Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MTB | |
Entity Registrant Name | M&T BANK CORPORATION | |
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 | 128,684,567 | |
Entity File Number | 1-9861 | |
Entity Tax Identification Number | 16-0968385 | |
Entity Incorporation, State or Country Code | NY | |
Title of 12(b) Security | Common Stock, $.50 par value | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | One M & T Plaza | |
Entity Address, Postal Zip Code | 14203 | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
City Area Code | 716 | |
Local Phone Number | 635-4000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 1,479,712 | $ 1,552,743 |
Interest-bearing deposits at banks | 38,445,788 | 23,663,810 |
Trading account | 624,556 | 1,068,581 |
Investment securities (includes pledged securities that can be sold or repledged of $118,178 at September 30, 2021; $105,136 at December 31, 2020) | ||
Available for sale (cost: $3,473,923 at September 30, 2021; $4,621,027 at December 31, 2020 | 3,618,106 | 4,822,606 |
Held to maturity (fair value: $2,413,938 at September 30, 2021; $1,842,281 at December 31, 2020) | 2,359,727 | 1,748,989 |
Equity and other securities (cost: $467,349 at September 30, 2021; $449,008 at December 31, 2020) | 469,789 | 474,102 |
Total investment securities | 6,447,622 | 7,045,697 |
Loans and leases | 93,872,912 | 98,875,788 |
Unearned discount | (290,018) | (339,921) |
Loans and leases, net of unearned discount | 93,582,894 | 98,535,867 |
Allowance for credit losses | (1,515,024) | (1,736,387) |
Loans and leases, net | 92,067,870 | 96,799,480 |
Premises and equipment | 1,117,903 | 1,161,558 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 5,952 | 14,165 |
Accrued interest and other assets | 7,118,679 | 6,701,959 |
Total assets | 151,901,194 | 142,601,105 |
Liabilities | ||
Noninterest-bearing deposits | 56,542,309 | 47,572,884 |
Savings and interest-checking deposits | 69,195,960 | 67,680,840 |
Time deposits | 2,963,027 | 3,899,910 |
Deposits at Cayman Islands office | 652,104 | |
Total deposits | 128,701,296 | 119,805,738 |
Short-term borrowings | 103,548 | 59,482 |
Accrued interest and other liabilities | 2,067,188 | 2,166,409 |
Long-term borrowings | 3,500,391 | 4,382,193 |
Total liabilities | 134,372,423 | 126,413,822 |
Shareholders' equity | ||
Preferred stock, $1.00 par, 1,000,000 shares authorized; Issued and outstanding: Liquidation preference of $1,000 per share: 350,000 shares at September 30, 2021 and December 31, 2020; Liquidation preference of $10,000 per share: 140,000 shares at September 30, 2021 and 90,000 shares at December 31, 2020 | 1,750,000 | 1,250,000 |
Common stock, $.50 par, 250,000,000 shares authorized, 159,741,898 shares issued at September 30, 2021 and December 31, 2020 | 79,871 | 79,871 |
Common stock issuable, 15,683 shares at September 30, 2021; 18,113 shares at December 31, 2020 | 1,196 | 1,344 |
Additional paid-in capital | 6,624,656 | 6,617,404 |
Retained earnings | 14,365,913 | 13,444,428 |
Accumulated other comprehensive income (loss), net | (210,419) | (63,032) |
Treasury stock — common, at cost — 31,058,333 shares at September 30, 2021; 31,426,742 shares at December 31, 2020 | (5,082,446) | (5,142,732) |
Total shareholders’ equity | 17,528,771 | 16,187,283 |
Total liabilities and shareholders’ equity | $ 151,901,194 | $ 142,601,105 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Pledged securities that can be sold or repledged | $ 118,178 | $ 105,136 |
Investment securities, available for sale, amortized cost | 3,473,923 | 4,621,027 |
Investment securities, held to maturity, fair value | 2,413,938 | 1,842,281 |
Equity and other securities, cost | $ 467,349 | $ 449,008 |
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 | 159,741,898 |
Common stock issuable, shares | 15,683 | 18,113 |
Treasury stock, common shares | 31,058,333 | 31,426,742 |
Series A Series C Series And E Preferred Stock [Member] | ||
Preferred stock, shares issued | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Series F And Series G Preferred Stock [Member] | ||
Preferred stock, shares issued | 140,000 | 90,000 |
Preferred stock, shares outstanding | 140,000 | 90,000 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Loans and leases, including fees | $ 944,422 | $ 956,594 | $ 2,843,969 | $ 2,983,787 |
Investment securities | ||||
Fully taxable | 33,209 | 38,529 | 104,736 | 135,858 |
Exempt from federal taxes | 48 | 59 | 113 | 163 |
Deposits at banks | 14,923 | 4,163 | 30,507 | 27,308 |
Other | 344 | 1,816 | 941 | 6,706 |
Total interest income | 992,946 | 1,001,161 | 2,980,266 | 3,153,822 |
Interest expense | ||||
Savings and interest-checking deposits | 7,000 | 22,403 | 26,556 | 126,859 |
Time deposits | 3,573 | 14,519 | 15,667 | 56,274 |
Deposits at Cayman Islands office | 241 | 201 | 3,821 | |
Short-term borrowings | 2 | 1 | 5 | 26 |
Long-term borrowings | 15,121 | 20,902 | 46,852 | 89,805 |
Total interest expense | 25,696 | 58,066 | 89,281 | 276,785 |
Net interest income | 967,250 | 943,095 | 2,890,985 | 2,877,037 |
Provision for credit losses | (20,000) | 150,000 | (60,000) | 725,000 |
Net interest income after provision for credit losses | 987,250 | 793,095 | 2,950,985 | 2,152,037 |
Other income | ||||
Brokerage services income | 20,490 | 11,602 | 43,868 | 35,194 |
Trading account and foreign exchange gains | 5,563 | 4,026 | 18,349 | 33,332 |
Gain (loss) on bank investment securities | 291 | 2,773 | (22,646) | (11,040) |
Other revenues from operations | 120,485 | 107,601 | 344,114 | 327,967 |
Total other income | 569,126 | 520,561 | 1,588,357 | 1,537,194 |
Other expense | ||||
Salaries and employee benefits | 510,422 | 478,897 | 1,530,634 | 1,474,582 |
Equipment and net occupancy | 80,738 | 81,080 | 244,057 | 237,809 |
Outside data processing and software | 72,782 | 64,660 | 213,025 | 190,446 |
FDIC assessments | 18,810 | 12,121 | 50,874 | 38,599 |
Advertising and marketing | 15,208 | 11,855 | 43,200 | 44,072 |
Printing, postage and supplies | 7,917 | 9,422 | 28,367 | 31,534 |
Amortization of core deposit and other intangible assets | 2,738 | 3,914 | 8,213 | 11,740 |
Other costs of operations | 190,719 | 164,825 | 565,753 | 511,450 |
Total other expense | 899,334 | 826,774 | 2,684,123 | 2,540,232 |
Income before taxes | 657,042 | 486,882 | 1,855,219 | 1,148,999 |
Income taxes | 161,582 | 114,746 | 454,441 | 266,987 |
Net income | 495,460 | 372,136 | 1,400,778 | 882,012 |
Net income available to common shareholders | ||||
Basic | 475,958 | 353,399 | 1,342,805 | 827,203 |
Diluted | $ 475,961 | $ 353,400 | $ 1,342,812 | $ 827,204 |
Net income per common share | ||||
Basic | $ 3.70 | $ 2.75 | $ 10.44 | $ 6.42 |
Diluted | $ 3.69 | $ 2.75 | $ 10.43 | $ 6.42 |
Average common shares outstanding | ||||
Basic | 128,689 | 128,285 | 128,632 | 128,750 |
Diluted | 128,844 | 128,355 | 128,786 | 128,813 |
Mortgage Banking Revenues [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 159,995 | $ 153,267 | $ 432,062 | $ 426,200 |
Service Charges on Deposit Accounts [Member] | ||||
Other income | ||||
Revenue from contract with customer | 105,426 | 91,355 | 296,721 | 274,971 |
Trust Income [Member] | ||||
Other income | ||||
Revenue from contract with customer | $ 156,876 | $ 149,937 | $ 475,889 | $ 450,570 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Partners Capital [Abstract] | ||||
Net income | $ 495,460 | $ 372,136 | $ 1,400,778 | $ 882,012 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Net unrealized gains (losses) on investment securities | (9,314) | (17,948) | (39,808) | 114,451 |
Cash flow hedges adjustments | (38,038) | (63,199) | (152,175) | 240,562 |
Foreign currency translation adjustments | (1,579) | 2,733 | (886) | (261) |
Defined benefit plans liability adjustments | 15,486 | 9,287 | 45,482 | 27,431 |
Total other comprehensive income (loss) | (33,445) | (69,127) | (147,387) | 382,183 |
Total comprehensive income | $ 462,015 | $ 303,009 | $ 1,253,391 | $ 1,264,195 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 1,400,778 | $ 882,012 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | (60,000) | 725,000 |
Depreciation and amortization of premises and equipment | 169,232 | 164,323 |
Amortization of capitalized servicing rights | 66,000 | 63,992 |
Amortization of core deposit and other intangible assets | 8,213 | 11,740 |
Provision for deferred income taxes | 70,190 | (119,913) |
Asset write-downs | 5,046 | 17,692 |
Net gain on sales of assets | (15,260) | (14,736) |
Net change in accrued interest receivable, payable | 20,395 | (135,825) |
Net change in other accrued income and expense | 50,804 | (344,085) |
Net change in loans originated for sale | (117,139) | (422,773) |
Net change in trading account assets and liabilities | 419,772 | (702,362) |
Net cash provided by operating activities | 2,018,031 | 125,065 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities equity and other | 8,937 | 55,499 |
Proceeds from maturities of investment securities Available for sale | 1,139,203 | 1,149,281 |
Proceeds from maturities of investment securities Held to maturity | 476,352 | 719,379 |
Purchases of investment securities Available for sale | (5,389) | (5,860) |
Purchases of investment securities Held to maturity | (1,087,656) | (8,995) |
Purchases of investment securities equity and other | (27,270) | (26,955) |
Net (increase) decrease in loans and leases | 4,977,272 | (7,227,304) |
Net increase in interest-bearing deposits at banks | (14,781,978) | (13,007,783) |
Capital expenditures, net | (87,165) | (125,370) |
Net (increase) decrease in loan servicing advances | (402,175) | 149,838 |
Other, net | (388,305) | 351,278 |
Net cash used by investing activities | (10,178,174) | (17,976,992) |
Cash flows from financing activities | ||
Net increase in deposits | 8,895,558 | 20,394,732 |
Net increase (decrease) in short-term borrowings | 44,066 | (16,240) |
Proceeds from long-term borrowings | 9,500 | |
Payments on long-term borrowings | (853,041) | (1,605,041) |
Purchases of treasury stock | (373,750) | |
Dividends paid — common | (425,541) | (426,204) |
Dividends paid — preferred | (55,388) | (55,444) |
Proceeds from issuance of Series I preferred stock | 495,000 | |
Other, net | (23,042) | (13,199) |
Net cash provided by financing activities | 8,087,112 | 17,904,854 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (73,031) | 52,927 |
Cash, cash equivalents and restricted cash at beginning of period | 1,552,743 | 1,436,305 |
Cash, cash equivalents and restricted cash at end of period | 1,479,712 | 1,489,232 |
Supplemental disclosure of cash flow information | ||
Interest received during the period | 2,976,574 | 3,121,917 |
Interest paid during the period | 116,402 | 319,079 |
Income taxes paid during the period | 278,783 | 254,471 |
Supplemental schedule of noncash investing and financing activities | ||
Real estate acquired in settlement of loans | 6,822 | 20,047 |
Loans held for sale transferred to loans held for investment | 330,188 | |
Additions to right-of-use assets under operating leases | $ 34,404 | $ 45,888 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series I Preferred Stock [Member] | ASU 2016-13 [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series I Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series I Preferred Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]ASU 2016-13 [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | |
Beginning balance at Dec. 31, 2019 | $ 15,716,649 | $ 1,250,000 | $ 79,871 | $ 1,566 | $ 6,593,539 | $ 12,820,916 | $ (206,680) | $ (4,822,563) | ||||||
Adoption of new accounting standard for credit losses | $ (91,925) | $ (91,925) | ||||||||||||
Total comprehensive income | 1,264,195 | 882,012 | 382,183 | |||||||||||
Preferred stock cash dividends | [1] | (51,178) | (51,178) | |||||||||||
Purchases of treasury stock | (373,750) | (373,750) | ||||||||||||
Stock-based compensation transactions, net | 64,163 | (239) | 16,034 | (310) | 48,678 | |||||||||
Common stock cash dividends | (427,141) | (427,141) | ||||||||||||
Ending balance at Sep. 30, 2020 | 16,101,013 | 1,250,000 | 79,871 | 1,327 | 6,609,573 | 13,132,374 | 175,503 | (5,147,635) | ||||||
Beginning balance at Jun. 30, 2020 | 15,945,105 | 1,250,000 | 79,871 | 1,308 | 6,599,069 | 12,919,345 | 244,630 | (5,149,118) | ||||||
Total comprehensive income | 303,009 | 372,136 | (69,127) | |||||||||||
Preferred stock cash dividends | [1] | (17,050) | (17,050) | |||||||||||
Stock-based compensation transactions, net | 11,902 | 19 | 10,504 | (104) | 1,483 | |||||||||
Common stock cash dividends | (141,953) | (141,953) | ||||||||||||
Ending balance at Sep. 30, 2020 | 16,101,013 | 1,250,000 | 79,871 | 1,327 | 6,609,573 | 13,132,374 | 175,503 | (5,147,635) | ||||||
Beginning balance at Dec. 31, 2020 | 16,187,283 | 1,250,000 | 79,871 | 1,344 | 6,617,404 | 13,444,428 | (63,032) | (5,142,732) | ||||||
Total comprehensive income | 1,253,391 | 1,400,778 | (147,387) | |||||||||||
Preferred stock cash dividends | [1] | (51,150) | (51,150) | |||||||||||
Issuance of Series I preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | |||||||||||
Stock-based compensation transactions, net | 71,774 | (148) | 12,252 | (616) | 60,286 | |||||||||
Common stock cash dividends | (427,527) | (427,527) | ||||||||||||
Ending balance at Sep. 30, 2021 | 17,528,771 | 1,750,000 | 79,871 | 1,196 | 6,624,656 | 14,365,913 | (210,419) | (5,082,446) | ||||||
Beginning balance at Jun. 30, 2021 | 16,720,304 | 1,250,000 | 79,871 | 1,179 | 6,620,528 | 14,030,215 | (176,974) | (5,084,515) | ||||||
Total comprehensive income | 462,015 | 495,460 | (33,445) | |||||||||||
Preferred stock cash dividends | [1] | (17,050) | (17,050) | |||||||||||
Issuance of Series I preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | |||||||||||
Stock-based compensation transactions, net | 11,007 | 17 | 9,128 | (207) | 2,069 | |||||||||
Common stock cash dividends | (142,505) | (142,505) | ||||||||||||
Ending balance at Sep. 30, 2021 | $ 17,528,771 | $ 1,750,000 | $ 79,871 | $ 1,196 | $ 6,624,656 | $ 14,365,913 | $ (210,419) | $ (5,082,446) | ||||||
[1] | For the three-month and nine-month periods ended September 30, 2021, dividends per preferred share were: Preferred Series E - $16.125 and $48.375, respectively; Preferred Series F - $128.125 and $384.375, respectively; and Preferred Series G - $125.00 and $375.00, respectively. Dividends per preferred share for the three-month and nine-month periods ended September 30, 2020 were: Preferred Series E - $16.125 and $48.375, respectively; Preferred Series F - $128.125 and $384.375, respectively; and Preferred Series G - $125.00 and $375.694, respectively. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Preferred Series E [Member] | ||||
Preferred stock per share dividend amount | $ 16.125 | $ 16.125 | $ 48.375 | $ 48.375 |
Preferred Series F [Member] | ||||
Preferred stock per share dividend amount | 128.125 | 128.125 | 384.375 | 384.375 |
Preferred Series G [Member] | ||||
Preferred stock per share dividend amount | 125 | 125 | 375 | 375.694 |
Retained Earnings [Member] | ||||
Common stock per share dividend amount | $ 1.10 | $ 1.10 | $ 3.30 | $ 3.30 |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 (“2020 Annual Report”). 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. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition On February 22, 2021, M&T announced that it had entered into a definitive agreement with People’s United Financial, Inc. ("People’s United"), headquartered in Bridgeport, Connecticut, under which People’s United will be acquired by M&T in an all-stock transaction. Pursuant to the terms of the agreement, People’s United shareholders will receive consideration valued at .118 of an M&T share in the form of M&T common stock. People’s United outstanding preferred stock will be converted into a new series of M&T preferred stock upon completion of the acquisition. The transaction is valued at approximately $7.6 billion (with the price based on M&T’s closing price of $149.34 per share as of September 30, 2021). The merger has been approved by the boards of directors and shareholders of each company. The merger is expected to close promptly after the parties have satisfied customary closing conditions, including the approval of the Board of Governors of the Federal Reserve System. As of September 30, 2021, People’s United disclosed that it had total assets of $63.7 billion, including $39.5 billion of loans, $55.9 billion of liabilities, including $52.9 billion of deposits, and $7.8 billion of stockholders’ equity. In connection with the acquisition, the Company incurred merger-related expenses consisting predominantly of professional services related to planned integration efforts associated with the merger that totaled approximately $9 million and $23 million during the three months and nine months ended September 30, 2021, respectively. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | 3. Investment securities The amortized cost and estimated fair value of investment securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) September 30, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,621 $ 124 $ 1 $ 9,744 Mortgage-backed securities: Government issued or guaranteed 3,328,080 147,942 543 3,475,479 Other debt securities 136,222 2,905 6,244 132,883 3,473,923 150,971 6,788 3,618,106 Investment securities held to maturity: U.S. Treasury and federal agencies 3,065 — — 3,065 Obligations of states and political subdivisions 177 — — 177 Mortgage-backed securities: Government issued or guaranteed 2,288,934 63,523 6,312 2,346,145 Privately issued 64,929 10,901 13,901 61,929 Other debt securities 2,622 — — 2,622 2,359,727 74,424 20,213 2,413,938 Total debt securities $ 5,833,650 $ 225,395 $ 27,001 $ 6,032,044 Equity and other securities: Readily marketable equity — at fair value $ 80,016 $ 3,341 $ 901 $ 82,456 Other — at cost 387,333 — — 387,333 Total equity and other securities $ 467,349 $ 3,341 $ 901 $ 469,789 December 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,154 $ 198 $ 14 $ 9,338 Mortgage-backed securities: Government issued or guaranteed 4,475,406 208,787 755 4,683,438 Privately issued 16 — — 16 Other debt securities 136,451 1,664 8,301 129,814 4,621,027 210,649 9,070 4,822,606 Investment securities held to maturity: U.S. Treasury and federal agencies 2,999 — — 2,999 Obligations of states and political subdivisions 1,531 9 — 1,540 Mortgage-backed securities: Government issued or guaranteed 1,664,443 100,176 11 1,764,608 Privately issued 77,155 11,056 17,938 70,273 Other debt securities 2,861 — — 2,861 1,748,989 111,241 17,949 1,842,281 Total debt securities $ 6,370,016 $ 321,890 $ 27,019 $ 6,664,887 Equity and other securities: Readily marketable equity — at fair value $ 67,891 $ 25,094 $ — $ 92,985 Other — at cost 381,117 — — 381,117 Total equity and other securities $ 449,008 $ 25,094 $ — $ 474,102 3. Investment securities, continued There were no significant gross realized gains or losses from sales of investment securities for the three-month and nine-month periods ended September 30, 2021 and 2020. Unrealized gains on equity securities during the three months ended September 30, 2021 were less than $1 million and unrealized losses during the nine months ended September 30, 2021 were $23 million, compared with unrealized gains of $3 million and unrealized losses of $11 million during the three months and nine months ended September 30, 2020, respectively. At September 30, 2021, 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 $ 4,291 4,351 Due after one year through five years 13,974 14,616 Due after five years through ten years 97,578 98,981 Due after ten years 30,000 24,679 145,843 142,627 Mortgage-backed securities available for sale 3,328,080 3,475,479 $ 3,473,923 3,618,106 Debt securities held to maturity: Due in one year or less $ 176 177 Due after one year through five years 3,066 3,065 Due after ten years 2,622 2,622 5,864 5,864 Mortgage-backed securities held to maturity 2,353,863 2,408,074 $ 2,359,727 2,413,938 3. Investment securities, continued A summary of investment securities that as of September 30, 2021 and December 31, 2020 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) September 30, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,424 (1 ) — — Mortgage-backed securities: Government issued or guaranteed 981 (5 ) 22,517 (538 ) Other debt securities 3,498 (37 ) 64,437 (6,207 ) 5,903 (43 ) 86,954 (6,745 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 1,019,537 (6,301 ) 1,400 (11 ) Privately issued — — 47,467 (13,901 ) 1,019,537 (6,301 ) 48,867 (13,912 ) Total $ 1,025,440 (6,344 ) 135,821 (20,657 ) December 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 985 (14 ) — — Mortgage-backed securities: Government issued or guaranteed 18,687 (356 ) 16,556 (399 ) Other debt securities 16,055 (181 ) 63,462 (8,120 ) 35,727 (551 ) 80,018 (8,519 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 2,039 (11 ) — — Privately issued — — 52,418 (17,938 ) 2,039 (11 ) 52,418 (17,938 ) Total $ 37,766 (562 ) 132,436 (26,457 ) The Company owned 286 individual debt securities with aggregate gross unrealized losses of $27 million at September 30, 2021. Based on a review of each of the securities in the investment securities portfolio at September 30, 2021, the Company concluded that it expected to recover the amortized cost basis of its investment. As of September 30, 2021, 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 September 30, 2021, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $387 million of cost method equity securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at September 30, 2021 or December 31, 2020, as the substantial majority of such investment securities are obligations backed by the U.S. government or its agencies. |
Loans and leases and the allowa
Loans and leases and the allowance for credit losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and leases and the allowance for credit losses | 4. Loans and leases and the allowance for credit losses A summary of current, past due and nonaccrual loans as of September 30, 2021 and December 31, 2020 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) September 30, 2021 Commercial, financial, leasing, etc. $ 22,100,813 121,993 11,945 280,189 $ 22,514,940 Real estate: Commercial 25,524,405 245,157 63,368 1,152,870 26,985,800 Residential builder and developer 1,336,884 16,453 2,392 594 1,356,323 Other commercial construction 8,429,031 93,978 121 158,699 8,681,829 Residential 13,314,202 255,187 945,148 353,426 14,867,963 Residential — limited documentation 1,199,172 15,690 — 126,529 1,341,391 Consumer: Home equity lines and loans 3,548,820 14,712 — 71,474 3,635,006 Recreational finance 7,972,125 29,656 — 23,907 8,025,688 Automobile 4,553,306 34,349 — 31,002 4,618,657 Other 1,499,219 9,399 3,106 43,573 1,555,297 Total $ 89,477,977 836,574 1,026,080 2,242,263 $ 93,582,894 December 31, 2020 Commercial, financial, leasing, etc. $ 27,196,862 60,822 10,053 306,827 $ 27,574,564 Real estate: Commercial 26,688,515 168,917 47,014 775,894 27,680,340 Residential builder and developer 1,246,095 1,693 856 1,094 1,249,738 Other commercial construction 8,523,591 66,365 3,816 114,039 8,707,811 Residential 13,764,836 200,406 792,888 365,729 15,123,859 Residential — limited documentation 1,462,277 19,687 — 147,170 1,629,134 Consumer: Home equity lines and loans 3,881,885 24,329 — 79,392 3,985,606 Recreational finance 7,002,643 47,161 — 25,519 7,075,323 Automobile 4,007,349 55,498 — 39,404 4,102,251 Other 1,346,868 17,561 4,581 38,231 1,407,241 Total $ 95,120,921 662,439 859,208 1,893,299 $ 98,535,867 4. Loans and leases and the allowance for credit losses, continued A summary of outstanding loan balances for which COVID-19 related modifications were granted as of September 30, 2021 is presented below. These loans meet the criteria described in note 1 of Notes to Financial Statements in the 2020 Annual Report and, accordingly, are not considered past due or otherwise in default of loan terms as of the date presented. The vast majority of the modifications noted below expire during 2021. COVID-19 Related Modifications September 30, 2021 Payment Deferrals (1) Other Forbearances (2) Total (In thousands) Commercial, financial, leasing, etc. $ — $ 53,876 $ 53,876 Real estate: Commercial — 225,807 225,807 Other commercial construction — 21,330 21,330 Residential 1,925,639 (3) — 1,925,639 Residential — limited documentation 177,200 — 177,200 Consumer: Home equity lines and loans 6,188 — 6,188 Recreational finance 2,252 — 2,252 Automobile 4,314 — 4,314 Other 197 — 197 Total $ 2,115,790 $ 301,013 $ 2,416,803 (1) Represents accruing loans at September 30, 2021 for which a COVID-19 related payment deferral (including maturity extensions) has been granted. (2) Consists predominantly of accruing loans for which a COVID-19 related covenant waiver has been granted. (3) Includes $1.6 billion of government-guaranteed loans. One-to-four family residential mortgage loans held for sale were $279 million and $777 million at September 30, 2021 and December 31, 2020, respectively. Commercial real estate loans held for sale were $559 million at September 30, 2021 and $278 million at December 31, 2020. Credit quality indicators The Company utilizes a loan grading system to differentiate risk amongst its commercial loans and commercial real estate loans. 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. 4. Loans and leases and the allowance for credit losses, continued Loan officers in different geographic locations with the support of the Company’s credit department personnel review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades 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. The Company’s policy is that, at least annually, updated financial information be obtained from commercial borrowers associated with pass grade loans and additional analysis performed. On a quarterly basis, the Company’s centralized credit department reviews all criticized commercial loans and commercial real estate loans greater than $1 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. The following table summarizes the loan grades applied at September 30, 2021 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 3,966,960 2,312,034 1,700,134 1,149,584 586,185 1,635,559 9,725,075 16,195 $ 21,091,726 Criticized accrual 210,621 137,816 105,118 91,922 47,157 142,670 393,348 14,373 1,143,025 Criticized nonaccrual 5,615 20,345 30,067 52,890 25,688 39,674 98,241 7,669 280,189 Total commercial, financial, leasing, etc. $ 4,183,196 2,470,195 1,835,319 1,294,396 659,030 1,817,903 10,216,664 38,237 $ 22,514,940 Real estate: Commercial: Loan grades: Pass $ 2,259,468 2,835,919 4,069,520 2,765,720 2,176,210 6,007,272 729,377 — $ 20,843,486 Criticized accrual 22,831 553,477 661,516 1,042,329 566,644 2,092,456 50,191 — 4,989,444 Criticized nonaccrual 28,577 140,023 236,842 47,741 116,463 546,042 37,182 — 1,152,870 Total commercial real estate $ 2,310,876 3,529,419 4,967,878 3,855,790 2,859,317 8,645,770 816,750 — $ 26,985,800 Residential builder and developer: Loan grades: Pass $ 647,863 166,832 94,758 44,419 5,573 11,731 243,749 — $ 1,214,925 Criticized accrual 2,199 3,307 119,009 14,168 630 3 1,488 — 140,804 Criticized nonaccrual — — 518 — — 76 — — 594 Total residential builder and developer $ 650,062 170,139 214,285 58,587 6,203 11,810 245,237 — $ 1,356,323 Other commercial construction: Loan grades: Pass $ 661,068 1,817,753 2,445,555 1,108,676 270,054 407,500 38,391 — $ 6,748,997 Criticized accrual 655 42,578 589,790 700,577 320,718 119,815 — — 1,774,133 Criticized nonaccrual — — 83,829 35,125 12,406 23,068 4,271 — 158,699 Total other commercial construction $ 661,723 1,860,331 3,119,174 1,844,378 603,178 550,383 42,662 — $ 8,681,829 Increases to criticized loans as compared with December 31, 2020 were predominantly attributable to the continued effects of the COVID-19 pandemic and the related re-grading of loans. 4. Loans and leases and the allowance for credit losses, continued The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at September 30, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Residential: Current $ 2,027,514 1,742,731 1,158,831 520,113 1,258,200 6,544,178 62,635 — $ 13,314,202 30-89 days past due 16,352 10,434 7,322 5,529 30,337 185,213 — — 255,187 Accruing loans past due 90 days or more 3,204 104,612 28,394 35,993 211,521 561,424 — — 945,148 Nonaccrual 1,831 21,837 5,988 4,488 4,184 314,825 273 — 353,426 Total residential $ 2,048,901 1,879,614 1,200,535 566,123 1,504,242 7,605,640 62,908 — $ 14,867,963 Residential - limited documentation: Current $ — — — — — 1,199,172 — — $ 1,199,172 30-89 days past due — — — — — 15,690 — — 15,690 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 126,529 — — 126,529 Total residential - limited documentation $ — — — — — 1,341,391 — — $ 1,341,391 Consumer: Home equity lines and loans: Current $ 354 863 3,087 1,935 2,055 41,791 2,384,309 1,114,426 $ 3,548,820 30-89 days past due 16 — — — — 681 — 14,015 14,712 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 6,126 768 64,580 71,474 Total home equity lines and loans $ 370 863 3,087 1,935 2,055 48,598 2,385,077 1,193,021 $ 3,635,006 4. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 2,468,197 2,248,066 1,369,098 699,577 486,354 700,833 — — $ 7,972,125 30-89 days past due 3,062 7,028 6,669 4,090 3,657 5,150 — — 29,656 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 549 3,125 4,371 4,771 3,679 7,412 — — 23,907 Total recreational finance $ 2,471,808 2,258,219 1,380,138 708,438 493,690 713,395 — — $ 8,025,688 Automobile: Current $ 1,803,922 1,224,901 762,820 402,919 258,317 100,427 — — $ 4,553,306 30-89 days past due 4,356 5,700 7,755 6,921 5,954 3,663 — — 34,349 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,182 2,673 6,036 8,289 7,046 5,776 — — 31,002 Total automobile $ 1,809,460 1,233,274 776,611 418,129 271,317 109,866 — — $ 4,618,657 Other: Current $ 185,095 113,060 86,349 30,414 19,825 24,780 1,038,160 1,536 $ 1,499,219 30-89 days past due 2,201 393 640 204 85 459 5,028 389 9,399 Accruing loans past due 90 days or more — — — — — 228 2,878 — 3,106 Nonaccrual 1,625 241 236 206 111 229 40,811 114 43,573 Total other $ 188,921 113,694 87,225 30,824 20,021 25,696 1,086,877 2,039 $ 1,555,297 Total loans and leases at September 30, 2021 $ 14,325,317 13,515,748 13,584,252 8,778,600 6,419,053 20,870,452 14,856,175 1,233,297 $ 93,582,894 4. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied at December 31, 2020 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 7,732,728 2,277,233 1,505,486 930,834 719,796 1,387,695 11,352,416 21,286 $ 25,927,474 Criticized accrual 388,326 84,358 113,940 41,587 39,930 73,401 584,751 13,970 1,340,263 Criticized nonaccrual 7,720 27,309 56,227 16,808 19,681 45,471 125,893 7,718 306,827 Total commercial, financial, leasing, etc. $ 8,128,774 2,388,900 1,675,653 989,229 779,407 1,506,567 12,063,060 42,974 $ 27,574,564 Real estate: Commercial: Loan grades: Pass $ 3,353,450 4,681,834 3,299,095 2,628,061 2,746,165 5,698,834 875,348 — $ 23,282,787 Criticized accrual 526,037 400,154 579,507 290,885 568,144 1,212,672 44,260 — 3,621,659 Criticized nonaccrual 26,876 121,899 47,144 99,293 197,319 248,949 34,414 — 775,894 Total commercial real estate $ 3,906,363 5,203,887 3,925,746 3,018,239 3,511,628 7,160,455 954,022 — $ 27,680,340 Residential builder and developer: Loan grades: Pass $ 506,295 223,880 109,453 15,048 10,976 11,320 236,943 — $ 1,113,915 Criticized accrual 3,690 106,847 14,836 3,421 — 1,885 4,050 — 134,729 Criticized nonaccrual — 518 — — — 576 — — 1,094 Total residential builder and developer $ 509,985 331,245 124,289 18,469 10,976 13,781 240,993 — $ 1,249,738 Other commercial construction: Loan grades: Pass $ 1,050,258 2,998,921 2,048,063 945,339 233,127 294,030 74,611 — $ 7,644,349 Criticized accrual 37,192 148,492 381,091 225,949 144,665 12,034 — — 949,423 Criticized nonaccrual 335 65,592 13,522 4,213 12,097 12,873 5,407 — 114,039 Total other commercial construction $ 1,087,785 3,213,005 2,442,676 1,175,501 389,889 318,937 80,018 — $ 8,707,811 4. Loans and leases and the allowance for credit losses, continued A summary of loans in accrual and nonaccrual status at December 31, 2020 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Residential: Current $ 2,722,862 1,416,259 618,736 1,318,094 718,235 6,898,756 71,894 — $ 13,764,836 30-89 days past due 13,496 7,781 7,258 13,477 7,947 150,447 — — 200,406 Accruing loans past due 90 days or more 579 15,234 38,145 212,818 45,804 480,308 — — 792,888 Nonaccrual 3,133 14,439 5,183 6,408 2,900 333,466 200 — 365,729 Total residential $ 2,740,070 1,453,713 669,322 1,550,797 774,886 7,862,977 72,094 — $ 15,123,859 Residential - limited documentation: Current $ — — — — — 1,462,277 — — $ 1,462,277 30-89 days past due — — — — — 19,687 — — 19,687 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 147,170 — — 147,170 Total residential - limited documentation $ — — — — — 1,629,134 — — $ 1,629,134 Consumer: Home equity lines and loans: Current $ 773 3,983 1,591 2,016 162 51,554 2,569,621 1,252,185 $ 3,881,885 30-89 days past due — — — — — 1,148 939 22,242 24,329 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 6,148 5,752 67,492 79,392 Total home equity lines and loans $ 773 3,983 1,591 2,016 162 58,850 2,576,312 1,341,919 $ 3,985,606 4. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 2,796,359 1,751,766 907,595 630,151 352,414 564,358 — — $ 7,002,643 30-89 days past due 9,548 11,255 8,519 6,638 2,938 8,263 — — 47,161 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,854 3,883 4,072 4,194 2,733 8,783 — — 25,519 Total recreational finance $ 2,807,761 1,766,904 920,186 640,983 358,085 581,404 — — $ 7,075,323 Automobile: Current $ 1,595,636 1,106,782 629,338 440,604 171,017 63,972 — — $ 4,007,349 30-89 days past due 6,461 14,140 12,542 12,899 6,373 3,083 — — 55,498 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,615 7,144 10,788 10,061 5,991 3,805 — — 39,404 Total automobile $ 1,603,712 1,128,066 652,668 463,564 183,381 70,860 — — $ 4,102,251 Other: Current $ 160,424 137,617 53,702 32,556 4,526 28,970 927,217 1,856 $ 1,346,868 30-89 days past due 1,879 1,130 577 2,301 42 557 10,594 481 17,561 Accruing loans past due 90 days or more — — — — — 374 4,207 — 4,581 Nonaccrual 1,493 492 339 183 31 501 35,044 148 38,231 Total other $ 163,796 139,239 54,618 35,040 4,599 30,402 977,062 2,485 $ 1,407,241 Total loans and leases at December 31, 2020 $ 20,949,019 15,628,942 10,466,749 7,893,838 6,013,013 19,233,367 16,963,561 1,387,378 $ 98,535,867 Allowance for credit losses For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by type. Changes in the allowance for credit losses for the three months ended September 30, 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 314,852 679,963 77,869 502,444 $ 1,575,128 Provision for credit losses (292 ) (42,016 ) (3,522 ) 25,830 (20,000 ) Net charge-offs Charge-offs (26,598 ) (14,242 ) (1,925 ) (21,508 ) (64,273 ) Recoveries 3,785 2,362 1,903 16,119 24,169 Net charge-offs (22,813 ) (11,880 ) (22 ) (5,389 ) (40,104 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 4. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the three months ended September 30, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 398,257 576,321 118,921 544,737 $ 1,638,236 Provision for credit losses 25,450 87,403 (683 ) 37,830 150,000 Net charge-offs Charge-offs (14,434 ) (4,522 ) (1,516 ) (31,754 ) (52,226 ) Recoveries 4,475 2,578 960 14,482 22,495 Net charge-offs (9,959 ) (1,944 ) (556 ) (17,272 ) (29,731 ) Ending balance $ 413,748 661,780 117,682 565,295 $ 1,758,505 Changes in the allowance for credit losses for the nine months ended September 30, 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 405,846 670,719 103,590 556,232 $ 1,736,387 Provision for credit losses (57,610 ) 32,650 (29,026 ) (6,014 ) (60,000 ) Net charge-offs Charge-offs (93,638 ) (87,417 ) (6,586 ) (79,926 ) (267,567 ) Recoveries 37,149 10,115 6,347 52,593 106,204 Net charge-offs (56,489 ) (77,302 ) (239 ) (27,333 ) (161,363 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 Changes in the allowance for credit losses for the nine months ended September 30, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 Adoption of new accounting standard (61,474 ) 23,656 53,896 194,004 (77,625 ) 132,457 Provision for credit losses 161,444 335,159 11,458 216,939 — 725,000 Net charge-offs Charge-offs (63,425 ) (23,266 ) (8,227 ) (116,409 ) — (211,327 ) Recoveries 11,109 4,030 4,522 41,643 — 61,304 Net charge-offs (52,316 ) (19,236 ) (3,705 ) (74,766 ) — (150,023 ) Ending balance $ 413,748 661,780 117,682 565,295 — $ 1,758,505 4. Loans and leases and the allowan ce for credit losses, continued 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 determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, gross domestic product and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At both September 30, 2021 and December 31, 2020, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific 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. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit department. Accordingly, for real estate collateral securing larger nonaccrual commercial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge off and for purposes of estimating losses in determining the allowance for credit losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Modified loans, including smaller balance homogenous loans, that are considered to be troubled debt restructurings are evaluated for impairment giving consideration to the impact of the modified loan terms on the present value of the loan’s expected cash flows. Changes in the amount of the allowance for credit losses reflect the outcome of the procedures described herein. Improvement in the economic outlook at September 30, 2021 contributed to a reduced estimate of expected credit losses. Other factors considered included the impact of portfolio concentrations, changes in underwriting practices, product expansions into new markets, imprecision in economic forecasts and other risk factors that might influence the loss estimation process. The Company’s reserve for off-balance sheet credit exposures was not material at September 30, 2021 and December 31, 2020. 4. Loans and leases and the allowance for credit losses, continued Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2021 and 2020 follows. September 30, 2021 June 30, 2021 January 1, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 171,040 $ 109,149 $ 280,189 $ 330,040 $ 306,827 $ 4,646 $ 10,661 Real estate: Commercial 332,014 820,856 1,152,870 1,081,546 775,894 2,256 4,518 Residential builder and developer 594 - 594 14,552 1,094 206 239 Other commercial construction 36,750 121,949 158,699 133,758 114,039 255 570 Residential 196,918 156,508 353,426 372,144 365,729 6,809 17,603 Residential — limited documentation 81,538 44,991 126,529 136,683 147,170 100 336 Consumer: Home equity lines and loans 38,582 32,892 71,474 76,711 79,392 979 2,924 Recreational finance 18,428 5,479 23,907 23,276 25,519 164 478 Automobile 27,258 3,744 31,002 31,090 39,404 46 143 Other 43,330 243 43,573 42,257 38,231 110 433 Total $ 946,452 $ 1,295,811 $ 2,242,263 $ 2,242,057 $ 1,893,299 $ 15,571 $ 37,905 September 30, 2020 June 30, 2020 January 1, 2020 Three Months Ended September 2020 Nine Months Ended September 31, 2020 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 264,515 $ 86,113 $ 350,628 $ 284,654 $ 346,743 $ 5,999 $ 9,035 Real estate: Commercial 86,199 166,316 252,515 172,488 173,796 993 6,782 Residential builder and developer 1,833 — 1,833 1,748 4,708 114 173 Other commercial construction 15,441 22,186 37,627 85,426 35,881 232 6,809 Residential 66,302 231,334 297,636 306,907 322,504 3,410 15,258 Residential — limited documentation 29,824 85,959 115,783 118,695 114,667 114 571 Consumer: Home equity lines and loans 36,134 42,686 78,820 77,094 65,039 1,017 3,236 Recreational finance 17,637 6,554 24,191 24,152 14,308 155 461 Automobile 37,355 5,019 42,374 42,736 21,293 47 139 Other 3,567 34,998 38,565 42,750 35,394 174 489 Total $ 558,807 $ 681,165 $ 1,239,972 $ 1,156,650 $ 1,134,333 $ 12,255 $ 42,953 4. Loans and leases and the allowance for credit losses, continued Loan modifications During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. The table that follows summarizes the Company’s loan modification activities that were considered troubled debt restructurings for the three-month and nine-month periods ended September 30, 2021 and 2020: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended September 30, 2021 (Dollars in thousands) Commercial, financial, leasing, etc. 62 $ 49,884 $ 6,051 $ — $ 40,242 $ 3,479 $ 49,772 Real estate: Commercial 15 53,198 30,311 — 262 22,599 53,172 Residential 64 14,443 12,281 — — 1,984 14,265 Residential — limited documentation 4 828 828 — — — 828 Consumer: Home equity lines and loans 22 1,349 1,246 — — 103 1,349 Recreational finance 67 2,565 2,565 — — — 2,565 Automobile 146 2,711 2,711 — — — 2,711 Other 15 123 123 — — — 123 Total 395 $ 125,101 $ 56,116 $ — $ 40,504 $ 28,165 $ 124,785 Three Months Ended September 30, 2020 Commercial, financial, leasing, etc. 112 $ 35,037 $ 7,145 $ 298 $ — $ 27,512 $ 34,955 Real estate: Commercial 50 13,293 12,506 172 30 600 13,308 Residential 30 8,544 5,517 — — 3,616 9,133 Consumer: Home equity lines and loans 33 3,410 129 — — 3,286 3,415 Recreational finance 74 2,734 2,734 — — — 2,734 Automobile 403 7,007 7,005 — — 2 7,007 Other 383 3,046 142 — — 2,904 3,046 Total 1,085 $ 73,071 $ 35,178 $ 470 $ 30 $ 37,920 $ 73,598 4. Loans and lease s and the allowance for credit losses, continued Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Nine Months Ended September 30, 2021 (Dollars in thousands) Commercial, financial, leasing, etc. 244 $ 174,366 $ 42,143 $ — $ 40,464 $ 90,770 $ 173,377 Real estate: Commercial 83 223,209 48,841 — 30,832 141,456 221,129 Other commercial construction 3 542 532 — — — 532 Residential 304 88,067 80,411 — — 7,391 87,802 Residential — limited documentation 17 2,349 2,292 — — — 2,292 Consumer: Home equity lines and loans 64 5,034 4,702 — — 277 4,979 Recreational finance 173 5,896 5,896 — — — 5,896 Automobile 516 9,182 9,168 — — 14 9,182 Other 338 2,393 2,393 — — — 2,393 Total 1,742 $ 511,038 $ 196,378 $ — $ 71,296 $ 239,908 $ 507,582 Nine Months Ended September 30, 2020 Commercial, financial, leasing, etc. 279 $ 102,865 $ 29,762 $ 298 $ 31,605 $ 40,013 $ 101,678 Real estate: Commercial 106 94,807 24,372 505 4,830 52,916 82,623 Residential builder and developer 1 91 — — — 90 90 Residential 82 27,594 11,865 — — 19,126 30,991 Residential — limited documentation 9 2,980 2,667 — — 1,232 3,899 Consumer: Home equity lines and loans 159 11,719 688 — — 11,057 11,745 Recreational finance 348 13,619 13,619 — — — 13,619 Automobile 1,873 33,541 33,539 — — 2 33,541 Other 718 5,229 824 — — 4,405 5,229 Total 3,575 $ 292,445 $ 117,336 $ 803 $ 36,435 $ 128,841 $ 283,415 (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 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 September 30, 2021 and 2020 and for which there was a subsequent payment default during the nine-month periods ended September 30, 2021 and 2020, respectively, were not material. The amount of foreclosed residential real estate property held by the Company was $25 million and $28 million at September 30, 2021 and December 31, 2020, respectively. There were $156 million and $214 million at September 30, 2021 and December 31, 2020, respectively, of loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at September 30, 2021, approximately 42% were government guaranteed. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | 5. Borrowings M&T had $531 million of fixed and variable rate junior subordinated deferrable interest debentures ("Junior Subordinated Debentures") outstanding at September 30, 2021 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. On January 25, 2021, $350 million of variable rate senior notes of M&T Bank, the principal bank subsidiary of M&T, matured. In addition, on March 1, 2021, M&T Bank redeemed $500 million of subordinated notes that were due to mature on December 1, 2021. |
Shareholders' equity
Shareholders' equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Shareholders' equity | 6. Shareholders’ equity M&T is authorized to issue 1,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Issued and outstanding preferred stock of M&T as of September 30, 2021 and December 31, 2020 is presented below: September 30, 2021 December 31, 2020 Shares Issued and Outstanding Carrying Value Shares Issued and Outstanding Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 40,000 $ 400,000 40,000 $ 400,000 Series I (d) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 — $ — (a) 90 days (b) 90 days (c) Dividends, if declared, are paid semi-annually at a rate of 5.0% through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174%. The shares are redeemable in whole or in part on or after August 1, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days (d) Dividends, if declared, are paid semi-annually at a rate of 3.5% through August 31, 2026 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 2.679%. The shares are redeemable in whole or in part on or after September 1, 2026. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 7. 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. 7. Revenue from contracts with customers, continued 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 September 30, 2021 and December 31, 2020, the Company had $65 million and $67 million, respectively, of 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 September 30, 2021 and December 31, 2020, the Company had deferred revenue of $41 million and $42 million, respectively, related to the sources in the accompanying tables recorded in accrued interest and other liabilities in the consolidated balance sheet. The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2021 and 2020 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 September 30, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 14,205 25,054 2,977 — — 61,696 1,494 $ 105,426 Trust income — — — — — — 156,876 156,876 Brokerage services income — — — — — (20 ) 20,510 20,490 Other revenues from operations: Merchant discount and credit card fees 14,376 14,970 878 — — 5,912 138 36,274 Other — 1,879 2,180 283 1,501 5,674 8,311 19,828 $ 28,581 41,903 6,035 283 1,501 73,262 187,329 $ 338,894 Three Months Ended September 30, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 11,527 22,816 2,347 — — 53,379 1,286 $ 91,355 Trust income — 1 — — — — 149,936 149,937 Brokerage services income — — — — — — 11,602 11,602 Other revenues from operations: Merchant discount and credit card fees 10,533 10,785 492 — — 4,159 (315 ) 25,654 Other — 2,940 929 205 1,127 5,994 10,212 21,407 $ 22,060 36,542 3,768 205 1,127 63,532 172,721 $ 299,955 7. Revenue from contracts with customers, continued Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 39,644 74,304 8,768 — — 169,734 4,271 $ 296,721 Trust income — — — — — — 475,889 475,889 Brokerage services income — — — — — — 43,868 43,868 Other revenues from operations: Merchant discount and credit card fees 37,570 39,812 1,823 — — 15,741 (207 ) 94,739 Other — 3,890 5,197 1,043 4,670 17,493 30,456 62,749 $ 77,214 118,006 15,788 1,043 4,670 202,968 554,277 $ 973,966 Nine Months Ended September 30, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 38,048 69,487 7,724 — — 155,073 4,639 $ 274,971 Trust income 18 442 — — — — 450,110 450,570 Brokerage services income — — — — — — 35,194 35,194 Other revenues from operations: Merchant discount and credit card fees 29,023 32,992 1,720 — — 9,880 261 73,876 Other — 5,913 2,960 1,212 3,101 15,142 32,149 60,477 $ 67,089 108,834 12,404 1,212 3,101 180,095 522,353 $ 895,088 |
Pension plans and other postret
Pension plans and other postretirement benefits | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 8. 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 September 30 2021 2020 2021 2020 (In thousands) Service cost $ 5,128 4,986 254 242 Interest cost on projected benefit obligation 15,468 17,855 328 436 Expected return on plan assets (35,862 ) (31,378 ) — — Amortization of prior service cost (credit) 139 125 (1,185 ) (1,175 ) Amortization of net actuarial loss (gain) 22,254 13,950 (324 ) (300 ) Net periodic cost (benefit) $ 7,127 5,538 (927 ) (797 ) Pension Benefits Other Postretirement Benefits Nine Months Ended September 30 2021 2020 2021 2020 (In thousands) Service cost $ 15,385 14,958 760 727 Interest cost on projected benefit obligation 46,404 53,565 984 1,306 Expected return on plan assets (107,586 ) (94,134 ) — — Amortization of prior service cost (credit) 415 404 (3,554 ) (3,544 ) Amortization of net actuarial loss (gain) 66,763 42,998 (971 ) (918 ) Net periodic cost (benefit) $ 21,381 17,791 (2,781 ) (2,429 ) Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $23 million |
Earnings per common share
Earnings per common share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 9. Earnings per common share The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020 (In thousands, except per share) Income available to common shareholders: Net income $ 495,460 372,136 1,400,778 882,012 Less: Preferred stock dividends (17,050 ) (17,050 ) (51,150 ) (51,178 ) Net income available to common equity 478,410 355,086 1,349,628 830,834 Less: Income attributable to unvested stock-based compensation awards (2,452 ) (1,687 ) (6,823 ) (3,631 ) Net income available to common shareholders $ 475,958 353,399 1,342,805 827,203 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 129,580 129,061 129,529 129,518 Less: Unvested stock-based compensation awards (891 ) (776 ) (897 ) (768 ) Weighted-average shares outstanding 128,689 128,285 128,632 128,750 Basic earnings per common share $ 3.70 2.75 10.44 $ 6.42 The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020 (In thousands, except per share) Net income available to common equity $ 478,410 355,086 1,349,628 830,834 Less: Income attributable to unvested stock-based compensation awards (2,449 ) (1,686 ) (6,816 ) (3,630 ) Net income available to common shareholders $ 475,961 353,400 1,342,812 827,204 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 129,580 129,061 129,529 129,518 Less: Unvested stock-based compensation awards (891 ) (776 ) (897 ) (768 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 155 70 154 63 Adjusted weighted-average shares outstanding 128,844 128,355 128,786 128,813 Diluted earnings per common share $ 3.69 2.75 10.43 $ 6.42 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 to purchase common stock of M&T representing 460,710 and 483,182 common shares during the three-month periods ended September 30, 2021 and 2020, respectively, and 461,792 and 477,144 common shares during the nine-month periods ended September 30, 2021 and 2020, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Comprehensive income
Comprehensive income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Comprehensive income | 10. 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, 2021 $ 195,386 (650,087 ) 369,558 $ (85,143 ) 22,111 $ (63,032 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (57,388 ) — — (57,388 ) 15,124 (42,264 ) Foreign currency translation adjustment — — (1,246 ) (1,246 ) 360 (886 ) Unrealized gains on cash flow hedges — — 821 821 (214 ) 607 Total other comprehensive income (loss) before reclassifications (57,388 ) — (425 ) (57,813 ) 15,270 (42,543 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 3,333 — — 3,333 (a) (871 ) 2,462 Gains realized in net income (8 ) — — (8 ) (b) 2 (6 ) Accretion of net gain on terminated cash flow hedges — (90 ) (90 ) (c) 24 (66 ) Net yield adjustment from cash flow hedges currently in effect — (206,713 ) (206,713 ) (a) 53,997 (152,716 ) Amortization of prior service credit — (3,139 ) — (3,139 ) (d) 860 (2,279 ) Amortization of actuarial losses — 65,792 — 65,792 (d) (18,031 ) 47,761 Total other comprehensive income (loss) (54,063 ) 62,653 (207,228 ) (198,638 ) 51,251 (147,387 ) Balance — September 30, 2021 $ 141,323 (587,434 ) 162,330 $ (283,781 ) 73,362 $ (210,419 ) Balance — January 1, 2020 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 151,777 — — 151,777 (39,277 ) 112,500 Foreign currency translation adjustment — — (222 ) (222 ) (39 ) (261 ) Unrealized gains on cash flow hedges — — 508,226 508,226 (131,504 ) 376,722 Total other comprehensive income before reclassifications 151,777 — 508,004 659,781 (170,820 ) 488,961 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 2,678 — — 2,678 (a) (725 ) 1,953 Gains realized in net income (3 ) — — (3 ) (b) 1 (2 ) Accretion of net gain on terminated cash flow hedges — — (94 ) (94 ) (c) 26 (68 ) Net yield adjustment from cash flow hedges currently in effect — — (183,598 ) (183,598 ) (a) 47,506 (136,092 ) Amortization of prior service credit — (3,140 ) — (3,140 ) (d) 927 (2,213 ) Amortization of actuarial losses — 42,080 — 42,080 (d) (12,436 ) 29,644 Total other comprehensive income 154,452 38,940 324,312 517,704 (135,521 ) 382,183 Balance — September 30, 2020 $ 205,153 (425,608 ) 458,200 $ 237,745 (62,242 ) $ 175,503 (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. 10. Comprehensive income, continued Accumulated other comprehensive income (loss), net consisted of the following: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2020 $ 144,602 $ (481,064 ) $ 273,430 $ (63,032 ) Net gain (loss) during period (39,808 ) 45,482 (153,061 ) (147,387 ) Balance — September 30, 2021 $ 104,794 $ (435,582 ) $ 120,369 $ (210,419 ) |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 11. 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 September 30, 2021. The net effect of interest rate swap agreements was to increase net interest income by $67 million and $233 million during three-month and the nine-month periods ended September 30, 2021, respectively, and by $95 million and $212 million during the three-month and nine-month periods ended September 30, 2020, 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- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (In thousands) (In (In September 30, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.6 2.86 % 0.73 % $ 728 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 25,700,000 0.7 1.28 % 0.08 % 656 Total $ 27,350,000 0.8 $ 1,384 December 31, 2020 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 3.3 2.86 % 0.79 % $ 651 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 49,400,000 0.9 2.22 % 0.15 % 425 Total $ 51,050,000 1.0 $ 1,076 (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 September 30, 2021 and December 31, 2020 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $59.2 million and $101.5 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $166.1 million and $372.2 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) . 11. Derivative financial instruments, continued 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 $34.5 billion and $37.8 billion at September 30, 2021 and December 31, 2020, respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $815 million and $776 million at September 30, 2021 and December 31, 2020, 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 September 30, December 31, September 30, December 31, 2021 2020 2021 2020 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 1,608 $ 1,968 $ 224 $ 892 Commitments to sell real estate loans (a) 6,712 1,488 769 8,458 8,320 3,456 993 9,350 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 24,459 43,599 4,314 365 Commitments to sell real estate loans (a) 11,604 2,409 7,813 13,868 Trading: Interest rate contracts (b) 565,332 1,008,913 84,909 105,768 Foreign exchange and other option and futures contracts (b) 8,304 9,608 7,740 11,134 609,699 1,064,529 104,776 131,135 Total derivatives $ 618,019 $ 1,067,985 $ 105,769 $ 140,485 (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 September 30, 2021 and December 31, 2020 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $41.7 million and $5.6 million, respectively, and in a liability position of $433.4 million and $806.5 million, respectively. 11. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (9,713 ) 9,636 $ (13,067 ) 12,822 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (3,456 ) $ (4,776 ) Foreign exchange and other option and futures contracts (b) 3,060 1,486 Total $ (396 ) $ (3,290 ) Amount of Gain (Loss) Recognized Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (42,217 ) 41,456 $ 75,760 (75,607 ) Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (9,434 ) $ 8,988 Foreign exchange and other option and futures contracts (b) 6,286 6,555 Total $ (3,148 ) $ 15,543 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and foreign exchange gains. 11. Derivative financial instruments, continued Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 1,708,872 $ 1,750,048 $ 59,714 $ 101,326 The amount of interest income recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was $58 million and $82 million for the three months ended September 30, 2021 and 2020, respectively, and $207 million and $184 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 the unrealized gain recognized in other comprehensive income related to cash flow hedges was $167 million, of which $4 million, $119 million and $44 million related to interest rate swap agreements maturing in 2021, 2022, and 2023, respectively. 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 $36 million and $64 million at September 30, 2021 and December 31, 2020, respectively. Changes in unrealized gains and losses are included in mortgage banking revenues and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied. The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position and the net liability positions with counterparties which are subject to master netting arrangements was $53 million and $114 million at September 30, 2021 and December 31, 2020, respectively. The Company was required to post collateral relating to those positions of $52 million and $103 million at September 30, 2021 and December 31, 2020, respectively. Certain of the Company’s derivative financial instruments contain provisions that require the Company to maintain specific credit ratings from credit rating agencies to avoid higher collateral posting requirements. If the Company’s debt rating were to fall below specified ratings, the counterparties of the derivative financial instruments could demand immediate incremental collateralization on those instruments in a net liability position. The aggregate fair value of all derivative financial instruments with such credit risk-related contingent features in a net liability position on September 30, 2021 was not material. 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 11. Derivative financial instruments, continued 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 $136 million and $135 million at September 30, 2021 and December 31, 2020, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 12. 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. 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 September 30, 2021 and December 31, 2020, 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 $2.9 billion at September 30, 2021 12. Variable interest entities and asset securitizations, continued The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions . |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 13. 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 September 30, 2021. 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. 13. Fair value measurements, continued Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value on the consolidated balance sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale are adjusted to reflect the Company's anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities. 13. Fair value measurements, continued The following tables present assets and liabilities at September 30, 2021 and December 31, 2020 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2021 Trading account assets $ 624,556 $ 50,335 $ 574,221 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,744 — 9,744 — Mortgage-backed securities: Government issued or guaranteed 3,475,479 — 3,475,479 — Other debt securities 132,883 — 132,883 — 3,618,106 — 3,618,106 — Equity securities 82,456 75,169 7,287 — Real estate loans held for sale 838,051 — 838,051 — Other assets (a) 44,383 — 19,924 24,459 Total assets $ 5,207,552 $ 125,504 $ 5,057,589 $ 24,459 Trading account liabilities $ 92,649 $ — $ 92,649 $ — Other liabilities (a) 13,120 — 8,806 4,314 Total liabilities $ 105,769 $ — $ 101,455 $ 4,314 December 31, 2020 Trading account assets $ 1,068,581 $ 50,060 $ 1,018,521 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,338 — 9,338 — Mortgage-backed securities: Government issued or guaranteed 4,683,438 — 4,683,438 — Privately issued 16 — — 16 Other debt securities 129,814 — 129,814 — 4,822,606 — 4,822,590 16 Equity securities 92,985 63,129 29,856 — Real estate loans held for sale 1,054,676 — 1,054,676 — Other assets (a) 49,464 — 5,865 43,599 Total assets $ 7,088,312 $ 113,189 $ 6,931,508 $ 43,615 Trading account liabilities $ 116,902 $ — $ 116,902 $ — Other liabilities (a) 23,583 — 23,218 365 Total liabilities $ 140,485 $ — $ 140,120 $ 365 (a) 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). 13. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended September 30, 2021 and 2020 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2021 (In thousands) Balance — June 30, 2021 $ — 35,666 Total gains realized/unrealized: Included in earnings — 44,152 (a) Settlements — — Transfers out of Level 3 — (59,673 ) (b) Balance — September 30, 2021 $ — 20,145 Changes in unrealized gains included in earnings related to assets still held at September 30, 2021 $ — 18,196 (a) 2020 Balance — June 30, 2020 $ 16 40,106 Total gains realized/unrealized: Included in earnings — 57,819 (a) Transfers out of Level 3 — (46,422 ) (b) Balance — September 30, 2020 $ 16 51,503 Changes in unrealized gains included in earnings related to assets still held at September 30, 2020 $ — 44,127 (a) 13. Fair value measurements, continued The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the nine months ended September 30, 2021 and 2020 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2021 (In thousands) Balance — January 1, 2021 $ 16 43,234 Total gains realized/unrealized: Included in earnings — 102,489 (a) Settlements (16 ) — Transfers out of Level 3 — (125,578 ) (b) Balance — September 30, 2021 $ — 20,145 Changes in unrealized gains included in earnings related to assets still held at September 30, 2021 $ — 21,722 (a) 2020 Balance — January 1, 2020 $ 16 10,740 Total gains realized/unrealized: Included in earnings — 150,632 (a) Transfers out of Level 3 — (109,869 ) (b) Balance — September 30, 2020 $ 16 51,503 Changes in unrealized gains included in earnings related to assets still held at September 30, 2020 $ — 50,411 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) Transfers out of Level 3 consist of interest rate locks transferred to closed loans. The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. 13. Fair value measurements, continued Loans Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectable 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 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, accordingly, 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 $4 million and $27 million at September 30, 2021 and 2020, respectively. Changes in fair value recognized for those foreclosed assets held by the Company were not material during the three-month and nine-month periods ended September 30, 2021 and 2020. 13. 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. Capitalized servicing rights related to residential mortgage loans of $147 million and $159 million at September 30, 2021 and December 31, 2020, respectively, required a valuation allowance of $29 million and $30 million, respectively. Significant unobservable inputs used in this Level 3 valuation included weighted-average prepayment speeds of 14.96% and 16.01% at September 30, 2021 and December 31, 2020, respectively, and a weighted-average option-adjusted spread of 900 basis points at each date. Changes in fair value recognized for impairment of capitalized servicing rights were 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 September 30, 2021 and December 31, 2020: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In September 30, 2021 Recurring fair value measurements Net other assets (liabilities) (a) 20,145 Discounted cash flow Commitment expirations 0% - 93% (14%) December 31, 2020 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 43,234 Discounted cash flow Commitment expirations 0% - 98% (16%) (a) Other Level 3 assets (liabilities) consist of commitments to originate real estate loans. 13. Fair value measurements, continued 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) 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: September 30, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,479,712 1,479,712 1,351,944 127,768 — Interest-bearing deposits at banks 38,445,788 38,445,788 — 38,445,788 — Trading account assets 624,556 624,556 50,335 574,221 — Investment securities 6,447,622 6,501,833 75,169 6,364,735 61,929 Loans and leases: Commercial loans and leases 22,514,940 22,315,530 — — 22,315,530 Commercial real estate loans 37,023,952 36,312,089 — 558,970 35,753,119 Residential real estate loans 16,209,354 16,397,551 — 3,902,745 12,494,806 Consumer loans 17,834,648 17,935,068 — — 17,935,068 Allowance for credit losses (1,515,024 ) — — — — Loans and leases, net 92,067,870 92,960,238 — 4,461,715 88,498,523 Accrued interest receivable 378,433 378,433 — 378,433 — Financial liabilities: Noninterest-bearing deposits $ (56,542,309 ) (56,542,309 ) — (56,542,309 ) — Savings and interest-checking deposits (69,195,960 ) (69,195,960 ) — (69,195,960 ) — Time deposits (2,963,027 ) (2,967,906 ) — (2,967,906 ) — Short-term borrowings (103,548 ) (103,548 ) — (103,548 ) — Long-term borrowings (3,500,391 ) (3,605,637 ) — (3,605,637 ) — Accrued interest payable (38,808 ) (38,808 ) — (38,808 ) — Trading account liabilities (92,649 ) (92,649 ) — (92,649 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 20,145 20,145 — — 20,145 Commitments to sell real estate loans 9,734 9,734 — 9,734 — Other credit-related commitments (124,145 ) (124,145 ) — — (124,145 ) Interest rate swap agreements used for interest rate risk management 1,384 1,384 — 1,384 — 13. Fair value measurements, continued December 31, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,552,743 1,552,743 1,497,457 55,286 — Interest-bearing deposits at banks 23,663,810 23,663,810 — 23,663,810 — Trading account assets 1,068,581 1,068,581 50,060 1,018,521 — Investment securities 7,045,697 7,138,989 63,129 7,005,571 70,289 Loans and leases: Commercial loans and leases 27,574,564 27,220,699 — — 27,220,699 Commercial real estate loans 37,637,889 36,816,580 — 277,911 36,538,669 Residential real estate loans 16,752,993 17,089,141 — 4,135,655 12,953,486 Consumer loans 16,570,421 16,554,050 — — 16,554,050 Allowance for credit losses (1,736,387 ) — — — — Loans and leases, net 96,799,480 97,680,470 — 4,413,566 93,266,904 Accrued interest receivable 419,936 419,936 — 419,936 — Financial liabilities: Noninterest-bearing deposits $ (47,572,884 ) (47,572,884 ) — (47,572,884 ) — Savings and interest-checking deposits (67,680,840 ) (67,680,840 ) — (67,680,840 ) — Time deposits (3,899,910 ) (3,919,367 ) — (3,919,367 ) — Deposits at Cayman Islands office (652,104 ) (652,104 ) — (652,104 ) — Short-term borrowings (59,482 ) (59,482 ) — (59,482 ) — Long-term borrowings (4,382,193 ) (4,490,433 ) — (4,490,433 ) — Accrued interest payable (59,916 ) (59,916 ) — (59,916 ) — Trading account liabilities (116,902 ) (116,902 ) — (116,902 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 43,234 43,234 — — 43,234 Commitments to sell real estate loans (18,429 ) (18,429 ) — (18,429 ) — Other credit-related commitments (133,354 ) (133,354 ) — — (133,354 ) Interest rate swap agreements used for interest rate risk management 1,076 1,076 — 1,076 — 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, |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 14. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. September 30, December 31, 2021 2020 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,687,595 $ 5,563,854 Commercial real estate loans to be sold 433,529 363,735 Other commercial real estate 5,747,541 7,237,367 Residential real estate loans to be sold 750,820 1,026,118 Other residential real estate 840,039 665,259 Commercial and other 21,685,356 19,427,886 Standby letters of credit 2,236,321 2,241,417 Commercial letters of credit 34,495 27,332 Financial guarantees and indemnification contracts 4,133,648 4,220,531 Commitments to sell real estate loans 1,788,113 2,108,823 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 $10.6 billion and $10.4 billion at September 30, 2021 and December 31, 2020, 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 $3.9 billion and $4.0 billion at September 30, 2021 and December 31, 2020, respectively. Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are considered derivatives and along with commitments to originate real estate loans to be held for sale are generally recorded in the consolidated balance sheet at estimated fair market value. The Company 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. 14. Commitments and contingencies, continued The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At September 30, 2021, the Company believes that its obligation to loan purchasers was not material to the Company’s consolidated financial position. M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent 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 $25 million as of September 30, 2021. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment information | 15. 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 2020 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. 15. Segment information, continued Information about the Company's segments is presented in the following table: Three Months Ended September 30 2021 2020 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 181,873 694 72,017 $ 131,566 (1 ) 35,614 Commercial Banking 295,209 1,009 144,367 276,125 117 131,414 Commercial Real Estate 228,317 227 84,663 202,987 (17 ) 87,095 Discretionary Portfolio 112,529 (14,448 ) 74,666 140,135 (10,748 ) 97,399 Residential 159,213 25,150 46,077 161,151 22,190 45,318 Retail Banking 357,335 (53 ) 88,004 351,312 268 85,229 All Other 201,900 (12,579 ) (14,334 ) 200,380 (11,809 ) (109,933 ) Total $ 1,536,376 — 495,460 $ 1,463,656 — 372,136 Nine Months Ended September 30 2021 2020 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 482,874 2,157 159,895 $ 407,485 1,028 106,103 Commercial Banking 865,780 2,830 378,040 855,426 1,419 386,176 Commercial Real Estate 629,719 679 242,625 653,405 452 311,586 Discretionary Portfolio 365,380 (34,554 ) 243,744 328,181 (33,646 ) 218,758 Residential Mortgage Banking 459,655 70,208 125,791 428,757 64,623 107,334 Retail Banking 1,055,240 500 262,562 1,107,516 802 281,973 All Other 620,694 (41,820 ) (11,879 ) 633,461 (34,678 ) (529,918 ) Total $ 4,479,342 — 1,400,778 $ 4,414,231 — 882,012 Average Total Assets Nine Months Ended September 30 Year Ended December 2021 2020 2020 (In millions) Business Banking $ 8,386 7,902 8,152 Commercial Banking 29,109 30,450 30,338 Commercial Real Estate 25,913 25,594 25,792 Discretionary Portfolio 22,317 27,878 27,726 Residential Mortgage Banking 6,582 3,530 4,038 Retail Banking 17,701 16,231 16,438 All Other 40,959 20,845 22,996 Total $ 150,967 132,430 135,480 (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 $3,703,000 and $4,019,000 for the three-month periods ended September 30, 2021 and 2020, respectively, and $11,168,000 and $13,316,000 for the nine-month periods ended September 30, 2021 and 2020, 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. | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 16. 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. 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 $1.7 billion and $1.9 billion at September 30, 2021 and December 31, 2020, respectively. Revenues from those servicing rights were $2 million |
Recent accounting developments
Recent accounting developments | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 17. Recent accounting developments The following table provides a description of accounting standards that were adopted by the Company in 2021 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 2021 Clarifying the Interactions Between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging The amendments clarify the following guidance: 1. That an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in the equity securities investments guidance immediately before applying or upon discontinuing the equity method of accounting. 2. For the purpose of applying the derivatives and hedging guidance an entity should not consider whether, upon the settlement of a forward contract or exercise of a purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method of accounting or the fair value option in accordance with the financial instruments guidance. An entity also would evaluate the remaining characteristics in the derivatives and hedging guidance to determine the accounting for those forward contracts and purchased options. January 1, 2021 The Company adopted the amended guidance effective January 1, 2021 using a prospective transition method. The adoption did not have a material impact on the Company’s consolidated financial statements. 17. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Adopted in 2021 Simplifying the Accounting for Income Taxes The amendments remove the following exceptions for accounting for income taxes: 1. Exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. January 1, 2021 The amendments related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements. 17. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of September 30, 2021 Changes to Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The amendments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. The amendments also reduce form-over-substance-based guidance for the derivatives scope exception for contacts in an entity’s own equity. For convertible instruments, embedded conversion features no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate on the instrument. The amendments also require certain changes to EPS calculations for convertible instruments as well as additional disclosures relating to conditions that cause conversion features to be met. For contacts in an entity’s own equity, the amendments revise the derivatives scope exception guidance as follows: 1. Remove the settlement in unregistered shares, collateral, and shareholder rights conditions from the settlement guidance. 2. Clarify that payment penalties for failure to timely file do not preclude equity classification. 3. Require instruments that are required to be classified as an asset or liability to be measured subsequently at fair value, with changes reported in earnings and disclosed in the financial statements. 4. Clarifiy that the scope of the disclosure requirements in the Contracts in an Entity’s Own Equity section of the Derivatives guidance applies only to freestanding instruments. 5. Clarify that the scope of the reassessment guidance in the Contracts in an Entity’s Own Equity section of the Derivatives guidance applies to both freestanding instruments and embedded features. January 1, 2022 Early adoption permitted The amendments can be applied either on a modified retrospective method of transition or a fully retrospective method of transition. In applying the modified retrospective method, the guidance should be applied to transactions outstanding as of the beginning of the fiscal year in which the amendments are adopted. Transactions that were settled (or expired) during prior reporting periods are unaffected. The cumulative effect of the change should be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. If applying the fully retrospective method of transition, the cumulative effect of the change should be recognized as an adjustment to the opening balance of retained earnings in the first comparative period presented. The fair value option is allowed to be irrevocably elected for any financial instrument that is a convertible security upon adoption of the amendments. The Company has not yet decided on which transition method will be applied to the extent applicable. The Company does not expect the guidance will have a material impact on its consolidated financial statements. 17. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted of September 30, 2021 Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options The amendments clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments clarify that: 1. A modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange should be treated as an exchange of the original instrument for a new instrument. 2. The effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange should be measured as follows: a. For a modification or an exchange that is a part of or directly related to a modification or an exchange of an existing debt instrument or line-of-credit or revolving-debt arrangements, as the difference between the fair value of the modified or exchanged written call option and the fair value of that written call option immediately before it is modified or exchanged. b. For all other modifications or exchanges, as the excess, if any, of the fair value of the modified or exchanged written call option over the fair value of that written call option immediately before it is modified or exchanged. 3. The effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange should be recognized on the basis of the substance of the transaction, in the same manner as if cash had been paid as consideration. The effect of a modification or an exchange of a freestanding equity-classified written call option to compensate for goods or services should be recognized in accordance with the Stock Compensation guidance. In a multiple-element transaction (for example, one that includes both debt financing and equity financing), the total effect of the modification should be allocated to the respective elements in the transaction. January 1, 2022 Early adoption permitted The amendments should be applied on a prospective basis. The Company currently does not have any instruments that fall within the guidance and does not expect the guidance to have a material impact on its financial statements. 17. Recent accounting developments, continued Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of September 30, 2021 Lessor’s Accounting for Certain Leases with Variable Lease Payments The amendments update the classification guidance for lessors. Under the amended guidance lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. January 1, 2022 Early adoption permitted The amendments can be applied either on a retrospective basis or on a prospective basis. The Company does not expect the guidance will have a material impact on its financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers in a Business Combination The amendments require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied the revenue guidance to determine what to record for the acquired revenue contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements January 1, 2023 Early adoption permitted The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments. However, if early adoption is elected, the amendments should be applied (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The Company has not yet decided on which transition method will be applied to the extent applicable. The Company does not expect the guidance will have a material impact on its consolidated financial statements. |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 (“2020 Annual Report”). 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) | 9 Months Ended |
Sep. 30, 2021 | |
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) September 30, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,621 $ 124 $ 1 $ 9,744 Mortgage-backed securities: Government issued or guaranteed 3,328,080 147,942 543 3,475,479 Other debt securities 136,222 2,905 6,244 132,883 3,473,923 150,971 6,788 3,618,106 Investment securities held to maturity: U.S. Treasury and federal agencies 3,065 — — 3,065 Obligations of states and political subdivisions 177 — — 177 Mortgage-backed securities: Government issued or guaranteed 2,288,934 63,523 6,312 2,346,145 Privately issued 64,929 10,901 13,901 61,929 Other debt securities 2,622 — — 2,622 2,359,727 74,424 20,213 2,413,938 Total debt securities $ 5,833,650 $ 225,395 $ 27,001 $ 6,032,044 Equity and other securities: Readily marketable equity — at fair value $ 80,016 $ 3,341 $ 901 $ 82,456 Other — at cost 387,333 — — 387,333 Total equity and other securities $ 467,349 $ 3,341 $ 901 $ 469,789 December 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 9,154 $ 198 $ 14 $ 9,338 Mortgage-backed securities: Government issued or guaranteed 4,475,406 208,787 755 4,683,438 Privately issued 16 — — 16 Other debt securities 136,451 1,664 8,301 129,814 4,621,027 210,649 9,070 4,822,606 Investment securities held to maturity: U.S. Treasury and federal agencies 2,999 — — 2,999 Obligations of states and political subdivisions 1,531 9 — 1,540 Mortgage-backed securities: Government issued or guaranteed 1,664,443 100,176 11 1,764,608 Privately issued 77,155 11,056 17,938 70,273 Other debt securities 2,861 — — 2,861 1,748,989 111,241 17,949 1,842,281 Total debt securities $ 6,370,016 $ 321,890 $ 27,019 $ 6,664,887 Equity and other securities: Readily marketable equity — at fair value $ 67,891 $ 25,094 $ — $ 92,985 Other — at cost 381,117 — — 381,117 Total equity and other securities $ 449,008 $ 25,094 $ — $ 474,102 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At September 30, 2021, 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 $ 4,291 4,351 Due after one year through five years 13,974 14,616 Due after five years through ten years 97,578 98,981 Due after ten years 30,000 24,679 145,843 142,627 Mortgage-backed securities available for sale 3,328,080 3,475,479 $ 3,473,923 3,618,106 Debt securities held to maturity: Due in one year or less $ 176 177 Due after one year through five years 3,066 3,065 Due after ten years 2,622 2,622 5,864 5,864 Mortgage-backed securities held to maturity 2,353,863 2,408,074 $ 2,359,727 2,413,938 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of September 30, 2021 and December 31, 2020 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) September 30, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 1,424 (1 ) — — Mortgage-backed securities: Government issued or guaranteed 981 (5 ) 22,517 (538 ) Other debt securities 3,498 (37 ) 64,437 (6,207 ) 5,903 (43 ) 86,954 (6,745 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 1,019,537 (6,301 ) 1,400 (11 ) Privately issued — — 47,467 (13,901 ) 1,019,537 (6,301 ) 48,867 (13,912 ) Total $ 1,025,440 (6,344 ) 135,821 (20,657 ) December 31, 2020 Investment securities available for sale: U.S. Treasury and federal agencies $ 985 (14 ) — — Mortgage-backed securities: Government issued or guaranteed 18,687 (356 ) 16,556 (399 ) Other debt securities 16,055 (181 ) 63,462 (8,120 ) 35,727 (551 ) 80,018 (8,519 ) Investment securities held to maturity: Mortgage-backed securities: Government issued or guaranteed 2,039 (11 ) — — Privately issued — — 52,418 (17,938 ) 2,039 (11 ) 52,418 (17,938 ) Total $ 37,766 (562 ) 132,436 (26,457 ) |
Loans and leases and the allo_2
Loans and leases and the allowance for credit losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of September 30, 2021 and December 31, 2020 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) September 30, 2021 Commercial, financial, leasing, etc. $ 22,100,813 121,993 11,945 280,189 $ 22,514,940 Real estate: Commercial 25,524,405 245,157 63,368 1,152,870 26,985,800 Residential builder and developer 1,336,884 16,453 2,392 594 1,356,323 Other commercial construction 8,429,031 93,978 121 158,699 8,681,829 Residential 13,314,202 255,187 945,148 353,426 14,867,963 Residential — limited documentation 1,199,172 15,690 — 126,529 1,341,391 Consumer: Home equity lines and loans 3,548,820 14,712 — 71,474 3,635,006 Recreational finance 7,972,125 29,656 — 23,907 8,025,688 Automobile 4,553,306 34,349 — 31,002 4,618,657 Other 1,499,219 9,399 3,106 43,573 1,555,297 Total $ 89,477,977 836,574 1,026,080 2,242,263 $ 93,582,894 December 31, 2020 Commercial, financial, leasing, etc. $ 27,196,862 60,822 10,053 306,827 $ 27,574,564 Real estate: Commercial 26,688,515 168,917 47,014 775,894 27,680,340 Residential builder and developer 1,246,095 1,693 856 1,094 1,249,738 Other commercial construction 8,523,591 66,365 3,816 114,039 8,707,811 Residential 13,764,836 200,406 792,888 365,729 15,123,859 Residential — limited documentation 1,462,277 19,687 — 147,170 1,629,134 Consumer: Home equity lines and loans 3,881,885 24,329 — 79,392 3,985,606 Recreational finance 7,002,643 47,161 — 25,519 7,075,323 Automobile 4,007,349 55,498 — 39,404 4,102,251 Other 1,346,868 17,561 4,581 38,231 1,407,241 Total $ 95,120,921 662,439 859,208 1,893,299 $ 98,535,867 |
Summary of Outstanding Loan Balances Related To COVID-19 Modifications Granted | 4. Loans and leases and the allowance for credit losses, continued A summary of outstanding loan balances for which COVID-19 related modifications were granted as of September 30, 2021 is presented below. These loans meet the criteria described in note 1 of Notes to Financial Statements in the 2020 Annual Report and, accordingly, are not considered past due or otherwise in default of loan terms as of the date presented. The vast majority of the modifications noted below expire during 2021. COVID-19 Related Modifications September 30, 2021 Payment Deferrals (1) Other Forbearances (2) Total (In thousands) Commercial, financial, leasing, etc. $ — $ 53,876 $ 53,876 Real estate: Commercial — 225,807 225,807 Other commercial construction — 21,330 21,330 Residential 1,925,639 (3) — 1,925,639 Residential — limited documentation 177,200 — 177,200 Consumer: Home equity lines and loans 6,188 — 6,188 Recreational finance 2,252 — 2,252 Automobile 4,314 — 4,314 Other 197 — 197 Total $ 2,115,790 $ 301,013 $ 2,416,803 |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at September 30, 2021 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 3,966,960 2,312,034 1,700,134 1,149,584 586,185 1,635,559 9,725,075 16,195 $ 21,091,726 Criticized accrual 210,621 137,816 105,118 91,922 47,157 142,670 393,348 14,373 1,143,025 Criticized nonaccrual 5,615 20,345 30,067 52,890 25,688 39,674 98,241 7,669 280,189 Total commercial, financial, leasing, etc. $ 4,183,196 2,470,195 1,835,319 1,294,396 659,030 1,817,903 10,216,664 38,237 $ 22,514,940 Real estate: Commercial: Loan grades: Pass $ 2,259,468 2,835,919 4,069,520 2,765,720 2,176,210 6,007,272 729,377 — $ 20,843,486 Criticized accrual 22,831 553,477 661,516 1,042,329 566,644 2,092,456 50,191 — 4,989,444 Criticized nonaccrual 28,577 140,023 236,842 47,741 116,463 546,042 37,182 — 1,152,870 Total commercial real estate $ 2,310,876 3,529,419 4,967,878 3,855,790 2,859,317 8,645,770 816,750 — $ 26,985,800 Residential builder and developer: Loan grades: Pass $ 647,863 166,832 94,758 44,419 5,573 11,731 243,749 — $ 1,214,925 Criticized accrual 2,199 3,307 119,009 14,168 630 3 1,488 — 140,804 Criticized nonaccrual — — 518 — — 76 — — 594 Total residential builder and developer $ 650,062 170,139 214,285 58,587 6,203 11,810 245,237 — $ 1,356,323 Other commercial construction: Loan grades: Pass $ 661,068 1,817,753 2,445,555 1,108,676 270,054 407,500 38,391 — $ 6,748,997 Criticized accrual 655 42,578 589,790 700,577 320,718 119,815 — — 1,774,133 Criticized nonaccrual — — 83,829 35,125 12,406 23,068 4,271 — 158,699 Total other commercial construction $ 661,723 1,860,331 3,119,174 1,844,378 603,178 550,383 42,662 — $ 8,681,829 The following table summarizes the loan grades applied at December 31, 2020 to the various classes of the Company’s commercial loans and commercial real estate loans by origination year. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial, financial, leasing, etc.: Loan grades: Pass $ 7,732,728 2,277,233 1,505,486 930,834 719,796 1,387,695 11,352,416 21,286 $ 25,927,474 Criticized accrual 388,326 84,358 113,940 41,587 39,930 73,401 584,751 13,970 1,340,263 Criticized nonaccrual 7,720 27,309 56,227 16,808 19,681 45,471 125,893 7,718 306,827 Total commercial, financial, leasing, etc. $ 8,128,774 2,388,900 1,675,653 989,229 779,407 1,506,567 12,063,060 42,974 $ 27,574,564 Real estate: Commercial: Loan grades: Pass $ 3,353,450 4,681,834 3,299,095 2,628,061 2,746,165 5,698,834 875,348 — $ 23,282,787 Criticized accrual 526,037 400,154 579,507 290,885 568,144 1,212,672 44,260 — 3,621,659 Criticized nonaccrual 26,876 121,899 47,144 99,293 197,319 248,949 34,414 — 775,894 Total commercial real estate $ 3,906,363 5,203,887 3,925,746 3,018,239 3,511,628 7,160,455 954,022 — $ 27,680,340 Residential builder and developer: Loan grades: Pass $ 506,295 223,880 109,453 15,048 10,976 11,320 236,943 — $ 1,113,915 Criticized accrual 3,690 106,847 14,836 3,421 — 1,885 4,050 — 134,729 Criticized nonaccrual — 518 — — — 576 — — 1,094 Total residential builder and developer $ 509,985 331,245 124,289 18,469 10,976 13,781 240,993 — $ 1,249,738 Other commercial construction: Loan grades: Pass $ 1,050,258 2,998,921 2,048,063 945,339 233,127 294,030 74,611 — $ 7,644,349 Criticized accrual 37,192 148,492 381,091 225,949 144,665 12,034 — — 949,423 Criticized nonaccrual 335 65,592 13,522 4,213 12,097 12,873 5,407 — 114,039 Total other commercial construction $ 1,087,785 3,213,005 2,442,676 1,175,501 389,889 318,937 80,018 — $ 8,707,811 |
Summary of loans in Accrual and Nonaccrual Status | . A summary of loans in accrual and nonaccrual status at September 30, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Residential: Current $ 2,027,514 1,742,731 1,158,831 520,113 1,258,200 6,544,178 62,635 — $ 13,314,202 30-89 days past due 16,352 10,434 7,322 5,529 30,337 185,213 — — 255,187 Accruing loans past due 90 days or more 3,204 104,612 28,394 35,993 211,521 561,424 — — 945,148 Nonaccrual 1,831 21,837 5,988 4,488 4,184 314,825 273 — 353,426 Total residential $ 2,048,901 1,879,614 1,200,535 566,123 1,504,242 7,605,640 62,908 — $ 14,867,963 Residential - limited documentation: Current $ — — — — — 1,199,172 — — $ 1,199,172 30-89 days past due — — — — — 15,690 — — 15,690 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 126,529 — — 126,529 Total residential - limited documentation $ — — — — — 1,341,391 — — $ 1,341,391 Consumer: Home equity lines and loans: Current $ 354 863 3,087 1,935 2,055 41,791 2,384,309 1,114,426 $ 3,548,820 30-89 days past due 16 — — — — 681 — 14,015 14,712 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 6,126 768 64,580 71,474 Total home equity lines and loans $ 370 863 3,087 1,935 2,055 48,598 2,385,077 1,193,021 $ 3,635,006 4. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2021 2020 2019 2018 2017 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 2,468,197 2,248,066 1,369,098 699,577 486,354 700,833 — — $ 7,972,125 30-89 days past due 3,062 7,028 6,669 4,090 3,657 5,150 — — 29,656 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 549 3,125 4,371 4,771 3,679 7,412 — — 23,907 Total recreational finance $ 2,471,808 2,258,219 1,380,138 708,438 493,690 713,395 — — $ 8,025,688 Automobile: Current $ 1,803,922 1,224,901 762,820 402,919 258,317 100,427 — — $ 4,553,306 30-89 days past due 4,356 5,700 7,755 6,921 5,954 3,663 — — 34,349 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,182 2,673 6,036 8,289 7,046 5,776 — — 31,002 Total automobile $ 1,809,460 1,233,274 776,611 418,129 271,317 109,866 — — $ 4,618,657 Other: Current $ 185,095 113,060 86,349 30,414 19,825 24,780 1,038,160 1,536 $ 1,499,219 30-89 days past due 2,201 393 640 204 85 459 5,028 389 9,399 Accruing loans past due 90 days or more — — — — — 228 2,878 — 3,106 Nonaccrual 1,625 241 236 206 111 229 40,811 114 43,573 Total other $ 188,921 113,694 87,225 30,824 20,021 25,696 1,086,877 2,039 $ 1,555,297 Total loans and leases at September 30, 2021 $ 14,325,317 13,515,748 13,584,252 8,778,600 6,419,053 20,870,452 14,856,175 1,233,297 $ 93,582,894 A summary of loans in accrual and nonaccrual status at December 31, 2020 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows. Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Residential: Current $ 2,722,862 1,416,259 618,736 1,318,094 718,235 6,898,756 71,894 — $ 13,764,836 30-89 days past due 13,496 7,781 7,258 13,477 7,947 150,447 — — 200,406 Accruing loans past due 90 days or more 579 15,234 38,145 212,818 45,804 480,308 — — 792,888 Nonaccrual 3,133 14,439 5,183 6,408 2,900 333,466 200 — 365,729 Total residential $ 2,740,070 1,453,713 669,322 1,550,797 774,886 7,862,977 72,094 — $ 15,123,859 Residential - limited documentation: Current $ — — — — — 1,462,277 — — $ 1,462,277 30-89 days past due — — — — — 19,687 — — 19,687 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 147,170 — — 147,170 Total residential - limited documentation $ — — — — — 1,629,134 — — $ 1,629,134 Consumer: Home equity lines and loans: Current $ 773 3,983 1,591 2,016 162 51,554 2,569,621 1,252,185 $ 3,881,885 30-89 days past due — — — — — 1,148 939 22,242 24,329 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 6,148 5,752 67,492 79,392 Total home equity lines and loans $ 773 3,983 1,591 2,016 162 58,850 2,576,312 1,341,919 $ 3,985,606 4. Loans and leases and the allowance for credit losses, continued Term Loans by Origination Year Revolving Revolving Loans Converted to Term 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Recreational finance: Current $ 2,796,359 1,751,766 907,595 630,151 352,414 564,358 — — $ 7,002,643 30-89 days past due 9,548 11,255 8,519 6,638 2,938 8,263 — — 47,161 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,854 3,883 4,072 4,194 2,733 8,783 — — 25,519 Total recreational finance $ 2,807,761 1,766,904 920,186 640,983 358,085 581,404 — — $ 7,075,323 Automobile: Current $ 1,595,636 1,106,782 629,338 440,604 171,017 63,972 — — $ 4,007,349 30-89 days past due 6,461 14,140 12,542 12,899 6,373 3,083 — — 55,498 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual 1,615 7,144 10,788 10,061 5,991 3,805 — — 39,404 Total automobile $ 1,603,712 1,128,066 652,668 463,564 183,381 70,860 — — $ 4,102,251 Other: Current $ 160,424 137,617 53,702 32,556 4,526 28,970 927,217 1,856 $ 1,346,868 30-89 days past due 1,879 1,130 577 2,301 42 557 10,594 481 17,561 Accruing loans past due 90 days or more — — — — — 374 4,207 — 4,581 Nonaccrual 1,493 492 339 183 31 501 35,044 148 38,231 Total other $ 163,796 139,239 54,618 35,040 4,599 30,402 977,062 2,485 $ 1,407,241 Total loans and leases at December 31, 2020 $ 20,949,019 15,628,942 10,466,749 7,893,838 6,013,013 19,233,367 16,963,561 1,387,378 $ 98,535,867 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended September 30, 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 314,852 679,963 77,869 502,444 $ 1,575,128 Provision for credit losses (292 ) (42,016 ) (3,522 ) 25,830 (20,000 ) Net charge-offs Charge-offs (26,598 ) (14,242 ) (1,925 ) (21,508 ) (64,273 ) Recoveries 3,785 2,362 1,903 16,119 24,169 Net charge-offs (22,813 ) (11,880 ) (22 ) (5,389 ) (40,104 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 4. Loans and leases and the allowance for credit losses, continued Changes in the allowance for credit losses for the three months ended September 30, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 398,257 576,321 118,921 544,737 $ 1,638,236 Provision for credit losses 25,450 87,403 (683 ) 37,830 150,000 Net charge-offs Charge-offs (14,434 ) (4,522 ) (1,516 ) (31,754 ) (52,226 ) Recoveries 4,475 2,578 960 14,482 22,495 Net charge-offs (9,959 ) (1,944 ) (556 ) (17,272 ) (29,731 ) Ending balance $ 413,748 661,780 117,682 565,295 $ 1,758,505 Changes in the allowance for credit losses for the nine months ended September 30, 2021 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Total (In thousands) Beginning balance $ 405,846 670,719 103,590 556,232 $ 1,736,387 Provision for credit losses (57,610 ) 32,650 (29,026 ) (6,014 ) (60,000 ) Net charge-offs Charge-offs (93,638 ) (87,417 ) (6,586 ) (79,926 ) (267,567 ) Recoveries 37,149 10,115 6,347 52,593 106,204 Net charge-offs (56,489 ) (77,302 ) (239 ) (27,333 ) (161,363 ) Ending balance $ 291,747 626,067 74,325 522,885 $ 1,515,024 Changes in the allowance for credit losses for the nine months ended September 30, 2020 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) Beginning balance $ 366,094 322,201 56,033 229,118 77,625 $ 1,051,071 Adoption of new accounting standard (61,474 ) 23,656 53,896 194,004 (77,625 ) 132,457 Provision for credit losses 161,444 335,159 11,458 216,939 — 725,000 Net charge-offs Charge-offs (63,425 ) (23,266 ) (8,227 ) (116,409 ) — (211,327 ) Recoveries 11,109 4,030 4,522 41,643 — 61,304 Net charge-offs (52,316 ) (19,236 ) (3,705 ) (74,766 ) — (150,023 ) Ending balance $ 413,748 661,780 117,682 565,295 — $ 1,758,505 |
oan and Leases Considered Nonaccrual and Interest Income Recognized on Loans | Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2021 and 2020 follows. September 30, 2021 June 30, 2021 January 1, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 171,040 $ 109,149 $ 280,189 $ 330,040 $ 306,827 $ 4,646 $ 10,661 Real estate: Commercial 332,014 820,856 1,152,870 1,081,546 775,894 2,256 4,518 Residential builder and developer 594 - 594 14,552 1,094 206 239 Other commercial construction 36,750 121,949 158,699 133,758 114,039 255 570 Residential 196,918 156,508 353,426 372,144 365,729 6,809 17,603 Residential — limited documentation 81,538 44,991 126,529 136,683 147,170 100 336 Consumer: Home equity lines and loans 38,582 32,892 71,474 76,711 79,392 979 2,924 Recreational finance 18,428 5,479 23,907 23,276 25,519 164 478 Automobile 27,258 3,744 31,002 31,090 39,404 46 143 Other 43,330 243 43,573 42,257 38,231 110 433 Total $ 946,452 $ 1,295,811 $ 2,242,263 $ 2,242,057 $ 1,893,299 $ 15,571 $ 37,905 September 30, 2020 June 30, 2020 January 1, 2020 Three Months Ended September 2020 Nine Months Ended September 31, 2020 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Amortized Cost Interest Income Recognized Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 264,515 $ 86,113 $ 350,628 $ 284,654 $ 346,743 $ 5,999 $ 9,035 Real estate: Commercial 86,199 166,316 252,515 172,488 173,796 993 6,782 Residential builder and developer 1,833 — 1,833 1,748 4,708 114 173 Other commercial construction 15,441 22,186 37,627 85,426 35,881 232 6,809 Residential 66,302 231,334 297,636 306,907 322,504 3,410 15,258 Residential — limited documentation 29,824 85,959 115,783 118,695 114,667 114 571 Consumer: Home equity lines and loans 36,134 42,686 78,820 77,094 65,039 1,017 3,236 Recreational finance 17,637 6,554 24,191 24,152 14,308 155 461 Automobile 37,355 5,019 42,374 42,736 21,293 47 139 Other 3,567 34,998 38,565 42,750 35,394 174 489 Total $ 558,807 $ 681,165 $ 1,239,972 $ 1,156,650 $ 1,134,333 $ 12,255 $ 42,953 |
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 nine-month periods ended September 30, 2021 and 2020: Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Three Months Ended September 30, 2021 (Dollars in thousands) Commercial, financial, leasing, etc. 62 $ 49,884 $ 6,051 $ — $ 40,242 $ 3,479 $ 49,772 Real estate: Commercial 15 53,198 30,311 — 262 22,599 53,172 Residential 64 14,443 12,281 — — 1,984 14,265 Residential — limited documentation 4 828 828 — — — 828 Consumer: Home equity lines and loans 22 1,349 1,246 — — 103 1,349 Recreational finance 67 2,565 2,565 — — — 2,565 Automobile 146 2,711 2,711 — — — 2,711 Other 15 123 123 — — — 123 Total 395 $ 125,101 $ 56,116 $ — $ 40,504 $ 28,165 $ 124,785 Three Months Ended September 30, 2020 Commercial, financial, leasing, etc. 112 $ 35,037 $ 7,145 $ 298 $ — $ 27,512 $ 34,955 Real estate: Commercial 50 13,293 12,506 172 30 600 13,308 Residential 30 8,544 5,517 — — 3,616 9,133 Consumer: Home equity lines and loans 33 3,410 129 — — 3,286 3,415 Recreational finance 74 2,734 2,734 — — — 2,734 Automobile 403 7,007 7,005 — — 2 7,007 Other 383 3,046 142 — — 2,904 3,046 Total 1,085 $ 73,071 $ 35,178 $ 470 $ 30 $ 37,920 $ 73,598 4. Loans and lease s and the allowance for credit losses, continued Post-modification (a) Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total Nine Months Ended September 30, 2021 (Dollars in thousands) Commercial, financial, leasing, etc. 244 $ 174,366 $ 42,143 $ — $ 40,464 $ 90,770 $ 173,377 Real estate: Commercial 83 223,209 48,841 — 30,832 141,456 221,129 Other commercial construction 3 542 532 — — — 532 Residential 304 88,067 80,411 — — 7,391 87,802 Residential — limited documentation 17 2,349 2,292 — — — 2,292 Consumer: Home equity lines and loans 64 5,034 4,702 — — 277 4,979 Recreational finance 173 5,896 5,896 — — — 5,896 Automobile 516 9,182 9,168 — — 14 9,182 Other 338 2,393 2,393 — — — 2,393 Total 1,742 $ 511,038 $ 196,378 $ — $ 71,296 $ 239,908 $ 507,582 Nine Months Ended September 30, 2020 Commercial, financial, leasing, etc. 279 $ 102,865 $ 29,762 $ 298 $ 31,605 $ 40,013 $ 101,678 Real estate: Commercial 106 94,807 24,372 505 4,830 52,916 82,623 Residential builder and developer 1 91 — — — 90 90 Residential 82 27,594 11,865 — — 19,126 30,991 Residential — limited documentation 9 2,980 2,667 — — 1,232 3,899 Consumer: Home equity lines and loans 159 11,719 688 — — 11,057 11,745 Recreational finance 348 13,619 13,619 — — — 13,619 Automobile 1,873 33,541 33,539 — — 2 33,541 Other 718 5,229 824 — — 4,405 5,229 Total 3,575 $ 292,445 $ 117,336 $ 803 $ 36,435 $ 128,841 $ 283,415 (a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages. The present value of interest rate concessions, discounted at the effective rate of the original loan, was not material. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of September 30, 2021 and December 31, 2020 is presented below: September 30, 2021 December 31, 2020 Shares Issued and Outstanding Carrying Value Shares Issued and Outstanding Carrying Value (Dollars in thousands) Series E (a) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 40,000 $ 400,000 40,000 $ 400,000 Series I (d) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share 50,000 $ 500,000 — $ — (a) 90 days (b) 90 days (c) Dividends, if declared, are paid semi-annually at a rate of 5.0% through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174%. The shares are redeemable in whole or in part on or after August 1, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days (d) Dividends, if declared, are paid semi-annually at a rate of 3.5% through August 31, 2026 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 2.679%. The shares are redeemable in whole or in part on or after September 1, 2026. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine-month periods ended September 30, 2021 and 2020 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 September 30, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 14,205 25,054 2,977 — — 61,696 1,494 $ 105,426 Trust income — — — — — — 156,876 156,876 Brokerage services income — — — — — (20 ) 20,510 20,490 Other revenues from operations: Merchant discount and credit card fees 14,376 14,970 878 — — 5,912 138 36,274 Other — 1,879 2,180 283 1,501 5,674 8,311 19,828 $ 28,581 41,903 6,035 283 1,501 73,262 187,329 $ 338,894 Three Months Ended September 30, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 11,527 22,816 2,347 — — 53,379 1,286 $ 91,355 Trust income — 1 — — — — 149,936 149,937 Brokerage services income — — — — — — 11,602 11,602 Other revenues from operations: Merchant discount and credit card fees 10,533 10,785 492 — — 4,159 (315 ) 25,654 Other — 2,940 929 205 1,127 5,994 10,212 21,407 $ 22,060 36,542 3,768 205 1,127 63,532 172,721 $ 299,955 7. Revenue from contracts with customers, continued Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Nine Months Ended September 30, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 39,644 74,304 8,768 — — 169,734 4,271 $ 296,721 Trust income — — — — — — 475,889 475,889 Brokerage services income — — — — — — 43,868 43,868 Other revenues from operations: Merchant discount and credit card fees 37,570 39,812 1,823 — — 15,741 (207 ) 94,739 Other — 3,890 5,197 1,043 4,670 17,493 30,456 62,749 $ 77,214 118,006 15,788 1,043 4,670 202,968 554,277 $ 973,966 Nine Months Ended September 30, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 38,048 69,487 7,724 — — 155,073 4,639 $ 274,971 Trust income 18 442 — — — — 450,110 450,570 Brokerage services income — — — — — — 35,194 35,194 Other revenues from operations: Merchant discount and credit card fees 29,023 32,992 1,720 — — 9,880 261 73,876 Other — 5,913 2,960 1,212 3,101 15,142 32,149 60,477 $ 67,089 108,834 12,404 1,212 3,101 180,095 522,353 $ 895,088 |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30 2021 2020 2021 2020 (In thousands) Service cost $ 5,128 4,986 254 242 Interest cost on projected benefit obligation 15,468 17,855 328 436 Expected return on plan assets (35,862 ) (31,378 ) — — Amortization of prior service cost (credit) 139 125 (1,185 ) (1,175 ) Amortization of net actuarial loss (gain) 22,254 13,950 (324 ) (300 ) Net periodic cost (benefit) $ 7,127 5,538 (927 ) (797 ) Pension Benefits Other Postretirement Benefits Nine Months Ended September 30 2021 2020 2021 2020 (In thousands) Service cost $ 15,385 14,958 760 727 Interest cost on projected benefit obligation 46,404 53,565 984 1,306 Expected return on plan assets (107,586 ) (94,134 ) — — Amortization of prior service cost (credit) 415 404 (3,554 ) (3,544 ) Amortization of net actuarial loss (gain) 66,763 42,998 (971 ) (918 ) Net periodic cost (benefit) $ 21,381 17,791 (2,781 ) (2,429 ) |
Earnings per common share (Tabl
Earnings per common share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020 (In thousands, except per share) Income available to common shareholders: Net income $ 495,460 372,136 1,400,778 882,012 Less: Preferred stock dividends (17,050 ) (17,050 ) (51,150 ) (51,178 ) Net income available to common equity 478,410 355,086 1,349,628 830,834 Less: Income attributable to unvested stock-based compensation awards (2,452 ) (1,687 ) (6,823 ) (3,631 ) Net income available to common shareholders $ 475,958 353,399 1,342,805 827,203 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 129,580 129,061 129,529 129,518 Less: Unvested stock-based compensation awards (891 ) (776 ) (897 ) (768 ) Weighted-average shares outstanding 128,689 128,285 128,632 128,750 Basic earnings per common share $ 3.70 2.75 10.44 $ 6.42 |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Three Months Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020 (In thousands, except per share) Net income available to common equity $ 478,410 355,086 1,349,628 830,834 Less: Income attributable to unvested stock-based compensation awards (2,449 ) (1,686 ) (6,816 ) (3,630 ) Net income available to common shareholders $ 475,961 353,400 1,342,812 827,204 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 129,580 129,061 129,529 129,518 Less: Unvested stock-based compensation awards (891 ) (776 ) (897 ) (768 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 155 70 154 63 Adjusted weighted-average shares outstanding 128,844 128,355 128,786 128,813 Diluted earnings per common share $ 3.69 2.75 10.43 $ 6.42 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 $ 195,386 (650,087 ) 369,558 $ (85,143 ) 22,111 $ (63,032 ) Other comprehensive income before reclassifications: Unrealized holding losses, net (57,388 ) — — (57,388 ) 15,124 (42,264 ) Foreign currency translation adjustment — — (1,246 ) (1,246 ) 360 (886 ) Unrealized gains on cash flow hedges — — 821 821 (214 ) 607 Total other comprehensive income (loss) before reclassifications (57,388 ) — (425 ) (57,813 ) 15,270 (42,543 ) Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on held-to-maturity (“HTM”) securities 3,333 — — 3,333 (a) (871 ) 2,462 Gains realized in net income (8 ) — — (8 ) (b) 2 (6 ) Accretion of net gain on terminated cash flow hedges — (90 ) (90 ) (c) 24 (66 ) Net yield adjustment from cash flow hedges currently in effect — (206,713 ) (206,713 ) (a) 53,997 (152,716 ) Amortization of prior service credit — (3,139 ) — (3,139 ) (d) 860 (2,279 ) Amortization of actuarial losses — 65,792 — 65,792 (d) (18,031 ) 47,761 Total other comprehensive income (loss) (54,063 ) 62,653 (207,228 ) (198,638 ) 51,251 (147,387 ) Balance — September 30, 2021 $ 141,323 (587,434 ) 162,330 $ (283,781 ) 73,362 $ (210,419 ) Balance — January 1, 2020 $ 50,701 (464,548 ) 133,888 $ (279,959 ) 73,279 $ (206,680 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 151,777 — — 151,777 (39,277 ) 112,500 Foreign currency translation adjustment — — (222 ) (222 ) (39 ) (261 ) Unrealized gains on cash flow hedges — — 508,226 508,226 (131,504 ) 376,722 Total other comprehensive income before reclassifications 151,777 — 508,004 659,781 (170,820 ) 488,961 Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: Amortization of unrealized holding losses on HTM securities 2,678 — — 2,678 (a) (725 ) 1,953 Gains realized in net income (3 ) — — (3 ) (b) 1 (2 ) Accretion of net gain on terminated cash flow hedges — — (94 ) (94 ) (c) 26 (68 ) Net yield adjustment from cash flow hedges currently in effect — — (183,598 ) (183,598 ) (a) 47,506 (136,092 ) Amortization of prior service credit — (3,140 ) — (3,140 ) (d) 927 (2,213 ) Amortization of actuarial losses — 42,080 — 42,080 (d) (12,436 ) 29,644 Total other comprehensive income 154,452 38,940 324,312 517,704 (135,521 ) 382,183 Balance — September 30, 2020 $ 205,153 (425,608 ) 458,200 $ 237,745 (62,242 ) $ 175,503 (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: Defined Investment Benefit Securities Plans Other Total (In thousands) Balance — December 31, 2020 $ 144,602 $ (481,064 ) $ 273,430 $ (63,032 ) Net gain (loss) during period (39,808 ) 45,482 (153,061 ) (147,387 ) Balance — September 30, 2021 $ 104,794 $ (435,582 ) $ 120,369 $ (210,419 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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- Estimated Notional Average Average Rate Fair Value Amount Maturity Fixed Variable Gain (In thousands) (In (In September 30, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.6 2.86 % 0.73 % $ 728 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 25,700,000 0.7 1.28 % 0.08 % 656 Total $ 27,350,000 0.8 $ 1,384 December 31, 2020 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 3.3 2.86 % 0.79 % $ 651 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(d) 49,400,000 0.9 2.22 % 0.15 % 425 Total $ 51,050,000 1.0 $ 1,076 (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 September 30, 2021 and December 31, 2020 was a reduction of the estimated fair value gains on interest rate swap agreements designated as fair value hedges of $59.2 million and $101.5 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $166.1 million and $372.2 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 September 30, December 31, September 30, December 31, 2021 2020 2021 2020 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 1,608 $ 1,968 $ 224 $ 892 Commitments to sell real estate loans (a) 6,712 1,488 769 8,458 8,320 3,456 993 9,350 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 24,459 43,599 4,314 365 Commitments to sell real estate loans (a) 11,604 2,409 7,813 13,868 Trading: Interest rate contracts (b) 565,332 1,008,913 84,909 105,768 Foreign exchange and other option and futures contracts (b) 8,304 9,608 7,740 11,134 609,699 1,064,529 104,776 131,135 Total derivatives $ 618,019 $ 1,067,985 $ 105,769 $ 140,485 (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 September 30, 2021 and December 31, 2020 was a reduction of the estimated fair value of interest rate contracts in the trading account in an asset position of $41.7 million and $5.6 million, respectively, and in a liability position of $433.4 million and $806.5 million, respectively. Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 1,708,872 $ 1,750,048 $ 59,714 $ 101,326 |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | 11. Derivative financial instruments, continued Amount of Gain (Loss) Recognized Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (9,713 ) 9,636 $ (13,067 ) 12,822 Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (3,456 ) $ (4,776 ) Foreign exchange and other option and futures contracts (b) 3,060 1,486 Total $ (396 ) $ (3,290 ) Amount of Gain (Loss) Recognized Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (42,217 ) 41,456 $ 75,760 (75,607 ) Derivatives not designated as hedging instruments Trading: Interest rate contracts (b) $ (9,434 ) $ 8,988 Foreign exchange and other option and futures contracts (b) 6,286 6,555 Total $ (3,148 ) $ 15,543 (a) Reported as an adjustment to interest expense. (b) Reported as trading account and foreign exchange gains. |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at September 30, 2021 and December 31, 2020 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) September 30, 2021 Trading account assets $ 624,556 $ 50,335 $ 574,221 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,744 — 9,744 — Mortgage-backed securities: Government issued or guaranteed 3,475,479 — 3,475,479 — Other debt securities 132,883 — 132,883 — 3,618,106 — 3,618,106 — Equity securities 82,456 75,169 7,287 — Real estate loans held for sale 838,051 — 838,051 — Other assets (a) 44,383 — 19,924 24,459 Total assets $ 5,207,552 $ 125,504 $ 5,057,589 $ 24,459 Trading account liabilities $ 92,649 $ — $ 92,649 $ — Other liabilities (a) 13,120 — 8,806 4,314 Total liabilities $ 105,769 $ — $ 101,455 $ 4,314 December 31, 2020 Trading account assets $ 1,068,581 $ 50,060 $ 1,018,521 $ — Investment securities available for sale: U.S. Treasury and federal agencies 9,338 — 9,338 — Mortgage-backed securities: Government issued or guaranteed 4,683,438 — 4,683,438 — Privately issued 16 — — 16 Other debt securities 129,814 — 129,814 — 4,822,606 — 4,822,590 16 Equity securities 92,985 63,129 29,856 — Real estate loans held for sale 1,054,676 — 1,054,676 — Other assets (a) 49,464 — 5,865 43,599 Total assets $ 7,088,312 $ 113,189 $ 6,931,508 $ 43,615 Trading account liabilities $ 116,902 $ — $ 116,902 $ — Other liabilities (a) 23,583 — 23,218 365 Total liabilities $ 140,485 $ — $ 140,120 $ 365 (a) 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 Three Assets And Liabilities Measured At Estimated Fair Value On Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended September 30, 2021 and 2020 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2021 (In thousands) Balance — June 30, 2021 $ — 35,666 Total gains realized/unrealized: Included in earnings — 44,152 (a) Settlements — — Transfers out of Level 3 — (59,673 ) (b) Balance — September 30, 2021 $ — 20,145 Changes in unrealized gains included in earnings related to assets still held at September 30, 2021 $ — 18,196 (a) 2020 Balance — June 30, 2020 $ 16 40,106 Total gains realized/unrealized: Included in earnings — 57,819 (a) Transfers out of Level 3 — (46,422 ) (b) Balance — September 30, 2020 $ 16 51,503 Changes in unrealized gains included in earnings related to assets still held at September 30, 2020 $ — 44,127 (a) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the nine months ended September 30, 2021 and 2020 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets 2021 (In thousands) Balance — January 1, 2021 $ 16 43,234 Total gains realized/unrealized: Included in earnings — 102,489 (a) Settlements (16 ) — Transfers out of Level 3 — (125,578 ) (b) Balance — September 30, 2021 $ — 20,145 Changes in unrealized gains included in earnings related to assets still held at September 30, 2021 $ — 21,722 (a) 2020 Balance — January 1, 2020 $ 16 10,740 Total gains realized/unrealized: Included in earnings — 150,632 (a) Transfers out of Level 3 — (109,869 ) (b) Balance — September 30, 2020 $ 16 51,503 Changes in unrealized gains included in earnings related to assets still held at September 30, 2020 $ — 50,411 (a) (a) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations. (b) 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 September 30, 2021 and December 31, 2020: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In September 30, 2021 Recurring fair value measurements Net other assets (liabilities) (a) 20,145 Discounted cash flow Commitment expirations 0% - 93% (14%) December 31, 2020 Recurring fair value measurements Privately issued mortgage- backed securities $ 16 Two independent pricing quotes — — Net other assets (liabilities) (a) 43,234 Discounted cash flow Commitment expirations 0% - 98% (16%) (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: September 30, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,479,712 1,479,712 1,351,944 127,768 — Interest-bearing deposits at banks 38,445,788 38,445,788 — 38,445,788 — Trading account assets 624,556 624,556 50,335 574,221 — Investment securities 6,447,622 6,501,833 75,169 6,364,735 61,929 Loans and leases: Commercial loans and leases 22,514,940 22,315,530 — — 22,315,530 Commercial real estate loans 37,023,952 36,312,089 — 558,970 35,753,119 Residential real estate loans 16,209,354 16,397,551 — 3,902,745 12,494,806 Consumer loans 17,834,648 17,935,068 — — 17,935,068 Allowance for credit losses (1,515,024 ) — — — — Loans and leases, net 92,067,870 92,960,238 — 4,461,715 88,498,523 Accrued interest receivable 378,433 378,433 — 378,433 — Financial liabilities: Noninterest-bearing deposits $ (56,542,309 ) (56,542,309 ) — (56,542,309 ) — Savings and interest-checking deposits (69,195,960 ) (69,195,960 ) — (69,195,960 ) — Time deposits (2,963,027 ) (2,967,906 ) — (2,967,906 ) — Short-term borrowings (103,548 ) (103,548 ) — (103,548 ) — Long-term borrowings (3,500,391 ) (3,605,637 ) — (3,605,637 ) — Accrued interest payable (38,808 ) (38,808 ) — (38,808 ) — Trading account liabilities (92,649 ) (92,649 ) — (92,649 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 20,145 20,145 — — 20,145 Commitments to sell real estate loans 9,734 9,734 — 9,734 — Other credit-related commitments (124,145 ) (124,145 ) — — (124,145 ) Interest rate swap agreements used for interest rate risk management 1,384 1,384 — 1,384 — 13. Fair value measurements, continued December 31, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,552,743 1,552,743 1,497,457 55,286 — Interest-bearing deposits at banks 23,663,810 23,663,810 — 23,663,810 — Trading account assets 1,068,581 1,068,581 50,060 1,018,521 — Investment securities 7,045,697 7,138,989 63,129 7,005,571 70,289 Loans and leases: Commercial loans and leases 27,574,564 27,220,699 — — 27,220,699 Commercial real estate loans 37,637,889 36,816,580 — 277,911 36,538,669 Residential real estate loans 16,752,993 17,089,141 — 4,135,655 12,953,486 Consumer loans 16,570,421 16,554,050 — — 16,554,050 Allowance for credit losses (1,736,387 ) — — — — Loans and leases, net 96,799,480 97,680,470 — 4,413,566 93,266,904 Accrued interest receivable 419,936 419,936 — 419,936 — Financial liabilities: Noninterest-bearing deposits $ (47,572,884 ) (47,572,884 ) — (47,572,884 ) — Savings and interest-checking deposits (67,680,840 ) (67,680,840 ) — (67,680,840 ) — Time deposits (3,899,910 ) (3,919,367 ) — (3,919,367 ) — Deposits at Cayman Islands office (652,104 ) (652,104 ) — (652,104 ) — Short-term borrowings (59,482 ) (59,482 ) — (59,482 ) — Long-term borrowings (4,382,193 ) (4,490,433 ) — (4,490,433 ) — Accrued interest payable (59,916 ) (59,916 ) — (59,916 ) — Trading account liabilities (116,902 ) (116,902 ) — (116,902 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 43,234 43,234 — — 43,234 Commitments to sell real estate loans (18,429 ) (18,429 ) — (18,429 ) — Other credit-related commitments (133,354 ) (133,354 ) — — (133,354 ) Interest rate swap agreements used for interest rate risk management 1,076 1,076 — 1,076 — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities Outstanding | The following table presents the Company's significant commitments. Certain of these commitments are not included in the Company's consolidated balance sheet. September 30, December 31, 2021 2020 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,687,595 $ 5,563,854 Commercial real estate loans to be sold 433,529 363,735 Other commercial real estate 5,747,541 7,237,367 Residential real estate loans to be sold 750,820 1,026,118 Other residential real estate 840,039 665,259 Commercial and other 21,685,356 19,427,886 Standby letters of credit 2,236,321 2,241,417 Commercial letters of credit 34,495 27,332 Financial guarantees and indemnification contracts 4,133,648 4,220,531 Commitments to sell real estate loans 1,788,113 2,108,823 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company's segments is presented in the following table: Three Months Ended September 30 2021 2020 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 181,873 694 72,017 $ 131,566 (1 ) 35,614 Commercial Banking 295,209 1,009 144,367 276,125 117 131,414 Commercial Real Estate 228,317 227 84,663 202,987 (17 ) 87,095 Discretionary Portfolio 112,529 (14,448 ) 74,666 140,135 (10,748 ) 97,399 Residential 159,213 25,150 46,077 161,151 22,190 45,318 Retail Banking 357,335 (53 ) 88,004 351,312 268 85,229 All Other 201,900 (12,579 ) (14,334 ) 200,380 (11,809 ) (109,933 ) Total $ 1,536,376 — 495,460 $ 1,463,656 — 372,136 Nine Months Ended September 30 2021 2020 Total Revenues(a) Inter- segment Revenues Net Income (Loss) Total Revenues(a) Inter- segment Revenues Net Income (Loss) (In thousands) Business Banking $ 482,874 2,157 159,895 $ 407,485 1,028 106,103 Commercial Banking 865,780 2,830 378,040 855,426 1,419 386,176 Commercial Real Estate 629,719 679 242,625 653,405 452 311,586 Discretionary Portfolio 365,380 (34,554 ) 243,744 328,181 (33,646 ) 218,758 Residential Mortgage Banking 459,655 70,208 125,791 428,757 64,623 107,334 Retail Banking 1,055,240 500 262,562 1,107,516 802 281,973 All Other 620,694 (41,820 ) (11,879 ) 633,461 (34,678 ) (529,918 ) Total $ 4,479,342 — 1,400,778 $ 4,414,231 — 882,012 Average Total Assets Nine Months Ended September 30 Year Ended December 2021 2020 2020 (In millions) Business Banking $ 8,386 7,902 8,152 Commercial Banking 29,109 30,450 30,338 Commercial Real Estate 25,913 25,594 25,792 Discretionary Portfolio 22,317 27,878 27,726 Residential Mortgage Banking 6,582 3,530 4,038 Retail Banking 17,701 16,231 16,438 All Other 40,959 20,845 22,996 Total $ 150,967 132,430 135,480 (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 $3,703,000 and $4,019,000 for the three-month periods ended September 30, 2021 and 2020, respectively, and $11,168,000 and $13,316,000 for the nine-month periods ended September 30, 2021 and 2020, respectively, and is eliminated in "All Other" total revenues. Intersegment revenues are included in total revenues of the reportable segments. The elimination of intersegment revenues is included in the determination of "All Other" total revenues |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 22, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
Peoples United Financial Inc | |||
Business Acquisition [Line Items] | |||
Business combination, market value | $ 7,600 | ||
Common stock, price per share | $ 149.34 | $ 149.34 | |
Assets | $ 63,700 | $ 63,700 | |
Loans | 39,500 | 39,500 | |
Deposits | 52,900 | 52,900 | |
Liabilities | 55,900 | 55,900 | |
Stockholders' equity | 7,800 | ||
Peoples United Financial Inc | Investment Banking, Legal and Other Services [Member] | |||
Business Acquisition [Line Items] | |||
Merger-related expenses | $ 9 | $ 23 | |
MT | |||
Business Acquisition [Line Items] | |||
Common stock, price per share | $ 0.118 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 3,473,923 | $ 4,621,027 |
Investment securities available for sale, gross unrealized gains | 150,971 | 210,649 |
Investment securities available for sale, gross unrealized losses | 6,788 | 9,070 |
Investment securities available for sale, estimated fair value | 3,618,106 | 4,822,606 |
Amortized cost for held to maturity | 2,359,727 | 1,748,989 |
Gross unrealized gains for held to maturity | 74,424 | 111,241 |
Gross unrealized losses for held to maturity | 20,213 | 17,949 |
Estimated fair value for held to maturity | 2,413,938 | 1,842,281 |
Equity and other securities, Amortized Cost | 467,349 | 449,008 |
Equity securities, Gross Unrealized Gains | 3,341 | 25,094 |
Equity securities, Gross Unrealized Losses | 901 | |
Equity and other securities, Estimated Fair Value | 469,789 | 474,102 |
Other securities, Amortized cost | 387,333 | 381,117 |
Other securities, Estimated fair value | 387,333 | 381,117 |
Total debt securities Amortized cost | 5,833,650 | 6,370,016 |
Total debt securities Gross unrealized gains | 225,395 | 321,890 |
Total debt securities Gross unrealized losses | 27,001 | 27,019 |
Total debt securities Estimated fair value | 6,032,044 | 6,664,887 |
Readily marketable securities Amortized cost | 80,016 | 67,891 |
Readily marketable securities Gross unrealized gains | 3,341 | 25,094 |
Readily marketable securities Gross unrealized losses | 901 | |
Readily marketable securities Estimated fair value | 82,456 | 92,985 |
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 | 9,621 | 9,154 |
Investment securities available for sale, gross unrealized gains | 124 | 198 |
Investment securities available for sale, gross unrealized losses | 1 | 14 |
Investment securities available for sale, estimated fair value | 9,744 | 9,338 |
Amortized cost for held to maturity | 3,065 | 2,999 |
Estimated fair value for held to maturity | 3,065 | 2,999 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Amortized cost for held to maturity | 177 | 1,531 |
Gross unrealized gains for held to maturity | 9 | |
Estimated fair value for held to maturity | 177 | 1,540 |
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 | 3,328,080 | 4,475,406 |
Investment securities available for sale, gross unrealized gains | 147,942 | 208,787 |
Investment securities available for sale, gross unrealized losses | 543 | 755 |
Investment securities available for sale, estimated fair value | 3,475,479 | 4,683,438 |
Amortized cost for held to maturity | 2,288,934 | 1,664,443 |
Gross unrealized gains for held to maturity | 63,523 | 100,176 |
Gross unrealized losses for held to maturity | 6,312 | 11 |
Estimated fair value for held to maturity | 2,346,145 | 1,764,608 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 136,222 | 136,451 |
Investment securities available for sale, gross unrealized gains | 2,905 | 1,664 |
Investment securities available for sale, gross unrealized losses | 6,244 | 8,301 |
Investment securities available for sale, estimated fair value | 132,883 | 129,814 |
Amortized cost for held to maturity | 2,622 | 2,861 |
Estimated fair value for held to maturity | 2,622 | 2,861 |
Privately Issued [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 16 | |
Investment securities available for sale, estimated fair value | 16 | |
Amortized cost for held to maturity | 64,929 | 77,155 |
Gross unrealized gains for held to maturity | 10,901 | 11,056 |
Gross unrealized losses for held to maturity | 13,901 | 17,938 |
Estimated fair value for held to maturity | $ 61,929 | $ 70,273 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Investment Holdings [Line Items] | |||||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Gain (loss) on bank investment securities | $ 291,000 | $ 2,773,000 | $ (22,646,000) | $ (11,040,000) | |
Number of debt securities with aggregate gross unrealized losses | Security | 286 | 286 | |||
Unrealized losses on individual debt securities | $ (27,000,000) | ||||
Cost method equity securities | $ 387,000,000 | 387,000,000 | |||
Available-for-Sale Securities [Member] | |||||
Investment Holdings [Line Items] | |||||
Allowance for credit losses | 0 | $ 0 | $ 0 | ||
Maximum [Member] | |||||
Investment Holdings [Line Items] | |||||
Gain (loss) on bank investment securities | $ 1,000,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt securities available for sale: | ||
Due in one year or less | $ 4,291 | |
Due after one year through five years | 13,974 | |
Due after five years through ten years | 97,578 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 145,843 | |
Mortgage-backed securities available for sale | 3,328,080 | |
Investment securities available for sale, amortized cost | 3,473,923 | $ 4,621,027 |
Debt securities held to maturity: | ||
Due in one year or less | 176 | |
Due after one year through five years | 3,066 | |
Due after ten years | 2,622 | |
Total available for held to maturity (amortized cost) | 5,864 | |
Mortgage-backed securities held to maturity | 2,353,863 | |
Amortized cost for held to maturity | 2,359,727 | 1,748,989 |
Debt securities available for sale: | ||
Due in one year or less | 4,351 | |
Due after one year through five years | 14,616 | |
Due after five years through ten years | 98,981 | |
Due after ten years | 24,679 | |
Total available for sale (fair value) | 142,627 | |
Mortgage-backed securities available for sale | 3,475,479 | |
Total | 3,618,106 | 4,822,606 |
Debt securities held to maturity: | ||
Due in one year or less | 177 | |
Due after one year through five years | 3,065 | |
Due after ten years | 2,622 | |
Total available for held to maturity (fair value) | 5,864 | |
Mortgage-backed securities held to maturity | 2,408,074 | |
Total | $ 2,413,938 | $ 1,842,281 |
Investment Securities - Investm
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 5,903 | $ 35,727 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (43) | (551) |
Estimated fair value, 12 months or more | 86,954 | 80,018 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (6,745) | (8,519) |
Held to maturity, Estimated fair value, Less than 12 months | 1,019,537 | 2,039 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (6,301) | (11) |
Held to maturity, Estimated fair value, 12 months or more | 48,867 | 52,418 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (13,912) | (17,938) |
Total investment securities, fair value less than 12 months | 1,025,440 | 37,766 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | (6,344) | (562) |
Total of investment securities, fair value, 12 Months or More | 135,821 | 132,436 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | (20,657) | (26,457) |
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 | 1,424 | 985 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (1) | (14) |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 981 | 18,687 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (5) | (356) |
Estimated fair value, 12 months or more | 22,517 | 16,556 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (538) | (399) |
Held to maturity, Estimated fair value, Less than 12 months | 1,019,537 | 2,039 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | (6,301) | (11) |
Held to maturity, Estimated fair value, 12 months or more | 1,400 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | (11) | |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 3,498 | 16,055 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | (37) | (181) |
Estimated fair value, 12 months or more | 64,437 | 63,462 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | (6,207) | (8,120) |
Privately Issued [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Held to maturity, Estimated fair value, 12 months or more | 47,467 | 52,418 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ (13,901) | $ (17,938) |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 836,574 | $ 662,439 |
Accruing Loans Past Due 90 Days or More | 1,026,080 | 859,208 |
Nonaccrual | 2,242,263 | 1,893,299 |
Loans and leases, net of unearned discount | 93,582,894 | 98,535,867 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 89,477,977 | 95,120,921 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 121,993 | 60,822 |
Accruing Loans Past Due 90 Days or More | 11,945 | 10,053 |
Nonaccrual | 280,189 | 306,827 |
Loans and leases, net of unearned discount | 22,514,940 | 27,574,564 |
Commercial, Financial, Leasing, etc. [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 22,100,813 | 27,196,862 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 245,157 | 168,917 |
Accruing Loans Past Due 90 Days or More | 63,368 | 47,014 |
Nonaccrual | 1,152,870 | 775,894 |
Loans and leases, net of unearned discount | 26,985,800 | 27,680,340 |
Commercial [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,524,405 | 26,688,515 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 16,453 | 1,693 |
Accruing Loans Past Due 90 Days or More | 2,392 | 856 |
Nonaccrual | 594 | 1,094 |
Loans and leases, net of unearned discount | 1,356,323 | 1,249,738 |
Residential Builder and Developer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,336,884 | 1,246,095 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 93,978 | 66,365 |
Accruing Loans Past Due 90 Days or More | 121 | 3,816 |
Nonaccrual | 158,699 | 114,039 |
Loans and leases, net of unearned discount | 8,681,829 | 8,707,811 |
Other Commercial Construction [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 8,429,031 | 8,523,591 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 255,187 | 200,406 |
Accruing Loans Past Due 90 Days or More | 945,148 | 792,888 |
Nonaccrual | 353,426 | 365,729 |
Loans and leases, net of unearned discount | 14,867,963 | 15,123,859 |
Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 13,314,202 | 13,764,836 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 15,690 | 19,687 |
Nonaccrual | 126,529 | 147,170 |
Loans and leases, net of unearned discount | 1,341,391 | 1,629,134 |
Residential Limited Documentation [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,199,172 | 1,462,277 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 14,712 | 24,329 |
Nonaccrual | 71,474 | 79,392 |
Loans and leases, net of unearned discount | 3,635,006 | 3,985,606 |
Home Equity Lines and Loans [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,548,820 | 3,881,885 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 29,656 | 47,161 |
Nonaccrual | 23,907 | 25,519 |
Loans and leases, net of unearned discount | 8,025,688 | 7,075,323 |
Recreational Finance [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,972,125 | 7,002,643 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 34,349 | 55,498 |
Nonaccrual | 31,002 | 39,404 |
Loans and leases, net of unearned discount | 4,618,657 | 4,102,251 |
Automobile [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,553,306 | 4,007,349 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 9,399 | 17,561 |
Accruing Loans Past Due 90 Days or More | 3,106 | 4,581 |
Nonaccrual | 43,573 | 38,231 |
Loans and leases, net of unearned discount | 1,555,297 | 1,407,241 |
Other [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 1,499,219 | $ 1,346,868 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Summary of Outstanding Loan Balances Related to COVID-19 Modifications Granted (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | $ 124,785 | $ 73,598 | $ 507,582 | $ 283,415 | |
Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 56,116 | 35,178 | 196,378 | 117,336 | |
COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,416,803 | ||||
COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 2,115,790 | |||
COVID-19 [Member] | Other Forbearances [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [2] | 301,013 | |||
Commercial, Financial, Leasing, etc. [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 49,772 | 34,955 | 173,377 | 101,678 | |
Commercial, Financial, Leasing, etc. [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 6,051 | 7,145 | 42,143 | 29,762 | |
Commercial, Financial, Leasing, etc. [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 53,876 | ||||
Commercial, Financial, Leasing, etc. [Member] | COVID-19 [Member] | Other Forbearances [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [2] | 53,876 | |||
Commercial [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 225,807 | ||||
Commercial [Member] | COVID-19 [Member] | Other Forbearances [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [2] | 225,807 | |||
Other Commercial Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 532 | ||||
Other Commercial Construction [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 532 | ||||
Other Commercial Construction [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 21,330 | ||||
Other Commercial Construction [Member] | COVID-19 [Member] | Other Forbearances [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [2] | 21,330 | |||
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 14,265 | 9,133 | 87,802 | 30,991 | |
Residential [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 12,281 | 5,517 | 80,411 | 11,865 | |
Residential [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 1,925,639 | ||||
Residential [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1],[3] | 1,925,639 | |||
Residential Limited Documentation [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 828 | 2,292 | 3,899 | ||
Residential Limited Documentation [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 828 | 2,292 | 2,667 | ||
Residential Limited Documentation [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 177,200 | ||||
Residential Limited Documentation [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 177,200 | |||
Home Equity Lines and Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 1,349 | 3,415 | 4,979 | 11,745 | |
Home Equity Lines and Loans [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 1,246 | 129 | 4,702 | 688 | |
Home Equity Lines and Loans [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 6,188 | ||||
Home Equity Lines and Loans [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 6,188 | |||
Recreational Finance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,565 | 2,734 | 5,896 | 13,619 | |
Recreational Finance [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,565 | 2,734 | 5,896 | 13,619 | |
Recreational Finance [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,252 | ||||
Recreational Finance [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 2,252 | |||
Automobile [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,711 | 7,007 | 9,182 | 33,541 | |
Automobile [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 2,711 | $ 7,005 | 9,168 | $ 33,539 | |
Automobile [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 4,314 | ||||
Automobile [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 4,314 | |||
Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 123 | 2,393 | |||
Other [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | $ 123 | 2,393 | |||
Other [Member] | COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | 197 | ||||
Other [Member] | COVID-19 [Member] | Payment Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | $ 197 | |||
[1] | Represents accruing loans at September 30, 2021 for which a COVID-19 related payment deferral (including maturity extensions) has been granted | ||||
[2] | Consists predominantly of accruing loans for which a COVID-19 related covenant waiver has been granted | ||||
[3] | Includes $1.6 billion of government-guaranteed loans |
Loans and Leases and the Allo_5
Loans and Leases and the Allowance for Credit Losses - Summary of Outstanding Loan Balances Related to COVID-19 Modifications Granted - (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans and leases, net of unearned discount | $ 124,785 | $ 73,598 | $ 507,582 | $ 283,415 | |
Payment Deferral [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans and leases, net of unearned discount | $ 56,116 | $ 35,178 | 196,378 | $ 117,336 | |
COVID-19 [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans and leases, net of unearned discount | 2,416,803 | ||||
COVID-19 [Member] | Payment Deferral [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans and leases, net of unearned discount | [1] | 2,115,790 | |||
COVID-19 [Member] | Payment Deferral [Member] | Government-Guaranteed Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans and leases, net of unearned discount | $ 1,600,000 | ||||
[1] | Represents accruing loans at September 30, 2021 for which a COVID-19 related payment deferral (including maturity extensions) has been granted |
Loans and Leases and the Allo_6
Loans and Leases and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loans And Leases Receivable [Line Items] | ||
Amount of foreclosed residential real estate property held | $ 25 | $ 28 |
Loans secured by residential real estate that were in the process of foreclosure | $ 156 | 214 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 42.00% | |
Minimum [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loan delinquent period | 90 days | |
Minimum [Member] | Commercial Loans and Commercial Real Estate [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Amount of real estate loan as reported as accruing or nonaccruing | $ 1 | |
Maximum [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loan delinquent period | 150 days | |
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | $ 279 | 777 |
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | $ 559 | $ 278 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | $ 93,582,894 | $ 98,535,867 | ||||||||
Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 14,856,175 | 16,963,561 | ||||||||
Revolving Loans Converted to Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,233,297 | 1,387,378 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 22,514,940 | 27,574,564 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 21,091,726 | 25,927,474 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,143,025 | 1,340,263 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 280,189 | 306,827 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 10,216,664 | 12,063,060 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 9,725,075 | 11,352,416 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 393,348 | 584,751 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 98,241 | 125,893 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 38,237 | 42,974 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 16,195 | 21,286 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 14,373 | 13,970 | ||||||||
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans Converted to Term Loans [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 7,669 | 7,718 | ||||||||
Commercial [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 26,985,800 | 27,680,340 | ||||||||
Commercial [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 20,843,486 | 23,282,787 | ||||||||
Commercial [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 4,989,444 | 3,621,659 | ||||||||
Commercial [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,152,870 | 775,894 | ||||||||
Commercial [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 816,750 | 954,022 | ||||||||
Commercial [Member] | Revolving Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 729,377 | 875,348 | ||||||||
Commercial [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 50,191 | 44,260 | ||||||||
Commercial [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 37,182 | 34,414 | ||||||||
Residential Builder and Developer [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,356,323 | 1,249,738 | ||||||||
Residential Builder and Developer [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,214,925 | 1,113,915 | ||||||||
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 140,804 | 134,729 | ||||||||
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 594 | 1,094 | ||||||||
Residential Builder and Developer [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 245,237 | 240,993 | ||||||||
Residential Builder and Developer [Member] | Revolving Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 243,749 | 236,943 | ||||||||
Residential Builder and Developer [Member] | Revolving Loans [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,488 | 4,050 | ||||||||
Other Commercial Construction [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 8,681,829 | 8,707,811 | ||||||||
Other Commercial Construction [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 6,748,997 | 7,644,349 | ||||||||
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,774,133 | 949,423 | ||||||||
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 158,699 | 114,039 | ||||||||
Other Commercial Construction [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 42,662 | 80,018 | ||||||||
Other Commercial Construction [Member] | Revolving Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 38,391 | 74,611 | ||||||||
Other Commercial Construction [Member] | Revolving Loans [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 4,271 | 5,407 | ||||||||
Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 14,325,317 | 20,949,019 | $ 13,515,748 | $ 15,628,942 | $ 13,584,252 | $ 10,466,749 | $ 8,778,600 | $ 7,893,838 | $ 6,419,053 | $ 6,013,013 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 4,183,196 | 8,128,774 | 2,470,195 | 2,388,900 | 1,835,319 | 1,675,653 | 1,294,396 | 989,229 | 659,030 | 779,407 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 3,966,960 | 7,732,728 | 2,312,034 | 2,277,233 | 1,700,134 | 1,505,486 | 1,149,584 | 930,834 | 586,185 | 719,796 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 210,621 | 388,326 | 137,816 | 84,358 | 105,118 | 113,940 | 91,922 | 41,587 | 47,157 | 39,930 |
Term Loans [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 5,615 | 7,720 | 20,345 | 27,309 | 30,067 | 56,227 | 52,890 | 16,808 | 25,688 | 19,681 |
Term Loans [Member] | Commercial [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 2,310,876 | 3,906,363 | 3,529,419 | 5,203,887 | 4,967,878 | 3,925,746 | 3,855,790 | 3,018,239 | 2,859,317 | 3,511,628 |
Term Loans [Member] | Commercial [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 2,259,468 | 3,353,450 | 2,835,919 | 4,681,834 | 4,069,520 | 3,299,095 | 2,765,720 | 2,628,061 | 2,176,210 | 2,746,165 |
Term Loans [Member] | Commercial [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 22,831 | 526,037 | 553,477 | 400,154 | 661,516 | 579,507 | 1,042,329 | 290,885 | 566,644 | 568,144 |
Term Loans [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 28,577 | 26,876 | 140,023 | 121,899 | 236,842 | 47,144 | 47,741 | 99,293 | 116,463 | 197,319 |
Term Loans [Member] | Residential Builder and Developer [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 650,062 | 509,985 | 170,139 | 331,245 | 214,285 | 124,289 | 58,587 | 18,469 | 6,203 | 10,976 |
Term Loans [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 647,863 | 506,295 | 166,832 | 223,880 | 94,758 | 109,453 | 44,419 | 15,048 | 5,573 | 10,976 |
Term Loans [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 2,199 | 3,690 | 3,307 | 106,847 | 119,009 | 14,836 | 14,168 | 3,421 | 630 | |
Term Loans [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 518 | 518 | ||||||||
Term Loans [Member] | Other Commercial Construction [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 661,723 | 1,087,785 | 1,860,331 | 3,213,005 | 3,119,174 | 2,442,676 | 1,844,378 | 1,175,501 | 603,178 | 389,889 |
Term Loans [Member] | Other Commercial Construction [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 661,068 | 1,050,258 | 1,817,753 | 2,998,921 | 2,445,555 | 2,048,063 | 1,108,676 | 945,339 | 270,054 | 233,127 |
Term Loans [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 655 | 37,192 | $ 42,578 | 148,492 | 589,790 | 381,091 | 700,577 | 225,949 | 320,718 | 144,665 |
Term Loans [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 335 | $ 65,592 | $ 83,829 | $ 13,522 | $ 35,125 | $ 4,213 | $ 12,406 | $ 12,097 | ||
Term Loans Prior Period [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 20,870,452 | 19,233,367 | ||||||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,817,903 | 1,506,567 | ||||||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,635,559 | 1,387,695 | ||||||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 142,670 | 73,401 | ||||||||
Term Loans Prior Period [Member] | Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 39,674 | 45,471 | ||||||||
Term Loans Prior Period [Member] | Commercial [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 8,645,770 | 7,160,455 | ||||||||
Term Loans Prior Period [Member] | Commercial [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 6,007,272 | 5,698,834 | ||||||||
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 2,092,456 | 1,212,672 | ||||||||
Term Loans Prior Period [Member] | Commercial [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 546,042 | 248,949 | ||||||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 11,810 | 13,781 | ||||||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 11,731 | 11,320 | ||||||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 3 | 1,885 | ||||||||
Term Loans Prior Period [Member] | Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 76 | 576 | ||||||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 550,383 | 318,937 | ||||||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Pass [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 407,500 | 294,030 | ||||||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Accrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 119,815 | 12,034 | ||||||||
Term Loans Prior Period [Member] | Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | $ 23,068 | $ 12,873 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | ||||||||||
30-89 Days Past Due | $ 836,574 | $ 662,439 | ||||||||
Accruing Loans Past Due 90 Days or More | 1,026,080 | 859,208 | ||||||||
Nonaccrual | 2,242,263 | 1,893,299 | ||||||||
Loans and leases, net of unearned discount | 93,582,894 | 98,535,867 | ||||||||
Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 14,856,175 | 16,963,561 | ||||||||
Revolving Loans Converted to Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 1,233,297 | 1,387,378 | ||||||||
Residential [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 13,314,202 | 13,764,836 | ||||||||
30-89 Days Past Due | 255,187 | 200,406 | ||||||||
Accruing Loans Past Due 90 Days or More | 945,148 | 792,888 | ||||||||
Nonaccrual | 353,426 | 365,729 | ||||||||
Loans and leases, net of unearned discount | 14,867,963 | 15,123,859 | ||||||||
Residential [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 62,635 | 71,894 | ||||||||
Nonaccrual | 273 | 200 | ||||||||
Loans and leases, net of unearned discount | 62,908 | 72,094 | ||||||||
Residential Limited Documentation [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,199,172 | 1,462,277 | ||||||||
30-89 Days Past Due | 15,690 | 19,687 | ||||||||
Nonaccrual | 126,529 | 147,170 | ||||||||
Loans and leases, net of unearned discount | 1,341,391 | 1,629,134 | ||||||||
Home Equity Lines and Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 3,548,820 | 3,881,885 | ||||||||
30-89 Days Past Due | 14,712 | 24,329 | ||||||||
Nonaccrual | 71,474 | 79,392 | ||||||||
Loans and leases, net of unearned discount | 3,635,006 | 3,985,606 | ||||||||
Home Equity Lines and Loans [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 2,384,309 | 2,569,621 | ||||||||
30-89 Days Past Due | 939 | |||||||||
Nonaccrual | 768 | 5,752 | ||||||||
Loans and leases, net of unearned discount | 2,385,077 | 2,576,312 | ||||||||
Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,114,426 | 1,252,185 | ||||||||
30-89 Days Past Due | 14,015 | 22,242 | ||||||||
Nonaccrual | 64,580 | 67,492 | ||||||||
Loans and leases, net of unearned discount | 1,193,021 | 1,341,919 | ||||||||
Recreational Finance [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 7,972,125 | 7,002,643 | ||||||||
30-89 Days Past Due | 29,656 | 47,161 | ||||||||
Nonaccrual | 23,907 | 25,519 | ||||||||
Loans and leases, net of unearned discount | 8,025,688 | 7,075,323 | ||||||||
Automobile [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 4,553,306 | 4,007,349 | ||||||||
30-89 Days Past Due | 34,349 | 55,498 | ||||||||
Nonaccrual | 31,002 | 39,404 | ||||||||
Loans and leases, net of unearned discount | 4,618,657 | 4,102,251 | ||||||||
Other [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,499,219 | 1,346,868 | ||||||||
30-89 Days Past Due | 9,399 | 17,561 | ||||||||
Accruing Loans Past Due 90 Days or More | 3,106 | 4,581 | ||||||||
Nonaccrual | 43,573 | 38,231 | ||||||||
Loans and leases, net of unearned discount | 1,555,297 | 1,407,241 | ||||||||
Other [Member] | Revolving Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,038,160 | 927,217 | ||||||||
30-89 Days Past Due | 5,028 | 10,594 | ||||||||
Accruing Loans Past Due 90 Days or More | 2,878 | 4,207 | ||||||||
Nonaccrual | 40,811 | 35,044 | ||||||||
Loans and leases, net of unearned discount | 1,086,877 | 977,062 | ||||||||
Other [Member] | Revolving Loans Converted to Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,536 | 1,856 | ||||||||
30-89 Days Past Due | 389 | 481 | ||||||||
Nonaccrual | 114 | 148 | ||||||||
Loans and leases, net of unearned discount | 2,039 | 2,485 | ||||||||
Term Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 14,325,317 | 20,949,019 | $ 13,515,748 | $ 15,628,942 | $ 13,584,252 | $ 10,466,749 | $ 8,778,600 | $ 7,893,838 | $ 6,419,053 | $ 6,013,013 |
Term Loans [Member] | Residential [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 2,027,514 | 2,722,862 | 1,742,731 | 1,416,259 | 1,158,831 | 618,736 | 520,113 | 1,318,094 | 1,258,200 | 718,235 |
30-89 Days Past Due | 16,352 | 13,496 | 10,434 | 7,781 | 7,322 | 7,258 | 5,529 | 13,477 | 30,337 | 7,947 |
Accruing Loans Past Due 90 Days or More | 3,204 | 579 | 104,612 | 15,234 | 28,394 | 38,145 | 35,993 | 212,818 | 211,521 | 45,804 |
Nonaccrual | 1,831 | 3,133 | 21,837 | 14,439 | 5,988 | 5,183 | 4,488 | 6,408 | 4,184 | 2,900 |
Loans and leases, net of unearned discount | 2,048,901 | 2,740,070 | 1,879,614 | 1,453,713 | 1,200,535 | 669,322 | 566,123 | 1,550,797 | 1,504,242 | 774,886 |
Term Loans [Member] | Home Equity Lines and Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 354 | 773 | 863 | 3,983 | 3,087 | 1,591 | 1,935 | 2,016 | 2,055 | 162 |
30-89 Days Past Due | 16 | |||||||||
Loans and leases, net of unearned discount | 370 | 773 | 863 | 3,983 | 3,087 | 1,591 | 1,935 | 2,016 | 2,055 | 162 |
Term Loans [Member] | Recreational Finance [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 2,468,197 | 2,796,359 | 2,248,066 | 1,751,766 | 1,369,098 | 907,595 | 699,577 | 630,151 | 486,354 | 352,414 |
30-89 Days Past Due | 3,062 | 9,548 | 7,028 | 11,255 | 6,669 | 8,519 | 4,090 | 6,638 | 3,657 | 2,938 |
Nonaccrual | 549 | 1,854 | 3,125 | 3,883 | 4,371 | 4,072 | 4,771 | 4,194 | 3,679 | 2,733 |
Loans and leases, net of unearned discount | 2,471,808 | 2,807,761 | 2,258,219 | 1,766,904 | 1,380,138 | 920,186 | 708,438 | 640,983 | 493,690 | 358,085 |
Term Loans [Member] | Automobile [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,803,922 | 1,595,636 | 1,224,901 | 1,106,782 | 762,820 | 629,338 | 402,919 | 440,604 | 258,317 | 171,017 |
30-89 Days Past Due | 4,356 | 6,461 | 5,700 | 14,140 | 7,755 | 12,542 | 6,921 | 12,899 | 5,954 | 6,373 |
Nonaccrual | 1,182 | 1,615 | 2,673 | 7,144 | 6,036 | 10,788 | 8,289 | 10,061 | 7,046 | 5,991 |
Loans and leases, net of unearned discount | 1,809,460 | 1,603,712 | 1,233,274 | 1,128,066 | 776,611 | 652,668 | 418,129 | 463,564 | 271,317 | 183,381 |
Term Loans [Member] | Other [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 185,095 | 160,424 | 113,060 | 137,617 | 86,349 | 53,702 | 30,414 | 32,556 | 19,825 | 4,526 |
30-89 Days Past Due | 2,201 | 1,879 | 393 | 1,130 | 640 | 577 | 204 | 2,301 | 85 | 42 |
Nonaccrual | 1,625 | 1,493 | 241 | 492 | 236 | 339 | 206 | 183 | 111 | 31 |
Loans and leases, net of unearned discount | 188,921 | 163,796 | $ 113,694 | $ 139,239 | $ 87,225 | $ 54,618 | $ 30,824 | $ 35,040 | $ 20,021 | $ 4,599 |
Term Loans Prior Period [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Loans and leases, net of unearned discount | 20,870,452 | 19,233,367 | ||||||||
Term Loans Prior Period [Member] | Residential [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 6,544,178 | 6,898,756 | ||||||||
30-89 Days Past Due | 185,213 | 150,447 | ||||||||
Accruing Loans Past Due 90 Days or More | 561,424 | 480,308 | ||||||||
Nonaccrual | 314,825 | 333,466 | ||||||||
Loans and leases, net of unearned discount | 7,605,640 | 7,862,977 | ||||||||
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 1,199,172 | 1,462,277 | ||||||||
30-89 Days Past Due | 15,690 | 19,687 | ||||||||
Nonaccrual | 126,529 | 147,170 | ||||||||
Loans and leases, net of unearned discount | 1,341,391 | 1,629,134 | ||||||||
Term Loans Prior Period [Member] | Home Equity Lines and Loans [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 41,791 | 51,554 | ||||||||
30-89 Days Past Due | 681 | 1,148 | ||||||||
Nonaccrual | 6,126 | 6,148 | ||||||||
Loans and leases, net of unearned discount | 48,598 | 58,850 | ||||||||
Term Loans Prior Period [Member] | Recreational Finance [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 700,833 | 564,358 | ||||||||
30-89 Days Past Due | 5,150 | 8,263 | ||||||||
Nonaccrual | 7,412 | 8,783 | ||||||||
Loans and leases, net of unearned discount | 713,395 | 581,404 | ||||||||
Term Loans Prior Period [Member] | Automobile [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 100,427 | 63,972 | ||||||||
30-89 Days Past Due | 3,663 | 3,083 | ||||||||
Nonaccrual | 5,776 | 3,805 | ||||||||
Loans and leases, net of unearned discount | 109,866 | 70,860 | ||||||||
Term Loans Prior Period [Member] | Other [Member] | ||||||||||
Financing Receivable Recorded Investment [Line Items] | ||||||||||
Current | 24,780 | 28,970 | ||||||||
30-89 Days Past Due | 459 | 557 | ||||||||
Accruing Loans Past Due 90 Days or More | 228 | 374 | ||||||||
Nonaccrual | 229 | 501 | ||||||||
Loans and leases, net of unearned discount | $ 25,696 | $ 30,402 |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 1,575,128 | $ 1,638,236 | $ 1,736,387 | $ 1,051,071 |
Provision for credit losses | (20,000) | 150,000 | (60,000) | 725,000 |
Net charge-offs | ||||
Charge-offs | (64,273) | (52,226) | (267,567) | (211,327) |
Recoveries | 24,169 | 22,495 | 106,204 | 61,304 |
Net charge-offs | (40,104) | (29,731) | (161,363) | (150,023) |
Ending balance | 1,515,024 | 1,758,505 | 1,515,024 | 1,758,505 |
Adoption of new accounting standard | 132,457 | |||
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 314,852 | 398,257 | 405,846 | 366,094 |
Provision for credit losses | (292) | 25,450 | (57,610) | 161,444 |
Net charge-offs | ||||
Charge-offs | (26,598) | (14,434) | (93,638) | (63,425) |
Recoveries | 3,785 | 4,475 | 37,149 | 11,109 |
Net charge-offs | (22,813) | (9,959) | (56,489) | (52,316) |
Ending balance | 291,747 | 413,748 | 291,747 | 413,748 |
Adoption of new accounting standard | (61,474) | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 679,963 | 576,321 | 670,719 | 322,201 |
Provision for credit losses | (42,016) | 87,403 | 32,650 | 335,159 |
Net charge-offs | ||||
Charge-offs | (14,242) | (4,522) | (87,417) | (23,266) |
Recoveries | 2,362 | 2,578 | 10,115 | 4,030 |
Net charge-offs | (11,880) | (1,944) | (77,302) | (19,236) |
Ending balance | 626,067 | 661,780 | 626,067 | 661,780 |
Adoption of new accounting standard | 23,656 | |||
One-to-Four Family Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 77,869 | 118,921 | 103,590 | 56,033 |
Provision for credit losses | (3,522) | (683) | (29,026) | 11,458 |
Net charge-offs | ||||
Charge-offs | (1,925) | (1,516) | (6,586) | (8,227) |
Recoveries | 1,903 | 960 | 6,347 | 4,522 |
Net charge-offs | (22) | (556) | (239) | (3,705) |
Ending balance | 74,325 | 117,682 | 74,325 | 117,682 |
Adoption of new accounting standard | 53,896 | |||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 502,444 | 544,737 | 556,232 | 229,118 |
Provision for credit losses | 25,830 | 37,830 | (6,014) | 216,939 |
Net charge-offs | ||||
Charge-offs | (21,508) | (31,754) | (79,926) | (116,409) |
Recoveries | 16,119 | 14,482 | 52,593 | 41,643 |
Net charge-offs | (5,389) | (17,272) | (27,333) | (74,766) |
Ending balance | $ 522,885 | $ 565,295 | $ 522,885 | 565,295 |
Adoption of new accounting standard | 194,004 | |||
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 77,625 | |||
Net charge-offs | ||||
Adoption of new accounting standard | $ (77,625) |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jan. 01, 2021 | Jun. 30, 2020 | Jan. 01, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | $ 946,452 | $ 558,807 | $ 946,452 | $ 558,807 | ||||
Amortized Cost without Allowance | 1,295,811 | 681,165 | 1,295,811 | 681,165 | ||||
Total | 2,242,263 | 1,239,972 | 2,242,263 | 1,239,972 | ||||
Amortized Cost | $ 2,242,057 | $ 1,893,299 | $ 1,156,650 | $ 1,134,333 | ||||
Interest Income Recognized | 15,571 | 12,255 | 37,905 | 42,953 | ||||
Commercial, Financial, Leasing, etc. [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 171,040 | 264,515 | 171,040 | 264,515 | ||||
Amortized Cost without Allowance | 109,149 | 86,113 | 109,149 | 86,113 | ||||
Total | 280,189 | 350,628 | 280,189 | 350,628 | ||||
Amortized Cost | 330,040 | 306,827 | 284,654 | 346,743 | ||||
Interest Income Recognized | 4,646 | 5,999 | 10,661 | 9,035 | ||||
Commercial [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 332,014 | 86,199 | 332,014 | 86,199 | ||||
Amortized Cost without Allowance | 820,856 | 166,316 | 820,856 | 166,316 | ||||
Total | 1,152,870 | 252,515 | 1,152,870 | 252,515 | ||||
Amortized Cost | 1,081,546 | 775,894 | 172,488 | 173,796 | ||||
Interest Income Recognized | 2,256 | 993 | 4,518 | 6,782 | ||||
Residential Builder and Developer [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 594 | 1,833 | 594 | 1,833 | ||||
Total | 594 | 1,833 | 594 | 1,833 | ||||
Amortized Cost | 14,552 | 1,094 | 1,748 | 4,708 | ||||
Interest Income Recognized | 206 | 114 | 239 | 173 | ||||
Other Commercial Construction [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 36,750 | 15,441 | 36,750 | 15,441 | ||||
Amortized Cost without Allowance | 121,949 | 22,186 | 121,949 | 22,186 | ||||
Total | 158,699 | 37,627 | 158,699 | 37,627 | ||||
Amortized Cost | 133,758 | 114,039 | 85,426 | 35,881 | ||||
Interest Income Recognized | 255 | 232 | 570 | 6,809 | ||||
Residential [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 196,918 | 66,302 | 196,918 | 66,302 | ||||
Amortized Cost without Allowance | 156,508 | 231,334 | 156,508 | 231,334 | ||||
Total | 353,426 | 297,636 | 353,426 | 297,636 | ||||
Amortized Cost | 372,144 | 365,729 | 306,907 | 322,504 | ||||
Interest Income Recognized | 6,809 | 3,410 | 17,603 | 15,258 | ||||
Residential Limited Documentation [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 81,538 | 29,824 | 81,538 | 29,824 | ||||
Amortized Cost without Allowance | 44,991 | 85,959 | 44,991 | 85,959 | ||||
Total | 126,529 | 115,783 | 126,529 | 115,783 | ||||
Amortized Cost | 136,683 | 147,170 | 118,695 | 114,667 | ||||
Interest Income Recognized | 100 | 114 | 336 | 571 | ||||
Home Equity Lines and Loans [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 38,582 | 36,134 | 38,582 | 36,134 | ||||
Amortized Cost without Allowance | 32,892 | 42,686 | 32,892 | 42,686 | ||||
Total | 71,474 | 78,820 | 71,474 | 78,820 | ||||
Amortized Cost | 76,711 | 79,392 | 77,094 | 65,039 | ||||
Interest Income Recognized | 979 | 1,017 | 2,924 | 3,236 | ||||
Recreational Finance [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 18,428 | 17,637 | 18,428 | 17,637 | ||||
Amortized Cost without Allowance | 5,479 | 6,554 | 5,479 | 6,554 | ||||
Total | 23,907 | 24,191 | 23,907 | 24,191 | ||||
Amortized Cost | 23,276 | 25,519 | 24,152 | 14,308 | ||||
Interest Income Recognized | 164 | 155 | 478 | 461 | ||||
Automobile [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 27,258 | 37,355 | 27,258 | 37,355 | ||||
Amortized Cost without Allowance | 3,744 | 5,019 | 3,744 | 5,019 | ||||
Total | 31,002 | 42,374 | 31,002 | 42,374 | ||||
Amortized Cost | 31,090 | 39,404 | 42,736 | 21,293 | ||||
Interest Income Recognized | 46 | 47 | 143 | 139 | ||||
Other [Member] | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Amortized Cost with Allowance | 43,330 | 3,567 | 43,330 | 3,567 | ||||
Amortized Cost without Allowance | 243 | 34,998 | 243 | 34,998 | ||||
Total | 43,573 | 38,565 | 43,573 | 38,565 | ||||
Amortized Cost | $ 42,257 | $ 38,231 | $ 42,750 | $ 35,394 | ||||
Interest Income Recognized | $ 110 | $ 174 | $ 433 | $ 489 |
Loans and Leases and the All_11
Loans and Leases and the Allowance for Credit Losses - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)Modification | Sep. 30, 2020USD ($)Modification | Sep. 30, 2021USD ($)Modification | Sep. 30, 2020USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 395 | 1,085 | 1,742 | 3,575 |
Pre-modification Recorded Investment | $ 125,101 | $ 73,071 | $ 511,038 | $ 292,445 |
post modification recorded investment | 124,785 | 73,598 | 507,582 | 283,415 |
Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 56,116 | 35,178 | 196,378 | 117,336 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 470 | 803 | ||
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 40,504 | 30 | 71,296 | 36,435 |
Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 28,165 | $ 37,920 | $ 239,908 | $ 128,841 |
Commercial, Financial, Leasing, etc. [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 62 | 112 | 244 | 279 |
Pre-modification Recorded Investment | $ 49,884 | $ 35,037 | $ 174,366 | $ 102,865 |
post modification recorded investment | 49,772 | 34,955 | 173,377 | 101,678 |
Commercial, Financial, Leasing, etc. [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 6,051 | 7,145 | 42,143 | 29,762 |
Commercial, Financial, Leasing, etc. [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 298 | 298 | ||
Commercial, Financial, Leasing, etc. [Member] | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 40,242 | 40,464 | 31,605 | |
Commercial, Financial, Leasing, etc. [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 3,479 | $ 27,512 | $ 90,770 | $ 40,013 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 15 | 50 | 83 | 106 |
Pre-modification Recorded Investment | $ 53,198 | $ 13,293 | $ 223,209 | $ 94,807 |
post modification recorded investment | 53,172 | 13,308 | 221,129 | 82,623 |
Commercial Real Estate [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 30,311 | 12,506 | 48,841 | 24,372 |
Commercial Real Estate [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 172 | 505 | ||
Commercial Real Estate [Member] | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 262 | 30 | 30,832 | 4,830 |
Commercial Real Estate [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 22,599 | $ 600 | $ 141,456 | $ 52,916 |
Residential Builder and Developer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 1 | |||
Pre-modification Recorded Investment | $ 91 | |||
post modification recorded investment | 90 | |||
Residential Builder and Developer [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 90 | |||
Other Commercial Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 3 | |||
Pre-modification Recorded Investment | $ 542 | |||
post modification recorded investment | 532 | |||
Other Commercial Construction [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 532 | |||
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 64 | 30 | 304 | 82 |
Pre-modification Recorded Investment | $ 14,443 | $ 8,544 | $ 88,067 | $ 27,594 |
post modification recorded investment | 14,265 | 9,133 | 87,802 | 30,991 |
Residential [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 12,281 | 5,517 | 80,411 | 11,865 |
Residential [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 1,984 | $ 3,616 | $ 7,391 | $ 19,126 |
Home Equity Lines and Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 22 | 33 | 64 | 159 |
Pre-modification Recorded Investment | $ 1,349 | $ 3,410 | $ 5,034 | $ 11,719 |
post modification recorded investment | 1,349 | 3,415 | 4,979 | 11,745 |
Home Equity Lines and Loans [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 1,246 | 129 | 4,702 | 688 |
Home Equity Lines and Loans [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 103 | $ 3,286 | $ 277 | $ 11,057 |
Recreational Finance [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 67 | 74 | 173 | 348 |
Pre-modification Recorded Investment | $ 2,565 | $ 2,734 | $ 5,896 | $ 13,619 |
post modification recorded investment | 2,565 | 2,734 | 5,896 | 13,619 |
Recreational Finance [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 2,565 | $ 2,734 | $ 5,896 | $ 13,619 |
Automobile [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 146 | 403 | 516 | 1,873 |
Pre-modification Recorded Investment | $ 2,711 | $ 7,007 | $ 9,182 | $ 33,541 |
post modification recorded investment | 2,711 | 7,007 | 9,182 | 33,541 |
Automobile [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 2,711 | 7,005 | 9,168 | 33,539 |
Automobile [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 2 | $ 14 | $ 2 | |
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 15 | 338 | ||
Pre-modification Recorded Investment | $ 123 | $ 2,393 | ||
post modification recorded investment | 123 | 2,393 | ||
Other [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 123 | $ 2,393 | ||
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 383 | 718 | ||
Pre-modification Recorded Investment | $ 3,046 | $ 5,229 | ||
post modification recorded investment | 3,046 | 5,229 | ||
Other | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | 142 | 824 | ||
Other | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 2,904 | $ 4,405 | ||
Residential Limited Documentation [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of modifications | Modification | 4 | 17 | 9 | |
Pre-modification Recorded Investment | $ 828 | $ 2,349 | $ 2,980 | |
post modification recorded investment | 828 | 2,292 | 3,899 | |
Residential Limited Documentation [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 828 | $ 2,292 | 2,667 | |
Residential Limited Documentation [Member] | Combination of Concession Types [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
post modification recorded investment | $ 1,232 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Mar. 01, 2021 | Sep. 30, 2021 | Jan. 25, 2021 |
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 531 | ||
Debt Maturity, Start Year | Jan. 1, 2027 | ||
Debt Maturity, End Year | Dec. 31, 2033 | ||
M&T Bank Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Variable rates senior notes amount | $ 350 | ||
Redeemed subordinated notes | $ 500 | ||
Maturity Date | Dec. 1, 2021 |
Shareholder' Equity - Additiona
Shareholder' Equity - Additional Information (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Issued a
Shareholders' Equity - Issued and Outstanding Preferred Stock (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Carrying Value | $ 1,750,000 | $ 1,250,000 |
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 350,000 | 350,000 |
Preferred stock, Shares Outstanding | 350,000 | 350,000 |
Carrying Value | $ 350,000 | $ 350,000 |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 50,000 | 50,000 |
Preferred stock, Shares Outstanding | 50,000 | 50,000 |
Carrying Value | $ 500,000 | $ 500,000 |
Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 40,000 | 40,000 |
Preferred stock, Shares Outstanding | 40,000 | 40,000 |
Carrying Value | $ 400,000 | $ 400,000 |
Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, Shares Issued | 50,000 | |
Preferred stock, Shares Outstanding | 50,000 | |
Carrying Value | $ 500,000 |
Shareholders' Equity - Issued_2
Shareholders' Equity - Issued and Outstanding Preferred Stock (Parenthetical) (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Series E Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Preferred stock dividend rate | 6.45% | 6.45% |
Date of change in the dividend rate | Feb. 14, 2024 | Feb. 14, 2024 |
London Interbank offered rate plus basis points | 3.61% | 3.61% |
Preferred shares redemption date | Feb. 15, 2024 | Feb. 15, 2024 |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days |
Series F Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Preferred stock dividend rate | 5.125% | 5.125% |
Date of change in the dividend rate | Oct. 31, 2026 | Oct. 31, 2026 |
London Interbank offered rate plus basis points | 3.52% | 3.52% |
Preferred shares redemption date | Nov. 1, 2026 | Nov. 1, 2026 |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days |
Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Preferred stock dividend rate | 5.00% | 5.00% |
Date of change in the dividend rate | Jul. 31, 2024 | Jul. 31, 2024 |
Preferred shares redemption date | Aug. 1, 2024 | Aug. 1, 2024 |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days |
U S treasury rate plus additional rate | 3.174% | 3.174% |
Dividend payment terms | five-year | five-year |
Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred stock, liquidation preference per share | $ 10,000 | |
Preferred stock dividend rate | 3.50% | |
Date of change in the dividend rate | Aug. 31, 2026 | |
Preferred shares redemption date | Sep. 1, 2026 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | |
U S treasury rate plus additional rate | 2.679% | |
Dividend payment terms | five-year |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Sep. 30, 2021 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 65 | $ 67 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 41 | $ 42 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | $ 20,490 | $ 11,602 | $ 43,868 | $ 35,194 |
Other revenues from operations: | ||||
Total other income | 569,126 | 520,561 | 1,588,357 | 1,537,194 |
Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 105,426 | 91,355 | 296,721 | 274,971 |
Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 156,876 | 149,937 | 475,889 | 450,570 |
ASU 2014-09 [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 20,490 | 11,602 | 43,868 | 35,194 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 36,274 | 25,654 | 94,739 | 73,876 |
Other | 19,828 | 21,407 | 62,749 | 60,477 |
Total other income | 338,894 | 299,955 | 973,966 | 895,088 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 105,426 | 91,355 | 296,721 | 274,971 |
ASU 2014-09 [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 156,876 | 149,937 | 475,889 | 450,570 |
ASU 2014-09 [Member] | Business Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 14,376 | 10,533 | 37,570 | 29,023 |
Total other income | 28,581 | 22,060 | 77,214 | 67,089 |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 14,205 | 11,527 | 39,644 | 38,048 |
ASU 2014-09 [Member] | Business Banking [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 18 | |||
ASU 2014-09 [Member] | Commercial Banking [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 14,970 | 10,785 | 39,812 | 32,992 |
Other | 1,879 | 2,940 | 3,890 | 5,913 |
Total other income | 41,903 | 36,542 | 118,006 | 108,834 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 25,054 | 22,816 | 74,304 | 69,487 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 1 | 442 | ||
ASU 2014-09 [Member] | Commercial Real Estate [Member] | ||||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 878 | 492 | 1,823 | 1,720 |
Other | 2,180 | 929 | 5,197 | 2,960 |
Total other income | 6,035 | 3,768 | 15,788 | 12,404 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,977 | 2,347 | 8,768 | 7,724 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | ||||
Other revenues from operations: | ||||
Other | 283 | 205 | 1,043 | 1,212 |
Total other income | 283 | 205 | 1,043 | 1,212 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | ||||
Other revenues from operations: | ||||
Other | 1,501 | 1,127 | 4,670 | 3,101 |
Total other income | 1,501 | 1,127 | 4,670 | 3,101 |
ASU 2014-09 [Member] | Retail Banking [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | (20) | |||
Other revenues from operations: | ||||
Merchant discount and credit card fees | 5,912 | 4,159 | 15,741 | 9,880 |
Other | 5,674 | 5,994 | 17,493 | 15,142 |
Total other income | 73,262 | 63,532 | 202,968 | 180,095 |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 61,696 | 53,379 | 169,734 | 155,073 |
ASU 2014-09 [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Brokerage services income | 20,510 | 11,602 | 43,868 | 35,194 |
Other revenues from operations: | ||||
Merchant discount and credit card fees | 138 | (315) | (207) | 261 |
Other | 8,311 | 10,212 | 30,456 | 32,149 |
Total other income | 187,329 | 172,721 | 554,277 | 522,353 |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,494 | 1,286 | 4,271 | 4,639 |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 156,876 | $ 149,936 | $ 475,889 | $ 450,110 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5,128 | $ 4,986 | $ 15,385 | $ 14,958 |
Interest cost on projected benefit obligation | 15,468 | 17,855 | 46,404 | 53,565 |
Expected return on plan assets | (35,862) | (31,378) | (107,586) | (94,134) |
Amortization of prior service cost (credit) | 139 | 125 | 415 | 404 |
Amortization of net actuarial loss (gain) | 22,254 | 13,950 | 66,763 | 42,998 |
Net periodic cost (benefit) | 7,127 | 5,538 | 21,381 | 17,791 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 254 | 242 | 760 | 727 |
Interest cost on projected benefit obligation | 328 | 436 | 984 | 1,306 |
Amortization of prior service cost (credit) | (1,185) | (1,175) | (3,554) | (3,544) |
Amortization of net actuarial loss (gain) | (324) | (300) | (971) | (918) |
Net periodic cost (benefit) | $ (927) | $ (797) | $ (2,781) | $ (2,429) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Defined contribution pension and retirement savings plans total expense | $ 23 | $ 23 | $ 81 | $ 73 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income available to common shareholders: | ||||
Net income | $ 495,460 | $ 372,136 | $ 1,400,778 | $ 882,012 |
Less: Preferred stock dividends | (17,050) | (17,050) | (51,150) | (51,178) |
Net income available to common equity | 478,410 | 355,086 | 1,349,628 | 830,834 |
Less: Income attributable to unvested stock-based compensation awards | (2,452) | (1,687) | (6,823) | (3,631) |
Net income available to common shareholders | $ 475,958 | $ 353,399 | $ 1,342,805 | $ 827,203 |
Weighted-average shares outstanding: | ||||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 129,580 | 129,061 | 129,529 | 129,518 |
Less: Unvested stock-based compensation awards | (891) | (776) | (897) | (768) |
Weighted-average shares outstanding | 128,689 | 128,285 | 128,632 | 128,750 |
Basic earnings per common share | $ 3.70 | $ 2.75 | $ 10.44 | $ 6.42 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to common equity | $ 478,410 | $ 355,086 | $ 1,349,628 | $ 830,834 |
Less: Income attributable to unvested stock-based compensation awards | (2,449) | (1,686) | (6,816) | (3,630) |
Net income available to common shareholders | $ 475,961 | $ 353,400 | $ 1,342,812 | $ 827,204 |
Adjusted weighted-average shares outstanding: | ||||
Common and unvested stock-based compensation awards | 129,580 | 129,061 | 129,529 | 129,518 |
Less: Unvested stock-based compensation awards | (891) | (776) | (897) | (768) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 155 | 70 | 154 | 63 |
Adjusted weighted-average shares outstanding | 128,844 | 128,355 | 128,786 | 128,813 |
Diluted earnings per common share | $ 3.69 | $ 2.75 | $ 10.43 | $ 6.42 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 460,710 | 483,182 | 461,792 | 477,144 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | $ (85,143) | $ (279,959) | ||
Unrealized holding gains (losses), net, before tax | (57,388) | 151,777 | ||
Foreign currency translation adjustment, before tax | (1,246) | (222) | ||
Unrealized gains on cash flow hedges, before tax | 821 | 508,226 | ||
Total other comprehensive income (loss) before reclassifications | (57,813) | 659,781 | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 3,333 | 2,678 | ||
Gains realized in net income | (8) | (3) | ||
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (90) | (94) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | (206,713) | (183,598) | ||
Amortization of prior service credit, before tax | (3,139) | (3,140) | ||
Amortization of actuarial losses, before tax | 65,792 | 42,080 | ||
Total other comprehensive income (loss), before tax | (198,638) | 517,704 | ||
Ending balance, before tax | $ (283,781) | $ 237,745 | (283,781) | 237,745 |
Beginning balance, tax | 22,111 | 73,279 | ||
Unrealized holding gains (losses), net, tax | 15,124 | (39,277) | ||
Foreign currency translation adjustment, tax | 360 | (39) | ||
Unrealized gains on cash flow hedges, tax | (214) | (131,504) | ||
Total other comprehensive income (loss) before reclassifications | 15,270 | (170,820) | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, tax | (871) | (725) | ||
Gains realized in net income, tax | 2 | 1 | ||
Accretion of net gain on terminated cash flow hedges, tax | 24 | 26 | ||
Net yield adjustment from cash flow hedges currently in effect, tax | 53,997 | 47,506 | ||
Amortization of prior service credit, tax | 860 | 927 | ||
Amortization of actuarial losses, tax | (18,031) | (12,436) | ||
Total other comprehensive income (loss), tax | 51,251 | (135,521) | ||
Ending balance, tax | 73,362 | (62,242) | 73,362 | (62,242) |
Beginning balance, net of tax | (63,032) | (206,680) | ||
Unrealized holding gains (losses), net of tax | (42,264) | 112,500 | ||
Foreign currency translation adjustments | (1,579) | 2,733 | (886) | (261) |
Unrealized gains on cash flow hedges, net of tax | 607 | 376,722 | ||
Total other comprehensive income (loss) before reclassifications | (42,543) | 488,961 | ||
Amortization of unrealized holding losses on held-to-maturity ('HTM') securities, net of tax | 2,462 | 1,953 | ||
Gains realized in net income, net of tax | (6) | (2) | ||
Accretion of net gain on terminated cash flow hedges, net of tax | (66) | (68) | ||
Net yield adjustment from cash flow hedges currently in effect, net of tax | (152,716) | (136,092) | ||
Amortization of prior service credit, net of tax | (2,279) | (2,213) | ||
Amortization of actuarial losses, net of tax | 47,761 | 29,644 | ||
Total other comprehensive income (loss) | (33,445) | (69,127) | (147,387) | 382,183 |
Ending balance, net of tax | (210,419) | 175,503 | (210,419) | 175,503 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 195,386 | 50,701 | ||
Unrealized holding gains (losses), net, before tax | (57,388) | 151,777 | ||
Total other comprehensive income (loss) before reclassifications | (57,388) | 151,777 | ||
Amortization of unrealized holding losses on held-to-maturity ("HTM") securities, before tax | 3,333 | 2,678 | ||
Gains realized in net income | (8) | (3) | ||
Total other comprehensive income (loss), before tax | (54,063) | 154,452 | ||
Ending balance, before tax | 141,323 | 205,153 | 141,323 | 205,153 |
Total other comprehensive income (loss) | (39,808) | |||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | (650,087) | (464,548) | ||
Amortization of prior service credit, before tax | (3,139) | (3,140) | ||
Amortization of actuarial losses, before tax | 65,792 | 42,080 | ||
Total other comprehensive income (loss), before tax | 62,653 | 38,940 | ||
Ending balance, before tax | (587,434) | (425,608) | (587,434) | (425,608) |
Total other comprehensive income (loss) | 45,482 | |||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, before tax | 369,558 | 133,888 | ||
Foreign currency translation adjustment, before tax | (1,246) | (222) | ||
Unrealized gains on cash flow hedges, before tax | 821 | 508,226 | ||
Total other comprehensive income (loss) before reclassifications | (425) | 508,004 | ||
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (90) | (94) | ||
Net yield adjustment from cash flow hedges currently in effect, before tax | (206,713) | (183,598) | ||
Total other comprehensive income (loss), before tax | (207,228) | 324,312 | ||
Ending balance, before tax | $ 162,330 | $ 458,200 | $ 162,330 | $ 458,200 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 16,720,304 | $ 15,945,105 | $ 16,187,283 | $ 15,716,649 |
Net gain (loss) during period | (33,445) | (69,127) | (147,387) | 382,183 |
Ending balance | 17,528,771 | 16,101,013 | 17,528,771 | 16,101,013 |
Investment Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 144,602 | |||
Net gain (loss) during period | (39,808) | |||
Ending balance | 104,794 | 104,794 | ||
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (481,064) | |||
Net gain (loss) during period | 45,482 | |||
Ending balance | (435,582) | (435,582) | ||
Accumulated Other Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 273,430 | |||
Net gain (loss) during period | (153,061) | |||
Ending balance | 120,369 | 120,369 | ||
Accumulated Other Comprehensive Income (Loss), Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (176,974) | 244,630 | (63,032) | (206,680) |
Net gain (loss) during period | (147,387) | |||
Ending balance | $ (210,419) | $ 175,503 | $ (210,419) | $ 175,503 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 27,350,000,000 | $ 27,350,000,000 | $ 51,050,000,000 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 167,000,000 | ||||
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 36,000,000 | 36,000,000 | 64,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 53,000,000 | 53,000,000 | 114,000,000 | ||
Aggregate fair value of derivative financial instruments in asset position | 4,000,000 | 4,000,000 | 3,000,000 | ||
Net fair value of derivative financial instruments in a net asset position | 4,000,000 | 4,000,000 | 3,000,000 | ||
Collateral relating to net asset positions | 4,000,000 | 4,000,000 | 3,000,000 | ||
Counterparties [Member] | |||||
Derivative [Line Items] | |||||
Post collateral requirements relating to positions | 52,000,000 | 52,000,000 | 103,000,000 | ||
Clearinghouse Credit Facilities [Member] | |||||
Derivative [Line Items] | |||||
Amount of initial margin posted | 136,000,000 | 136,000,000 | 135,000,000 | ||
Interest Income [Member] | |||||
Derivative [Line Items] | |||||
Cash flow hedges derivative instruments income | 58,000,000 | $ 82,000,000 | 207,000,000 | $ 184,000,000 | |
Interest Rate Swap Agreements [Member] | |||||
Derivative [Line Items] | |||||
Increase decrease in net interest income due to interest rate swap agreements | 67,000,000 | $ 95,000,000 | 233,000,000 | $ 212,000,000 | |
Interest Rate Swap Agreements [Member] | Maturity Period 2021 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 4,000,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2022 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 119,000,000 | ||||
Interest Rate Swap Agreements [Member] | Maturity Period 2023 [Member] | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 44,000,000 | ||||
Interest Rate Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | 34,500,000,000 | 34,500,000,000 | 37,800,000,000 | ||
Foreign Currency and Other Option and Futures Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amounts of derivative contracts entered into for trading account purposes | $ 815,000,000 | $ 815,000,000 | $ 776,000,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 27,350,000,000 | $ 51,050,000,000 |
Average Maturity (in years) | 9 months 18 days | 1 year |
Estimated Fair Value Gain (Loss) | $ 1,384,000 | $ 1,076,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,700,000,000 | $ 49,400,000,000 |
Average Maturity (in years) | 8 months 12 days | 10 months 24 days |
Weighted-Average Rate, Fixed | 1.28% | 2.22% |
Weighted-Average Rate, Variable | 0.08% | 0.15% |
Estimated Fair Value Gain (Loss) | $ 656,000 | $ 425,000 |
Fixed Rate Long-Term Borrowings [Member] | Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,650,000,000 | $ 1,650,000,000 |
Average Maturity (in years) | 2 years 7 months 6 days | 3 years 3 months 18 days |
Weighted-Average Rate, Fixed | 2.86% | 2.86% |
Weighted-Average Rate, Variable | 0.73% | 0.79% |
Estimated Fair Value Gain (Loss) | $ 728,000 | $ 651,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 27,350,000,000 | $ 51,050,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 8,400,000,000 | 32,100,000,000 |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 59,200,000 | 101,500,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | $ 166,100,000 | $ 372,200,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 618,019 | $ 1,067,985 |
Liability Derivatives, Fair Value | 105,769 | 140,485 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 609,699 | 1,064,529 |
Liability Derivatives, Fair Value | 104,776 | 131,135 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 8,320 | 3,456 |
Liability Derivatives, Fair Value | 993 | 9,350 |
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 | 1,608 | 1,968 |
Liability Derivatives, Fair Value | 224 | 892 |
Commitments to Sell Real Estate Loans [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 11,604 | 2,409 |
Liability Derivatives, Fair Value | 7,813 | 13,868 |
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 | 6,712 | 1,488 |
Liability Derivatives, Fair Value | 769 | 8,458 |
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 | 24,459 | 43,599 |
Liability Derivatives, Fair Value | 4,314 | 365 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 565,332 | 1,008,913 |
Liability Derivatives, Fair Value | 84,909 | 105,768 |
Foreign Exchange and Other Option and Futures Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 8,304 | 9,608 |
Liability Derivatives, Fair Value | $ 7,740 | $ 11,134 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (41.7) | $ (5.6) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (433.4) | $ (806.5) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ (396) | $ (3,290) | $ (3,148) | $ 15,543 |
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 | (9,713) | (13,067) | (42,217) | 75,760 |
Derivatives in fair value hedging relationships, Hedged item | 9,636 | 12,822 | 41,456 | (75,607) |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | (3,456) | (4,776) | (9,434) | 8,988 |
Foreign Exchange and Other Option and Futures Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives not designated as hedging instruments, Derivatives | $ 3,060 | $ 1,486 | $ 6,286 | $ 6,555 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Term Loans [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 1,708,872 | $ 1,750,048 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 59,714 | $ 101,326 |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loss on securitization of assets | $ 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 | 151,901,194,000 | 151,901,194,000 | 142,601,105,000 | ||
Investment in partnership carrying amount | 858,000,000 | 858,000,000 | 861,000,000 | ||
Unfunded commitments includes carrrying amount of its investments | 341,000,000 | 341,000,000 | 406,000,000 | ||
Maximum exposure to loss of investments in real estate partnerships | 1,100,000,000 | 1,100,000,000 | |||
Investments amortized to income tax expense | 25,000,000 | $ 22,000,000 | 63,000,000 | $ 65,000,000 | |
Federal tax credits and other federal tax benefits recognized | 27,000,000 | $ 26,000,000 | 70,000,000 | $ 78,000,000 | |
Variable Interest Entity Primary Beneficiary [Member] | |||||
Total assets of partnerships in which the company invested | $ 2,900,000,000 | $ 2,900,000,000 | $ 2,300,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 3,618,106 | $ 4,822,606 |
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 | 50,335 | 50,060 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 574,221 | 1,018,521 |
Trading account liabilities | 92,649 | 116,902 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 9,744 | 9,338 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 3,475,479 | 4,683,438 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 132,883 | 129,814 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 624,556 | 1,068,581 |
Investment securities | 3,618,106 | 4,822,606 |
Equity securities | 82,456 | 92,985 |
Real estate loans held for sale | 838,051 | 1,054,676 |
Other assets | 44,383 | 49,464 |
Total assets | 5,207,552 | 7,088,312 |
Trading account liabilities | 92,649 | 116,902 |
Other liabilities | 13,120 | 23,583 |
Total liabilities | 105,769 | 140,485 |
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 | 50,335 | 50,060 |
Equity securities | 75,169 | 63,129 |
Total assets | 125,504 | 113,189 |
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 | 574,221 | 1,018,521 |
Investment securities | 3,618,106 | 4,822,590 |
Equity securities | 7,287 | 29,856 |
Real estate loans held for sale | 838,051 | 1,054,676 |
Other assets | 19,924 | 5,865 |
Total assets | 5,057,589 | 6,931,508 |
Trading account liabilities | 92,649 | 116,902 |
Other liabilities | 8,806 | 23,218 |
Total liabilities | 101,455 | 140,120 |
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 | |
Other assets | 24,459 | 43,599 |
Total assets | 24,459 | 43,615 |
Other liabilities | 4,314 | 365 |
Total liabilities | 4,314 | 365 |
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 | 9,744 | 9,338 |
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 | 9,744 | 9,338 |
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 | 3,475,479 | 4,683,438 |
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 | 3,475,479 | 4,683,438 |
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 | |
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 | |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 132,883 | 129,814 |
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 | $ 132,883 | $ 129,814 |
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Other Assets and Other Liabilities [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning Balance | $ 35,666 | $ 40,106 | $ 43,234 | $ 10,740 | |
Total gains realized/unrealized: | |||||
Included in earnings | [1] | 44,152 | 57,819 | 102,489 | 150,632 |
Transfers out of Level 3 | [2] | (59,673) | (46,422) | (125,578) | (109,869) |
Ending Balance | 20,145 | 51,503 | 20,145 | 51,503 | |
Changes in unrealized gains included in earnings related to assets still held at end of period | [1] | $ 18,196 | 44,127 | 21,722 | 50,411 |
Privately Issued [Member] | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning Balance | 16 | 16 | 16 | ||
Total gains realized/unrealized: | |||||
Settlements | $ (16) | ||||
Ending Balance | $ 16 | $ 16 | |||
[1] | Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations | ||||
[2] | Transfers out of Level 3 consist of interest rate locks transferred to closed loans. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | |||
Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 15.00% | ||||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount rates for fair value estimations | 90.00% | ||||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Change in fair value of nonrecurring fair value measured loans for charge-offs and impairment reserves | $ 35 | $ 82 | $ 125 | $ 153 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Capitalized servicing rights | 147 | 147 | $ 159 | ||
Capitalized servicing rights, valuation allowance | 29 | $ 30 | |||
Valuation Charge Recognized | 0 | 0 | $ (1) | 20 | |
Weighted-average prepayment speeds | 14.96% | 16.01% | |||
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 900.00% | 900.00% | |||
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 | 591 | 387 | $ 591 | 387 | $ 652 |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 4 | 27 | 4 | 27 | |
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 | 330 | 159 | 330 | 159 | 339 |
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 | $ 261 | $ 228 | $ 261 | $ 228 | $ 313 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Discounted Cash Flows | Other Assets and Other Liabilities [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 | $ 20,145 | $ 43,234 |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 0.00% | 0.00% |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 93.00% | 98.00% |
Discounted Cash Flows | Other Assets and Other Liabilities [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Commitment expirations | 14.00% | 16.00% |
Two Independent Pricing Quotes [Member] | Privately Issued Mortgage-Backed Securities [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 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||||||
Interest-bearing deposits at banks | $ 38,445,788 | $ 23,663,810 | ||||
Investment securities | 6,447,622 | 7,045,697 | ||||
Loans and leases: | ||||||
Allowance for credit losses | (1,515,024) | $ (1,575,128) | (1,736,387) | $ (1,758,505) | $ (1,638,236) | $ (1,051,071) |
Loans and leases, net | 92,067,870 | 96,799,480 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (56,542,309) | (47,572,884) | ||||
Savings and interest-checking deposits | (69,195,960) | (67,680,840) | ||||
Time deposits | (2,963,027) | (3,899,910) | ||||
Deposits at Cayman Islands office | (652,104) | |||||
Long-term borrowings | (3,500,391) | (4,382,193) | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,351,944 | 1,497,457 | ||||
Trading account assets | 50,335 | 50,060 | ||||
Investment securities | 75,169 | 63,129 | ||||
Significant Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 127,768 | 55,286 | ||||
Interest-bearing deposits at banks | 38,445,788 | 23,663,810 | ||||
Trading account assets | 574,221 | 1,018,521 | ||||
Investment securities | 6,364,735 | 7,005,571 | ||||
Loans and leases: | ||||||
Loans and leases, net | 4,461,715 | 4,413,566 | ||||
Accrued interest receivable | 378,433 | 419,936 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (56,542,309) | (47,572,884) | ||||
Savings and interest-checking deposits | (69,195,960) | (67,680,840) | ||||
Time deposits | (2,967,906) | (3,919,367) | ||||
Deposits at Cayman Islands office | (652,104) | |||||
Short-term borrowings | (103,548) | (59,482) | ||||
Long-term borrowings | (3,605,637) | (4,490,433) | ||||
Accrued interest payable | (38,808) | (59,916) | ||||
Trading account liabilities | (92,649) | (116,902) | ||||
Other financial instruments: | ||||||
Commitments to sell real estate loans | 9,734 | (18,429) | ||||
Interest rate swap agreements used for interest rate risk management | 1,384 | 1,076 | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Investment securities | 61,929 | 70,289 | ||||
Loans and leases: | ||||||
Consumer loans | 17,935,068 | 16,554,050 | ||||
Loans and leases, net | 88,498,523 | 93,266,904 | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 20,145 | 43,234 | ||||
Other credit-related commitments | (124,145) | (133,354) | ||||
Commercial Loans And Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 22,315,530 | 27,220,699 | ||||
Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 558,970 | 277,911 | ||||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 35,753,119 | 36,538,669 | ||||
Residential Real Estate Loans [Member] | Significant Observable Inputs (Level 2) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 3,902,745 | 4,135,655 | ||||
Residential Real Estate Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 12,494,806 | 12,953,486 | ||||
Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,479,712 | 1,552,743 | ||||
Interest-bearing deposits at banks | 38,445,788 | 23,663,810 | ||||
Trading account assets | 624,556 | 1,068,581 | ||||
Investment securities | 6,447,622 | 7,045,697 | ||||
Loans and leases: | ||||||
Consumer loans | 17,834,648 | 16,570,421 | ||||
Allowance for credit losses | (1,515,024) | (1,736,387) | ||||
Loans and leases, net | 92,067,870 | 96,799,480 | ||||
Accrued interest receivable | 378,433 | 419,936 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (56,542,309) | (47,572,884) | ||||
Savings and interest-checking deposits | (69,195,960) | (67,680,840) | ||||
Time deposits | (2,963,027) | (3,899,910) | ||||
Deposits at Cayman Islands office | (652,104) | |||||
Short-term borrowings | (103,548) | (59,482) | ||||
Long-term borrowings | (3,500,391) | (4,382,193) | ||||
Accrued interest payable | (38,808) | (59,916) | ||||
Trading account liabilities | (92,649) | (116,902) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 20,145 | 43,234 | ||||
Commitments to sell real estate loans | 9,734 | (18,429) | ||||
Other credit-related commitments | (124,145) | (133,354) | ||||
Interest rate swap agreements used for interest rate risk management | 1,384 | 1,076 | ||||
Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 22,514,940 | 27,574,564 | ||||
Carrying Amount [Member] | Commercial [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 37,023,952 | 37,637,889 | ||||
Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 16,209,354 | 16,752,993 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 1,479,712 | 1,552,743 | ||||
Interest-bearing deposits at banks | 38,445,788 | 23,663,810 | ||||
Trading account assets | 624,556 | 1,068,581 | ||||
Investment securities | 6,501,833 | 7,138,989 | ||||
Loans and leases: | ||||||
Consumer loans | 17,935,068 | 16,554,050 | ||||
Loans and leases, net | 92,960,238 | 97,680,470 | ||||
Accrued interest receivable | 378,433 | 419,936 | ||||
Financial liabilities: | ||||||
Noninterest-bearing deposits | (56,542,309) | (47,572,884) | ||||
Savings and interest-checking deposits | (69,195,960) | (67,680,840) | ||||
Time deposits | (2,967,906) | (3,919,367) | ||||
Deposits at Cayman Islands office | (652,104) | |||||
Short-term borrowings | (103,548) | (59,482) | ||||
Long-term borrowings | (3,605,637) | (4,490,433) | ||||
Accrued interest payable | (38,808) | (59,916) | ||||
Trading account liabilities | (92,649) | (116,902) | ||||
Other financial instruments: | ||||||
Commitments to originate real estate loans for sale | 20,145 | 43,234 | ||||
Commitments to sell real estate loans | 9,734 | (18,429) | ||||
Other credit-related commitments | (124,145) | (133,354) | ||||
Interest rate swap agreements used for interest rate risk management | 1,384 | 1,076 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial Loans And Leases [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 22,315,530 | 27,220,699 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Commercial [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | 36,312,089 | 36,816,580 | ||||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | Residential Real Estate Loans [Member] | ||||||
Loans and leases: | ||||||
Commercial loans and leases | $ 16,397,551 | $ 17,089,141 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,687,595 | $ 5,563,854 |
Commercial real estate loans to be sold | 433,529 | 363,735 |
Other commercial real estate | 5,747,541 | 7,237,367 |
Residential real estate loans to be sold | 750,820 | 1,026,118 |
Other residential real estate | 840,039 | 665,259 |
Commercial and other | 21,685,356 | 19,427,886 |
Standby letters of credit | 2,236,321 | 2,241,417 |
Commercial letters of credit | 34,495 | 27,332 |
Financial guarantees and indemnification contracts | 4,133,648 | 4,220,531 |
Commitments to sell real estate loans | $ 1,788,113 | $ 2,108,823 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Commitments to extend credit to commercial customers | $ 10,600,000,000 | $ 10,400,000,000 |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 3,900,000,000 | $ 4,000,000,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | 0 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of reasonably possible losses | $ 25,000,000 |
Segment Information - Informati
Segment Information - Information about Company's Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net income | $ 495,460 | $ 372,136 | $ 1,400,778 | $ 882,012 |
Net Income (Loss) | 495,460 | 372,136 | 1,400,778 | 882,012 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,536,376 | 1,463,656 | 4,479,342 | 4,414,231 |
Business Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 72,017 | 35,614 | 159,895 | 106,103 |
Net Income (Loss) | 72,017 | 35,614 | 159,895 | 106,103 |
Business Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 181,873 | 131,566 | 482,874 | 407,485 |
Business Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 694 | (1) | 2,157 | 1,028 |
Commercial Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 144,367 | 131,414 | 378,040 | 386,176 |
Net Income (Loss) | 144,367 | 131,414 | 378,040 | 386,176 |
Commercial Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 295,209 | 276,125 | 865,780 | 855,426 |
Commercial Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,009 | 117 | 2,830 | 1,419 |
Commercial Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 84,663 | 87,095 | 242,625 | 311,586 |
Net Income (Loss) | 84,663 | 87,095 | 242,625 | 311,586 |
Commercial Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 228,317 | 202,987 | 629,719 | 653,405 |
Commercial Real Estate [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 227 | (17) | 679 | 452 |
Discretionary Portfolio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 74,666 | 97,399 | 243,744 | 218,758 |
Net Income (Loss) | 74,666 | 97,399 | 243,744 | 218,758 |
Discretionary Portfolio [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 112,529 | 140,135 | 365,380 | 328,181 |
Discretionary Portfolio [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (14,448) | (10,748) | (34,554) | (33,646) |
Residential Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 46,077 | 45,318 | 125,791 | 107,334 |
Net Income (Loss) | 46,077 | 45,318 | 125,791 | 107,334 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 159,213 | 161,151 | 459,655 | 428,757 |
Residential Mortgage Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 25,150 | 22,190 | 70,208 | 64,623 |
Retail Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | 88,004 | 85,229 | 262,562 | 281,973 |
Net Income (Loss) | 88,004 | 85,229 | 262,562 | 281,973 |
Retail Banking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 357,335 | 351,312 | 1,055,240 | 1,107,516 |
Retail Banking [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (53) | 268 | 500 | 802 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | (14,334) | (109,933) | (11,879) | (529,918) |
Net Income (Loss) | (14,334) | (109,933) | (11,879) | (529,918) |
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 201,900 | 200,380 | 620,694 | 633,461 |
All Other [Member] | Intersegment Activity Eliminated in Consolidated Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (12,579) | $ (11,809) | $ (41,820) | $ (34,678) |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 150,967 | $ 135,480 | $ 132,430 |
Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 8,386 | 8,152 | 7,902 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 29,109 | 30,338 | 30,450 |
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 25,913 | 25,792 | 25,594 |
Discretionary Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 22,317 | 27,726 | 27,878 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 6,582 | 4,038 | 3,530 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | 17,701 | 16,438 | 16,231 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Average Total Assets | $ 40,959 | $ 22,996 | $ 20,845 |
Segment Information - Summary_2
Segment Information - Summary of Segment Information (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Taxable-equivalent adjustment | $ 3,703,000 | $ 4,019,000 | $ 11,168,000 | $ 13,316,000 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 3,500,391,000 | $ 3,500,391,000 | $ 4,382,193,000 | ||
Bayview Lending Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | $ 0 | |||
Minority interest in Bayview Lending Group LLC | 20.00% | 20.00% | |||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (loss) from equity method investments | $ 0 | $ 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 | $ 1,700,000,000 | 1,700,000,000 | 1,900,000,000 | ||
Revenue from contract with customer | 2,000,000 | 2,000,000 | 7,000,000 | 7,000,000 | |
Bayview Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 73,200,000,000 | 73,200,000,000 | 68,100,000,000 | ||
Revenues from sub-servicing | 39,000,000 | $ 30,000,000 | 110,000,000 | $ 101,000,000 | |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 65,000,000 | 65,000,000 | $ 77,000,000 | ||
Bayview Financial [Member] | FHA Guaranteed Mortgage Loans [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
FHA guaranteed purchase amount of delinquent loan | 1,000,000,000 | 1,000,000,000 | |||
FHA guaranteed mortgage loan | 965,000,000 | 965,000,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | 1,100,000,000 | 1,100,000,000 | |||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loan facility carrying amount | $ 130,000,000 | $ 130,000,000 |