Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | M&T BANK CORPORATION | ||
Entity Central Index Key | 0000036270 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 18,124,066,420 | ||
Entity Common Stock, Shares Outstanding | 129,034,484 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.50 par value | ||
Trading Symbol | MTB | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-9861 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 16-0968385 | ||
Entity Address, Address Line One | One M&T Plaza | ||
Entity Address, City or Town | Buffalo | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14203 | ||
City Area Code | 716 | ||
Local Phone Number | 635-4000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Buffalo, NY, United States | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement for the 2022 Annual Meeting of Shareholders of M&T Bank Corporation in Parts II and III. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 1,337,577 | $ 1,552,743 |
Interest-bearing deposits at banks | 41,872,304 | 23,663,810 |
Trading account | 468,031 | 1,068,581 |
Investment securities (includes pledged securities that can be sold or repledged of $96,128 at December 31, 2021; $105,136 at December 31, 2020) | ||
Available for sale (cost: $3,849,347 at December 31, 2021; $4,621,027 at December 31, 2020) | 3,955,804 | 4,822,606 |
Held to maturity (fair value: $2,771,290 at December 31, 2021; $1,842,281 at December 31, 2020) | 2,734,674 | 1,748,989 |
Equity and other securities (cost: $461,516 at December 31, 2021; $449,008 at December 31, 2020) | 465,382 | 474,102 |
Total investment securities | 7,155,860 | 7,045,697 |
Loans and leases | 93,136,678 | 98,875,788 |
Unearned discount | (224,226) | (339,921) |
Loans and leases, net of unearned discount | 92,912,452 | 98,535,867 |
Allowance for credit losses | (1,469,226) | (1,736,387) |
Loans and leases, net | 91,443,226 | 96,799,480 |
Premises and equipment | 1,144,765 | 1,161,558 |
Goodwill | 4,593,112 | 4,593,112 |
Core deposit and other intangible assets | 3,998 | 14,165 |
Accrued interest and other assets | 7,088,287 | 6,701,959 |
Total assets | 155,107,160 | 142,601,105 |
Liabilities | ||
Noninterest-bearing deposits | 60,131,480 | 47,572,884 |
Savings and interest-checking deposits | 68,603,966 | 67,680,840 |
Time deposits | 2,807,963 | 3,899,910 |
Deposits at Cayman Islands office | 652,104 | |
Total deposits | 131,543,409 | 119,805,738 |
Short-term borrowings | 47,046 | 59,482 |
Accrued interest and other liabilities | 2,127,931 | 2,166,409 |
Long-term borrowings | 3,485,369 | 4,382,193 |
Total liabilities | 137,203,755 | 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 December 31, 2021 and December 31, 2020; Liquidation preference of $10,000 per share: 140,000 shares at December 31, 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 December 31, 2021 and December 31, 2020 | 79,871 | 79,871 |
Common stock issuable, 15,769 shares at December 31, 2021; 18,113 shares at December 31, 2020 | 1,212 | 1,344 |
Additional paid-in capital | 6,635,000 | 6,617,404 |
Retained earnings | 14,646,448 | 13,444,428 |
Accumulated other comprehensive income (loss), net | (127,578) | (63,032) |
Treasury stock — common, at cost — 31,052,845 shares at December 31, 2021; 31,426,742 shares at December 31, 2020 | (5,081,548) | (5,142,732) |
Total shareholders’ equity | 17,903,405 | 16,187,283 |
Total liabilities and shareholders’ equity | $ 155,107,160 | $ 142,601,105 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pledged securities that can be sold or repledged | $ 96,128 | $ 105,136 |
Investment securities, available for sale, amortized cost | 3,849,347 | 4,621,027 |
Investment securities, held to maturity, fair value | 2,771,290 | 1,842,281 |
Equity and other securities, cost | $ 461,516 | $ 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 | 15,769 | 18,113 |
Treasury stock, common shares | 31,052,845 | 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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | |||
Loans and leases, including fees | $ 3,748,988 | $ 3,975,053 | $ 4,442,182 |
Investment securities | |||
Fully taxable | 141,046 | 176,469 | 288,532 |
Exempt from federal taxes | 116 | 183 | 321 |
Deposits at banks | 47,491 | 32,956 | 141,397 |
Other | 1,143 | 8,051 | 7,161 |
Total interest income | 3,938,784 | 4,192,712 | 4,879,593 |
Interest expense | |||
Savings and interest-checking deposits | 32,998 | 146,701 | 368,003 |
Time deposits | 18,635 | 66,280 | 95,426 |
Deposits at Cayman Islands office | 201 | 4,054 | 21,917 |
Short-term borrowings | 7 | 28 | 24,741 |
Long-term borrowings | 62,165 | 109,332 | 239,242 |
Total interest expense | 114,006 | 326,395 | 749,329 |
Net interest income | 3,824,778 | 3,866,317 | 4,130,264 |
Provision for credit losses | (75,000) | 800,000 | 176,000 |
Net interest income after provision for credit losses | 3,899,778 | 3,066,317 | 3,954,264 |
Other income | |||
Brokerage services income | 62,791 | 47,428 | 48,922 |
Trading account and foreign exchange gains | 24,376 | 40,536 | 62,044 |
Gain (loss) on bank investment securities | (21,220) | (9,421) | 18,037 |
Other revenues from operations | 482,889 | 470,588 | 469,320 |
Total other income | 2,166,994 | 2,088,444 | 2,061,679 |
Other expense | |||
Salaries and employee benefits | 2,045,677 | 1,950,692 | 1,900,797 |
Equipment and net occupancy | 326,698 | 322,037 | 324,079 |
Outside data processing and software | 291,839 | 258,480 | 229,731 |
FDIC assessments | 69,704 | 53,803 | 41,535 |
Advertising and marketing | 64,428 | 61,904 | 93,472 |
Printing, postage and supplies | 36,507 | 39,869 | 39,893 |
Amortization of core deposit and other intangible assets | 10,167 | 14,869 | 19,490 |
Other costs of operations | 766,603 | 683,586 | 819,685 |
Total other expense | 3,611,623 | 3,385,240 | 3,468,682 |
Income before taxes | 2,455,149 | 1,769,521 | 2,547,261 |
Income taxes | 596,403 | 416,369 | 618,112 |
Net income | 1,858,746 | 1,353,152 | 1,929,149 |
Net income available to common shareholders | |||
Basic | 1,776,977 | 1,279,066 | 1,849,509 |
Diluted | $ 1,776,987 | $ 1,279,068 | $ 1,849,511 |
Net income per common share | |||
Basic | $ 13.81 | $ 9.94 | $ 13.76 |
Diluted | $ 13.80 | $ 9.94 | $ 13.75 |
Mortgage Banking Revenues [Member] | |||
Other income | |||
Revenue from contract with customer | $ 571,329 | $ 566,641 | $ 457,770 |
Service Charges on Deposit Accounts [Member] | |||
Other income | |||
Revenue from contract with customer | 402,113 | 370,788 | 432,978 |
Trust Income [Member] | |||
Other income | |||
Revenue from contract with customer | $ 644,716 | $ 601,884 | $ 572,608 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Partners Capital [Abstract] | |||
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | |||
Net unrealized gains (losses) on investment securities | (66,977) | 107,222 | 184,906 |
Cash flow hedges adjustments | (210,626) | 172,787 | 108,520 |
Foreign currency translation adjustments | (862) | 2,284 | 1,091 |
Defined benefit plans liability adjustments | 213,919 | (138,645) | (81,116) |
Total other comprehensive income (loss) | (64,546) | 143,648 | 213,401 |
Total comprehensive income | $ 1,794,200 | $ 1,496,800 | $ 2,142,550 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | (75,000) | 800,000 | 176,000 |
Depreciation and amortization of premises and equipment | 224,274 | 220,598 | 209,937 |
Amortization of capitalized servicing rights | 89,767 | 84,821 | 71,888 |
Amortization of core deposit and other intangible assets | 10,167 | 14,869 | 19,490 |
Provision for deferred income taxes | 87,159 | (31,291) | 57,548 |
Asset write-downs | 8,431 | 21,014 | 7,701 |
Net gain (loss) on sales of assets | (10,308) | (19,441) | 31,526 |
Net change in accrued interest receivable, payable | 65,724 | (132,252) | 30,923 |
Net change in other accrued income and expense | 52,540 | (418,752) | 75,930 |
Net change in loans originated for sale | (163,623) | (542,078) | 130,230 |
Net change in trading account assets and liabilities | 567,082 | (561,453) | (382,767) |
Net cash provided by operating activities | 2,714,959 | 789,187 | 2,357,555 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities Available for sale | 107 | ||
Proceeds from sales of investment securities equity and other | 17,654 | 67,036 | 1,169,876 |
Proceeds from maturities of investment securities Available for sale | 1,433,793 | 1,614,557 | 2,621,603 |
Proceeds from maturities of investment securities Held to maturity | 615,201 | 911,555 | 1,162,820 |
Purchases of investment securities Available for sale | (677,916) | (7,581) | (28,120) |
Purchases of investment securities Held to maturity | (1,601,698) | (11,993) | (495,277) |
Purchases of investment securities equity and other | (30,153) | (29,004) | (979,734) |
Net (increase) decrease in loans and leases | 5,676,670 | (7,231,694) | (2,795,263) |
Net (increase) decrease in interest-bearing deposits at banks | (18,208,494) | (16,473,656) | 915,043 |
Capital expenditures, net | (149,213) | (172,289) | (178,049) |
Net increase in loan servicing advances | (197,141) | (754,823) | (470,078) |
Other, net | (510,302) | 67,411 | (195,921) |
Net cash provided (used) by investing activities | (13,631,599) | (22,020,481) | 727,007 |
Cash flows from financing activities | |||
Net increase in deposits | 11,737,671 | 25,037,167 | 4,616,082 |
Net decrease in short-term borrowings | (12,436) | (2,881) | (4,336,015) |
Proceeds from long-term borrowings | 9,500 | ||
Payments on long-term borrowings | (853,091) | (2,665,023) | (1,553,493) |
Purchases of treasury stock | (373,750) | (1,349,785) | |
Dividends paid — common | (580,260) | (568,112) | (552,138) |
Dividends paid — preferred | (68,200) | (68,256) | (67,454) |
Proceeds from issuance of Series I and G preferred stock | 495,000 | 396,000 | |
Redemption of Series A and C preferred stock | (381,500) | ||
Other, net | (26,710) | (11,413) | (25,393) |
Net cash provided (used) by financing activities | 10,701,474 | 21,347,732 | (3,253,696) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (215,166) | 116,438 | (169,134) |
Cash, cash equivalents and restricted cash at beginning of period | 1,552,743 | 1,436,305 | 1,605,439 |
Cash, cash equivalents and restricted cash at end of period | 1,337,577 | 1,552,743 | 1,436,305 |
Supplemental disclosure of cash flow information | |||
Interest received during the period | 3,976,804 | 4,135,990 | 4,892,301 |
Interest paid during the period | 139,164 | 372,291 | 735,787 |
Income taxes paid during the period | 314,295 | 275,558 | 320,513 |
Supplemental schedule of noncash investing and financing activities | |||
Real estate acquired in settlement of loans | 8,851 | 20,646 | 90,072 |
Loans held for sale transferred to loans held for investment | 330,188 | ||
Securitization of residential mortgage loans allocated to Available-for-sale investment securities | 5,379 | ||
Securitization of residential mortgage loans allocated to capitalized servicing rights | 83 | ||
Adoption of lease accounting standard - Right-of-use assets | 393,877 | ||
Adoption of lease accounting standard - Other liabilities | 398,810 | ||
Additions to right-of-use assets under operating leases | $ 57,760 | $ 70,754 | $ 132,219 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | ASU 2016-13 [Member] | Series A And Series C [Member] | Series G Preferred Stock [Member] | Series I Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A And Series C [Member] | Preferred Stock [Member]Series G 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 G Preferred Stock [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, 2018 | $ 15,460,191 | $ 1,231,500 | $ 79,883 | $ 1,726 | $ 6,579,342 | $ 11,516,672 | $ (420,081) | $ (3,528,851) | ||||||||||
Total comprehensive income | 2,142,550 | 1,929,149 | 213,401 | |||||||||||||||
Preferred stock cash dividends | (72,482) | (72,482) | ||||||||||||||||
Redemption of Series A and Series C preferred stock | $ (381,500) | $ (381,500) | ||||||||||||||||
Issuance of preferred stock | $ 396,000 | $ 400,000 | $ (4,000) | |||||||||||||||
Purchases of treasury stock | (1,349,785) | (1,349,785) | ||||||||||||||||
Stock-based compensation transactions, net | 73,891 | (12) | (160) | 18,197 | (207) | 56,073 | ||||||||||||
Common stock cash dividends | (552,216) | (552,216) | ||||||||||||||||
Ending 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) | ||||||||||
Cumulative effect of change in accounting principle — credit losses | $ (91,925) | $ (91,925) | ||||||||||||||||
Total comprehensive income | 1,496,800 | 1,353,152 | 143,648 | |||||||||||||||
Preferred stock cash dividends | (68,228) | (68,228) | ||||||||||||||||
Purchases of treasury stock | (373,750) | (373,750) | ||||||||||||||||
Stock-based compensation transactions, net | 76,813 | (222) | 23,865 | (411) | 53,581 | |||||||||||||
Common stock cash dividends | (569,076) | (569,076) | ||||||||||||||||
Ending 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 | 1,794,200 | 1,858,746 | (64,546) | |||||||||||||||
Preferred stock cash dividends | (72,915) | (72,915) | ||||||||||||||||
Issuance of preferred stock | $ 495,000 | $ 500,000 | $ (5,000) | |||||||||||||||
Stock-based compensation transactions, net | 82,804 | (132) | 22,596 | (844) | 61,184 | |||||||||||||
Common stock cash dividends | (582,967) | (582,967) | ||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 17,903,405 | $ 1,750,000 | $ 79,871 | $ 1,212 | $ 6,635,000 | $ 14,646,448 | $ (127,578) | $ (5,081,548) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings [Member] | |||
Common stock per share dividend amount | $ 4.50 | $ 4.40 | $ 4.10 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 1. Significant accounting policies M&T Bank Corporation (“M&T”) is a bank holding company headquartered in Buffalo, New York. Through subsidiaries, M&T provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. Banking activities are largely focused on consumers residing in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas. The accounting and reporting policies of M&T and subsidiaries (“the Company”) are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant accounting policies are as follows: Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 26 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 20. Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and foreign exchange gains” in the consolidated statement of income. Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. Beginning in 2020 GAAP requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present the net carrying value at the amount that is expected to be collected over the contractual term. In cases where fair value of an available for sale debt security is less than its amortized cost basis and the Company does not intend to sell the available for sale debt security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the difference between the fair value and the amortized cost basis is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount related to the credit loss is recognized as an allowance for credit losses while the amount related to other factors is recognized in other comprehensive income, net of applicable income taxes. If the Company intends to sell the security or it is more likely than not to be required to sell the security before recovery of the amortized cost basis, the security is written down to fair value with the entire amount recognized in earnings. Subsequently, the Company accounts for the debt security as if the security had been purchased on the measurement date of the write down at an amortized cost basis equal to the previous amortized cost basis less the amount of the write down recognized in earnings. Prior to 2020 individual debt securities were written down through a charge to earnings when declines in value below the cost basis of the security were considered other than temporary. Realized gains and losses on the sales of investment securities are determined using the specific identification method. Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated or acquired by the Company. Originated loans and leases Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income charged off when it becomes evident that such balances are not fully collectable. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectable. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. During the normal course of business, the Company modifies loans to maximize recovery efforts. If a borrower is experiencing financial difficulty and a concession to the terms of the loan agreement is granted that the Company would not otherwise consider, the modification is considered a troubled debt restructuring and such loans are classified as either nonaccrual or renegotiated loans. Due to the direct and indirect effects of the Coronavirus Disease 2019 (“COVID-19”) pandemic, a dramatic reduction in economic activity severely hampered the ability for businesses and consumers to meet their repayment obligations. The Coronavirus Aid, Relief, and Economic Security Act and the Consolidated Appropriations Act, 2021 (collectively “CARES Act”), in addition to providing financial assistance to both businesses and consumers, created a forbearance program for federally-backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the pandemic, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings to account for the effects of COVID-19. The bank regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were unable to meet their contractual payment obligations because of the effects of COVID-19. The guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allowed modifications made on a good faith basis in response to COVID-19 to borrowers who were current with their payments prior to any relief, to not be treated as troubled debt restructurings nor be reported as past due. Modifications included payment deferrals (including maturity extensions), covenant waivers and fee waivers. The Company worked with its customers affected by COVID-19 and granted modifications across many of its loan portfolios. To the extent that such modifications met the criteria described, the modified loans were not classified as troubled debt restructurings nor reported as past due. Commitments to sell real estate loans are utilized by the Company 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 recorded in the consolidated balance sheet includes changes in estimated fair value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Acquired loans and leases Beginning in 2020, expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent changes in the amount of expected credit losses on such loans are recognized in the allowance for credit losses in the same manner as originated loans. Prior to 2020, loans acquired in a business combination were initially recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represented specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans and other loans acquired at a discount that was, in part, attributable to credit quality, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans was recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected cash flows required the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows resulted first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then-remaining lives of the loans. The Company generally recognized the excess of cash flows expected at acquisition over the estimated fair value of the acquired loans as interest income over the remaining lives of such loans regardless of the borrower’s repayment status. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. Allowance for credit losses On January 1, 2020, the Company adopted amended accounting guidance which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay obligations. Subsequent to the forecast period, the Company utilizes longer-term historical loss experience to estimate losses over the remaining contractual life of the loans. Prior to 2020, the allowance for credit losses represented the amount that in management’s judgment reflected incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date. 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 included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets 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 exceeds estimated fair value. Impairment is recognized through a valuation allowance. Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives of five to ten years. The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. 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. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as trading account assets or liabilities with resultant changes in fair value being recognized in “trading account and foreign exchange gains” in the consolidated statement of income. 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 other noninterest income revenue streams, the Company generally 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. Stock-based compensation Compensation expense is recognized over the vesting period of stock-based awards based on estimated grant date value, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more- likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and 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 that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 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 $7.8 billion (with the price based on M&T’s closing price of $153.58 per share as of December 31, 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 December 31, 2021, People’s United disclosed that it had total assets of $64.6 billion, including $37.9 billion of loans, $56.7 billion of liabilities, including $53.8 billion of deposits, and $7.9 billion of stockholders’ equity. In connection with the acquisition, the Company incurred merger-related expenses consisting of professional services, including legal expenses and technology-related activities to prepare for planned integration efforts, and printing costs associated with communications with shareholders that totaled approximately $44 million for the year |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 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) December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 682,267 $ 229 $ 3,806 $ 678,690 Mortgage-backed securities: Government issued or guaranteed 3,042,771 113,102 561 3,155,312 Other debt securities 124,309 1,974 4,481 121,802 3,849,347 115,305 8,848 3,955,804 Investment securities held to maturity: U.S. Treasury and federal agencies 3,052 — 9 3,043 Obligations of states and political subdivisions 177 2 — 179 Mortgage-backed securities: Government issued or guaranteed 2,667,328 49,221 8,376 2,708,173 Privately issued 61,555 10,520 14,742 57,333 Other debt securities 2,562 — — 2,562 2,734,674 59,743 23,127 2,771,290 Total debt securities $ 6,584,021 $ 175,048 $ 31,975 $ 6,727,094 Equity and other securities: Readily marketable equity — at fair value $ 73,774 $ 4,460 $ 594 $ 77,640 Other — at cost 387,742 — — 387,742 Total equity and other securities $ 461,516 $ 4,460 $ 594 $ 465,382 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 No investment in securities of a single non-U.S. Government, government agency or government guaranteed issuer exceeded ten percent of shareholders’ equity at December 31, 2021. As of December 31, 2021, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Cost Estimated Fair Value A or Better BBB BB B or Less Not Rated (In thousands) Obligations of states and political subdivisions $ 177 $ 179 $ 179 $ — $ — $ — $ — Privately issued mortgage-backed securities 61,555 57,333 — — — 485 56,848 Other debt securities 126,871 124,364 6,526 51,349 32,593 — 33,896 Total $ 188,603 $ 181,876 $ 6,705 $ 51,349 $ 32,593 $ 485 $ 90,744 The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2021 2020 (In thousands) Collateralized mortgage obligations: Amortized cost $ 61,980 $ 77,964 Estimated fair value 57,763 71,099 There were no significant gross realized gains or losses from sales of investment securities in 2021, 2020 or 2019. At December 31, 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 $ 6,912 $ 6,943 Due after one year through five years 683,983 680,827 Due after five years through ten years 85,681 86,205 Due after ten years 30,000 26,517 806,576 800,492 Mortgage-backed securities available for sale 3,042,771 3,155,312 $ 3,849,347 $ 3,955,804 Debt securities held to maturity: Due in one year or less $ 3,229 $ 3,222 Due after ten years 2,562 2,562 5,791 5,784 Mortgage-backed securities held to maturity 2,728,883 2,765,506 $ 2,734,674 $ 2,771,290 A summary of investment securities that as of December 31, 2021 and 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) December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 598,566 $ 3,806 $ — $ — Mortgage-backed securities: Government issued or guaranteed 10,111 54 20,824 507 Other debt securities 3,760 74 66,419 4,407 612,437 3,934 87,243 4,914 Investment securities held to maturity: U.S. Treasury and federal agencies 3,043 9 — — Mortgage-backed securities: Government issued or guaranteed 1,372,236 8,356 1,251 20 Privately issued — — 43,692 14,742 1,375,279 8,365 44,943 14,762 Total $ 1,987,716 $ 12,299 $ 132,186 $ 19,676 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 371 individual debt securities with aggregate gross unrealized losses of $32 million at December 31, 2021. Based on a review of each of the securities in the investment securities portfolio at December 31, 2021, the Company concluded that it expected to recover the amortized cost basis of its investment. As of December 31, 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 December 31, 2021, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $388 million of cost method investment securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at December 31, 2021 or December 31, 2020, as the substantial majority of such investment securities are obligations backed by the U.S government or its agencies. At December 31, 2021, investment securities with a carrying value of $5.1 billion, including $2.4 billion of investment securities available for sale, were pledged to secure borrowings from various FHLBs, repurchase agreements, governmental deposits, interest rate swap agreements and available lines of credit as described in note 9. Investment securities pledged by the Company to secure obligations whereby the secured party is permitted by contract or custom to sell or repledge such collateral totaled $96 million at December 31, 2021. The pledged securities included securities of the U.S. Treasury and federal agencies and mortgage-backed securities. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and leases | 4. Loans and leases Total loans and leases outstanding were comprised of the following: December 31 2021 2020 (In thousands) Loans Commercial, financial, etc. $ 22,524,542 $ 26,554,486 Commercial real estate 35,473,884 37,728,844 Residential real estate 16,077,275 16,786,673 Consumer 17,964,331 16,558,889 Total loans 92,040,032 97,628,892 Leases Commercial 1,096,646 1,246,896 Total loans and leases 93,136,678 98,875,788 Less: unearned discount (224,226 ) (339,921 ) Total loans and leases, net of unearned discount $ 92,912,452 $ 98,535,867 One-to-four family residential mortgage loans held for sale were $474 million at December 31, 2021 and $777 million at December 31, 2020. The amount of foreclosed residential real estate property held by the Company was $24 million and $28 million at December 31, 2021 and 2020, respectively. There were $151 million and $214 million at December 31, 2021 and 2020, respectively, in loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at December 31, 2021, approximately 44% were government guaranteed. Borrowings by directors and certain officers of M&T and its banking subsidiaries, and by associates of such persons, exclusive of loans aggregating less than $60,000, amounted to $113 million and $72 million at December 31, 2021 and 2020, respectively. During 2021, new borrowings by such persons amounted to $42 million (including any borrowings of new directors or officers that were outstanding at the time of their election) and repayments and other reductions (including reductions resulting from individuals ceasing to be directors or officers) were $1 million. At December 31, 2021, approximately $9.5 A summary of current, past due and nonaccrual loans as of December 31, 2021 and 2020 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) December 31, 2021 Commercial, financial, leasing, etc. $ 23,101,810 $ 142,208 $ 8,284 $ 221,022 $ 23,473,324 Real estate: Commercial 24,712,643 319,099 31,733 1,069,280 26,132,755 Residential builder and developer 1,400,437 2,904 — 3,005 1,406,346 Other commercial construction 7,722,049 17,175 — 111,405 7,850,629 Residential 13,294,872 239,561 920,080 355,858 14,810,371 Residential — limited documentation 1,124,520 16,666 — 122,888 1,264,074 Consumer: Home equity lines and loans 3,476,617 15,486 — 70,488 3,562,591 Recreational finance 7,985,173 40,544 — 27,811 8,053,528 Automobile 4,604,772 40,064 — 34,037 4,678,873 Other 1,620,147 12,223 3,302 44,289 1,679,961 Total $ 89,043,040 $ 845,930 $ 963,399 $ 2,060,083 $ 92,912,452 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 A summary of outstanding loan balances for which COVID-19 related payment deferrals were in effect as of December 31, 2021 and 2020 is presented in the following table. These loans meet the criteria described in note 1 and, as such, are not considered past due or otherwise in default of loan terms as of the dates presented. Substantially all of those deferrals are scheduled to expire during 2022 and/or are in the process of formal modification of repayment terms for previously deferred payments. COVID-19 Related Payment Deferrals (1) December 31 2021 2020 (In thousands) Commercial, financial, leasing, etc. $ — $ 95,823 Real estate: Commercial — 728,511 Residential builder and developer — 653 Other commercial construction — 61,235 Residential (2) 1,126,734 2,447,422 Residential — limited documentation 63,078 337,108 Consumer: Home equity lines and loans 3,419 18,440 Recreational finance 3,286 24,428 Automobile 7,365 51,550 Other 139 2,353 Total $ 1,204,021 $ 3,767,523 (1) (2) Includes $974 million and $1.7 billion of government-guaranteed loans at December 31, 2021 and 2020, respectively. During the normal course of business, the Company modifies loans to maximize recovery efforts. If the borrower is experiencing financial difficulty and a concession is granted, the Company considers such modifications as troubled debt restructurings and classifies those loans as either nonaccrual loans or renegotiated loans. The types of concessions that the Company grants typically include principal deferrals and interest rate concessions, but may also include other types of concessions. The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the years ended December 31, 2021, 2020 and 2019: Post-modification (a) Year Ended December 31, 2021 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 284 $ 185,458 $ 46,806 $ — $ 40,558 $ 95,516 $ 182,880 Real estate: Commercial 99 202,878 67,387 — 31,202 102,248 200,837 Residential builder and developer 1 3 3 — — — 3 Other commercial construction 3 542 532 — — — 532 Residential 373 108,325 95,769 — — 12,866 108,635 Residential — limited documentation 21 2,920 2,865 — — — 2,865 Consumer: Home equity lines and loans 89 6,430 6,054 — — 321 6,375 Recreational finance 281 9,931 9,931 — — — 9,931 Automobile 807 14,668 14,654 — — 14 14,668 Other 362 2,597 2,597 — — — 2,597 Total 2,320 $ 533,752 $ 246,598 $ — $ 71,760 $ 210,965 $ 529,323 Year Ended December 31, 2020 Commercial, financial, leasing, etc. 394 $ 246,479 $ 70,671 $ 298 $ 31,605 $ 97,344 $ 199,918 Real estate: Commercial 161 310,578 204,591 505 4,874 85,261 295,231 Residential builder and developer 1 91 — — — 90 90 Other commercial construction 2 13,602 13,573 — — — 13,573 Residential 631 202,985 183,878 — — 23,639 207,517 Residential — limited documentation 30 7,413 7,100 — — 1,232 8,332 Consumer: Home equity lines and loans 259 17,228 5,882 — — 11,372 17,254 Recreational finance 428 16,392 16,388 — — 4 16,392 Automobile 2,249 39,951 39,949 — — 2 39,951 Other 1,095 7,788 3,383 — — 4,405 7,788 Total 5,250 $ 862,507 $ 545,415 $ 803 $ 36,479 $ 223,349 $ 806,046 Post-modification (a) Year Ended December 31, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 150 $ 63,715 $ 10,485 $ — $ — $ 52,871 $ 63,356 Real estate: Commercial 51 48,315 5,193 — — 26,152 31,345 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 3 1,559 — — — 1,500 1,500 Residential 83 21,695 10,819 — — 11,907 22,726 Residential — limited documentation 6 1,409 399 — — 1,044 1,443 Consumer: Home equity lines and loans 41 4,127 176 — — 4,004 4,180 Recreational finance 10 265 265 — — — 265 Automobile 66 1,141 1,076 — — 65 1,141 Total 412 $ 143,556 $ 29,481 $ — $ — $ 97,543 $ 127,024 (a) Loans that were modified as troubled debt restructurings during the twelve months ended December 31, 2021, 2020 and 2019 and for which there was a subsequent payment default during the respective year were not material. A summary of changes in the accretable yield for loans acquired at a discount for the year ended December 31, 2019 follows: 2019 Purchased Impaired Other Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 Interest income (49,017 ) (36,452 ) Reclassifications from nonaccretable balance 36,718 15,534 Other (a) — (3,909 ) Balance at end of period $ 134,911 $ 72,080 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. The Company’s loan and lease portfolio includes commercial lease financing receivables consisting of direct financing and leveraged leases for machinery and equipment, railroad equipment, commercial trucks and trailers, and aircraft. Certain leases contain payment schedules that are tied to variable interest rate indices. In general, early termination options are provided if the lessee is not in default, returns the leased equipment and pays an early termination fee. Additionally, options to purchase the underlying asset by the lessee are generally at the fair market value of the equipment. A summary of lease financing receivables follows: December 31, 2021 2020 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 873,089 $ 1,017,222 Estimated residual value of leased assets 75,140 79,621 Unearned income (68,456 ) (83,673 ) Investment in direct financings 879,773 1,013,170 Leveraged leases: Lease payments receivable 75,003 76,453 Estimated residual value of leased assets 73,414 73,600 Unearned income (25,374 ) (28,388 ) Investment in leveraged leases 123,043 121,665 Total investment in leases $ 1,002,816 $ 1,134,835 Deferred taxes payable arising from leveraged leases $ 56,759 $ 61,905 Included within the estimated residual value of leased assets at December 31, 2021 and 2020 were $29 million and $34 million, respectively, in residual value associated with direct financing leases that are guaranteed by the lessees or others. At December 31, 2021, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2022 $ 282,388 2023 247,084 2024 171,176 2025 107,998 2026 67,528 Later years 71,918 $ 948,092 |
Allowance for credit losses
Allowance for credit losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for credit losses | 5. Allowance for credit losses Effective January 1, 2020 the Company adopted amended accounting guidance which requires an allowance for credit losses be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new guidance replaced the previous incurred loss model for determining the allowance for credit losses. Changes in the allowance for credit losses for the years ended December 31, 2021, 2020 and 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 2021 Beginning balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 Provision for credit losses (40,378 ) (42,825 ) (29,817 ) 38,020 — (75,000 ) Net charge-offs Charge-offs (122,651 ) (101,306 ) (10,904 ) (103,293 ) — (338,154 ) Recoveries 41,082 30,651 8,857 65,403 — 145,993 Net charge-offs (81,569 ) (70,655 ) (2,047 ) (37,890 ) — (192,161 ) Ending balance $ 283,899 $ 557,239 $ 71,726 $ 556,362 $ — $ 1,469,226 2020 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 220,544 356,203 (3,172 ) 226,425 — 800,000 Net charge-offs Charge-offs (135,083 ) (35,891 ) (10,283 ) (152,250 ) — (333,507 ) Recoveries 15,765 4,550 7,116 58,935 — 86,366 Net charge-offs (119,318 ) (31,341 ) (3,167 ) (93,315 ) — (247,141 ) Ending balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 2019 Beginning balance $ 330,055 $ 341,655 $ 69,125 $ 200,564 $ 78,045 $ 1,019,444 Provision for credit losses 69,702 (10,726 ) (8,585 ) 126,029 (420 ) 176,000 Net charge-offs Charge-offs (58,244 ) (12,664 ) (12,711 ) (154,089 ) — (237,708 ) Recoveries 24,581 3,936 8,204 56,614 — 93,335 Net charge-offs (33,663 ) (8,728 ) (4,507 ) (97,475 ) — (144,373 ) Ending balance $ 366,094 $ 322,201 $ 56,033 $ 229,118 $ 77,625 $ 1,051,071 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. Changes in the amount of the allowance for credit losses reflect the outcome of the procedures described herein. For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by type. Accruing loans with similar risk characteristics are generally evaluated collectively. In establishing the allowance for credit losses subsequent to December 31, 2019, 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, can 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 December 31, 2021 and 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 considered the impact of portfolio concentrations, changes in underwriting practices, product expansions into new markets, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process. Prior to 2020, the allowance for credit losses was estimated for incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date, but did not consider reasonable and supportable forecasts that could have affected the collectability of the reported amounts. The Company also estimates losses attributable to specific troubled credits. 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. 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 years ended December 31, 2021, 2020 and 2019 follows. December 31, 2021 January 1, 2021 Year Ended December 31, 2021 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 110,790 $ 110,232 $ 221,022 $ 306,827 $ 11,865 Real estate: Commercial 242,078 827,202 1,069,280 775,894 15,872 Residential builder and developer 613 2,392 3,005 1,094 973 Other commercial construction 30,229 81,176 111,405 114,039 596 Residential 198,560 157,298 355,858 365,729 23,772 Residential — limited documentation 79,777 43,111 122,888 147,170 528 Consumer: Home equity lines and loans 32,269 38,219 70,488 79,392 3,780 Recreational finance 21,476 6,335 27,811 25,519 637 Automobile 29,314 4,723 34,037 39,404 186 Other 44,122 167 44,289 38,231 531 Total $ 789,228 $ 1,270,855 $ 2,060,083 $ 1,893,299 $ 58,740 December 31, 2020 January 1, 2020 Year Ended December 2020 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 226,897 $ 79,930 $ 306,827 $ 346,743 $ 11,269 Real estate: Commercial 364,110 411,784 775,894 173,796 7,821 Residential builder and developer 1,094 — 1,094 4,708 1,694 Other commercial construction 20,992 93,047 114,039 35,881 8,457 Residential 159,006 206,723 365,729 322,504 18,069 Residential — limited documentation 84,568 62,602 147,170 114,667 634 Consumer: Home equity lines and loans 61,031 18,361 79,392 65,039 4,092 Recreational finance 19,434 6,085 25,519 14,308 626 Automobile 34,044 5,360 39,404 21,293 186 Other 3,606 34,625 38,231 35,394 1,369 Total $ 974,782 $ 918,517 $ 1,893,299 $ 1,134,333 $ 54,217 December 31, 2019 January 1, 2019 Year Ended December 31, 2019 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 206,644 $ 139,913 $ 346,557 $ 234,423 $ 8,960 Real estate: Commercial 40,847 117,627 158,474 203,672 5,850 Residential builder and developer 604 3,378 3,982 4,798 357 Other commercial construction 12,425 20,345 32,770 22,205 634 Residential 59,982 175,681 235,663 233,352 12,630 Residential — limited documentation 26,710 56,717 83,427 84,685 1,092 Consumer: Home equity lines and loans 24,812 38,403 63,215 71,292 5,987 Recreational finance 9,054 5,165 14,219 11,199 575 Automobile 14,805 6,488 21,293 23,359 214 Other 3,391 121 3,512 4,623 508 Total $ 399,274 $ 563,838 $ 963,112 $ 893,608 $ 36,807 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. 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 is 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 December 31, 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 $ 4,798,052 1,916,072 1,476,786 951,881 500,615 1,398,775 10,993,461 18,699 $ 22,054,341 Criticized accrual 196,680 98,595 107,010 73,126 36,232 185,935 484,755 15,628 1,197,961 Criticized nonaccrual 19,462 23,229 17,114 39,908 20,927 33,698 60,175 6,509 221,022 Total commercial, financial, leasing, etc. $ 5,014,194 2,037,896 1,600,910 1,064,915 557,774 1,618,408 11,538,391 40,836 $ 23,473,324 Real estate: Commercial: Loan grades: Pass $ 3,413,587 2,662,999 3,682,178 2,648,388 2,076,155 5,232,790 728,948 — $ 20,445,045 Criticized accrual 133,133 480,146 685,701 1,068,552 468,530 1,743,798 38,570 — 4,618,430 Criticized nonaccrual 21,587 133,560 195,084 83,857 76,628 520,473 38,091 — 1,069,280 Total commercial real estate $ 3,568,307 3,276,705 4,562,963 3,800,797 2,621,313 7,497,061 805,609 — $ 26,132,755 Residential Loan grades: Pass $ 786,983 106,510 75,287 47,587 4,680 12,450 230,017 — $ 1,263,514 Criticized accrual 2,055 5,356 117,258 13,637 630 - 891 — 139,827 Criticized nonaccrual — — 2,910 — — 95 — — 3,005 Total residential builder and developer $ 789,038 111,866 195,455 61,224 5,310 12,545 230,908 — $ 1,406,346 Other commercial construction: Loan grades: Pass $ 957,947 1,781,603 2,022,276 832,547 152,669 273,556 38,781 — $ 6,059,379 Criticized accrual 24,103 54,191 675,226 583,428 228,739 114,158 — — 1,679,845 Criticized nonaccrual — — 71,613 3,303 12,263 19,970 4,256 — 111,405 Total other commercial construction $ 982,050 1,835,794 2,769,115 1,419,278 393,671 407,684 43,037 — $ 7,850,629 Increases to criticized loans during 2021 were predominantly attributable to effects of the COVID-19 pandemic and the related re-grading of loans. 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 December 31, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as 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 $ 3,057,118 1,672,090 1,075,896 466,040 1,037,958 5,913,461 72,309 — $ 13,294,872 30-89 days past due 15,245 12,535 9,886 6,132 33,097 162,666 — — 239,561 Accruing loans past due 90 days or more 10,924 100,581 28,512 31,996 205,318 542,749 — — 920,080 Nonaccrual 3,359 19,858 7,119 4,577 5,890 314,792 263 — 355,858 Total residential $ 3,086,646 1,805,064 1,121,413 508,745 1,282,263 6,933,668 72,572 — $ 14,810,371 Residential - limited documentation: Current $ — — — — — 1,124,520 — — $ 1,124,520 30-89 days past due — — — — — 16,666 — — 16,666 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 122,888 — — 122,888 Total residential - limited documentation $ — — — — — 1,264,074 — — $ 1,264,074 Consumer: Home equity lines and loans: Current $ 304 777 2,793 1,730 1,944 38,015 2,348,279 1,082,775 $ 3,476,617 30-89 days past due — — — 21 — 698 346 14,421 15,486 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 5,750 4,951 59,787 70,488 Total home equity lines and loans $ 304 777 2,793 1,751 1,944 44,463 2,353,576 1,156,983 $ 3,562,591 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 $ 2,890,111 2,088,342 1,267,929 646,883 445,868 646,040 — — $ 7,985,173 30-89 5,929 8,912 8,317 5,074 5,189 7,123 — — 40,544 Accruing 90 days or more — — — — — — — — — Nonaccrual 1,341 4,646 4,871 4,918 4,039 7,996 — — 27,811 Total recreational finance $ 2,897,381 2,101,900 1,281,117 656,875 455,096 661,159 — — $ 8,053,528 Automobile: Current $ 2,220,061 1,097,684 662,000 341,655 211,774 71,598 — — $ 4,604,772 30-89 8,508 6,615 8,936 7,161 5,715 3,129 — — 40,064 Accruing 90 days or more — — — — — — — — — Nonaccrual 1,588 4,390 7,847 7,867 6,882 5,463 — — 34,037 Total automobile $ 2,230,157 1,108,689 678,783 356,683 224,371 80,190 — — $ 4,678,873 Other: Current $ 244,346 96,945 73,586 24,424 16,924 14,321 1,148,096 1,505 $ 1,620,147 30-89 2,937 404 472 255 101 5,712 1,908 434 12,223 Accruing 90 days or more — — — — — 3,302 — — 3,302 Nonaccrual 2,051 326 326 193 104 353 40,807 129 44,289 Total other $ 249,334 97,675 74,384 24,872 17,129 23,688 1,190,811 2,068 $ 1,679,961 Total loans and leases at December 31, 2021 $ 18,817,411 12,376,366 12,286,933 7,895,140 5,558,871 18,542,940 16,234,904 1,199,887 $ 92,912,452 The following tables 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 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 13,496 7,781 7,258 13,477 7,947 150,447 — — 200,406 Accruing 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 — — — — — 19,687 — — 19,687 Accruing 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 — — — — — 1,148 939 22,242 24,329 Accruing 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 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 9,548 11,255 8,519 6,638 2,938 8,263 — — 47,161 Accruing 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 6,461 14,140 12,542 12,899 6,373 3,083 — — 55,498 Accruing 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 1,879 1,130 577 2,301 42 557 10,594 481 17,561 Accruing 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 The Company’s reserve for off-balance sheet credit exposures was not material at December 31, 2021 and December 31, 2020. |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Premises and equipment | 6. Premises and equipment The detail of premises and equipment was as follows: December 31 2021 2020 (In thousands) Land $ 93,862 $ 94,929 Buildings 512,988 513,290 Leasehold improvements 304,825 302,246 Furniture and equipment — owned 880,153 807,701 Furniture and equipment — capital leases 115 8,630 1,791,943 1,726,796 Less: accumulated depreciation and amortization Owned assets 1,026,842 971,979 Capital leases 38 5,933 1,026,880 977,912 Right of use assets — operating leases 379,702 412,674 Premises and equipment, net $ 1,144,765 $ 1,161,558 The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements. The Company’s noncancelable operating lease agreements expire at various dates over the next 20 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a landlord's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense when incurred. The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Lease cost Operating lease cost $ 101,353 $ 104,158 $ 100,669 Short-term lease cost 111 198 105 Variable lease cost 4,103 1,565 2,332 Total lease cost $ 105,567 $ 105,921 $ 103,106 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 57,760 $ 70,754 $ 132,219 Cash paid toward lease liabilities 106,586 104,396 101,869 Weighted-average remaining lease term 6 years 7 years 7 years Weighted-average discount rate 2.51 % 2.74 % 3.01 % Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2022 $ 102,417 2023 86,467 2024 71,321 2025 56,413 2026 42,634 Later years 107,652 Total lease payments 466,904 Less: imputed interest 35,792 Total $ 431,112 All other operating leasing activities were not material to the Company’s consolidated results of operations. Minimum lease payments required under capital leases are not material. |
Capitalized servicing assets
Capitalized servicing assets | 12 Months Ended |
Dec. 31, 2021 | |
Transfers And Servicing [Abstract] | |
Capitalized servicing assets | 7. Capitalized servicing assets Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2021 2020 2019 2021 2020 2019 (In thousands) Beginning balance $ 231,204 $ 244,411 $ 120,509 $ 133,429 $ 130,636 $ 114,663 Originations 65,723 45,101 26,067 33,068 29,306 41,370 Purchases — — 144,326 — — — Amortization (55,874 ) (58,308 ) (46,491 ) (33,893 ) (26,513 ) (25,397 ) 241,053 231,204 244,411 132,604 133,429 130,636 Valuation allowance (24,000 ) (30,000 ) (7,000 ) — — — Ending balance, net $ 217,053 $ 201,204 $ 237,411 $ 132,604 $ 133,429 $ 130,636 Residential mortgage loans serviced for others were $23.2 billion at December 31, 2021, $26.3 billion at December 31, 2020 and $32.3 billion at December 31, 2019. Excluded from residential mortgage loans serviced for others were loans sub-serviced for others of $74.7 billion, $68.1 billion and $62.8 billion at December 31, 2021, 2020, and 2019, respectively. In January 2019, the Company purchased servicing rights for residential real estate loans that had outstanding principal balances at that date of approximately $13.3 billion. The purchase price of such servicing rights was approximately $144 million. Commercial mortgage loans serviced for others were $20.2 billion at December 31, 2021, $18.9 billion at December 31, 2020 and $17.6 billion at December 31, 2019. Excluded from commercial mortgage loans serviced for others were loans sub-serviced for others of $3.5 billion at December 31, 2021, $3.3 billion at December 31, 2020 and $3.4 billion at December 31, 2019. The estimated fair value of capitalized residential mortgage loan servicing assets was approximately $257 million at December 31, 2021 and $240 million at December 31, 2020. The fair value of capitalized residential mortgage loan servicing assets was estimated using weighted-average discount rates of 9.8% and 9.4% at December 31, 2021 and 2020, respectively, and contemporaneous prepayment assumptions that vary by loan type. At December 31, 2021 and 2020, the discount rate represented a weighted-average option-adjusted spread (“OAS”) of 894 basis points (hundredths of one percent) and 918 basis points, respectively, over market implied forward London Interbank Offered Rates (“LIBOR”). The estimated fair value of capitalized residential mortgage loan servicing rights may vary significantly in subsequent periods due to changing interest rates and the effect thereof on prepayment speeds. The estimated fair value of capitalized commercial mortgage loan servicing assets was approximately $ 160 million at each of December 31, 2021 and 2020 . An 18 % discount rate was used to estimate the fair value of capitalized commercial mortgage loan servicing rights at December 31, 2021 and 2020 with no prepayment assumptions because, in general, the servicing agreements allow the Company to share in customer loan prepayment fees and thereby recover the remaining carrying value of the capitalized servicing rights associated with such loan. The Company’s ability to realize the carrying value of capitalized commercial mortgage servicing rights is more dependent on the borrowers’ abilities to repay the underlying loans than on prepayments or changes in interest rates. The key economic assumptions used to determine the fair value of significant portfolios of capitalized servicing rights at December 31, 2021 and the sensitivity of such value to changes in those assumptions are summarized in the table that follows. Those calculated sensitivities are hypothetical and actual changes in the fair value of capitalized servicing rights may differ significantly from the amounts presented herein. The effect of a variation in a particular assumption on the fair value of the servicing rights is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities. The changes in assumptions are presumed to be instantaneous. Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 12.92 % Impact on fair value of 10% adverse change $ (13,587 ) Impact on fair value of 20% adverse change (26,047 ) Weighted-average OAS 8.94 % Impact on fair value of 10% adverse change $ (7,621 ) Impact on fair value of 20% adverse change (14,786 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ (6,892 ) Impact on fair value of 20% adverse change (13,306 ) |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | 8. Goodwill and other intangible assets The Company does not amortize goodwill, however, core deposit and other intangible assets are amortized over the estimated life of each respective asset. A summary of total amortizing intangible assets follows. Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2021 Core deposit $ 131,664 $ 127,746 $ 3,918 Other 6,757 6,677 80 Total $ 138,421 $ 134,423 $ 3,998 December 31, 2020 Core deposit $ 131,664 $ 119,125 $ 12,539 Other 6,757 5,131 1,626 Total $ 138,421 $ 124,256 $ 14,165 Amortization of core deposit and other intangible assets was generally computed using accelerated methods over original amortization periods of three to seven years. The weighted-average original amortization period was approximately seven years. Amortization expense for core deposit and other intangible assets was $10 million, $15 million and $19 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated amortization expense in 2022 for such intangible assets is $4 million. The Company completed annual goodwill impairment tests as of October 1, 2021, 2020 and 2019. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations, which has historically been the Company’s core relationship business reporting units. Goodwill was generally assigned based on the implied fair value of the acquired goodwill applicable to the benefited reporting units at the time of each respective acquisition. The implied fair value of the goodwill was determined as the difference between the estimated incremental overall fair value of the reporting unit and the estimated fair value of the net assets assigned to the reporting unit as of each respective acquisition date. To test for goodwill impairment at each evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. The methodologies used to estimate fair values of reporting units as of the acquisition dates and as of the evaluation dates were similar. For the Company’s core customer relationship business reporting units, fair value was estimated as the present value of the expected future cash flows of the reporting unit. Based on the results of the goodwill impairment tests, the Company concluded that the amount of recorded goodwill was not impaired at the respective testing dates. A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2021 and 2020 for purposes of testing for impairment is as follows: (In thousands) Business Banking $ 864,366 Commercial Banking 1,401,873 Commercial Real Estate 654,389 Discretionary Portfolio — Residential Mortgage Banking — Retail Banking 1,309,191 All Other 363,293 Total $ 4,593,112 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | 9. Borrowings The amounts and interest rates of short-term borrowings were as follows: Federal Funds Purchased and Repurchase Agreements Other Short-term Borrowings Total (Dollars in thousands) At December 31, 2021 Amount outstanding $ 47,046 $ — $ 47,046 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2021 Highest amount at a month-end $ 103,548 $ — Daily-average amount outstanding 68,073 — $ 68,073 Weighted-average interest rate 0.01 % — 0.01 % At December 31, 2020 Amount outstanding $ 59,482 $ — $ 59,482 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2020 Highest amount at a month-end $ 82,893 $ — Daily-average amount outstanding 61,551 — $ 61,551 Weighted-average interest rate 0.05 % — 0.05 % At December 31, 2019 Amount outstanding $ 62,363 $ — $ 62,363 Weighted-average interest rate 0.14 % — 0.14 % For the year ended December 31, 2019 Highest amount at a month-end $ 3,402,566 $ 5,000,000 Daily-average amount outstanding 260,322 799,068 $ 1,059,390 Weighted-average interest rate 1.86 % 2.49 % 2.34 % Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, short-term borrowings outstanding at December 31, 2021 matured on the next business day following year-end. At December 31, 2021, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 1,578 Unused 30,065,461 At December 31, 2021, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $16.2 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately $13.8 billion at December 31, 2021. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities. Long-term borrowings were as follows: December 31, 2021 2020 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,893 $ 249,824 3.55% due 2023 516,173 533,369 Senior notes of M&T Bank: Variable rate due 2021 — 349,992 Variable rate due 2022 249,961 249,858 2.50% due 2022 653,903 664,400 2.90% due 2025 749,740 749,656 Advances from FHLB: Fixed rates 1,578 1,683 Subordinated notes of M&T Bank: Variable rate due 2021 — 500,000 3.40% due 2027 522,867 552,194 Junior subordinated debentures of M&T associated with preferred capital securities: Fixed rates: BSB Capital Trust I — 8.125%, due 2028 15,775 15,752 Provident Trust I — 8.29%, due 2028 30,103 29,099 Southern Financial Statutory Trust I — 10.60%, due 2030 6,912 6,836 Variable rates: First Maryland Capital I — due 2027 148,945 148,409 First Maryland Capital II — due 2027 151,270 150,606 Allfirst Asset Trust — due 2029 97,220 97,075 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 57,547 56,641 Southern Financial Capital Trust III — due 2033 8,448 8,338 Other 9,570 2,997 $ 3,485,369 $ 4,382,193 The variable rate notes of M&T pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rates for those notes were .81% at December 31, 2021 and .90% at December 31, 2020. The variable rate senior notes of M&T Bank pay interest quarterly at rates that are indexed to the three-month LIBOR. The contractual interest rates for those notes ranged from .61 % to .81 % at December 31, 2021 and .49 % to .83 % at December 31, 2020. The weighted-average contractual interest rate was .71 % at December 31, 2021 and .63 % at December 31, 2020. Long-term fixed rate advances from the FHLB had weighted-average contractual interest rates of 5.82% at December 31, 2021 and December 31, 2020. Advances from the FHLB outstanding at December 31, 2021 mature in 2029 and 2035 and are secured by residential real estate loans, commercial real estate loans and investment securities. The subordinated notes of M&T Bank are unsecured and are subordinate to the claims of its other creditors. The notes that were repaid in 2021 paid interest monthly at a rate that was indexed to the three-month LIBOR. The contractual interest rate was .87% at December 31, 2020. The fixed and variable rate junior subordinated deferrable interest debentures of M&T (“Junior Subordinated Debentures”) are held by various trusts and 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 Capital Securities qualify for inclusion in Tier 2 regulatory capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from .98% to 3.47% at December 31, 2021 and from 1.06% to 3.59% at December 31, 2020. The weighted-average variable rates payable on those Junior Subordinated Debentures were 1.53% at December 31, 2021 and 1.65% at December 31, 2020. 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. Long-term borrowings at December 31, 2021 mature as follows: (In thousands) Year ending December 31: 2022 $ 903,864 2023 766,136 2024 9,500 2025 749,740 2026 — Later years 1,056,129 $ 3,485,369 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' equity | 10. 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 December 31, 2021 and 2020 is presented below: December 31, 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, $1,000 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 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% 2.679% 90 days |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers | 11. Revenue from contracts with customers 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 December 31, 2021 and 2020, the Company had $68 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 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 December 31, 2021 and 2020, the Company had deferred revenue of $45 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 2021, 2020, and 2019 that are subject to the revenue recognition guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 53,816 98,880 11,853 — — 232,279 5,285 $ 402,113 Trust income — — — — — — 644,716 644,716 Brokerage services income — — — — — — 62,791 62,791 Other revenues from operations: Merchant discount and credit card fees 52,343 55,164 2,661 — — 20,850 387 131,405 Other — 5,968 7,304 1,359 6,166 22,878 39,973 83,648 $ 106,159 160,012 21,818 1,359 6,166 276,007 753,152 $ 1,324,673 Year Ended December 31, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 50,119 92,720 10,252 — — 211,858 5,839 $ 370,788 Trust income 18 442 — — — — 601,424 601,884 Brokerage services income — — — — — — 47,428 47,428 Other revenues from operations: Merchant discount and credit card fees 40,475 45,528 2,221 — — 13,481 767 102,472 Other — 9,408 6,218 1,625 4,732 20,813 41,815 84,611 $ 90,612 148,098 18,691 1,625 4,732 246,152 697,273 $ 1,207,183 Year Ended December 31, 2019 Classification in consolidated statement of income Service charges on deposit accounts $ 60,690 93,044 9,828 — 4 263,659 5,753 $ 432,978 Trust income 31 963 — — — — 571,614 572,608 Brokerage services income — — — — — — 48,922 48,922 Other revenues from operations: Merchant discount and credit card fees 36,844 52,161 2,516 — — 12,140 3,381 107,042 Other — 7,498 8,615 1,776 3,492 36,144 34,088 91,613 $ 97,565 153,666 20,959 1,776 3,496 311,943 663,758 $ 1,253,163 Service charges on deposit accounts include fees deducted directly from customer account balances, such as account maintenance, insufficient funds and other transactional service charges, and also include debit card interchange revenue resulting from customer initiated transactions. Account maintenance charges are generally recognized as revenue on a monthly basis, whereas other fees are recognized after the respective service is provided. Trust income includes fees related to the Institutional Client Services (“ICS”) business and the Wealth Advisory Services (“WAS”) business. Revenues from the ICS business are largely derived from a variety of trustee, agency, investment, cash management and administrative services, whereas revenues from the WAS business are mainly derived from asset management, fiduciary services, and family office services. Trust fees may be billed in arrears or in advance and are recognized as revenues as the Company’s performance obligations are satisfied. Certain fees are based on a percentage of assets invested or under management and are recognized as the service is performed and constraints regarding the uncertainty of the amount of fees are resolved. Brokerage services income includes revenues from the sale of mutual funds and annuities and securities brokerage fees. Such revenues are generally recognized at the time of transaction execution. Mutual fund and other distribution fees are recognized upon initial placement of customer funds as well as in future periods as such customers continue to hold amounts in those mutual funds. Other revenues from operations include merchant discount and credit card fees that are generally recognized when the cardholder’s transaction is approved and settled. Also included in other revenues from operations are insurance commissions, ATM surcharge fees, and advisory fees. Insurance commissions are recognized at the time the insurance policy is executed with the customer. Insurance renewal commissions are recognized upon subsequent renewal of the policy. ATM surcharge fees are included in revenue at the time of the respective ATM transaction. Advisory fees are generally recognized at the conclusion of the advisory engagement when the Company has satisfied its service obligation. |
Stock-based compensation plans
Stock-based compensation plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based compensation plans | 12. Stock-based compensation plans Stock-based compensation expense was $85 million in 2021, $80 million in 2020 and $76 million in 2019. The Company recognized income tax benefits related to stock-based compensation of $16 million in 2021, $17 million in 2020 and $19 million in The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. At December 31, 2021 and 2020, respectively, there were 2,299,502 and 3,100,665 shares available for future grant under the Company’s equity incentive compensation plan. Stock awards Stock awards granted to employees are comprised of restricted stock and restricted stock units. Stock awards generally vest over three years. The Company may issue shares from treasury stock to the extent available or issue new shares. There were no restricted shares issued in 2021, 2020 or 2019. The number of restricted stock units issued was 636,956 in 2021, 480,949 in 2020 and 448,487 in 2019, with a weighted-average grant date fair value of $84 million, $81 million and $74 million, respectively. Unrecognized compensation expense associated with restricted stock units was $27 million as of December 31, 2021 and is expected to be recognized over a weighted-average period of approximately one year. A summary of restricted stock and restricted stock unit activity follows: Restricted Stock Units Outstanding Weighted- Average Grant Price Restricted Stock Outstanding Weighted- Average Grant Price Unvested at January 1, 2021 816,950 $ 169.60 13,550 $ 162.50 Granted 636,956 132.85 — — Vested (379,155 ) 170.80 (9,474 ) 162.57 Cancelled (36,059 ) 149.61 — — Unvested at December 31, 2021 1,038,692 $ 147.32 4,076 $ 162.35 Stock option awards Stock options granted to employees generally vest over three years and are exercisable over terms not exceeding ten years and one day. The Company granted 178,441, 187,088 and 164,244 stock options in 2021, 2020 and 2019, respectively. The weighted-average grant date fair value of options granted was $5 million in each of 2021, 2020 and 2019. The Company used an option pricing model to estimate the grant date present value of stock options granted. A summary of stock option activity follows: Weighted-Average Stock Options Outstanding Exercise Price Life (In Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2021 465,423 $ 174.11 Granted 178,441 132.47 Exercised (2,699 ) 113.06 Expired (5,301 ) 169.24 Outstanding at December 31, 2021 635,864 $ 162.73 7.8 $ 3,762 Exercisable at December 31, 2021 282,081 $ 177.02 6.9 $ — For 2021, 2020 and 2019, M&T received $305,000, $3 million and $9 million, respectively, in cash from the exercise of stock options. The intrinsic value of stock options exercised and the related tax benefits realized by the Company were not material in any of those three years. As of December 31, 2021, the amount of unrecognized compensation cost related to non-vested stock options was not material. The total grant date fair value of stock options vested during 2021, 2020 and 2019 was not material. Upon the exercise of stock options, the Company may issue shares from treasury stock to the extent available or issue new shares. Stock purchase plan The stock purchase plan provides eligible employees of the Company with the right to purchase shares of M&T common stock at a discount through accumulated payroll deductions. In connection with the employee stock purchase plan, shares of M&T common stock issued were 95,147 in 2021, 77,170 in 2020 and 71,676 in 2019. As of December 31, 2021, there were 2,138,434 shares available for issuance under the plan. M&T received cash for shares purchased through the employee stock purchase plan of $11 million in each of 2021 and 2019, and $12 million in 2020, Compensation expense recognized for the stock purchase plan was not material in 2021, 2020 or 2019. Deferred bonus plan The Company provided a deferred bonus plan pursuant to which eligible employees could elect to defer all or a portion of their annual incentive compensation awards and allocate such awards to several investment options, including M&T common stock. Participants could elect the timing of distributions from the plan. Such distributions are payable in cash with the exception of balances allocated to M&T common stock which are distributable in the form of M&T common stock. Shares of M&T common stock distributable pursuant to the terms of the deferred bonus plan were 13,319 and 14,304 at December 31, 2021 and 2020, respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. Directors’ stock compensation programs The Company maintains compensation programs for members of the Company’s boards of directors and its regional director advisory councils that provides for a portion of their compensation to be received in shares or restricted stock units. In 2021, 28,646 shares were issued under such programs. Through acquisitions, the Company assumed obligations to issue shares of M&T common stock related to deferred directors compensation plans. Shares of common stock issuable under such plans were 2,450 and 3,809 at December 31, 2021 and 2020, respectively. The obligation to issue shares is included in “common stock issuable” in the consolidated balance sheet. |
Pension plans and other postret
Pension plans and other postretirement benefits | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans and other postretirement benefits | 13. Pension plans and other postretirement benefits The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. The Company uses a December 31 measurement date for all of its plans. Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2021 2020 2019 (In thousands) Service cost $ 20,513 $ 19,944 $ 17,294 Interest cost on benefit obligation 61,873 71,421 81,579 Expected return on plan assets (143,448 ) (125,512 ) (122,139 ) Amortization of prior service cost 553 557 557 Recognized net actuarial loss 89,017 58,096 21,992 Net periodic pension cost (benefit) $ 28,508 $ 24,506 $ (717 ) Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2021 2020 2019 (In thousands) Service cost $ 1,014 $ 970 $ 859 Interest cost on benefit obligation 1,311 1,741 2,344 Amortization of prior service credit (4,738 ) (4,738 ) (4,730 ) Recognized net actuarial gain (1,295 ) (1,236 ) (1,247 ) Net other postretirement benefits $ (3,708 ) $ (3,263 ) $ (2,774 ) Service cost is reflected in salaries and employee benefits expense. The other components of net periodic benefit expense are reflected in other costs of operations. Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 2,521,292 $ 2,247,329 $ 55,281 $ 56,492 Service cost 20,513 19,944 1,014 970 Interest cost 61,873 71,421 1,311 1,741 Plan participants’ contributions — — 2,553 2,386 Actuarial (gain) loss (69,230 ) 288,944 (2,232 ) 2,371 Medicare Part D reimbursement — — 540 574 Benefits paid (114,235 ) (106,346 ) (6,621 ) (9,253 ) Benefit obligation at end of year 2,420,213 2,521,292 51,846 55,281 Change in plan assets: Fair value of plan assets at beginning of year 2,420,582 2,037,940 — — Actual return on plan assets 278,260 178,610 — — Employer contributions 11,231 310,378 3,528 6,293 Plan participants’ contributions — — 2,553 2,386 Medicare Part D reimbursement — — 540 574 Benefits paid (114,235 ) (106,346 ) (6,621 ) (9,253 ) Fair value of plan assets at end of year 2,595,838 2,420,582 — — Funded status $ 175,625 $ (100,710 ) $ (51,846 ) $ (55,281 ) Prepaid asset recognized in the consolidated balance sheet 332,197 64,670 — — Accrued liability recognized in the consolidated balance sheet (156,572 ) (165,380 ) (51,846 ) (55,281 ) Net accrued asset (liability) recognized in the consolidated balance sheet $ 175,625 $ (100,710 ) $ (51,846 ) $ (55,281 ) Amounts recognized in accumulated other comprehensive income (“AOCI”) were: Net loss (gain) $ 391,721 $ 684,780 $ (14,638 ) $ (13,701 ) Net prior service cost (credit) 724 1,277 (17,531 ) (22,269 ) Pre-tax adjustment to AOCI 392,445 686,057 (32,169 ) (35,970 ) Taxes (101,447 ) (178,375 ) 8,316 9,352 Net adjustment to AOCI $ 290,998 $ 507,682 $ (23,853 ) $ (26,618 ) The Company has an unfunded supplemental pension plan for certain key executives and others. The projected benefit obligation and accumulated benefit obligation included in the preceding data related to such plan were $157 million as of December 31, 2021 and $165 million as of December 31, 2020. The accumulated benefit obligation for all defined benefit pension plans was $2.4 billion and $2.5 billion at December 31, 2021 and 2020, respectively. GAAP requires an employer to recognize in its balance sheet as an asset or liability the overfunded or underfunded status of a defined benefit postretirement plan, measured as the difference between the fair value of plan assets and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit expense, are recognized as a component of other comprehensive income. Amortization of net gains and losses is included in annual net periodic benefit expense if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the benefit obligation or the market-related fair value of the plan assets. As indicated in the preceding table, as of December 31, 2021 the Company recorded a minimum liability adjustment of $360 million ($392 million related to pension plans and $(32) million related to other postretirement benefits) with a corresponding reduction of shareholders’ equity, net of applicable deferred taxes, of $267 million. In aggregate, the benefit plans realized a net gain during 2021 that resulted in a decrease to the minimum liability adjustment from that which was recorded at December 31, 2020 of $290 million. The net gain in 2021 was mainly the result of increasing the discount rate used to measure the benefit obligation of all plans to 2.75% at December 31, 2021 from 2.50% used at the prior year-end and a return on plan assets that exceeded the assumed expected return, offset, in part, by the amortization of actuarial losses. Pension Plans Other Postretirement Benefit Plans Total (In thousands) 2021 Net loss (gain) $ (204,042 ) $ (2,232 ) $ (206,274 ) Amortization of prior service (cost) credit (553 ) 4,738 4,185 Amortization of actuarial (loss) gain (89,017 ) 1,295 (87,722 ) Total recognized in other comprehensive income, pre-tax $ (293,612 ) $ 3,801 $ (289,811 ) 2020 Net loss (gain) $ 235,847 $ 2,371 $ 238,218 Amortization of prior service (cost) credit (557 ) 4,738 4,181 Amortization of actuarial (loss) gain (58,096 ) 1,236 (56,860 ) Total recognized in other comprehensive income, pre-tax $ 177,194 $ 8,345 $ 185,539 The Company also provides a qualified defined contribution pension plan to eligible employees who were not participants in the defined benefit pension plan as of December 31, 2005 and to other employees who have elected to participate in the defined contribution plan. The Company makes contributions to the defined contribution plan each year in an amount that is based on an individual participant’s total compensation (generally defined as total wages, incentive compensation, commissions and bonuses) and years of service. Company contributions to the plan are discretionary for participants for which eligibility occurred after January 1, 2020. Participants do not contribute to the defined contribution pension plan. Pension expense recorded in 2021, 2020 and 2019 associated with the defined contribution pension plan was $40 million, $35 million and $32 million, respectively. Assumptions The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Discount rate 2.75 % 2.50 % 2.75 % 2.50 % Rate of increase in future compensation levels 3.35 % 3.37 % — — The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate 2.50 % 3.25 % 4.25 % 2.50 % 3.25 % 4.25 % Long-term rate of return on plan assets 6.25 % 6.50 % 6.50 % — — — Rate of increase in future compensation levels 3.37 % 4.29 % 4.31 % — — — The discount rate used by the Company to determine the present value of the Company’s future benefit obligations reflects specific market yields for a hypothetical portfolio of highly rated corporate bonds that would produce cash flows similar to the Company’s benefit plan obligations and the level of market interest rates in general as of the year-end. The expected long-term rate of return assumption as of each measurement date was developed through analysis of historical market returns, current market conditions, anticipated future asset allocations, the funds’ past experience, and expectations on potential future market returns. The expected rate of return assumption represents a long-term average view of the performance of the plan assets, a return that may or may not be achieved during any one calendar year. The Company’s defined benefit pension plan is sensitive to the long-term rate of return on plan assets and the discount rate. To demonstrate the sensitivity of pension expense to changes in these assumptions, with all other assumptions held constant, 25 basis point increases in: the rate of return on plan assets would have resulted in a decrease in pension expense of approximately $6 million; and the discount rate would have resulted in a decrease in pension expense of approximately $11 million. Decreases of 25 basis points in those assumptions would have resulted in similar changes in amount, but in the opposite direction from the changes presented in the preceding sentence. Additionally, an increase of 25 basis points in the discount rate would have decreased the benefit obligation by $79 million and a decrease of 25 basis points in the discount rate would have increased the benefit obligation by $84 million at December 31, 2021. For measurement of other postretirement benefits, a 6.00% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2021. The rate was assumed to decrease to 5.00% over seven years. Plan assets The Company’s policy is to invest the pension plan assets in a prudent manner for the purpose of providing benefit payments to participants and mitigating reasonable expenses of administration. The Company’s investment strategy is designed to provide a total return that, over the long-term, places an emphasis on the preservation of capital. The strategy attempts to maximize investment returns on assets at a level of risk deemed appropriate by the Company while complying with applicable regulations and laws. The investment strategy utilizes asset diversification as a principal determinant for establishing an appropriate risk profile while emphasizing total return realized from capital appreciation, dividends and interest income. The target allocations for plan assets are generally 25 to 60 percent equity securities, 10 to 65 percent debt securities, and 5 to 60 percent money-market investments/cash equivalents and other investments, although holdings could be more or less than these general guidelines based on market conditions at the time and actions taken or recommended by the investment managers providing advice to the Company. Assets are managed by a combination of internal and external investment managers. Equity securities may include investments in domestic and international equities, through individual securities, mutual funds and exchange-traded funds. Debt securities may include investments in corporate bonds of companies from diversified industries, mortgage-backed securities guaranteed by government agencies and U.S. Treasury securities through individual securities and mutual funds. Additionally, the Company’s defined benefit pension plan held $537 million (21% of total assets) of real estate funds, private investments, hedge funds and other investments at December 31, 2021. Returns on invested assets are periodically compared with target market indices for each asset type to aid management in evaluating such returns. Furthermore, management regularly reviews the investment policy and may, if deemed appropriate, make changes to the target allocations noted above. The fair values of the Company’s pension plan assets at December 31, 2021 and 2020, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 82,751 $ 43,616 $ 39,135 $ — Equity securities: M&T 134,447 134,447 — — Domestic(a) 369,283 369,283 — — International(b) 14,835 14,835 — — Mutual funds: Domestic(a) 280,347 280,347 — — International(b) 461,304 461,304 — — 1,260,216 1,260,216 — — Debt securities: Corporate(c) 178,528 — 178,528 — Government 206,540 — 206,540 — International 12,933 — 12,933 — Mutual funds: Domestic(d) 315,424 315,424 — — 713,425 315,424 398,001 — Other: Diversified mutual fund 108,239 108,239 — — Real estate partnerships 16,620 5,264 — 11,356 Private equity / debt 151,550 — — 151,550 Hedge funds 250,691 74,599 — 176,092 Guaranteed deposit fund 10,041 — — 10,041 537,141 188,102 — 349,039 Total(e) $ 2,593,533 $ 1,807,358 $ 437,136 $ 349,039 Fair Value Measurement of Plan Assets At December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 65,263 $ 48,322 $ 16,941 $ — Equity securities: M&T 111,441 111,441 — — Domestic(a) 308,220 308,220 — — International(b) 13,648 13,648 — — Mutual funds: Domestic(a) 302,094 302,094 — — International(b) 422,601 422,601 — — 1,158,004 1,158,004 — — Debt securities: Corporate(c) 172,762 — 172,762 — Government 234,232 — 234,232 — International 6,413 — 6,413 — Mutual funds: Domestic(d) 302,635 302,635 — — 716,042 302,635 413,407 — Other: Diversified mutual fund 83,507 83,507 — — Real estate partnerships 26,847 3,616 — 23,231 Private equity / debt 97,124 — — 97,124 Hedge funds 261,417 108,516 — 152,901 Guaranteed deposit fund 10,498 — — 10,498 479,393 195,639 — 283,754 Total(e) $ 2,418,702 $ 1,704,600 $ 430,348 $ 283,754 (a) (b) (c) (d) (e) Pension plan assets included common stock of M&T with a fair value of $134 million (5% of total plan assets) at December 31, 2021 and $111 million (5% of total plan assets) at December 31, 2020. No investment in securities of a non-U.S. Government or government agency issuer exceeded ten percent of plan assets at December 31, 2021. The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2021 were as follows: Balance – January 1, 2021 Purchases (Sales) Total Realized/ Unrealized Gains (Losses) Balance – December 31, 2021 (In thousands) Other Real estate partnerships $ 23,231 $ (31,299 ) $ 19,424 $ 11,356 Private equity/debt 97,124 27,170 27,256 151,550 Hedge funds 152,901 (2,322 ) 25,513 176,092 Guaranteed deposit fund 10,498 — (457 ) 10,041 Total $ 283,754 $ (6,451 ) $ 71,736 $ 349,039 The Company makes contributions to its funded qualified defined benefit pension plan as required by government regulation or as deemed appropriate by management after considering factors such as the fair value of plan assets, expected returns on such assets, and the present value of benefit obligations of the plan. The Company made a voluntary contribution of $300 million to the qualified defined benefit pension plan in 2020. The Company is not required to make contributions to the qualified defined benefit plan in 2022, however, subject to the impact of actual events and circumstances that may occur in 2022, the Company may make contributions, but the amount of any such contributions has not been determined. The Company regularly funds the payment of benefit obligations for the supplemental defined benefit pension and postretirement benefit plans because such plans do not hold assets for investment. Payments made by the Company for supplemental pension benefits were $11 million and $10 million in 2021 and 2020, respectively. Payments made by the Company for postretirement benefits were $4 million and $6 million in 2021 and 2020, respectively. Payments for supplemental pension and other postretirement benefits for 2022 are not expected to differ from those made in 2021 by an amount that will be material to the Company’s consolidated financial position. Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Benefits Other Postretirement Benefits (In thousands) Year ending December 31: 2022 $ 110,113 $ 3,219 2023 114,022 3,112 2024 118,641 2,983 2025 121,602 2,829 2026 125,469 2,656 2027 through 2031 649,845 11,534 The Company has a retirement savings plan (“RSP”) that is a defined contribution plan in which eligible employees of the Company may defer up to 50% of qualified compensation via contributions to the plan. The RSP was amended in 2020 to increase the employer matching contribution to 100 % from 75 % in prior years and also to increase the employee's qualified compensation limits to 5 % from 4.5 %. Employees’ accounts, including employee contributions, employer matching contributions and accumulated earnings thereon, are at all times fully vested and nonforfeitable. Employee benefits expense resulting from the Company’s contributions to the RSP totaled $ 63 million, $ 62 million and $ 48 million in 2021 , 2020 and 2019 , respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 14. Income taxes The components of income tax expense were as follows: Year Ended December 31 2021 2020 2019 (In thousands) Current Federal $ 331,714 $ 267,550 $ 359,668 State and local 85,354 98,431 132,696 Total current 417,068 365,981 492,364 Deferred Federal 71,880 (22,894 ) 40,769 State and local 15,279 (8,397 ) 16,779 Total deferred 87,159 (31,291 ) 57,548 Amortization of investments in qualified affordable housing projects 92,176 81,679 68,200 Total income taxes applicable to pre-tax income $ 596,403 $ 416,369 $ 618,112 The Company files a consolidated federal income tax return reflecting taxable income earned by all domestic subsidiaries. In prior years, applicable federal tax law allowed certain financial institutions the option of deducting as bad debt expense for tax purposes amounts in excess of actual losses. In accordance with GAAP, such financial institutions were not required to provide deferred income taxes on such excess. Recapture of the excess tax bad debt reserve established under the previously allowed method will result in taxable income if M&T Bank fails to maintain bank status as defined in the Internal Revenue Code or charges are made to the reserve for other than bad debt losses. At December 31, 2021, M&T Bank’s tax bad debt reserve for which no federal income taxes have been provided was $137 million. No actions are planned that would cause this reserve to become wholly or partially taxable. Income taxes attributable to gains or losses on bank investment securities were a benefit of $5 million in 2021 and $2 million in 2020 compared with an expense of $5 million in 2019. Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2021 2020 2019 (In thousands) Income taxes at statutory federal income tax rate $ 515,581 $ 371,599 $ 534,925 Increase (decrease) in taxes: Tax-exempt income (20,605 ) (22,806 ) (27,319 ) State and local income taxes, net of federal income tax effect 101,046 71,127 118,085 Qualified affordable housing project tax credits, net (14,542 ) (14,826 ) (15,324 ) Other 14,923 11,275 7,745 $ 596,403 $ 416,369 $ 618,112 Deferred tax assets (liabilities) were comprised of the following at December 31: 2021 2020 2019 (In thousands) Losses on loans and other assets $ 395,784 $ 471,767 $ 309,523 Operating lease liabilities 110,023 121,216 128,178 Retirement benefits — 26,185 55,048 Postretirement and other employee benefits 31,760 28,004 24,023 Incentive and other compensation plans 24,713 18,984 26,861 Stock-based compensation 32,675 29,507 27,912 Other 52,351 66,763 69,863 Gross deferred tax assets 647,306 762,426 641,408 Right of use assets and other leasing transactions (249,209 ) (285,311 ) (326,626 ) Unrealized gains (27,066 ) (50,785 ) (13,322 ) Retirement benefits (45,402 ) — — Capitalized servicing rights (53,219 ) (50,235 ) (56,649 ) Depreciation and amortization (93,103 ) (95,684 ) (66,925 ) Interest on loans (6,690 ) (8,113 ) (23,552 ) Gains on cash flow hedges (22,820 ) (97,004 ) (36,845 ) Other (88,053 ) (62,581 ) (40,472 ) Gross deferred tax liabilities (585,562 ) (649,713 ) (564,391 ) Net deferred tax asset $ 61,744 $ 112,713 $ 77,017 The Company believes that it is more likely than not that the deferred tax assets will be realized through taxable earnings or alternative tax strategies. The income tax credits shown in the statement of income of M&T in note 26 arise principally from operating losses before dividends from subsidiaries. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, State and Local Tax Accrued Interest Unrecognized Income Tax Benefits (In thousands) Gross unrecognized tax benefits at January 1, 2019 $ 56,274 $ 6,629 $ 62,903 Increases as a result of tax positions taken during 2019 6,996 — 6,996 Increases as a result of tax positions taken in prior years 3,265 3,255 6,520 Decreases as a result of tax positions taken in prior years (7,566 ) (2,685 ) (10,251 ) Gross unrecognized tax benefits at December 31, 2019 58,969 7,199 66,168 Increases as a result of tax positions taken in prior years — 2,800 2,800 Decreases as a result of tax positions taken in prior years (10,107 ) (2,384 ) (12,491 ) Gross unrecognized tax benefits at December 31, 2020 48,862 7,615 56,477 Increases as a result of tax positions taken in prior years — 2,560 2,560 Decreases as a result of tax positions taken in prior years (11,351 ) (2,766 ) (14,117 ) Gross unrecognized tax benefits at December 31, 2021 $ 37,511 $ 7,409 44,920 Less: Federal, state and local income tax benefits (8,748 ) Net unrecognized tax benefits at December 31, 2021 that, if recognized, would impact the effective income tax rate $ 36,172 The Company’s policy is to recognize interest and penalties, if any, related to unrecognized tax benefits in income taxes in the consolidated statement of income. The balance of accrued interest at December 31, 2021 is included in the table above. The Company’s federal, state and local income tax returns are routinely subject to examinations from various governmental taxing authorities. Such examinations may result in challenges to the tax return treatment applied by the Company to specific transactions. Management believes that the assumptions and judgment used to record tax-related assets or liabilities have been appropriate. Should determinations rendered by tax authorities ultimately indicate that management’s assumptions were inappropriate, the result and adjustments required could have a material effect on the Company’s results of operations. Examinations by the Internal Revenue Service of the Company’s federal income tax returns have been largely concluded through 2020, although under statute the income tax returns from 2017 through 2020 could be adjusted. The Company also files income tax returns in over forty states and numerous local jurisdictions. Substantially all material state and local matters have been concluded for years through 2013. It is not reasonably possible to estimate when examinations for any subsequent years will be completed. |
Earnings per common share
Earnings per common share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per common share | 15. Earnings per common share The computations of basic earnings per common share follow: Year Ended December 31 2021 2020 2019 (In thousands, except per share) Income available to common shareholders: Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Less: Preferred stock dividends(a) (72,915 ) (68,228 ) (69,441 ) Net income available to common equity 1,785,831 1,284,924 1,859,708 Less: Income attributable to unvested stock-based compensation awards (8,854 ) (5,858 ) (10,199 ) Net income available to common shareholders $ 1,776,977 $ 1,279,066 $ 1,849,509 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 129,539 129,404 135,169 Less: Unvested stock-based compensation awards (890 ) (766 ) (741 ) Weighted-average shares outstanding 128,649 128,638 134,428 Basic earnings per common share $ 13.81 $ 9.94 $ 13.76 (a) The computations of diluted earnings per common share follow: Year Ended December 31 2021 2020 2019 (In thousands, except per share) Net income available to common equity $ 1,785,831 $ 1,284,924 $ 1,859,708 Less: Income attributable to unvested stock-based compensation awards (8,844 ) (5,856 ) (10,197 ) Net income available to common shareholders $ 1,776,987 $ 1,279,068 $ 1,849,511 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 129,539 129,404 135,169 Less: Unvested stock-based compensation awards (890 ) (766 ) (741 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 163 66 34 Adjusted weighted-average shares outstanding 128,812 128,704 134,462 Diluted earnings per common share $ 13.80 $ 9.94 $ 13.75 GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether Stock-based compensation awards and warrants to purchase common stock of M&T representing common shares of |
Comprehensive income
Comprehensive income | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Comprehensive income | 16. Comprehensive income The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other 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 (95,114 ) — — (95,114 ) 24,870 (70,244 ) Foreign currency translation adjustment — — (1,218 ) (1,218 ) 356 (862 ) Unrealized losses on cash flow hedges — — (32,292 ) (32,292 ) 8,410 (23,882 ) Current year benefit plans gains — 206,274 — 206,274 (54,016 ) 152,258 Total other comprehensive income (loss) before reclassifications (95,114 ) 206,274 (33,510 ) 77,650 (20,380 ) 57,270 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 4,427 — — 4,427 (a) (1,154 ) 3,273 Gains realized in net income (8 ) — — (8 ) (b) 2 (6 ) Accretion of net gain on terminated cash flow hedges — — (120 ) (120 ) (c) 32 (88 ) Net yield adjustment from cash flow hedges currently in effect — — (252,397 ) (252,397 ) (a) 65,741 (186,656 ) Amortization of prior service credit — (4,185 ) — (4,185 ) (d) 1,095 (3,090 ) Amortization of actuarial losses — 87,722 — 87,722 (d) (22,971 ) 64,751 Total other comprehensive income (loss) (90,695 ) 289,811 (286,027 ) (86,911 ) 22,365 (64,546 ) Balance — December 31, 2021 $ 104,691 $ (360,276 ) $ 83,531 $ (172,054 ) $ 44,476 $ (127,578 ) 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 141,081 — — 141,081 (36,498 ) 104,583 Foreign currency translation adjustment — — 2,724 2,724 (440 ) 2,284 Unrealized gains on cash flow hedges — — 505,042 505,042 (130,432 ) 374,610 Current year benefit plans losses — (238,218 ) — (238,218 ) 60,208 (178,010 ) Total other comprehensive income (loss) before reclassifications 141,081 (238,218 ) 507,766 410,629 (107,162 ) 303,467 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 3,606 — — 3,606 (a) (966 ) 2,640 Gains realized in net income (2 ) — — (2 ) (b) 1 (1 ) Accretion of net gain on terminated cash flow hedges — — (125 ) (125 ) (c) 34 (91 ) Net yield adjustment from cash flow hedges currently in effect — — (271,971 ) (271,971 ) (a) 70,239 (201,732 ) Amortization of prior service credit — (4,181 ) — (4,181 ) (d) 1,057 (3,124 ) Amortization of actuarial losses — 56,860 — 56,860 (d) (14,371 ) 42,489 Total other comprehensive income (loss) 144,685 (185,539 ) 235,670 194,816 (51,168 ) 143,648 Balance — December 31, 2020 $ 195,386 $ (650,087 ) $ 369,558 $ (85,143 ) $ 22,111 $ (63,032 ) Investment Defined Benefit Total Amount Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) $ (354,502 ) $ (14,719 ) $ (569,328 ) $ 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 247,411 — — 247,411 (65,009 ) 182,402 Foreign currency translation adjustment — — 1,381 1,381 (290 ) 1,091 Unrealized gains on cash flow hedges — — 160,373 160,373 (42,163 ) 118,210 Current year benefit plans losses — (126,618 ) — (126,618 ) 33,287 (93,331 ) Total other comprehensive income (loss) before reclassifications 247,411 (126,618 ) 161,754 282,547 (74,175 ) 208,372 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 3,394 — — 3,394 (a) (892 ) 2,502 Losses realized in net income 3 — — 3 (b) (1 ) 2 Accretion of net gain on terminated cash flow hedges — — (136 ) (136 ) (c) 36 (100 ) Net yield adjustment from cash flow hedges currently in effect — — (13,011 ) (13,011 ) (a) 3,421 (9,590 ) Amortization of prior service credit — (4,173 ) — (4,173 ) (d) 1,097 (3,076 ) Amortization of actuarial losses — 20,745 — 20,745 (d) (5,454 ) 15,291 Total other comprehensive income (loss) 250,808 (110,046 ) 148,607 289,369 (75,968 ) 213,401 Balance — December 31, 2019 $ 50,701 $ (464,548 ) $ 133,888 $ (279,959 ) $ 73,279 $ (206,680 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. Accumulated other comprehensive income (loss), net consisted of the following: Investment Securities Defined Benefit Plans Other Total (In thousands) Balance at January 1, 2019 $ (147,526 ) $ (261,303 ) $ (11,252 ) $ (420,081 ) Net gain (loss) during 2019 184,906 (81,116 ) 109,611 213,401 Balance at December 31, 2019 37,380 (342,419 ) 98,359 (206,680 ) Net gain (loss) during 2020 107,222 (138,645 ) 175,071 143,648 Balance at December 31, 2020 144,602 (481,064 ) 273,430 (63,032 ) Net gain (loss) during 2021 (66,977 ) 213,919 (211,488 ) (64,546 ) Balance at December 31, 2021 $ 77,625 $ (267,145 ) $ 61,942 $ (127,578 ) |
Other income and other expense
Other income and other expense | 12 Months Ended |
Dec. 31, 2021 | |
Other Income And Expenses [Abstract] | |
Other income and other expense | 17. Other income and other expense The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2021 2020 2019 (In thousands) Other income: Credit-related fee income $ 90,816 $ 70,387 $ 86,792 Credit card interchange fee income 69,963 Merchant discount fee income 61,442 Other expense: Professional services 348,360 240,047 330,900 Amortization of capitalized mortgage servicing rights 89,767 84,821 71,888 |
International activities
International activities | 12 Months Ended |
Dec. 31, 2021 | |
International Activities [Abstract] | |
International Activities | 18. International activities The Company engages in limited international activities including certain trust-related services in Europe, collecting Eurodollar deposits, engaging in foreign currency transactions associated with customer activity, providing credit to support the international activities of domestic companies and holding certain loans to foreign borrowers. Assets and revenues associated with international activities represent less than 1% of the Company’s consolidated assets and revenues. International assets included $197 million and $170 million of loans to foreign borrowers at December 31, 2021 and 2020, respectively. Deposits in the Company’s office in the Cayman Islands aggregated $652 million at December 31, 2020. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 19. 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 December 31, 2021. The net effect of interest rate swap agreements was to increase net interest income by $287 million 2021 and $312 million in 2020 , and to decrease net interest income by $2 million in 2019. 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 December 31, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.3 2.86 % 0.74 % $ 41 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 21,700,000 0.6 1.24 % 0.09 % (248 ) Total $ 23,350,000 0.7 $ (207 ) 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) C ertain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at December 31, 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 $43.5 million and $101.5 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $88.2 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) Includes notional amount and terms of $8.4 billion of forward-starting interest rate swap agreements that become effective in 2022. (d) Includes notional amount and terms of $32.1 billion of forward-starting interest rate swap agreement that become effective in 2021-2022 . The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2021 mature as follows: (In thousands) Year ending December 31: 2022 $ 16,500,000 2023 6,350,000 2027 500,000 $ 23,350,000 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 $ 32.6 billion and $ 37.8 billion at December 31, 2021 and 2020 , respectively. The notional amounts of foreign currency and other option and futures contracts entered into for trading account purposes aggregated $ 1.1 billion and $ 776 million at December 31, 2021 and 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 December 31, December 31, December 31, December 31, 2021 2020 2021 2020 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 258 $ 1,968 $ 465 $ 892 Commitments to sell real estate loans (a) 4,044 1,488 548 8,458 4,302 3,456 1,013 9,350 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,728 43,599 5,288 365 Commitments to sell real estate loans (a) 8,137 2,409 4,108 13,868 Trading: Interest rate contracts (b) 410,056 1,008,913 76,278 105,768 Foreign 8,230 9,608 7,156 11,134 438,151 1,064,529 92,830 131,135 Total derivatives $ 442,453 $ 1,067,985 $ 93,843 $ 140,485 (a) (b) Amount of Gain (Loss) Recognized Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (58,599 ) $ 57,716 $ 57,611 $ (57,686 ) $ 95,006 $ (94,742 ) Derivatives not designated as hedging Trading: Interest rate contracts (b) $ (11,268 ) $ 6,344 $ 24,701 Foreign exchange and other option and futures contracts (b) 9,064 7,363 8,511 Total $ (2,204 ) $ 13,707 $ 33,212 (a) (b) Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 1,692,943 $ 1,750,048 $ 43,610 $ 101,326 The amount of interest income recognized in the consolidated statement of income associated with derivatives designated as cash flow hedges was $252 million and $272 million for 2021 and 2020, respectively. As of December 31, 2021, the unrealized gain recognized in other comprehensive income related to cash flow hedges was $88 million, of which $65 million 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 $24 million and $64 million at December 31, 2021 and 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, which are subject to enforceable master netting arrangements, was $35 million and $114 million at December 31, 2021 and 2020, respectively. The Company was required to post collateral relating to those positions of $33 million and $103 million at December 31, 2021 and 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 ratings 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 December 31, 2021 was not material. The aggregate fair value of derivative financial instruments in an asset position with counterparties, which are subject to enforceable master netting arrangements, was $7 million and $3 million at December 31, 2021 and 2020, respectively. Counterparties posted collateral relating to those positions of $6 million and $3 million at December 31, 2021 and 2020, respectively. Trading account interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions. In addition to the derivative contracts noted above, the Company clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $132 million and $135 million at December 31, 2021 and 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. In conjunction with changes made by the clearinghouse to prepare for reference rate reform, the Company changed the discount rate index used to value interest rate swaps from the Federal Funds Overnight Index swap rate to the Secured Overnight Financial Rate in October 2020. The change did not have a material impact on the Company's consolidated financial statements. |
Variable interest entities and
Variable interest entities and asset securitizations | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Variable interest entities and asset securitizations | 20. 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 that are then retained by the Company. The amounts of those securitizations in 2021, 2020 and 2019 are presented in the Company’s consolidated statement of cash flows. The Company has not recognized any losses as a result of having securitized assets. As described in note 9, 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 December 31, 2021 and 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 9. The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $3.0 billion at December 31, 2021 and $2.3 billion at December 31, 2020. Those partnerships generally construct or acquire properties for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company’s carrying amount of its investments in such partnerships was $933 million, including $361 million of unfunded commitments, at December 31, 2021 and $861 million, including $406 million of unfunded commitments, at December 31, 2020. Contingent commitments to provide additional capital contributions to these partnerships were not material at December 31, 2021. The Company has not provided financial or other support to the partnerships that was not contractually required. The Company’s maximum exposure to loss from its investments in such partnerships as of December 31, 2021 was $1.2 billion, including possible recapture of certain tax credits. Management currently estimates that no material losses are probable as a result of the Company’s involvement with such entities. The Company, in its position as limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, in accordance with the accounting provisions for variable interest entities, the partnership entities are not included in the Company’s consolidated financial statements. The Company’s investment in qualified affordable housing projects is amortized to income taxes in the consolidated statement of income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 21. 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 December 31, 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 include interest rate contracts and foreign exchange contracts with customers who require such services with offsetting positions with third parties to minimize the Company’s risk with respect to such transactions. The Company generally determines the fair value of its derivative trading account assets and liabilities using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. Mutual funds held in connection with deferred compensation and other arrangements have been classified as Level 1 valuations. Valuations of investments in municipal and other bonds can generally be obtained through reference to quoted prices in less active markets for the same or similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Investment securities available for sale and equity securities The majority of the Company’s available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. Certain investments in mutual funds and equity securities are actively traded and, therefore, have been classified as Level 1 valuations. Real estate loans held for sale The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. The carrying value of hedged real estate loans held for sale includes changes in estimated fair value during the hedge period. Typically, the Company attempts to hedge real estate loans held for sale from the date of close through the sale date. The fair value of hedged real estate loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans with similar characteristics and, accordingly, such loans have been classified as a Level 2 valuation. Commitments to originate real estate loans for sale and commitments to sell real estate loans The Company enters into various commitments to originate real estate loans for sale and commitments to sell real estate loans. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value on the consolidated balance sheet. The estimated fair values of such commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government-sponsored entities and other parties. The fair valuations of commitments to sell real estate loans generally result in a Level 2 classification. The estimated fair value of commitments to originate real estate loans for sale is adjusted to reflect the Company’s anticipated commitment expirations. The estimated commitment expirations are considered significant unobservable inputs contributing to the Level 3 classification of commitments to originate real estate loans for sale. Significant unobservable inputs used in the determination of estimated fair value of commitments to originate real estate loans for sale are included in the accompanying table of significant unobservable inputs to Level 3 measurements. Interest rate swap agreements used for interest rate risk management The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of its portfolios of earning assets and interest-bearing liabilities. The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and, therefore, classifies such valuations as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap agreement assets and has considered its own credit risk in the valuation of its interest rate swap agreement liabilities . The following tables present assets and liabilities at December 31, 2021 and 2020 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) December 31, 2021 Trading account assets $ 468,031 $ 49,545 $ 418,486 $ — Investment securities available for sale: U.S. Treasury and federal agencies 678,690 — 678,690 — Mortgage-backed securities: Government issued or guaranteed 3,155,312 — 3,155,312 — Other debt securities 121,802 — 121,802 — 3,955,804 — 3,955,804 — Equity securities 77,640 68,850 8,790 — Real estate loans held for sale 899,282 — 899,282 — Other assets (a) 24,167 — 12,439 11,728 Total assets $ 5,424,924 $ 118,395 $ 5,294,801 $ 11,728 Trading account liabilities $ 83,434 $ — $ 83,434 $ — Other liabilities (a) 10,409 — 5,121 5,288 Total liabilities $ 93,843 $ — $ 88,555 $ 5,288 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) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2021, 2020 and 2019 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets (In thousands) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 126,223 (a) Settlements (16 ) — Transfers out of Level 3 — (163,017 ) (b) Balance — December 31, 2021 $ — $ 6,440 Changes in unrealized gains included in earnings related to assets still held at December 31, 2021 $ — $ 8,619 (a) 2020 Balance — January 1, 2020 $ 16 $ 10,740 Total gains realized/unrealized: Included in earnings — 194,469 (a) Transfers out of Level 3 — (161,975 ) (b) Balance — December 31, 2020 $ 16 $ 43,234 Changes in unrealized gains included in earnings related to assets still held at December 31, 2020 $ — $ 42,597 (a) 2019 Balance — January 1, 2019 $ 22 $ 7,712 Total gains realized/unrealized: Included in earnings — 129,398 (a) Settlements (6 ) — Transfers out of Level 3 — (126,370 ) (b) Balance — December 31, 2019 $ 16 $ 10,740 Changes in unrealized gains included in earnings related to assets still held at December 31, 2019 $ — $ 11,146 (a) (a) (b) The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow. Loans Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the 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 generally been classified as Level 2, unless significant adjustments have been made to the valuation that are not readily observable by market participants. Non-real estate collateral supporting commercial loans generally consists of business assets such as receivables, inventory and equipment. Fair value estimations are typically determined by discounting recorded values of those assets to reflect estimated net realizable value considering specific borrower facts and circumstances and the experience of credit personnel in their dealings with similar borrower collateral liquidations. Such discounts were generally in the range of 15 % to 90 % with a weighted-average of 31% at December 31, 2021 . As these discounts are not readily observable and are considered significant, the valuations have been classified as Level 3. Automobile collateral is typically valued by reference to independent pricing sources based on recent sales transactions of similar vehicles, and the related non-recurring fair value measurement adjustments have been classified as Level 2. Collateral values for other consumer installment loans are generally estimated based on historical recovery rates for similar types of loans, which at December 31, 2021 was 66 %. As these recovery rates are not readily observable by market participants, such valuation adjustments have been classified as Level 3. Loans subject to nonrecurring fair value measurement were $574 million at December 31, 2021 ( $340 million and $234 million of which were classified as Level 2 and Level 3, respectively), $ 652 million at December 31, 2020 ($ 339 million and $ 313 million of which were classified as Level 2 and Level 3, respectively), and $ 305 million at December 31, 2019 ($ 115 million and $ 190 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized during the years ended December 31, 2021 , 2020 and 2019 for partial charge-offs of loans and loan impairment reserves on loans held by the Company at the end of each of those years were decreases of $53 million, $ 222 million and $ 110 million, respectively. Assets taken in foreclosure of defaulted loans Assets taken in foreclosure of defaulted loans are primarily comprised of commercial and residential real property and are generally measured at the lower of cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 2. Assets taken in foreclosure of defaulted loans subject to nonrecurring fair value measurement were $3 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 $ 138 million and $ 159 million at December 31, 2021 and December 31, 2020, respectively, required a valuation allowance of $ 24 million and $ 30 million, respectively. Significant unobservable inputs used in this Level 3 valuation included weighted-average prepayment speeds of 14.64% and 16.01% at December 31, 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 a decrease in the valuation allowance of $ 6 million in 2021 and an increase in the valuation allowance of $ 23 million and $7 million in 2020 and 2019, respectively. Significant unobservable inputs to level 3 measurements The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2021 and 2020: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In December 31, 2021 Recurring fair value measurements Net other assets (liabilities) (a) 6,440 Discounted cash flow Commitment expirations 0% - 80% (10%) 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) Sensitivity of fair value measurements to changes in unobservable inputs An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing. Disclosures of fair value of financial instruments The carrying amounts and estimated fair value for financial instrument assets (liabilities) are presented in the following tables: December 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,337,577 1,337,577 1,205,269 132,308 — Interest-bearing deposits at banks 41,872,304 41,872,304 — 41,872,304 — Trading account assets 468,031 468,031 49,545 418,486 — Investment securities 7,155,860 7,192,476 68,850 7,066,293 57,333 Loans and leases: Commercial loans and leases 23,473,324 23,285,224 — — 23,285,224 Commercial real estate loans 35,389,730 34,730,191 — 425,010 34,305,181 Residential real estate loans 16,074,445 16,160,799 — 4,524,018 11,636,781 Consumer loans 17,974,953 18,121,363 — — 18,121,363 Allowance for credit losses (1,469,226 ) — — — — Loans and leases, net 91,443,226 92,297,577 — 4,949,028 87,348,549 Accrued interest receivable 335,162 335,162 — 335,162 — Financial liabilities: Noninterest-bearing deposits $ (60,131,480 ) (60,131,480 ) — (60,131,480 ) — Savings and interest-checking deposits (68,603,966 ) (68,603,966 ) — (68,603,966 ) — Time deposits (2,807,963 ) (2,810,143 ) — (2,810,143 ) — Short-term borrowings (47,046 ) (47,046 ) — (47,046 ) — Long-term borrowings (3,485,369 ) (3,562,223 ) — (3,562,223 ) — Accrued interest payable (40,866 ) (40,866 ) — (40,866 ) — Trading account liabilities (83,434 ) (83,434 ) — (83,434 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 6,440 6,440 — — 6,440 Commitments to sell real estate loans 7,525 7,525 — 7,525 — Other credit-related commitments (123,032 ) (123,032 ) — — (123,032 ) Interest rate swap agreements used for interest rate risk management (207 ) (207 ) — (207 ) — 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 (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 (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, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 22. 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. December 31, December 31, 2021 2020 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,693,045 $ 5,563,854 Commercial real estate loans to be sold 324,943 363,735 Other commercial real estate 4,998,631 7,237,367 Residential real estate loans to be sold 233,257 1,026,118 Other residential real estate 924,211 665,259 Commercial and other 22,145,057 19,427,886 Standby letters of credit 2,151,595 2,241,417 Commercial letters of credit 31,981 27,332 Financial guarantees and indemnification contracts 4,211,797 4,220,531 Commitments to sell real estate loans 1,367,523 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 presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $10.8 billion and $10.4 billion at December 31, 2021 and 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 predominantly comprised of recourse obligations associated with sold loans and other guarantees and commitments. 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 $4.0 billion at both December 31, 2021 and 2020. At December 31, 2021, the Company estimated that the recourse obligations described above were not material to the Company’s consolidated financial position. There have been no material losses incurred as a result of those credit recourse arrangements. 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 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. 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 December 31, 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 other matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability, was between $0 and $25 million at December 31, 2021. Although the Company does not believe that the outcome of pending litigations will be material to the Company’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment information | 23. 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 1 with certain exceptions. The more significant of these exceptions are described herein. The Company allocates interest income or interest expense using a methodology that charges users of funds (assets) interest expense and credits providers of funds (liabilities) with income based on the maturity, prepayment and/or repricing characteristics of the assets and liabilities. A provision for credit losses is allocated to segments in an amount based largely on actual net charge-offs incurred by the segment during the period plus or minus an amount necessary to adjust the segment’s allowance for credit losses due to changes in loan balances. In contrast, the level of the consolidated provision for credit losses is determined using the methodologies described in notes 1 and 5. The net effects of these allocations are recorded in the “All Other” category. Indirect fixed and variable expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expenses and bankwide expense accruals (including amortization of core deposit and other intangible assets associated with acquisitions of financial institutions) are generally not allocated to segments. Income taxes are allocated to segments based on the Company’s marginal statutory tax rate adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk). The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2021, 2020 and 2019 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net interest income(a) $ 518,940 $ 462,614 $ 451,307 $ 854,264 $ 864,149 $ 828,888 $ 643,415 $ 673,894 $ 692,526 $ 483,624 $ 486,831 $ 209,807 Noninterest income 123,854 103,837 113,855 302,974 276,791 289,558 218,189 208,367 214,970 (38,638 ) (1,735 ) 26,919 642,794 566,451 565,162 1,157,238 1,140,940 1,118,446 861,604 882,261 907,496 444,986 485,096 236,726 Provision for credit losses 10,928 25,928 16,501 101,060 73,099 25,580 67,405 107,210 1,537 3,622 1,508 3,608 Amortization of core deposit and other intangible assets — — — — — — 1,060 1,060 1,060 — — — Depreciation and other amortization 1,106 1,482 2,066 2,362 2,421 2,353 35,623 28,187 26,963 194 285 279 Other noninterest expense 341,751 322,868 317,482 384,505 375,769 382,214 276,791 256,428 239,333 64,122 54,339 52,885 Income (loss) before taxes 289,009 216,173 229,113 669,311 689,651 708,299 480,725 489,376 638,603 377,048 428,964 179,954 Income tax expense (benefit) 75,545 56,953 60,617 175,588 181,179 187,835 108,399 107,548 152,977 88,282 101,673 36,342 Net income (loss) $ 213,464 $ 159,220 $ 168,496 $ 493,723 $ 508,472 $ 520,464 $ 372,326 $ 381,828 $ 485,626 $ 288,766 $ 327,291 $ 143,612 Average total assets (in millions) $ 8,007 $ 8,152 $ 5,793 $ 28,559 $ 30,338 $ 28,142 $ 25,628 $ 25,792 $ 23,921 $ 22,262 $ 27,726 $ 29,081 Capital expenditures (in millions) $ 1 $ — $ 1 $ 1 $ — $ 2 $ — $ — $ — $ — $ — $ — For the Years Ended December 31, 2021, 2020 and 2019 Residential Mortgage Banking Retail Banking All Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net interest income(a) $ 92,706 $ 52,712 $ 20,008 $ 1,125,953 $ 1,204,309 $ 1,389,788 $ 105,876 $ 121,808 $ 537,940 $ 3,824,778 $ 3,866,317 $ 4,130,264 Noninterest income 523,765 515,549 393,372 290,610 260,163 327,562 746,240 725,472 695,443 2,166,994 2,088,444 2,061,679 616,471 568,261 413,380 1,416,563 1,464,472 1,717,350 852,116 847,280 1,233,383 5,991,772 5,954,761 6,191,943 Provision for credit losses (562 ) 1,785 382 55,692 108,268 122,135 (313,145 ) 482,202 6,257 (75,000 ) 800,000 176,000 Amortization of core deposit and other intangible assets — — — — — — 9,107 13,809 18,430 10,167 14,869 19,490 Depreciation and other amortization 57,716 60,129 48,248 93,159 95,936 93,312 123,881 116,979 108,604 314,041 305,419 281,825 Other noninterest expense 332,491 332,028 273,067 804,762 764,262 784,718 1,082,993 959,258 1,117,668 3,287,415 3,064,952 3,167,367 Income (loss) before taxes 226,826 174,319 91,683 462,950 496,006 717,185 (50,720 ) (724,968 ) (17,576 ) 2,455,149 1,769,521 2,547,261 Income tax expense (benefit) 53,866 40,667 19,355 121,464 130,745 189,611 (26,741 ) (202,396 ) (28,625 ) 596,403 416,369 618,112 Net income (loss) $ 172,960 $ 133,652 $ 72,328 $ 341,486 $ 365,261 $ 527,574 $ (23,979 ) $ (522,572 ) $ 11,049 $ 1,858,746 $ 1,353,152 $ 1,929,149 Average total assets (in millions) $ 6,463 $ 4,038 $ 2,611 $ 17,897 $ 16,438 $ 15,083 $ 43,853 $ 22,996 $ 14,953 $ 152,669 $ 135,480 $ 119,584 Capital expenditures (in millions) $ 1 $ — $ 1 $ 53 $ 34 $ 76 $ 93 $ 138 $ 98 $ 149 $ 172 $ 178 (a) The Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals through the Company’s banking office network and several other delivery channels, including business banking centers, telephone banking, Internet banking and automated teller machines. The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets the Company serves. Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services. The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers. Activities of this segment include the origination, sales and servicing of commercial real estate loans. Commercial real estate loans held for sale are included in the Commercial Real Estate Segment. The Discretionary Portfolio segment includes securities; residential real estate loans and other assets; short-term and long-term borrowed funds; brokered deposits; and Cayman Islands branch deposits. This segment also provides foreign exchange services to customers. The Residential Mortgage Banking segment originates and services residential real estate loans for consumers and sells substantially all originated loans in the secondary market to investors or to the Discretionary Portfolio segment. The segment periodically purchases servicing rights to loans that have been originated by other entities. Residential real estate loans held for sale are included in the Residential Mortgage Banking segment. The Retail Banking segment offers a variety of services to consumers through several delivery channels that include banking offices, automated teller machines, and telephone, mobile and Internet banking. The “All Other” category includes other operating activities of the Company that are not directly attributable to the reported segments; the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions; merger-related gains and expenses resulting from acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain nonrecurring transactions; the residual effects of unallocated support systems and general and administrative expenses; and the impact of interest rate risk management strategies. The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2021 2020 2019 (In thousands) Revenues $ (55,556 ) $ (47,604 ) $ (48,559 ) Expenses (13,599 ) (14,038 ) (18,218 ) Income taxes (10,846 ) (8,824 ) (7,976 ) Net income (31,111 ) (24,742 ) (22,365 ) The Company conducts substantially all of its operations in the United States. There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues. |
Regulatory matters
Regulatory matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory matters | 24. Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations. Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years. For purposes of this test, at December 31, 2021, approximately $1.6 billion was available for payment of dividends to M&T from banking subsidiaries. M&T may pay dividends and repurchase stock only in accordance with a capital plan that the Federal Reserve Board has not objected to. Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets. Securities of affiliates are not eligible as collateral for this purpose. M&T and its subsidiary banks are required to comply with applicable capital adequacy regulations established by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company’s financial statements. Pursuant to the rules in effect as of December 31, 2021, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized M&T (Consolidated) Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % Tier 1 capital to risk-weighted assets 6.0 % 6.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % Well Minimum Capitalized Bank Subsidiaries CET1 to risk-weighted assets 4.5 % 6.5 % Tier 1 capital to risk-weighted assets 6.0 % 8.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % In addition, pursuant to capital regulations M&T and its bank subsidiaries are each currently required to maintain a capital buffer of 2.5% composed entirely of CET1 on top of the minimum risk-weighted asset ratios. The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2021 and 2020 are presented below: M&T (Consolidated) M&T Bank Wilmington Trust, N.A. (Dollars in thousands) December 31, 2021: CET1 capital Amount $ 11,844,833 $ 12,378,354 $ 779,521 Ratio(a) 11.42 % 11.98 % 31.22 % Tier 1 capital Amount 13,594,782 12,378,354 779,521 Ratio(a) 13.11 % 11.98 % 31.22 % Total capital Amount 15,902,833 14,170,434 780,791 Ratio(a) 15.33 % 13.71 % 31.27 % Leverage Amount 13,594,782 12,378,354 779,521 Ratio(b) 8.87 % 8.11 % 6.23 % December 31, 2020: CET1 capital Amount $ 10,623,368 $ 11,550,462 $ 630,574 Ratio(a) 10.00 % 10.90 % 46.57 % Tier 1 capital Amount 11,873,317 11,550,462 630,574 Ratio(a) 11.17 % 10.90 % 46.57 % Total capital Amount 14,207,937 13,373,416 632,506 Ratio(a) 13.37 % 12.62 % 46.72 % Leverage Amount 11,873,317 11,550,462 630,574 Ratio(b) 8.48 % 8.27 % 10.73 % (a) (b) |
Relationship with Bayview Lendi
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. | 25. 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 at December 31, 2021 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $30 million in 2021, $53 million in 2020 and $37 million in 2019. Bayview Financial Holdings, L.P. (together with its affiliates, “Bayview Financial”), a privately-held specialty financial 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 $ 1.6 billion and $ 1.9 billion at December 31, 2021 and 2020 , respectively. Revenues from those servicing rights were $ 9 million, $ 10 million and $ 12 million during 2021 , 2020 and 2019 , respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $ 74.7 billion and $ 68.1 billion at December 31, 2021 and 2020 , respectively. Revenues earned for sub-servicing loans for Bayview Financial were $ 153 million, $ 129 million and $ 125 million in 2021 , 2020 and 2019 , respectively. In addition, the Company held $ 62 million and $ 77 million of mortgage-backed securities in its held-to-maturity portfolio at December 31, 2021 and 2020 , respectively, that were securitized by Bayview Financial. At December 31, 2021, the Company held $ 210 million of Bayview Financial’s $ 1.4 billion syndicated loan facility. In early 2021 the Company purchased $ 965 million of delinquent FHA guaranteed mortgage loans, including past due accrued interest, from Bayview Financial for $ 1.0 billion. The servicing rights for such loans were retained by Bayview Financial, but the Company continues to sub-service the loans |
Parent company financial statem
Parent company financial statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent company financial statements | 26. Parent company financial statements Condensed Balance Sheet December 31 2021 2020 (In thousands) Assets Cash in subsidiary bank $ 92,836 $ 100,593 Due from consolidated bank subsidiaries Money-market savings 1,335,857 699,476 Current income tax receivable 754 — Total due from consolidated bank subsidiaries 1,336,611 699,476 Investments in consolidated subsidiaries Banks 17,533,772 16,554,287 Other 220,496 125,988 Investments in trust preferred entities (note 20) 22,672 22,846 Other assets 98,010 92,170 Total assets $ 19,304,397 $ 17,595,360 Liabilities Accrued expenses and other liabilities $ 103,242 $ 96,664 Long-term borrowings 1,297,750 1,311,413 Total liabilities 1,400,992 1,408,077 Shareholders’ equity 17,903,405 16,187,283 Total liabilities and shareholders’ equity $ 19,304,397 $ 17,595,360 Condensed Statement of Income Year Ended December 31 2021 2020 2019 (In thousands, except per share) Income Dividends from consolidated subsidiaries $ 1,025,000 $ 708,500 $ 2,025,000 Income from Bayview Lending Group LLC 30,000 52,940 36,740 Other income 2,530 5,110 7,216 Total income 1,057,530 766,550 2,068,956 Expense Interest on long-term borrowings 24,073 31,924 51,938 Other expense 35,406 33,704 25,236 Total expense 59,479 65,628 77,174 Income before income taxes and equity in undistributed income of subsidiaries 998,051 700,922 1,991,782 Income tax credits 6,052 1,984 8,313 Income before equity in undistributed income of subsidiaries 1,004,103 702,906 2,000,095 Equity in undistributed income of subsidiaries Net income of subsidiaries 1,879,643 1,358,746 1,954,054 Less: dividends received (1,025,000 ) (708,500 ) (2,025,000 ) Equity in undistributed income of subsidiaries 854,643 650,246 (70,946 ) Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Net income per common share Basic $ 13.81 $ 9.94 $ 13.76 Diluted 13.80 9.94 13.75 Condensed Statement of Cash Flows Year Ended December 31 2021 2020 2019 (In thousands) Cash flows from operating activities Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (854,643 ) (650,246 ) 70,946 Provision for deferred income taxes 10,356 1,079 5,263 Net change in accrued income and expense (23,047 ) (24,206 ) (34,525 ) Net cash provided by operating activities 991,412 679,779 1,970,833 Cash flows from investing activities Proceeds from sales or maturities of investment securities — — 100 Net investment in consolidated subsidiaries (199,000 ) 125,654 — Other, net (2,777 ) 50,396 51,235 Net cash provided (used) by investing activities (201,777 ) 176,050 51,335 Cash flows from financing activities Purchases of treasury stock — (373,750 ) (1,349,785 ) Dividends paid — common (580,260 ) (568,112 ) (552,138 ) Dividends paid — preferred (68,200 ) (68,256 ) (67,454 ) Redemption of Series A and Series C preferred stock — — (381,500 ) Proceeds from issuance of Series I and Series G preferred stock 495,000 — 396,000 Other, net (7,551 ) (5,992 ) (4,431 ) Net cash used by financing activities (161,011 ) (1,016,110 ) (1,959,308 ) Net increase (decrease) in cash and cash equivalents 628,624 (160,281 ) 62,860 Cash and cash equivalents at beginning of year 800,069 960,350 897,490 Cash and cash equivalents at end of year $ 1,428,693 $ 800,069 $ 960,350 Supplemental disclosure of cash flow information Interest received during the year $ 1,165 $ 1,493 $ 1,752 Interest paid during the year 20,457 30,913 49,451 Income taxes received during the year 53,067 11,528 6,251 |
Recent accounting developments
Recent accounting developments | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting developments | 27. 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. 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; and 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. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted as of December 31, 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 At January 1, 2022 the Company did not have the types of instruments affected by the amended guidance and, therefore, the adoption had no impact on its consolidated financial statements. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted of December 31, 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 At January 1, 2022 the Company did not have any of the types of instruments affected by the amended guidance and, therefore, the adoption had no impact on its consolidated financial statements. Standard Description Required date of adoption Effect on consolidated financial statements Standards Not Yet Adopted of December 31, 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 Company adopted the amended guidance effective January 1, 2022 using a prospective transition method. The Company does not expect the guidance will have a material impact on its consolidated 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 specified revenue recognition guidance. At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts and may assess how the acquiree applied the revenue guidance to determine what to record for such contracts. The guidance is generally expected to 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 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) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidation. The financial statements of M&T included in note 26 report investments in subsidiaries under the equity method. Information about some limited purpose entities that are affiliates of the Company but are not included in the consolidated financial statements appears in note 20. |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows For purposes of this statement, cash and due from banks and federal funds sold are considered cash and cash equivalents. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities purchased under agreements to resell and securities sold under agreements to repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at amounts equal to the cash or other consideration exchanged. It is generally the Company’s policy to take possession of collateral pledged to secure agreements to resell. |
Trading account | Trading account Financial instruments used for trading purposes are stated at fair value. Realized gains and losses and unrealized changes in fair value of financial instruments utilized in trading activities are included in “trading account and foreign exchange gains” in the consolidated statement of income. |
Investment securities | Investment securities Investments in debt securities are classified as held to maturity and stated at amortized cost when management has the positive intent and ability to hold such securities to maturity. Investments in other debt securities are classified as available for sale and stated at estimated fair value with unrealized changes in fair value included in “accumulated other comprehensive income (loss), net.” Investments in equity securities having readily determinable fair values are stated at fair value and unrealized changes in fair value are included in earnings. Investments in equity securities that do not have readily determinable fair values are stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Amortization of premiums and accretion of discounts for investment securities available for sale and held to maturity are included in interest income. Other securities are stated at cost and include stock of the Federal Reserve Bank of New York and the Federal Home Loan Bank (“FHLB”) of New York. Beginning in 2020 GAAP requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present the net carrying value at the amount that is expected to be collected over the contractual term. In cases where fair value of an available for sale debt security is less than its amortized cost basis and the Company does not intend to sell the available for sale debt security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the difference between the fair value and the amortized cost basis is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount related to the credit loss is recognized as an allowance for credit losses while the amount related to other factors is recognized in other comprehensive income, net of applicable income taxes. If the Company intends to sell the security or it is more likely than not to be required to sell the security before recovery of the amortized cost basis, the security is written down to fair value with the entire amount recognized in earnings. Subsequently, the Company accounts for the debt security as if the security had been purchased on the measurement date of the write down at an amortized cost basis equal to the previous amortized cost basis less the amount of the write down recognized in earnings. Prior to 2020 individual debt securities were written down through a charge to earnings when declines in value below the cost basis of the security were considered other than temporary. Realized gains and losses on the sales of investment securities are determined using the specific identification method. |
Loans and leases | Loans and leases The Company’s accounting methods for loans depends on whether the loans were originated or acquired by the Company. Originated loans and leases Loan fees and certain direct loan origination costs are deferred and recognized as an interest yield adjustment over the life of the loan. Net deferred fees have been included in unearned discount as a reduction of loans outstanding. Interest income on loans is accrued on a level yield method. Loans are placed on nonaccrual status and previously accrued interest thereon is charged against income charged off when it becomes evident that such balances are not fully collectable. For commercial loans and commercial real estate loans, charge-offs are recognized after an assessment by credit personnel of the capacity and willingness of the borrower to repay, the estimated value of any collateral, and any other potential sources of repayment. A charge-off is recognized when, after such assessment, it becomes evident that the loan balance is not fully collectable. For loans secured by residential real estate, the excess of the loan balances over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. During the normal course of business, the Company modifies loans to maximize recovery efforts. If a borrower is experiencing financial difficulty and a concession to the terms of the loan agreement is granted that the Company would not otherwise consider, the modification is considered a troubled debt restructuring and such loans are classified as either nonaccrual or renegotiated loans. Due to the direct and indirect effects of the Coronavirus Disease 2019 (“COVID-19”) pandemic, a dramatic reduction in economic activity severely hampered the ability for businesses and consumers to meet their repayment obligations. The Coronavirus Aid, Relief, and Economic Security Act and the Consolidated Appropriations Act, 2021 (collectively “CARES Act”), in addition to providing financial assistance to both businesses and consumers, created a forbearance program for federally-backed mortgage loans, protected borrowers from negative credit reporting due to loan accommodations related to the pandemic, and provided financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings to account for the effects of COVID-19. The bank regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were unable to meet their contractual payment obligations because of the effects of COVID-19. The guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allowed modifications made on a good faith basis in response to COVID-19 to borrowers who were current with their payments prior to any relief, to not be treated as troubled debt restructurings nor be reported as past due. Modifications included payment deferrals (including maturity extensions), covenant waivers and fee waivers. The Company worked with its customers affected by COVID-19 and granted modifications across many of its loan portfolios. To the extent that such modifications met the criteria described, the modified loans were not classified as troubled debt restructurings nor reported as past due. Commitments to sell real estate loans are utilized by the Company 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 recorded in the consolidated balance sheet includes changes in estimated fair value during the hedge period, typically from the date of close through the sale date. Valuation adjustments made on these loans and commitments are included in “mortgage banking revenues.” Acquired loans and leases Beginning in 2020, expected credit losses for purchased loans with credit deterioration are initially recognized as an allowance for credit losses and are added to the purchase price to determine the amortized cost basis of the loans. Any non-credit discount or premium resulting from acquiring such loans is recognized as an adjustment to interest income over the remaining lives of the loans. Subsequent changes in the amount of expected credit losses on such loans are recognized in the allowance for credit losses in the same manner as originated loans. Prior to 2020, loans acquired in a business combination were initially recorded at fair value with no carry-over of an acquired entity’s previously established allowance for credit losses. Purchased impaired loans represented specifically identified loans with evidence of credit deterioration for which it was probable at acquisition that the Company would be unable to collect all contractual principal and interest payments. For purchased impaired loans and other loans acquired at a discount that was, in part, attributable to credit quality, the excess of cash flows expected at acquisition over the estimated fair value of acquired loans was recognized as interest income over the remaining lives of the loans. Subsequent decreases in the expected cash flows required the Company to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows resulted first in the recovery of any related allowance for credit losses and then in recognition of additional interest income over the then-remaining lives of the loans. The Company generally recognized the excess of cash flows expected at acquisition over the estimated fair value of the acquired loans as interest income over the remaining lives of such loans regardless of the borrower’s repayment status. For all other acquired loans, the difference between the fair value and outstanding principal balance of the loans is recognized as an adjustment to interest income over the lives of those loans. Those loans are then accounted for in a manner that is similar to originated loans. |
Allowance for credit losses | Allowance for credit losses On January 1, 2020, the Company adopted amended accounting guidance which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay obligations. Subsequent to the forecast period, the Company utilizes longer-term historical loss experience to estimate losses over the remaining contractual life of the loans. Prior to 2020, the allowance for credit losses represented the amount that in management’s judgment reflected incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date. |
Assets taken in foreclosure of defaulted loans | 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 included in “other assets” in the consolidated balance sheet. An in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon acquisition of assets taken in satisfaction of a defaulted loan, the excess of the remaining loan balance over the asset’s estimated fair value less costs to sell is charged-off against the allowance for credit losses. Subsequent declines in value of the assets are recognized as “other costs of operations” in the consolidated statement of income. |
Premises and equipment | Premises and equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets. |
Capitalized servicing rights | Capitalized servicing rights Capitalized servicing assets are included in “other assets” in the consolidated balance sheet. Separately recognized servicing assets are initially measured at fair value. The Company uses the amortization method to subsequently measure servicing assets. Under that method, capitalized servicing assets are charged to expense in proportion to and over the period of estimated net servicing income. To estimate the fair value of servicing rights, the Company considers market prices for similar assets 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 exceeds estimated fair value. Impairment is recognized through a valuation allowance. |
Sales and securitizations of financial assets | Sales and securitizations of financial assets Transfers of financial assets for which the Company has surrendered control of the financial assets are accounted for as sales. Interests in a sale of financial assets that continue to be held by the Company, including servicing rights, are initially measured at fair value. The fair values of retained debt securities are generally determined through reference to independent pricing information. The fair values of retained servicing rights and any other retained interests are determined based on the present value of expected future cash flows associated with those interests and by reference to market prices for similar assets. Securitization structures typically require the use of special-purpose trusts that are considered variable interest entities. A variable interest entity is included in the consolidated financial statements if the Company has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and has the obligation to absorb losses or the right to receive benefits of the variable interest entity that could potentially be significant to that entity. |
Goodwill and core deposit and other intangible assets | Goodwill and core deposit and other intangible assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but rather is tested for impairment at least annually at the reporting unit level, which is either at the same level or one level below an operating segment. Other acquired intangible assets with finite lives, such as core deposit intangibles, are initially recorded at estimated fair value and are amortized over their estimated lives. Core deposit and other intangible assets are generally amortized using accelerated methods over estimated useful lives of five to ten years. The Company periodically assesses whether events or changes in circumstances indicate that the carrying amounts of core deposit and other intangible assets may be impaired. |
Derivative financial instruments | Derivative financial instruments The Company accounts for derivative financial instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, or a foreign currency denominated forecasted transaction. 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. For such agreements, amounts receivable or payable are recognized as accrued under the terms of the agreement and the net differential is recorded as an adjustment to interest income or expense of the related asset or liability. Interest rate swap agreements may be designated as either fair value hedges or cash flow hedges. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in the same income statement line item that is used to present the earnings effect of the hedged item in the consolidated statement of income. In a cash flow hedge, the derivative’s unrealized gain or loss is initially recorded as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The Company utilizes commitments to sell real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale. Commitments to originate real estate loans to be held for sale and commitments to sell real estate loans are generally recorded in the consolidated balance sheet at estimated fair value. Derivative instruments not related to mortgage banking activities, including financial futures commitments and interest rate swap agreements, that do not satisfy the hedge accounting requirements are recorded at fair value and are generally classified as trading account assets or liabilities with resultant changes in fair value being recognized in “trading account and foreign exchange gains” in the consolidated statement of income. |
Revenue from contracts with customers | 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 other noninterest income revenue streams, the Company generally 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. |
Stock-based compensation | Stock-based compensation Compensation expense is recognized over the vesting period of stock-based awards based on estimated grant date value, except that the recognition of compensation costs is accelerated for stock-based awards granted to retirement-eligible employees and employees who will become retirement-eligible prior to full vesting of the award because the Company’s incentive compensation plan allows for vesting at the time an employee retires. |
Income taxes | Income taxes Deferred tax assets and liabilities are recognized for the future tax effects attributable to differences between the financial statement value of existing assets and liabilities and their respective tax bases and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates and laws. The Company evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more- likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company accounts for its investments in qualified affordable housing projects using the proportional amortization method. Under that method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. |
Earnings per common share | Earnings per common share Basic earnings per common share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding (exclusive of shares represented by the unvested portion of restricted stock and restricted stock unit grants) and common shares issuable under deferred compensation arrangements during the period. Diluted earnings per common share reflect shares represented by the unvested portion of restricted stock and restricted stock unit grants and the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of M&T common stock at the average market price during the period, as required by the “treasury stock method” of accounting. GAAP requires that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) shall be considered participating securities and 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 that contain such rights and, accordingly, the Company’s earnings per common share are calculated using the two-class method. |
Treasury stock | Treasury stock Repurchases of shares of M&T common stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 682,267 $ 229 $ 3,806 $ 678,690 Mortgage-backed securities: Government issued or guaranteed 3,042,771 113,102 561 3,155,312 Other debt securities 124,309 1,974 4,481 121,802 3,849,347 115,305 8,848 3,955,804 Investment securities held to maturity: U.S. Treasury and federal agencies 3,052 — 9 3,043 Obligations of states and political subdivisions 177 2 — 179 Mortgage-backed securities: Government issued or guaranteed 2,667,328 49,221 8,376 2,708,173 Privately issued 61,555 10,520 14,742 57,333 Other debt securities 2,562 — — 2,562 2,734,674 59,743 23,127 2,771,290 Total debt securities $ 6,584,021 $ 175,048 $ 31,975 $ 6,727,094 Equity and other securities: Readily marketable equity — at fair value $ 73,774 $ 4,460 $ 594 $ 77,640 Other — at cost 387,742 — — 387,742 Total equity and other securities $ 461,516 $ 4,460 $ 594 $ 465,382 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 |
Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities | As of December 31, 2021, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were: Average Credit Rating of Fair Value Amount Amortized Cost Estimated Fair Value A or Better BBB BB B or Less Not Rated (In thousands) Obligations of states and political subdivisions $ 177 $ 179 $ 179 $ — $ — $ — $ — Privately issued mortgage-backed securities 61,555 57,333 — — — 485 56,848 Other debt securities 126,871 124,364 6,526 51,349 32,593 — 33,896 Total $ 188,603 $ 181,876 $ 6,705 $ 51,349 $ 32,593 $ 485 $ 90,744 |
Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations | The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows: December 31 2021 2020 (In thousands) Collateralized mortgage obligations: Amortized cost $ 61,980 $ 77,964 Estimated fair value 57,763 71,099 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | At December 31, 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 $ 6,912 $ 6,943 Due after one year through five years 683,983 680,827 Due after five years through ten years 85,681 86,205 Due after ten years 30,000 26,517 806,576 800,492 Mortgage-backed securities available for sale 3,042,771 3,155,312 $ 3,849,347 $ 3,955,804 Debt securities held to maturity: Due in one year or less $ 3,229 $ 3,222 Due after ten years 2,562 2,562 5,791 5,784 Mortgage-backed securities held to maturity 2,728,883 2,765,506 $ 2,734,674 $ 2,771,290 |
Investment Securities in Continuous Unrealized Loss Position | A summary of investment securities that as of December 31, 2021 and 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) December 31, 2021 Investment securities available for sale: U.S. Treasury and federal agencies $ 598,566 $ 3,806 $ — $ — Mortgage-backed securities: Government issued or guaranteed 10,111 54 20,824 507 Other debt securities 3,760 74 66,419 4,407 612,437 3,934 87,243 4,914 Investment securities held to maturity: U.S. Treasury and federal agencies 3,043 9 — — Mortgage-backed securities: Government issued or guaranteed 1,372,236 8,356 1,251 20 Privately issued — — 43,692 14,742 1,375,279 8,365 44,943 14,762 Total $ 1,987,716 $ 12,299 $ 132,186 $ 19,676 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 (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Total Loans and Leases Outstanding | Total loans and leases outstanding were comprised of the following: December 31 2021 2020 (In thousands) Loans Commercial, financial, etc. $ 22,524,542 $ 26,554,486 Commercial real estate 35,473,884 37,728,844 Residential real estate 16,077,275 16,786,673 Consumer 17,964,331 16,558,889 Total loans 92,040,032 97,628,892 Leases Commercial 1,096,646 1,246,896 Total loans and leases 93,136,678 98,875,788 Less: unearned discount (224,226 ) (339,921 ) Total loans and leases, net of unearned discount $ 92,912,452 $ 98,535,867 |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of December 31, 2021 and 2020 follows: Current 30-89 Days Past Due Accruing Loans Due 90 Days or More Nonaccrual Total (In thousands) December 31, 2021 Commercial, financial, leasing, etc. $ 23,101,810 $ 142,208 $ 8,284 $ 221,022 $ 23,473,324 Real estate: Commercial 24,712,643 319,099 31,733 1,069,280 26,132,755 Residential builder and developer 1,400,437 2,904 — 3,005 1,406,346 Other commercial construction 7,722,049 17,175 — 111,405 7,850,629 Residential 13,294,872 239,561 920,080 355,858 14,810,371 Residential — limited documentation 1,124,520 16,666 — 122,888 1,264,074 Consumer: Home equity lines and loans 3,476,617 15,486 — 70,488 3,562,591 Recreational finance 7,985,173 40,544 — 27,811 8,053,528 Automobile 4,604,772 40,064 — 34,037 4,678,873 Other 1,620,147 12,223 3,302 44,289 1,679,961 Total $ 89,043,040 $ 845,930 $ 963,399 $ 2,060,083 $ 92,912,452 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 Payment Deferrals Granted | A summary of outstanding loan balances for which COVID-19 related payment deferrals were in effect as of December 31, 2021 and 2020 is presented in the following table. These loans meet the criteria described in note 1 and, as such, are not considered past due or otherwise in default of loan terms as of the dates presented. Substantially all of those deferrals are scheduled to expire during 2022 and/or are in the process of formal modification of repayment terms for previously deferred payments. COVID-19 Related Payment Deferrals (1) December 31 2021 2020 (In thousands) Commercial, financial, leasing, etc. $ — $ 95,823 Real estate: Commercial — 728,511 Residential builder and developer — 653 Other commercial construction — 61,235 Residential (2) 1,126,734 2,447,422 Residential — limited documentation 63,078 337,108 Consumer: Home equity lines and loans 3,419 18,440 Recreational finance 3,286 24,428 Automobile 7,365 51,550 Other 139 2,353 Total $ 1,204,021 $ 3,767,523 (1) (2) Includes $974 million and $1.7 billion of government-guaranteed loans at December 31, 2021 and 2020, respectively. |
Loan Modification Activities that were Considered Troubled Debt Restructurings | The tables that follow summarize the Company’s loan modification activities that were considered troubled debt restructurings for the years ended December 31, 2021, 2020 and 2019: Post-modification (a) Year Ended December 31, 2021 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 284 $ 185,458 $ 46,806 $ — $ 40,558 $ 95,516 $ 182,880 Real estate: Commercial 99 202,878 67,387 — 31,202 102,248 200,837 Residential builder and developer 1 3 3 — — — 3 Other commercial construction 3 542 532 — — — 532 Residential 373 108,325 95,769 — — 12,866 108,635 Residential — limited documentation 21 2,920 2,865 — — — 2,865 Consumer: Home equity lines and loans 89 6,430 6,054 — — 321 6,375 Recreational finance 281 9,931 9,931 — — — 9,931 Automobile 807 14,668 14,654 — — 14 14,668 Other 362 2,597 2,597 — — — 2,597 Total 2,320 $ 533,752 $ 246,598 $ — $ 71,760 $ 210,965 $ 529,323 Year Ended December 31, 2020 Commercial, financial, leasing, etc. 394 $ 246,479 $ 70,671 $ 298 $ 31,605 $ 97,344 $ 199,918 Real estate: Commercial 161 310,578 204,591 505 4,874 85,261 295,231 Residential builder and developer 1 91 — — — 90 90 Other commercial construction 2 13,602 13,573 — — — 13,573 Residential 631 202,985 183,878 — — 23,639 207,517 Residential — limited documentation 30 7,413 7,100 — — 1,232 8,332 Consumer: Home equity lines and loans 259 17,228 5,882 — — 11,372 17,254 Recreational finance 428 16,392 16,388 — — 4 16,392 Automobile 2,249 39,951 39,949 — — 2 39,951 Other 1,095 7,788 3,383 — — 4,405 7,788 Total 5,250 $ 862,507 $ 545,415 $ 803 $ 36,479 $ 223,349 $ 806,046 Post-modification (a) Year Ended December 31, 2019 Number Pre- modification Recorded Investment Principal Deferral Interest Rate Reduction Other Combination of Concession Types Total (Dollars in thousands) Commercial, financial, leasing, etc. 150 $ 63,715 $ 10,485 $ — $ — $ 52,871 $ 63,356 Real estate: Commercial 51 48,315 5,193 — — 26,152 31,345 Residential builder and developer 2 1,330 1,068 — — — 1,068 Other commercial construction 3 1,559 — — — 1,500 1,500 Residential 83 21,695 10,819 — — 11,907 22,726 Residential — limited documentation 6 1,409 399 — — 1,044 1,443 Consumer: Home equity lines and loans 41 4,127 176 — — 4,004 4,180 Recreational finance 10 265 265 — — — 265 Automobile 66 1,141 1,076 — — 65 1,141 Total 412 $ 143,556 $ 29,481 $ — $ — $ 97,543 $ 127,024 (a) |
Summary of Changes in Accretable Yield for Acquired Loans | A summary of changes in the accretable yield for loans acquired at a discount for the year ended December 31, 2019 follows: 2019 Purchased Impaired Other Acquired (In thousands) Balance at beginning of period $ 147,210 $ 96,907 Interest income (49,017 ) (36,452 ) Reclassifications from nonaccretable balance 36,718 15,534 Other (a) — (3,909 ) Balance at end of period $ 134,911 $ 72,080 (a) Other changes in expected cash flows including changes in interest rates and prepayment assumptions. |
Summary of Lease Financing Receivables | A summary of lease financing receivables follows: December 31, 2021 2020 (In thousands) Commercial leases: Direct financings: Lease payments receivable $ 873,089 $ 1,017,222 Estimated residual value of leased assets 75,140 79,621 Unearned income (68,456 ) (83,673 ) Investment in direct financings 879,773 1,013,170 Leveraged leases: Lease payments receivable 75,003 76,453 Estimated residual value of leased assets 73,414 73,600 Unearned income (25,374 ) (28,388 ) Investment in leveraged leases 123,043 121,665 Total investment in leases $ 1,002,816 $ 1,134,835 Deferred taxes payable arising from leveraged leases $ 56,759 $ 61,905 |
Minimum Future Lease Payments to be Received from Lease Financings | At December 31, 2021, the minimum future lease payments to be received from lease financings were as follows: (In thousands) Year ending December 31: 2022 $ 282,388 2023 247,084 2024 171,176 2025 107,998 2026 67,528 Later years 71,918 $ 948,092 |
Allowance for credit losses (Ta
Allowance for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the years ended December 31, 2021, 2020 and 2019 were as follows: Commercial, Financial, Real Estate Leasing, etc. Commercial Residential Consumer Unallocated Total (In thousands) 2021 Beginning balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 Provision for credit losses (40,378 ) (42,825 ) (29,817 ) 38,020 — (75,000 ) Net charge-offs Charge-offs (122,651 ) (101,306 ) (10,904 ) (103,293 ) — (338,154 ) Recoveries 41,082 30,651 8,857 65,403 — 145,993 Net charge-offs (81,569 ) (70,655 ) (2,047 ) (37,890 ) — (192,161 ) Ending balance $ 283,899 $ 557,239 $ 71,726 $ 556,362 $ — $ 1,469,226 2020 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 220,544 356,203 (3,172 ) 226,425 — 800,000 Net charge-offs Charge-offs (135,083 ) (35,891 ) (10,283 ) (152,250 ) — (333,507 ) Recoveries 15,765 4,550 7,116 58,935 — 86,366 Net charge-offs (119,318 ) (31,341 ) (3,167 ) (93,315 ) — (247,141 ) Ending balance $ 405,846 $ 670,719 $ 103,590 $ 556,232 $ — $ 1,736,387 2019 Beginning balance $ 330,055 $ 341,655 $ 69,125 $ 200,564 $ 78,045 $ 1,019,444 Provision for credit losses 69,702 (10,726 ) (8,585 ) 126,029 (420 ) 176,000 Net charge-offs Charge-offs (58,244 ) (12,664 ) (12,711 ) (154,089 ) — (237,708 ) Recoveries 24,581 3,936 8,204 56,614 — 93,335 Net charge-offs (33,663 ) (8,728 ) (4,507 ) (97,475 ) — (144,373 ) Ending balance $ 366,094 $ 322,201 $ 56,033 $ 229,118 $ 77,625 $ 1,051,071 |
Loan 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 years ended December 31, 2021, 2020 and 2019 follows. December 31, 2021 January 1, 2021 Year Ended December 31, 2021 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 110,790 $ 110,232 $ 221,022 $ 306,827 $ 11,865 Real estate: Commercial 242,078 827,202 1,069,280 775,894 15,872 Residential builder and developer 613 2,392 3,005 1,094 973 Other commercial construction 30,229 81,176 111,405 114,039 596 Residential 198,560 157,298 355,858 365,729 23,772 Residential — limited documentation 79,777 43,111 122,888 147,170 528 Consumer: Home equity lines and loans 32,269 38,219 70,488 79,392 3,780 Recreational finance 21,476 6,335 27,811 25,519 637 Automobile 29,314 4,723 34,037 39,404 186 Other 44,122 167 44,289 38,231 531 Total $ 789,228 $ 1,270,855 $ 2,060,083 $ 1,893,299 $ 58,740 December 31, 2020 January 1, 2020 Year Ended December 2020 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 226,897 $ 79,930 $ 306,827 $ 346,743 $ 11,269 Real estate: Commercial 364,110 411,784 775,894 173,796 7,821 Residential builder and developer 1,094 — 1,094 4,708 1,694 Other commercial construction 20,992 93,047 114,039 35,881 8,457 Residential 159,006 206,723 365,729 322,504 18,069 Residential — limited documentation 84,568 62,602 147,170 114,667 634 Consumer: Home equity lines and loans 61,031 18,361 79,392 65,039 4,092 Recreational finance 19,434 6,085 25,519 14,308 626 Automobile 34,044 5,360 39,404 21,293 186 Other 3,606 34,625 38,231 35,394 1,369 Total $ 974,782 $ 918,517 $ 1,893,299 $ 1,134,333 $ 54,217 December 31, 2019 January 1, 2019 Year Ended December 31, 2019 Amortized Cost with Allowance Amortized Cost Total Amortized Cost Interest Income Recognized (In thousands) Commercial, financial, leasing, etc. $ 206,644 $ 139,913 $ 346,557 $ 234,423 $ 8,960 Real estate: Commercial 40,847 117,627 158,474 203,672 5,850 Residential builder and developer 604 3,378 3,982 4,798 357 Other commercial construction 12,425 20,345 32,770 22,205 634 Residential 59,982 175,681 235,663 233,352 12,630 Residential — limited documentation 26,710 56,717 83,427 84,685 1,092 Consumer: Home equity lines and loans 24,812 38,403 63,215 71,292 5,987 Recreational finance 9,054 5,165 14,219 11,199 575 Automobile 14,805 6,488 21,293 23,359 214 Other 3,391 121 3,512 4,623 508 Total $ 399,274 $ 563,838 $ 963,112 $ 893,608 $ 36,807 |
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at December 31, 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 $ 4,798,052 1,916,072 1,476,786 951,881 500,615 1,398,775 10,993,461 18,699 $ 22,054,341 Criticized accrual 196,680 98,595 107,010 73,126 36,232 185,935 484,755 15,628 1,197,961 Criticized nonaccrual 19,462 23,229 17,114 39,908 20,927 33,698 60,175 6,509 221,022 Total commercial, financial, leasing, etc. $ 5,014,194 2,037,896 1,600,910 1,064,915 557,774 1,618,408 11,538,391 40,836 $ 23,473,324 Real estate: Commercial: Loan grades: Pass $ 3,413,587 2,662,999 3,682,178 2,648,388 2,076,155 5,232,790 728,948 — $ 20,445,045 Criticized accrual 133,133 480,146 685,701 1,068,552 468,530 1,743,798 38,570 — 4,618,430 Criticized nonaccrual 21,587 133,560 195,084 83,857 76,628 520,473 38,091 — 1,069,280 Total commercial real estate $ 3,568,307 3,276,705 4,562,963 3,800,797 2,621,313 7,497,061 805,609 — $ 26,132,755 Residential Loan grades: Pass $ 786,983 106,510 75,287 47,587 4,680 12,450 230,017 — $ 1,263,514 Criticized accrual 2,055 5,356 117,258 13,637 630 - 891 — 139,827 Criticized nonaccrual — — 2,910 — — 95 — — 3,005 Total residential builder and developer $ 789,038 111,866 195,455 61,224 5,310 12,545 230,908 — $ 1,406,346 Other commercial construction: Loan grades: Pass $ 957,947 1,781,603 2,022,276 832,547 152,669 273,556 38,781 — $ 6,059,379 Criticized accrual 24,103 54,191 675,226 583,428 228,739 114,158 — — 1,679,845 Criticized nonaccrual — — 71,613 3,303 12,263 19,970 4,256 — 111,405 Total other commercial construction $ 982,050 1,835,794 2,769,115 1,419,278 393,671 407,684 43,037 — $ 7,850,629 |
Summary of loans in Accrual and Nonaccrual Status | . A summary of loans in accrual and nonaccrual status at December 31, 2021 for the various classes of the Company’s residential real estate loans and consumer loans by origination year is as 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 $ 3,057,118 1,672,090 1,075,896 466,040 1,037,958 5,913,461 72,309 — $ 13,294,872 30-89 days past due 15,245 12,535 9,886 6,132 33,097 162,666 — — 239,561 Accruing loans past due 90 days or more 10,924 100,581 28,512 31,996 205,318 542,749 — — 920,080 Nonaccrual 3,359 19,858 7,119 4,577 5,890 314,792 263 — 355,858 Total residential $ 3,086,646 1,805,064 1,121,413 508,745 1,282,263 6,933,668 72,572 — $ 14,810,371 Residential - limited documentation: Current $ — — — — — 1,124,520 — — $ 1,124,520 30-89 days past due — — — — — 16,666 — — 16,666 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 122,888 — — 122,888 Total residential - limited documentation $ — — — — — 1,264,074 — — $ 1,264,074 Consumer: Home equity lines and loans: Current $ 304 777 2,793 1,730 1,944 38,015 2,348,279 1,082,775 $ 3,476,617 30-89 days past due — — — 21 — 698 346 14,421 15,486 Accruing loans past due 90 days or more — — — — — — — — — Nonaccrual — — — — — 5,750 4,951 59,787 70,488 Total home equity lines and loans $ 304 777 2,793 1,751 1,944 44,463 2,353,576 1,156,983 $ 3,562,591 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 $ 2,890,111 2,088,342 1,267,929 646,883 445,868 646,040 — — $ 7,985,173 30-89 5,929 8,912 8,317 5,074 5,189 7,123 — — 40,544 Accruing 90 days or more — — — — — — — — — Nonaccrual 1,341 4,646 4,871 4,918 4,039 7,996 — — 27,811 Total recreational finance $ 2,897,381 2,101,900 1,281,117 656,875 455,096 661,159 — — $ 8,053,528 Automobile: Current $ 2,220,061 1,097,684 662,000 341,655 211,774 71,598 — — $ 4,604,772 30-89 8,508 6,615 8,936 7,161 5,715 3,129 — — 40,064 Accruing 90 days or more — — — — — — — — — Nonaccrual 1,588 4,390 7,847 7,867 6,882 5,463 — — 34,037 Total automobile $ 2,230,157 1,108,689 678,783 356,683 224,371 80,190 — — $ 4,678,873 Other: Current $ 244,346 96,945 73,586 24,424 16,924 14,321 1,148,096 1,505 $ 1,620,147 30-89 2,937 404 472 255 101 5,712 1,908 434 12,223 Accruing 90 days or more — — — — — 3,302 — — 3,302 Nonaccrual 2,051 326 326 193 104 353 40,807 129 44,289 Total other $ 249,334 97,675 74,384 24,872 17,129 23,688 1,190,811 2,068 $ 1,679,961 Total loans and leases at December 31, 2021 $ 18,817,411 12,376,366 12,286,933 7,895,140 5,558,871 18,542,940 16,234,904 1,199,887 $ 92,912,452 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | The detail of premises and equipment was as follows: December 31 2021 2020 (In thousands) Land $ 93,862 $ 94,929 Buildings 512,988 513,290 Leasehold improvements 304,825 302,246 Furniture and equipment — owned 880,153 807,701 Furniture and equipment — capital leases 115 8,630 1,791,943 1,726,796 Less: accumulated depreciation and amortization Owned assets 1,026,842 971,979 Capital leases 38 5,933 1,026,880 977,912 Right of use assets — operating leases 379,702 412,674 Premises and equipment, net $ 1,144,765 $ 1,161,558 |
Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases | The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases. Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Lease cost Operating lease cost $ 101,353 $ 104,158 $ 100,669 Short-term lease cost 111 198 105 Variable lease cost 4,103 1,565 2,332 Total lease cost $ 105,567 $ 105,921 $ 103,106 Other information Right-of-use assets obtained in exchange for new operating lease liabilities $ 57,760 $ 70,754 $ 132,219 Cash paid toward lease liabilities 106,586 104,396 101,869 Weighted-average remaining lease term 6 years 7 years 7 years Weighted-average discount rate 2.51 % 2.74 % 3.01 % |
Summary of Minimum Lease Payments Under Noncancelable Operating Leases | Minimum lease payments under noncancelable operating leases are summarized in the following table. (In thousands) Year ending December 31: 2022 $ 102,417 2023 86,467 2024 71,321 2025 56,413 2026 42,634 Later years 107,652 Total lease payments 466,904 Less: imputed interest 35,792 Total $ 431,112 |
Capitalized servicing assets (T
Capitalized servicing assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers And Servicing [Abstract] | |
Servicing Asset at Amortized Cost | Changes in capitalized servicing assets were as follows: Residential Mortgage Loans Commercial Mortgage Loans For the Year Ended December 31, 2021 2020 2019 2021 2020 2019 (In thousands) Beginning balance $ 231,204 $ 244,411 $ 120,509 $ 133,429 $ 130,636 $ 114,663 Originations 65,723 45,101 26,067 33,068 29,306 41,370 Purchases — — 144,326 — — — Amortization (55,874 ) (58,308 ) (46,491 ) (33,893 ) (26,513 ) (25,397 ) 241,053 231,204 244,411 132,604 133,429 130,636 Valuation allowance (24,000 ) (30,000 ) (7,000 ) — — — Ending balance, net $ 217,053 $ 201,204 $ 237,411 $ 132,604 $ 133,429 $ 130,636 |
Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions | Residential Commercial (Dollars in thousands) Weighted-average prepayment speeds 12.92 % Impact on fair value of 10% adverse change $ (13,587 ) Impact on fair value of 20% adverse change (26,047 ) Weighted-average OAS 8.94 % Impact on fair value of 10% adverse change $ (7,621 ) Impact on fair value of 20% adverse change (14,786 ) Weighted-average discount rate 18.00 % Impact on fair value of 10% adverse change $ (6,892 ) Impact on fair value of 20% adverse change (13,306 ) |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of total amortizing intangible assets follows. Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2021 Core deposit $ 131,664 $ 127,746 $ 3,918 Other 6,757 6,677 80 Total $ 138,421 $ 134,423 $ 3,998 December 31, 2020 Core deposit $ 131,664 $ 119,125 $ 12,539 Other 6,757 5,131 1,626 Total $ 138,421 $ 124,256 $ 14,165 |
Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment | A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2021 and 2020 for purposes of testing for impairment is as follows: (In thousands) Business Banking $ 864,366 Commercial Banking 1,401,873 Commercial Real Estate 654,389 Discretionary Portfolio — Residential Mortgage Banking — Retail Banking 1,309,191 All Other 363,293 Total $ 4,593,112 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Amounts and Interest Rates of Short-term Borrowings | The amounts and interest rates of short-term borrowings were as follows: Federal Funds Purchased and Repurchase Agreements Other Short-term Borrowings Total (Dollars in thousands) At December 31, 2021 Amount outstanding $ 47,046 $ — $ 47,046 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2021 Highest amount at a month-end $ 103,548 $ — Daily-average amount outstanding 68,073 — $ 68,073 Weighted-average interest rate 0.01 % — 0.01 % At December 31, 2020 Amount outstanding $ 59,482 $ — $ 59,482 Weighted-average interest rate 0.01 % — 0.01 % For the year ended December 31, 2020 Highest amount at a month-end $ 82,893 $ — Daily-average amount outstanding 61,551 — $ 61,551 Weighted-average interest rate 0.05 % — 0.05 % At December 31, 2019 Amount outstanding $ 62,363 $ — $ 62,363 Weighted-average interest rate 0.14 % — 0.14 % For the year ended December 31, 2019 Highest amount at a month-end $ 3,402,566 $ 5,000,000 Daily-average amount outstanding 260,322 799,068 $ 1,059,390 Weighted-average interest rate 1.86 % 2.49 % 2.34 % |
Lines of Credit Under Formal Agreements | At December 31, 2021, M&T Bank had lines of credit under formal agreements as follows: (In thousands) Outstanding borrowings $ 1,578 Unused 30,065,461 |
Long-term Borrowings | Long-term borrowings were as follows: December 31, 2021 2020 (In thousands) Senior notes of M&T: Variable rate due 2023 $ 249,893 $ 249,824 3.55% due 2023 516,173 533,369 Senior notes of M&T Bank: Variable rate due 2021 — 349,992 Variable rate due 2022 249,961 249,858 2.50% due 2022 653,903 664,400 2.90% due 2025 749,740 749,656 Advances from FHLB: Fixed rates 1,578 1,683 Subordinated notes of M&T Bank: Variable rate due 2021 — 500,000 3.40% due 2027 522,867 552,194 Junior subordinated debentures of M&T associated with preferred capital securities: Fixed rates: BSB Capital Trust I — 8.125%, due 2028 15,775 15,752 Provident Trust I — 8.29%, due 2028 30,103 29,099 Southern Financial Statutory Trust I — 10.60%, due 2030 6,912 6,836 Variable rates: First Maryland Capital I — due 2027 148,945 148,409 First Maryland Capital II — due 2027 151,270 150,606 Allfirst Asset Trust — due 2029 97,220 97,075 BSB Capital Trust III — due 2033 15,464 15,464 Provident Statutory Trust III — due 2033 57,547 56,641 Southern Financial Capital Trust III — due 2033 8,448 8,338 Other 9,570 2,997 $ 3,485,369 $ 4,382,193 |
Maturity of Long-term Borrowings | Long-term borrowings at December 31, 2021 mature as follows: (In thousands) Year ending December 31: 2022 $ 903,864 2023 766,136 2024 9,500 2025 749,740 2026 — Later years 1,056,129 $ 3,485,369 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Issued and Outstanding Preferred Stock | Issued and outstanding preferred stock of M&T as of December 31, 2021 and 2020 is presented below: December 31, 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, $1,000 350,000 $ 350,000 350,000 $ 350,000 Series F (b) Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $10,000 50,000 $ 500,000 50,000 $ 500,000 Series G (c) Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock, $10,000 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% 2.679% 90 days |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ASU 2014-09 [Member] | |
Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Guidance | The following tables summarize sources of the Company’s noninterest income during 2021, 2020, and 2019 that are subject to the revenue recognition guidance. Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking Retail Banking All Other Total Year Ended December 31, 2021 (In thousands) Classification in consolidated statement of income Service charges on deposit accounts $ 53,816 98,880 11,853 — — 232,279 5,285 $ 402,113 Trust income — — — — — — 644,716 644,716 Brokerage services income — — — — — — 62,791 62,791 Other revenues from operations: Merchant discount and credit card fees 52,343 55,164 2,661 — — 20,850 387 131,405 Other — 5,968 7,304 1,359 6,166 22,878 39,973 83,648 $ 106,159 160,012 21,818 1,359 6,166 276,007 753,152 $ 1,324,673 Year Ended December 31, 2020 Classification in consolidated statement of income Service charges on deposit accounts $ 50,119 92,720 10,252 — — 211,858 5,839 $ 370,788 Trust income 18 442 — — — — 601,424 601,884 Brokerage services income — — — — — — 47,428 47,428 Other revenues from operations: Merchant discount and credit card fees 40,475 45,528 2,221 — — 13,481 767 102,472 Other — 9,408 6,218 1,625 4,732 20,813 41,815 84,611 $ 90,612 148,098 18,691 1,625 4,732 246,152 697,273 $ 1,207,183 Year Ended December 31, 2019 Classification in consolidated statement of income Service charges on deposit accounts $ 60,690 93,044 9,828 — 4 263,659 5,753 $ 432,978 Trust income 31 963 — — — — 571,614 572,608 Brokerage services income — — — — — — 48,922 48,922 Other revenues from operations: Merchant discount and credit card fees 36,844 52,161 2,516 — — 12,140 3,381 107,042 Other — 7,498 8,615 1,776 3,492 36,144 34,088 91,613 $ 97,565 153,666 20,959 1,776 3,496 311,943 663,758 $ 1,253,163 |
Stock-based compensation plans
Stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock and Restricted Stock Unit Activity | A summary of restricted stock and restricted stock unit activity follows: Restricted Stock Units Outstanding Weighted- Average Grant Price Restricted Stock Outstanding Weighted- Average Grant Price Unvested at January 1, 2021 816,950 $ 169.60 13,550 $ 162.50 Granted 636,956 132.85 — — Vested (379,155 ) 170.80 (9,474 ) 162.57 Cancelled (36,059 ) 149.61 — — Unvested at December 31, 2021 1,038,692 $ 147.32 4,076 $ 162.35 |
Summary of Stock Option Activity | A summary of stock option activity follows: Weighted-Average Stock Options Outstanding Exercise Price Life (In Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2021 465,423 $ 174.11 Granted 178,441 132.47 Exercised (2,699 ) 113.06 Expired (5,301 ) 169.24 Outstanding at December 31, 2021 635,864 $ 162.73 7.8 $ 3,762 Exercisable at December 31, 2021 282,081 $ 177.02 6.9 $ — |
Pension plans and other postr_2
Pension plans and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Pension Expense for Defined Benefit Plans | Net periodic pension expense for defined benefit plans consisted of the following: Year Ended December 31 2021 2020 2019 (In thousands) Service cost $ 20,513 $ 19,944 $ 17,294 Interest cost on benefit obligation 61,873 71,421 81,579 Expected return on plan assets (143,448 ) (125,512 ) (122,139 ) Amortization of prior service cost 553 557 557 Recognized net actuarial loss 89,017 58,096 21,992 Net periodic pension cost (benefit) $ 28,508 $ 24,506 $ (717 ) Net other postretirement benefits expense for defined benefit plans consisted of the following: Year Ended December 31 2021 2020 2019 (In thousands) Service cost $ 1,014 $ 970 $ 859 Interest cost on benefit obligation 1,311 1,741 2,344 Amortization of prior service credit (4,738 ) (4,738 ) (4,730 ) Recognized net actuarial gain (1,295 ) (1,236 ) (1,247 ) Net other postretirement benefits $ (3,708 ) $ (3,263 ) $ (2,774 ) |
Data Relating to Funding Position of Defined Benefit Plans | Data relating to the funding position of the defined benefit plans were as follows: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 2,521,292 $ 2,247,329 $ 55,281 $ 56,492 Service cost 20,513 19,944 1,014 970 Interest cost 61,873 71,421 1,311 1,741 Plan participants’ contributions — — 2,553 2,386 Actuarial (gain) loss (69,230 ) 288,944 (2,232 ) 2,371 Medicare Part D reimbursement — — 540 574 Benefits paid (114,235 ) (106,346 ) (6,621 ) (9,253 ) Benefit obligation at end of year 2,420,213 2,521,292 51,846 55,281 Change in plan assets: Fair value of plan assets at beginning of year 2,420,582 2,037,940 — — Actual return on plan assets 278,260 178,610 — — Employer contributions 11,231 310,378 3,528 6,293 Plan participants’ contributions — — 2,553 2,386 Medicare Part D reimbursement — — 540 574 Benefits paid (114,235 ) (106,346 ) (6,621 ) (9,253 ) Fair value of plan assets at end of year 2,595,838 2,420,582 — — Funded status $ 175,625 $ (100,710 ) $ (51,846 ) $ (55,281 ) Prepaid asset recognized in the consolidated balance sheet 332,197 64,670 — — Accrued liability recognized in the consolidated balance sheet (156,572 ) (165,380 ) (51,846 ) (55,281 ) Net accrued asset (liability) recognized in the consolidated balance sheet $ 175,625 $ (100,710 ) $ (51,846 ) $ (55,281 ) Amounts recognized in accumulated other comprehensive income (“AOCI”) were: Net loss (gain) $ 391,721 $ 684,780 $ (14,638 ) $ (13,701 ) Net prior service cost (credit) 724 1,277 (17,531 ) (22,269 ) Pre-tax adjustment to AOCI 392,445 686,057 (32,169 ) (35,970 ) Taxes (101,447 ) (178,375 ) 8,316 9,352 Net adjustment to AOCI $ 290,998 $ 507,682 $ (23,853 ) $ (26,618 ) |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans. Pension Plans Other Postretirement Benefit Plans Total (In thousands) 2021 Net loss (gain) $ (204,042 ) $ (2,232 ) $ (206,274 ) Amortization of prior service (cost) credit (553 ) 4,738 4,185 Amortization of actuarial (loss) gain (89,017 ) 1,295 (87,722 ) Total recognized in other comprehensive income, pre-tax $ (293,612 ) $ 3,801 $ (289,811 ) 2020 Net loss (gain) $ 235,847 $ 2,371 $ 238,218 Amortization of prior service (cost) credit (557 ) 4,738 4,181 Amortization of actuarial (loss) gain (58,096 ) 1,236 (56,860 ) Total recognized in other comprehensive income, pre-tax $ 177,194 $ 8,345 $ 185,539 |
Assumed Weighted-Average Rates Used to Determine Benefit Obligations | The assumed weighted-average rates used to determine benefit obligations at December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Discount rate 2.75 % 2.50 % 2.75 % 2.50 % Rate of increase in future compensation levels 3.35 % 3.37 % — — |
Assumed Weighted-Average Rates Used to Determine Net Benefit Expense | The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate 2.50 % 3.25 % 4.25 % 2.50 % 3.25 % 4.25 % Long-term rate of return on plan assets 6.25 % 6.50 % 6.50 % — — — Rate of increase in future compensation levels 3.37 % 4.29 % 4.31 % — — — |
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company’s pension plan assets at December 31, 2021 and 2020, by asset category, were as follows: Fair Value Measurement of Plan Assets At December 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 82,751 $ 43,616 $ 39,135 $ — Equity securities: M&T 134,447 134,447 — — Domestic(a) 369,283 369,283 — — International(b) 14,835 14,835 — — Mutual funds: Domestic(a) 280,347 280,347 — — International(b) 461,304 461,304 — — 1,260,216 1,260,216 — — Debt securities: Corporate(c) 178,528 — 178,528 — Government 206,540 — 206,540 — International 12,933 — 12,933 — Mutual funds: Domestic(d) 315,424 315,424 — — 713,425 315,424 398,001 — Other: Diversified mutual fund 108,239 108,239 — — Real estate partnerships 16,620 5,264 — 11,356 Private equity / debt 151,550 — — 151,550 Hedge funds 250,691 74,599 — 176,092 Guaranteed deposit fund 10,041 — — 10,041 537,141 188,102 — 349,039 Total(e) $ 2,593,533 $ 1,807,358 $ 437,136 $ 349,039 Fair Value Measurement of Plan Assets At December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Asset category: Money-market investments $ 65,263 $ 48,322 $ 16,941 $ — Equity securities: M&T 111,441 111,441 — — Domestic(a) 308,220 308,220 — — International(b) 13,648 13,648 — — Mutual funds: Domestic(a) 302,094 302,094 — — International(b) 422,601 422,601 — — 1,158,004 1,158,004 — — Debt securities: Corporate(c) 172,762 — 172,762 — Government 234,232 — 234,232 — International 6,413 — 6,413 — Mutual funds: Domestic(d) 302,635 302,635 — — 716,042 302,635 413,407 — Other: Diversified mutual fund 83,507 83,507 — — Real estate partnerships 26,847 3,616 — 23,231 Private equity / debt 97,124 — — 97,124 Hedge funds 261,417 108,516 — 152,901 Guaranteed deposit fund 10,498 — — 10,498 479,393 195,639 — 283,754 Total(e) $ 2,418,702 $ 1,704,600 $ 430,348 $ 283,754 (a) (b) (c) (d) (e) |
Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis | The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2021 were as follows: Balance – January 1, 2021 Purchases (Sales) Total Realized/ Unrealized Gains (Losses) Balance – December 31, 2021 (In thousands) Other Real estate partnerships $ 23,231 $ (31,299 ) $ 19,424 $ 11,356 Private equity/debt 97,124 27,170 27,256 151,550 Hedge funds 152,901 (2,322 ) 25,513 176,092 Guaranteed deposit fund 10,498 — (457 ) 10,041 Total $ 283,754 $ (6,451 ) $ 71,736 $ 349,039 |
Defined Benefit Plan Estimated Future Benefit Payments | Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows: Pension Benefits Other Postretirement Benefits (In thousands) Year ending December 31: 2022 $ 110,113 $ 3,219 2023 114,022 3,112 2024 118,641 2,983 2025 121,602 2,829 2026 125,469 2,656 2027 through 2031 649,845 11,534 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Year Ended December 31 2021 2020 2019 (In thousands) Current Federal $ 331,714 $ 267,550 $ 359,668 State and local 85,354 98,431 132,696 Total current 417,068 365,981 492,364 Deferred Federal 71,880 (22,894 ) 40,769 State and local 15,279 (8,397 ) 16,779 Total deferred 87,159 (31,291 ) 57,548 Amortization of investments in qualified affordable housing projects 92,176 81,679 68,200 Total income taxes applicable to pre-tax income $ 596,403 $ 416,369 $ 618,112 |
Schedule of Income Tax Expense Benefit Reconciliation | Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31 2021 2020 2019 (In thousands) Income taxes at statutory federal income tax rate $ 515,581 $ 371,599 $ 534,925 Increase (decrease) in taxes: Tax-exempt income (20,605 ) (22,806 ) (27,319 ) State and local income taxes, net of federal income tax effect 101,046 71,127 118,085 Qualified affordable housing project tax credits, net (14,542 ) (14,826 ) (15,324 ) Other 14,923 11,275 7,745 $ 596,403 $ 416,369 $ 618,112 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) were comprised of the following at December 31: 2021 2020 2019 (In thousands) Losses on loans and other assets $ 395,784 $ 471,767 $ 309,523 Operating lease liabilities 110,023 121,216 128,178 Retirement benefits — 26,185 55,048 Postretirement and other employee benefits 31,760 28,004 24,023 Incentive and other compensation plans 24,713 18,984 26,861 Stock-based compensation 32,675 29,507 27,912 Other 52,351 66,763 69,863 Gross deferred tax assets 647,306 762,426 641,408 Right of use assets and other leasing transactions (249,209 ) (285,311 ) (326,626 ) Unrealized gains (27,066 ) (50,785 ) (13,322 ) Retirement benefits (45,402 ) — — Capitalized servicing rights (53,219 ) (50,235 ) (56,649 ) Depreciation and amortization (93,103 ) (95,684 ) (66,925 ) Interest on loans (6,690 ) (8,113 ) (23,552 ) Gains on cash flow hedges (22,820 ) (97,004 ) (36,845 ) Other (88,053 ) (62,581 ) (40,472 ) Gross deferred tax liabilities (585,562 ) (649,713 ) (564,391 ) Net deferred tax asset $ 61,744 $ 112,713 $ 77,017 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: Federal, State and Local Tax Accrued Interest Unrecognized Income Tax Benefits (In thousands) Gross unrecognized tax benefits at January 1, 2019 $ 56,274 $ 6,629 $ 62,903 Increases as a result of tax positions taken during 2019 6,996 — 6,996 Increases as a result of tax positions taken in prior years 3,265 3,255 6,520 Decreases as a result of tax positions taken in prior years (7,566 ) (2,685 ) (10,251 ) Gross unrecognized tax benefits at December 31, 2019 58,969 7,199 66,168 Increases as a result of tax positions taken in prior years — 2,800 2,800 Decreases as a result of tax positions taken in prior years (10,107 ) (2,384 ) (12,491 ) Gross unrecognized tax benefits at December 31, 2020 48,862 7,615 56,477 Increases as a result of tax positions taken in prior years — 2,560 2,560 Decreases as a result of tax positions taken in prior years (11,351 ) (2,766 ) (14,117 ) Gross unrecognized tax benefits at December 31, 2021 $ 37,511 $ 7,409 44,920 Less: Federal, state and local income tax benefits (8,748 ) Net unrecognized tax benefits at December 31, 2021 that, if recognized, would impact the effective income tax rate $ 36,172 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computations of Basic Earnings Per Common Share | The computations of basic earnings per common share follow: Year Ended December 31 2021 2020 2019 (In thousands, except per share) Income available to common shareholders: Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Less: Preferred stock dividends(a) (72,915 ) (68,228 ) (69,441 ) Net income available to common equity 1,785,831 1,284,924 1,859,708 Less: Income attributable to unvested stock-based compensation awards (8,854 ) (5,858 ) (10,199 ) Net income available to common shareholders $ 1,776,977 $ 1,279,066 $ 1,849,509 Weighted-average shares outstanding: Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards 129,539 129,404 135,169 Less: Unvested stock-based compensation awards (890 ) (766 ) (741 ) Weighted-average shares outstanding 128,649 128,638 134,428 Basic earnings per common share $ 13.81 $ 9.94 $ 13.76 (a) |
Computations of Diluted Earnings Per Common Share | The computations of diluted earnings per common share follow: Year Ended December 31 2021 2020 2019 (In thousands, except per share) Net income available to common equity $ 1,785,831 $ 1,284,924 $ 1,859,708 Less: Income attributable to unvested stock-based compensation awards (8,844 ) (5,856 ) (10,197 ) Net income available to common shareholders $ 1,776,987 $ 1,279,068 $ 1,849,511 Adjusted weighted-average shares outstanding: Common and unvested stock-based compensation awards 129,539 129,404 135,169 Less: Unvested stock-based compensation awards (890 ) (766 ) (741 ) Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock 163 66 34 Adjusted weighted-average shares outstanding 128,812 128,704 134,462 Diluted earnings per common share $ 13.80 $ 9.94 $ 13.75 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 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 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 (95,114 ) — — (95,114 ) 24,870 (70,244 ) Foreign currency translation adjustment — — (1,218 ) (1,218 ) 356 (862 ) Unrealized losses on cash flow hedges — — (32,292 ) (32,292 ) 8,410 (23,882 ) Current year benefit plans gains — 206,274 — 206,274 (54,016 ) 152,258 Total other comprehensive income (loss) before reclassifications (95,114 ) 206,274 (33,510 ) 77,650 (20,380 ) 57,270 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 4,427 — — 4,427 (a) (1,154 ) 3,273 Gains realized in net income (8 ) — — (8 ) (b) 2 (6 ) Accretion of net gain on terminated cash flow hedges — — (120 ) (120 ) (c) 32 (88 ) Net yield adjustment from cash flow hedges currently in effect — — (252,397 ) (252,397 ) (a) 65,741 (186,656 ) Amortization of prior service credit — (4,185 ) — (4,185 ) (d) 1,095 (3,090 ) Amortization of actuarial losses — 87,722 — 87,722 (d) (22,971 ) 64,751 Total other comprehensive income (loss) (90,695 ) 289,811 (286,027 ) (86,911 ) 22,365 (64,546 ) Balance — December 31, 2021 $ 104,691 $ (360,276 ) $ 83,531 $ (172,054 ) $ 44,476 $ (127,578 ) 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 141,081 — — 141,081 (36,498 ) 104,583 Foreign currency translation adjustment — — 2,724 2,724 (440 ) 2,284 Unrealized gains on cash flow hedges — — 505,042 505,042 (130,432 ) 374,610 Current year benefit plans losses — (238,218 ) — (238,218 ) 60,208 (178,010 ) Total other comprehensive income (loss) before reclassifications 141,081 (238,218 ) 507,766 410,629 (107,162 ) 303,467 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 3,606 — — 3,606 (a) (966 ) 2,640 Gains realized in net income (2 ) — — (2 ) (b) 1 (1 ) Accretion of net gain on terminated cash flow hedges — — (125 ) (125 ) (c) 34 (91 ) Net yield adjustment from cash flow hedges currently in effect — — (271,971 ) (271,971 ) (a) 70,239 (201,732 ) Amortization of prior service credit — (4,181 ) — (4,181 ) (d) 1,057 (3,124 ) Amortization of actuarial losses — 56,860 — 56,860 (d) (14,371 ) 42,489 Total other comprehensive income (loss) 144,685 (185,539 ) 235,670 194,816 (51,168 ) 143,648 Balance — December 31, 2020 $ 195,386 $ (650,087 ) $ 369,558 $ (85,143 ) $ 22,111 $ (63,032 ) Investment Defined Benefit Total Amount Income Securities Plans Other Before Tax Tax Net (In thousands) Balance — January 1, 2019 $ (200,107 ) $ (354,502 ) $ (14,719 ) $ (569,328 ) $ 149,247 $ (420,081 ) Other comprehensive income before reclassifications: Unrealized holding gains, net 247,411 — — 247,411 (65,009 ) 182,402 Foreign currency translation adjustment — — 1,381 1,381 (290 ) 1,091 Unrealized gains on cash flow hedges — — 160,373 160,373 (42,163 ) 118,210 Current year benefit plans losses — (126,618 ) — (126,618 ) 33,287 (93,331 ) Total other comprehensive income (loss) before reclassifications 247,411 (126,618 ) 161,754 282,547 (74,175 ) 208,372 Amounts reclassified from accumulated other comprehensive income that (increase) Amortization of unrealized holding losses on held-to-maturity securities 3,394 — — 3,394 (a) (892 ) 2,502 Losses realized in net income 3 — — 3 (b) (1 ) 2 Accretion of net gain on terminated cash flow hedges — — (136 ) (136 ) (c) 36 (100 ) Net yield adjustment from cash flow hedges currently in effect — — (13,011 ) (13,011 ) (a) 3,421 (9,590 ) Amortization of prior service credit — (4,173 ) — (4,173 ) (d) 1,097 (3,076 ) Amortization of actuarial losses — 20,745 — 20,745 (d) (5,454 ) 15,291 Total other comprehensive income (loss) 250,808 (110,046 ) 148,607 289,369 (75,968 ) 213,401 Balance — December 31, 2019 $ 50,701 $ (464,548 ) $ 133,888 $ (279,959 ) $ 73,279 $ (206,680 ) (a) Included in interest income. (b) Included in gain (loss) on bank investment securities. (c) Included in interest expense. (d) Included in other costs of operations. |
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following: Investment Securities Defined Benefit Plans Other Total (In thousands) Balance at January 1, 2019 $ (147,526 ) $ (261,303 ) $ (11,252 ) $ (420,081 ) Net gain (loss) during 2019 184,906 (81,116 ) 109,611 213,401 Balance at December 31, 2019 37,380 (342,419 ) 98,359 (206,680 ) Net gain (loss) during 2020 107,222 (138,645 ) 175,071 143,648 Balance at December 31, 2020 144,602 (481,064 ) 273,430 (63,032 ) Net gain (loss) during 2021 (66,977 ) 213,919 (211,488 ) (64,546 ) Balance at December 31, 2021 $ 77,625 $ (267,145 ) $ 61,942 $ (127,578 ) |
Other income and other expense
Other income and other expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income And Expenses [Abstract] | |
Other Income and Other Expense | The following items, which exceeded 1% of total interest income and other income in the respective period, were included in either “other revenues from operations” or “other costs of operations” in the consolidated statement of income: Year Ended December 31 2021 2020 2019 (In thousands) Other income: Credit-related fee income $ 90,816 $ 70,387 $ 86,792 Credit card interchange fee income 69,963 Merchant discount fee income 61,442 Other expense: Professional services 348,360 240,047 330,900 Amortization of capitalized mortgage servicing rights 89,767 84,821 71,888 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 Fair value hedges: Fixed rate long-term borrowings (b) $ 1,650,000 2.3 2.86 % 0.74 % $ 41 Cash flow hedges: Interest payments on variable rate commercial real estate loans (b)(c) 21,700,000 0.6 1.24 % 0.09 % (248 ) Total $ 23,350,000 0.7 $ (207 ) 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) C ertain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such treatment at December 31, 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 $43.5 million and $101.5 million, respectively, and on interest rate swap agreements designated as cash flow hedges of $88.2 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) Includes notional amount and terms of $8.4 billion of forward-starting interest rate swap agreements that become effective in 2022. (d) Includes notional amount and terms of $32.1 billion of forward-starting interest rate swap agreement that become effective in 2021-2022 . |
Notional Amount of Interest Rate Swap Agreements Outstanding Maturity | The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2021 mature as follows: (In thousands) Year ending December 31: 2022 $ 16,500,000 2023 6,350,000 2027 500,000 $ 23,350,000 |
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 December 31, December 31, December 31, December 31, 2021 2020 2021 2020 (In thousands) Derivatives designated and qualifying as hedging instruments Interest rate swap agreements (a) $ 258 $ 1,968 $ 465 $ 892 Commitments to sell real estate loans (a) 4,044 1,488 548 8,458 4,302 3,456 1,013 9,350 Derivatives not designated and qualifying as hedging instruments Mortgage-related commitments to originate real estate loans for sale (a) 11,728 43,599 5,288 365 Commitments to sell real estate loans (a) 8,137 2,409 4,108 13,868 Trading: Interest rate contracts (b) 410,056 1,008,913 76,278 105,768 Foreign 8,230 9,608 7,156 11,134 438,151 1,064,529 92,830 131,135 Total derivatives $ 442,453 $ 1,067,985 $ 93,843 $ 140,485 (a) (b) Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Location in the of the Hedged Items in Fair Value Long-term debt $ 1,692,943 $ 1,750,048 $ 43,610 $ 101,326 |
Information about Fair Values of Derivative Instruments in Consolidated Statement of Income | Amount of Gain (Loss) Recognized Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item (In thousands) Derivatives in fair value hedging relationships Interest rate swap agreements: Fixed rate long-term borrowings (a) $ (58,599 ) $ 57,716 $ 57,611 $ (57,686 ) $ 95,006 $ (94,742 ) Derivatives not designated as hedging Trading: Interest rate contracts (b) $ (11,268 ) $ 6,344 $ 24,701 Foreign exchange and other option and futures contracts (b) 9,064 7,363 8,511 Total $ (2,204 ) $ 13,707 $ 33,212 (a) (b) |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The following tables present assets and liabilities at December 31, 2021 and 2020 measured at estimated fair value on a recurring basis: Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) December 31, 2021 Trading account assets $ 468,031 $ 49,545 $ 418,486 $ — Investment securities available for sale: U.S. Treasury and federal agencies 678,690 — 678,690 — Mortgage-backed securities: Government issued or guaranteed 3,155,312 — 3,155,312 — Other debt securities 121,802 — 121,802 — 3,955,804 — 3,955,804 — Equity securities 77,640 68,850 8,790 — Real estate loans held for sale 899,282 — 899,282 — Other assets (a) 24,167 — 12,439 11,728 Total assets $ 5,424,924 $ 118,395 $ 5,294,801 $ 11,728 Trading account liabilities $ 83,434 $ — $ 83,434 $ — Other liabilities (a) 10,409 — 5,121 5,288 Total liabilities $ 93,843 $ — $ 88,555 $ 5,288 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) |
Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the years ended December 31, 2021, 2020 and 2019 were as follows: Investment Securities Available for Sale Privately Issued Mortgage-Backed Other Assets (In thousands) 2021 Balance — January 1, 2021 $ 16 $ 43,234 Total gains realized/unrealized: Included in earnings — 126,223 (a) Settlements (16 ) — Transfers out of Level 3 — (163,017 ) (b) Balance — December 31, 2021 $ — $ 6,440 Changes in unrealized gains included in earnings related to assets still held at December 31, 2021 $ — $ 8,619 (a) 2020 Balance — January 1, 2020 $ 16 $ 10,740 Total gains realized/unrealized: Included in earnings — 194,469 (a) Transfers out of Level 3 — (161,975 ) (b) Balance — December 31, 2020 $ 16 $ 43,234 Changes in unrealized gains included in earnings related to assets still held at December 31, 2020 $ — $ 42,597 (a) 2019 Balance — January 1, 2019 $ 22 $ 7,712 Total gains realized/unrealized: Included in earnings — 129,398 (a) Settlements (6 ) — Transfers out of Level 3 — (126,370 ) (b) Balance — December 31, 2019 $ 16 $ 10,740 Changes in unrealized gains included in earnings related to assets still held at December 31, 2019 $ — $ 11,146 (a) (a) (b) |
Quantitative Information Related to Significant Unobservable Inputs | The following tables present quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets and liabilities at December 31, 2021 and 2020: Fair Value Valuation Technique Unobservable Inputs/Assumptions Range (Weighted- Average) (In December 31, 2021 Recurring fair value measurements Net other assets (liabilities) (a) 6,440 Discounted cash flow Commitment expirations 0% - 80% (10%) 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) |
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 tables: December 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 1,337,577 1,337,577 1,205,269 132,308 — Interest-bearing deposits at banks 41,872,304 41,872,304 — 41,872,304 — Trading account assets 468,031 468,031 49,545 418,486 — Investment securities 7,155,860 7,192,476 68,850 7,066,293 57,333 Loans and leases: Commercial loans and leases 23,473,324 23,285,224 — — 23,285,224 Commercial real estate loans 35,389,730 34,730,191 — 425,010 34,305,181 Residential real estate loans 16,074,445 16,160,799 — 4,524,018 11,636,781 Consumer loans 17,974,953 18,121,363 — — 18,121,363 Allowance for credit losses (1,469,226 ) — — — — Loans and leases, net 91,443,226 92,297,577 — 4,949,028 87,348,549 Accrued interest receivable 335,162 335,162 — 335,162 — Financial liabilities: Noninterest-bearing deposits $ (60,131,480 ) (60,131,480 ) — (60,131,480 ) — Savings and interest-checking deposits (68,603,966 ) (68,603,966 ) — (68,603,966 ) — Time deposits (2,807,963 ) (2,810,143 ) — (2,810,143 ) — Short-term borrowings (47,046 ) (47,046 ) — (47,046 ) — Long-term borrowings (3,485,369 ) (3,562,223 ) — (3,562,223 ) — Accrued interest payable (40,866 ) (40,866 ) — (40,866 ) — Trading account liabilities (83,434 ) (83,434 ) — (83,434 ) — Other financial instruments: Commitments to originate real estate loans for sale $ 6,440 6,440 — — 6,440 Commitments to sell real estate loans 7,525 7,525 — 7,525 — Other credit-related commitments (123,032 ) (123,032 ) — — (123,032 ) Interest rate swap agreements used for interest rate risk management (207 ) (207 ) — (207 ) — 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 (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 (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) | 12 Months Ended |
Dec. 31, 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. December 31, December 31, 2021 2020 (In thousands) Commitments to extend credit Home equity lines of credit $ 5,693,045 $ 5,563,854 Commercial real estate loans to be sold 324,943 363,735 Other commercial real estate 4,998,631 7,237,367 Residential real estate loans to be sold 233,257 1,026,118 Other residential real estate 924,211 665,259 Commercial and other 22,145,057 19,427,886 Standby letters of credit 2,151,595 2,241,417 Commercial letters of credit 31,981 27,332 Financial guarantees and indemnification contracts 4,211,797 4,220,531 Commitments to sell real estate loans 1,367,523 2,108,823 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Information about Company's Segments | Information about the Company’s segments is presented in the accompanying table. Income statement amounts are in thousands of dollars. Balance sheet amounts are in millions of dollars. For the Years Ended December 31, 2021, 2020 and 2019 Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net interest income(a) $ 518,940 $ 462,614 $ 451,307 $ 854,264 $ 864,149 $ 828,888 $ 643,415 $ 673,894 $ 692,526 $ 483,624 $ 486,831 $ 209,807 Noninterest income 123,854 103,837 113,855 302,974 276,791 289,558 218,189 208,367 214,970 (38,638 ) (1,735 ) 26,919 642,794 566,451 565,162 1,157,238 1,140,940 1,118,446 861,604 882,261 907,496 444,986 485,096 236,726 Provision for credit losses 10,928 25,928 16,501 101,060 73,099 25,580 67,405 107,210 1,537 3,622 1,508 3,608 Amortization of core deposit and other intangible assets — — — — — — 1,060 1,060 1,060 — — — Depreciation and other amortization 1,106 1,482 2,066 2,362 2,421 2,353 35,623 28,187 26,963 194 285 279 Other noninterest expense 341,751 322,868 317,482 384,505 375,769 382,214 276,791 256,428 239,333 64,122 54,339 52,885 Income (loss) before taxes 289,009 216,173 229,113 669,311 689,651 708,299 480,725 489,376 638,603 377,048 428,964 179,954 Income tax expense (benefit) 75,545 56,953 60,617 175,588 181,179 187,835 108,399 107,548 152,977 88,282 101,673 36,342 Net income (loss) $ 213,464 $ 159,220 $ 168,496 $ 493,723 $ 508,472 $ 520,464 $ 372,326 $ 381,828 $ 485,626 $ 288,766 $ 327,291 $ 143,612 Average total assets (in millions) $ 8,007 $ 8,152 $ 5,793 $ 28,559 $ 30,338 $ 28,142 $ 25,628 $ 25,792 $ 23,921 $ 22,262 $ 27,726 $ 29,081 Capital expenditures (in millions) $ 1 $ — $ 1 $ 1 $ — $ 2 $ — $ — $ — $ — $ — $ — For the Years Ended December 31, 2021, 2020 and 2019 Residential Mortgage Banking Retail Banking All Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net interest income(a) $ 92,706 $ 52,712 $ 20,008 $ 1,125,953 $ 1,204,309 $ 1,389,788 $ 105,876 $ 121,808 $ 537,940 $ 3,824,778 $ 3,866,317 $ 4,130,264 Noninterest income 523,765 515,549 393,372 290,610 260,163 327,562 746,240 725,472 695,443 2,166,994 2,088,444 2,061,679 616,471 568,261 413,380 1,416,563 1,464,472 1,717,350 852,116 847,280 1,233,383 5,991,772 5,954,761 6,191,943 Provision for credit losses (562 ) 1,785 382 55,692 108,268 122,135 (313,145 ) 482,202 6,257 (75,000 ) 800,000 176,000 Amortization of core deposit and other intangible assets — — — — — — 9,107 13,809 18,430 10,167 14,869 19,490 Depreciation and other amortization 57,716 60,129 48,248 93,159 95,936 93,312 123,881 116,979 108,604 314,041 305,419 281,825 Other noninterest expense 332,491 332,028 273,067 804,762 764,262 784,718 1,082,993 959,258 1,117,668 3,287,415 3,064,952 3,167,367 Income (loss) before taxes 226,826 174,319 91,683 462,950 496,006 717,185 (50,720 ) (724,968 ) (17,576 ) 2,455,149 1,769,521 2,547,261 Income tax expense (benefit) 53,866 40,667 19,355 121,464 130,745 189,611 (26,741 ) (202,396 ) (28,625 ) 596,403 416,369 618,112 Net income (loss) $ 172,960 $ 133,652 $ 72,328 $ 341,486 $ 365,261 $ 527,574 $ (23,979 ) $ (522,572 ) $ 11,049 $ 1,858,746 $ 1,353,152 $ 1,929,149 Average total assets (in millions) $ 6,463 $ 4,038 $ 2,611 $ 17,897 $ 16,438 $ 15,083 $ 43,853 $ 22,996 $ 14,953 $ 152,669 $ 135,480 $ 119,584 Capital expenditures (in millions) $ 1 $ — $ 1 $ 53 $ 34 $ 76 $ 93 $ 138 $ 98 $ 149 $ 172 $ 178 (a) |
Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category | The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows: Year Ended December 31 2021 2020 2019 (In thousands) Revenues $ (55,556 ) $ (47,604 ) $ (48,559 ) Expenses (13,599 ) (14,038 ) (18,218 ) Income taxes (10,846 ) (8,824 ) (7,976 ) Net income (31,111 ) (24,742 ) (22,365 ) |
Regulatory matters (Tables)
Regulatory matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Required Minimum and Well Capitalized Capital Ratios | Pursuant to the rules in effect as of December 31, 2021, the required minimum and well capitalized capital ratios are as follows: Well Minimum Capitalized M&T (Consolidated) Common equity Tier 1 ("CET1") to risk-weighted assets 4.5 % Tier 1 capital to risk-weighted assets 6.0 % 6.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % Well Minimum Capitalized Bank Subsidiaries CET1 to risk-weighted assets 4.5 % 6.5 % Tier 1 capital to risk-weighted assets 6.0 % 8.0 % Total capital to risk-weighted assets 8.0 % 10.0 % Leverage — Tier 1 capital to average total assets, as defined 4.0 % 5.0 % |
Capital Ratios and Amounts of Company and its Banking Subsidiaries | The capital ratios and amounts of the Company and its banking subsidiaries as of December 31, 2021 and 2020 are presented below: M&T (Consolidated) M&T Bank Wilmington Trust, N.A. (Dollars in thousands) December 31, 2021: CET1 capital Amount $ 11,844,833 $ 12,378,354 $ 779,521 Ratio(a) 11.42 % 11.98 % 31.22 % Tier 1 capital Amount 13,594,782 12,378,354 779,521 Ratio(a) 13.11 % 11.98 % 31.22 % Total capital Amount 15,902,833 14,170,434 780,791 Ratio(a) 15.33 % 13.71 % 31.27 % Leverage Amount 13,594,782 12,378,354 779,521 Ratio(b) 8.87 % 8.11 % 6.23 % December 31, 2020: CET1 capital Amount $ 10,623,368 $ 11,550,462 $ 630,574 Ratio(a) 10.00 % 10.90 % 46.57 % Tier 1 capital Amount 11,873,317 11,550,462 630,574 Ratio(a) 11.17 % 10.90 % 46.57 % Total capital Amount 14,207,937 13,373,416 632,506 Ratio(a) 13.37 % 12.62 % 46.72 % Leverage Amount 11,873,317 11,550,462 630,574 Ratio(b) 8.48 % 8.27 % 10.73 % (a) (b) |
Parent company financial stat_2
Parent company financial statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed Balance Sheet December 31 2021 2020 (In thousands) Assets Cash in subsidiary bank $ 92,836 $ 100,593 Due from consolidated bank subsidiaries Money-market savings 1,335,857 699,476 Current income tax receivable 754 — Total due from consolidated bank subsidiaries 1,336,611 699,476 Investments in consolidated subsidiaries Banks 17,533,772 16,554,287 Other 220,496 125,988 Investments in trust preferred entities (note 20) 22,672 22,846 Other assets 98,010 92,170 Total assets $ 19,304,397 $ 17,595,360 Liabilities Accrued expenses and other liabilities $ 103,242 $ 96,664 Long-term borrowings 1,297,750 1,311,413 Total liabilities 1,400,992 1,408,077 Shareholders’ equity 17,903,405 16,187,283 Total liabilities and shareholders’ equity $ 19,304,397 $ 17,595,360 |
Condensed Statement of Income | Condensed Statement of Income Year Ended December 31 2021 2020 2019 (In thousands, except per share) Income Dividends from consolidated subsidiaries $ 1,025,000 $ 708,500 $ 2,025,000 Income from Bayview Lending Group LLC 30,000 52,940 36,740 Other income 2,530 5,110 7,216 Total income 1,057,530 766,550 2,068,956 Expense Interest on long-term borrowings 24,073 31,924 51,938 Other expense 35,406 33,704 25,236 Total expense 59,479 65,628 77,174 Income before income taxes and equity in undistributed income of subsidiaries 998,051 700,922 1,991,782 Income tax credits 6,052 1,984 8,313 Income before equity in undistributed income of subsidiaries 1,004,103 702,906 2,000,095 Equity in undistributed income of subsidiaries Net income of subsidiaries 1,879,643 1,358,746 1,954,054 Less: dividends received (1,025,000 ) (708,500 ) (2,025,000 ) Equity in undistributed income of subsidiaries 854,643 650,246 (70,946 ) Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Net income per common share Basic $ 13.81 $ 9.94 $ 13.76 Diluted 13.80 9.94 13.75 |
Condensed Statement of Cash Flow | Condensed Statement of Cash Flows Year Ended December 31 2021 2020 2019 (In thousands) Cash flows from operating activities Net income $ 1,858,746 $ 1,353,152 $ 1,929,149 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (854,643 ) (650,246 ) 70,946 Provision for deferred income taxes 10,356 1,079 5,263 Net change in accrued income and expense (23,047 ) (24,206 ) (34,525 ) Net cash provided by operating activities 991,412 679,779 1,970,833 Cash flows from investing activities Proceeds from sales or maturities of investment securities — — 100 Net investment in consolidated subsidiaries (199,000 ) 125,654 — Other, net (2,777 ) 50,396 51,235 Net cash provided (used) by investing activities (201,777 ) 176,050 51,335 Cash flows from financing activities Purchases of treasury stock — (373,750 ) (1,349,785 ) Dividends paid — common (580,260 ) (568,112 ) (552,138 ) Dividends paid — preferred (68,200 ) (68,256 ) (67,454 ) Redemption of Series A and Series C preferred stock — — (381,500 ) Proceeds from issuance of Series I and Series G preferred stock 495,000 — 396,000 Other, net (7,551 ) (5,992 ) (4,431 ) Net cash used by financing activities (161,011 ) (1,016,110 ) (1,959,308 ) Net increase (decrease) in cash and cash equivalents 628,624 (160,281 ) 62,860 Cash and cash equivalents at beginning of year 800,069 960,350 897,490 Cash and cash equivalents at end of year $ 1,428,693 $ 800,069 $ 960,350 Supplemental disclosure of cash flow information Interest received during the year $ 1,165 $ 1,493 $ 1,752 Interest paid during the year 20,457 30,913 49,451 Income taxes received during the year 53,067 11,528 6,251 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Delinquent period of loans resulting in accrued interest being charged against income | 90 days |
Delinquent period of loans secured by real estate resulting in charge off | 150 days |
Delinquent period of loans resulting in accrued interest being charged against income description | Certain loans greater than 90 days delinquent continue to accrue interest if they are well-secured and in the process of collection. Loans less than 90 days delinquent are deemed to have an insignificant delay in payment and generally continue to accrue interest |
Maximum [Member] | |
Significant Accounting Policies [Line Items] | |
Loans secured by real estate delinquent period threshold for return to accrual status | 90 days |
Consumer loan delinquent period threshold for consideration for charge off | 180 days |
Estimated useful lives | 10 years |
Minimum [Member] | |
Significant Accounting Policies [Line Items] | |
Consumer loan delinquent period threshold for consideration for charge off | 91 days |
Estimated useful lives | 5 years |
Income tax benefit recognition criteria percentage threshold | 50.00% |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 22, 2021 | Dec. 31, 2021 |
Peoples United Financial Inc | ||
Business Acquisition [Line Items] | ||
Business combination, market value | $ 7,800 | |
Common stock, price per share | $ 153.58 | |
Assets | $ 64,600 | |
Loans | 37,900 | |
Deposits | 53,800 | |
Liabilities | 56,700 | |
Stockholders' equity | 7,900 | |
Peoples United Financial Inc | Investment Banking, Legal and Other Services [Member] | ||
Business Acquisition [Line Items] | ||
Merger-related expenses | $ 44 | |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | $ 3,849,347 | $ 4,621,027 |
Investment securities available for sale, gross unrealized gains | 115,305 | 210,649 |
Investment securities available for sale, gross unrealized losses | 8,848 | 9,070 |
Investment securities available for sale, estimated fair value | 3,955,804 | 4,822,606 |
Amortized cost for held to maturity | 2,734,674 | 1,748,989 |
Gross unrealized gains for held to maturity | 59,743 | 111,241 |
Gross unrealized losses for held to maturity | 23,127 | 17,949 |
Estimated fair value for held to maturity | 2,771,290 | 1,842,281 |
Equity and other securities, Amortized Cost | 461,516 | 449,008 |
Equity securities, Gross Unrealized Gains | 4,460 | 25,094 |
Equity securities, Gross Unrealized Losses | 594 | |
Equity and other securities, Estimated Fair Value | 465,382 | 474,102 |
Other securities, Amortized cost | 387,742 | 381,117 |
Other securities, Estimated fair value | 387,742 | 381,117 |
Total debt securities Amortized cost | 6,584,021 | 6,370,016 |
Total debt securities Gross unrealized gains | 175,048 | 321,890 |
Total debt securities Gross unrealized losses | 31,975 | 27,019 |
Total debt securities Estimated fair value | 6,727,094 | 6,664,887 |
Readily marketable securities Amortized cost | 73,774 | 67,891 |
Readily marketable securities Gross unrealized gains | 4,460 | 25,094 |
Readily marketable securities Gross unrealized losses | 594 | |
Readily marketable securities Estimated fair value | 77,640 | 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 | 682,267 | 9,154 |
Investment securities available for sale, gross unrealized gains | 229 | 198 |
Investment securities available for sale, gross unrealized losses | 3,806 | 14 |
Investment securities available for sale, estimated fair value | 678,690 | 9,338 |
Amortized cost for held to maturity | 3,052 | 2,999 |
Gross unrealized losses for held to maturity | 9 | |
Estimated fair value for held to maturity | 3,043 | 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 | 2 | 9 |
Estimated fair value for held to maturity | 179 | 1,540 |
Other Debt Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities [Line Items] | ||
Investment securities available for sale, amortized cost | 124,309 | 136,451 |
Investment securities available for sale, gross unrealized gains | 1,974 | 1,664 |
Investment securities available for sale, gross unrealized losses | 4,481 | 8,301 |
Investment securities available for sale, estimated fair value | 121,802 | 129,814 |
Amortized cost for held to maturity | 2,562 | 2,861 |
Estimated fair value for held to maturity | 2,562 | 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 | 61,555 | 77,155 |
Gross unrealized gains for held to maturity | 10,520 | 11,056 |
Gross unrealized losses for held to maturity | 14,742 | 17,938 |
Estimated fair value for held to maturity | 57,333 | 70,273 |
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 | 3,042,771 | 4,475,406 |
Investment securities available for sale, gross unrealized gains | 113,102 | 208,787 |
Investment securities available for sale, gross unrealized losses | 561 | 755 |
Investment securities available for sale, estimated fair value | 3,155,312 | 4,683,438 |
Amortized cost for held to maturity | 2,667,328 | 1,664,443 |
Gross unrealized gains for held to maturity | 49,221 | 100,176 |
Gross unrealized losses for held to maturity | 8,376 | 11 |
Estimated fair value for held to maturity | $ 2,708,173 | $ 1,764,608 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Investment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investment Holdings [Line Items] | |||
Gross realized gains(loss) on sale of investment securities | $ 0 | $ 0 | $ 0 |
Number of investment securities with aggregate gross unrealized losses | Investment | 371 | ||
Unrealized losses on individual investment securities | $ 32,000,000 | ||
Cost method investment securities | 388,000,000 | ||
Investment securities pledged to secure debt carrying value | 5,100,000,000 | ||
Pledged securities that can be sold or repledged | 96,128,000 | 105,136,000 | |
Available-for-Sale Securities [Member] | |||
Investment Holdings [Line Items] | |||
Allowance for credit losses | 0 | $ 0 | |
Investment securities pledged to secure debt carrying value | $ 2,400,000,000 | ||
Government Agency [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 | ||
Non-U.S. Government [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 | ||
Government Issued or Guaranteed [Member] | |||
Investment Holdings [Line Items] | |||
Number of investment securities that exceeded ten percent of shareholders' equity | Investment | 0 |
Investment Securities - Investm
Investment Securities - Investment Ratings of All Privately Issued Mortgage-Backed Securities and Other Debt Securities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | $ 188,603 |
Total securities with disclosed rating, Estimated Fair Value | 181,876 |
A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 6,705 |
BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 51,349 |
BB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 32,593 |
B or Less [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 485 |
Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 90,744 |
Obligations of States and Political Subdivisions [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 177 |
Total securities with disclosed rating, Estimated Fair Value | 179 |
Obligations of States and Political Subdivisions [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 179 |
Privately Issued [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 61,555 |
Total securities with disclosed rating, Estimated Fair Value | 57,333 |
Privately Issued [Member] | B or Less [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 485 |
Privately Issued [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 56,848 |
Other Debt Securities [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Amortized Cost | 126,871 |
Total securities with disclosed rating, Estimated Fair Value | 124,364 |
Other Debt Securities [Member] | A or Better [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 6,526 |
Other Debt Securities [Member] | BBB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 51,349 |
Other Debt Securities [Member] | BB [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | 32,593 |
Other Debt Securities [Member] | Not Rated [Member] | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |
Total securities with disclosed rating, Estimated Fair Value | $ 33,896 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Collateralized mortgage obligations, Amortized cost | $ 61,980 | $ 77,964 |
Collateralized mortgage obligations, Estimated fair value | $ 57,763 | $ 71,099 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt securities available for sale: | ||
Due in one year or less | $ 6,912 | |
Due after one year through five years | 683,983 | |
Due after five years through ten years | 85,681 | |
Due after ten years | 30,000 | |
Total available for sale (amortized cost) | 806,576 | |
Mortgage-backed securities available for sale | 3,042,771 | |
Investment securities available for sale, amortized cost | 3,849,347 | $ 4,621,027 |
Debt securities held to maturity: | ||
Due in one year or less | 3,229 | |
Due after ten years | 2,562 | |
Total available for held to maturity (amortized cost) | 5,791 | |
Mortgage-backed securities held to maturity | 2,728,883 | |
Amortized cost for held to maturity | 2,734,674 | 1,748,989 |
Debt securities available for sale: | ||
Due in one year or less | 6,943 | |
Due after one year through five years | 680,827 | |
Due after five years through ten years | 86,205 | |
Due after ten years | 26,517 | |
Total available for sale (fair value) | 800,492 | |
Mortgage-backed securities available for sale | 3,155,312 | |
Total | 3,955,804 | 4,822,606 |
Debt securities held to maturity: | ||
Due in one year or less | 3,222 | |
Due after ten years | 2,562 | |
Total available for held to maturity (fair value) | 5,784 | |
Mortgage-backed securities held to maturity | 2,765,506 | |
Total | $ 2,771,290 | $ 1,842,281 |
Investment Securities - Inves_2
Investment Securities - Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | $ 612,437 | $ 35,727 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 3,934 | 551 |
Estimated fair value, 12 months or more | 87,243 | 80,018 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 4,914 | 8,519 |
Held to maturity, Estimated fair value, Less than 12 months | 1,375,279 | 2,039 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 8,365 | 11 |
Held to maturity, Estimated fair value, 12 months or more | 44,943 | 52,418 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 14,762 | 17,938 |
Total investment securities, fair value less than 12 months | 1,987,716 | 37,766 |
Investment Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses | 12,299 | 562 |
Total of investment securities, fair value, 12 Months or More | 132,186 | 132,436 |
Investment Securities Continuous Unrealized Loss Position Twelve Months or Longer Aggregate Losses | 19,676 | 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 | 598,566 | 985 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 3,806 | 14 |
Held to maturity, Estimated fair value, Less than 12 months | 3,043 | |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 9 | |
Government Issued or Guaranteed [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 10,111 | 18,687 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 54 | 356 |
Estimated fair value, 12 months or more | 20,824 | 16,556 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 507 | 399 |
Held to maturity, Estimated fair value, Less than 12 months | 1,372,236 | 2,039 |
Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses | 8,356 | 11 |
Held to maturity, Estimated fair value, 12 months or more | 1,251 | |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | 20 | |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Estimated fair value, Less than 12 months | 3,760 | 16,055 |
Available For Sale Securities Continuous Unrealized Losses Position Less Than Twelve Months Aggregate Losses | 74 | 181 |
Estimated fair value, 12 months or more | 66,419 | 63,462 |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Aggregate Losses | 4,407 | 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 | 43,692 | 52,418 |
Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses | $ 14,742 | $ 17,938 |
Loans and Leases - Total Loans
Loans and Leases - Total Loans and Leases Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | ||
Total loans | $ 92,040,032 | $ 97,628,892 |
Leases | ||
Total loans and leases | 93,136,678 | 98,875,788 |
Unearned discount | (224,226) | (339,921) |
Loans and leases, net of unearned discount | 92,912,452 | 98,535,867 |
Commercial Financial Loan [Member] | ||
Loans | ||
Total loans | 22,524,542 | 26,554,486 |
Commercial Real Estate [Member] | ||
Loans | ||
Total loans | 35,473,884 | 37,728,844 |
Residential Real Estate [Member] | ||
Loans | ||
Total loans | 16,077,275 | 16,786,673 |
Consumer Real Estate [Member] | ||
Loans | ||
Total loans | 17,964,331 | 16,558,889 |
Commercial Lease [Member] | ||
Loans | ||
Total loans | $ 1,096,646 | $ 1,246,896 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans And Leases Receivable [Line Items] | ||
Amount of foreclosed residential real estate property held | $ 24 | $ 28 |
Loans secured by residential real estate that were in the process of foreclosure | $ 151 | 214 |
Percentage loans in the process of foreclosure, serviced by other entities, classified as government guaranteed | 44.00% | |
Guaranteed amount included in the estimated residual value of leased assets associated with direct financing leases | $ 29 | 34 |
Director and Certain Officers [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Exclusion limit of loans from related party disclosure | less than $60,000 | |
Borrowing by directors and certain officers of M&T and its banking subsidiaries and their associates | $ 113 | 72 |
New borrowings by directors, certain officers and their associates | 42 | |
Repayments and other reductions of borrowings by directors, certain officers and their associates | 1 | |
Commercial Real Estate [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 11,900 | |
Residential Mortgage Loans [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 11,500 | |
Residential Mortgage Loans [Member] | One-to-Four Family Residential [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | 474 | 777 |
Commercial Real Estate Loans [Member] | One-to-Four Family Residential [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Mortgage loans held for sale | 425 | $ 278 |
Commercial Loans and Leases [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 9,500 | |
Home Equity Loans and Lines of Credit [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | 1,900 | |
Other Consumer Loans [Member] | ||
Loans And Leases Receivable [Line Items] | ||
Loans pledged to secure outstanding borrowings from the FHLB of New York | $ 10,200 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Current, Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 92,040,032 | $ 97,628,892 |
30-89 Days Past Due | 845,930 | 662,439 |
Accruing Loans Past Due 90 Days or More | 963,399 | 859,208 |
Nonaccrual | 2,060,083 | 1,893,299 |
Loans and leases, net of unearned discount | 92,912,452 | 98,535,867 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 89,043,040 | 95,120,921 |
Commercial, Financial, Leasing, etc. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 142,208 | 60,822 |
Accruing Loans Past Due 90 Days or More | 8,284 | 10,053 |
Nonaccrual | 221,022 | 306,827 |
Loans and leases, net of unearned discount | 23,473,324 | 27,574,564 |
Commercial, Financial, Leasing, etc. [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 23,101,810 | 27,196,862 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 319,099 | 168,917 |
Accruing Loans Past Due 90 Days or More | 31,733 | 47,014 |
Nonaccrual | 1,069,280 | 775,894 |
Loans and leases, net of unearned discount | 26,132,755 | 27,680,340 |
Commercial [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 24,712,643 | 26,688,515 |
Residential Builder and Developer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 2,904 | 1,693 |
Accruing Loans Past Due 90 Days or More | 856 | |
Nonaccrual | 3,005 | 1,094 |
Loans and leases, net of unearned discount | 1,406,346 | 1,249,738 |
Residential Builder and Developer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,400,437 | 1,246,095 |
Other Commercial Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 17,175 | 66,365 |
Accruing Loans Past Due 90 Days or More | 3,816 | |
Nonaccrual | 111,405 | 114,039 |
Loans and leases, net of unearned discount | 7,850,629 | 8,707,811 |
Other Commercial Construction [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,722,049 | 8,523,591 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 239,561 | 200,406 |
Accruing Loans Past Due 90 Days or More | 920,080 | 792,888 |
Nonaccrual | 355,858 | 365,729 |
Loans and leases, net of unearned discount | 14,810,371 | 15,123,859 |
Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 13,294,872 | 13,764,836 |
Residential Limited Documentation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 16,666 | 19,687 |
Nonaccrual | 122,888 | 147,170 |
Loans and leases, net of unearned discount | 1,264,074 | 1,629,134 |
Residential Limited Documentation [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,124,520 | 1,462,277 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 15,486 | 24,329 |
Nonaccrual | 70,488 | 79,392 |
Loans and leases, net of unearned discount | 3,562,591 | 3,985,606 |
Home Equity Lines and Loans [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 3,476,617 | 3,881,885 |
Recreational Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 40,544 | 47,161 |
Nonaccrual | 27,811 | 25,519 |
Loans and leases, net of unearned discount | 8,053,528 | 7,075,323 |
Recreational Finance [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 7,985,173 | 7,002,643 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 40,064 | 55,498 |
Nonaccrual | 34,037 | 39,404 |
Loans and leases, net of unearned discount | 4,678,873 | 4,102,251 |
Automobile [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 4,604,772 | 4,007,349 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 12,223 | 17,561 |
Accruing Loans Past Due 90 Days or More | 3,302 | 4,581 |
Nonaccrual | 44,289 | 38,231 |
Loans and leases, net of unearned discount | 1,679,961 | 1,407,241 |
Other [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 1,620,147 | $ 1,346,868 |
Loans and Leases - Summary of O
Loans and Leases - Summary of Outstanding Loan Balances Related to COVID-19 Payment Deferrals Granted (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | $ 529,323 | $ 806,046 | $ 127,024 | |
Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 246,598 | 545,415 | 29,481 | |
COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 1,204,021 | 3,767,523 | |
Commercial, Financial, Leasing, etc. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 182,880 | 199,918 | 63,356 | |
Commercial, Financial, Leasing, etc. [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 46,806 | 70,671 | 10,485 | |
Commercial, Financial, Leasing, etc. [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 95,823 | ||
Commercial [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 728,511 | ||
Residential Builder and Developer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 3 | 90 | 1,068 | |
Residential Builder and Developer [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 3 | 1,068 | ||
Residential Builder and Developer [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 653 | ||
Other Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 532 | 13,573 | 1,500 | |
Other Commercial Construction [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 532 | 13,573 | ||
Other Commercial Construction [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 61,235 | ||
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 108,635 | 207,517 | 22,726 | |
Residential [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 95,769 | 183,878 | 10,819 | |
Residential [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1],[2] | 1,126,734 | 2,447,422 | |
Residential Limited Documentation [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 2,865 | 8,332 | 1,443 | |
Residential Limited Documentation [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 2,865 | 7,100 | 399 | |
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] | 63,078 | 337,108 | |
Home Equity Lines and Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 6,375 | 17,254 | 4,180 | |
Home Equity Lines and Loans [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 6,054 | 5,882 | 176 | |
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] | 3,419 | 18,440 | |
Recreational Finance [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 9,931 | 16,392 | 265 | |
Recreational Finance [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 9,931 | 16,388 | 265 | |
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] | 3,286 | 24,428 | |
Automobile [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 14,668 | 39,951 | 1,141 | |
Automobile [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 14,654 | 39,949 | $ 1,076 | |
Automobile [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 7,365 | 51,550 | |
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 2,597 | 7,788 | ||
Other [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | 2,597 | 3,383 | ||
Other [Member] | COVID-19 [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | $ 139 | $ 2,353 | |
[1] | Represents accruing loans for which a COVID-19 related payment deferral (including maturity extensions) was in effect. | |||
[2] | Includes $974 million and $1.7 billion of government-guaranteed loans at December 31, 2021 and 2020, respectively. |
Loans and Leases - Summary of_2
Loans and Leases - Summary of Outstanding Loan Balances Related to COVID-19 Payment Deferrals Granted - (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and leases, net of unearned discount | $ 529,323 | $ 806,046 | $ 127,024 | |
Payment Deferral [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and leases, net of unearned discount | 246,598 | 545,415 | $ 29,481 | |
COVID-19 [Member] | Payment Deferral [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and leases, net of unearned discount | [1] | 1,204,021 | 3,767,523 | |
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 | $ 974,000 | $ 1,700,000 | ||
[1] | Represents accruing loans for which a COVID-19 related payment deferral (including maturity extensions) was in effect. |
Loans and Leases - Loan Modific
Loans and Leases - Loan Modification Activities that were Considered Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Modification | Dec. 31, 2020USD ($)Modification | Dec. 31, 2019USD ($)Modification | |
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 2,320 | 5,250 | 412 |
Pre-modification Recorded Investment | $ 533,752 | $ 862,507 | $ 143,556 |
Loans and leases, net of unearned discount | $ 529,323 | $ 806,046 | $ 127,024 |
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 284 | 394 | 150 |
Pre-modification Recorded Investment | $ 185,458 | $ 246,479 | $ 63,715 |
Loans and leases, net of unearned discount | $ 182,880 | $ 199,918 | $ 63,356 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 99 | 161 | 51 |
Pre-modification Recorded Investment | $ 202,878 | $ 310,578 | $ 48,315 |
Loans and leases, net of unearned discount | $ 200,837 | $ 295,231 | $ 31,345 |
Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 3 | 2 | 3 |
Pre-modification Recorded Investment | $ 542 | $ 13,602 | $ 1,559 |
Loans and leases, net of unearned discount | $ 532 | $ 13,573 | $ 1,500 |
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 373 | 631 | 83 |
Pre-modification Recorded Investment | $ 108,325 | $ 202,985 | $ 21,695 |
Loans and leases, net of unearned discount | $ 108,635 | $ 207,517 | $ 22,726 |
Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 21 | 30 | 6 |
Pre-modification Recorded Investment | $ 2,920 | $ 7,413 | $ 1,409 |
Loans and leases, net of unearned discount | $ 2,865 | $ 8,332 | $ 1,443 |
Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 89 | 259 | 41 |
Pre-modification Recorded Investment | $ 6,430 | $ 17,228 | $ 4,127 |
Loans and leases, net of unearned discount | $ 6,375 | $ 17,254 | $ 4,180 |
Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 281 | 428 | 10 |
Pre-modification Recorded Investment | $ 9,931 | $ 16,392 | $ 265 |
Loans and leases, net of unearned discount | $ 9,931 | $ 16,392 | $ 265 |
Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 807 | 2,249 | 66 |
Pre-modification Recorded Investment | $ 14,668 | $ 39,951 | $ 1,141 |
Loans and leases, net of unearned discount | $ 14,668 | $ 39,951 | $ 1,141 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 362 | 1,095 | |
Pre-modification Recorded Investment | $ 2,597 | $ 7,788 | |
Loans and leases, net of unearned discount | $ 2,597 | $ 7,788 | |
Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modifications | Modification | 1 | 1 | 2 |
Pre-modification Recorded Investment | $ 3 | $ 91 | $ 1,330 |
Loans and leases, net of unearned discount | 3 | 90 | 1,068 |
Principal Deferral [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 246,598 | 545,415 | 29,481 |
Principal Deferral [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 46,806 | 70,671 | 10,485 |
Principal Deferral [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 67,387 | 204,591 | 5,193 |
Principal Deferral [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 532 | 13,573 | |
Principal Deferral [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 95,769 | 183,878 | 10,819 |
Principal Deferral [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 2,865 | 7,100 | 399 |
Principal Deferral [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 6,054 | 5,882 | 176 |
Principal Deferral [Member] | Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 9,931 | 16,388 | 265 |
Principal Deferral [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 14,654 | 39,949 | 1,076 |
Principal Deferral [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 2,597 | 3,383 | |
Principal Deferral [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 3 | 1,068 | |
Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 803 | ||
Interest Rate Reduction [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 298 | ||
Interest Rate Reduction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 505 | ||
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 71,760 | 36,479 | |
Other [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 40,558 | 31,605 | |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 31,202 | 4,874 | |
Combination of Concession Types [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 210,965 | 223,349 | 97,543 |
Combination of Concession Types [Member] | Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 95,516 | 97,344 | 52,871 |
Combination of Concession Types [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 102,248 | 85,261 | 26,152 |
Combination of Concession Types [Member] | Other Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 1,500 | ||
Combination of Concession Types [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 12,866 | 23,639 | 11,907 |
Combination of Concession Types [Member] | Residential Limited Documentation [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 1,232 | 1,044 | |
Combination of Concession Types [Member] | Home Equity Lines and Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 321 | 11,372 | 4,004 |
Combination of Concession Types [Member] | Recreational Finance [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 4 | ||
Combination of Concession Types [Member] | Automobile [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | $ 14 | 2 | $ 65 |
Combination of Concession Types [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | 4,405 | ||
Combination of Concession Types [Member] | Residential Builder and Developer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loans and leases, net of unearned discount | $ 90 |
Loans and Leases - Summary of_3
Loans and Leases - Summary of Changes in Accretable Yield for Acquired Loans (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Purchased Impaired [Member] | |
Summary of changes in Accretable Yield for acquired loans | |
Balance at beginning of period | $ 147,210 |
Interest income | (49,017) |
Reclassifications from nonaccretable balance | 36,718 |
Balance at end of period | 134,911 |
Other Acquired [Member] | |
Summary of changes in Accretable Yield for acquired loans | |
Balance at beginning of period | 96,907 |
Interest income | (36,452) |
Reclassifications from nonaccretable balance | 15,534 |
Other | (3,909) |
Balance at end of period | $ 72,080 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Lease Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Direct financings: | ||
Lease payments receivable | $ 873,089 | $ 1,017,222 |
Estimated residual value of leased assets | 75,140 | 79,621 |
Unearned income | (68,456) | (83,673) |
Investment in direct financings | 879,773 | 1,013,170 |
Leveraged leases: | ||
Lease payments receivable | 75,003 | 76,453 |
Estimated residual value of leased assets | 73,414 | 73,600 |
Unearned income | (25,374) | (28,388) |
Investment in leveraged leases | 123,043 | 121,665 |
Total investment in leases | 1,002,816 | 1,134,835 |
Deferred taxes payable arising from leveraged leases | $ 56,759 | $ 61,905 |
Loans and Leases - Minimum Futu
Loans and Leases - Minimum Future Lease Payments to be Received from Lease Financings (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Receivables [Abstract] | |
2022 | $ 282,388 |
2023 | 247,084 |
2024 | 171,176 |
2025 | 107,998 |
2026 | 67,528 |
Later years | 71,918 |
Total | $ 948,092 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 1,736,387 | $ 1,051,071 | $ 1,019,444 |
Provision for credit losses | (75,000) | 800,000 | 176,000 |
Net charge-offs | |||
Charge-offs | (338,154) | (333,507) | (237,708) |
Recoveries | 145,993 | 86,366 | 93,335 |
Net charge-offs | (192,161) | (247,141) | (144,373) |
Ending balance | 1,469,226 | 1,736,387 | 1,051,071 |
Adoption of new accounting standard | 132,457 | ||
Commercial, Financial, Leasing, etc. [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 405,846 | 366,094 | 330,055 |
Provision for credit losses | (40,378) | 220,544 | 69,702 |
Net charge-offs | |||
Charge-offs | (122,651) | (135,083) | (58,244) |
Recoveries | 41,082 | 15,765 | 24,581 |
Net charge-offs | (81,569) | (119,318) | (33,663) |
Ending balance | 283,899 | 405,846 | 366,094 |
Adoption of new accounting standard | (61,474) | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 670,719 | 322,201 | 341,655 |
Provision for credit losses | (42,825) | 356,203 | (10,726) |
Net charge-offs | |||
Charge-offs | (101,306) | (35,891) | (12,664) |
Recoveries | 30,651 | 4,550 | 3,936 |
Net charge-offs | (70,655) | (31,341) | (8,728) |
Ending balance | 557,239 | 670,719 | 322,201 |
Adoption of new accounting standard | 23,656 | ||
One-to-Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 103,590 | 56,033 | 69,125 |
Provision for credit losses | (29,817) | (3,172) | (8,585) |
Net charge-offs | |||
Charge-offs | (10,904) | (10,283) | (12,711) |
Recoveries | 8,857 | 7,116 | 8,204 |
Net charge-offs | (2,047) | (3,167) | (4,507) |
Ending balance | 71,726 | 103,590 | 56,033 |
Adoption of new accounting standard | 53,896 | ||
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 556,232 | 229,118 | 200,564 |
Provision for credit losses | 38,020 | 226,425 | 126,029 |
Net charge-offs | |||
Charge-offs | (103,293) | (152,250) | (154,089) |
Recoveries | 65,403 | 58,935 | 56,614 |
Net charge-offs | (37,890) | (93,315) | (97,475) |
Ending balance | $ 556,362 | 556,232 | 229,118 |
Adoption of new accounting standard | 194,004 | ||
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 77,625 | 78,045 | |
Provision for credit losses | (420) | ||
Net charge-offs | |||
Ending balance | $ 77,625 | ||
Adoption of new accounting standard | $ (77,625) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Maximum [Member] | |
Loans And Leases Receivable [Line Items] | |
Loan delinquent period | 150 days |
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 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | $ 789,228 | $ 974,782 | $ 399,274 | |||
Amortized Cost without Allowance | 1,270,855 | 918,517 | 563,838 | |||
Total | 2,060,083 | 1,893,299 | 963,112 | |||
Amortized Cost | $ 1,893,299 | $ 1,134,333 | $ 893,608 | |||
Interest Income Recognized | 58,740 | 54,217 | 36,807 | |||
Commercial, Financial, Leasing, etc. [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 110,790 | 226,897 | 206,644 | |||
Amortized Cost without Allowance | 110,232 | 79,930 | 139,913 | |||
Total | 221,022 | 306,827 | 346,557 | |||
Amortized Cost | 306,827 | 346,743 | 234,423 | |||
Interest Income Recognized | 11,865 | 11,269 | 8,960 | |||
Commercial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 242,078 | 364,110 | 40,847 | |||
Amortized Cost without Allowance | 827,202 | 411,784 | 117,627 | |||
Total | 1,069,280 | 775,894 | 158,474 | |||
Amortized Cost | 775,894 | 173,796 | 203,672 | |||
Interest Income Recognized | 15,872 | 7,821 | 5,850 | |||
Residential Builder and Developer [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 613 | 1,094 | 604 | |||
Amortized Cost without Allowance | 2,392 | 3,378 | ||||
Total | 3,005 | 1,094 | 3,982 | |||
Amortized Cost | 1,094 | 4,708 | 4,798 | |||
Interest Income Recognized | 973 | 1,694 | 357 | |||
Other Commercial Construction [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 30,229 | 20,992 | 12,425 | |||
Amortized Cost without Allowance | 81,176 | 93,047 | 20,345 | |||
Total | 111,405 | 114,039 | 32,770 | |||
Amortized Cost | 114,039 | 35,881 | 22,205 | |||
Interest Income Recognized | 596 | 8,457 | 634 | |||
Residential [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 198,560 | 159,006 | 59,982 | |||
Amortized Cost without Allowance | 157,298 | 206,723 | 175,681 | |||
Total | 355,858 | 365,729 | 235,663 | |||
Amortized Cost | 365,729 | 322,504 | 233,352 | |||
Interest Income Recognized | 23,772 | 18,069 | 12,630 | |||
Residential Limited Documentation [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 79,777 | 84,568 | 26,710 | |||
Amortized Cost without Allowance | 43,111 | 62,602 | 56,717 | |||
Total | 122,888 | 147,170 | 83,427 | |||
Amortized Cost | 147,170 | 114,667 | 84,685 | |||
Interest Income Recognized | 528 | 634 | 1,092 | |||
Home Equity Lines and Loans [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 32,269 | 61,031 | 24,812 | |||
Amortized Cost without Allowance | 38,219 | 18,361 | 38,403 | |||
Total | 70,488 | 79,392 | 63,215 | |||
Amortized Cost | 79,392 | 65,039 | 71,292 | |||
Interest Income Recognized | 3,780 | 4,092 | 5,987 | |||
Recreational Finance [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 21,476 | 19,434 | 9,054 | |||
Amortized Cost without Allowance | 6,335 | 6,085 | 5,165 | |||
Total | 27,811 | 25,519 | 14,219 | |||
Amortized Cost | 25,519 | 14,308 | 11,199 | |||
Interest Income Recognized | 637 | 626 | 575 | |||
Automobile [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 29,314 | 34,044 | 14,805 | |||
Amortized Cost without Allowance | 4,723 | 5,360 | 6,488 | |||
Total | 34,037 | 39,404 | 21,293 | |||
Amortized Cost | 39,404 | 21,293 | 23,359 | |||
Interest Income Recognized | 186 | 186 | 214 | |||
Other [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Amortized Cost with Allowance | 44,122 | 3,606 | 3,391 | |||
Amortized Cost without Allowance | 167 | 34,625 | 121 | |||
Total | 44,289 | 38,231 | 3,512 | |||
Amortized Cost | $ 38,231 | $ 35,394 | $ 4,623 | |||
Interest Income Recognized | $ 531 | $ 1,369 | $ 508 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Loan grades applied various classes of Commercial and Real Estate Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 92,912,452 | $ 98,535,867 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,234,904 | 16,963,561 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,199,887 | 1,387,378 |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,817,411 | |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,376,366 | 20,949,019 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,286,933 | 15,628,942 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,895,140 | 10,466,749 |
Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,558,871 | 7,893,838 |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,542,940 | 19,233,367 |
Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,013,013 | |
Commercial, Financial, Leasing, etc. [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,473,324 | 27,574,564 |
Commercial, Financial, Leasing, etc. [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 11,538,391 | 12,063,060 |
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 | 40,836 | 42,974 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 22,054,341 | 25,927,474 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,993,461 | 11,352,416 |
Commercial, Financial, Leasing, etc. [Member] | Pass [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,699 | 21,286 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,197,961 | 1,340,263 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 484,755 | 584,751 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Accrual [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 15,628 | 13,970 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 221,022 | 306,827 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 60,175 | 125,893 |
Commercial, Financial, Leasing, etc. [Member] | Criticized Nonaccrual [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,509 | 7,718 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,014,194 | 8,128,774 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,798,052 | 7,732,728 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 196,680 | 388,326 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 19,462 | 7,720 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,037,896 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,916,072 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 98,595 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 23,229 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,600,910 | 2,388,900 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,476,786 | 2,277,233 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 107,010 | 84,358 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 17,114 | 27,309 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,064,915 | 1,675,653 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 951,881 | 1,505,486 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 73,126 | 113,940 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 39,908 | 56,227 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 557,774 | 989,229 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 500,615 | 930,834 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 36,232 | 41,587 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,927 | 16,808 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,618,408 | 1,506,567 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,398,775 | 1,387,695 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 185,935 | 73,401 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 33,698 | 45,471 |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 779,407 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2016 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 719,796 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2016 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 39,930 | |
Commercial, Financial, Leasing, etc. [Member] | Term Loans 2016 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 19,681 | |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 26,132,755 | 27,680,340 |
Commercial [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 805,609 | 954,022 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 20,445,045 | 23,282,787 |
Commercial [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 728,948 | 875,348 |
Commercial [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,618,430 | 3,621,659 |
Commercial [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 38,570 | 44,260 |
Commercial [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,069,280 | 775,894 |
Commercial [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 38,091 | 34,414 |
Commercial [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,568,307 | 3,906,363 |
Commercial [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,413,587 | 3,353,450 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 133,133 | 526,037 |
Commercial [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 21,587 | 26,876 |
Commercial [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,276,705 | |
Commercial [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,662,999 | |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 480,146 | |
Commercial [Member] | Term Loans 2020 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 133,560 | |
Commercial [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,562,963 | 5,203,887 |
Commercial [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,682,178 | 4,681,834 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 685,701 | 400,154 |
Commercial [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 195,084 | 121,899 |
Commercial [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,800,797 | 3,925,746 |
Commercial [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,648,388 | 3,299,095 |
Commercial [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,068,552 | 579,507 |
Commercial [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 83,857 | 47,144 |
Commercial [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,621,313 | 3,018,239 |
Commercial [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,076,155 | 2,628,061 |
Commercial [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 468,530 | 290,885 |
Commercial [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 76,628 | 99,293 |
Commercial [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,497,061 | 7,160,455 |
Commercial [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,232,790 | 5,698,834 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,743,798 | 1,212,672 |
Commercial [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 520,473 | 248,949 |
Commercial [Member] | Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,511,628 | |
Commercial [Member] | Term Loans 2016 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,746,165 | |
Commercial [Member] | Term Loans 2016 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 568,144 | |
Commercial [Member] | Term Loans 2016 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 197,319 | |
Residential Builder and Developer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,406,346 | 1,249,738 |
Residential Builder and Developer [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 230,908 | 240,993 |
Residential Builder and Developer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,263,514 | 1,113,915 |
Residential Builder and Developer [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 230,017 | 236,943 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 139,827 | 134,729 |
Residential Builder and Developer [Member] | Criticized Accrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 891 | 4,050 |
Residential Builder and Developer [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,005 | 1,094 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 789,038 | 509,985 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 786,983 | 506,295 |
Residential Builder and Developer [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,055 | 3,690 |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 111,866 | |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 106,510 | |
Residential Builder and Developer [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,356 | |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 195,455 | 331,245 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 75,287 | 223,880 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 117,258 | 106,847 |
Residential Builder and Developer [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,910 | 518 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 61,224 | 124,289 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 47,587 | 109,453 |
Residential Builder and Developer [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 13,637 | 14,836 |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,310 | 18,469 |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,680 | 15,048 |
Residential Builder and Developer [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 630 | 3,421 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,545 | 13,781 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,450 | 11,320 |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,885 | |
Residential Builder and Developer [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 95 | 576 |
Residential Builder and Developer [Member] | Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,976 | |
Residential Builder and Developer [Member] | Term Loans 2016 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 10,976 | |
Other Commercial Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,850,629 | 8,707,811 |
Other Commercial Construction [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 43,037 | 80,018 |
Other Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,059,379 | 7,644,349 |
Other Commercial Construction [Member] | Pass [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 38,781 | 74,611 |
Other Commercial Construction [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,679,845 | 949,423 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 111,405 | 114,039 |
Other Commercial Construction [Member] | Criticized Nonaccrual [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 4,256 | 5,407 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 982,050 | 1,087,785 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 957,947 | 1,050,258 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 24,103 | 37,192 |
Other Commercial Construction [Member] | Term Loans 2021 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 335 | |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,835,794 | |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,781,603 | |
Other Commercial Construction [Member] | Term Loans 2020 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 54,191 | |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,769,115 | 3,213,005 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,022,276 | 2,998,921 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 675,226 | 148,492 |
Other Commercial Construction [Member] | Term Loans 2019 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 71,613 | 65,592 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,419,278 | 2,442,676 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 832,547 | 2,048,063 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 583,428 | 381,091 |
Other Commercial Construction [Member] | Term Loans 2018 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 3,303 | 13,522 |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 393,671 | 1,175,501 |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 152,669 | 945,339 |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 228,739 | 225,949 |
Other Commercial Construction [Member] | Term Loans 2017 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,263 | 4,213 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 407,684 | 318,937 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 273,556 | 294,030 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 114,158 | 12,034 |
Other Commercial Construction [Member] | Term Loans Prior Period [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 19,970 | 12,873 |
Other Commercial Construction [Member] | Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 389,889 | |
Other Commercial Construction [Member] | Term Loans 2016 [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 233,127 | |
Other Commercial Construction [Member] | Term Loans 2016 [Member] | Criticized Accrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 144,665 | |
Other Commercial Construction [Member] | Term Loans 2016 [Member] | Criticized Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | $ 12,097 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Summary of loans in Accrual and Nonaccrual Status (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 92,040,032 | $ 97,628,892 |
30-89 Days Past Due | 845,930 | 662,439 |
Accruing Loans Past Due 90 Days or More | 963,399 | 859,208 |
Nonaccrual | 2,060,083 | 1,893,299 |
Loans and leases, net of unearned discount | 92,912,452 | 98,535,867 |
Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 16,234,904 | 16,963,561 |
Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,199,887 | 1,387,378 |
Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 239,561 | 200,406 |
Accruing Loans Past Due 90 Days or More | 920,080 | 792,888 |
Nonaccrual | 355,858 | 365,729 |
Loans and leases, net of unearned discount | 14,810,371 | 15,123,859 |
Residential [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual | 263 | 200 |
Loans and leases, net of unearned discount | 72,572 | 72,094 |
Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 16,666 | 19,687 |
Nonaccrual | 122,888 | 147,170 |
Loans and leases, net of unearned discount | 1,264,074 | 1,629,134 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 15,486 | 24,329 |
Nonaccrual | 70,488 | 79,392 |
Loans and leases, net of unearned discount | 3,562,591 | 3,985,606 |
Home Equity Lines and Loans [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 346 | 939 |
Nonaccrual | 4,951 | 5,752 |
Loans and leases, net of unearned discount | 2,353,576 | 2,576,312 |
Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 14,421 | 22,242 |
Nonaccrual | 59,787 | 67,492 |
Loans and leases, net of unearned discount | 1,156,983 | 1,341,919 |
Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 40,544 | 47,161 |
Nonaccrual | 27,811 | 25,519 |
Loans and leases, net of unearned discount | 8,053,528 | 7,075,323 |
Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 40,064 | 55,498 |
Nonaccrual | 34,037 | 39,404 |
Loans and leases, net of unearned discount | 4,678,873 | 4,102,251 |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 12,223 | 17,561 |
Accruing Loans Past Due 90 Days or More | 3,302 | 4,581 |
Nonaccrual | 44,289 | 38,231 |
Loans and leases, net of unearned discount | 1,679,961 | 1,407,241 |
Other [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 1,908 | 10,594 |
Accruing Loans Past Due 90 Days or More | 4,207 | |
Nonaccrual | 40,807 | 35,044 |
Loans and leases, net of unearned discount | 1,190,811 | 977,062 |
Other [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 434 | 481 |
Nonaccrual | 129 | 148 |
Loans and leases, net of unearned discount | 2,068 | 2,485 |
Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 89,043,040 | 95,120,921 |
Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,294,872 | 13,764,836 |
Current [Member] | Residential [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 72,309 | 71,894 |
Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,124,520 | 1,462,277 |
Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,476,617 | 3,881,885 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,348,279 | 2,569,621 |
Current [Member] | Home Equity Lines and Loans [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,082,775 | 1,252,185 |
Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,985,173 | 7,002,643 |
Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,604,772 | 4,007,349 |
Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,620,147 | 1,346,868 |
Current [Member] | Other [Member] | Revolving Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,148,096 | 927,217 |
Current [Member] | Other [Member] | Revolving Loans Converted to Term Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,505 | 1,856 |
Term Loans 2021 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,817,411 | |
Term Loans 2021 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 15,245 | |
Accruing Loans Past Due 90 Days or More | 10,924 | |
Nonaccrual | 3,359 | |
Loans and leases, net of unearned discount | 3,086,646 | |
Term Loans 2021 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 304 | |
Term Loans 2021 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,929 | |
Nonaccrual | 1,341 | |
Loans and leases, net of unearned discount | 2,897,381 | |
Term Loans 2021 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,508 | |
Nonaccrual | 1,588 | |
Loans and leases, net of unearned discount | 2,230,157 | |
Term Loans 2021 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 2,937 | |
Nonaccrual | 2,051 | |
Loans and leases, net of unearned discount | 249,334 | |
Term Loans 2021 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,057,118 | |
Term Loans 2021 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 304 | |
Term Loans 2021 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,890,111 | |
Term Loans 2021 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,220,061 | |
Term Loans 2021 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 244,346 | |
Term Loans 2020 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,376,366 | 20,949,019 |
Term Loans 2020 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 12,535 | 13,496 |
Accruing Loans Past Due 90 Days or More | 100,581 | 579 |
Nonaccrual | 19,858 | 3,133 |
Loans and leases, net of unearned discount | 1,805,064 | 2,740,070 |
Term Loans 2020 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 777 | 773 |
Term Loans 2020 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,912 | 9,548 |
Nonaccrual | 4,646 | 1,854 |
Loans and leases, net of unearned discount | 2,101,900 | 2,807,761 |
Term Loans 2020 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,615 | 6,461 |
Nonaccrual | 4,390 | 1,615 |
Loans and leases, net of unearned discount | 1,108,689 | 1,603,712 |
Term Loans 2020 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 404 | 1,879 |
Nonaccrual | 326 | 1,493 |
Loans and leases, net of unearned discount | 97,675 | 163,796 |
Term Loans 2020 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,672,090 | 2,722,862 |
Term Loans 2020 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 777 | 773 |
Term Loans 2020 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,088,342 | 2,796,359 |
Term Loans 2020 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,097,684 | 1,595,636 |
Term Loans 2020 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 96,945 | 160,424 |
Term Loans 2019 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 12,286,933 | 15,628,942 |
Term Loans 2019 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 9,886 | 7,781 |
Accruing Loans Past Due 90 Days or More | 28,512 | 15,234 |
Nonaccrual | 7,119 | 14,439 |
Loans and leases, net of unearned discount | 1,121,413 | 1,453,713 |
Term Loans 2019 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 2,793 | 3,983 |
Term Loans 2019 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,317 | 11,255 |
Nonaccrual | 4,871 | 3,883 |
Loans and leases, net of unearned discount | 1,281,117 | 1,766,904 |
Term Loans 2019 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 8,936 | 14,140 |
Nonaccrual | 7,847 | 7,144 |
Loans and leases, net of unearned discount | 678,783 | 1,128,066 |
Term Loans 2019 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 472 | 1,130 |
Nonaccrual | 326 | 492 |
Loans and leases, net of unearned discount | 74,384 | 139,239 |
Term Loans 2019 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,075,896 | 1,416,259 |
Term Loans 2019 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,793 | 3,983 |
Term Loans 2019 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,267,929 | 1,751,766 |
Term Loans 2019 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 662,000 | 1,106,782 |
Term Loans 2019 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 73,586 | 137,617 |
Term Loans 2018 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 7,895,140 | 10,466,749 |
Term Loans 2018 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,132 | 7,258 |
Accruing Loans Past Due 90 Days or More | 31,996 | 38,145 |
Nonaccrual | 4,577 | 5,183 |
Loans and leases, net of unearned discount | 508,745 | 669,322 |
Term Loans 2018 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 21 | |
Loans and leases, net of unearned discount | 1,751 | 1,591 |
Term Loans 2018 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,074 | 8,519 |
Nonaccrual | 4,918 | 4,072 |
Loans and leases, net of unearned discount | 656,875 | 920,186 |
Term Loans 2018 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,161 | 12,542 |
Nonaccrual | 7,867 | 10,788 |
Loans and leases, net of unearned discount | 356,683 | 652,668 |
Term Loans 2018 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 255 | 577 |
Nonaccrual | 193 | 339 |
Loans and leases, net of unearned discount | 24,872 | 54,618 |
Term Loans 2018 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 466,040 | 618,736 |
Term Loans 2018 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,730 | 1,591 |
Term Loans 2018 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 646,883 | 907,595 |
Term Loans 2018 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 341,655 | 629,338 |
Term Loans 2018 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 24,424 | 53,702 |
Term Loans 2017 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 5,558,871 | 7,893,838 |
Term Loans 2017 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 33,097 | 13,477 |
Accruing Loans Past Due 90 Days or More | 205,318 | 212,818 |
Nonaccrual | 5,890 | 6,408 |
Loans and leases, net of unearned discount | 1,282,263 | 1,550,797 |
Term Loans 2017 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 1,944 | 2,016 |
Term Loans 2017 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,189 | 6,638 |
Nonaccrual | 4,039 | 4,194 |
Loans and leases, net of unearned discount | 455,096 | 640,983 |
Term Loans 2017 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,715 | 12,899 |
Nonaccrual | 6,882 | 10,061 |
Loans and leases, net of unearned discount | 224,371 | 463,564 |
Term Loans 2017 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 101 | 2,301 |
Nonaccrual | 104 | 183 |
Loans and leases, net of unearned discount | 17,129 | 35,040 |
Term Loans 2017 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,037,958 | 1,318,094 |
Term Loans 2017 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,944 | 2,016 |
Term Loans 2017 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 445,868 | 630,151 |
Term Loans 2017 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 211,774 | 440,604 |
Term Loans 2017 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,924 | 32,556 |
Term Loans Prior Period [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 18,542,940 | 19,233,367 |
Term Loans Prior Period [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 162,666 | 150,447 |
Accruing Loans Past Due 90 Days or More | 542,749 | 480,308 |
Nonaccrual | 314,792 | 333,466 |
Loans and leases, net of unearned discount | 6,933,668 | 7,862,977 |
Term Loans Prior Period [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 16,666 | 19,687 |
Nonaccrual | 122,888 | 147,170 |
Loans and leases, net of unearned discount | 1,264,074 | 1,629,134 |
Term Loans Prior Period [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 698 | 1,148 |
Nonaccrual | 5,750 | 6,148 |
Loans and leases, net of unearned discount | 44,463 | 58,850 |
Term Loans Prior Period [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,123 | 8,263 |
Nonaccrual | 7,996 | 8,783 |
Loans and leases, net of unearned discount | 661,159 | 581,404 |
Term Loans Prior Period [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 3,129 | 3,083 |
Nonaccrual | 5,463 | 3,805 |
Loans and leases, net of unearned discount | 80,190 | 70,860 |
Term Loans Prior Period [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 5,712 | 557 |
Accruing Loans Past Due 90 Days or More | 3,302 | 374 |
Nonaccrual | 353 | 501 |
Loans and leases, net of unearned discount | 23,688 | 30,402 |
Term Loans Prior Period [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,913,461 | 6,898,756 |
Term Loans Prior Period [Member] | Current [Member] | Residential Limited Documentation [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,124,520 | 1,462,277 |
Term Loans Prior Period [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 38,015 | 51,554 |
Term Loans Prior Period [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 646,040 | 564,358 |
Term Loans Prior Period [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 71,598 | 63,972 |
Term Loans Prior Period [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 14,321 | 28,970 |
Term Loans 2016 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 6,013,013 | |
Term Loans 2016 [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 7,947 | |
Accruing Loans Past Due 90 Days or More | 45,804 | |
Nonaccrual | 2,900 | |
Loans and leases, net of unearned discount | 774,886 | |
Term Loans 2016 [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases, net of unearned discount | 162 | |
Term Loans 2016 [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 2,938 | |
Nonaccrual | 2,733 | |
Loans and leases, net of unearned discount | 358,085 | |
Term Loans 2016 [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 6,373 | |
Nonaccrual | 5,991 | |
Loans and leases, net of unearned discount | 183,381 | |
Term Loans 2016 [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
30-89 Days Past Due | 42 | |
Nonaccrual | 31 | |
Loans and leases, net of unearned discount | 4,599 | |
Term Loans 2016 [Member] | Current [Member] | Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 718,235 | |
Term Loans 2016 [Member] | Current [Member] | Home Equity Lines and Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 162 | |
Term Loans 2016 [Member] | Current [Member] | Recreational Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 352,414 | |
Term Loans 2016 [Member] | Current [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 171,017 | |
Term Loans 2016 [Member] | Current [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 4,526 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 93,862 | $ 94,929 |
Buildings | 512,988 | 513,290 |
Leasehold improvements | 304,825 | 302,246 |
Premises and equipment, gross | 1,791,943 | 1,726,796 |
Less: accumulated depreciation and amortization | 1,026,880 | 977,912 |
Right of use assets — operating leases | 379,702 | 412,674 |
Premises and equipment, net | 1,144,765 | 1,161,558 |
Owned Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 880,153 | 807,701 |
Less: accumulated depreciation and amortization | 1,026,842 | 971,979 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | 115 | 8,630 |
Less: accumulated depreciation and amortization | $ 38 | $ 5,933 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||
Operating lease liabilities | $ 431,112 | $ 467,000 |
Operating Lease Liability Statement Of Financial Position Extensible List | Accrued interest and other liabilities | Accrued interest and other liabilities |
Period of noncancelable operating lease in years | 20 years |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Lease Costs for Operating Leases, Cash Paid Toward Lease Liabilities, and Weighted-Average Remaining Term and Discount Rates of Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | |||
Operating lease cost | $ 101,353 | $ 104,158 | $ 100,669 |
Short-term lease cost | 111 | 198 | 105 |
Variable lease cost | 4,103 | 1,565 | 2,332 |
Total lease cost | 105,567 | 105,921 | 103,106 |
Other information | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 57,760 | 70,754 | 132,219 |
Cash paid toward lease liabilities | $ 106,586 | $ 104,396 | $ 101,869 |
Weighted-average remaining lease term | 6 years | 7 years | 7 years |
Weighted-average discount rate | 2.51% | 2.74% | 3.01% |
Premises and Equipment - Summ_3
Premises and Equipment - Summary of Minimum Lease Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||
2022 | $ 102,417 | |
2023 | 86,467 | |
2024 | 71,321 | |
2025 | 56,413 | |
2026 | 42,634 | |
Later years | 107,652 | |
Total lease payments | 466,904 | |
Less: imputed interest | 35,792 | |
Operating lease liabilities | $ 431,112 | $ 467,000 |
Capitalized Servicing Assets -
Capitalized Servicing Assets - Changes in Capitalized Servicing Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Residential Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | $ 231,204 | $ 244,411 | $ 120,509 |
Originations | 65,723 | 45,101 | 26,067 |
Purchases | 144,326 | ||
Amortization | (55,874) | (58,308) | (46,491) |
Amortized value, ending balance | 241,053 | 231,204 | 244,411 |
Valuation allowance | (24,000) | (30,000) | (7,000) |
Ending balance, net | 217,053 | 201,204 | 237,411 |
Commercial Mortgage Loans [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Amortized value, Beginning balance | 133,429 | 130,636 | 114,663 |
Originations | 33,068 | 29,306 | 41,370 |
Amortization | (33,893) | (26,513) | (25,397) |
Amortized value, ending balance | 132,604 | 133,429 | 130,636 |
Ending balance, net | $ 132,604 | $ 133,429 | $ 130,636 |
Capitalized Servicing Assets _2
Capitalized Servicing Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Residential Mortgage Loans [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 23,200 | $ 26,300 | $ 23,200 | $ 26,300 | $ 32,300 | |
Fair value of residential loan servicing assets | $ 257 | $ 240 | $ 257 | $ 240 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 9.80% | 9.40% | ||||
Residential Mortgage Loans [Member] | LIBOR [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Discounted rate represented weighted-average option-adjusted basis spread point percentage | 8.94% | 9.18% | ||||
Residential Mortgage Sub Servicing Loan [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 74,700 | $ 68,100 | $ 74,700 | $ 68,100 | 62,800 | |
Residential Real Estate [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value of residential loan servicing assets | $ 13,300 | |||||
Purchase price of servicing rights | $ 144 | |||||
Commercial Mortgage Loans [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | 20,200 | 18,900 | 20,200 | 18,900 | 17,600 | |
Fair value of residential loan servicing assets | $ 160 | $ 160 | $ 160 | 160 | ||
Weighted average discount rates used to estimate fair value of capitalized mortgaged loan servicing assets | 18.00% | 18.00% | 18.00% | |||
Commercial Mortgage Sub Servicing Loan [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Mortgage loans serviced for others | $ 3,500 | $ 3,300 | $ 3,500 | $ 3,300 | $ 3,400 |
Capitalized Servicing Assets _3
Capitalized Servicing Assets - Economic Assumptions Used to Determine Fair Value of Capitalized Servicing Rights and Sensitivity of Value to Changes in Assumptions (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Residential Mortgage Loans [Member] | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Weighted-average prepayment speeds | 12.92% | ||
Impact on fair value of 10% adverse change | $ (13,587) | $ (13,587) | |
Impact on fair value of 20% adverse change | $ (26,047) | $ (26,047) | |
Weighted-average OAS | 8.94% | 8.94% | |
Impact on fair value of 10% adverse change | $ (7,621) | $ (7,621) | |
Impact on fair value of 20% adverse change | $ (14,786) | $ (14,786) | |
Weighted-average discount rate | 9.80% | 9.40% | |
Commercial Mortgage Loans [Member] | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Weighted-average discount rate | 18.00% | 18.00% | 18.00% |
Impact on fair value of 10% adverse change | $ (6,892) | $ (6,892) | |
Impact on fair value of 20% adverse change | $ (13,306) | $ (13,306) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Total Amortizing Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 138,421 | $ 138,421 |
Accumulated Amortization | 134,423 | 124,256 |
Net Carrying Amount | 3,998 | 14,165 |
Core Deposit [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 131,664 | 131,664 |
Accumulated Amortization | 127,746 | 119,125 |
Net Carrying Amount | 3,918 | 12,539 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,757 | 6,757 |
Accumulated Amortization | 6,677 | 5,131 |
Net Carrying Amount | $ 80 | $ 1,626 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization of core deposit and other intangible assets | $ 10,167 | $ 14,869 | $ 19,490 |
Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 10 years | ||
Core Deposit and Other Intangible Assets [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 7 years | ||
Amortization of core deposit and other intangible assets | $ 10,000 | $ 15,000 | $ 19,000 |
Estimated amortization expense in 2022 | $ 4,000 | ||
Core Deposit and Other Intangible Assets [Member] | Minimum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Core Deposit and Other Intangible Assets [Member] | Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Estimated useful lives | 7 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Goodwill Assigned to Reportable Segments for Purposes of Testing for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 4,593,112 | $ 4,593,112 |
Business Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 864,366 | |
Commercial Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,401,873 | |
Commercial Real Estate [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 654,389 | |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,309,191 | |
All Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 363,293 |
Borrowings - Amounts and Intere
Borrowings - Amounts and Interest Rates of Short-term Borrowings (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 0.01% | 0.01% | 0.14% |
Daily-average amount outstanding | $ 68,073,000 | $ 61,551,000 | $ 1,059,390,000 |
Weighted-average interest rate | 0.01% | 0.05% | 2.34% |
Federal funds purchased and short term borrowings | $ 47,046,000 | $ 59,482,000 | $ 62,363,000 |
Federal Funds Purchased and Repurchase Agreements [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Weighted-average interest rate | 0.01% | 0.01% | 0.14% |
Highest amount at a month-end | $ 103,548,000 | $ 82,893,000 | $ 3,402,566,000 |
Daily-average amount outstanding | $ 68,073,000 | $ 61,551,000 | $ 260,322,000 |
Weighted-average interest rate | 0.01% | 0.05% | 1.86% |
Federal Funds Purchased and Repurchase Agreements | $ 47,046,000 | $ 59,482,000 | $ 62,363,000 |
Other Short-term Borrowings [Member] | |||
Schedule Of Borrowings [Line Items] | |||
Highest amount at a month-end | 5,000,000,000 | ||
Daily-average amount outstanding | $ 799,068,000 | ||
Weighted-average interest rate | 2.49% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt Maturity, Start Year | Jan. 1, 2027 | |
Debt Maturity, End Year | Dec. 31, 2033 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 0.98% | 1.06% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 3.47% | 3.59% |
FHLBs Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing facilities available with FHLB's amount | $ 16,200,000,000 | |
Federal Reserve Bank of New York [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility | $ 13,800,000,000 | |
Senior Notes Issued in July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 0.81% | 0.90% |
Variable Rate Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average variable rates payable | 0.71% | 0.63% |
Variable Rate Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 0.61% | 0.49% |
Variable Rate Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate of Senior Notes /Junior Subordinated Debentures | 0.81% | 0.83% |
Long Term Fixed Rate Advances From Fhlb | ||
Debt Instrument [Line Items] | ||
Advances from the FHLB earliest maturity date | 2029 | |
Advances from the FHLB latest maturity date, | 2035 | |
Long Term Fixed Rate Advances From Fhlb | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Variable contractual interest rate of long-term debt | 5.82% | 5.82% |
Subordinated Capital Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of debt instrument | 0.87% | |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average variable rates payable | 1.53% | 1.65% |
Short-term Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Stated maturity | 1 year |
Borrowings - Lines of Credit Un
Borrowings - Lines of Credit Under Formal Agreements (Detail) - M&T Bank [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Schedule Of Borrowings [Line Items] | |
Outstanding borrowings | $ 1,578 |
Unused | $ 30,065,461 |
Borrowings - Long-term Borrowin
Borrowings - Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Borrowings [Line Items] | ||
Fixed rates advances from FHLB | $ 1,578 | $ 1,683 |
Other | 9,570 | 2,997 |
Long-term borrowings | 3,485,369 | 4,382,193 |
Variable Rate Term Loans Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,893 | 249,824 |
Variable Rate Term Loans Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 349,992 | |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 516,173 | 533,369 |
Variable Rate Term Loans Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 249,961 | 249,858 |
Fixed Rate Term Loans 2.50% Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 653,903 | 664,400 |
Fixed Rate Term Loans 2.90% Due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Variable\fixed rates term loan amount | 749,740 | 749,656 |
Variable Rate Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 500,000 | |
3.40% due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated notes | 522,867 | 552,194 |
BSB Capital Trust I - 8.125%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,775 | 15,752 |
Provident Trust I - 8.29%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 30,103 | 29,099 |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 6,912 | 6,836 |
First Maryland Capital I - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 148,945 | 148,409 |
First Maryland Capital II - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 151,270 | 150,606 |
Allfirst Asset Trust - due 2029 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 97,220 | 97,075 |
BSB Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 15,464 | 15,464 |
Provident Statutory Trust III - Due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | 57,547 | 56,641 |
Southern Financial Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Junior subordinated debentures associated with preferred capital securities | $ 8,448 | $ 8,338 |
Borrowings - Long-term Borrow_2
Borrowings - Long-term Borrowings (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Rate Term Loans Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2023 | 2023 |
Variable Rate Term Loans Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2021 | 2021 |
3.55% Fixed Rate Due 2023 [Member] | M&T Bank Corporation [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2023 | 2023 |
Interest rate of debt instrument | 3.55% | 3.55% |
Variable Rate Term Loans Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2022 | 2022 |
Fixed Rate Term Loans 2.90% Due 2025 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2025 | 2025 |
Interest rate of debt instrument | 2.90% | 2.90% |
Fixed Rate Term Loans 2.50% Due 2022 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2022 | 2022 |
Interest rate of debt instrument | 2.50% | 2.50% |
Variable Rate Due 2021 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2021 | 2021 |
3.40% due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
Interest rate of debt instrument | 3.40% | 3.40% |
BSB Capital Trust I - 8.125%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2028 | 2028 |
Interest rate of debt instrument | 8.125% | 8.125% |
Provident Trust I - 8.29%, due 2028 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2028 | 2028 |
Interest rate of debt instrument | 8.29% | 8.29% |
Southern Financial Statutory Trust I - 10.60%, due 2030 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2030 | 2030 |
Interest rate of debt instrument | 10.60% | 10.60% |
First Maryland Capital I - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
First Maryland Capital II - due 2027 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2027 | 2027 |
Allfirst Asset Trust - due 2029 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2029 | 2029 |
BSB Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Provident Statutory Trust III - Due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Southern Financial Capital Trust III - due 2033 [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Debt maturity date | 2033 | 2033 |
Borrowings - Maturity of Long-t
Borrowings - Maturity of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 903,864 | |
2023 | 766,136 | |
2024 | 9,500 | |
2025 | 749,740 | |
Later years | 1,056,129 | |
Long-term borrowings | $ 3,485,369 | $ 4,382,193 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 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 | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | |
Preferred stock, dividend declared per share | $ 64.50 | $ 64.50 | $ 64.50 |
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 | |
Preferred stock, dividend declared per share | $ 512.50 | $ 512.50 | 512.50 |
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% | 3.50% | |
Date of change in the dividend rate | Aug. 31, 2026 | Aug. 31, 2026 | |
Preferred shares redemption date | Sep. 1, 2026 | Sep. 1, 2026 | |
Preferred Stock, Redemption Feature, Redemption Term | 90 days | 90 days | |
Preferred stock, dividend declared per share | $ 94.306 | ||
U S treasury rate plus additional rate | 2.679% | 2.679% | |
Dividend payment terms | five-year | five-year | |
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 | |
Preferred stock, dividend declared per share | $ 500 | $ 500.694 | $ 125.694 |
U S treasury rate plus additional rate | 3.174% | 3.174% | |
Dividend payment terms | five-year | five-year |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail1) | Dec. 31, 2021 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Disaggregation Of Revenue [Line Items] | ||
Uncollected amounts receivable | $ 68 | $ 67 |
Accrued interest and other liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue | $ 45 | $ 42 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Sources of Noninterest Income that are Subject to Revenue Recognition Guidance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | $ 62,791 | $ 47,428 | $ 48,922 |
Other revenues from operations: | |||
Total other income | 2,166,994 | 2,088,444 | 2,061,679 |
Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 402,113 | 370,788 | 432,978 |
Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 644,716 | 601,884 | 572,608 |
ASU 2014-09 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 62,791 | 47,428 | 48,922 |
Other revenues from operations: | |||
Merchant discount and credit card fees | 131,405 | 102,472 | 107,042 |
Other | 83,648 | 84,611 | 91,613 |
Total other income | 1,324,673 | 1,207,183 | 1,253,163 |
ASU 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 402,113 | 370,788 | 432,978 |
ASU 2014-09 [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 644,716 | 601,884 | 572,608 |
ASU 2014-09 [Member] | Business Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 52,343 | 40,475 | 36,844 |
Total other income | 106,159 | 90,612 | 97,565 |
ASU 2014-09 [Member] | Business Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 53,816 | 50,119 | 60,690 |
ASU 2014-09 [Member] | Business Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 18 | 31 | |
ASU 2014-09 [Member] | Commercial Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 55,164 | 45,528 | 52,161 |
Other | 5,968 | 9,408 | 7,498 |
Total other income | 160,012 | 148,098 | 153,666 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 98,880 | 92,720 | 93,044 |
ASU 2014-09 [Member] | Commercial Banking [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 442 | 963 | |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 2,661 | 2,221 | 2,516 |
Other | 7,304 | 6,218 | 8,615 |
Total other income | 21,818 | 18,691 | 20,959 |
ASU 2014-09 [Member] | Commercial Real Estate [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 11,853 | 10,252 | 9,828 |
ASU 2014-09 [Member] | Discretionary Portfolio [Member] | |||
Other revenues from operations: | |||
Other | 1,359 | 1,625 | 1,776 |
Total other income | 1,359 | 1,625 | 1,776 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | |||
Other revenues from operations: | |||
Other | 6,166 | 4,732 | 3,492 |
Total other income | 6,166 | 4,732 | 3,496 |
ASU 2014-09 [Member] | Residential Mortgage Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 4 | ||
ASU 2014-09 [Member] | Retail Banking [Member] | |||
Other revenues from operations: | |||
Merchant discount and credit card fees | 20,850 | 13,481 | 12,140 |
Other | 22,878 | 20,813 | 36,144 |
Total other income | 276,007 | 246,152 | 311,943 |
ASU 2014-09 [Member] | Retail Banking [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 232,279 | 211,858 | 263,659 |
ASU 2014-09 [Member] | All Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Brokerage services income | 62,791 | 47,428 | 48,922 |
Other revenues from operations: | |||
Merchant discount and credit card fees | 387 | 767 | 3,381 |
Other | 39,973 | 41,815 | 34,088 |
Total other income | 753,152 | 697,273 | 663,758 |
ASU 2014-09 [Member] | All Other [Member] | Service Charges on Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | 5,285 | 5,839 | 5,753 |
ASU 2014-09 [Member] | All Other [Member] | Trust Income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contract with customer | $ 644,716 | $ 601,424 | $ 571,614 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 85,000,000 | $ 80,000,000 | $ 76,000,000 |
Recognized income tax benefits related to stock-based compensation | $ 16,000,000 | $ 17,000,000 | $ 19,000,000 |
Shares under equity incentive compensation plan for future grant | 2,299,502 | 3,100,665 | |
Stock Options Outstanding, Granted | 178,441 | 187,088 | 164,244 |
Weighted average grant date fair value of options granted | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Directors’ Stock Compensation Programs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issuable under deferred compensation plans | 2,450 | 3,809 | |
Shares issued in connection with deferred compensation plans | 28,646 | ||
Deferred Bonus Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issuable under deferred compensation plans | 13,319 | 14,304 | |
Stock Purchase Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares under equity incentive compensation plan for future grant | 2,138,434 | ||
Shares issued | 95,147 | 77,170 | 71,676 |
Cash received from exercise of stock options | $ 11,000,000 | $ 12,000,000 | $ 11,000,000 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years | 3 years |
Shares issued | 0 | 0 | 0 |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 1 year | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issued | 636,956 | 480,949 | 448,487 |
Weighted-average grant date fair value | $ 84,000,000 | $ 81,000,000 | $ 74,000,000 |
Unrecognized compensation cost related to non-vested awards | $ 27,000,000 | ||
Stock Option Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock options exercisable period, maximum | 10 years 1 day | ||
Cash realized from exercise of stock options | $ 305,000 | $ 3,000,000 | $ 9,000,000 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of Restricted Stock and Restricted Stock Unit Activity (Detail) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 816,950 |
Restricted Stock Outstanding, Granted | shares | 636,956 |
Restricted Stock Outstanding, Vested | shares | (379,155) |
Restricted Stock Outstanding, Cancelled | shares | (36,059) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 1,038,692 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 169.60 |
Weighted-Average Grant Price, Granted | $ / shares | 132.85 |
Weighted-Average Grant Price, Vested | $ / shares | 170.80 |
Weighted-Average Grant Price, Cancelled | $ / shares | 149.61 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 147.32 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Outstanding, Unvested, Beginning balance | shares | 13,550 |
Restricted Stock Outstanding, Vested | shares | (9,474) |
Restricted Stock Outstanding, Unvested, Ending balance | shares | 4,076 |
Weighted-Average Grant Price, Unvested, Beginning balance | $ / shares | $ 162.50 |
Weighted-Average Grant Price, Vested | $ / shares | 162.57 |
Weighted-Average Grant Price, Unvested, Ending balance | $ / shares | $ 162.35 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock Options Outstanding, Beginning balance | 465,423 | ||
Stock Options Outstanding, Granted | 178,441 | 187,088 | 164,244 |
Stock Options Outstanding, Exercised | (2,699) | ||
Stock Options Outstanding, Expired | (5,301) | ||
Stock Options Outstanding, Ending balance | 635,864 | 465,423 | |
Stock Options Outstanding, Exercisable | 282,081 | ||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 174.11 | ||
Weighted-Average Exercise Price, Granted | 132.47 | ||
Weighted-Average Exercise Price, Exercised | 113.06 | ||
Weighted-Average Exercise Price, Expired | 169.24 | ||
Weighted-Average Exercise Price, Outstanding, Ending balance | 162.73 | $ 174.11 | |
Weighted-Average Exercise Price, Exercisable | $ 177.02 | ||
Weighted-Average Life (In Years), Outstanding, Ending balance | 7 years 9 months 18 days | ||
Weighted-Average Life (In Years), Exercisable | 6 years 10 months 24 days | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 3,762 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Cost for Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 20,513 | $ 19,944 | $ 17,294 |
Interest cost on benefit obligation | 61,873 | 71,421 | 81,579 |
Expected return on plan assets | (143,448) | (125,512) | (122,139) |
Amortization of prior service cost | 553 | 557 | 557 |
Recognized net actuarial (gain) loss | 89,017 | 58,096 | 21,992 |
Net periodic pension cost (benefit) | 28,508 | 24,506 | (717) |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,014 | 970 | 859 |
Interest cost on benefit obligation | 1,311 | 1,741 | 2,344 |
Amortization of prior service cost | (4,738) | (4,738) | (4,730) |
Recognized net actuarial (gain) loss | (1,295) | (1,236) | (1,247) |
Net periodic pension cost (benefit) | $ (3,708) | $ (3,263) | $ (2,774) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Data Relating to Funding Position of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 2,418,702 | ||
Employer contributions | $ 300,000 | ||
Fair value of plan assets at end of year | 2,593,533 | 2,418,702 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,521,292 | 2,247,329 | |
Service cost | 20,513 | 19,944 | $ 17,294 |
Interest cost | 61,873 | 71,421 | 81,579 |
Actuarial (gain) loss | (69,230) | 288,944 | |
Benefits paid | (114,235) | (106,346) | |
Benefit obligation at end of year | 2,420,213 | 2,521,292 | 2,247,329 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 2,420,582 | 2,037,940 | |
Actual return on plan assets | 278,260 | 178,610 | |
Employer contributions | 11,231 | 310,378 | |
Benefits paid | (114,235) | (106,346) | |
Fair value of plan assets at end of year | 2,595,838 | 2,420,582 | 2,037,940 |
Funded status | 175,625 | (100,710) | |
Prepaid asset recognized in the consolidated balance sheet | 332,197 | 64,670 | |
Accrued liability recognized in the consolidated balance sheet | (156,572) | (165,380) | |
Net accrued asset (liability) recognized in the consolidated balance sheet | 175,625 | (100,710) | |
Net loss (gain) | 391,721 | 684,780 | |
Net prior service cost (credit) | 724 | 1,277 | |
Pre-tax adjustment to AOCI | 392,445 | 686,057 | |
Taxes | (101,447) | (178,375) | |
Net adjustment to AOCI | 290,998 | 507,682 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 55,281 | 56,492 | |
Service cost | 1,014 | 970 | 859 |
Interest cost | 1,311 | 1,741 | 2,344 |
Plan participants’ contributions | 2,553 | 2,386 | |
Actuarial (gain) loss | (2,232) | 2,371 | |
Medicare Part D reimbursement | 540 | 574 | |
Benefits paid | (6,621) | (9,253) | |
Benefit obligation at end of year | 51,846 | 55,281 | $ 56,492 |
Change in plan assets: | |||
Employer contributions | 3,528 | 6,293 | |
Plan participants’ contributions | 2,553 | 2,386 | |
Medicare Part D reimbursement | 540 | 574 | |
Benefits paid | (6,621) | (9,253) | |
Funded status | (51,846) | (55,281) | |
Accrued liability recognized in the consolidated balance sheet | (51,846) | (55,281) | |
Net accrued asset (liability) recognized in the consolidated balance sheet | (51,846) | (55,281) | |
Net loss (gain) | (14,638) | (13,701) | |
Net prior service cost (credit) | (17,531) | (22,269) | |
Pre-tax adjustment to AOCI | (32,169) | (35,970) | |
Taxes | 8,316 | 9,352 | |
Net adjustment to AOCI | $ (23,853) | $ (26,618) |
Pension Plans and Other Postr_5
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum pension liability | $ 360,000,000 | ||
Minimum pension liability adjustment net of tax | $ 267,000,000 | ||
Decrease in minimum liability adjustment | $ (290,000,000) | ||
Discount rate | 2.75% | 2.50% | |
Defined contribution pension and retirement savings plans total expense | $ 40,000,000 | $ 35,000,000 | $ 32,000,000 |
Assumptions used calculating net periodic benefit sensitivity rate increase decrease discount rate | 0.25% | ||
Effect of 25 basis point increase in rate of return on pension expense | $ 6,000,000 | ||
Effect of 25 basis point decrease in rate of return on pension expense | 11,000,000 | ||
Effect of 25 basis point decrease in discount rate on benefit obligation | 79,000,000 | ||
Effect of 25 basis point increase in discount rate on benefit obligation | $ 84,000,000 | ||
Annual rate of increase in health care cost assumed for next fiscal year | 6.00% | ||
Defined Benefit Plan, ultimate health care cost trend rate | 5.00% | ||
Period for decreasing the annual rate | over seven years | ||
Defined benefit pension plans | $ 537,000,000 | ||
Percentage of total assets | 21.00% | ||
Defined benefit plan fair value of plan assets | $ 2,593,533,000 | 2,418,702,000 | |
Qualified benefit pension plans | $ 0 | ||
Percentage of pension plan assets that is not exceeded by investment in security of single Non-US Government of Government agency | 10.00% | ||
Employer contribution | $ 300,000,000 | ||
Percentage of eligible employees contribution for Retirement Savings Plan | 50.00% | ||
Percentage of employer matching contribution to employee's contribution | 100.00% | 75.00% | |
Maximum employer contribution on Employee's qualified contribution | 5.00% | 4.50% | |
Qualified defined contribution plans expense during the period | $ 63,000,000 | $ 62,000,000 | 48,000,000 |
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 25.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60.00% | ||
Total Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 10.00% | ||
Total Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 65.00% | ||
Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 537,141,000 | 479,393,000 | |
Other Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 5.00% | ||
Other Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets | 60.00% | ||
M&T Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets | $ 134,447,000 | $ 111,441,000 | |
Percentage of common stock in total plan assets | 5.00% | 5.00% | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 157,000,000 | $ 165,000,000 | |
Accumulated benefit obligation | 157,000,000 | 165,000,000 | |
Employer contribution | 11,000,000 | 10,000,000 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 2,420,213,000 | 2,521,292,000 | 2,247,329,000 |
Accumulated benefit obligation | 2,400,000,000 | $ 2,500,000,000 | |
Minimum pension liability | $ 392,000,000 | ||
Discount rate | 2.75% | 2.50% | |
Defined benefit plan fair value of plan assets | $ 2,595,838,000 | $ 2,420,582,000 | 2,037,940,000 |
Employer contribution | 11,231,000 | 310,378,000 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 51,846,000 | $ 55,281,000 | $ 56,492,000 |
Minimum pension liability | $ 32,000,000 | ||
Discount rate | 2.75% | 2.50% | |
Employer contribution | $ 3,528,000 | $ 6,293,000 |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | $ (206,274) | $ 238,218 | |
Amortization of prior service (cost) credit | 4,185 | 4,181 | $ 4,173 |
Amortization of actuarial (loss) gain | (87,722) | (56,860) | $ (20,745) |
Total recognized in other comprehensive income, pre-tax | (289,811) | 185,539 | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | (204,042) | 235,847 | |
Amortization of prior service (cost) credit | (553) | (557) | |
Amortization of actuarial (loss) gain | (89,017) | (58,096) | |
Total recognized in other comprehensive income, pre-tax | (293,612) | 177,194 | |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Net loss (gain) | (2,232) | 2,371 | |
Amortization of prior service (cost) credit | 4,738 | 4,738 | |
Amortization of actuarial (loss) gain | 1,295 | 1,236 | |
Total recognized in other comprehensive income, pre-tax | $ 3,801 | $ 8,345 |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Benefit Obligations (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 2.75% | 2.50% |
Pension Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 2.75% | 2.50% |
Rate of increase in future compensation levels | 3.35% | 3.37% |
Other Postretirement Benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 2.75% | 2.50% |
Pension Plans and Other Postr_8
Pension Plans and Other Postretirement Benefits - Assumed Weighted-Average Rates Used to Determine Net Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 2.50% | 3.25% | 4.25% |
Long-term rate of return on plan assets | 6.25% | 6.50% | 6.50% |
Rate of increase in future compensation levels | 3.37% | 4.29% | 4.31% |
Other Postretirement Benefits [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Discount rate | 2.50% | 3.25% | 4.25% |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 2,593,533 | $ 2,418,702 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,807,358 | 1,704,600 |
Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 437,136 | 430,348 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 349,039 | 283,754 |
Money-Market Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 82,751 | 65,263 |
Money-Market Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 43,616 | 48,322 |
Money-Market Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 39,135 | 16,941 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,260,216 | 1,158,004 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 1,260,216 | 1,158,004 |
M&T Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 134,447 | 111,441 |
M&T Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 134,447 | 111,441 |
Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 369,283 | 308,220 |
Domestic Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 369,283 | 308,220 |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 14,835 | 13,648 |
International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 14,835 | 13,648 |
Domestic Mutual Fund Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 280,347 | 302,094 |
Domestic Mutual Fund Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 280,347 | 302,094 |
International Mutual Fund Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 461,304 | 422,601 |
International Mutual Fund Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 461,304 | 422,601 |
Total Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 713,425 | 716,042 |
Total Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 315,424 | 302,635 |
Total Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 398,001 | 413,407 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 178,528 | 172,762 |
Corporate Debt Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 178,528 | 172,762 |
Government Agency [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 206,540 | 234,232 |
Government Agency [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 206,540 | 234,232 |
Non-U.S. Government [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 12,933 | 6,413 |
Non-U.S. Government [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 12,933 | 6,413 |
Domestic Mutual Fund Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 315,424 | 302,635 |
Domestic Mutual Fund Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 315,424 | 302,635 |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 537,141 | 479,393 |
Other Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 188,102 | 195,639 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 349,039 | 283,754 |
Other Diversified Mutual Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 108,239 | 83,507 |
Other Diversified Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 108,239 | 83,507 |
Other Real Estate Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 16,620 | 26,847 |
Other Real Estate Partnerships [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 5,264 | 3,616 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 11,356 | 23,231 |
Other Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 151,550 | 97,124 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 151,550 | 97,124 |
Other Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 250,691 | 261,417 |
Other Hedge Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 74,599 | 108,516 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 176,092 | 152,901 |
Guaranteed Deposit Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | 10,041 | 10,498 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan fair value of plan assets | $ 10,041 | $ 10,498 |
Pension Plans and Other Post_10
Pension Plans and Other Postretirement Benefits - Fair Values of Company's Pension Plan Assets by Asset Category (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest and dividend receivable on plan assets | $ 2 | $ 2 |
High-Yielding Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 28.00% | 22.00% |
Investment Grade Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in mutual funds | 72.00% | 78.00% |
Pension Plans and Other Post_11
Pension Plans and Other Postretirement Benefits - Changes in Level 3 Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | $ 2,418,702 |
Fair value of plan assets at end of year | 2,593,533 |
Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 283,754 |
Fair value of plan assets at end of year | 349,039 |
Other Real Estate Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 23,231 |
Purchase(Sales) | (31,299) |
Total Realized/Unrealized Gains (Losses) | 19,424 |
Fair value of plan assets at end of year | 11,356 |
Other Private Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 97,124 |
Purchase(Sales) | 27,170 |
Total Realized/Unrealized Gains (Losses) | 27,256 |
Fair value of plan assets at end of year | 151,550 |
Other Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 152,901 |
Purchase(Sales) | (2,322) |
Total Realized/Unrealized Gains (Losses) | 25,513 |
Fair value of plan assets at end of year | 176,092 |
Guaranteed Deposit Fund [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,498 |
Fair value of plan assets at end of year | 10,041 |
Guaranteed Deposit Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 10,498 |
Total Realized/Unrealized Gains (Losses) | (457) |
Fair value of plan assets at end of year | 10,041 |
Other Securities [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 479,393 |
Fair value of plan assets at end of year | 537,141 |
Other Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Fair value of plan assets at beginning of year | 283,754 |
Purchase(Sales) | (6,451) |
Total Realized/Unrealized Gains (Losses) | 71,736 |
Fair value of plan assets at end of year | $ 349,039 |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefits - Defined Benefit Plan Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2022 | $ 110,113 |
2023 | 114,022 |
2024 | 118,641 |
2025 | 121,602 |
2026 | 125,469 |
2027 through 2031 | 649,845 |
Other Postretirement Benefits [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
2022 | 3,219 |
2023 | 3,112 |
2024 | 2,983 |
2025 | 2,829 |
2026 | 2,656 |
2027 through 2031 | $ 11,534 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 331,714 | $ 267,550 | $ 359,668 |
State and local | 85,354 | 98,431 | 132,696 |
Total current | 417,068 | 365,981 | 492,364 |
Deferred | |||
Federal | 71,880 | (22,894) | 40,769 |
State and local | 15,279 | (8,397) | 16,779 |
Total deferred | 87,159 | (31,291) | 57,548 |
Amortization of investments in qualified affordable housing projects | 92,176 | 81,679 | 68,200 |
Income taxes | $ 596,403 | $ 416,369 | $ 618,112 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)State | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |||
Tax bad debt reserve | $ 137 | ||
Income taxes attributable to gains or losses on bank investment securities | $ (5) | $ (2) | $ 5 |
Number of state and local jurisdictions where company files income tax returns | State | 40 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Taxes Expenses Benefit Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory federal income tax rate | $ 515,581 | $ 371,599 | $ 534,925 |
Increase (decrease) in taxes: | |||
Tax-exempt income | (20,605) | (22,806) | (27,319) |
State and local income taxes, net of federal income tax effect | 101,046 | 71,127 | 118,085 |
Qualified affordable housing project tax credits, net | (14,542) | (14,826) | (15,324) |
Other | 14,923 | 11,275 | 7,745 |
Income taxes | $ 596,403 | $ 416,369 | $ 618,112 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | |||
Losses on loans and other assets | $ 395,784 | $ 471,767 | $ 309,523 |
Operating lease liabilities | 110,023 | 121,216 | 128,178 |
Retirement benefits | 26,185 | 55,048 | |
Postretirement and other employee benefits | 31,760 | 28,004 | 24,023 |
Incentive and other compensation plans | 24,713 | 18,984 | 26,861 |
Stock-based compensation | 32,675 | 29,507 | 27,912 |
Other | 52,351 | 66,763 | 69,863 |
Gross deferred tax assets | 647,306 | 762,426 | 641,408 |
Right of use assets and other leasing transactions | (249,209) | (285,311) | (326,626) |
Unrealized gains | (27,066) | (50,785) | (13,322) |
Retirement benefits | (45,402) | ||
Capitalized servicing rights | (53,219) | (50,235) | (56,649) |
Depreciation and amortization | (93,103) | (95,684) | (66,925) |
Interest on loans | (6,690) | (8,113) | (23,552) |
Gains on cash flow hedges | (22,820) | (97,004) | (36,845) |
Other | (88,053) | (62,581) | (40,472) |
Gross deferred tax liabilities | (585,562) | (649,713) | (564,391) |
Net deferred tax asset | $ 61,744 | $ 112,713 | $ 77,017 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal, State and Local Tax [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | $ 48,862 | $ 58,969 | $ 56,274 |
Increases as a result of tax positions taken during the period | 6,996 | ||
Increases as a result of tax positions taken in prior years | 3,265 | ||
Decreases as a result of tax positions taken in prior years | (11,351) | (10,107) | (7,566) |
Ending Balance | 37,511 | 48,862 | 58,969 |
Accrued Interest [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 7,615 | 7,199 | 6,629 |
Increases as a result of tax positions taken in prior years | 2,560 | 2,800 | 3,255 |
Decreases as a result of tax positions taken in prior years | (2,766) | (2,384) | (2,685) |
Ending Balance | 7,409 | 7,615 | 7,199 |
Unrecognized Income Tax Benefits [Member] | |||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | 56,477 | 66,168 | 62,903 |
Increases as a result of tax positions taken during the period | 6,996 | ||
Increases as a result of tax positions taken in prior years | 2,560 | 2,800 | 6,520 |
Decreases as a result of tax positions taken in prior years | (14,117) | (12,491) | (10,251) |
Ending Balance | 44,920 | $ 56,477 | $ 66,168 |
Less: Federal, state and local income tax benefits | (8,748) | ||
Net unrecognized tax benefits that, if recognized, would impact the effective income tax rate | $ 36,172 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income available to common shareholders: | |||
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Less: Preferred stock dividends | (72,915) | (68,228) | (69,441) |
Net income available to common equity | 1,785,831 | 1,284,924 | 1,859,708 |
Less: Income attributable to unvested stock-based compensation awards | (8,854) | (5,858) | (10,199) |
Net income available to common shareholders | $ 1,776,977 | $ 1,279,066 | $ 1,849,509 |
Weighted-average shares outstanding: | |||
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 129,539 | 129,404 | 135,169 |
Less: Unvested stock-based compensation awards | (890) | (766) | (741) |
Weighted-average shares outstanding | 128,649 | 128,638 | 134,428 |
Basic earnings per common share | $ 13.81 | $ 9.94 | $ 13.76 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income available to common equity | $ 1,785,831 | $ 1,284,924 | $ 1,859,708 |
Less: Income attributable to unvested stock-based compensation awards | (8,844) | (5,856) | (10,197) |
Net income available to common shareholders | $ 1,776,987 | $ 1,279,068 | $ 1,849,511 |
Adjusted weighted-average shares outstanding: | |||
Common and unvested stock-based compensation awards | 129,539 | 129,404 | 135,169 |
Less: Unvested stock-based compensation awards | (890) | (766) | (741) |
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock | 163 | 66 | 34 |
Adjusted weighted-average shares outstanding | 128,812 | 128,704 | 134,462 |
Diluted earnings per common share | $ 13.80 | $ 9.94 | $ 13.75 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 461,000 | 474,000 | 238,000 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | $ (85,143) | $ (279,959) | $ (569,328) |
Unrealized holding gains (losses), net, before tax | (95,114) | 141,081 | 247,411 |
Foreign currency translation adjustment, before tax | (1,218) | 2,724 | 1,381 |
Unrealized gain (losses) on cash flow hedges | (32,292) | 505,042 | 160,373 |
Current year benefit plans gains (loss), before tax | 206,274 | (238,218) | (126,618) |
Total other comprehensive income (loss) before reclassifications, before tax | 77,650 | 410,629 | 282,547 |
Amortization of unrealized holding losses on held-to-maturity securities | 4,427 | 3,606 | 3,394 |
Gains (losses) realized in net income | (8) | (2) | 3 |
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (120) | (125) | (136) |
Net yield adjustment from cash flow hedges currently in effect, before tax | (252,397) | (271,971) | (13,011) |
Amortization of prior service credit, before tax | (4,185) | (4,181) | (4,173) |
Amortization of actuarial losses, before tax | 87,722 | 56,860 | 20,745 |
Total other comprehensive income (loss), before tax | (86,911) | 194,816 | 289,369 |
Ending balance, before tax | (172,054) | (85,143) | (279,959) |
Beginning balance, tax | 22,111 | 73,279 | 149,247 |
Unrealized holding gains (losses), net, tax | 24,870 | (36,498) | (65,009) |
Foreign currency translation adjustment, tax | 356 | (440) | (290) |
Unrealized gain (losses) on cash flow hedges | 8,410 | (130,432) | (42,163) |
Current year benefit plans gains (loss),tax | 54,016 | (60,208) | (33,287) |
Total other comprehensive income (loss) before reclassifications, tax | (20,380) | (107,162) | (74,175) |
Amortization of unrealized holding losses on held-to-maturity securities, tax | (1,154) | (966) | (892) |
Gains (losses) realized in net income, tax | 2 | 1 | (1) |
Accretion of net gain (losses) on terminated cash flow hedges, tax | 32 | 34 | 36 |
Net yield adjustment from cash flow hedges currently in effect, tax | 65,741 | 70,239 | 3,421 |
Amortization of prior service credit, tax | 1,095 | 1,057 | 1,097 |
Amortization of actuarial losses, tax | (22,971) | (14,371) | (5,454) |
Total other comprehensive income (loss), tax | 22,365 | (51,168) | (75,968) |
Ending balance, tax | 44,476 | 22,111 | 73,279 |
Current year benefit plans gains loss, tax | (54,016) | 60,208 | 33,287 |
Beginning balance, net of tax | (63,032) | (206,680) | (420,081) |
Unrealized holding gains (losses), net of tax | (70,244) | 104,583 | 182,402 |
Foreign currency translation adjustments | (862) | 2,284 | 1,091 |
Unrealized gain (losses) on cash flow hedges net of tax | (23,882) | 374,610 | 118,210 |
Current year benefit plans gains (losses) , net of tax | 152,258 | (178,010) | (93,331) |
Total other comprehensive income (loss) before reclassifications, net of tax | 57,270 | 303,467 | 208,372 |
Amortization of unrealized holding losses on held-to-maturity securities | 3,273 | 2,640 | 2,502 |
Gains (losses) realized in net income, net of tax | (6) | (1) | 2 |
Accretion of net gain on terminated cash flow hedges, net of tax | (88) | (91) | (100) |
Net yield adjustment from cash flow hedges currently in effect, net of tax | (186,656) | (201,732) | (9,590) |
Amortization of prior service credit, net of tax | (3,090) | (3,124) | (3,076) |
Amortization of actuarial losses, net of tax | 64,751 | 42,489 | 15,291 |
Total other comprehensive income (loss) | (64,546) | 143,648 | 213,401 |
Ending balance, net of tax | (127,578) | (63,032) | (206,680) |
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 | (95,114) | 141,081 | |
Total other comprehensive income (loss) before reclassifications, before tax | (95,114) | 141,081 | |
Amortization of unrealized holding losses on held-to-maturity securities | 4,427 | 3,606 | |
Gains (losses) realized in net income | (8) | (2) | |
Total other comprehensive income (loss), before tax | (90,695) | 144,685 | |
Ending balance, before tax | 104,691 | 195,386 | 50,701 |
Total other comprehensive income (loss) | (66,977) | 107,222 | 184,906 |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | (650,087) | (464,548) | (354,502) |
Current year benefit plans gains (loss), before tax | 206,274 | (238,218) | (126,618) |
Total other comprehensive income (loss) before reclassifications, before tax | 206,274 | (238,218) | (126,618) |
Amortization of prior service credit, before tax | (4,185) | (4,181) | (4,173) |
Amortization of actuarial losses, before tax | 87,722 | 56,860 | 20,745 |
Total other comprehensive income (loss), before tax | 289,811 | (185,539) | (110,046) |
Ending balance, before tax | (360,276) | (650,087) | (464,548) |
Total other comprehensive income (loss) | 213,919 | (138,645) | (81,116) |
Other [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | 369,558 | 133,888 | (14,719) |
Foreign currency translation adjustment, before tax | (1,218) | 2,724 | 1,381 |
Unrealized gain (losses) on cash flow hedges | (32,292) | 505,042 | 160,373 |
Total other comprehensive income (loss) before reclassifications, before tax | (33,510) | 507,766 | 161,754 |
Accretion of net gain (losses) on terminated cash flow hedges, before tax | (120) | (125) | (136) |
Net yield adjustment from cash flow hedges currently in effect, before tax | (252,397) | (271,971) | (13,011) |
Total other comprehensive income (loss), before tax | (286,027) | 235,670 | 148,607 |
Ending balance, before tax | $ 83,531 | 369,558 | 133,888 |
Accumulated Net Unrealized Investment Gain Loss All Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, before tax | $ 50,701 | (200,107) | |
Unrealized holding gains (losses), net, before tax | 247,411 | ||
Total other comprehensive income (loss) before reclassifications, before tax | 247,411 | ||
Amortization of unrealized holding losses on held-to-maturity securities | 3,394 | ||
Gains (losses) realized in net income | 3 | ||
Total other comprehensive income (loss), before tax | 250,808 | ||
Ending balance, before tax | $ 50,701 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 16,187,283 | $ 15,716,649 | $ 15,460,191 |
Net gain (loss) during period | (64,546) | 143,648 | 213,401 |
Ending balance | 17,903,405 | 16,187,283 | 15,716,649 |
Investment Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 144,602 | 37,380 | (147,526) |
Net gain (loss) during period | (66,977) | 107,222 | 184,906 |
Ending balance | 77,625 | 144,602 | 37,380 |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (481,064) | (342,419) | (261,303) |
Net gain (loss) during period | 213,919 | (138,645) | (81,116) |
Ending balance | (267,145) | (481,064) | (342,419) |
Accumulated Other Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 273,430 | 98,359 | (11,252) |
Net gain (loss) during period | (211,488) | 175,071 | 109,611 |
Ending balance | 61,942 | 273,430 | 98,359 |
Accumulated Other Comprehensive Income (Loss), Net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (63,032) | (206,680) | (420,081) |
Net gain (loss) during period | (64,546) | 143,648 | 213,401 |
Ending balance | $ (127,578) | $ (63,032) | $ (206,680) |
Other Income and Other Expens_2
Other Income and Other Expense - Other Income and Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income: | |||
Credit-related fee income | $ 90,816 | $ 70,387 | $ 86,792 |
Credit card interchange fee income | 69,963 | ||
Merchant discount fee income | 61,442 | ||
Other expense: | |||
Professional services | 348,360 | 240,047 | 330,900 |
Amortization of capitalized mortgage servicing rights | $ 89,767 | $ 84,821 | $ 71,888 |
International Activities - Addi
International Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
International Activities [Line Items] | |||
Revenues from international trust-related services | $ 38,000,000 | $ 36,000,000 | $ 32,000,000 |
Loans to foreign borrowers | 91,443,226,000 | 96,799,480,000 | |
Deposits at foreign office | 652,104,000 | ||
Cayman Islands [Member] | |||
International Activities [Line Items] | |||
Deposits at foreign office | 0 | 652,000,000 | |
Canada [Member] | |||
International Activities [Line Items] | |||
Deposits at foreign office | 32,000,000 | 32,000,000 | |
Geographic Distribution, Foreign [Member] | |||
International Activities [Line Items] | |||
Loans to foreign borrowers | $ 197,000,000 | $ 170,000,000 | |
Geographic Concentration Risk [Member] | Assets, Total [Member] | |||
International Activities [Line Items] | |||
Concentration risk percentage | 1.00% | ||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
International Activities [Line Items] | |||
Concentration risk percentage | 1.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | $ 23,350,000,000 | $ 51,050,000,000 | |
Net unrealized pre-tax gains related to hedged loans held for sale, commitments to originate loans for sale and commitments to sell loans | 24,000,000 | 64,000,000 | |
Unrealized gain recognized in other comprehensive income related to cash flow hedges | 88,000,000 | ||
Aggregate fair value of derivative financial instruments in a liability position | 35,000,000 | 114,000,000 | |
Aggregate fair value of derivative financial instruments in asset position | 7,000,000 | 3,000,000 | |
Collateral relating to net asset positions | 6,000,000 | 3,000,000 | |
Counterparties [Member] | |||
Derivative [Line Items] | |||
Post collateral requirements relating to positions | 33,000,000 | 103,000,000 | |
Clearinghouse Credit Facilities [Member] | |||
Derivative [Line Items] | |||
Amount of initial margin posted | 132,000,000 | 135,000,000 | |
Interest Income [Member] | |||
Derivative [Line Items] | |||
Cash flow hedges drerivative instruments income | 252,000,000 | 272,000,000 | |
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Increase decrease in net interest income due to interest rate swap agreements | 287,000,000 | 312,000,000 | $ (2,000,000) |
Notional amounts of derivative contracts entered into for trading account purposes | 23,350,000,000 | ||
Interest Rate Swap Agreements [Member] | Maturity Period 2022 [Member] | |||
Derivative [Line Items] | |||
Unrealized gain recognized in other comprehensive income related to cash flow hedges | 65,000,000 | ||
Interest Rate Swap Agreements [Member] | Maturity Period 2023 [Member] | |||
Derivative [Line Items] | |||
Unrealized gain recognized in other comprehensive income related to cash flow hedges | 23,000,000 | ||
Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amounts of derivative contracts entered into for trading account purposes | 32,600,000,000 | 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 | $ 1,100,000,000 | $ 776,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 23,350,000,000 | $ 51,050,000,000 |
Average Maturity (in years) | 8 months 12 days | 1 year |
Estimated Fair Value Gain (Loss) | $ (207,000) | $ 1,076,000 |
Interest Payments On Variable Rate Commercial Real Estate Loans [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 21,700,000,000 | $ 49,400,000,000 |
Average Maturity (in years) | 7 months 6 days | 10 months 24 days |
Weighted-Average Rate, Fixed | 1.24% | 2.22% |
Weighted-Average Rate, Variable | 0.09% | 0.15% |
Estimated Fair Value Gain (Loss) | $ (248,000) | $ 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 3 months 18 days | 3 years 3 months 18 days |
Weighted-Average Rate, Fixed | 2.86% | 2.86% |
Weighted-Average Rate, Variable | 0.74% | 0.79% |
Estimated Fair Value Gain (Loss) | $ 41,000 | $ 651,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Information about Interest Rate Swap Agreements (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 23,350,000,000 | $ 51,050,000,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 32,100,000,000 | |
Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 43,500,000 | 101,500,000 |
Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Reduction of estimated fair value losses on hedging instruments | 88,200,000 | $ 372,200,000 |
Forward-Starting Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 8,400,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Outstanding Maturity (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Total | $ 23,350,000,000 | $ 51,050,000,000 |
Interest Rate Swap Agreements [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
2022 | 16,500,000,000 | |
2023 | 6,350,000,000 | |
2027 | 500,000,000 | |
Total | $ 23,350,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 442,453 | $ 1,067,985 |
Liability Derivatives, Fair Value | 93,843 | 140,485 |
Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 438,151 | 1,064,529 |
Liability Derivatives, Fair Value | 92,830 | 131,135 |
Fair Value Hedges [Member] | Derivatives Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 4,302 | 3,456 |
Liability Derivatives, Fair Value | 1,013 | 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 | 258 | 1,968 |
Liability Derivatives, Fair Value | 465 | 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 | 8,137 | 2,409 |
Liability Derivatives, Fair Value | 4,108 | 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 | 4,044 | 1,488 |
Liability Derivatives, Fair Value | 548 | 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 | 11,728 | 43,599 |
Liability Derivatives, Fair Value | 5,288 | 365 |
Interest Rate Contracts [Member] | Derivatives Not Designated and Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 410,056 | 1,008,913 |
Liability Derivatives, Fair Value | 76,278 | 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 | 8,230 | 9,608 |
Liability Derivatives, Fair Value | $ 7,156 | $ 11,134 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Offsetting [Abstract] | ||
Reduction in estimated fair value of interest rate contracts in asset position | $ (54.4) | $ (5.6) |
Reduction in estimated fair value of interest rate contracts in liability position | $ (305.1) | $ (806.5) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Information about Fair Values of Derivative Instruments in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ (2,204) | $ 13,707 | $ 33,212 |
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 | (58,599) | 57,611 | 95,006 |
Derivatives in fair value hedging relationships, Hedged item | 57,716 | (57,686) | (94,742) |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | (11,268) | 6,344 | 24,701 |
Foreign Exchange and Other Option and Futures Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging instruments, Derivatives | $ 9,064 | $ 7,363 | $ 8,511 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Information about Hedged Items Included in Consolidated Balance Sheet (Detail) - Long-term Debt [Member] - Derivatives Designated and Qualifying as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 1,692,943 | $ 1,750,048 |
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Item | $ 43,610 | $ 101,326 |
Variable Interest Entities an_2
Variable Interest Entities and Asset Securitizations - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss on securitization of assets | $ 0 | $ 0 | $ 0 |
Other assets for its "investment" in the common securities recognized by the company of various trusts | 23,000,000 | 23,000,000 | |
Total assets of partnerships in which the company invested | 155,107,160,000 | 142,601,105,000 | |
Investment in partnership carrying amount | 933,000,000 | 861,000,000 | |
Unfunded commitments includes carrrying amount of its investments | 361,000,000 | 406,000,000 | |
Maximum exposure to loss of investments in real estate partnerships | 1,200,000 | ||
Variable Interest Entity Primary Beneficiary [Member] | |||
Total assets of partnerships in which the company invested | $ 3,000,000,000 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 3,955,804 | $ 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 | 49,545 | 50,060 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 418,486 | 1,018,521 |
Trading account liabilities | 83,434 | 116,902 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 678,690 | 9,338 |
Government Issued or Guaranteed [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 3,155,312 | 4,683,438 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 121,802 | 129,814 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading account assets | 468,031 | 1,068,581 |
Investment securities | 3,955,804 | 4,822,606 |
Equity securities | 77,640 | 92,985 |
Real estate loans held for sale | 899,282 | 1,054,676 |
Other assets | 24,167 | 49,464 |
Total assets | 5,424,924 | 7,088,312 |
Trading account liabilities | 83,434 | 116,902 |
Other liabilities | 10,409 | 23,583 |
Total liabilities | 93,843 | 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 | 49,545 | 50,060 |
Equity securities | 68,850 | 63,129 |
Total assets | 118,395 | 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 | 418,486 | 1,018,521 |
Investment securities | 3,955,804 | 4,822,590 |
Equity securities | 8,790 | 29,856 |
Real estate loans held for sale | 899,282 | 1,054,676 |
Other assets | 12,439 | 5,865 |
Total assets | 5,294,801 | 6,931,508 |
Trading account liabilities | 83,434 | 116,902 |
Other liabilities | 5,121 | 23,218 |
Total liabilities | 88,555 | 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 | 11,728 | 43,599 |
Total assets | 11,728 | 43,615 |
Other liabilities | 5,288 | 365 |
Total liabilities | 5,288 | 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 | 678,690 | 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 | 678,690 | 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 | 3,155,312 | 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 | 3,155,312 | 4,683,438 |
Fair Value Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | 121,802 | 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 | $ 121,802 | 129,814 |
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 - 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Privately Issued Mortgage-Backed Securities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 16 | $ 16 | $ 22 |
Total gains realized/unrealized: | |||
Settlements | (16) | (6) | |
Ending Balance | 16 | 16 | |
Other Assets and Other Liabilities [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 43,234 | 10,740 | 7,712 |
Total gains realized/unrealized: | |||
Included in earnings | 126,223 | 194,469 | 129,398 |
Transfers out of Level 3 | (163,017) | (161,975) | (126,370) |
Ending Balance | 6,440 | 43,234 | 10,740 |
Changes in unrealized gains included in earnings related to assets still held at end of period | $ 8,619 | $ 42,597 | $ 11,146 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | |||
Historical recovery rate of collateral values of consumer installment loans | 66.00% | |||
Residential Mortgage Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Capitalized servicing rights | $ 241,053 | $ 231,204 | $ 244,411 | $ 120,509 |
Capitalized servicing rights, valuation allowance | $ (24,000) | (30,000) | (7,000) | |
Weighted-average prepayment speeds | 12.92% | |||
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 | $ 53,000 | 222,000 | 110,000 | |
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 | 138,000 | 159,000 | ||
Capitalized servicing rights, valuation allowance | 24,000 | 30,000 | ||
Valuation Charge Recognized | $ (6,000) | $ 23,000 | 7,000 | |
Weighted-average prepayment speeds | 14.64% | 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 | $ 574,000 | $ 652,000 | 305,000 | |
Assets taken in foreclosure of defaulted loans measured at fair value on a nonrecurring basis | 3,000 | 22,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans measured at fair value on nonrecurring basis | 340,000 | 339,000 | 115,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans measured at fair value on nonrecurring basis | $ 234,000 | $ 313,000 | $ 190,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information Related to Significant Unobservable Inputs (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discounted Cash Flows [Member] | 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 | $ 6,440 | $ 43,234 |
Discounted Cash Flows [Member] | 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 [Member] | 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 | 80.00% | 98.00% |
Discounted Cash Flows [Member] | 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 | 10.00% | 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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||||
Interest-bearing deposits at banks | $ 41,872,304 | $ 23,663,810 | ||
Investment securities | 7,155,860 | 7,045,697 | ||
Loans and leases: | ||||
Loans and leases | 93,136,678 | 98,875,788 | ||
Allowance for credit losses | (1,469,226) | (1,736,387) | $ (1,051,071) | $ (1,019,444) |
Loans and leases, net | 91,443,226 | 96,799,480 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (60,131,480) | (47,572,884) | ||
Savings and interest-checking deposits | (68,603,966) | (67,680,840) | ||
Time deposits | (2,807,963) | (3,899,910) | ||
Deposits at Cayman Islands office | (652,104) | |||
Long-term borrowings | (3,485,369) | (4,382,193) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,205,269 | 1,497,457 | ||
Trading account assets | 49,545 | 50,060 | ||
Investment securities | 68,850 | 63,129 | ||
Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 132,308 | 55,286 | ||
Interest-bearing deposits at banks | 41,872,304 | 23,663,810 | ||
Trading account assets | 418,486 | 1,018,521 | ||
Investment securities | 7,066,293 | 7,005,571 | ||
Loans and leases: | ||||
Loans and leases, net | 4,949,028 | 4,413,566 | ||
Accrued interest receivable | 335,162 | 419,936 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (60,131,480) | (47,572,884) | ||
Savings and interest-checking deposits | (68,603,966) | (67,680,840) | ||
Time deposits | (2,810,143) | (3,919,367) | ||
Deposits at Cayman Islands office | (652,104) | |||
Short-term borrowings | (47,046) | (59,482) | ||
Long-term borrowings | (3,562,223) | (4,490,433) | ||
Accrued interest payable | (40,866) | (59,916) | ||
Trading account liabilities | (83,434) | (116,902) | ||
Other financial instruments: | ||||
Commitments to sell real estate loans | 7,525 | (18,429) | ||
Interest rate swap agreements used for interest rate risk management | (207) | 1,076 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment securities | 57,333 | 70,289 | ||
Loans and leases: | ||||
Consumer loans | 18,121,363 | 16,554,050 | ||
Loans and leases, net | 87,348,549 | 93,266,904 | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 6,440 | 43,234 | ||
Other credit-related commitments | (123,032) | (133,354) | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,337,577 | 1,552,743 | ||
Interest-bearing deposits at banks | 41,872,304 | 23,663,810 | ||
Trading account assets | 468,031 | 1,068,581 | ||
Investment securities | 7,155,860 | 7,045,697 | ||
Loans and leases: | ||||
Consumer loans | 17,974,953 | 16,570,421 | ||
Allowance for credit losses | (1,469,226) | (1,736,387) | ||
Loans and leases, net | 91,443,226 | 96,799,480 | ||
Accrued interest receivable | 335,162 | 419,936 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (60,131,480) | (47,572,884) | ||
Savings and interest-checking deposits | (68,603,966) | (67,680,840) | ||
Time deposits | (2,807,963) | (3,899,910) | ||
Deposits at Cayman Islands office | (652,104) | |||
Short-term borrowings | (47,046) | (59,482) | ||
Long-term borrowings | (3,485,369) | (4,382,193) | ||
Accrued interest payable | (40,866) | (59,916) | ||
Trading account liabilities | (83,434) | (116,902) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 6,440 | 43,234 | ||
Commitments to sell real estate loans | 7,525 | (18,429) | ||
Other credit-related commitments | (123,032) | (133,354) | ||
Interest rate swap agreements used for interest rate risk management | (207) | 1,076 | ||
Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 1,337,577 | 1,552,743 | ||
Interest-bearing deposits at banks | 41,872,304 | 23,663,810 | ||
Trading account assets | 468,031 | 1,068,581 | ||
Investment securities | 7,192,476 | 7,138,989 | ||
Loans and leases: | ||||
Consumer loans | 18,121,363 | 16,554,050 | ||
Loans and leases, net | 92,297,577 | 97,680,470 | ||
Accrued interest receivable | 335,162 | 419,936 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits | (60,131,480) | (47,572,884) | ||
Savings and interest-checking deposits | (68,603,966) | (67,680,840) | ||
Time deposits | (2,810,143) | (3,919,367) | ||
Deposits at Cayman Islands office | (652,104) | |||
Short-term borrowings | (47,046) | (59,482) | ||
Long-term borrowings | (3,562,223) | (4,490,433) | ||
Accrued interest payable | (40,866) | (59,916) | ||
Trading account liabilities | (83,434) | (116,902) | ||
Other financial instruments: | ||||
Commitments to originate real estate loans for sale | 6,440 | 43,234 | ||
Commitments to sell real estate loans | 7,525 | (18,429) | ||
Other credit-related commitments | (123,032) | (133,354) | ||
Interest rate swap agreements used for interest rate risk management | (207) | 1,076 | ||
Commercial Loans and Leases [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 23,285,224 | 27,220,699 | ||
Commercial Loans and Leases [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 23,473,324 | 27,574,564 | ||
Commercial Loans and Leases [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 23,285,224 | 27,220,699 | ||
Commercial [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 425,010 | 277,911 | ||
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 34,305,181 | 36,538,669 | ||
Commercial [Member] | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 35,389,730 | 37,637,889 | ||
Commercial [Member] | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 34,730,191 | 36,816,580 | ||
Residential Real Estate Loans | Significant Observable Inputs (Level 2) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 4,524,018 | 4,135,655 | ||
Residential Real Estate Loans | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loans and leases: | ||||
Loans and leases | 11,636,781 | 12,953,486 | ||
Residential Real Estate Loans | Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | 16,074,445 | 16,752,993 | ||
Residential Real Estate Loans | Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount [Member] | ||||
Loans and leases: | ||||
Loans and leases | $ 16,160,799 | $ 17,089,141 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingent Liabilities Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Home equity lines of credit | $ 5,693,045 | $ 5,563,854 |
Commercial real estate loans to be sold | 324,943 | 363,735 |
Other commercial real estate | 4,998,631 | 7,237,367 |
Residential real estate loans to be sold | 233,257 | 1,026,118 |
Other residential real estate | 924,211 | 665,259 |
Commercial and other | 22,145,057 | 19,427,886 |
Standby letters of credit | 2,151,595 | 2,241,417 |
Commercial letters of credit | 31,981 | 27,332 |
Financial guarantees and indemnification contracts | 4,211,797 | 4,220,531 |
Commitments to sell real estate loans | $ 1,367,523 | $ 2,108,823 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Commitments to extend credit to commercial customers | $ 10,800,000,000 | $ 10,400,000,000 |
Maximum credit risk for recourse associated with loans sold under Federal National Mortgage Association Delegated Underwriting and Servicing program | 4,000,000,000 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 3,824,778 | $ 3,866,317 | $ 4,130,264 |
Noninterest income | 2,166,994 | 2,088,444 | 2,061,679 |
Total income | 5,991,772 | 5,954,761 | 6,191,943 |
Provision for credit losses | (75,000) | 800,000 | 176,000 |
Amortization of core deposit and other intangible assets | 10,167 | 14,869 | 19,490 |
Depreciation and other amortization | 314,041 | 305,419 | 281,825 |
Other noninterest expense | 3,287,415 | 3,064,952 | 3,167,367 |
Income before taxes | 2,455,149 | 1,769,521 | 2,547,261 |
Income tax expense (benefit) | 596,403 | 416,369 | 618,112 |
Net income | 1,858,746 | 1,353,152 | 1,929,149 |
Average total assets | 152,669,000 | 135,480,000 | 119,584,000 |
Capital expenditures | 149,000 | 172,000 | 178,000 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 105,876 | 121,808 | 537,940 |
Noninterest income | 746,240 | 725,472 | 695,443 |
Total income | 852,116 | 847,280 | 1,233,383 |
Provision for credit losses | (313,145) | 482,202 | 6,257 |
Amortization of core deposit and other intangible assets | 9,107 | 13,809 | 18,430 |
Depreciation and other amortization | 123,881 | 116,979 | 108,604 |
Other noninterest expense | 1,082,993 | 959,258 | 1,117,668 |
Income before taxes | (50,720) | (724,968) | (17,576) |
Income tax expense (benefit) | (26,741) | (202,396) | (28,625) |
Net income | (23,979) | (522,572) | 11,049 |
Average total assets | 43,853,000 | 22,996,000 | 14,953,000 |
Capital expenditures | 93,000 | 138,000 | 98,000 |
Business Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 518,940 | 462,614 | 451,307 |
Noninterest income | 123,854 | 103,837 | 113,855 |
Total income | 642,794 | 566,451 | 565,162 |
Provision for credit losses | 10,928 | 25,928 | 16,501 |
Depreciation and other amortization | 1,106 | 1,482 | 2,066 |
Other noninterest expense | 341,751 | 322,868 | 317,482 |
Income before taxes | 289,009 | 216,173 | 229,113 |
Income tax expense (benefit) | 75,545 | 56,953 | 60,617 |
Net income | 213,464 | 159,220 | 168,496 |
Average total assets | 8,007,000 | 8,152,000 | 5,793,000 |
Capital expenditures | 1,000 | 1,000 | |
Commercial Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 854,264 | 864,149 | 828,888 |
Noninterest income | 302,974 | 276,791 | 289,558 |
Total income | 1,157,238 | 1,140,940 | 1,118,446 |
Provision for credit losses | 101,060 | 73,099 | 25,580 |
Depreciation and other amortization | 2,362 | 2,421 | 2,353 |
Other noninterest expense | 384,505 | 375,769 | 382,214 |
Income before taxes | 669,311 | 689,651 | 708,299 |
Income tax expense (benefit) | 175,588 | 181,179 | 187,835 |
Net income | 493,723 | 508,472 | 520,464 |
Average total assets | 28,559,000 | 30,338,000 | 28,142,000 |
Capital expenditures | 1,000 | 2,000 | |
Commercial Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 643,415 | 673,894 | 692,526 |
Noninterest income | 218,189 | 208,367 | 214,970 |
Total income | 861,604 | 882,261 | 907,496 |
Provision for credit losses | 67,405 | 107,210 | 1,537 |
Amortization of core deposit and other intangible assets | 1,060 | 1,060 | 1,060 |
Depreciation and other amortization | 35,623 | 28,187 | 26,963 |
Other noninterest expense | 276,791 | 256,428 | 239,333 |
Income before taxes | 480,725 | 489,376 | 638,603 |
Income tax expense (benefit) | 108,399 | 107,548 | 152,977 |
Net income | 372,326 | 381,828 | 485,626 |
Average total assets | 25,628,000 | 25,792,000 | 23,921,000 |
Discretionary Portfolio [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 483,624 | 486,831 | 209,807 |
Noninterest income | (38,638) | (1,735) | 26,919 |
Total income | 444,986 | 485,096 | 236,726 |
Provision for credit losses | 3,622 | 1,508 | 3,608 |
Depreciation and other amortization | 194 | 285 | 279 |
Other noninterest expense | 64,122 | 54,339 | 52,885 |
Income before taxes | 377,048 | 428,964 | 179,954 |
Income tax expense (benefit) | 88,282 | 101,673 | 36,342 |
Net income | 288,766 | 327,291 | 143,612 |
Average total assets | 22,262,000 | 27,726,000 | 29,081,000 |
Residential Mortgage Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 92,706 | 52,712 | 20,008 |
Noninterest income | 523,765 | 515,549 | 393,372 |
Total income | 616,471 | 568,261 | 413,380 |
Provision for credit losses | (562) | 1,785 | 382 |
Depreciation and other amortization | 57,716 | 60,129 | 48,248 |
Other noninterest expense | 332,491 | 332,028 | 273,067 |
Income before taxes | 226,826 | 174,319 | 91,683 |
Income tax expense (benefit) | 53,866 | 40,667 | 19,355 |
Net income | 172,960 | 133,652 | 72,328 |
Average total assets | 6,463,000 | 4,038,000 | 2,611,000 |
Capital expenditures | 1,000 | 1,000 | |
Retail Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,125,953 | 1,204,309 | 1,389,788 |
Noninterest income | 290,610 | 260,163 | 327,562 |
Total income | 1,416,563 | 1,464,472 | 1,717,350 |
Provision for credit losses | 55,692 | 108,268 | 122,135 |
Depreciation and other amortization | 93,159 | 95,936 | 93,312 |
Other noninterest expense | 804,762 | 764,262 | 784,718 |
Income before taxes | 462,950 | 496,006 | 717,185 |
Income tax expense (benefit) | 121,464 | 130,745 | 189,611 |
Net income | 341,486 | 365,261 | 527,574 |
Average total assets | 17,897,000 | 16,438,000 | 15,083,000 |
Capital expenditures | $ 53,000 | $ 34,000 | $ 76,000 |
Segment Information - Informa_2
Segment Information - Information about Company's Segments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Taxable-equivalent adjustment | $ 14,731,000 | $ 17,288,000 | $ 22,863,000 |
Segment Information - Intersegm
Segment Information - Intersegment Activity Eliminated in Arriving at Consolidated Totals was Included in "All Other" Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,991,772 | $ 5,954,761 | $ 6,191,943 |
Income taxes | 596,403 | 416,369 | 618,112 |
Net income | 1,858,746 | 1,353,152 | 1,929,149 |
Intersegment Activity Eliminated in Consolidated Totals [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (55,556) | (47,604) | (48,559) |
Expenses | (13,599) | (14,038) | (18,218) |
Income taxes | (10,846) | (8,824) | (7,976) |
Net income | $ (31,111) | $ (24,742) | $ (22,365) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Percent of maximum revenue from single customer on total revenues | 10.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2021 | Jan. 01, 2020 |
Regulatory Capital Requirements [Abstract] | ||
Funds available for payment of dividends to M&T from banking subsidiaries | $ 1.6 | |
Capital conservation buffer | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Required Minimum and Well Capitalized Capital Ratios (Detail) | Dec. 31, 2021 |
M&T (Consolidated) [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 4.50% |
Tier 1 capital to risk-weighted assets, Minimum | 0.060 |
Total capital to risk-weighted assets, Minimum | 0.080 |
Leverage - Tier 1 capital to average total assets, as defined | 0.040 |
Tier 1 capital to risk-weighted assets, Well capitalized | 0.060 |
Total capital to risk-weighted assets, Well capitalized | 0.100 |
Bank Subsidiaries [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Common equity Tier 1 ("CET1") to risk-weighted assets, Minimum | 4.50% |
Tier 1 capital to risk-weighted assets, Minimum | 0.060 |
Total capital to risk-weighted assets, Minimum | 0.080 |
Leverage - Tier 1 capital to average total assets, as defined | 0.040 |
Common equity Tier 1 ("CET1") to risk-weighted assets, Well Capitalized | 6.50% |
Tier 1 capital to risk-weighted assets, Well capitalized | 0.080 |
Total capital to risk-weighted assets, Well capitalized | 0.100 |
Leverage - Tier 1 capital to average total assets, as defined | 0.050 |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios and Amounts of Company and its Banking Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
M&T Bank Corporation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 11,844,833 | $ 10,623,368 |
Ratio | 11.42% | 10.00% |
Amount | $ 13,594,782 | $ 11,873,317 |
Ratio | 0.1311 | 0.1117 |
Amount | $ 15,902,833 | $ 14,207,937 |
Ratio | 0.1533 | 0.1337 |
Amount | $ 13,594,782 | $ 11,873,317 |
Ratio | 0.0887 | 0.0848 |
M&T Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 12,378,354 | $ 11,550,462 |
Ratio | 11.98% | 10.90% |
Amount | $ 12,378,354 | $ 11,550,462 |
Ratio | 0.1198 | 0.1090 |
Amount | $ 14,170,434 | $ 13,373,416 |
Ratio | 0.1371 | 0.1262 |
Amount | $ 12,378,354 | $ 11,550,462 |
Ratio | 0.0811 | 0.0827 |
Wilmington Trust, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount | $ 779,521 | $ 630,574 |
Ratio | 31.22% | 46.57% |
Amount | $ 779,521 | $ 630,574 |
Ratio | 0.3122 | 0.4657 |
Amount | $ 780,791 | $ 632,506 |
Ratio | 0.3127 | 0.4672 |
Amount | $ 779,521 | $ 630,574 |
Ratio | 0.0623 | 0.1073 |
Relationship with Bayview Len_2
Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 3,485,369,000 | $ 4,382,193,000 | |
Bayview Lending Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Minority interest in Bayview Lending Group LLC | 20.00% | ||
Carrying value of minority interest investment in Bayview Lending Group LLC | $ 0 | ||
Bayview Lending Group [Member] | Other Revenues From Operations [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | 30,000,000 | 53,000,000 | $ 37,000,000 |
Bayview Lending Group and Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of mortgage servicing rights | 1,600,000,000 | 1,900,000,000 | |
Revenue from contract with customer | 9,000,000 | 10,000,000 | 12,000,000 |
Bayview Financial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding principal balances of residential mortgage loans from Bayview Financial | 74,700,000,000 | 68,100,000,000 | |
Revenues from sub-servicing | 153,000,000 | 129,000,000 | $ 125,000,000 |
Investment securities in held-to-maturity portfolio securitized by Bayview Financial | 62,000,000 | $ 77,000,000 | |
Bayview Financial [Member] | FHA Guaranteed Mortgage Loans [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
FHA gauranteed mortgage loan | 965,000,000 | ||
FHA gauranteed purchase amount of deliquent loan | 1,000,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | 1,400,000,000 | ||
Bayview Financial [Member] | Syndicated Loan Facility [Member] | M&T Bank [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loan facility carrying amount | $ 210,000,000 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in consolidated subsidiaries | ||||
Total assets | $ 155,107,160 | $ 142,601,105 | ||
Liabilities | ||||
Long-term borrowings | 3,485,369 | 4,382,193 | ||
Total liabilities | 137,203,755 | 126,413,822 | ||
Shareholders’ equity | 17,903,405 | 16,187,283 | $ 15,716,649 | $ 15,460,191 |
Total liabilities and shareholders’ equity | 155,107,160 | 142,601,105 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash in subsidiary bank | 92,836 | 100,593 | ||
Due from consolidated bank subsidiaries | ||||
Money-market savings | 1,335,857 | 699,476 | ||
Current income tax receivable | 754 | |||
Total due from consolidated bank subsidiaries | 1,336,611 | 699,476 | ||
Investments in consolidated subsidiaries | ||||
Banks | 17,533,772 | 16,554,287 | ||
Other | 220,496 | 125,988 | ||
Investments in trust preferred entities (note 20) | 22,672 | 22,846 | ||
Other assets | 98,010 | 92,170 | ||
Total assets | 19,304,397 | 17,595,360 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 103,242 | 96,664 | ||
Long-term borrowings | 1,297,750 | 1,311,413 | ||
Total liabilities | 1,400,992 | 1,408,077 | ||
Shareholders’ equity | 17,903,405 | 16,187,283 | ||
Total liabilities and shareholders’ equity | $ 19,304,397 | $ 17,595,360 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Condensed Statement of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expense | |||
Interest on long-term borrowings | $ 62,165 | $ 109,332 | $ 239,242 |
Other expense | 3,611,623 | 3,385,240 | 3,468,682 |
Income tax credits | (596,403) | (416,369) | (618,112) |
Equity in undistributed income of subsidiaries | |||
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Net income per common share | |||
Basic | $ 13.81 | $ 9.94 | $ 13.76 |
Diluted | $ 13.80 | $ 9.94 | $ 13.75 |
Parent Company [Member] | |||
Income | |||
Dividends from consolidated subsidiaries | $ 1,025,000 | $ 708,500 | $ 2,025,000 |
Income from Bayview Lending Group LLC | 30,000 | 52,940 | 36,740 |
Other income | 2,530 | 5,110 | 7,216 |
Total income | 1,057,530 | 766,550 | 2,068,956 |
Expense | |||
Interest on long-term borrowings | 24,073 | 31,924 | 51,938 |
Other expense | 35,406 | 33,704 | 25,236 |
Total expense | 59,479 | 65,628 | 77,174 |
Income before income taxes and equity in undistributed income of subsidiaries | 998,051 | 700,922 | 1,991,782 |
Income tax credits | 6,052 | 1,984 | 8,313 |
Income before equity in undistributed income of subsidiaries | 1,004,103 | 702,906 | 2,000,095 |
Equity in undistributed income of subsidiaries | |||
Net income of subsidiaries | 1,879,643 | 1,358,746 | 1,954,054 |
Less: dividends received | (1,025,000) | (708,500) | (2,025,000) |
Equity in undistributed income of subsidiaries | 854,643 | 650,246 | (70,946) |
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Net income per common share | |||
Basic | $ 13.81 | $ 9.94 | $ 13.76 |
Diluted | $ 13.80 | $ 9.94 | $ 13.75 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 1,858,746 | $ 1,353,152 | $ 1,929,149 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for deferred income taxes | 87,159 | (31,291) | 57,548 |
Net cash provided by operating activities | 2,714,959 | 789,187 | 2,357,555 |
Cash flows from investing activities | |||
Other, net | (510,302) | 67,411 | (195,921) |
Cash flows from financing activities | |||
Purchases of treasury stock | (373,750) | (1,349,785) | |
Dividends paid — common | (580,260) | (568,112) | (552,138) |
Dividends paid — preferred | (68,200) | (68,256) | (67,454) |
Redemption of Series A and Series C preferred stock | (381,500) | ||
Proceeds from issuance of Series I and G preferred stock | 495,000 | 396,000 | |
Other, net | (26,710) | (11,413) | (25,393) |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 3,976,804 | 4,135,990 | 4,892,301 |
Income taxes received during the year | 314,295 | 275,558 | 320,513 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income | 1,858,746 | 1,353,152 | 1,929,149 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | (854,643) | (650,246) | 70,946 |
Provision for deferred income taxes | 10,356 | 1,079 | 5,263 |
Net change in accrued income and expense | (23,047) | (24,206) | (34,525) |
Net cash provided by operating activities | 991,412 | 679,779 | 1,970,833 |
Cash flows from investing activities | |||
Proceeds from sales or maturities of investment securities | 100 | ||
Net investment in consolidated subsidiaries | (199,000) | 125,654 | |
Other, net | (2,777) | 50,396 | 51,235 |
Net cash provided (used) by investing activities | (201,777) | 176,050 | 51,335 |
Cash flows from financing activities | |||
Purchases of treasury stock | (373,750) | (1,349,785) | |
Dividends paid — common | (580,260) | (568,112) | (552,138) |
Dividends paid — preferred | (68,200) | (68,256) | (67,454) |
Redemption of Series A and Series C preferred stock | (381,500) | ||
Other, net | (7,551) | (5,992) | (4,431) |
Net cash used by financing activities | (161,011) | (1,016,110) | (1,959,308) |
Net increase (decrease) in cash and cash equivalents | 628,624 | (160,281) | 62,860 |
Cash and cash equivalents at beginning of year | 800,069 | 960,350 | 897,490 |
Cash and cash equivalents at end of year | 1,428,693 | 800,069 | 960,350 |
Supplemental disclosure of cash flow information | |||
Interest received during the year | 1,165 | 1,493 | 1,752 |
Interest paid during the year | 20,457 | 30,913 | 49,451 |
Income taxes received during the year | 53,067 | $ 11,528 | 6,251 |
Parent Company [Member] | Series I and Series G Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of Series I and G preferred stock | $ 495,000 | $ 396,000 |