale: | ||
Due in one year or less | $ 429,891 | |
Due after one year through five years | 8,048 | |
Due after five years through ten years | 102,181 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 570,120 | |
Mortgage-backed securities available for sale | 6,789,325 | |
Investment securities available for sale, amortized cost | 7,359,445 | $ 8,869,423 |
Debt securities held to maturity: | ||
Due in one year or less | 948,757 | |
Due after one year through five years | 3,440 | |
Due after ten years | 3,538 | |
Total available for held to maturity (amortized cost) | 955,735 | |
Mortgage-backed securities held to maturity | 2,648,498 | |
Amortized cost for held to maturity | 3,604,233 | 3,316,640 |
Debt securities available for sale: | ||
Due in one year or less | 428,384 | |
Due after one year through five years | 8,048 | |
Due after five years through ten years | 99,357 | |
Due after ten years | 26,202 | |
Total available for sale (fair value) | 561,991 | |
Mortgage-backed securities available for sale | 6,818,349 | |
Total | 7,380,340 | 8,682,509 |
Debt securities held to maturity: | ||
Due in one year or less | 950,308 | |
Due after one year through five years | 3,468 | |
Due after ten years | 3,538 | |
Total available for held to maturity (fair value) | 957,314 | |
Mortgage-backed securities held to maturity | 2,672,844 | |
Total | $ 3,630,158 | $ 3,255,483 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 50,215 | $ 459,960 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (502) | (5,088) |
Estimated fair value, 12 months or more | 3,408,196 | 7,048,346 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (46,547) | (198,354) |
Held to maturity, Estimated fair value, Less than 12 months | 625,657 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (1,228) | |
Held to maturity, Estimated fair value, 12 months or more | 369,556 | 2,137,792 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (25,235) | (76,461) |
Total investment securities, fair value less than 12 months | 50,215 | 1,085,617 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (502) | (6,316) |
Total of investment securities, fair value, 12 Months or More | 3,777,752 | 9,186,138 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (71,782) | (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 | 273 | |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (2) | |
Estimated fair value, 12 months or more | 428,193 | 1,335,559 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (1,538) | (9,849) |
Held to maturity, Estimated fair value, Less than 12 months | 446,303 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (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 | 457 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (3) | |
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 | 4,795 | 405,558 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (28) | (2,892) |
Estimated fair value, 12 months or more | 2,911,625 | 5,646,773 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (37,754) | (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 | 318,799 | 2,082,723 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (4,505) | (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 | 45,420 | 53,478 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (474) | (2,187) |
Estimated fair value, 12 months or more | 67,921 | 66,014 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (7,252) | (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 | 50,757 | 51,943 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ (20,730) | $ (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 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 87,441,215 | $ 86,140,950 |
30-89 Days Past Due | 916,630 | 866,337 |
Accruing Loans Past Due 90 Days or More | 348,725 | 222,527 |
Purchased Impaired | 263,025 | 303,305 |
Nonaccrual | 865,384 | 893,608 |
Loans and leases, net of unearned discount | 89,878,058 | 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 | 43,079 | 39,750 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 23,177,367 | 22,701,020 |
30-89 Days Past Due | 26,974 | 39,798 |
Accruing Loans Past Due 90 Days or More | 3,332 | 2,567 |
Purchased Impaired | 2 | |
Nonaccrual | 223,733 | 234,423 |
Loans and leases, net of unearned discount | 23,431,408 | 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 | 168 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,829,322 | 25,250,983 |
30-89 Days Past Due | 146,704 | 134,474 |
Accruing Loans Past Due 90 Days or More | 12,450 | 11,457 |
Purchased Impaired | 12,867 | 9,769 |
Nonaccrual | 203,116 | 203,672 |
Loans and leases, net of unearned discount | 26,204,849 | 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 | 390 | 10 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,665,951 | 1,665,178 |
30-89 Days Past Due | 6,495 | 20,333 |
Purchased Impaired | 468 | |
Nonaccrual | 5,985 | 4,798 |
Loans and leases, net of unearned discount | 1,678,899 | 1,690,309 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,217,573 | 6,982,077 |
30-89 Days Past Due | 55,060 | 43,615 |
Accruing Loans Past Due 90 Days or More | 4,600 | 14,344 |
Purchased Impaired | 625 | 641 |
Nonaccrual | 32,769 | 22,205 |
Loans and leases, net of unearned discount | 7,310,627 | 7,062,882 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 13,206,787 | 13,591,790 |
30-89 Days Past Due | 462,391 | 404,808 |
Accruing Loans Past Due 90 Days or More | 321,810 | 189,682 |
Purchased Impaired | 172,718 | 203,044 |
Nonaccrual | 210,922 | 233,352 |
Loans and leases, net of unearned discount | 14,380,609 | 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 | 5,981 | 6,650 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,067,375 | 2,278,040 |
30-89 Days Past Due | 81,857 | 72,544 |
Purchased Impaired | 76,345 | 89,851 |
Nonaccrual | 87,551 | 84,685 |
Loans and leases, net of unearned discount | 2,313,128 | 2,525,120 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,562,840 | 4,758,513 |
30-89 Days Past Due | 29,972 | 25,416 |
Nonaccrual | 66,927 | 71,292 |
Loans and leases, net of unearned discount | 4,664,099 | 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 | 4,360 | 5,033 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,759,183 | 4,085,781 |
30-89 Days Past Due | 24,485 | 29,947 |
Nonaccrual | 11,153 | 11,199 |
Loans and leases, net of unearned discount | 4,795,116 | 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 | 295 | 235 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,639,155 | 3,555,757 |
30-89 Days Past Due | 70,177 | 79,804 |
Nonaccrual | 20,170 | 23,359 |
Loans and leases, net of unearned discount | 3,729,502 | 3,658,920 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,315,662 | 1,271,811 |
30-89 Days Past Due | 12,515 | 15,598 |
Accruing Loans Past Due 90 Days or More | 6,533 | 4,477 |
Nonaccrual | 3,058 | 4,623 |
Loans and leases, net of unearned discount | 1,369,821 | 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 | $ 32,053 | $ 27,654 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loans And Leases Receivable [Line Items] | ||
Commercial real estate loans held for sale | $ 504 | $ 347 |
Contractual principal and interest payments | $ 263 | 303 |
Minimum delinquency period for loan level collectability analysis consumer mortgage | 150 days | |
Amount of foreclosed residential real estate property held | $ 72 | 77 |
Loans secured by residential real estate that were in the process of foreclosure | $ 380 | 391 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as purchased impaired | 33.00% | |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 24.00% | |
Guaranteed amount included in the estimated residual value of leased assets associated with direct financing leases | $ 37 | $ 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 | $ 294 | $ 205 |
Carrying value of loans for which partial charge-off has been recognized | 26 | 29 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | 18 | 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 | 21 | 23 |
Mortgage loans on real real estate not requiring charge off due to collateral carrying amount | $ 31 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Outstanding principal balance | $ 920,481 | $ 1,016,785 |
Carrying amount | 655,037 | 727,491 |
Commercial, Financial, Leasing, etc. [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 23,648 | 27,073 |
Commercial Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 125,737 | 135,047 |
Residential Real Estate [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | 415,242 | 473,511 |
Consumer [Member] | ||
Outstanding principal and carrying value of acquired loans recorded at fair value | ||
Carrying amount | $ 90,410 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Purchased Impaired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | $ 140,317 | $ 149,007 | $ 147,210 | $ 157,918 |
Interest income | (9,632) | (7,969) | (27,714) | (17,788) |
Reclassifications from nonaccretable balance | 16,419 | 8,350 | 27,608 | 9,258 |
Balance at end of period | 147,104 | 149,388 | 147,104 | 149,388 |
Other Acquired [Member] | ||||
Summary of changes in Accretable Yield for acquired loans | ||||
Balance at beginning of period | 93,687 | 118,184 | 96,907 | 133,162 |
Interest income | (9,666) | (15,394) | (19,383) | (30,506) |
Reclassifications from nonaccretable balance | 3,457 | 10,998 | 8,322 | 11,205 |
Other | 3,433 | 3,927 | 5,065 | 3,854 |
Balance at end of period | $ 90,911 | $ 117,715 | $ 90,911 | $ 117,715 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 1,019,337 | $ 1,019,671 | $ 1,019,444 | $ 1,017,198 |
Provision for credit losses | 55,000 | 35,000 | 77,000 | 78,000 |
Net charge-offs | ||||
Charge-offs | (69,406) | (57,447) | (114,506) | (114,199) |
Recoveries | 24,936 | 22,024 | 47,929 | 38,249 |
Net charge-offs | (44,470) | (35,423) | (66,577) | (75,950) |
Ending balance | 1,029,867 | 1,019,248 | 1,029,867 | 1,019,248 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 335,620 | 326,071 | 330,055 | 328,599 |
Provision for credit losses | 10,337 | 11,250 | 16,608 | 18,480 |
Net charge-offs | ||||
Charge-offs | (16,608) | (14,900) | (25,108) | (29,481) |
Recoveries | 6,506 | 6,409 | 14,300 | 11,232 |
Net charge-offs | (10,102) | (8,491) | (10,808) | (18,249) |
Ending balance | 335,855 | 328,830 | 335,855 | 328,830 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 337,995 | 367,717 | 341,655 | 374,085 |
Provision for credit losses | 14,501 | (10,845) | 10,298 | (16,070) |
Net charge-offs | ||||
Charge-offs | (10,165) | (4,548) | (10,448) | (5,914) |
Recoveries | 965 | 1,437 | 1,791 | 1,660 |
Net charge-offs | (9,200) | (3,111) | (8,657) | (4,254) |
Ending balance | 343,296 | 353,761 | 343,296 | 353,761 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 65,136 | 73,047 | 69,125 | 65,405 |
Provision for credit losses | (2,376) | 5,242 | (4,823) | 15,728 |
Net charge-offs | ||||
Charge-offs | (3,263) | (3,966) | (6,635) | (8,320) |
Recoveries | 1,514 | 1,800 | 3,344 | 3,310 |
Net charge-offs | (1,749) | (2,166) | (3,291) | (5,010) |
Ending balance | 61,011 | 76,123 | 61,011 | 76,123 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 203,045 | 173,841 | 200,564 | 170,809 |
Provision for credit losses | 31,594 | 30,801 | 54,477 | 60,615 |
Net charge-offs | ||||
Charge-offs | (39,370) | (34,033) | (72,315) | (70,484) |
Recoveries | 15,951 | 12,378 | 28,494 | 22,047 |
Net charge-offs | (23,419) | (21,655) | (43,821) | (48,437) |
Ending balance | 211,220 | 182,987 | 211,220 | 182,987 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 77,541 | 78,995 | 78,045 | 78,300 |
Provision for credit losses | 944 | (1,448) | 440 | (753) |
Net charge-offs | ||||
Ending balance | $ 78,485 | $ 77,547 | $ 78,485 | $ 77,547 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | $ 542,528 | $ 542,255 |
Unpaid principal balance with related allowance | 639,016 | 630,609 |
Related allowance | 67,677 | 79,646 |
Recorded investment with no related allowance | 261,451 | 254,196 |
Unpaid principal balance with no related allowance | 292,631 | 305,559 |
Recorded investment | 803,979 | 796,451 |
Unpaid principal balance | 931,647 | 936,168 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 63,236 | 110,253 |
Unpaid principal balance with related allowance | 70,777 | 125,117 |
Related allowance | 8,276 | 11,937 |
Recorded investment with no related allowance | 150,804 | 113,376 |
Unpaid principal balance with no related allowance | 168,046 | 124,657 |
Recorded investment | 214,040 | 223,629 |
Unpaid principal balance | 238,823 | 249,774 |
Automobile [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 3,374 | 3,527 |
Unpaid principal balance with related allowance | 3,458 | 3,599 |
Related allowance | 686 | 729 |
Recorded investment | 3,374 | 3,527 |
Unpaid principal balance | 3,458 | 3,599 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 192,660 | 153,478 |
Unpaid principal balance with related allowance | 220,662 | 175,549 |
Related allowance | 36,496 | 46,034 |
Recorded investment with no related allowance | 73,247 | 105,507 |
Unpaid principal balance with no related allowance | 77,171 | 136,128 |
Recorded investment | 265,907 | 258,985 |
Unpaid principal balance | 297,833 | 311,677 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 7,490 | 5,981 |
Unpaid principal balance with related allowance | 8,059 | 6,557 |
Related allowance | 286 | 462 |
Recorded investment with no related allowance | 4,555 | 2,593 |
Unpaid principal balance with no related allowance | 4,602 | 2,602 |
Recorded investment | 12,045 | 8,574 |
Unpaid principal balance | 12,661 | 9,159 |
Other Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 22,851 | 10,563 |
Unpaid principal balance with related allowance | 34,782 | 11,113 |
Related allowance | 1,901 | 640 |
Recorded investment with no related allowance | 9,918 | 11,710 |
Unpaid principal balance with no related allowance | 10,313 | 11,880 |
Recorded investment | 32,769 | 22,273 |
Unpaid principal balance | 45,095 | 22,993 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 125,607 | 124,974 |
Unpaid principal balance with related allowance | 147,097 | 147,817 |
Related allowance | 6,220 | 5,402 |
Recorded investment with no related allowance | 17,530 | 15,379 |
Unpaid principal balance with no related allowance | 23,155 | 20,496 |
Recorded investment | 143,137 | 140,353 |
Unpaid principal balance | 170,252 | 168,313 |
Residential Limited Documentation [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 69,340 | 74,156 |
Unpaid principal balance with related allowance | 83,920 | 90,066 |
Related allowance | 2,600 | 3,000 |
Recorded investment with no related allowance | 5,397 | 5,631 |
Unpaid principal balance with no related allowance | 9,344 | 9,796 |
Recorded investment | 74,737 | 79,787 |
Unpaid principal balance | 93,264 | 99,862 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 47,437 | 47,982 |
Unpaid principal balance with related allowance | 52,838 | 53,248 |
Related allowance | 9,060 | 9,135 |
Recorded investment | 47,437 | 47,982 |
Unpaid principal balance | 52,838 | 53,248 |
Recreational Finance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 5,701 | 6,138 |
Unpaid principal balance with related allowance | 9,248 | 9,163 |
Related allowance | 1,178 | 1,261 |
Recorded investment | 5,701 | 6,138 |
Unpaid principal balance | 9,248 | 9,163 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with related allowance | 4,832 | 5,203 |
Unpaid principal balance with related allowance | 8,175 | 8,380 |
Related allowance | 974 | 1,046 |
Recorded investment | 4,832 | 5,203 |
Unpaid principal balance | $ 8,175 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | $ 801,024 | $ 729,881 | $ 800,947 | $ 737,845 |
Interest income recognized, Total | 10,274 | 9,700 | 19,191 | 19,671 |
Interest income recognized, Cash basis | 7,012 | 6,540 | 12,783 | 13,860 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 214,775 | 168,224 | 220,075 | 175,035 |
Interest income recognized, Total | 2,032 | 3,811 | 3,123 | 6,958 |
Interest income recognized, Cash basis | 2,032 | 3,811 | 3,123 | 6,958 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 273,924 | 271,413 | 269,586 | 271,793 |
Interest income recognized, Total | 3,627 | 1,333 | 6,665 | 2,116 |
Interest income recognized, Cash basis | 3,627 | 1,333 | 6,665 | 2,116 |
Residential Builder and Developer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 9,590 | 8,494 | 9,233 | 9,167 |
Interest income recognized, Total | 35 | 150 | 1,682 | |
Interest income recognized, Cash basis | 35 | 150 | 1,682 | |
Other Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 22,521 | 7,443 | 21,460 | 8,773 |
Interest income recognized, Total | 12 | 53 | 576 | 59 |
Interest income recognized, Cash basis | 12 | 53 | 576 | 59 |
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 142,555 | 126,185 | 141,479 | 123,697 |
Interest income recognized, Total | 2,390 | 2,329 | 4,412 | 4,231 |
Interest income recognized, Cash basis | 1,004 | 937 | 1,670 | 1,839 |
Residential Limited Documentation [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 75,940 | 83,776 | 77,089 | 84,686 |
Interest income recognized, Total | 1,452 | 1,428 | 2,805 | 3,156 |
Interest income recognized, Cash basis | 218 | 317 | 426 | 1,013 |
Home Equity Lines and Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 47,435 | 48,644 | 47,496 | 48,721 |
Interest income recognized, Total | 406 | 433 | 822 | 847 |
Interest income recognized, Cash basis | 57 | 72 | 119 | 158 |
Recreational Finance [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 5,808 | 1,480 | 5,917 | 1,469 |
Interest income recognized, Total | 125 | 65 | 267 | 128 |
Interest income recognized, Cash basis | 4 | 3 | 8 | 5 |
Automobile [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 3,450 | 12,636 | 3,490 | 12,881 |
Interest income recognized, Total | 53 | 225 | 107 | 449 |
Interest income recognized, Cash basis | 18 | 14 | 37 | 29 |
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 5,026 | 1,586 | 5,122 | 1,623 |
Interest income recognized, Total | 142 | $ 23 | 264 | 45 |
Interest income recognized, Cash basis | $ 5 | $ 9 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 89,878,058 | $ 88,466,477 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,431,408 | 22,977,976 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,112,126 | 21,693,705 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,095,549 | 1,049,848 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 223,733 | 234,423 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,204,849 | 25,610,365 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 25,213,055 | 24,539,706 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 788,678 | 866,987 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 203,116 | 203,672 |
Residential Builder and Developer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,678,899 | 1,690,309 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,476,023 | 1,546,002 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 196,891 | 139,509 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,985 | 4,798 |
Other Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,310,627 | 7,062,882 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,024,168 | 6,890,562 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 253,690 | 150,115 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 32,769 | $ 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 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 67,677 | $ 79,646 | ||||
Allowance for credit losses | 877,180 | 849,356 | ||||
Allowance for credit losses | 1,029,867 | $ 1,019,337 | 1,019,444 | $ 1,019,248 | $ 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 | 6,525 | 12,397 | ||||
Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 951,382 | 941,399 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 78,485 | $ 77,541 | 78,045 | $ 77,547 | $ 78,995 | $ 78,300 |
Commercial, Financial, Leasing, etc. [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 36,496 | 46,034 | ||||
Allowance for credit losses | 299,359 | 284,021 | ||||
Commercial, Financial, Leasing, etc. [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 335,855 | 330,055 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 10,463 | 13,039 | ||||
Allowance for credit losses | 332,833 | 328,616 | ||||
Commercial Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 343,296 | 341,655 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 8,820 | 8,402 | ||||
Allowance for credit losses | 45,666 | 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 | 6,525 | 12,397 | ||||
Residential Real Estate [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 61,011 | 69,125 | ||||
Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | 11,898 | 12,171 | ||||
Allowance for credit losses | 199,322 | 188,393 | ||||
Consumer Loans [Member] | Allocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 211,220 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 89,878,058 | $ 88,466,477 |
Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 803,979 | 796,451 |
Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 88,811,054 | 87,366,721 |
Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 263,025 | 303,305 |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,431,408 | 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 | 265,907 | 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 | 23,165,499 | 22,718,991 |
Commercial, Financial, Leasing, etc. [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 35,194,375 | 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 | 258,854 | 254,476 |
Commercial Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 34,921,561 | 34,098,670 |
Commercial Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,960 | 10,410 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,693,737 | 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 | 217,874 | 220,140 |
Residential Real Estate [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,226,800 | 16,641,411 |
Residential Real Estate [Member] | Purchased Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 249,063 | 292,895 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 14,558,538 | 13,970,499 |
Consumer Loans [Member] | Individually Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 61,344 | 62,850 |
Consumer Loans [Member] | Collectively Evaluated for Impairment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 14,497,194 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019USD ($)Modification | Jun. 30, 2018USD ($)Modification | Jun. 30, 2019USD ($)Modification | Jun. 30, 2018USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 93 | 137 | 225 | 287 |
Pre-modification Recorded Investment | $ 23,577 | $ 58,013 | $ 70,114 | $ 128,015 |
Post- modification | $ 23,958 | $ 58,909 | $ 70,249 | $ 131,531 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 14 | 28 | 29 | 48 |
Pre-modification Recorded Investment | $ 10,340 | $ 7,200 | $ 19,581 | $ 13,980 |
Post- modification | 10,218 | 7,945 | 19,172 | 14,696 |
Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 7,669 | 20,384 | 18,593 | 70,040 |
Principal Deferral [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 2,577 | 7,376 | 3,564 | 13,200 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 204 | 828 | ||
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 175 | 175 | ||
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 6,505 | 6,505 | ||
Other [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 394 | 394 | ||
Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 16,289 | $ 31,816 | 51,656 | 54,158 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 7,641 | $ 15,608 | $ 927 | |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 24 | 47 | 89 | 103 |
Pre-modification Recorded Investment | $ 2,597 | $ 41,390 | $ 33,212 | $ 89,384 |
Post- modification | 2,558 | 40,834 | 33,302 | 90,178 |
Commercial, Financial, Leasing, etc. [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 667 | 9,673 | 7,141 | 45,346 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 29 | 653 | ||
Commercial, Financial, Leasing, etc. [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 6,111 | 6,111 | ||
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 1,891 | $ 25,021 | $ 26,161 | $ 38,068 |
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 | 2 | 1 | |
Pre-modification Recorded Investment | $ 1,038 | $ 1,456 | $ 752 | |
Post- modification | 1,033 | 1,399 | 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 | $ 1,033 | $ 1,399 | ||
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 26 | 30 | 43 | 77 |
Pre-modification Recorded Investment | $ 7,513 | $ 7,951 | $ 11,329 | $ 20,587 |
Post- modification | 8,042 | 8,580 | 12,066 | 22,427 |
Residential [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 4,008 | 2,814 | 5,759 | 9,759 |
Residential [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 4,034 | $ 5,766 | $ 6,307 | $ 12,668 |
Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 2 | 3 | 3 | 5 |
Pre-modification Recorded Investment | $ 612 | $ 584 | $ 848 | $ 879 |
Post- modification | 625 | 658 | 864 | 1,043 |
Residential Limited Documentation [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 160 | 200 | 399 | 467 |
Residential Limited Documentation [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 465 | $ 458 | $ 465 | $ 576 |
Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 13 | 10 | 20 | 24 |
Pre-modification Recorded Investment | $ 1,273 | $ 555 | $ 1,749 | $ 1,903 |
Post- modification | 1,278 | 559 | 1,769 | 1,911 |
Home Equity Lines and Loans [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | 53 | 90 | 4 | |
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 1,225 | $ 559 | $ 1,679 | $ 1,907 |
Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 12 | 19 | 32 | 27 |
Pre-modification Recorded Investment | $ 189 | $ 333 | $ 506 | $ 481 |
Post- modification | 189 | 333 | 506 | 481 |
Automobile [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 189 | 321 | 469 | 469 |
Automobile [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 12 | $ 37 | $ 12 | |
Recreational Finance [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | 5 | 2 | |
Pre-modification Recorded Investment | $ 15 | $ 103 | $ 49 | |
Post- modification | 15 | 103 | 49 | |
Recreational Finance [Member] | Principal Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post- modification | $ 15 | $ 103 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Direct financings: | ||
Lease payments receivable | $ 1,188,750 | $ 1,155,464 |
Estimated residual value of leased assets | 82,021 | 85,169 |
Unearned income | (107,409) | (110,458) |
Investment in direct financings | 1,163,362 | 1,130,175 |
Leveraged leases: | ||
Lease payments receivable | 82,828 | 85,007 |
Estimated residual value of leased assets | 81,244 | 81,261 |
Unearned income | (32,774) | (33,717) |
Investment in leveraged leases | 131,298 | 132,551 |
Total investment in leases | 1,294,660 | 1,262,726 |
Deferred taxes payable arising from leveraged leases | $ 72,620 | $ 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 | Jun. 30, 2019USD ($) |
Receivables [Abstract] | |
2020 | $ 356,518 |
2021 | 294,985 |
2022 | 223,456 |
2023 | 145,794 |
2024 | 105,567 |
Later years | 145,258 |
Total | $ 1,271,578 |
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 | Jun. 30, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Right-of-use assets | $ 395,659 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Lease liabilities | $ 422,384 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lease cost | ||
Operating lease cost | $ 24,902 | $ 49,541 |
Short-term lease cost | 28 | 62 |
Variable lease cost | 623 | 1,089 |
Sublease income | (1,904) | (3,821) |
Total net lease cost | 23,649 | 46,871 |
Other information | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 24,518 | 44,928 |
Cash paid toward lease liabilities | $ 25,205 | $ 50,861 |
Weighted-average remaining lease term | 7 years | 7 years |
Weighted-average discount rate | 3.20% | 3.20% |
Operating Leases - Summary of M
Operating Leases - Summary of Minimum Lease Payments Under Noncancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 89,301 |
2021 | 87,300 |
2022 | 71,956 |
2023 | 57,685 |
2024 | 41,815 |
Later years | 113,403 |
Total lease payments | 461,460 |
Less: imputed interest | 39,076 |
Lease liabilities | $ 422,384 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instruments [Abstract] | ||
Junior subordinated debentures | $ 524 | |
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Agreements to repurchase securities | $ 103 | $ 409 |
Collateral posted | $ 109 | $ 428 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Jun. 30, 2019 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 58 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | $ 12,478 | $ 12,629 | $ 24,954 | $ 26,021 |
Other revenues from operations: | ||||
Total other income | 512,095 | 457,414 | 1,012,860 | 916,110 |
Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 107,787 | 106,784 | 210,899 | 211,899 |
Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 144,382 | 137,641 | 277,168 | 269,016 |
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 12,478 | 12,629 | 24,954 | 26,021 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 28,688 | 26,062 | 53,826 | 50,834 |
Other | 25,423 | 24,412 | 48,660 | 47,302 |
Total other income | 318,758 | 307,528 | 615,507 | 605,072 |
ASU 2014-09 [Member] | Business Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 9,895 | 8,334 | 18,777 | 15,837 |
Total other income | 25,077 | 23,945 | 49,073 | 46,852 |
ASU 2014-09 [Member] | Commercial Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 13,129 | 12,542 | 25,221 | 25,254 |
Other | 3,145 | 3,646 | 4,147 | 5,209 |
Total other income | 39,592 | 40,458 | 76,110 | 79,387 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 496 | 428 | 1,102 | 982 |
Other | 2,680 | 2,215 | 4,468 | 3,074 |
Total other income | 5,538 | 5,094 | 10,458 | 9,271 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||||
Other revenues from operations: | ||||
Other | 641 | 413 | 1,042 | 865 |
Total other income | 641 | 413 | 1,042 | 865 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||||
Other revenues from operations: | ||||
Other | 1,033 | 927 | 2,097 | 1,970 |
Total other income | 1,035 | 930 | 2,101 | 1,976 |
ASU 2014-09 [Member] | Retail Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 4,566 | 4,140 | 7,704 | 7,528 |
Other | 9,329 | 9,613 | 17,823 | 19,478 |
Total other income | 79,556 | 76,768 | 152,339 | 150,622 |
ASU 2014-09 [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 12,478 | 12,629 | 24,954 | 26,021 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 602 | 618 | 1,022 | 1,233 |
Other | 8,595 | 7,598 | 19,083 | 16,706 |
Total other income | 167,319 | 159,920 | 324,384 | 316,099 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 107,787 | 106,784 | 210,899 | 211,899 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Business Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 15,175 | 15,611 | 30,284 | 31,015 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 23,094 | 24,270 | 46,304 | 48,924 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Commercial Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,362 | 2,451 | 4,888 | 5,215 |
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 | 4 | 6 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | Retail Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 65,661 | 63,015 | 126,812 | 123,616 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,493 | 1,434 | 2,607 | 3,123 |
ASU 2014-09 [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 144,382 | 137,641 | 277,168 | 269,016 |
ASU 2014-09 [Member] | Trust Income [Member] | Business Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 7 | 12 | ||
ASU 2014-09 [Member] | Trust Income [Member] | Commercial Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 224 | 438 | ||
ASU 2014-09 [Member] | Trust Income [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 144,151 | $ 137,641 | $ 276,718 | $ 269,016 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4,559 | $ 5,069 | $ 8,646 | $ 10,172 |
Interest cost on projected benefit obligation | 20,590 | 18,548 | 40,790 | 37,353 |
Expected return on plan assets | (30,470) | (30,688) | (61,070) | (61,563) |
Amortization of prior service cost (credit) | 154 | 153 | 279 | 278 |
Amortization of net actuarial loss (gain) | 6,546 | 10,796 | 10,996 | 21,896 |
Net periodic cost (benefit) | 1,379 | 3,878 | (359) | 8,136 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 229 | 243 | 429 | 469 |
Interest cost on projected benefit obligation | 569 | 589 | 1,172 | 1,146 |
Amortization of prior service cost (credit) | (1,190) | (1,189) | (2,365) | (2,364) |
Amortization of net actuarial loss (gain) | (323) | (213) | (623) | (413) |
Net periodic cost (benefit) | $ (715) | $ (570) | $ (1,387) | $ (1,162) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 19 | $ 17 | $ 41 | $ 38 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computations of Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income available to common shareholders: | ||||
Net income | $ 473,260 | $ 493,160 | $ 956,002 | $ 845,770 |
Less: Preferred stock dividends | (18,130) | (18,130) | (36,260) | (36,260) |
Net income available to common equity | 455,130 | 475,030 | 919,742 | 809,510 |
Less: Income attributable to unvested stock-based compensation awards | (2,498) | (2,432) | (5,024) | (4,172) |
Net income available to common shareholders | $ 452,632 | $ 472,598 | $ 914,718 | $ 805,338 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 136,182 | 145,571 | 137,403 | 147,510 |
Less: Unvested stock-based compensation awards | (749) | (746) | (749) | (764) |
Weighted-average shares outstanding | 135,433 | 144,825 | 136,654 | 146,746 |
Basic earnings per common share | $ 3.34 | $ 3.26 | $ 6.69 | $ 5.49 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 455,130 | $ 475,030 | $ 919,742 | $ 809,510 |
Less: Income attributable to unvested stock-based compensation awards | (2,497) | (2,430) | (5,023) | (4,168) |
Net income available to common shareholders | $ 452,633 | $ 472,600 | $ 914,719 | $ 805,342 |
Adjusted weighted-average shares outstanding: | ||||
Common and unvested stock-based compensation awards | 136,182 | 145,571 | 137,403 | 147,510 |
Less: Unvested stock-based compensation awards | (749) | (746) | (749) | (764) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 31 | 173 | 31 | 195 |
Adjusted weighted-average shares outstanding | 135,464 | 144,998 | 136,685 | 146,941 |
Diluted earnings per common share | $ 3.34 | $ 3.26 | $ 6.69 | $ 5.48 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 115,293 | 212,244 | 197,598 | 224,844 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 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 | 207,802 | (187,989) | ||
Foreign currency translation adjustment, before tax | (507) | (1,448) | ||
Unrealized gains (losses) on cash flow hedges, before tax | 188,272 | (21,065) | ||
Total other comprehensive income (loss) before reclassifications, before tax | 395,567 | (210,502) | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 1,691 | 1,590 | ||
(Gains) losses realized in net income, before tax | 7 | (18) | ||
Accretion of net gain on terminated cash flow hedges, before tax | (56) | (56) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 11,176 | 3,469 | ||
Amortization of prior service credit, before tax | (2,086) | (2,086) | ||
Amortization of actuarial losses, before tax | 10,373 | 21,483 | ||
Total other comprehensive income (loss), before tax | 416,672 | (186,120) | ||
Ending balance, before tax | $ (152,656) | $ (702,205) | (152,656) | (702,205) |
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 | (54,609) | 49,414 | ||
Foreign currency translation adjustment, tax | 107 | 304 | ||
Unrealized gains (losses) on cash flow hedges, tax | (49,497) | 5,538 | ||
Total other comprehensive income (loss) before reclassifications, tax | (103,999) | 55,256 | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (445) | (418) | ||
(Gains) losses realized in net income, tax | (2) | 4 | ||
Accretion of net gain on terminated cash flow hedges, tax | 14 | 15 | ||
Net yield adjustment from cash flow hedges currently in effect, tax | (2,938) | (912) | ||
Amortization of prior service credit, tax | 548 | 549 | ||
Amortization of actuarial losses, tax | (2,727) | (5,648) | ||
Total other comprehensive income (loss), tax | (109,549) | 48,846 | ||
Ending balance, tax | 39,698 | 184,264 | 39,698 | 184,264 |
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 | 153,193 | (138,575) | ||
Foreign currency translation adjustment | (675) | (2,434) | (400) | (1,144) |
Unrealized gains (losses) on cash flow hedges, net of tax | 138,775 | (15,527) | ||
Total other comprehensive income (loss) before reclassifications, net of tax | 291,568 | (155,246) | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 1,246 | 1,172 | ||
(Gains) losses realized in net income, net of tax | 5 | (14) | ||
Accretion of net gain on terminated cash flow hedges, net of tax | (42) | (41) | ||
Net yield adjustment from cash flow hedges currently in effect, net of tax | 8,238 | 2,557 | ||
Amortization of prior service credit, net of tax | (1,538) | (1,537) | ||
Amortization of actuarial losses, net of tax | 7,646 | 15,835 | ||
Total other comprehensive income (loss) | 175,051 | (34,698) | 307,123 | (137,274) |
Ending balance, net of tax | (112,958) | (517,941) | (112,958) | (517,941) |
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 | 207,802 | (187,989) | ||
Total other comprehensive income (loss) before reclassifications, before tax | 207,802 | (187,989) | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 1,691 | 1,590 | ||
(Gains) losses realized in net income, before tax | 7 | (18) | ||
Total other comprehensive income (loss), before tax | 209,500 | (186,417) | ||
Ending balance, before tax | 9,393 | (269,169) | 9,393 | (269,169) |
Total other comprehensive income (loss) | 154,444 | |||
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 | (2,086) | (2,086) | ||
Amortization of actuarial losses, before tax | 10,373 | 21,483 | ||
Total other comprehensive income (loss), before tax | 8,287 | 19,397 | ||
Ending balance, before tax | (346,215) | (393,771) | (346,215) | (393,771) |
Total other comprehensive income (loss) | 6,108 | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (14,719) | (20,165) | ||
Foreign currency translation adjustment, before tax | (507) | (1,448) | ||
Unrealized gains (losses) on cash flow hedges, before tax | 188,272 | (21,065) | ||
Total other comprehensive income (loss) before reclassifications, before tax | 187,765 | (22,513) | ||
Accretion of net gain on terminated cash flow hedges, before tax | (56) | (56) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | 11,176 | 3,469 | ||
Total other comprehensive income (loss), before tax | 198,885 | (19,100) | ||
Ending balance, before tax | $ 184,166 | $ (39,265) | $ 184,166 | $ (39,265) |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 15,587,529 | $ 15,709,694 | $ 15,460,191 | $ 16,250,819 |
Net gain during period | 175,051 | (34,698) | 307,123 | (137,274) |
Ending balance | 15,691,827 | 15,577,885 | 15,691,827 | 15,577,885 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (147,526) | |||
Net gain during period | 154,444 | |||
Ending balance | 6,918 | 6,918 | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (261,303) | |||
Net gain during period | 6,108 | |||
Ending balance | (255,195) | (255,195) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (11,252) | |||
Net gain during period | 146,571 | |||
Ending balance | 135,319 | 135,319 | ||
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (288,009) | (483,243) | (420,081) | (363,814) |
Net gain during period | 307,123 | |||
Ending balance | $ (112,958) | $ (517,941) | $ (112,958) | $ (517,941) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 39,200,000,000 | $ 39,200,000,000 | $ 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 | 25,000,000 | 25,000,000 | 18,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 52,000,000 | 52,000,000 | 21,000,000 | ||
Net liability positions with counterparties | 52,000,000 | 52,000,000 | 21,000,000 | ||
Aggregate fair value of derivative financial instruments in asset position | 4,000,000 | 4,000,000 | 18,000,000 | ||
Net fair value of derivative financial instruments in a net asset position | 4,000,000 | 4,000,000 | 18,000,000 | ||
Collateral relating to net asset positions | 2,000,000 | 2,000,000 | 16,000,000 | ||
Counterparties [Member] | |||||
Derivative [Line Items] | |||||
Post collateral requirements relating to positions | 48,000,000 | 48,000,000 | 18,000,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Amount of initial margin posted | 98,000,000 | 98,000,000 | 65,000,000 | ||
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase decrease in net interest income due to interest rate swap agreements | (11,000,000) | $ (5,000,000) | (24,000,000) | $ (4,000,000) | |
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 44,400,000,000 | 44,400,000,000 | 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 | 949,000,000 | 949,000,000 | $ 763,000,000 | ||
Credit Risk Derivative [Member] | |||||
Derivative [Line Items] | |||||
Fair value of additional collateral to be posted for derivative financial instruments | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 39,200,000,000 | $ 19,850,000,000 |
Average Maturity (in years) | 1 year 6 months | 1 year 8 months 12 days |
Estimated Fair Value Gain (Loss) | $ (5,780,000) | $ 5,530,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 34,750,000,000 | $ 15,400,000,000 |
Average Maturity (in years) | 1 year 4 months 24 days | 1 year 3 months 18 days |
Weighted-Average Rate, Fixed | 2.38% | 1.52% |
Weighted-Average Rate, Variable | 2.42% | 2.35% |
Estimated Fair Value Gain (Loss) | $ (4,556,000) | $ 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 3 months 18 days | 2 years 9 months 18 days |
Weighted-Average Rate, Fixed | 2.47% | 2.47% |
Weighted-Average Rate, Variable | 2.95% | 3.02% |
Estimated Fair Value Gain (Loss) | $ (1,224,000) | $ 4,219,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 39,200,000,000 | $ 19,850,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 21,400,000,000 | 12,600,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value gains (loss) on hedging instruments | 41,600,000 | (54,700,000) |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value gains (loss) on hedging instruments | $ 196,200,000 | $ (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 | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 425,121 | $ 148,862 |
Liability Derivatives, Fair Value | 104,080 | 190,686 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 424,386 | 142,242 |
Liability Derivatives, Fair Value | 81,623 | 184,252 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 735 | 6,620 |
Liability Derivatives, Fair Value | 22,457 | 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 | 70 | 5,530 |
Liability Derivatives, Fair Value | 5,850 | |
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 | 515 | 3,702 |
Liability Derivatives, Fair Value | 8,020 | 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 | 665 | 1,090 |
Liability Derivatives, Fair Value | 16,607 | 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 | 17,411 | 9,304 |
Liability Derivatives, Fair Value | 211 | 1,592 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 399,155 | 118,687 |
Liability Derivatives, Fair Value | 66,897 | 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 | 7,305 | 10,549 |
Liability Derivatives, Fair Value | $ 6,495 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (29.2) | $ (170.7) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (281.2) | $ (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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 10,972 | $ (321) | $ 15,296 | $ 705 |
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 | 56,679 | (13,357) | 90,859 | (55,747) |
Derivatives in fair value hedging relationships, Hedged item | (56,458) | 13,884 | (90,472) | 56,254 |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | 8,493 | (2,686) | 11,204 | (4,291) |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 2,479 | $ 2,365 | $ 4,092 | $ 4,996 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 4,485,626 | $ 4,394,109 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 39,370 | $ (51,102) |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 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 | $ 23,000,000 | ||
Total assets of partnerships in which the company invested | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | ||
Maximum exposure to loss of investments in real estate partnerships | 573,000,000 | 573,000,000 | 523,000,000 | ||
Unfunded commitments included in company's maximum exposure to loss of investments in real estate partnerships | 267,000,000 | 267,000,000 | $ 280,000,000 | ||
Investments amortized to income tax expense | 17,000,000 | $ 13,000,000 | 34,000,000 | 26,000,000 | |
Federal tax credits and other federal tax benefits recognized | 21,000,000 | $ 16,000,000 | 41,000,000 | $ 32,000,000 | |
Material losses related to involvement with partnership entities | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 479,403 | $ 185,584 |
Investment securities | 7,380,340 | 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 | 429,813 | 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 | 1,015 | 1,659 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 6,818,333 | 7,216,991 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 131,163 | 126,906 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 479,403 | 185,584 |
Investment securities | 7,380,340 | 8,682,509 |
Equity securities | 151,801 | 93,917 |
Real estate loans held for sale | 797,474 | 551,697 |
Other assets | 18,661 | 19,626 |
Total assets | 8,827,679 | 9,533,333 |
Trading account liabilities | 73,392 | 178,125 |
Other liabilities | 30,688 | 12,561 |
Total liabilities | 104,080 | 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 | 47,344 | 46,018 |
Equity securities | 109,377 | 71,989 |
Total assets | 156,721 | 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 | 432,059 | 139,566 |
Investment securities | 7,380,324 | 8,682,487 |
Equity securities | 42,424 | 21,928 |
Real estate loans held for sale | 797,474 | 551,697 |
Other assets | 1,250 | 10,322 |
Total assets | 8,653,531 | 9,406,000 |
Trading account liabilities | 73,392 | 178,125 |
Other liabilities | 30,477 | 10,969 |
Total liabilities | 103,869 | 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 | 17,411 | 9,304 |
Total assets | 17,427 | 9,326 |
Other liabilities | 211 | 1,592 |
Total liabilities | 211 | 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 | 429,813 | 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 | 429,813 | 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 | 1,015 | 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 | 1,015 | 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 | 6,818,333 | 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 | 6,818,333 | 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 | 131,163 | 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 | $ 131,163 | $ 126,906 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) | Jun. 30, 2019 | Dec. 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Privately Issued Mortgage-Backed Securities [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 16 | $ 27 | $ 22 | $ 28 |
Total gains realized/unrealized: | ||||
Settlements | (3) | (6) | (4) | |
Ending Balance | 16 | 24 | 16 | 24 |
Other Assets and Other Liabilities [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 7,433 | 8,760 | 7,712 | 8,303 |
Total gains realized/unrealized: | ||||
Included in earnings | 36,463 | 20,277 | 53,009 | 28,407 |
Transfers out of Level 3 | (26,696) | (18,286) | (43,521) | (25,959) |
Ending Balance | 17,200 | 10,751 | 17,200 | 10,751 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 17,464 | $ 10,686 | $ 17,372 | $ 10,686 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | |||
Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 15.00% | ||||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 85.00% | ||||
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 | $ 20,000,000 | $ 21,000,000 | $ 36,000,000 | $ 45,000,000 | |
Capitalized servicing rights | 199,000,000 | 0 | 199,000,000 | 0 | $ 0 |
Capitalized servicing rights, valuation allowance | 9,000,000 | 0 | 0 | ||
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 | 212,000,000 | 206,000,000 | 212,000,000 | 206,000,000 | 268,000,000 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 17,000,000 | 30,000,000 | 17,000,000 | 30,000,000 | |
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 | 155,000,000 | 119,000,000 | 155,000,000 | 119,000,000 | 120,000,000 |
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 | $ 57,000,000 | $ 87,000,000 | $ 57,000,000 | $ 87,000,000 | $ 148,000,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | $ 17,200 | $ 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 | 98.00% | 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 | 16.00% | 13.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||||||
Interest-bearing deposits at banks | $ 8,791,753 | $ 8,105,197 | ||||
Trading account assets | 479,403 | 185,584 | ||||
Investment securities | 11,580,249 | 12,692,813 | ||||
Loans and leases: | ||||||
Allowance for credit losses | (1,029,867) | $ (1,019,337) | (1,019,444) | $ (1,019,248) | $ (1,019,671) | $ (1,017,198) |
Loans and leases, net | 88,848,191 | 87,447,033 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,747,946) | (32,256,668) | ||||
Savings and interest-checking deposits | (53,221,672) | (50,963,744) | ||||
Time deposits | (6,346,551) | (6,124,254) | ||||
Deposits at Cayman Islands office | (1,364,855) | (811,906) | ||||
Long-term borrowings | (7,655,507) | (8,444,914) | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,271,611 | 1,605,439 | ||||
Interest-bearing deposits at banks | 8,791,753 | 8,105,197 | ||||
Trading account assets | 479,403 | 185,584 | ||||
Investment securities | 11,580,249 | 12,692,813 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 23,431,408 | 22,977,976 | ||||
Commercial real estate loans | 35,194,375 | 34,363,556 | ||||
Residential real estate loans | 16,693,737 | 17,154,446 | ||||
Consumer loans | 14,558,538 | 13,970,499 | ||||
Allowance for credit losses | (1,029,867) | (1,019,444) | ||||
Loans and leases, net | 88,848,191 | 87,447,033 | ||||
Accrued interest receivable | 362,012 | 353,965 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,747,946) | (32,256,668) | ||||
Savings and interest-checking deposits | (53,221,672) | (50,963,744) | ||||
Time deposits | (6,346,551) | (6,124,254) | ||||
Deposits at Cayman Islands office | (1,364,855) | (811,906) | ||||
Short-term borrowings | (4,611,390) | (4,398,378) | ||||
Long-term borrowings | (7,655,507) | (8,444,914) | ||||
Accrued interest payable | (108,971) | (95,274) | ||||
Trading account liabilities | (73,392) | (178,125) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 17,200 | 7,712 | ||||
Commitments to sell real estate loans | (23,447) | (6,177) | ||||
Other credit-related commitments | (127,699) | (131,688) | ||||
Interest rate swap agreements used for interest rate risk management | (5,780) | 5,530 | ||||
Estimate Fair Value [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,271,611 | 1,605,439 | ||||
Interest-bearing deposits at banks | 8,791,753 | 8,105,197 | ||||
Trading account assets | 479,403 | 185,584 | ||||
Investment securities | 11,606,174 | 12,631,656 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 23,095,155 | 22,587,387 | ||||
Commercial real estate loans | 34,932,104 | 33,832,558 | ||||
Residential real estate loans | 16,734,846 | 16,974,545 | ||||
Consumer loans | 14,537,432 | 13,819,545 | ||||
Loans and leases, net | 89,299,537 | 87,214,035 | ||||
Accrued interest receivable | 362,012 | 353,965 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,747,946) | (32,256,668) | ||||
Savings and interest-checking deposits | (53,221,672) | (50,963,744) | ||||
Time deposits | (6,447,027) | (6,201,957) | ||||
Deposits at Cayman Islands office | (1,364,855) | (811,906) | ||||
Short-term borrowings | (4,611,390) | (4,398,378) | ||||
Long-term borrowings | (7,703,957) | (8,385,289) | ||||
Accrued interest payable | (108,971) | (95,274) | ||||
Trading account liabilities | (73,392) | (178,125) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 17,200 | 7,712 | ||||
Commitments to sell real estate loans | (23,447) | (6,177) | ||||
Other credit-related commitments | (127,699) | (131,688) | ||||
Interest rate swap agreements used for interest rate risk management | (5,780) | 5,530 | ||||
Estimate Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,214,826 | 1,528,302 | ||||
Trading account assets | 47,344 | 46,018 | ||||
Investment securities | 109,377 | 71,989 | ||||
Estimate Fair Value [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 56,785 | 77,137 | ||||
Interest-bearing deposits at banks | 8,791,753 | 8,105,197 | ||||
Trading account assets | 432,059 | 139,566 | ||||
Investment securities | 11,400,933 | 12,456,467 | ||||
Loans and leases: | ||||||
Commercial real estate loans | 503,599 | 346,775 | ||||
Residential real estate loans | 3,965,011 | 3,920,447 | ||||
Loans and leases, net | 4,468,610 | 4,267,222 | ||||
Accrued interest receivable | 362,012 | 353,965 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (30,747,946) | (32,256,668) | ||||
Savings and interest-checking deposits | (53,221,672) | (50,963,744) | ||||
Time deposits | (6,447,027) | (6,201,957) | ||||
Deposits at Cayman Islands office | (1,364,855) | (811,906) | ||||
Short-term borrowings | (4,611,390) | (4,398,378) | ||||
Long-term borrowings | (7,703,957) | (8,385,289) | ||||
Accrued interest payable | (108,971) | (95,274) | ||||
Trading account liabilities | (73,392) | (178,125) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | (23,447) | (6,177) | ||||
Interest rate swap agreements used for interest rate risk management | (5,780) | 5,530 | ||||
Estimate Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 95,864 | 103,200 | ||||
Loans and leases: | ||||||
Commercial loans and leases | 23,095,155 | 22,587,387 | ||||
Commercial real estate loans | 34,428,505 | 33,485,783 | ||||
Residential real estate loans | 12,769,835 | 13,054,098 | ||||
Consumer loans | 14,537,432 | 13,819,545 | ||||
Loans and leases, net | 84,830,927 | 82,946,813 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 17,200 | 7,712 | ||||
Other credit-related commitments | $ (127,699) | $ (131,688) |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,489,356 | $ 5,484,197 |
Commercial real estate loans to be sold | 247,494 | 229,401 |
Other commercial real estate | 7,771,353 | 7,556,722 |
Residential real estate loans to be sold | 473,275 | 245,211 |
Other residential real estate | 414,375 | 219,351 |
Commercial and other | 15,188,645 | 14,363,803 |
Standby letters of credit | 2,353,515 | 2,326,991 |
Commercial letters of credit | 43,824 | 55,808 |
Financial guarantees and indemnification contracts | 3,741,060 | 3,529,136 |
Commitments to sell real estate loans | $ 1,377,712 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||||
Commitments to extend credit to commercial customers | $ 8,600,000,000 | $ 8,600,000,000 | |||
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,600,000,000 | $ 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 | $ 50,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | $ 473,260 | $ 493,160 | $ 956,002 | $ 845,770 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,553,576 | 1,466,201 | 3,104,401 | 2,900,414 |
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 42,250 | 43,007 | 85,521 | 80,725 |
Business Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 140,767 | 136,029 | 280,089 | 263,913 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,004 | 912 | 1,860 | 1,830 |
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 123,507 | 126,391 | 255,725 | 251,856 |
Commercial Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 278,110 | 269,499 | 545,600 | 535,895 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 887 | 928 | 1,727 | 1,778 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 121,629 | 112,691 | 239,127 | 220,994 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 225,442 | 205,541 | 444,615 | 408,148 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 406 | 385 | 760 | 725 |
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 38,040 | 29,113 | 77,212 | 48,852 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 60,976 | 58,976 | 124,893 | 109,014 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (9,291) | (10,554) | (18,590) | (21,386) |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 7,642 | 15,402 | 20,583 | 30,348 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 96,449 | 82,167 | 180,210 | 164,625 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 17,150 | 16,047 | 31,664 | 31,468 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 140,494 | 143,089 | 285,560 | 266,469 |
Retail Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 436,593 | 420,540 | 867,484 | 814,016 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,787 | 2,707 | 5,298 | 5,572 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (302) | 23,467 | (7,726) | (53,474) |
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 315,239 | 293,449 | 661,510 | 604,803 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (12,943) | $ (10,425) | $ (22,719) | $ (19,987) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 117,667 | $ 116,959 | $ 117,021 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 5,724 | 5,631 | 5,656 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 27,981 | 26,626 | 26,542 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 23,720 | 22,885 | 22,848 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 29,888 | 32,123 | 33,277 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 2,173 | 2,161 | 2,186 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 14,580 | 13,656 | 13,403 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 13,601 | $ 13,877 | $ 13,109 |
Segment Information - Summary_2
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Taxable-equivalent adjustment | $ 5,925,000 | $ 5,397,000 | $ 11,892,000 | $ 10,206,000 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Loan facility carrying amount | $ 7,655,507,000 | $ 7,655,507,000 | $ 8,444,914,000 | ||||
Bayview Lending Group [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Minority interest in Bayview Lending Group LLC | 20.00% | 20.00% | |||||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | $ 0 | |||||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income (loss) from equity method investments | 0 | $ 37,000,000 | $ 0 | $ 23,000,000 | |||
Bayview Lending Group and Bayview Financial [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Outstanding principal balances of mortgage servicing rights | 2,400,000,000 | 2,400,000,000 | 2,500,000,000 | ||||
Revenue from contract with customer | 3,000,000 | 4,000,000 | 6,000,000 | $ 7,000,000 | |||
Bayview Financial [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 68,700,000,000 | 68,700,000,000 | 56,800,000,000 | ||||
Revenues from sub-servicing | 29,000,000 | $ 28,000,000 | 57,000,000 | $ 58,000,000 | |||
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 105,000,000 | 105,000,000 | $ 113,000,000 | ||||
Addition on outstanding principal balances of residential mortgage loans from Bayview Financial | 16,600,000,000 | 16,600,000,000 | |||||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan facility carrying amount | 826,000,000 | 826,000,000 | |||||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan facility carrying amount | $ 112,000,000 | $ 112,000,000 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Recognized right of use asset | $ 395,659 | |
Recognizing lease liabilities | $ 422,384 | |
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 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Aug. 30, 2019 | Jul. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Preferred stock, par value | $ 1 | $ 1 | ||
Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, liquidation preference per share | $ 1,000 | |||
Series G Perpetual Fixed-Rate Reset Non-cumulative Preferred Stock [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, shares issued | 40,000 | |||
Preferred stock, par value | $ 1 | |||
Preferred stock, liquidation preference per share | $ 10,000 | |||
Preferred stock dividend rate | 5.00% | |||
Date of change in the dividend rate | Jul. 31, 2024 | |||
Dividend payment terms | five-year | |||
U S treasury rate plus additional rate | 3.174% | |||
Preferred shares redemption date | Aug. 1, 2024 | |||
Preferred stock, redemption feature, redemption term | 90 days | |||
Series A Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares expects to redeem | 230,000 | |||
Series C Fixed Rate Cumulative Perpetual Preferred Stock [Member] | Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares expects to redeem | 151,500 |