Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-16581 | |
Entity Registrant Name | SANTANDER HOLDINGS USA, INC. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 23-2453088 | |
Entity Address, Address Line One | 75 State Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02109 | |
City Area Code | 617 | |
Local Phone Number | 346-7200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 530,391,043 | |
Entity Central Index Key | 0000811830 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 11,467,415 | $ 12,621,281 | |
Investment securities: | |||
AFS at fair value | 11,465,868 | 11,313,489 | |
HTM (fair value of $5,838,987 and $5,677,929 as of March 31, 2021 and December 31, 2020, respectively) | 5,781,875 | 5,504,685 | |
Other investments (includes trading securities of $37,194 and $40,435 as of March 31, 2021 and December 31, 2020, respectively) | 1,778,275 | 1,553,862 | |
LHFI | [1],[2] | 91,059,356 | 92,133,182 |
ALLL | [2] | (7,160,155) | (7,338,493) |
Net LHFI | 83,899,201 | 84,794,689 | |
LHFS | [3] | 568,693 | 2,226,196 |
Goodwill | 2,596,161 | 2,596,161 | |
Intangible assets, net | 346,261 | 357,547 | |
BOLI | 1,916,961 | 1,908,806 | |
Restricted cash | [2] | 5,833,213 | 5,303,460 |
Other assets | [2],[4] | 3,638,364 | 4,052,230 |
TOTAL ASSETS | 146,590,340 | 149,432,676 | |
LIABILITIES | |||
Accounts payables and Accrued expenses | 4,965,291 | 4,700,349 | |
Deposits and other customer accounts | 74,448,699 | 75,303,707 | |
Borrowings and other debt obligations | [2] | 43,446,033 | 46,359,467 |
Advance payments by borrowers for taxes and insurance | 175,061 | 144,214 | |
Deferred tax liabilities, net | 357,827 | 182,353 | |
Other liabilities | [2] | 1,256,763 | 1,479,874 |
TOTAL LIABILITIES | 124,649,674 | 128,169,964 | |
Commitments and contingencies (Note 15) | |||
STOCKHOLDER'S EQUITY | |||
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both March 31, 2021 and December 31, 2020) | 17,875,938 | 17,876,818 | |
AOCI/(loss), net of taxes | (17,599) | 166,295 | |
Retained earnings | 2,590,812 | 1,843,765 | |
TOTAL SHUSA STOCKHOLDER'S EQUITY | 20,449,151 | 19,886,878 | |
NCI | 1,491,515 | 1,375,834 | |
TOTAL STOCKHOLDER'S EQUITY | 21,940,666 | 21,262,712 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 146,590,340 | 149,432,676 | |
Assets not subject to operating leases | |||
Investment securities: | |||
Premises and equipment, net | [5] | 798,986 | 787,341 |
Operating lease assets | |||
Investment securities: | |||
Premises and equipment, net | [2],[6] | $ 16,499,067 | $ 16,412,929 |
[1] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. | ||
[3] | Includ es $250.3 million a nd $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively. | ||
[4] | Includes MSRs of $86.7 million an d $77.5 million at March 31, 2021 and December 31, 2020, respectively, for which the Company has elected the FVO. See Note 12 to these Condensed Consolidated Financial Statements for additional information. | ||
[5] | Net of accumulated depreciation of $1.7 billion and $1.6 billion at March 31, 2021 and December 31, 2020, respectively. | ||
[6] | Net of accumulated depreciation of $4.6 billion and $4.8 billion at March 31, 2021 and December 31, 2020, respectively. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Held-to-maturity securities, fair value | $ 5,838,987 | $ 5,677,929 | |
Trading securities | $ 37,194 | $ 40,435 | |
STOCKHOLDER'S EQUITY | |||
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | |
Common stock, shares outstanding (in shares) | 530,391,043 | 530,391,043 | |
Loans held for investment, fair value | $ 44,600 | $ 50,400 | |
Loans held for sale | 250,300 | 265,400 | |
Accumulated depreciation | 1,700,000 | 1,600,000 | |
LHFI | [1],[2] | 91,059,356 | 92,133,182 |
Restricted cash | [2] | 5,833,213 | 5,303,460 |
Other assets | [2],[3] | 3,638,364 | 4,052,230 |
Borrowings and other debt obligations | [2] | 43,446,033 | 46,359,467 |
Other liabilities | [2] | 1,256,763 | 1,479,874 |
Operating lease assets | |||
STOCKHOLDER'S EQUITY | |||
Accumulated depreciation | 4,600,000 | 4,800,000 | |
Operating lease assets, net | [2],[4] | 16,499,067 | 16,412,929 |
VIEs, Primary Beneficiary | |||
STOCKHOLDER'S EQUITY | |||
LHFI | 22,335,539 | 22,572,549 | |
Restricted cash | 2,040,255 | 1,737,021 | |
Other assets | 842,105 | 791,306 | |
Borrowings and other debt obligations | 29,700,000 | 31,700,000 | |
Other liabilities | 55,669 | 84,922 | |
VIEs, Primary Beneficiary | Operating lease assets | |||
STOCKHOLDER'S EQUITY | |||
Operating lease assets, net | 16,478,224 | 16,391,107 | |
Residential mortgages | |||
STOCKHOLDER'S EQUITY | |||
Mortgage servicing rights | $ 86,700 | $ 77,500 | |
[1] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. | ||
[3] | Includes MSRs of $86.7 million an d $77.5 million at March 31, 2021 and December 31, 2020, respectively, for which the Company has elected the FVO. See Note 12 to these Condensed Consolidated Financial Statements for additional information. | ||
[4] | Net of accumulated depreciation of $4.6 billion and $4.8 billion at March 31, 2021 and December 31, 2020, respectively. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
INTEREST INCOME: | |||
Loans | $ 1,865,711 | $ 1,977,748 | |
Interest-earning deposits | 5,183 | 32,149 | |
Investment securities: | |||
AFS | 26,054 | 70,023 | |
HTM | 25,435 | 23,645 | |
Other investments | 2,524 | 6,410 | |
TOTAL INTEREST INCOME | 1,924,907 | 2,109,975 | |
INTEREST EXPENSE: | |||
Deposits and other customer accounts | 29,786 | 128,613 | |
Borrowings and other debt obligations | 275,789 | 395,386 | |
TOTAL INTEREST EXPENSE | 305,575 | 523,999 | |
NET INTEREST INCOME | 1,619,332 | 1,585,976 | |
Credit loss expense | 76,067 | 1,185,610 | |
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE | 1,543,265 | 400,366 | |
NON-INTEREST INCOME: | |||
Consumer and commercial fees | 119,220 | 124,247 | |
Lease income | 772,892 | 771,661 | |
Miscellaneous income, net | [1],[2] | 282,510 | 121,972 |
TOTAL FEES AND OTHER INCOME | 1,174,622 | 1,017,880 | |
Net gain(loss) on sale of investment securities | 9,874 | 9,279 | |
TOTAL NON-INTEREST INCOME | 1,184,496 | 1,027,159 | |
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES: | |||
Compensation and benefits | 465,258 | 489,273 | |
Occupancy and equipment expenses | 172,076 | 146,911 | |
Technology, outside service, and marketing expense | 134,752 | 134,990 | |
Loan expense | 111,580 | 93,921 | |
Lease expense | 560,340 | 590,360 | |
Other expenses | 104,423 | 128,347 | |
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES | 1,548,429 | 1,583,802 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 1,179,332 | (156,277) | |
Income tax (benefit)/provision | 286,829 | (33,362) | |
NET INCOME / (LOSS) INCLUDING NCI | 892,503 | (122,915) | |
LESS: NET INCOME ATTRIBUTABLE TO NCI | 145,456 | 3,763 | |
NET INCOME / (LOSS) ATTRIBUTABLE TO SHUSA | $ 747,047 | $ (126,678) | |
[1] | Includes equity investment income/(expense), net. | ||
[2] | Netted down by impact of lower of cost or market adjustments on a portion of the Company's LHFS portfolio of zero and $62.9 million, for the three-month periods ended March 31, 2021, and 2020, respectively. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Lower of cost or market adjustment on a portion of unsecured loan portfolio held for sale | $ 0 | $ 62,900,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
NET INCOME / (LOSS) INCLUDING NCI | $ 892,503 | $ (122,915) | |
OCI, NET OF TAX | |||
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax | [1] | (62,676) | 148,306 |
Net unrealized (losses) / gains on AFS investment securities, net of tax | [1] | (122,156) | 206,322 |
Pension and post-retirement actuarial gains, net of tax | 938 | 560 | |
TOTAL OCI / (LOSS), NET OF TAX | (183,894) | 355,188 | |
COMPREHENSIVE INCOME | 708,609 | 232,273 | |
NET INCOME ATTRIBUTABLE TO NCI | 145,456 | 3,763 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA | $ 563,153 | $ 228,510 | |
[1] | Excludes $1.8 million, and $(10.1) million of OCI/(loss) attributable to NCI for the three-month periods ended March 31, 2021, and 2020, respectively. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
OCI attributable to noncontrolling interest | $ 1.8 | $ (10.1) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Shares Outstanding | Preferred Stock | Common Stock and Paid-in Capital | Accumulated Other Comprehensive Income / (Loss) | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Dec. 31, 2019 | 530,391,000 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 24,398,830 | $ (1,785,330) | $ 0 | $ 17,954,441 | $ (88,207) | $ 4,155,226 | $ (1,346,246) | $ 2,377,370 | $ (439,084) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income/(loss) attributable to SHUSA | 228,510 | 355,188 | (126,678) | |||||||
Other comprehensive income (loss) attributable to NCI | (10,133) | (10,133) | ||||||||
Net income attributable to NCI | 3,763 | 3,763 | ||||||||
Impact of SC stock option activity | 2,393 | 2,393 | ||||||||
Dividends declared and paid on common stock | (125,000) | (125,000) | ||||||||
Dividends paid to NCI | (20,594) | (20,594) | ||||||||
Stock repurchase attributable to NCI | (468,466) | (83,999) | (384,467) | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 530,391,000 | |||||||||
Ending balance at Mar. 31, 2020 | $ 22,223,973 | 0 | 17,870,442 | 266,981 | 2,557,302 | 1,529,248 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 530,391,043 | 530,391,000 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 21,262,712 | 0 | 17,876,818 | 166,295 | 1,843,765 | 1,375,834 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income/(loss) attributable to SHUSA | 563,153 | (183,894) | 747,047 | |||||||
Other comprehensive income (loss) attributable to NCI | 1,792 | 1,792 | ||||||||
Net income attributable to NCI | 145,456 | 145,456 | ||||||||
Impact of SC stock option activity | 3,621 | 3,621 | ||||||||
Dividends paid to NCI | (26,594) | (26,594) | ||||||||
Stock repurchase attributable to NCI | $ (9,474) | (880) | (8,594) | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 530,391,043 | 530,391,000 | ||||||||
Ending balance at Mar. 31, 2021 | $ 21,940,666 | $ 0 | $ 17,875,938 | $ (17,599) | $ 2,590,812 | $ 1,491,515 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income/(loss) including NCI | $ 892,503 | $ (122,915) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Credit loss expense | 76,067 | 1,185,610 | |
Deferred tax expense/(benefit) | 253,814 | (72,957) | |
Depreciation, amortization and accretion | 643,477 | 699,060 | |
Net (gain)/loss on sale of loans | (4,626) | 59,527 | |
Net gain on sale of investment securities | (9,874) | (9,279) | |
Loss on debt extinguishment | 0 | 136 | |
Net (gain)/loss on real estate owned, premises and equipment, and other | (470) | 1,533 | |
Stock-based compensation | 0 | 13 | |
Equity loss on equity method investments | 15,419 | 2,776 | |
Originations of LHFS | (1,584,472) | (270,882) | |
Proceeds from sales of and collections on LHFS | [1] | 1,835,448 | 441,054 |
Net change in: | |||
Revolving personal loans | 34,246 | 19,012 | |
Other assets, BOLI and trading securities | 478,807 | (1,071,554) | |
Other liabilities | (218,207) | 1,581,586 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,412,132 | 2,442,720 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of AFS investment securities | 507,090 | 922,101 | |
Proceeds from prepayments and maturities of AFS investment securities | 1,408,899 | 2,937,260 | |
Purchases of AFS investment securities | (2,216,074) | (1,539,266) | |
Proceeds from prepayments and maturities of HTM investment securities | 553,091 | 126,127 | |
Purchases of HTM investment securities | (677,416) | (348,375) | |
Proceeds from sales of other investments | 32,360 | 47,435 | |
Proceeds from maturities of other investments | 0 | 45 | |
Purchases of other investments | (254,697) | (115,738) | |
Proceeds from sale of LHFI | [2] | 1,886,907 | 37,981 |
Distributions from equity method investments | 1,058 | 2,254 | |
Contributions to equity method and other investments | (29,976) | (33,071) | |
Proceeds from settlements of BOLI policies | 7,390 | 4,388 | |
Purchases of LHFI | (254,722) | (77,136) | |
Net change in loans other than purchases and sales | 531,276 | (890,567) | |
Purchases and originations of operating leases | (2,172,167) | (2,030,936) | |
Proceeds from the sale and termination of operating leases | 1,498,000 | 948,585 | |
Manufacturer incentives | (2,542) | 176,051 | |
Proceeds from sales of real estate owned and premises and equipment | 6,828 | 11,805 | |
Purchases of premises and equipment | (76,240) | (44,314) | |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 749,065 | 134,629 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net change in deposits and other customer accounts | (855,008) | 1,344,797 | |
Net change in short-term borrowings | (195,593) | 907,851 | |
Net proceeds from long-term borrowings | 6,881,403 | 11,874,959 | |
Repayments of long-term borrowings | (9,311,341) | (11,357,598) | |
Proceeds from FHLB advances (with terms greater than 3 months) | 0 | 2,500,000 | |
Repayments of FHLB advances (with terms greater than 3 months) | (300,000) | (1,600,000) | |
Net change in advance payments by borrowers for taxes and insurance | 30,847 | 40,251 | |
Dividends paid on common stock | 0 | (125,000) | |
Dividends paid to NCI | (26,594) | (20,594) | |
Stock repurchase attributable to NCI | (9,474) | (468,466) | |
Proceeds from the issuance of common stock | 450 | 396 | |
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES | (3,785,310) | 3,096,596 | |
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (624,113) | 5,673,945 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 17,924,741 | 11,526,252 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | [3] | 17,300,628 | 17,200,197 |
NON-CASH TRANSACTIONS | |||
Loans transferred from/(to) LHFI (from)/to LHFS, net | 27,184 | ||
Loans transferred from/(to) LHFI (from)/to LHFS, net | (47,414) | ||
Unsettled purchases of investment securities | $ 239,531 | $ 235,272 | |
[1] | Included in this balance is sales proceeds from Bluestem portfolio sale of $608 million for loans originated as held for sale for the three-month period ended March 31, 2021. | ||
[2] | Included in this balance is sales proceeds from Bluestem portfolio sale of $188 million for loans originated as held for investment for the three-month period ended March 31, 2021. | ||
[3] | The three-month periods ended March 31, 2021, and 2020 include cash and cash equivalents balances of $11.5 billion, and $11.9 billion, respectively, and restricted cash balances of $5.8 billion, and $5.3 billion, respectively. |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Proceeds from sales of and collections on LHFS | $ 1,835,448 | [1] |
Proceeds from sale of LHFI | 1,886,907 | [2] |
Cash and cash equivalents | 11,467,415 | |
Restricted cash | 5,833,213 | [3] |
Consumer | Personal Loans | ||
Proceeds from sales of and collections on LHFS | 608,000 | |
Proceeds from sale of LHFI | $ 188,000 | |
[1] | Included in this balance is sales proceeds from Bluestem portfolio sale of $608 million for loans originated as held for sale for the three-month period ended March 31, 2021. | |
[2] | Included in this balance is sales proceeds from Bluestem portfolio sale of $188 million for loans originated as held for investment for the three-month period ended March 31, 2021. | |
[3] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
DESCRIPTION OF BUSINESS, BASIS
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES SHUSA is the parent holding company of SBNA, a national banking association; SC, a consumer finance company headquartered in Dallas, Texas; SSLLC, a broker-dealer headquartered in Boston, Massachusetts; BSI, a financial services company headquartered in Miami, Florida that offers a full range of banking services to foreign individuals and corporations based primarily in Latin America; SIS, a registered broker-dealer headquartered in New York providing services in investment banking, institutional sales, and trading and offering research reports of Latin American and European equity and fixed income securities; SFS, a consumer credit institution headquartered in Puerto Rico; and several other subsidiaries. SHUSA is headquartered in Boston and SBNA's home office is in Wilmington, Delaware. SSLLC, SIS, and another SHUSA subsidiary, SAM, are registered investment advisers with the SEC. SHUSA's two largest subsidiaries by asset size and revenue are SBNA and SC. SHUSA is a wholly-owned subsidiary of Santander. As of March 31, 2021, SC was owned approximately 80.3% by SHUSA and 19.7% by other shareholders. SC Common Stock is listed on the NYSE under the trading symbol "SC." Acquisitions and Divestitures On September 1, 2020 the Company sold its investment in SBC, a financial holding company headquartered in Puerto Rico that offered a full range of financial services through its wholly-owned banking subsidiary, BSPR. Subsequent to March 31, 2021, the Company sold the majority of SFS' commercial and consumer loan and REO portfolios to third parties at their approximate fair values. At March 31, 2021, the loan portfolios were classified as HFS with a carrying amount of $160 million and the REO portfolio had a carrying amount of $19.9 million. Acquisition of Credit Agricole Miami Wealth Management Business In March 2021, BSI announced that it has reached an agreement with Crédit Agricole Corporate and Investment Bank, S.A.to take over management of up to $4.3 billion in global wealth management client assets and liabilities. The transaction is subject to satisfaction of customary closing conditions and is expected to close by mid-2021. The Company will record assets acquired (including intangibles) and liabilities assumed at fair value. Intangible assets will be amortized over the estimated useful life. Core Business SBNA’s primary business consists of attracting deposits and providing other retail banking services through its network of retail branches, and originating small business loans, middle market, large and global commercial loans, multifamily loans, residential mortgage loans, home equity lines of credit, and auto and other consumer loans throughout the Mid-Atlantic and Northeastern areas of the United States, principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware. SBNA uses its deposits, as well as other financing sources, to fund its loan and investment portfolios. SC is a specialized consumer finance company focused on vehicle finance and third-party servicing and delivering service to dealers and customers across the full credit spectrum. SC's primary business is the indirect origination and servicing of RICs and leases, principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. Additionally, SC sells consumer RICs through flow agreements and, when market conditions are favorable, it accesses the ABS market through securitizations of consumer RICs. SAF is SC’s primary vehicle financing brand, and is available as a finance option for automotive dealers across the United States. Since May 2013, under the MPLFA with Stellantis N.V., SC has operated as Stellantis N.V.'s preferred provider for consumer loans, leases, and dealer loans and provides services to Stellantis N.V. customers and dealers under the CCAP brand. These products and services include consumer RICs and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. In 2019, SC entered into an amendment to the MPLFA which modified that agreement to, among other things, adjust certain performance metrics, exclusivity commitments and payment provisions. NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued) SC also originates vehicle loans through a web-based direct lending program, purchases vehicle RICs from other lenders, and services automobile and recreational and marine vehicle portfolios for other lenders. Additionally, SC has other relationships through which it provides other consumer finance products. Basis of Presentation These Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company generally consolidates VIEs for which it is deemed to be the primary beneficiary and VOEs in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to SEC regulations. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal and recurring nature necessary for a fair statement of the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholder's Equity and Statement of Cash Flow for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Results of operations for the periods presented herein are not necessarily indicative of results of operations for the entire year. These financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020. Certain prior-year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company's consolidated financial condition or results of operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. The most significant estimates include the ACL, fair value measurements, expected end-of-term lease residual values, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time. Accounting Policies There have been no changes in the Company's accounting policies from those disclosed in the 2020 Annual Report on Form 10-K. Subsequent Events The Company evaluated events from the date of these Condensed Consolidated Financial Statements on March 31, 2021 through the issuance of these Condensed Consolidated Financial Statements, and has determined that there have been no material events that would require recognition in its Condensed Consolidated Financial Statements or disclosure in the Notes to the Condensed Consolidated Financial Statements for the three-month period ended March 31, 2021 except as noted above. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Summary of Investments in Debt Securities - AFS and HTM The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. Treasury securities $ 148,533 $ 2,155 $ — $ 150,688 $ 168,075 $ 2,578 $ — $ 170,653 Corporate debt securities 225,319 257 (1) 225,575 155,610 114 (9) 155,715 ABS 158,661 373 (1,236) 157,798 109,888 686 (1,236) 109,338 MBS: GNMA - Residential 3,505,094 56,939 (5,287) 3,556,746 3,467,611 69,864 (1,350) 3,536,125 GNMA - Commercial 1,910,367 4,646 (31,043) 1,883,970 1,706,648 26,949 (235) 1,733,362 FHLMC and FNMA - Residential 5,444,693 41,560 (62,168) 5,424,085 5,464,821 77,813 (4,351) 5,538,283 FHLMC and FNMA - Commercial 62,751 4,256 (1) 67,006 63,732 6,283 (2) 70,013 Total investments in debt securities AFS $ 11,455,418 $ 110,186 $ (99,736) $ 11,465,868 $ 11,136,385 $ 184,287 $ (7,183) $ 11,313,489 The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair ABS $ 129,484 $ 697 $ — $ 130,181 $ 44,841 $ 765 $ — $ 45,606 MBS: GNMA - Residential 2,075,342 32,953 (11,670) 2,096,625 1,966,247 51,417 (1,819) 2,015,845 GNMA - Commercial 3,577,049 64,604 (29,472) 3,612,181 3,493,597 124,429 (1,548) 3,616,478 Total investments in debt securities HTM $ 5,781,875 $ 98,254 $ (41,142) $ 5,838,987 $ 5,504,685 $ 176,611 $ (3,367) $ 5,677,929 As of March 31, 2021 and December 31, 2020, the Company had investment securities with an estimated carrying value of $3.7 billion and $3.5 billion, respectively, pledged as collateral, which were comprised of the following: $710.2 million and $754.1 million, respectively, were pledged as collateral for the Company's borrowing capacity with the FRB; $2.5 billion and $2.2 billion, respectively, were pledged to secure public fund deposits; $97.3 million and $103.4 million, respectively, were pledged to various independent parties to secure repurchase agreements, support hedging relationships, and for recourse on loan sales; and $388.2 million and $388.0 million, respectively, were pledged to secure the Company's customer overnight sweep product. At March 31, 2021 and December 31, 2020, the Company had $32.2 million and $34.6 million, respectively, of accrued interest related to investment securities which is included in the Other assets line of the Company's Condensed Consolidated Balance Sheets. No accrued interest related to investment securities was written off during the periods ended March 31, 2021 or December 31, 2020. There were no transfers of securities between AFS and HTM during the periods ended March 31, 2021 or December 31, 2020. NOTE 2. INVESTMENT SECURITIES (continued) Contractual Maturity of Investments in Debt Securities Contractual maturities of the Company’s investments in debt securities AFS at March 31, 2021 were as follows: (in thousands) Amortized Cost Fair Value Due within one year $ 270,161 $ 271,125 Due after 1 year but within 5 years 205,363 209,504 Due after 5 years but within 10 years 275,554 286,885 Due after 10 years 10,704,340 10,698,354 Total $ 11,455,418 $ 11,465,868 Contractual maturities of the Company’s investments in debt securities HTM at March 31, 2021 were as follows: (in thousands) Amortized Cost Fair Value Due within one year $ 3,134 $ 3,134 Due after 1 year but within 5 years 53,703 53,967 Due after 5 years but within 10 years 72,647 73,080 Due after 10 years 5,652,391 5,708,806 Total $ 5,781,875 $ 5,838,987 Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties. Gross Unrealized Loss and Fair Value of Investments in Debt Securities AFS and HTM The following table presents the aggregate amount of unrealized losses as of March 31, 2021 and December 31, 2020 on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position: March 31, 2021 December 31, 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 37,438 $ (1) $ — $ — $ 98,800 $ (9) $ — $ — ABS 54,465 (61) 47,786 (1,175) — — 49,033 (1,236) MBS: GNMA - Residential 769,379 (5,287) — — 347,821 (1,334) 8,875 (16) GNMA - Commercial 1,734,714 (31,043) — — 103,891 (235) — — FHLMC and FNMA - Residential 3,408,385 (61,983) 21,532 (185) 1,040,474 (4,165) 22,749 (186) FHLMC and FNMA - Commercial — — 417 (1) — — 420 (2) Total investments in debt securities AFS $ 6,004,381 $ (98,375) $ 69,735 $ (1,361) $ 1,590,986 $ (5,743) $ 81,077 $ (1,440) NOTE 2. INVESTMENT SECURITIES (continued) The following table presents the aggregate amount of unrealized losses as of March 31, 2021 and December 31, 2020 on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position: March 31, 2021 December 31, 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized MBS: GNMA - Residential $ 979,040 $ (11,670) $ — $ — $ 212,471 $ (1,819) $ — $ — GNMA - Commercial 1,653,806 (29,472) — — 155,263 (1,548) — — Total investments in debt securities HTM $ 2,632,846 $ (41,142) $ — $ — $ 367,734 $ (3,367) $ — $ — Allowance for credit-related losses on AFS securities The Company did not record an allowance for credit-related losses on AFS and HTM securities at March 31, 2021 or December 31, 2020. As discussed in Note 1 of the Company's 2020 Annual Report on Form 10-K, securities for which management has an expectation that nonpayment of the amortized cost basis is zero do not have a reserve. For securities that do not qualify for the zero credit loss expectation exception, management has concluded that the unrealized losses are not credit-related since (1) they are not related to the underlying credit quality of the issuers, (2) the entire contractual principal and interest due on these securities is currently expected to be recoverable, (3) the Company does not intend to sell these investments at a loss and (4) it is more likely than not that the Company will not be required to sell the investments before recovery of the amortized cost basis, which for the Company's debt securities may be at maturity. Gains (Losses) and Proceeds on Sales of Investments in Debt Securities Proceeds from sales of investments in debt securities and the realized gross gains and losses from those sales were as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Proceeds from the sales of AFS securities $ 507,090 $ 922,101 Gross realized gains $ 10,072 $ 10,755 Gross realized losses (198) (1,476) Net realized gains/(losses) (1) $ 9,874 $ 9,279 (1) Includes net realized gain/(losses) on trading securities of $(0.2) million, and $(1.4) million for the three-month periods ended March 31, 2021, and 2020, respectively. The Company uses the specific identification method to determine the cost of the securities sold and the gain or loss recognized. Other Investments Other investments consisted of the following as of: (in thousands) March 31, 2021 December 31, 2020 FHLB of Pittsburgh and FRB stock $ 423,049 $ 435,330 LIHTC investments 301,295 313,603 Equity securities not held for trading (1) 16,737 14,494 Interest-bearing deposits with an affiliate bank 1,000,000 750,000 Trading securities 37,194 40,435 Total $ 1,778,275 $ 1,553,862 (1) Includes $3.7 million and $1.4 million of equity certificates related to an off-balance sheet securitization as of March 31, 2021 and December 31, 2020, respectively. NOTE 2. INVESTMENT SECURITIES (continued) Other investments primarily include the Company's investment in the stock of the FHLB of Pittsburgh and the FRB. These stocks do not have readily determinable fair values because their ownership is restricted and there is no market for their sale. The stocks can be sold back only at their par value of $100 per share, and FHLB stock can be sold back only to the FHLB or to another member institution. Accordingly, these stocks are carried at cost. During the three-month period ended March 31, 2021, the Company purchased $2.3 million of FHLB stock at par, and redeemed $13.9 million of FHLB stock at par. The Company redeemed $0.7 million of FRB stock at par during the three-month period ended March 31, 2021. The Company did not purchase any FRB stock during the three-month period ended March 31, 2021. There was no gain or loss associated with these redemptions. The Company's LIHTC investments are accounted for using the proportional amortization method. Equity securities are measured at fair value as of March 31, 2021, with changes in fair value recognized in net income, and consist primarily of CRA mutual fund investments. Interest-bearing deposits include deposits maturing in more than 90 days with Santander. With the exception of equity and trading securities, which are measured at fair value, the Company evaluates these other investments for impairment based on the ultimate recoverability of the carrying value, rather than by recognizing temporary declines in value. The Company held an immaterial amount of equity securities without readily determinable fair values at the reporting date. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | =640 2,758,390 6,234,481 4,243,550 1,201,264 222,718 254,998 14,915,401 36.8 % Total $ 6,000,032 $ 15,428,887 $ 10,529,753 $ 4,787,181 $ 1,872,506 $ 1,897,651 $ 40,516,010 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year-to-date ended March 31, 2021. (3) Excludes LHFS. As of December 31, 2020 RICs and auto loans (dollars in thousands) Amortized Cost by Origination Year (3) Credit Score Range 2020 (2) 2019 2018 2017 2016 Prior Total Percent No FICO (1) $ 1,326,026 $ 839,412 $ 450,539 $ 484,975 $ 230,382 $ 142,746 $ 3,474,080 8.5 % <600 6,056,260 4,373,991 2,648,215 1,126,742 685,830 634,480 15,525,518 38.2 % 600-639 2,782,566 1,912,731 1,001,985 335,111 229,690 173,501 6,435,584 15.8 % >=640 8,427,478 4,832,173 1,382,133 264,635 200,430 156,611 15,263,460 37.5 % Total $ 18,592,330 $ 11,958,307 $ 5,482,872 $ 2,211,463 $ 1,346,332 $ 1,107,338 $ 40,698,642 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year ended December 31, 2020. (3) Excludes LHFS. Consumer Lending Asset Quality Indicators-FICO and LTV Ratio For both residential and home equity loans, loss severity assumptions are incorporated in the loan and lease loss reserve models to estimate loan balances that will ultimately charge off. These assumptions are based on recent loss experience within various current LTV bands within these portfolios. LTVs are refreshed quarterly by applying Federal Housing Finance Agency Home price index changes at a state-by-state level to the last known appraised value of the property to estimate the current LTV. The Company's CECL loss calculation incorporates the refreshed LTV information to update the distribution of defaulted loans by LTV as well as the associated LGD for each LTV band. Reappraisals on a recurring basis at the individual property level are not considered cost-effective or necessary; however, reappraisals are performed on certain higher risk accounts to support line management activities, default servicing decisions, or when other situations arise for which the Company believes the additional expense is warranted. FICO scores are refreshed quarterly, where possible. The indicators disclosed represent the credit scores for loans as of the date presented based on the most recent assessment performed. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows: As of March 31, 2021 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Grand Total N/A (2) LTV <= 70% $ — $ 744 $ — $ 518 $ 497 $ 3,110 $ 4,869 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 6,923 52,602 <600 LTV <= 70% $ — $ 1,185 $ 6,274 $ 9,679 $ 12,297 $ 115,123 $ 144,558 70.01-80% — 1,569 5,241 7,130 7,199 4,239 25,378 80.01-90% — 1,090 9,759 5,717 414 624 17,604 90.01-100% — 231 122 — — 540 893 100.01-110% — — — — — 109 109 LTV>110% — — — — — 1,294 1,294 LTV - N/A(2) — — — — — 58 58 600-639 LTV <= 70% $ 70 $ 2,158 $ 5,122 $ 6,220 $ 8,739 $ 83,708 $ 106,017 70.01-80% 114 4,441 5,400 2,293 6,364 4,743 23,355 80.01-90% — 2,137 7,927 3,136 328 516 14,044 90.01-100% — 1,811 — — — 522 2,333 100.01-110% — — — — — 588 588 LTV>110% — — — — — 30 30 LTV - N/A (2) — — — — — 30 30 640-679 LTV <= 70% $ 364 $ 13,521 $ 18,014 $ 19,350 $ 27,351 $ 146,119 $ 224,719 70.01-80% — 12,550 12,814 6,717 6,190 5,061 43,332 80.01-90% 276 4,614 20,201 8,902 488 1,638 36,119 90.01-100% 2,130 8,881 304 — — 519 11,834 100.01-110% — — — — — 186 186 LTV>110% — — — — — 205 205 LTV - N/A (2) — — — — — — — 680-719 LTV <= 70% $ 8,075 $ 36,981 $ 53,762 $ 41,202 $ 56,384 $ 226,857 $ 423,261 70.01-80% 7,232 24,255 30,992 14,872 11,216 6,184 94,751 80.01-90% 139 11,481 37,592 14,042 342 887 64,483 90.01-100% 8,221 18,874 — — — 317 27,412 100.01-110% — — — — — 241 241 LTV>110% — — — — — 699 699 LTV - N/A(2) — — — — — 69 69 720-759 LTV <= 70% $ 47,926 $ 115,245 $ 89,795 $ 83,558 $ 128,900 $ 371,639 $ 837,063 70.01-80% 23,345 81,305 53,647 23,528 21,989 10,535 214,349 80.01-90% 938 21,755 64,492 20,687 364 1,965 110,201 90.01-100% 6,612 28,628 455 — — 280 35,975 100.01-110% — — — — — 529 529 LTV>110% — — — — — 314 314 LTV - N/A (2) — — — — — 113 113 >=760 LTV <= 70% $ 95,639 $ 451,895 $ 299,613 $ 205,110 $ 375,279 $ 1,395,556 $ 2,823,092 70.01-80% 63,426 225,510 161,885 45,390 49,518 14,255 559,984 80.01-90% 4,505 56,989 117,564 32,160 739 3,989 215,946 90.01-100% 6,963 32,122 69 — 568 804 40,526 100.01-110% — — — — — 942 942 LTV>110% — — — — — 1,592 1,592 LTV - N/A (2) — — — — — 336 336 Total - All FICO Bands LTV <= 70% $ 152,074 $ 621,729 $ 472,580 $ 365,637 $ 609,447 $ 2,342,112 $ 4,563,579 70.01-80% 94,117 349,630 269,979 99,930 102,476 45,017 961,149 80.01-90% 5,858 98,066 257,535 84,644 2,675 9,619 458,397 90.01-100% 23,926 90,547 950 — 568 2,982 118,973 100.01-110% — — — — — 2,595 2,595 LTV>110% — — — — — 4,134 4,134 LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 7,529 53,208 Grand Total $ 313,046 $ 1,162,886 $ 1,003,559 $ 551,593 $ 716,963 $ 2,413,988 $ 6,162,035 (1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year-to-date ended March 31, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of March 31, 2021 Home Equity Loans and Lines of Credit (2) (in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Total Revolving N/A (2) LTV <= 70% $ — $ 80 $ — $ 246 $ 147 $ 853 $ 1,326 $ 1,326 70.01-90% — — 30 — — — 30 30 90.01-110% — — 30 — — — 30 30 LTV>110% — — — — — — — — LTV - N/A (2) 649 3,837 4,957 6,099 5,821 84,661 106,024 52,289 <600 LTV <= 70% $ — $ 526 $ 2,735 $ 9,700 $ 11,394 $ 129,911 $ 154,266 $ 135,697 70.01-90% — 413 1,295 2,206 1,262 11,051 16,227 14,302 90.01-110% — — — — — 1,405 1,405 1,141 LTV>110% — — — — — 1,270 1,270 1,255 LTV - N/A (2) — — — — 15 541 556 535 600-639 LTV <= 70% $ — $ 1,518 $ 3,225 $ 9,354 $ 11,965 $ 109,133 $ 135,195 $ 127,298 70.01-90% — 368 3,747 4,030 2,061 7,484 17,690 16,694 90.01-110% — — — — — 1,902 1,902 1,806 LTV>110% — — — — — 2,871 2,871 2,645 LTV - N/A (2) — — — — — 13 13 13 640-679 LTV <= 70% $ 132 $ 5,856 $ 14,174 $ 21,457 $ 26,246 $ 158,816 $ 226,681 $ 216,693 70.01-90% — 1,564 6,201 6,432 1,801 15,252 31,250 30,474 90.01-110% — — 56 — — 5,416 5,472 4,943 LTV>110% — 47 — — — 2,140 2,187 1,828 LTV - N/A (2) — — — — 100 82 182 162 680-719 LTV <= 70% $ 4,580 $ 25,733 $ 31,926 $ 49,428 $ 53,745 $ 281,152 $ 446,564 $ 433,170 70.01-90% 153 5,964 13,978 14,180 5,518 22,178 61,971 61,234 90.01-110% — — — — — 5,592 5,592 5,179 LTV>110% — — — — — 4,933 4,933 4,773 LTV - N/A (2) — 60 85 — — 117 262 262 720-759 LTV <= 70% $ 7,177 $ 39,711 $ 53,423 $ 69,503 $ 83,499 $ 396,208 $ 649,521 $ 636,513 70.01-90% 200 14,659 21,770 22,507 7,628 32,473 99,237 97,946 90.01-110% — — 69 — — 5,698 5,767 5,000 LTV>110% — — — — — 6,354 6,354 6,299 LTV - N/A (2) — 86 65 — 65 121 337 325 >=760 LTV <= 70% $ 16,902 $ 122,855 $ 150,638 $ 185,603 $ 193,382 $ 1,013,251 $ 1,682,631 $ 1,648,185 70.01-90% 88 26,905 50,397 41,323 15,887 78,916 213,516 209,872 90.01-110% — 421 7 — — 18,338 18,766 17,678 LTV>110% 26 699 54 — — 9,822 10,601 10,098 LTV - N/A (2) 10 227 550 126 67 420 1,400 1,400 Total - All FICO Bands LTV <= 70% $ 28,791 $ 196,279 $ 256,121 $ 345,291 $ 380,378 $ 2,089,324 $ 3,296,184 $ 3,198,882 LTV 70.01 - 90% 441 49,873 97,418 90,678 34,157 167,354 439,921 430,552 LTV 90.01 - 110% — 421 162 — — 38,351 38,934 35,777 LTV>110% 26 746 54 — — 27,390 28,216 26,898 LTV - N/A (2) 659 4,210 5,657 6,225 6,068 85,955 108,774 54,986 Grand Total $ 29,917 $ 251,529 $ 359,412 $ 442,194 $ 420,603 $ 2,408,374 $ 3,912,029 $ 3,747,095 (1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Grand Total N/A(2) LTV <= 70% $ 750 $ — $ 521 $ 500 $ — $ 3,148 $ 4,919 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A(2) 109,388 2,170 1,200 1,547 1,485 4,410 120,200 <600 LTV <= 70% $ 876 $ 3,988 $ 6,255 $ 13,646 $ 13,775 $ 109,076 $ 147,616 70.01-80% 1,053 5,235 4,603 7,707 3,406 2,832 24,836 80.01-90% 221 8,801 8,442 1,577 — 1,102 20,143 90.01-100% 292 2,792 — — 219 690 3,993 100.01-110% — — — — — 353 353 LTV>110% — — — — — 1,445 1,445 LTV - N/A(2) — — — — — 92 92 600-639 LTV <= 70% $ 3,058 $ 3,923 $ 4,275 $ 11,593 $ 10,710 $ 81,496 $ 115,055 70.01-80% 1,585 4,839 3,901 5,300 2,040 2,935 20,600 80.01-90% 1,233 6,910 5,693 1,870 249 581 16,536 90.01-100% 2,321 2,364 — — — 193 4,878 100.01-110% — — — — — 707 707 LTV>110% — — — — — 333 333 LTV - N/A(2) — — — — — — — 640-679 LTV <= 70% $ 11,264 $ 21,946 $ 17,039 $ 24,447 $ 26,992 $ 124,559 $ 226,247 70.01-80% 12,585 18,756 8,079 7,117 1,377 2,426 50,340 80.01-90% 2,385 18,975 12,715 1,265 — 1,108 36,448 90.01-100% 7,256 4,501 — — — 573 12,330 100.01-110% — — — — — 240 240 LTV>110% — — — — — 432 432 LTV - N/A(2) — — — — — — — 680-719 LTV <= 70% $ 34,802 $ 49,625 $ 41,447 $ 56,362 $ 54,836 $ 196,173 $ 433,245 70.01-80% 38,582 37,546 20,202 18,615 5,047 4,556 124,548 80.01-90% 7,616 39,239 22,510 2,195 — 3,025 74,585 90.01-100% 29,050 8,147 — — — 526 37,723 100.01-110% 101 — — — — 475 576 LTV>110% — — — — — 802 802 LTV - N/A(2) — — — — — 73 73 720-759 LTV <= 70% $ 105,769 $ 89,140 $ 88,485 $ 145,301 $ 132,720 $ 285,308 $ 846,723 " id="sjs-B4" xml:space="preserve">LOANS AND ALLOWANCE FOR CREDIT LOSSES Overall The Company's LHFI are generally reported at their outstanding principal balances net of any cumulative charge-offs, unamortized deferred fees and costs and unamortized premiums or discounts. Certain LHFI are accounted for at fair value under the FVO. Certain loans are pledged as collateral for borrowings, securitizations, or SPEs. These loans totaled $49.8 billion at March 31, 2021 and $52.0 billion at December 31, 2020. Loans that the Company intends to sell are classified as LHFS. The LHFS portfolio balance at March 31, 2021 was $568.7 million, compared to $2.2 billion at December 31, 2020. For a discussion on the valuation of LHFS at fair value, see Note 12 to these Condensed Consolidated Financial Statements. LHFS in the residential mortgage portfolio that were originated with the intent to sell were $250.3 million as of March 31, 2021 and are reported at either estimated fair value (if the FVO is elected) or the lower of cost or fair value. Interest on loans is credited to income as it is earned. Loan origination fees and certain direct loan origination costs are deferred and recognized as adjustments to interest income in the Condensed Consolidated Statements of Operations over the contractual life of the loan utilizing the interest method. Loan origination costs and fees and premiums and discounts on RICs are deferred and recognized in interest income over their estimated lives using estimated prepayment speeds, which are updated on a monthly bas is. At March 31, 2021 and December 31, 2020, accrued interest receivable on the Company's loans was $512.4 million and $589.2 million, respectively. During the first quarter of 2021, SBNA approved and executed purchases of performing personal unsecured loans with a UPB of approximately $200.0 million. Also during the first quarter of 2021, SC sold RICs with a UPB of approximately $2.4 billion to third-parties in three separate transactions. Two of these transactions were accounted for as off-balance sheet securitizations. Sale of the Personal Lending Portfolio During the first quarter, SC completed the sale of $1.3 billion in UPB of its Bluestem personal lending portfolio to a third party. In addition, SC executed a forward flow sale agreement with a third party to purchase all personal lending receivables that SC purchases from Bluestem through the term of the agreement with Bluestem. Prior to the sale, these loans were classified as LHFS. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Loan and Lease Portfolio Composition The following presents the composition of gross loans and leases HFI by portfolio and by rate type: March 31, 2021 December 31, 2020 (dollars in thousands) Amount Percent Amount Percent Commercial LHFI: CRE loans $ 7,439,574 8.2 % $ 7,327,853 8.0 % C&I loans 16,264,348 17.9 % 16,537,899 17.9 % Multifamily loans 8,133,449 8.9 % 8,367,147 9.1 % Other commercial (2) 7,465,082 8.2 % 7,455,504 8.1 % Total commercial LHFI 39,302,453 43.2 % 39,688,403 43.1 % Consumer loans secured by real estate: Residential mortgages 6,162,035 6.8 % 6,590,168 7.2 % Home equity loans and lines of credit 3,912,029 4.3 % 4,108,505 4.5 % Total consumer loans secured by real estate 10,074,064 11.1 % 10,698,673 11.7 % Consumer loans not secured by real estate: RICs and auto loans 40,516,010 44.4 % 40,698,642 44.1 % Personal unsecured loans 965,651 1.1 % 824,430 0.9 % Other consumer (3) 201,178 0.2 % 223,034 0.2 % Total consumer loans 51,756,903 56.8 % 52,444,779 56.9 % Total LHFI (1) $ 91,059,356 100.0 % $ 92,133,182 100.0 % Total LHFI: Fixed rate $ 63,578,039 69.8 % $ 64,036,154 69.5 % Variable rate 27,481,317 30.2 % 28,097,028 30.5 % Total LHFI (1) $ 91,059,356 100.0 % $ 92,133,182 100.0 % (1) Total LHFI includes deferred loan fees, net of deferred origination costs and unamortized purchase premiums, net of discounts as well as purchase accounting adjustments. These items resulted in a net increase in the loan balances of $3.1 billion and $3.1 billion as of March 31, 2021 and December 31, 2020, respectively. (2) Other commercial includes CEVF leveraged leases and loans. (3) Other consumer primarily includes RV and marine loans. Portfolio segments and classes The Company discloses information about the credit quality of its financing receivables at disaggregated levels, specifically defined as “portfolio segments” and “classes,” based on management’s systematic methodology for determining the ACL. The Company utilizes similar categorization compared to the financial statement categorization of loans to model and calculate the ACL and track the credit quality, delinquency and impairment status of the underlying loan populations. In disaggregating its financing receivables portfolio, the Company’s methodology begins with the commercial and consumer segments. The commercial segmentation reflects line of business distinctions. The CRE line of business includes C&I owner-occupied real estate and specialized lending for investment real estate. C&I includes non-real estate-related commercial loans. "Multifamily" represents loans for multifamily residential housing units. “Other commercial” includes loans to global customer relationships in Latin America which are not defined as commercial or consumer for regulatory purposes. The remainder of the portfolio primarily represents the CEVF portfolio. The Company's portfolio classes are substantially the same as its financial statement categorization of loans for consumer loan populations. “Residential mortgages” includes mortgages on residential property, including single family and 1-4 family units. "Home equity loans and lines of credit" include all organic home equity contracts and purchased home equity portfolios. "RICs and auto loans" includes the Company's direct automobile loan portfolios, but excludes RV and marine RICs. "Personal unsecured loans" includes personal revolving loans and credit cards. “Other consumer” includes an acquired portfolio of marine RICs and RV contracts as well as indirect auto loans. During the three-month periods ended March 31, 2021 and 2020, SC originated $3.7 billion and $2.6 billion, respectively, in CCAP loans (including through the SBNA originations program), which represented 57% and 53%, respectively, of the UPB of SC's total RIC originations (including the SBNA originations program). NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) ACL Rollforward by Portfolio Segment The ACL is comprised of the ALLL and the reserve for unfunded lending commitments. The activity in the ACL by portfolio segment for the three-month periods ended March 31, 2021 and 2020 was as follows: Three-Month Period Ended March 31, 2021 (in thousands) Commercial Consumer Total ALLL, beginning of period $ 752,196 $ 6,586,297 $ 7,338,493 Credit loss expense / (release of) credit loss expense) on loans (21,846) 119,979 98,133 Charge-offs (39,632) (827,386) (867,018) Recoveries 25,629 564,918 590,547 Charge-offs, net of recoveries (14,003) (262,468) (276,471) ALLL, end of period $ 716,347 $ 6,443,808 $ 7,160,155 Reserve for unfunded lending commitments, beginning of period $ 119,129 $ 27,326 $ 146,455 Credit loss expense on unfunded lending commitments (18,812) (3,254) (22,066) Reserve for unfunded lending commitments, end of period 100,317 24,072 124,389 Total ACL, end of period $ 816,664 $ 6,467,880 $ 7,284,544 Three-Month Period Ended March 31, 2020 (in thousands) Commercial Consumer Unallocated Total ALLL, beginning of period $ 399,829 $ 3,199,612 $ 46,748 $ 3,646,189 Day 1: Adjustment to allowance for adoption of ASU 2016-13 198,920 2,383,710 (46,748) 2,535,882 Credit loss expense on loans (1) 122,743 995,164 — 1,117,907 Charge-offs (53,463) (1,244,712) — (1,298,175) Recoveries 10,676 611,256 — 621,932 Charge-offs, net of recoveries (42,787) (633,456) — (676,243) ALLL, end of period $ 678,705 $ 5,945,030 $ — $ 6,623,735 Reserve for unfunded lending commitments, beginning of period $ 85,934 $ 5,892 $ — $ 91,826 Day 1: Adjustment to allowance for adoption of ASU 2016-13 10,081 330 — 10,411 Credit loss expense on unfunded lending commitments (1) 33,725 33,978 — 67,703 Reserve for unfunded lending commitments, end of period 129,740 40,200 — 169,940 Total ACL, end of period $ 808,445 $ 5,985,230 $ — $ 6,793,675 (1) Includes a correction for the classification of ACL balances and certain activity between Commercial and Consumer from January 1, 2020 through March 31, 2020. This resulted in a cumulative $243.6 million reclassification required at March 31, 2020 increasing the Consumer and decreasing the Commercial ACL. The credit risk in the Company’s loan portfolios is driven by credit and collateral quality, and is affected by borrower-specific and economy-wide factors. In general, there is an inverse relationship between the credit quality of loans and projections of impairment losses so that loans with better credit quality require a lower expected loss reserve. The Company manages this risk through its underwriting, pricing strategies, credit policy standards, and servicing guidelines and practices, as well as the application of geographic and other concentration limits. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) The Company estimates CECL based on prospective information as well as account-level models based on historical data. Unemployment, HPI, GDP, CRE price index and used vehicle index growth rates, along with loan level characteristics, are the key inputs used in the models for prediction of the likelihood that the borrower will default in the forecasted period (the PD). To estimate the loss in the event of a default (the LGD), the models use unemployment, HPI, CRE and used vehicle indices, along with loan level characteristics as key inputs. The Company has determined the reasonable and supportable period to be three years, at which time the economic forecasts generally tend to revert to historical averages. The Company utilizes qualitative factors to capture any additional risks that may not be captured in either the economic forecasts or in the historical data, including consideration of the portfolio metrics and collateral value. The Company generally uses a third-party vendor's consensus baseline macroeconomic scenario for the quantitative estimate and additional positive and negative macroeconomic scenarios to make qualitative adjustments for macroeconomic uncertainty and considers adjustments to macroeconomic inputs and outputs based on market volatility. The Company's allowance for loan losses decreased by $178.3 million for the quarter ended March 31, 2021, primarily due to volume and an improved macroeconomic outlook. Non-accrual loans by Class of Financing Receivable The amortized cost basis of financial instruments that are either non-accrual with related expected credit loss or nonaccrual without related expected credit loss disaggregated by class of financing receivables and other non-performing assets is as follows: Non-accrual loans as of: Non-accrual loans with no allowance Interest Income recognized on nonaccrual loans (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2021 Non-accrual loans: Commercial: CRE $ 109,405 $ 106,751 $ 75,521 $ — C&I 106,968 107,053 50,145 199 Multifamily 72,511 72,392 63,660 — Other commercial 25,299 20,019 279 — Total commercial loans 314,183 306,215 189,605 199 Consumer: Residential mortgages 175,072 160,172 88,118 — Home equity loans and lines of credit 88,047 91,606 32,186 — RICs and auto loans 844,998 1,174,317 175,064 25,973 Personal unsecured loans — — — — Other consumer 5,592 6,325 51 — Total consumer loans 1,113,709 1,432,420 295,419 25,973 Total non-accrual loans 1,427,892 1,738,635 485,024 26,172 OREO 24,909 29,799 — — Repossessed vehicles 233,207 204,653 — — Foreclosed and other repossessed assets 5,824 3,247 — — Total OREO and other repossessed assets 263,940 237,699 — — Total non-performing assets $ 1,691,832 $ 1,976,334 $ 485,024 $ 26,172 NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Age Analysis of Past Due Loans The Company generally considers an account delinquent when an obligor fails to pay substantially all (defined as 90%) of the scheduled payment by the due date. When an account is deferred, the loan is returned to accrual status during the deferral period and accrued interest related to the loan is evaluated for collectability. The age of amortized cost in past due loans and accruing loans 90 days or greater past due disaggregated by class of financing receivables is summarized as follows: As of: March 31, 2021 (in thousands) 30-89 90 Total Current Total Amortized Cost Commercial: CRE (4) $ 15,720 $ 43,896 $ 59,616 $ 7,405,039 $ 7,464,655 $ — C&I (1) 31,804 36,137 67,941 16,355,142 16,423,083 — Multifamily 19,074 39,802 58,876 8,074,573 8,133,449 — Other commercial (3) 73,793 5,254 79,047 7,386,097 7,465,144 48 Consumer: Residential mortgages (2) 91,490 120,569 212,059 6,334,791 6,546,850 — Home equity loans and lines of credit 21,611 66,556 88,167 3,823,862 3,912,029 — RICs and auto loans 2,117,013 188,734 2,305,747 38,210,263 40,516,010 — Personal unsecured loans 8,779 6,205 14,984 950,667 965,651 2,525 Other consumer 4,756 984 5,740 195,438 201,178 — Total $ 2,384,040 $ 508,137 $ 2,892,177 $ 88,735,872 $ 91,628,049 $ 2,573 (1) C&I loans includes $158.7 million of LHFS at March 31, 2021. (2) Residential mortgages includes $384.8 million of LHFS at March 31, 2021. (3) Other Commercial loans includes $0.1 million of LHFS at March 31, 2021. (4) CRE loans include $25.1 million of LHFS at March 31, 2021. As of December 31, 2020 (in thousands) 30-89 90 Total Current Total Recorded Commercial: CRE $ 41,320 $ 70,304 $ 111,624 $ 7,244,247 $ 7,355,871 $ — C&I (1) 59,759 45,883 105,642 16,654,606 16,760,248 — Multifamily 47,116 66,664 113,780 8,257,122 8,370,902 — Other commercial 80,993 9,214 90,207 7,365,629 7,455,836 56 Consumer: Residential mortgages (2) 209,274 111,698 320,972 6,673,411 6,994,383 — Home equity loans and lines of credit 31,488 72,197 103,685 4,004,820 4,108,505 — RICs and auto loans 2,944,376 284,985 3,229,361 38,143,329 41,372,690 — Personal unsecured loans (3) 56,041 56,582 112,623 1,605,286 1,717,909 52,807 Other consumer 5,358 1,688 7,046 215,988 223,034 — Total $ 3,475,725 $ 719,215 $ 4,194,940 $ 90,164,438 $ 94,359,378 $ 52,863 (1) C&I loans included $222.3 million of LHFS at December 31, 2020. (2) Residential mortgages included $404.2 million of LHFS at December 31, 2020. (3) Personal unsecured loans included $893.5 million of LHFS at December 31, 2020. (4) RICs and auto loans includes $674.0 million of LHFS at December 31, 2020. (5) Multifamily loans includes $3.8 million of LHFS at December 31, 2020. (6) Other Commercial loans includes $0.3 million of LHFS at December 31, 2020. (7) CRE loans include $28.0 million of LHFS at December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Commercial Lending Asset Quality Indicators The Company's Risk Department performs a credit analysis and classifies certain loans over an internal threshold based on the commercial lending classifications described below: PASS. Asset is well-protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value less costs to acquire and sell any underlying collateral in a timely manner. SPECIAL MENTION. Asset has potential weaknesses that deserve management’s close attention, which, if left uncorrected, may result in deterioration of the repayment prospects for an asset at some future date. Special mention assets are not adversely classified. SUBSTANDARD. Asset is inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. A well-defined weakness or weaknesses exist that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. DOUBTFUL. Exhibits the inherent weaknesses of a substandard credit. Additional characteristics exist that make collection or liquidation in full highly questionable and improbable, on the basis of currently known facts, conditions and values. Possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the credit, an estimated loss cannot yet be determined. LOSS. Credit is considered uncollectible and of such little value that it does not warrant consideration as an active asset. There may be some recovery or salvage value, but there is doubt as to whether, how much or when the recovery would occur. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Each commercial loan is evaluated to determine its risk rating at least annually. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows: March 31, 2021 Commercial Loan Portfolio (1) (dollars in thousands) Amortized Cost by Origination Year Regulatory Rating: 2021 (3) 2020 2019 2018 2017 Prior Total CRE Pass $ 103,522 $ 806,065 $ 1,479,764 $ 1,516,046 $ 692,812 $ 2,005,757 $ 6,603,966 Special mention — 30,361 68,072 78,087 149,729 99,131 425,380 Substandard — 11,282 34,473 107,217 33,962 248,375 435,309 Doubtful — — — — — — — N/A — — — — — — — Total CRE $ 103,522 $ 847,708 $ 1,582,309 $ 1,701,350 $ 876,503 $ 2,353,263 $ 7,464,655 C&I Pass $ 1,313,051 $ 4,282,186 $ 3,075,735 $ 2,038,193 $ 811,732 $ 2,770,312 $ 14,291,209 Special mention 8,787 15,517 164,262 154,776 33,270 301,234 677,846 Substandard 13,504 52,311 15,722 158,401 56,482 249,089 545,509 Doubtful 1,535 2,387 — — 1,367 — 5,289 N/A (2) 145,332 383,326 274,674 67,527 13,081 19,290 903,230 Total C&I $ 1,482,209 $ 4,735,727 $ 3,530,393 $ 2,418,897 $ 915,932 $ 3,339,925 $ 16,423,083 Multifamily Pass $ 244,242 $ 807,657 $ 1,874,793 $ 1,123,727 $ 1,008,606 $ 1,684,412 $ 6,743,437 Special mention — 46,000 25,105 136,006 164,125 76,812 448,048 Substandard — 26,355 207,070 271,100 222,205 215,234 941,964 Doubtful — — — — — — — N/A — — — — — — — Total Multifamily $ 244,242 $ 880,012 $ 2,106,968 $ 1,530,833 $ 1,394,936 $ 1,976,458 $ 8,133,449 Remaining commercial Pass $ 1,168,060 $ 2,808,636 $ 1,241,906 $ 679,578 $ 379,362 $ 1,141,550 $ 7,419,092 Special mention — 50 1,999 4,332 87 6,900 13,368 Substandard — 2,633 6,714 6,480 3,776 12,733 32,336 Doubtful 261 — — 87 — — 348 N/A — — — — — — — Total Remaining commercial $ 1,168,321 $ 2,811,319 $ 1,250,619 $ 690,477 $ 383,225 $ 1,161,183 $ 7,465,144 Total Commercial loans Pass $ 2,828,875 $ 8,704,544 $ 7,672,198 $ 5,357,544 $ 2,892,512 $ 7,602,031 $ 35,057,704 Special mention 8,787 91,928 259,438 373,201 347,211 484,077 1,564,642 Substandard 13,504 92,581 263,979 543,198 316,425 725,431 1,955,118 Doubtful 1,796 2,387 — 87 1,367 — 5,637 N/A (2) 145,332 383,326 274,674 67,527 13,081 19,290 903,230 Total commercial loans $ 2,998,294 $ 9,274,766 $ 8,470,289 $ 6,341,557 $ 3,570,596 $ 8,830,829 $ 39,486,331 (1) Includes $183.9 million of LHFS at March 31, 2021. (2) Consists of loans that have not been assigned a regulatory rating. (3) Loans originated during the year-to-date ended March 31, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) December 31, 2020 Commercial Loan Portfolio (1) (dollars in thousands) Amortized Cost by Origination Year Regulatory Rating: 2020 (3) 2019 2018 2017 2016 Prior Total CRE Pass $ 722,210 $ 1,424,392 $ 1,656,560 $ 816,607 $ 542,979 $ 1,536,812 $ 6,699,560 Special mention 28,876 15,480 81,167 43,368 79,555 83,751 332,197 Substandard 8,259 16,609 29,761 33,833 45,936 189,716 324,114 Doubtful — — — — — — — N/A — — — — — — — Total CRE $ 759,345 $ 1,456,481 $ 1,767,488 $ 893,808 $ 668,470 $ 1,810,279 $ 7,355,871 C&I Pass $ 4,661,409 $ 3,365,828 $ 2,798,209 $ 868,373 $ 585,083 $ 2,305,305 $ 14,584,207 Special mention 11,000 136,413 134,388 49,601 99,042 254,102 684,546 Substandard 60,034 15,309 173,900 59,814 84,642 213,908 607,607 Doubtful 3,153 145 80 1,616 1,282 11,226 17,502 N/A(2) 411,319 294,652 75,091 15,101 15,388 54,835 866,386 Total C&I $ 5,146,915 $ 3,812,347 $ 3,181,668 $ 994,505 $ 785,437 $ 2,839,376 $ 16,760,248 Multifamily Pass $ 880,199 $ 1,938,271 $ 1,361,178 $ 1,198,819 $ 503,267 $ 1,365,066 $ 7,246,800 Special mention — 39,433 147,872 110,906 31,348 59,072 388,631 Substandard 5,355 104,945 203,437 148,251 49,445 224,038 735,471 Doubtful — — — — — — — N/A — — — — — — — Total Multifamily $ 885,554 $ 2,082,649 $ 1,712,487 $ 1,457,976 $ 584,060 $ 1,648,176 $ 8,370,902 Remaining commercial Pass $ 3,530,625 $ 1,416,704 $ 766,454 $ 443,244 $ 199,297 $ 1,038,584 $ 7,394,908 Special mention 53 11,096 11,271 105 83 8,102 30,710 Substandard 2,115 3,974 4,181 4,246 5,983 9,160 29,659 Doubtful 351 — 99 — 101 8 559 N/A — — — — — — — Total Remaining commercial $ 3,533,144 $ 1,431,774 $ 782,005 $ 447,595 $ 205,464 $ 1,055,854 $ 7,455,836 Total Commercial loans Pass $ 9,794,443 $ 8,145,195 $ 6,582,401 $ 3,327,043 $ 1,830,626 $ 6,245,767 $ 35,925,475 Special mention 39,929 202,422 374,698 203,980 210,028 405,027 1,436,084 Substandard 75,763 140,837 411,279 246,144 186,006 636,822 1,696,851 Doubtful 3,504 145 179 1,616 1,383 11,234 18,061 N/A(2) 411,319 294,652 75,091 15,101 15,388 54,835 866,386 Total commercial loans $ 10,324,958 $ 8,783,251 $ 7,443,648 $ 3,793,884 $ 2,243,431 $ 7,353,685 $ 39,942,857 (1) Includes $254.5 million of LHFS at December 31, 2020. (2) Consists of loans that have not been assigned a regulatory rating. (3) Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Consumer Lending Asset Quality Indicators-Credit Score Consumer financing receivables for which either an internal or external credit score is a core component of the allowance model are summarized by credit score determined at origination as follows: As of March 31, 2021 RICs and auto loans (dollars in thousands) Amortized Cost by Origination Year (3) Credit Score Range 2021 (2) 2020 2019 2018 2017 Prior Total Percent No FICO (1) $ 421,665 $ 1,177,775 $ 720,807 $ 389,629 $ 397,597 $ 278,547 $ 3,386,020 8.4 % <600 1,906,288 5,571,043 3,909,143 2,332,641 969,295 1,054,874 15,743,284 38.8 % 600-639 913,689 2,445,588 1,656,253 863,647 282,896 309,232 6,471,305 16.0 % >=640 2,758,390 6,234,481 4,243,550 1,201,264 222,718 254,998 14,915,401 36.8 % Total $ 6,000,032 $ 15,428,887 $ 10,529,753 $ 4,787,181 $ 1,872,506 $ 1,897,651 $ 40,516,010 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year-to-date ended March 31, 2021. (3) Excludes LHFS. As of December 31, 2020 RICs and auto loans (dollars in thousands) Amortized Cost by Origination Year (3) Credit Score Range 2020 (2) 2019 2018 2017 2016 Prior Total Percent No FICO (1) $ 1,326,026 $ 839,412 $ 450,539 $ 484,975 $ 230,382 $ 142,746 $ 3,474,080 8.5 % <600 6,056,260 4,373,991 2,648,215 1,126,742 685,830 634,480 15,525,518 38.2 % 600-639 2,782,566 1,912,731 1,001,985 335,111 229,690 173,501 6,435,584 15.8 % >=640 8,427,478 4,832,173 1,382,133 264,635 200,430 156,611 15,263,460 37.5 % Total $ 18,592,330 $ 11,958,307 $ 5,482,872 $ 2,211,463 $ 1,346,332 $ 1,107,338 $ 40,698,642 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year ended December 31, 2020. (3) Excludes LHFS. Consumer Lending Asset Quality Indicators-FICO and LTV Ratio For both residential and home equity loans, loss severity assumptions are incorporated in the loan and lease loss reserve models to estimate loan balances that will ultimately charge off. These assumptions are based on recent loss experience within various current LTV bands within these portfolios. LTVs are refreshed quarterly by applying Federal Housing Finance Agency Home price index changes at a state-by-state level to the last known appraised value of the property to estimate the current LTV. The Company's CECL loss calculation incorporates the refreshed LTV information to update the distribution of defaulted loans by LTV as well as the associated LGD for each LTV band. Reappraisals on a recurring basis at the individual property level are not considered cost-effective or necessary; however, reappraisals are performed on certain higher risk accounts to support line management activities, default servicing decisions, or when other situations arise for which the Company believes the additional expense is warranted. FICO scores are refreshed quarterly, where possible. The indicators disclosed represent the credit scores for loans as of the date presented based on the most recent assessment performed. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows: As of March 31, 2021 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Grand Total N/A (2) LTV <= 70% $ — $ 744 $ — $ 518 $ 497 $ 3,110 $ 4,869 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 6,923 52,602 <600 LTV <= 70% $ — $ 1,185 $ 6,274 $ 9,679 $ 12,297 $ 115,123 $ 144,558 70.01-80% — 1,569 5,241 7,130 7,199 4,239 25,378 80.01-90% — 1,090 9,759 5,717 414 624 17,604 90.01-100% — 231 122 — — 540 893 100.01-110% — — — — — 109 109 LTV>110% — — — — — 1,294 1,294 LTV - N/A(2) — — — — — 58 58 600-639 LTV <= 70% $ 70 $ 2,158 $ 5,122 $ 6,220 $ 8,739 $ 83,708 $ 106,017 70.01-80% 114 4,441 5,400 2,293 6,364 4,743 23,355 80.01-90% — 2,137 7,927 3,136 328 516 14,044 90.01-100% — 1,811 — — — 522 2,333 100.01-110% — — — — — 588 588 LTV>110% — — — — — 30 30 LTV - N/A (2) — — — — — 30 30 640-679 LTV <= 70% $ 364 $ 13,521 $ 18,014 $ 19,350 $ 27,351 $ 146,119 $ 224,719 70.01-80% — 12,550 12,814 6,717 6,190 5,061 43,332 80.01-90% 276 4,614 20,201 8,902 488 1,638 36,119 90.01-100% 2,130 8,881 304 — — 519 11,834 100.01-110% — — — — — 186 186 LTV>110% — — — — — 205 205 LTV - N/A (2) — — — — — — — 680-719 LTV <= 70% $ 8,075 $ 36,981 $ 53,762 $ 41,202 $ 56,384 $ 226,857 $ 423,261 70.01-80% 7,232 24,255 30,992 14,872 11,216 6,184 94,751 80.01-90% 139 11,481 37,592 14,042 342 887 64,483 90.01-100% 8,221 18,874 — — — 317 27,412 100.01-110% — — — — — 241 241 LTV>110% — — — — — 699 699 LTV - N/A(2) — — — — — 69 69 720-759 LTV <= 70% $ 47,926 $ 115,245 $ 89,795 $ 83,558 $ 128,900 $ 371,639 $ 837,063 70.01-80% 23,345 81,305 53,647 23,528 21,989 10,535 214,349 80.01-90% 938 21,755 64,492 20,687 364 1,965 110,201 90.01-100% 6,612 28,628 455 — — 280 35,975 100.01-110% — — — — — 529 529 LTV>110% — — — — — 314 314 LTV - N/A (2) — — — — — 113 113 >=760 LTV <= 70% $ 95,639 $ 451,895 $ 299,613 $ 205,110 $ 375,279 $ 1,395,556 $ 2,823,092 70.01-80% 63,426 225,510 161,885 45,390 49,518 14,255 559,984 80.01-90% 4,505 56,989 117,564 32,160 739 3,989 215,946 90.01-100% 6,963 32,122 69 — 568 804 40,526 100.01-110% — — — — — 942 942 LTV>110% — — — — — 1,592 1,592 LTV - N/A (2) — — — — — 336 336 Total - All FICO Bands LTV <= 70% $ 152,074 $ 621,729 $ 472,580 $ 365,637 $ 609,447 $ 2,342,112 $ 4,563,579 70.01-80% 94,117 349,630 269,979 99,930 102,476 45,017 961,149 80.01-90% 5,858 98,066 257,535 84,644 2,675 9,619 458,397 90.01-100% 23,926 90,547 950 — 568 2,982 118,973 100.01-110% — — — — — 2,595 2,595 LTV>110% — — — — — 4,134 4,134 LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 7,529 53,208 Grand Total $ 313,046 $ 1,162,886 $ 1,003,559 $ 551,593 $ 716,963 $ 2,413,988 $ 6,162,035 (1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year-to-date ended March 31, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of March 31, 2021 Home Equity Loans and Lines of Credit (2) (in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Total Revolving N/A (2) LTV <= 70% $ — $ 80 $ — $ 246 $ 147 $ 853 $ 1,326 $ 1,326 70.01-90% — — 30 — — — 30 30 90.01-110% — — 30 — — — 30 30 LTV>110% — — — — — — — — LTV - N/A (2) 649 3,837 4,957 6,099 5,821 84,661 106,024 52,289 <600 LTV <= 70% $ — $ 526 $ 2,735 $ 9,700 $ 11,394 $ 129,911 $ 154,266 $ 135,697 70.01-90% — 413 1,295 2,206 1,262 11,051 16,227 14,302 90.01-110% — — — — — 1,405 1,405 1,141 LTV>110% — — — — — 1,270 1,270 1,255 LTV - N/A (2) — — — — 15 541 556 535 600-639 LTV <= 70% $ — $ 1,518 $ 3,225 $ 9,354 $ 11,965 $ 109,133 $ 135,195 $ 127,298 70.01-90% — 368 3,747 4,030 2,061 7,484 17,690 16,694 90.01-110% — — — — — 1,902 1,902 1,806 LTV>110% — — — — — 2,871 2,871 2,645 LTV - N/A (2) — — — — — 13 13 13 640-679 LTV <= 70% $ 132 $ 5,856 $ 14,174 $ 21,457 $ 26,246 $ 158,816 $ 226,681 $ 216,693 70.01-90% — 1,564 6,201 6,432 1,801 15,252 31,250 30,474 90.01-110% — — 56 — — 5,416 5,472 4,943 LTV>110% — 47 — — — 2,140 2,187 1,828 LTV - N/A (2) — — — — 100 82 182 162 680-719 LTV <= 70% $ 4,580 $ 25,733 $ 31,926 $ 49,428 $ 53,745 $ 281,152 $ 446,564 $ 433,170 70.01-90% 153 5,964 13,978 14,180 5,518 22,178 61,971 61,234 90.01-110% — — — — — 5,592 5,592 5,179 LTV>110% — — — — — 4,933 4,933 4,773 LTV - N/A (2) — 60 85 — — 117 262 262 720-759 LTV <= 70% $ 7,177 $ 39,711 $ 53,423 $ 69,503 $ 83,499 $ 396,208 $ 649,521 $ 636,513 70.01-90% 200 14,659 21,770 22,507 7,628 32,473 99,237 97,946 90.01-110% — — 69 — — 5,698 5,767 5,000 LTV>110% — — — — — 6,354 6,354 6,299 LTV - N/A (2) — 86 65 — 65 121 337 325 >=760 LTV <= 70% $ 16,902 $ 122,855 $ 150,638 $ 185,603 $ 193,382 $ 1,013,251 $ 1,682,631 $ 1,648,185 70.01-90% 88 26,905 50,397 41,323 15,887 78,916 213,516 209,872 90.01-110% — 421 7 — — 18,338 18,766 17,678 LTV>110% 26 699 54 — — 9,822 10,601 10,098 LTV - N/A (2) 10 227 550 126 67 420 1,400 1,400 Total - All FICO Bands LTV <= 70% $ 28,791 $ 196,279 $ 256,121 $ 345,291 $ 380,378 $ 2,089,324 $ 3,296,184 $ 3,198,882 LTV 70.01 - 90% 441 49,873 97,418 90,678 34,157 167,354 439,921 430,552 LTV 90.01 - 110% — 421 162 — — 38,351 38,934 35,777 LTV>110% 26 746 54 — — 27,390 28,216 26,898 LTV - N/A (2) 659 4,210 5,657 6,225 6,068 85,955 108,774 54,986 Grand Total $ 29,917 $ 251,529 $ 359,412 $ 442,194 $ 420,603 $ 2,408,374 $ 3,912,029 $ 3,747,095 (1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Grand Total N/A(2) LTV <= 70% $ 750 $ — $ 521 $ 500 $ — $ 3,148 $ 4,919 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A(2) 109,388 2,170 1,200 1,547 1,485 4,410 120,200 <600 LTV <= 70% $ 876 $ 3,988 $ 6,255 $ 13,646 $ 13,775 $ 109,076 $ 147,616 70.01-80% 1,053 5,235 4,603 7,707 3,406 2,832 24,836 80.01-90% 221 8,801 8,442 1,577 — 1,102 20,143 90.01-100% 292 2,792 — — 219 690 3,993 100.01-110% — — — — — 353 353 LTV>110% — — — — — 1,445 1,445 LTV - N/A(2) — — — — — 92 92 600-639 LTV <= 70% $ 3,058 $ 3,923 $ 4,275 $ 11,593 $ 10,710 $ 81,496 $ 115,055 70.01-80% 1,585 4,839 3,901 5,300 2,040 2,935 20,600 80.01-90% 1,233 6,910 5,693 1,870 249 581 16,536 90.01-100% 2,321 2,364 — — — 193 4,878 100.01-110% — — — — — 707 707 LTV>110% — — — — — 333 333 LTV - N/A(2) — — — — — — — 640-679 LTV <= 70% $ 11,264 $ 21,946 $ 17,039 $ 24,447 $ 26,992 $ 124,559 $ 226,247 70.01-80% 12,585 18,756 8,079 7,117 1,377 2,426 50,340 80.01-90% 2,385 18,975 12,715 1,265 — 1,108 36,448 90.01-100% 7,256 4,501 — — — 573 12,330 100.01-110% — — — — — 240 240 LTV>110% — — — — — 432 432 LTV - N/A(2) — — — — — — — 680-719 LTV <= 70% $ 34,802 $ 49,625 $ 41,447 $ 56,362 $ 54,836 $ 196,173 $ 433,245 70.01-80% 38,582 37,546 20,202 18,615 5,047 4,556 124,548 80.01-90% 7,616 39,239 22,510 2,195 — 3,025 74,585 90.01-100% 29,050 8,147 — — — 526 37,723 100.01-110% 101 — — — — 475 576 LTV>110% — — — — — 802 802 LTV - N/A(2) — — — — — 73 73 720-759 LTV <= 70% $ 105,769 $ 89,140 $ 88,485 $ 145,301 $ 132,720 $ 285,308 $ 846,723 |
OPERATING LEASE ASSETS, NET
OPERATING LEASE ASSETS, NET | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
OPERATING LEASE ASSETS, NET | OPERATING LEASE ASSETS, NET The Company has operating leases, including leased vehicles and commercial equipment vehicles and aircraft which are included in the Company's Condensed Consolidated Balance Sheets as Operating lease assets, net. The leased vehicle portfolio consists primarily of leases originated under the MPLFA. Income continues to accrue during the extension period and remaining lease payments are recorded on a straight-line basis over the modified lease term. Operating lease assets, net consisted of the following as of March 31, 2021 and December 31, 2020: (in thousands) March 31, 2021 December 31, 2020 Leased vehicles $ 21,907,106 $ 22,056,063 Less: accumulated depreciation (4,633,289) (4,796,595) Depreciated net capitalized cost 17,273,817 17,259,468 Manufacturer Subvention payments, net of accretion (867,231) (934,381) Origination fees and other costs 71,638 66,020 Leased vehicles, net 16,478,224 16,391,107 Commercial equipment vehicles and aircraft, gross 28,624 28,661 Less: accumulated depreciation (7,781) (6,839) Commercial equipment vehicles and aircraft, net 20,843 21,822 Total operating lease assets, net $ 16,499,067 $ 16,412,929 The following summarizes the future minimum rental payments due to the Company as lessor under operating leases as of March 31, 2021 (in thousands): 2021 $ 2,166,282 2022 1,680,876 2023 881,298 2024 74,450 2025 2,579 Thereafter 5,472 Total $ 4,810,957 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | GOODWILL AND OTHER INTANGIBLES Goodwill Goodwill is assigned to reporting units, which are operating segments or one level below an operating segment, as of the acquisition date. The following table presents the Company's goodwill by its reporting units as of March 31, 2021: (in thousands) CBB C&I CRE & VF CIB SC Total Goodwill at March 31, 2021 $ 297,802 $ 52,198 $ 1,095,071 $ 131,130 $ 1,019,960 $ 2,596,161 During the three-month periods ended March 31, 2021 and 2020, there were no disposals, additions, impairments or re-allocations of goodwill. The Company evaluates goodwill for impairment at the reporting unit level. The Company completes its annual goodwill impairment test as of October 1 each year. The Company conducted its last annual goodwill impairment tests as of October 1, 2020 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued) During the second quarter of 2020, primarily due to the ongoing economic impacts of the COVID-19 pandemic, the Company determined that a goodwill triggering event occurred for the CBB, C&I, and CRE & VF reporting units. Based on its goodwill impairment analysis performed as of June 30, 2020, the Company concluded that a goodwill impairment charge of $1.6 billion and $0.3 billion was required for the CBB and C&I reporting units, respectively. The CRE & VF reporting unit’s estimated fair value exceeded its carrying value by less than 5%. The goodwill allocated to these reporting units has become more sensitive to impairment as the valuation is highly correlated with forecasted interest rates, credit costs, and other factors. During the fourth quarter of 2020, the Company implemented organizational changes which resulted in the transfer of Upper Business Banking customers into the C&I segment from the CBB segment. Refer to Note 17 to these Consolidated Financial Statements for additional details on the Company's reportable segments. As a result of the re-organization, the Company re-allocated approximately $25.1 million of goodwill from the CBB reporting unit to the C&I reporting unit. Upon re-allocation, the Company performed a post evaluation for impairment on the CBB and C&I reporting units utilizing assumptions consistent with our October 1, 2020 impairment test and noted no impairment. Other Intangible Assets The following table details amounts related to the Company's intangible assets subject to amortization for the dates indicated. March 31, 2021 December 31, 2020 (in thousands) Net Carrying Accumulated Net Carrying Accumulated Intangibles subject to amortization: Dealer networks $ 301,583 $ (278,417) $ 308,768 $ (271,232) Chrysler relationship 31,250 (107,500) 35,000 (103,750) Trade name 12,000 (6,000) 12,300 (5,700) Other intangibles 1,428 (55,745) 1,479 (55,694) Total intangibles subject to amortization $ 346,261 $ (447,662) $ 357,547 $ (436,376) At March 31, 2021 and December 31, 2020, the Company did not have any intangibles, other than goodwill, that were not subject to amortization. Amortization expense on intangible assets was $11.3 million, and $14.7 million for the three-month periods ended March 31, 2021, and 2020, respectively. NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued) The estimated aggregate amortization expense related to intangibles, excluding any impairment charges, for each of the five succeeding calendar years ending December 31 is: Year Calendar Year Amount Recorded To Date Remaining Amount To Record (in thousands) 2021 $ 39,904 $ 11,286 $ 28,618 2022 39,901 — 39,901 2023 28,649 — 28,649 2024 24,792 — 24,792 2025 24,757 — 24,757 Thereafter 199,544 — 199,544 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS The following is a detail of items that comprised Other assets at March 31, 2021 and December 31, 2020: (in thousands) March 31, 2021 December 31, 2020 Operating lease ROU assets $ 530,360 $ 540,222 Deferred tax assets — 11,114 Accrued interest receivable 554,748 634,509 Derivative assets at fair value 904,932 1,219,090 Other repossessed assets 239,031 207,900 Equity method investments 255,173 272,633 MSRs 86,653 77,545 OREO 24,909 29,799 Income tax receivables 186,211 225,736 Prepaid expense 253,491 225,251 Miscellaneous assets and receivables 602,856 608,431 Total Other assets $ 3,638,364 $ 4,052,230 Operating lease ROU assets We have operating leases for real estate and non-real estate assets. Real estate leases relate to office space and bank/lending retail branches. Non-real estate leases include data centers, ATMs, vehicles and certain equipment leases. Real estate leases may include one or more options to renew, with renewal terms that can extend the lease term generally from one For the three-month periods ended March 31, 2021 and 2020 operating lease expenses were $39.7 million and $35.1 million, respectively. Sublease income was $1.1 million and $1.5 million, respectively, for the three-month periods ended March 31, 2021 and 2020. These are reported within Occupancy and equipment expenses in the Company’s Condensed Consolidated Statements of Operations. NOTE 6. OTHER ASSETS (continued) Supplemental balance sheet information related to leases was as follows: Maturity of Lease Liabilities at March 31, 2021 Total Operating leases (in thousands) 2021 $ 103,242 2022 129,374 2023 112,349 2024 97,056 2025 71,950 Thereafter 142,678 Total lease liabilities $ 656,649 Less: Interest (56,763) Present value of lease liabilities $ 599,886 Supplemental Balance Sheet Information March 31, 2021 December 31, 2020 Operating lease ROU assets $530,360 $540,222 Other liabilities 599,886 606,000 Weighted-average remaining lease term (years) 6.3 6.5 Weighted-average discount rate 2.9% 2.9% Three-Month Period Ended March 31, Other Information 2021 2020 (in thousands) Operating cash flows from operating leases (1) $ (35,499) $ (33,110) Leased assets obtained in exchange for new operating lease liabilities $ 15,653 $ 4,372 (1) Activity is included within the net change in other liabilities on the Consolidated SCF. The Company made approximately $1.3 million and $1.0 million in payments during the three-month periods ended March 31, 2021 and 2020, respectively, to Santander for rental of certain office space. The related ROU assets and lease liabilities were approximately $8.0 million and $12.4 million at March 31, 2021 and 2020, respectively. The remainder of Other assets is comprised of: • Deferred tax asset, net - Refer to Note 14 of these Condensed Consolidated Financial Statements for more information on tax-related activities. • Derivative assets at fair value - Refer to the "Offsetting of Financial Assets" table in Note 11 to these Condensed Consolidated Financial Statements for the detail of these amounts. • Equity method investments - The Company makes certain equity investments in various limited partnerships, some of which are considered VIEs, that invest in and lend to qualified community development entities, such as renewable energy investments, through the NMTC and CRA programs. The Company acts only in a limited partner capacity in connection with these partnerships, so the Company has determined that it is not the primary beneficiary of the partnerships because it does not have the power to direct the activities of the partnerships that most significantly impact the partnerships' economic performance. • MSRs - See further discussion on the valuation of the MSRs in Note 12. • Income tax receivables - Refer to Note 14 of these Condensed Consolidated Financial Statements for more information on tax-related activities. • OREO and other repossessed assets includes property and vehicles recovered through foreclosure and repossession. |
VIEs
VIEs | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entity and Securitizations [Abstract] | |
VIEs | VIEs The Company transfers RICs and vehicle leases into newly formed Trusts that then issue one or more classes of notes payable backed by the collateral. The Company’s continuing involvement with these Trusts is in the form of servicing the assets and, generally, through holding residual interests in the Trusts. The Trusts are considered VIEs under GAAP, and the Company may or may not consolidate these VIEs on its Condensed Consolidated Balance Sheets. For further description of the Company’s securitization activities, involvement with VIEs and accounting policies regarding consolidation of VIEs, see Part II, Item 8 - Financial Statements and Supplementary Data (Note 8) in the 2020 Annual Report on Form 10-K. On-balance sheet VIEs The assets of consolidated VIEs presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows: (in thousands) March 31, 2021 December 31, 2020 Assets Restricted cash $ 2,040,255 $ 1,737,021 LHFS — 581,938 LHFI 22,335,539 22,572,549 Operating lease assets, net 16,478,224 16,391,107 Various other assets 842,105 791,306 Total Assets $ 41,696,123 $ 42,073,921 Liabilities Notes payable $ 29,670,906 $ 31,700,709 Various other liabilities 55,669 84,922 Total Liabilities $ 29,726,575 $ 31,785,631 Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying Condensed Consolidated Balance Sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by GAAP. The Company retains servicing rights for receivables transferred to the Trusts and receives a monthly servicing fee on the outstanding principal balance. Supplemental fees, such as late charges, for servicing the receivables are reflected in Miscellaneous income, net. As of March 31, 2021 and December 31, 2020, the Company was servicing $27.3 billion and $27.7 billion, respectively, of gross RICs that have been transferred to consolidated Trusts. The remainder of the Company’s RICs remains unpledged. NOTE 7. VIEs (continued) A summary of the cash flows received from the consolidated Trusts for the three-month periods ended March 31, 2021, and 2020 is as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Assets securitized $ 4,123,051 $ 6,675,730 Net proceeds from new securitizations (1) $ 3,586,124 $ 3,876,529 Net proceeds from sale of retained bonds 63,781 54,467 Cash received for servicing fees (2) 228,188 246,743 Net distributions from Trusts (2) 1,140,377 866,936 Total cash received from Trusts $ 5,018,470 $ 5,044,675 (1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Condensed Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation. Off-balance sheet VIEs During the three-month periods ended March 31, 2021, and 2020, SC sold $1.9 billion and zero, respectively, of gross RICs to third-party investors in off-balance sheet securitizations for a gain of $7.2 million and zero, respectively. The gains were recorded in Investment losses, net, in the accompanying Condensed Consolidated Statements of Income. As of March 31, 2021 and December 31, 2020, the Company was servicing $3.7 billion and $2.2 billion, respectively, of gross RICs that have been sold in off-balance sheet securitizations and were subject to an optional clean-up call. The portfolio was comprised as follows: (in thousands) March 31, 2021 December 31, 2020 Related party SPAIN securitizations $ 1,021,099 $ 1,214,644 Third party SCART serviced securitizations 2,623,575 929,429 Third party CCAP securitizations 63,188 82,713 Total serviced for other portfolio $ 3,707,862 $ 2,226,786 Other than repurchases of sold assets due to standard representations and warranties, the Company has no exposure to loss as a result of its involvement with these VIEs. A summary of cash flows received from Trusts for the three-month periods ended March 31, 2021 and 2020, respectively, were as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Receivables securitized (1) $ 1,891,278 $ — Net proceeds from new securitizations 1,779,532 — Cash received for servicing fees 6,726 6,179 Total cash received from Trusts $ 1,786,258 $ 6,179 (1) Represents the unpaid principal balance at the time of original securitization. |
DEPOSITS AND OTHER CUSTOMER ACC
DEPOSITS AND OTHER CUSTOMER ACCOUNTS | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
DEPOSITS AND OTHER CUSTOMER ACCOUNTS | DEPOSITS AND OTHER CUSTOMER ACCOUNTS Deposits and other customer accounts are summarized as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Percent of total deposits Balance Percent of total deposits Interest-bearing demand deposits $ 11,736,994 15.8 % $ 11,097,595 14.7 % Non-interest-bearing demand deposits 20,049,386 26.9 % 21,800,278 28.9 % Savings 5,355,344 7.2 % 4,827,065 6.4 % Customer repurchase accounts 316,490 0.4 % 323,398 0.4 % Money market 33,690,892 45.3 % 33,358,315 44.4 % CDs 3,299,593 4.4 % 3,897,056 5.2 % Total deposits (1) $ 74,448,699 100.0 % $ 75,303,707 100.0 % (1) Includes foreign deposits, as defined by the FRB, of $5.4 billion and $5.8 billion at March 31, 2021 and December 31, 2020, respectively. Deposits collateralized by investment securities, loans, and other financial instruments totaled $2.5 billion and $2.2 billion at March 31, 2021 and December 31, 2020, respectively. Demand deposit overdrafts that have been reclassified as loan balances were $158.5 million and $110.5 million at March 31, 2021 and December 31, 2020, respectively. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Total borrowings and other debt obligations at March 31, 2021 were $43.4 billion, compared to $46.4 billion at December 31, 2020. The Company's debt agreements impose certain limitations on dividend payments and other transactions. The Company is currently in compliance with these limitations. Periodically, as part of the Company's wholesale funding management, it opportunistically repurchases outstanding borrowings in the open market and subsequently retires the obligations. SBNA SBNA had no new securities issuance and did not repurchase any outstanding borrowings in the open market during the three-month periods ended March 31, 2021 and 2020. SHUSA SHUSA had no new securities issuance and did not repurchase any outstanding borrowings in the open market during the three-month period ended March 31, 2021. During the three-month period ended March 31, 2020, the Company issued $500.0 million of debt, consisting of: • A $500.0 million 5.83% senior fixed rate note due March 2023 to Santander, an affiliate. During the three-month period ended March 31, 2020, the Company repurchased the following borrowings and other debt obligations: • $1.0 billion of its 2.65% senior notes due April 2020. NOTE 9. BORROWINGS (continued) Parent Company and other Subsidiary Borrowings and Debt Obligations The following table presents information regarding the Parent Company and its subsidiaries' borrowings and other debt obligations at the dates indicated: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Effective Balance Effective Parent Company 4.45% senior notes due December 2021 $ 491,602 4.61 % $ 491,411 4.61 % 3.70% senior notes due March 2022 707,697 3.67 % 707,896 3.67 % 3.40% senior notes due January 2023 997,619 3.54 % 997,298 3.54 % 3.50% senior notes due June 2024 996,915 3.60 % 996,687 3.60 % 4.50% senior notes due July 2025 1,097,219 4.56 % 1,097,074 4.56 % 4.40% senior notes due July 2027 1,049,540 4.40 % 1,049,531 4.40 % 2.88% senior notes due January 2024 (3) 750,000 2.88 % 750,000 2.88 % 5.83% senior notes due March 2023 (3) 500,000 5.83 % 500,000 5.83 % 3.24% senior notes due November 2026 914,622 3.97 % 913,239 3.97 % 3.45% senior notes, due June 2025 995,145 3.58 % 994,871 3.58 % 3.50% senior notes, due April 2023 447,056 3.52 % 447,039 3.52 % Senior notes due June 2022 (1) 427,934 1.24 % 427,925 1.84 % Senior notes due January 2023 (2) 720,915 1.35 % 720,904 2.06 % Senior notes due July 2023 (2) 439,037 1.33 % 439,022 2.04 % Short-term borrowing due within one year, with an affiliate — — % 123,453 2.00 % Subsidiaries 2.00% subordinated debt maturing through 2021 11 2.00 % 11 2.00 % Short-term borrowing with an affiliate, maturing January 2021 — — % 200,000 0.10 % Short-term borrowing due within one year, maturing April 2021 6,750 0.05 % 15,750 0.05 % Total Parent Company and subsidiaries' borrowings and other debt obligations $ 10,542,062 3.56 % $ 10,872,111 3.57 % (1) These notes bear interest at a rate equal to the three-month LIBOR plus 100 basis points per annum. (2) This note will bear interest at a rate equal to the three-month LIBOR plus 110 basis points per annum. (3) These notes are with SHUSA's parent company, Santander. SBNA Borrowings and Debt Obligations The following table presents information regarding SBNA's borrowings and other debt obligations at the dates indicated: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Effective Balance Effective FHLB advances, maturing through May 2022 $ 860,000 0.65 % $ 1,150,000 0.64 % Short-term borrowing due within one year, maturing April 2021 3,407 0.14 % — — % Total Bank borrowings and other debt obligations $ 863,407 0.65 % $ 1,150,000 0.64 % SBNA had outstanding irrevocable letters of credit totaling $279.0 million from the FHLB of Pittsburgh at March 31, 2021 used to secure uninsured deposits placed with SBNA by state and local governments and their political subdivisions. NOTE 9. BORROWINGS (continued) Revolving Credit Facilities The following tables present information regarding SC's credit facilities as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 (dollars in thousands) Balance Committed Amount Effective Assets Pledged Restricted Cash Pledged Warehouse line due August 2022 $ 167,000 $ 500,000 1.95 % $ 592,553 $ — Warehouse line due March 2022 1,072,345 1,250,000 0.63 % 1,719,708 1 Warehouse line due October 2022 — 1,500,000 2.59 % 159,339 — Warehouse line due October 2022 — 3,500,000 3.22 % 1,378,224 — Warehouse line due October 2022 — 500,000 3.96 % 118,970 570 Warehouse line due October 2022 658,500 2,100,000 3.32 % 968,850 103 Warehouse line due January 2022 450,700 1,000,000 1.16 % 1,142,351 — Warehouse line due November 2022 — 500,000 0.92 % 392,637 — Warehouse line due July 2022 — 900,000 — % — 1,684 Total facilities with third parties $ 2,348,545 $ 11,750,000 1.58 % $ 6,472,632 $ 2,358 Promissory note with Santander due June 2022 $ 2,000,000 $ 2,000,000 1.34 % $ — $ — Promissory note with Santander due September 2022 2,000,000 2,000,000 1.04 % — — Total facilities with related parties $ 4,000,000 $ 4,000,000 1.19 % $ — $ — Total SC revolving credit facilities $ 6,348,545 $ 15,750,000 1.33 % $ 6,472,632 $ 2,358 December 31, 2020 (dollars in thousands) Balance Committed Amount Effective Assets Pledged Restricted Cash Pledged Warehouse line due March 2022 $ 942,845 $ 1,250,000 1.34 % $ 1,621,206 $ 1 Warehouse line due November 2022 177,600 500,000 1.18 % 371,959 — Warehouse line due October 2022 168,300 500,000 3.07 % 243,649 1,201 Warehouse line due October 2022 845,800 2,100,000 3.29 % 1,156,885 — Warehouse line due August 2022 — 500,000 1.5 % 159,348 — Warehouse line due January 2022 415,700 1,000,000 1.81 % 595,518 — Warehouse line due July 2022 — 900,000 1.46 % — 1,684 Warehouse line due October 2022 1,000,600 1,500,000 1.85 % 639,875 — Warehouse line due October 2022 441,143 3,500,000 3.45 % 2,057,758 — Repurchase facility due January 2021 167,967 167,967 1.64 % 217,200 — Total facilities with third parties $ 4,159,955 $ 11,917,967 2.21 % $ 7,063,398 $ 2,886 Promissory note with Santander due June 2022 $ 2,000,000 $ 2,000,000 1.40 % $ — $ — Promissory note with Santander due September 2022 2,000,000 2,000,000 1.04 % — — Total facilities with related parties $ 4,000,000 $ 4,000,000 1.22 % $ — $ — Total SC revolving credit facilities $ 8,159,955 $ 15,917,967 1.72 % $ 7,063,398 $ 2,886 The warehouse lines and repurchase facilities are fully collateralized by a designated portion of SC's RICs, leased vehicles, securitization notes payable and residuals retained by SC. NOTE 9. BORROWINGS (continued) Secured Structured Financings The following tables present information regarding SC's secured structured financings as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 (dollars in thousands) Balance Initial Note Amounts Issued (3) Initial Weighted Average Interest Rate Range Collateral (2) Restricted Cash SC public securitizations maturing on various dates between July 2022 and May 2028 (1) $ 20,025,778 $ 45,963,595 0.60% - 3.42% $ 25,939,686 $ 2,015,389 SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 (3) 5,666,241 10,747,563 1.28% - 3.90% 8,934,642 22,508 Total SC secured structured financings $ 25,692,019 $ 56,711,158 0.60% - 3.90% $ 34,874,328 $ 2,037,897 (1) Securitizations executed under Rule 144A of the Securities Act are included within this balance. (2) Secured structured financings may be collateralized by SC's collateral overages of other issuances. (3) Excludes securitizations which no longer have outstanding debt and excludes any incremental borrowings. December 31, 2020 (dollars in thousands) Balance Initial Note Amounts Issued Initial Weighted Average Interest Rate Range Collateral Restricted Cash SC public securitizations maturing on various dates between May 2022 and May 2028 $ 18,942,160 $ 44,775,735 0.60% - 3.42% $ 25,022,577 $ 1,710,351 SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 7,235,241 10,747,563 1.28% - 3.90% 11,232,122 23,785 Total SC secured structured financings $ 26,177,401 $ 55,523,298 0.60% - 3.90% $ 36,254,699 $ 1,734,136 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) The following table presents the components of AOCI, net of related tax, for the three-month periods ended March 31, 2021, and 2020, respectively. Total OCI/(Loss) Total AOCI/(Loss) Three-Month Period Ended March 31, 2021 December 31, 2020 March 31, 2021 (in thousands) Pretax Tax Net Activity Beginning Net Ending Change in AOCI on cash flow hedge derivative financial instruments $ (87,120) $ 24,323 $ (62,797) Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments (1) 141 (20) 121 Net unrealized gains/(losses) on cash flow hedge derivative financial instruments (86,979) 24,303 (62,676) $ 78,167 $ (62,676) $ 15,491 Change in unrealized gains/(losses) on investments in debt securities (155,025) 40,184 (114,841) Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) (9,874) 2,559 (7,315) Net unrealized gains/(losses) on investments in debt securities (164,899) 42,743 (122,156) 117,263 (122,156) (4,893) Pension and post-retirement actuarial gain (3) 1,225 (287) 938 (29,135) 938 (28,197) As of March 31, 2021 $ (250,653) $ 66,759 $ (183,894) $ 166,295 $ (183,894) $ (17,599) (1) Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges. (2) Net (gains)/losses reclassified into Net gain on sale of investment securities sales in the Condensed Consolidated Statements of Operations for the sale of debt securities AFS. (3) Included in the computation of net periodic pension costs. Total OCI/(Loss) Total AOCI/(Loss) Three-Month Period Ended March 31, 2020 December 31, 2019 March 31, 2020 (in thousands) Pretax Tax Net Activity Beginning Net Ending Change in AOCI on cash flow hedge derivative financial instruments $ 210,695 $ (62,496) $ 148,199 Reclassification adjustment for net loss/(gains) on cash flow hedge derivative financial instruments (1) 136 (29) 107 Net unrealized gains on cash flow hedge derivative financial instruments 210,831 (62,525) 148,306 $ (20,114) $ 148,306 $ 128,192 Change in unrealized gains/(losses) on investments in debt securities 277,985 (64,538) 213,447 Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) (9,279) 2,154 (7,125) Net unrealized gains/(losses) on investment securities 268,706 (62,384) 206,322 (22,880) 206,322 183,442 Pension and post-retirement actuarial gain (3) 753 (193) 560 (45,213) 560 (44,653) As of March 31, 2020 $ 480,290 $ (125,102) $ 355,188 $ (88,207) $ 355,188 $ 266,981 |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES General Derivatives represent contracts between parties that usually require little or no initial net investment and result in one or both parties delivering cash or another type of asset to the other party based on a notional amount and an underlying asset, index, interest rate or future purchase commitment or option as specified in the contract. Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged, is not recorded on the balance sheet, and does not represent the Company`s exposure to credit loss. The notional amount is the basis on which the financial obligation of each party to the derivative contract is calculated to determine required payments under the contract. The Company controls the credit risk of its derivative contracts through credit approvals, limits and monitoring procedures. The underlying asset is typically a referenced interest rate (commonly the OIS rate or LIBOR), security, credit spread or index. The Company’s capital markets and mortgage banking activities are subject to price risk. The Company employs various tools to measure and manage price risk in its portfolios. In addition, the Board of Directors has established certain limits relative to positions and activities. The level of price risk exposure at any given time depends on the market environment and expectations of future price and market movements and will vary from period to period. See Note 12 to these Condensed Consolidated Financial Statements for discussion of the valuation methodology for derivative instruments. Credit Risk Contingent Features The Company has entered into certain derivative contracts that require the posting of collateral to counterparties when those contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to the Company's long-term senior unsecured credit ratings. In a limited number of instances, counterparties also have the right to terminate their ISDA Master Agreements if the Company's ratings fall below a specified level, typically investment grade. As of March 31, 2021, derivatives in this category had a fair value of $0.3 million. The credit ratings of the Company and SBNA are currently considered investment grade. During the first quarter of 2021, no additional collateral would be required if there were a further 1- or 2- notch downgrade by either S&P or Moody's. As of March 31, 2021 and December 31, 2020, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting or termination provisions based on the Company's ratings) that were in a net liability position totaled $10.7 million and $9.9 million, respectively. The Company had $5.0 million and $3.9 million in cash and securities collateral posted to cover those positions as of March 31, 2021 and December 31, 2020, respectively. Hedge Accounting Management uses derivative instruments designated as hedges to mitigate the impact of interest rate and foreign exchange rate movements on the fair value of certain assets and liabilities and on highly probable forecasted cash flows. These instruments primarily include interest rate swaps that have underlying interest rates based on key benchmark indices. The nature and volume of the derivative instruments used to manage interest rate risk depend on the level and type of assets and liabilities on the balance sheet and the risk management strategies for the current and anticipated interest rate environment. Interest rate swaps are generally used to convert fixed-rate assets and liabilities to variable rate assets and liabilities and vice versa. The Company utilizes interest rate swaps that have a high degree of correlation to the related financial instrument. Cash Flow Hedges The Company has outstanding interest rate swap agreements designed to hedge a portion of the Company’s floating rate assets and liabilities (including its borrowed funds). All of these swaps have been deemed highly effective cash flow hedges. The gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same Condensed Consolidated Statements of Operations line item as the earnings effect of the hedged item. The last of the hedges is scheduled to expire in March 2027. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness. As of March 31, 2021, the Company estimated that approximately $29.6 million of unrealized gains included in AOCI to be reclassified to earnings during the subsequent twelve months as the future cash flows occur. NOTE 11. DERIVATIVES (continued) Derivatives Designated in Hedge Relationships – Notional and Fair Values Derivatives designated as accounting hedges at March 31, 2021 and December 31, 2020 included: (dollars in thousands) Notional Asset Liability Weighted Average Receive Rate Weighted Average Pay Weighted Average Life March 31, 2021 Cash flow hedges: Pay fixed — receive variable interest rate swaps $ 2,150,000 $ 765 $ 59,148 0.13 % 1.52 % 1.91 Pay variable - receive fixed interest rate swaps 10,895,000 119,057 54,894 1.05 % 0.11 % 2.45 Interest rate floor 2,025,000 5,508 — 0.95 % — % 1.22 Total $ 15,070,000 $ 125,330 $ 114,042 0.91 % 0.30 % 2.21 December 31, 2020 Cash flow hedges: Pay fixed — receive variable interest rate swaps $ 2,450,000 $ 124 $ 70,589 0.18 % 1.50 % 1.90 Pay variable - receive fixed interest rate swaps 8,745,000 150,206 182 1.16 % 0.14 % 2.12 Interest rate floor 3,525,000 27,507 — 1.28 % — % 1.10 Total $ 14,720,000 $ 177,837 $ 70,771 1.03 % 0.33 % 1.84 Other Derivative Activities The Company also enters into derivatives that are not designated as accounting hedges under GAAP. The majority of these derivatives are customer-related derivatives relating to foreign exchange and lending arrangements, as well as derivatives to hedge interest rate risk on SC's secured structured financings and the borrowings under its revolving credit facilities. SC uses both interest rate swaps and interest rate caps to satisfy these requirements and to hedge the variability of cash flows on securities issued by Trusts and borrowings under its warehouse facilities. In addition, derivatives are used to manage risks related to residential and commercial mortgage banking and investing activities. Although these derivatives are used to hedge risk and are considered economic hedges, they are not designated as accounting hedges because the contracts they are hedging are carried at fair value on the balance sheet, resulting in generally symmetrical accounting treatment for the hedging instrument and the hedged item. Mortgage Banking Derivatives The Company's derivatives portfolio includes mortgage banking interest rate lock commitments, forward sale commitments and interest rate swaps. As part of its overall business strategy, the Company originates fixed-rate and adjustable rate residential mortgages. It sells a portion of this production to the FHLMC, the FNMA, and private investors. The Company uses forward sales as a means of hedging against the economic impact of changes in interest rates on the mortgages that are originated for sale and on interest rate lock commitments. The Company typically retains the servicing rights related to residential mortgage loans that are sold. Most of the Company`s residential MSRs are accounted for at fair value. As deemed appropriate, the Company economically hedges MSRs using interest rate swaps and forward contracts to purchase MBS. Customer-related derivatives The Company offers derivatives to its customers in connection with their risk management needs and requirements. These financial derivative transactions primarily consist of interest rate swaps, caps, floors and foreign exchange contracts. Risk exposure from customer positions is managed through transactions with other dealers, including Santander. NOTE 11. DERIVATIVES (continued) Other derivative activities The Company uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. Foreign exchange contracts, which include spot and forward contracts as well as cross-currency swaps, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date and may or may not be physically settled depending on the Company’s needs. Exposure to gains and losses on these contracts will increase or decrease over their respective lives as currency exchange and interest rates fluctuate. Other derivative instruments primarily include forward contracts related to certain investment securities sales, an OIS, a total return swap on Visa, Inc. Class B common shares, and equity options, which manage the Company's market risk associated with certain investments and customer deposit products. Derivatives Not Designated in Hedge Relationships – Notional and Fair Values Other derivative activities at March 31, 2021 and December 31, 2020 included: Notional Asset derivatives Liability derivatives (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Mortgage banking derivatives: Forward commitments to sell loans $ 515,165 $ 520,299 $ 6,880 $ — $ — $ 3,835 Interest rate lock commitments 273,863 262,471 5,829 13,202 — — Mortgage servicing 546,000 495,000 21,900 33,419 10,522 13,402 Total mortgage banking risk management 1,335,028 1,277,770 34,609 46,621 10,522 17,237 Customer-related derivatives: Swaps receive fixed 15,468,261 15,350,026 553,390 901,509 84,654 8,778 Swaps pay fixed 15,877,829 15,749,590 96,392 14,644 526,498 874,260 Other 4,181,092 3,781,316 16,351 15,446 17,930 13,782 Total customer-related derivatives 35,527,182 34,880,932 666,133 931,599 629,082 896,820 Other derivative activities: Foreign exchange contracts 4,297,290 4,258,869 60,221 52,530 55,592 62,616 Interest rate swap agreements 250,000 250,000 — — 11,119 12,934 Interest rate cap agreements 9,338,393 10,199,134 15,783 4,617 — — Options for interest rate cap agreements 9,338,393 10,199,134 — — 15,783 4,617 Other 157,229 240,083 2,856 5,886 2,631 7,031 Total $ 60,243,515 $ 61,305,922 $ 779,602 $ 1,041,253 $ 724,729 $ 1,001,255 NOTE 11. DERIVATIVES (continued) Gains (Losses) on All Derivatives The following Condensed Consolidated Statement of Operations line items were impacted by the Company’s derivative activities for the three-month periods ended March 31, 2021 and 2020: (in thousands) Three-Month Period Ended March 31, Line Item 2021 2020 Derivative Activity (1) Cash flow hedges: Pay fixed-receive variable interest rate swaps Interest expense on borrowings $ (7,657) $ (824) Pay variable receive-fixed interest rate swap Interest income on loans 23,116 (2,678) Interest rate floors Interest income on loans 11,315 (477) Other derivative activities: Forward commitments to sell loans Miscellaneous income, net 10,715 (10,831) Interest rate lock commitments Miscellaneous income, net (7,373) 11,998 Mortgage servicing Miscellaneous income, net (9,732) 29,386 Customer-related derivatives Miscellaneous income, net 7,655 (15,619) Foreign exchange Miscellaneous income, net 1,687 11,022 Interest rate swaps, caps, and options Miscellaneous income, net 244 (9,658) Other Miscellaneous income, net 1,418 230 (1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. The net amount of change recognized in OCI for cash flow hedge derivatives was a loss of $62.8 million, net of tax, for the three-month period ended March 31, 2021, and a gain of $148.2 million net of tax, for the three-month period ended March 31, 2020. The net amount of changes reclassified from OCI into earnings for cash flow hedge derivatives were gains of $0.1 million and $0.1 million, net of tax, for the three-month periods ended March 31, 2021 and March 31, 2020, respectively. Disclosures about Offsetting Assets and Liabilities The Company enters into legally enforceable master netting agreements which reduce risk by permitting netting of transactions with the same counterparty on the occurrence of certain events. A master netting agreement allows two counterparties the ability to net-settle amounts under all contracts, including any related collateral posted, through a single payment and in a single currency. The right to offset and certain terms regarding the collateral process, such as valuation, credit events and settlement, are contained in the applicable master agreement. The Company's financial instruments, including resell and repurchase agreements, securities lending arrangements, derivatives and cash collateral, may be eligible for offset on its Condensed Consolidated Balance Sheets. The Company has elected to present derivative balances on a gross basis even if the derivative is subject to a legally enforceable nettable ISDA Master Agreement for all trades executed after April 1, 2013. Collateral that is received or pledged for these transactions is disclosed within the “Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets” section of the tables below. Prior to April 1, 2013, the Company had elected to net all caps, floors, and interest rate swaps when it had an ISDA Master Agreement with the counterparty. The collateral received or pledged in connection with these transactions is disclosed within the “Gross Amounts Offset in the Condensed Consolidated Balance Sheets" section of the tables below. NOTE 11. DERIVATIVES (continued) Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively, is presented in the following tables: Offsetting of Financial Assets Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets Collateral Received (3) Net Amount March 31, 2021 Cash flow hedges $ 125,330 $ — $ 125,330 $ 765 $ 124,565 Other derivative activities (1) 766,892 — 766,892 21,441 745,451 Total derivatives subject to a master netting arrangement or similar arrangement 892,222 — 892,222 22,206 870,016 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 12,710 — 12,710 5,642 7,068 Total Derivative Assets $ 904,932 $ — $ 904,932 $ 27,848 $ 877,084 December 31, 2020 Cash flow hedges $ 177,837 $ — $ 177,837 $ 85,065 $ 92,772 Other derivative activities (1) 1,028,051 — 1,028,051 7,771 1,020,280 Total derivatives subject to a master netting arrangement or similar arrangement 1,205,888 — 1,205,888 92,836 1,113,052 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 13,202 — 13,202 — 13,202 Total Derivative Assets $ 1,219,090 $ — $ 1,219,090 $ 92,836 $ 1,126,254 (1) Includes customer-related and other derivatives. (2) Includes mortgage banking derivatives. (3) Collateral received includes cash, cash equivalents, and other financial instruments. Cash collateral received is reported in Other liabilities, as applicable, in the Condensed Consolidated Balance Sheets. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments. NOTE 11. DERIVATIVES (continued) Offsetting of Financial Liabilities Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets Collateral Pledged (3) Net Amount March 31, 2021 Cash flow hedges $ 114,042 $ — $ 114,042 $ 74,477 $ 39,565 Other derivative activities (1) 724,729 3,394 721,335 316,859 404,476 Total derivatives subject to a master netting arrangement or similar arrangement 838,771 3,394 835,377 391,336 444,041 Total derivatives not subject to a master netting arrangement or similar arrangement (2) — — — — — Total Derivative Liabilities $ 838,771 $ 3,394 $ 835,377 $ 391,336 $ 444,041 December 31, 2020 Cash flow hedges $ 70,771 $ — $ 70,771 $ 70,589 $ 182 Other derivative activities (1) 997,420 3,517 993,903 584,971 408,932 Total derivatives subject to a master netting arrangement or similar arrangement 1,068,191 3,517 1,064,674 655,560 409,114 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 3,835 — 3,835 2,382 1,453 Total Derivative Liabilities $ 1,072,026 $ 3,517 $ 1,068,509 $ 657,942 $ 410,567 (1) Includes customer-related and other derivatives. (2) Includes mortgage banking derivatives. (3) Cash collateral pledged and financial instruments pledged is reported in Other assets in the Condensed Consolidated Balance Sheets. In certain instances, the Company is over-collateralized since the actual amount of collateral pledged exceeds the associated financial liability. As a result, the actual amount of collateral pledged that is reported in Other assets may be greater than the amount shown in the table above. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The fair value hierarchy categorizes the underlying assumptions and inputs to valuation techniques that are used to measure fair value into three levels. The three fair value hierarchy classification levels are defined as follows: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities that can be accessed as of the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 inputs are those other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 inputs are those that are unobservable or not readily observable for the asset or liability and are used to measure fair value to the extent relevant observable inputs are not available. Assets and liabilities measured at fair value, by their nature, result in a higher degree of financial statement volatility. See Note 1 of the 2020 Annual Report on Form 10-K for a broad discussion of fair value measurement techniques. When available, the Company uses quoted market prices or matrix pricing in active markets to determine fair value and classifies such items as Level 1 or Level 2 assets or liabilities. If quoted market prices in active markets are not available, fair value is determin ed using third-party broker quotes and/or DCF models incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using broker quotes and/or DCF models 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. NOTE 12. FAIR VALUE (continued) The Company values assets and liabilities based on the principal market in which each would be sold (in the case of assets) or transferred (in the case of liabilities). The principal market is the forum with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market. In the absence of observable market transactions, the Company considers liquidity valuation adjustments to reflect the uncertainty in pricing the instruments. The fair value of a financial asset is measured on a stand-alone basis and cannot be measured as a group, with the exception of certain financial instruments held and managed on a net portfolio basis. In measuring the fair value of a nonfinancial asset, the Company assumes the highest and best use of the asset by a market participant, not just the intended use, to maximize the value of the asset. The Company also considers whether any credit valuation adjustments are necessary based on the counterparty's credit quality. Any models used to determine fair values or validate dealer quotes based on the descriptions below are subject to review and testing as part of the Company's model validation and internal control testing processes. The Company's Market Risk Department is responsible for determining and approving the fair values of all assets and liabilities valued at fair value, including the Company's Level 3 assets and liabilities. Price validation procedures are performed and the results are reviewed for Level 3 assets and liabilities by the Market Risk Department. Price validation procedures performed for these assets and liabilities can include comparing current prices to historical pricing trends by collateral type and vintage, comparing prices by product type to indicative pricing grids published by market makers, and obtaining corroborating dealer prices for significant securities. The Company reviews the assumptions utilized to determine fair value on a quarterly basis. Any changes in methodologies or significant inputs used in determining fair values are further reviewed to determine if a change in fair value level hierarchy has occurred. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring basis by major product category and fair value hierarchy as of March 31, 2021 and December 31, 2020: (in thousands) Level 1 Level 2 Level 3 Balance at Level 1 Level 2 Level 3 Balance at Financial assets: U.S. Treasury securities $ — $ 150,688 $ — $ 150,688 $ — $ 170,653 $ — $ 170,653 Corporate debt — 225,575 — 225,575 — 155,715 — 155,715 ABS — 107,561 50,237 157,798 — 58,945 50,393 109,338 MBS — 10,931,807 — 10,931,807 — 10,877,783 — 10,877,783 Investment in debt securities AFS (2) — 11,415,631 50,237 11,465,868 — 11,263,096 50,393 11,313,489 Other investments - trading securities — 37,194 — 37,194 — 40,435 — 40,435 RICs HFI (3) — — 44,568 44,568 — — 50,391 50,391 LHFS (1)(4) — 250,349 — 250,349 — 265,428 — 265,428 MSRs — — 86,653 86,653 — — 77,545 77,545 Other assets - derivatives (2) — 898,983 5,949 904,932 — 1,205,690 13,400 1,219,090 Total financial assets (5) $ — $ 12,602,157 $ 187,407 $ 12,789,564 $ — $ 12,774,649 $ 191,729 $ 12,966,378 Financial liabilities: Other liabilities - derivatives (2) — 837,091 1,680 838,771 — 1,068,074 3,952 1,072,026 Total financial liabilities $ — $ 837,091 $ 1,680 $ 838,771 $ — $ 1,068,074 $ 3,952 $ 1,072,026 (1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value and are not presented within this table. (2) Refer to Note 2 for the fair value of investment securities and to Note 11 for the fair values of derivative assets and liabilities on a further disaggregated basis. (3) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (4) Residential mortgage loans. (5) Approximately $187.4 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.5% of total assets measured at fair value on a recurring basis and approximately 0.1% of total consolidated assets. NOTE 12. FAIR VALUE (continued) Valuation Processes and Techniques - Recurring Fair Value Assets and Liabilities The following is a description of the valuation techniques used for instruments measured at fair value on a recurring basis: Investments in debt securities AFS Investments in debt securities AFS are accounted for at fair value. The Company utilizes a third-party pricing service to value its investment securities portfolios on a global basis. Its primary pricing service has consistently proved to be a high quality third-party pricing provider. For those investments not valued by pricing vendors, other trusted market sources are utilized. The Company monitors and validates the reliability of vendor pricing on an ongoing basis, which can include pricing methodology reviews, performing detailed reviews of the assumptions and inputs used by the vendor to price individual securities, and price validation testing. Price validation testing is performed independently of the risk-taking function and can include corroborating the prices received from third-party vendors with prices from another third-party source, reviewing valuations of comparable instruments, comparison to internal valuations, or by reference to recent sales of similar securities. The classification of securities within the fair value hierarchy is based upon the activity level in the market for the security type and the observability of the inputs used to determine their fair values. Actively traded quoted market prices for debt securities AFS, such as U.S. Treasury and government agency securities, corporate debt, state and municipal securities, and MBS, are not readily available. The Company's principal markets for its investment securities are the secondary institutional markets with an exit price that is predominantly reflective of bid-level pricing in these markets. These investment securities are priced by third-party pricing vendors. The third-party vendors use a variety of methods when pricing these securities that incorporate relevant observable market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. These investment securities are, therefore, considered Level 2. Certain ABS are valued using DCF models. The DCF models are obtained from a third-party pricing vendor which uses observable market data and therefore are classified as Level 2. Other ABS that could not be valued using a third-party pricing service are valued using an internally-developed DCF model and are classified as Level 3. Realized gains and losses on investments in debt securities are recognized in the Condensed Consolidated Statements of Operations through Net gain(loss) on sale of investment securities . RICs HFI For certain RICs reported in LHFI, net, the Company has elected the FVO. The estimated fair value of the all RICs HFI at is estimated using a DCF model and are classified as Level 3. LHFS The Company's LHFS portfolios that are measured at fair value on a recurring basis consist primarily of residential mortgage LHFS. The fair values of LHFS are estimated using published forward agency prices to agency buyers such as FNMA and FHLMC. The majority of the residential mortgage LHFS portfolio is sold to these two agencies. The fair value is determined using current secondary market prices for portfolios with similar characteristics, adjusted for servicing values and market conditions. These loans are regularly traded in active markets, and observable pricing information is available from market participants. The prices are adjusted as necessary to include the embedded servicing value in the loans as well as the specific characteristics of certain loans that are priced based on the pricing of similar loans. These adjustments represent unobservable inputs to the valuation, and are not significant given the relative insensitivity of the value to changes in these inputs to the fair value of the loans. Accordingly, residential mortgage LHFS are classified as Level 2. Gains and losses on residential mortgage LHFS are recognized in the Condensed Consolidated Statements of Operations through Miscellaneous income, net. See further discussion below in the section captioned "FVO for Financial Assets and Financial Liabilities." NOTE 12. FAIR VALUE (continued) MSRs The Company has elected to measure most of its residential MSRs at fair value to be consistent with the risk management strategy to hedge changes in the fair value of these assets. The fair value of residential MSRs is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates (reflective of a market participant’s return on an investment for similar assets), servicing costs, and other economic factors which are determined based on current market conditions. Historically, servicing costs and discount rates have been less volatile than prepayment rates, which are directly correlated with changes in market interest rates. Increases in prepayment rates, discount rates and servicing costs result in lower valuations of MSRs. Decreases in the anticipated earnings rate on escrow and similar balances result in lower valuations of MSRs. Assumptions incorporated into the residential MSR valuation model reflect management's best estimate of factors that a market participant would use in valuing the residential MSRs, as well as future expectations. Although sales of residential MSRs do occur, residential MSRs do not trade in an active market with readily observable prices. Those MSRs not accounted for at fair value are accounted for at amortized cost, less impairment. As a benchmark for the reasonableness of the residential MSRs fair value, opinions of value from Brokers are obtained. Brokers provide a range of values based upon their own DCF calculations of our portfolio that reflect conditions in the secondary market and any recently executed servicing transactions. Management compares the internally-developed residential MSR values to the ranges of values received from Brokers. If the residential MSRs fair value falls outside of the Brokers' ranges, management will assess whether a valuation adjustment is warranted. The residential MSRs value is considered to represent a reasonable estimate of fair value. MSR’s are classified as Level 3. Gains and losses on MSRs are recognized on the Condensed Consolidated Statements of Operations through Miscellaneous income, net. Significant assumptions used in the valuation of residential MSRs include CPRs and the discount rate. Other important valuation assumptions include market-based servicing costs and the anticipated earnings on escrow and similar balances held by the Company in the normal course of mortgage servicing activities. Below is a sensitivity analysis of the most significant inputs utilized by the Company in the evaluation of residential MSRs: • A 10% and 20% increase in the CPR speed would decrease the fair value of the residential servicing asset by $4.1 million and $7.8 million, respectively, at March 31, 2021. • A 10% and 20% increase in the discount rate would decrease the fair value of the residential servicing asset by $2.7 million and $5.2 million, respectively, at March 31, 2021. Significant increases/(decreases) in any of those inputs in isolation would result in significantly (lower)/higher fair value measurements, respectively. These sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. Prepayment estimates generally increase when market interest rates decline and decrease when market interest rates rise. Discount rates typically increase when market interest rates increase and/or credit and liquidity risks increase, and decrease when market interest rates decline and/or credit and liquidity conditions improve. Derivatives The valuation of these instruments is determined using commonly accepted valuation techniques, including DCF analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable and unobservable market-based inputs. The fair value represents the estimated amount the Company would receive or pay to terminate the contract or agreement, taking into account current interest rates, foreign exchange rates, equity prices and, when appropriate, the current creditworthiness of the counterparties. The Company incorporates credit valuation adjustments in the fair value measurement of its derivatives to reflect the counterparty's nonperformance risk in the fair value measurement of its derivatives, except for those derivative contracts with associated credit support annexes which provide credit enhancements, such as collateral postings and guarantees. NOTE 12. FAIR VALUE (continued) The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Certain of the Company's derivatives utilize Level 3 inputs, which are primarily related to mortgage banking derivatives-interest rate lock commitments and total return settlement derivative contracts. The DCF model is utilized to determine the fair value of the mortgage banking derivatives-interest rate lock commitments and the total return settlement derivative contracts. The significant unobservable inputs for mortgage banking derivatives used in the fair value measurement of the Company's loan commitments are "pull through" percentage and the MSR value that is inherent in the underlying loan value. The pull through percentage is an estimate of loan commitments that will result in closed loans. The significant unobservable inputs for total return settlement derivative contracts used in the fair value measurement of the Company's liabilities are discount percentages, which are based on comparable financial instruments. Significant increases (decreases) in any of these inputs in isolation would result in significantly higher (lower) fair value measurements. Significant increases (decreases) in the fair value of a mortgage banking derivative asset (liability) results when the probability of funding increases (decreases). Significant increases (decreases) in the fair value of a mortgage loan commitment result when the embedded servicing value increases (decreases). See Note 11 to these Consolidated Financial Statements for a discussion of derivatives activity. Level 3 Rollforward for Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the changes in Level 3 balances for the three-month periods ended March 31, 2021 and 2020, respectively, for those assets and liabilities measured at fair value on a recurring basis. Three-Month Period Ended March 31, 2021 Three-Month Period Ended March 31, 2020 (in thousands) Investments RICs HFI MSRs Derivatives, net Total Investments RICs HFI MSRs Derivatives, net Total Balances, beginning of period $ 50,393 $ 50,391 $ 77,545 $ 9,448 $ 187,777 $ 63,235 $ 84,334 $ 130,855 $ 255 $ 278,679 Losses in OCI (2) (156) — — — (156) (231) — — — (231) Gains/(losses) in earnings — — 13,578 (5,257) 8,321 — 2,891 (32,282) 4,560 (24,831) Additions/Issuances — — 3,611 — 3,611 — 2,512 3,902 — 6,414 Transfer from level 2 (3) — — — — — — 17,634 — — 17,634 Settlements (1) — (5,823) (8,081) 78 (13,826) (177) (19,987) (4,778) 82 (24,860) Balances, end of period $ 50,237 $ 44,568 $ 86,653 $ 4,269 $ 185,727 $ 62,827 $ 87,384 $ 97,697 $ 4,897 $ 252,805 Changes in unrealized gains (losses) included in earnings related to balances still held at end of period $ — $ — $ 13,578 $ 2,116 $ 15,694 $ — $ 2,891 $ (32,282) $ (7,439) $ (36,830) (1) Settlements include charge-offs, prepayments, paydowns and maturities. (2) Losses in OCI during the three-month period ended March 31, 2021 decreased by $0.4 million from the prior reporting date of December 31, 2020. (3) The Company transferred RICs from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs. There were no other transfers into or out of Level 3 during the three-month periods ended March 31, 2021 or 2020. NOTE 12. FAIR VALUE (continued) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP from time to time. These adjustments to fair value usually result from application of lower-of-cost-or-fair value accounting or certain impairment measures. Assets measured at fair value on a nonrecurring basis that were still held on the balance sheet were as follows: (in thousands) Level 1 Level 2 Level 3 Balance at Level 1 Level 2 Level 3 Balance at Impaired commercial LHFI $ — $ 33,396 $ 2,424 $ 35,820 $ — $ 32,609 $ 11,925 $ 44,534 Foreclosed assets — 7,185 19,851 27,036 — 8,232 23,528 31,760 Vehicle inventory — 373,539 — 373,539 — 313,754 — 313,754 LHFS (1) — — 318,344 318,344 — — 1,960,768 1,960,768 Auto loans impaired due to bankruptcy — 175,401 — 175,401 — 191,785 — 191,785 Goodwill — — 2,596,161 2,596,161 — — 2,596,161 2,596,161 (1) These amounts include zero and $0.9 billion of personal LHFS that were impaired as of March 31, 2021 and December 31, 2020, respectively. On March 16, 2021 the Company sold the personal lending portfolio. Refer to Note 1 for more information. Valuation Processes and Techniques - Nonrecurring Fair Value Assets and Liabilities Impaired commercial LHFI in the table above represents the recorded investment of impaired commercial loans for which the Company measures impairment during the period based on the fair value of the underlying collateral supporting the loan. Written offers to purchase a specific impaired loan are considered observable market inputs, which are considered Level 1 inputs. Appraisals are obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and are considered Level 2 inputs. Loans for which the value of the underlying collateral is determined using a combination of real estate appraisals, field examinations and internal calculations are classified as Level 3. The inputs in the internal calculations may include the loan balance, estimation of the collectability of the underlying receivables held by the customer used as collateral, sale and liquidation value of the inventory held by the customer used as collateral and historical loss-given-default parameters. In cases in which the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized. The net carrying value of these loans was $25.4 million and $33.2 million at March 31, 2021 and December 31, 2020, respectively. Loans previously impaired which were not marked to fair value during the periods presented are excluded from this table. Foreclosed assets represent the recorded investment in assets taken during the period presented in foreclosure of defaulted loans, and are primarily comprised of commercial and residential real properties and generally measured at fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of market value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. The Company estimates the fair value of its vehicles, which are obtained either through repossession or lease termination, using historical auction rates and current market values of used cars. The Company's LHFS portfolios that are measured at fair value on a nonrecurring basis primarily consist of personal, commercial, and RICs LHFS. The estimated fair value of these LHFS is calculated based on a combination of estimated market rates for similar loans with similar credit risks and a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, including historical default rates and adjustments to reflect voluntary prepayments, prepayment rates, discount rates reflective of the cost of funding, and credit loss expectations. The lower of cost or fair value adjustment for personal LHFS includes customer default activity and adjustments related to the net change in the portfolio balance during the reporting period. For loans that are considered collateral-dependent, such as certain bankruptcy loans, impairment is measured based on the fair value of the collateral less its estimated cost to sell. For the underlying collateral, the estimated fair value is obtained using historical auction rates and current market levels of the collateral securing the loans. NOTE 12. FAIR VALUE (continued) The estimated fair value of goodwill is valued using unobservable inputs and is classified as Level 3 at October 1 annually or more frequently if impairment indicators are present at an interim date. Fair value is calculated using widely-accepted valuation techniques, such as the guideline public company market approach (earnings and price-to-tangible book value multiples of comparable public companies) and the income approach (the DCF method). The Company uses a combination of these accepted methodologies to determine the fair valuation of reporting units. Several factors are taken into account, including actual operating results, future business plans, economic projections, and market data. On a quarterly basis, the Company assesses whether or not impairment indicators are present. For information on the Company's goodwill impairment test and the results of the most recent goodwill impairment test, see Note 5 for a description of the Company's goodwill valuation methodology. Fair Value Adjustments The following table presents the increases and decreases in value of certain assets that are measured at fair value on a nonrecurring basis for which a fair value adjustment has been included in the Condensed Consolidated Statements of Operations relating to assets held at period-end: Three-Month Period Ended March 31, (in thousands) Statement of Operations Location 2021 2020 Impaired LHFI Credit loss expense $ (6,583) $ 3,692 Foreclosed assets Miscellaneous income, net (1) (338) (1,950) LHFS Credit loss expense — — LHFS Miscellaneous income, net (1) — (62,938) Auto loans impaired due to bankruptcy Credit loss expense — (4,953) MSRs Miscellaneous income, net (1) — (133) (1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. Level 3 Inputs - Significant Recurring and Nonrecurring Fair Value Assets and Liabilities The following table presents quantitative information about the significant unobservable inputs within significant Level 3 recurring and nonrecurring assets and liabilities at March 31, 2021 and December 31, 2020, respectively: (dollars in thousands) Fair Value at March 31, 2021 Valuation Technique Unobservable Inputs Range Financial Assets: ABS Financing bonds $ 50,237 DCF Discount rate (1) 0.18% MSRs 86,653 DCF CPR (2) [5.31% - 99.00%] (13.16%) Discount rate (3) 9.36 % (1) Based on the applicable term and discount index. The Company owns one financing bond security. (2) Average CPR projected from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (3) Average discount rate from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. NOTE 12. FAIR VALUE (continued) (dollars in thousands) Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Range Financial Assets: ABS Financing bonds $ 50,393 DCF Discount rate (1) 0.22% Personal LHFS (4) 893,479 Lower of market or income approach Market participant view 60.00% - 70.00% Discount rate 20.00% - 30.00% Default rate 35.00% - 45.00% Net principal & interest payment rate 65.00% - 75.00% Loss severity rate 90.00% - 95.00% RICs HFS $ 674,048 DCF Discount Rate 1.5% - 2.5% (2.0%) Default Rate 2.0% - 4.0% (3.0%) Prepayment Rate 10.0% - 20.0% (15.0%) Loss Severity Rate 50.0% - 60.0% (55.0%) MSRs 77,545 DCF CPR (2) 7.66% - 45.35% (16.11%) Discount rate (3) 9.37 % (1), (2), (3) - See corresponding footnotes to the March 31, 2021 Level 3 significant inputs table above. (4) Excludes non-significant Level 3 LHFS portfolios. The estimated fair value for personal LHFS (Bluestem) is calculated based on the lower of market participant view, a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, and also considers the possible outcomes of the Bluestem bankruptcy process. Fair Value of Financial Instruments The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments are as follows: March 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 11,467,415 $ 11,467,415 $ 11,467,415 $ — $ — $ 12,621,281 $ 12,621,281 $ 12,621,281 $ — $ — Investments in debt securities AFS 11,465,868 11,465,868 — 11,415,631 50,237 11,313,489 11,313,489 — 11,263,096 50,393 Investments in debt securities HTM 5,781,875 5,838,987 — 5,838,987 — 5,504,685 5,677,929 — 5,677,929 — Other investments (2) 1,037,194 1,043,398 — 1,043,398 — 790,435 801,056 — 801,056 — LHFI, net 83,899,201 88,404,026 — 33,396 88,370,630 84,794,689 89,395,086 — 32,609 89,362,477 LHFS 568,693 568,693 — 250,349 318,344 2,226,196 2,226,196 — 265,428 1,960,768 Restricted cash 5,833,213 5,833,213 5,833,213 — — 5,303,460 5,303,460 5,303,460 — — MSRs 86,653 86,653 — — 86,653 77,545 77,545 — — 77,545 Derivatives 904,932 904,932 — 898,983 5,949 1,219,090 1,219,090 — 1,205,690 13,400 Financial liabilities: Deposits (1) 3,299,593 3,313,712 — 3,313,712 — 3,897,056 3,920,096 — 3,920,096 — Borrowings and other debt obligations 43,446,033 44,268,222 — 31,951,289 12,316,933 46,359,467 47,081,852 — 30,538,951 16,542,901 Derivatives 838,771 838,771 — 837,091 1,680 1,072,026 1,072,026 — 1,068,074 3,952 (1) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (2) This line item includes CDs with a maturity greater than 90 days and investments in trading securities. NOTE 12. FAIR VALUE (continued) Valuation Processes and Techniques - Financial Instruments The preceding tables present disclosures about the fair value of the Company's financial instruments. Those fair values for certain instruments are presented based upon subjective estimates of relevant market conditions at a specific point in time and information about each financial instrument. In cases in which quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties resulting in variability in estimates affected by changes in assumptions and risks of the financial instruments at a certain point in time. Therefore, the derived fair value estimates presented above for certain instruments cannot be substantiated by comparison to independent markets. In addition, the fair values do not reflect any premium or discount that could result from offering for sale at one time an entity’s entire holding of a particular financial instrument, nor do they reflect potential taxes and the expenses that would be incurred in an actual sale or settlement. Accordingly, the aggregate fair value amounts presented above do not represent the underlying value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments not measured at fair value on the Condensed Consolidated Balance Sheets: Cash, cash equivalents and restricted cash Cash and cash equivalents include cash and due from depository institutions, interest-bearing deposits in other banks, federal funds sold, and securities purchased under agreements to resell. The related fair value measurements have been classified as Level 1, since their carrying value approximates fair value due to the short-term nature of the asset. Restricted cash is related to cash restricted for investment purposes, cash posted for collateral purposes, cash advanced for loan purchases, and lockbox collections. Cash and cash equivalents, including restricted cash, have maturities of three months or less and, accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value. Investments in debt securities HTM Investments in debt securities HTM are recorded at amortized cost and are priced by third-party pricing vendors. The third-party vendors use a variety of methods when pricing these securities that incorporate relevant observable market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. These investment securities are, therefore, considered Level 2. LHFI, net The fair values of loans are estimated based on groupings of similar loans, including but not limited to stratifications by type, interest rate, maturity, and borrower creditworthiness. Discounted future cash flow analyses are performed for these loans incorporating assumptions of current and projected voluntary prepayment speeds. Discount rates are determined using the Company's current origination rates on similar loans, adjusted for changes in current liquidity and credit spreads (if necessary). Because the current liquidity spreads are generally not observable in the market and the expected loss assumptions are based on the Company's experience, these are Level 3 valuations. Impaired loans a |
NON-INTEREST INCOME AND OTHER E
NON-INTEREST INCOME AND OTHER EXPENSES | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
NON-INTEREST INCOME AND OTHER EXPENSES | NON-INTEREST INCOME AND OTHER EXPENSES The following table presents the details of the Company's Non-interest income for the following periods: Three-Month Period Ended March 31, (in thousands) 2021 2020 Non-interest income: Consumer and commercial fees $ 119,220 $ 124,247 Lease income 772,892 771,661 Miscellaneous income, net Mortgage banking income, net 20,739 16,090 BOLI 15,545 15,094 Capital market revenue 81,788 38,284 Net gain on sale of operating leases 108,263 26,951 Asset and wealth management fees 58,727 52,650 Loss on sale of non-mortgage loans (38,017) (62,107) Other miscellaneous (loss) / income, net 35,465 35,010 Net gain on sale of investment securities 9,874 9,279 Total Non-interest income $ 1,184,496 $ 1,027,159 Disaggregation of Revenue from Contracts with Customers The following table presents the Company's Non-interest income disaggregated by revenue source: Three-Month Period Ended March 31, (in thousands) 2021 2020 Non-interest income: In-scope of revenue from contracts with customers: Depository services (1) $ 43,035 $ 57,204 Commission and trailer fees (2) 54,539 51,712 Interchange income, net (2) 16,509 16,320 Underwriting service fees (2) 59,073 26,207 Asset and wealth management fees (2) 32,242 43,020 Other revenue from contracts with customers (2) 17,966 23,088 Total in-scope of revenue from contracts with customers 223,364 217,551 Out-of-scope of revenue from contracts with customers: Consumer and commercial fees (3) 61,949 54,361 Lease income 772,892 771,661 Miscellaneous loss (3) 116,417 (25,693) Net gain/(loss) on sale of investment securities 9,874 9,279 Total out-of-scope of revenue from contracts with customers 961,132 809,608 Total non-interest income $ 1,184,496 $ 1,027,159 (1) Primarily recorded in the Company's Consolidated Statements of Operations within Consumer and commercial fees. (2) Primarily recorded in the Company's Consolidated Statements of Operations within Miscellaneous income, net. (3) The balance presented excludes certain revenue streams that are considered in-scope and presented above. NOTE 13. NON-INTEREST INCOME AND OTHER EXPENSES (continued) Other Expenses The following table presents the Company's other expenses for the following periods: Three-Month Period Ended March 31, (in thousands) 2021 2020 Other expenses: Amortization of intangibles $ 11,286 $ 14,744 Deposit insurance premiums and other expenses 9,320 12,553 Loss on debt extinguishment — 136 Other administrative expenses 72,976 87,830 Other miscellaneous expenses 10,841 13,084 Total Other expenses $ 104,423 $ 128,347 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES An income tax expense of $286.8 million and a benefit of $33.4 million were recorded for the three-month periods ended March 31, 2021 and 2020, respectively. This resulted in an ETR of 24.3% and 21.3% for the three-month periods ended March 31, 2021 and 2020, respectively. The increase in the ETR for the three-month period ended March 31, 2021, compared to the three-month period ended March 31, 2020, was primarily the result of expected pre-tax income for 2021, compared to a pre-tax loss in 2020. The Company is subject to the income tax laws of the U.S., its states and municipalities and certain foreign countries. These tax laws are complex and are potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews its tax balances quarterly and, as new information becomes available, the balances are adjusted as appropriate. The Company is subject to ongoing tax examinations and assessments in various jurisdictions. NOTE 14. INCOME TAXES (continued) On September 5, 2019, the Federal District Court in Massachusetts entered a stipulated judgment resolving the Company’s litigation relating to the proper tax consequences of two financing transactions with an international bank through which the Company borrowed $1.2 billion. That stipulated judgment resolved the Company’s tax liability for the 2003 through 2005 tax years with no material effect on net income. The Company has agreed with the IRS to resolve the treatment of the same financing transactions for the 2006 and 2007 tax years on terms consistent with the September 5, 2019, stipulated judgment. The Congressional Joint Com mittee on Taxation previously completed its review of the proposed resolution of the 2006 and 2007 tax years w ith no objection. The IRS has now finalized its administrative process to close-out the issue, which resulted in no further impact on net income. With few exceptions, the Company is no longer subject to federal, state and non-U.S. income tax examinations by tax authorities for years prior to 2006. The Company applies an aggregate portfolio approach whereby income tax effects from AOCI are released only when an entire portfolio (i.e., all related units of account) of a particular type is liquidated, sold or extinguished. The Company had a net deferred tax liability balance of $357.8 million at March 31, 2021 (consisting of only a deferred tax liability with respect to jurisdictional netting), compared to a net deferred tax liability balance of $171.2 million at December 31, 2020 (consisting of a deferred tax asset balance of $11.1 million and a deferred tax liability balance of $182.4 million). The $186.6 million increase in net deferred liability for the three-month period ended March 31, 2021 was primarily due to accelerated depreciation from leasing transactions and a decrease in net operating loss carryforwards. |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND GUARANTEES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | COMMITMENTS, CONTINGENCIES, AND GUARANTEES Off-Balance Sheet Risk - Financial Instruments In the normal course of business, the Company utilizes a variety of financial instruments with off-balance sheet risk to meet the financing needs of its customers and manage its exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, letters of credit, loans sold with recourse, forward contracts, and interest rate and cross currency swaps, caps and floors. These financial instruments may involve, to varying degrees, elements of credit, liquidity, and interest rate risk in excess of the amount recognized on the Condensed Consolidated Balance Sheets. The contractual or notional amounts of these financial instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit, letters of credit and loans sold with recourse is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. For forward contracts and interest rate swaps, caps and floors, the contract or notional amounts do not represent exposure to credit loss. The Company controls the credit risk of its forward contracts and interest rate swaps, caps and floors through credit approvals, limits and monitoring procedures. See Note 11 to these Condensed Consolidated Financial Statements for discussion of all derivative contract commitments. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) The following table details the amount of commitments at the dates indicated: Other Commitments March 31, 2021 December 31, 2020 (in thousands) Commitments to extend credit $ 27,503,781 $ 30,883,502 Letters of credit 1,419,864 1,432,764 Commitments to sell loans 37,296 49,791 Unsecured revolving lines of credit — — Recourse exposure on sold loans 26,024 26,362 Total commitments $ 28,986,965 $ 32,392,419 Commitments to Extend Credit Commitments to extend credit generally have fixed expiration dates, are variable rate, and contain provisions that permit the Company to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. Included within the reported balances for Commitments to extend credit at March 31, 2021 and December 31, 2020 are $3.0 billion and $5.4 billion, respectively, of commitments that can be canceled by the Company without notice. Commitments to extend credit also include amounts committed by the Company to fund its investments in CRA, LIHTC, and other equity method investments in which it is a limited partner. Letters of Credit The Company’s letters of credit meet the definition of a guarantee. Letters of credit commit the Company to make payments on behalf of its customers if specified future events occur. The guarantees are primarily issued to support public and private borrowing arrangements. The weighted average term of these commitments at March 31, 2021 was 12.1 months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In the event of a requested draw by the beneficiary that complies with the terms of the letter of credit, the Company would be required to honor the commitment. The Company has various forms of collateral for these letters of credit, including real estate assets and other customer business assets. The maximum undiscounted exposure related to these commitments at March 31, 2021 was $1.4 billion. The fees related to letters of credit are deferred and amortized over the lives of the respective commitments, and were immaterial to the Company’s financial statements at March 31, 2021. Management believes that the utilization rate of these letters of credit will continue to be substantially less than the amount of the commitments, as has been the Company’s experience to date. The credit risk associated with letters of credit is monitored using the same risk rating system utilized within the loan and financing lease portfolio. As of March 31, 2021 and December 31, 2020, the liability related to unfunded lending commitments was $124.4 million and $146.5 million, respectively. Unsecured Revolving Lines of Credit Such commitments arise primarily from agreements with customers for unused lines of credit on unsecured revolving accounts and credit cards, provided there is no violation of conditions in the underlying agreement. These commitments, substantially all of which the Company can terminate at any time and which do not necessarily represent future cash requirements, are reviewed periodically based on account usage, customer creditworthiness and loan qualifications. Loans Sold with Recourse The Company has loans sold with recourse that meet the definition of a guarantee. For loans sold with recourse under the terms of its multifamily sales program with the FNMA, the Company retained a portion of the associated credit risk. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Commitments to Sell Loans The Company enters into forward contracts relating to its mortgage banking business to hedge the exposures from commitments to make new residential mortgage loans with existing customers and from mortgage loans classified as LHFS. These contracts mature in less than one year. SC Commitments The following table summarizes liabilities recorded for commitments and contingencies as of March 31, 2021 and December 31, 2020, all of which are included in Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets: Agreement or Legal Matter Commitment or Contingency March 31, 2021 December 31, 2020 (in thousands) MPLFA Revenue-sharing and gain/(loss), net-sharing payments $ 65,446 $ 43,778 Agreement with Bank of America Servicer performance fee 182 1,200 Agreement with CBP Loss-sharing payments 26 181 Other contingencies Consumer arrangements 17,186 22,155 Following is a description of the agreements and legal matters pursuant to which the liabilities in the preceding table were recorded. MPLFA Under the terms of the MPLFA, SC must make revenue sharing payments to Stellantis N.V. and also must share with Stellantis N.V. when residual gains/(losses) on leased vehicles exceed a specified threshold. The MPLFA also requires that SC maintain at least $5.0 billion in funding available for floor plan loans and $4.5 billion of financing dedicated to Stellantis N.V. retail financing. In turn, Stellantis N.V. must provide designated minimum threshold percentages of its Subvention business to SC. Agreement with Bank of America Until January 2017, SC had a flow agreement with Bank of America whereby SC was committed to sell up to $300.0 million of eligible loans to the bank each month. SC retains servicing on all sold loans and may receive or pay a servicer performance payment based on an agreed-upon formula if performance on the sold loans is better or worse, respectively, than expected performance at the time of sale. Servicer performance payments are due six years from the cut-off date of each loan sale. Agreement with CBP Until May 2017, SC sold loans to CBP under terms of a flow agreement and predecessor sale agreements. SC retained servicing on the sold loans and owes CBP a loss-sharing payment capped at 0.5% of the original pool balance if losses exceed a specified threshold, established on a pool-by-pool basis. Loss-sharing payments are due the month in which net losses exceed the established threshold of each loan sale. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Agreements Bluestem SC is party to agreements with Bluestem whereby SC is committed to purchase certain new advances on personal revolving financings receivables, along with existing balances on accounts with new advances, originated by Bluestem through April 2022. During the first quarter, SC completed the sale of the Bluestem personal lending portfolio to a third party. In addition, SC executed a forward flow sale agreement with a third party to purchase all personal lending receivables that SC purchases from Bluestem through the term of the agreement with Bluestem. As of March 31, 2021 and December 31, 2020, the total unused credit available to customers was zero and $2.7 billion, respectively. In 2021, SC purchased $0.3 billion of receivables out of the $2.7 billion unused credit available to customers as of December 31, 2020. In 2020, SC purchased $1.2 billion of receivables out of the $3.0 billion unused credit available to customers as of December 31, 2019. In addition, SC purchased $24.9 million and $20.9 million of receivables related to newly-opened customer accounts during the three-month periods ended March 31, 2021 and 2020, respectively. Each customer account generated under the agreements generally is approved with a credit limit higher than the amount of the initial purchase, with each subsequent purchase automatically approved as long as it does not cause the account to exceed its limit and the customer is in good standing. As of March 31, 2021 and December 31, 2020, SC was obligated to purchase zero and $14.2 million, respectively, in receivables that had been originated by Bluestem but not yet purchased by SC. Others Under terms of an application transfer agreement with Nissan, SC has the first opportunity to review for its own portfolio any credit applications turned down by Nissan’s captive finance company. The agreement does not require SC to originate any loans, but for each loan originated by SC, it will pay Nissan a referral fee. In connection with the sale of RICs through securitizations and other sales, SC has made standard representations and warranties customary to the consumer finance industry. Violations of these representations and warranties may require SC to repurchase loans previously sold to on- or off-balance sheet Trusts or other third parties. As of March 31, 2021, there were no loans that were the subject of a demand to repurchase or replace for breach of representations and warranties for SC's ABS or other sales. In the opinion of management, the potential exposure of other recourse obligations related to SC’s RICs sale agreements is not expected to have a material adverse effect on the Company's or SC’s business, consolidated financial position, results of operations, or cash flows. Santander has provided guarantees on the covenants, agreements, and obligations of SC under the governing documents of its warehouse facilities and privately issued amortizing notes. These guarantees are limited to the obligations of SC as servicer. In November 2015, SC executed a forward flow asset sale agreement with a third party under the terms of which SC is committed to sell $350.0 million in charged-off loan receivables in bankruptcy status on a quarterly basis. However, any sale of more than $275.0 million is subject to a market price check. The remaining aggregate commitment as of March 31, 2021 and December 31, 2020 not subject to a market price check was $15.3 million. Other Off-Balance Sheet Risk Other off-balance sheet risk stems from financial instruments that do not meet the definition of guarantees under applicable accounting guidance and from other relationships that include items such as indemnifications provided in the ordinary course of business and intercompany guarantees. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Legal and Regulatory Proceedings The Company, including its subsidiaries, is and in the future periodically expects to be party to, or otherwise involved in, various claims, disputes, lawsuits, investigations, regulatory matters and other legal matters and proceedings that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of any such claim, dispute, lawsuit, investigation, regulatory matter and/or legal proceeding, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of the matters, or the eventual loss, fines or penalties related to the matters, if any. Accordingly, except as provided below, the Company is unable to reasonably estimate a range of its potential exposure, if any, to these claims, disputes, lawsuits, investigations, regulatory matters and other legal proceedings at this time. It is reasonably possible that actual outcomes or losses may differ materially from the Company's current assessments and estimates, and any adverse resolution of any of these matters against it could materially and adversely affect the Company's business, financial position, liquidity, and results of operations. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal and regulatory proceedings when those matters present material loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a legal or regulatory proceeding develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether the matter presents a material loss contingency that is probable and estimable. If a determination is made during a given quarter that a material loss contingency is probable and estimable, an accrued liability is established during such quarter with respect to such loss contingency, and the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability previously established. As of March 31, 2021 and December 31, 2020, the Company accrued aggregate legal and regulatory liabilities of approximately $86.2 million and $109.5 million, respectively. Further, the Company estimates the aggregate range of reasonably possible losses for legal and regulatory proceedings, in excess of reserves established, of up to approximately $15.5 million as of March 31, 2021. Set forth below are descriptions of the material lawsuits, regulatory matters and other legal proceedings to which the Company is subject. SBNA Matters Mortgage Escrow Interest Putative Class Action SBNA is a defendant in a putative class action lawsuit in the United States District Court, Southern District of New York, captioned Daniel and Rebecca Ruf-Tepper v. Santander Bank, N.A., No. 20-cv-00501. The Tepper Lawsuit, filed in January 2020, alleges that SBNA is obligated to pay interest on mortgage escrow accounts pursuant to state law. Plaintiffs filed an amended complaint and SBNA has filed a motion to dismiss. Overtime Putative Class Action SBNA is a defendant in a putative class action lawsuit in the United States District Court, District of New Jersey, captioned Crystal Sanchez, et. Al. v. Santander Bank, N.A., No. 17-cv-5775. The lawsuit alleges that SBNA failed to pay overtime to current and former branch operations managers. The Court denied SBNA’s motion to dismiss. Plaintiff's motion seeking to amend its complaint to add additional state law claims is fully briefed. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) SC Matters Shareholder Derivative Lawsuit Seattle City Employees Retirement System V. Santander Holdings USA, Inc., et al: In November 2020, a shareholder derivative complaint was filed in the Court of Chancery of the State of Delaware, captioned Seattle City v. Santander Holdings USA, Inc., C.A. No. 2020-0977-AG B. The plaintiff seeks unspecified monetary damages and other injunctive relief in the complaint. The complaint alleges, among other things, that SHUSA and the current director breached their fiduciary duties by causing SC to engage in share repurchases for the purpose of increasing SHUSA’s ownership of SC above 80%, which the complaint alleges would allow SHUSA to obtain tax and other benefits not available to the rest of SC’s shareholders. Consumer Lending Cases The Company and its subsidiaries are also party to various lawsuits pending in federal and state courts alleging violations of state and federal consumer lending laws, including, without limitation, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Section 5 of the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Truth in Lending Act, wrongful repossession laws, usury laws and laws related to unfair and deceptive acts or practices. In general, these cases seek damages and equitable and/or other relief. Regulatory Investigations and Proceedings SC is party to, or is periodically otherwise involved in, reviews, investigations, examinations and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the FRB of Boston, the CFPB, the DOJ, the SEC, the Federal Trade Commission and various state regulatory and enforcement agencies. Currently, such matters include, but are not limited to, the following: • Mississippi Attorney General Lawsuit: In January 2017, Mississippi Attorney General filed a lawsuit against SC in the Chancery Court of the First Judicial District of Hinds County, State of Mississippi, captioned State of Mississippi ex rel. Jim Hood, Attorney General of the State of Mississippi v. Santander Consumer USA Inc., C.A. # G-2017-28 . The complaint alleges that SC engaged in unfair and deceptive business practices to induce Mississippi consumers to apply for loans that they could not afford. The complaint asserts claims under the Mississippi Consumer Protection Act and seeks unspecified civil penalties, equitable relief and other relief. IHC Matters Periodically, SSLLC is party to pending and threatened legal actions and proceedings, including FINRA arbitration actions and class action claims. Puerto Rico FINRA Arbitrations As of March 31, 2021, SSLLC had receiv ed 771 FINR A arbitration cases related to Puerto Rico bonds and Puerto Rico CEFs that SSLLC previously recommended and/or sold to clients. Most of these cases are based upon concerns regarding the local Puerto Rico securities market. The statements of claims allege, among other things, fraud, negligence, breach of fiduciary duty, breach of contract, unsuitability, over-concentration and failure to supervise. Th ere were 80 arbitr ation cases pending as of March 31, 2021. The Company has experienced a decrease in the volume of claims since September 30, 2019 and does not expect to see a significant increase in claims in future periods. NOTE 15. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued) Puerto Rico Putative Class Action: SSLLC, SBC, BSPR, the Company and Santander are defendants in a putative class action alleging federal securities and common law claims relating to the solicitation and purchase of more than $180.0 million of Puerto Rico bonds and $101.0 million of CEFs during the period from December 2012 to October 2013. The case is pending in the United States District Court for the District of Puerto Rico and is captioned Jorge Ponsa-Rabell, et. al. v. SSLLC, Civ. No. 3:17-cv-02243. The amended complaint alleges that defendants acted in concert to defraud purchasers in connection with the underwriting and sale of Puerto Rico municipal bonds, CEFs and open-end funds. In May 2019, the defendants filed a motion to dismiss the amended complaint. On July 22, 2020, the District Court dismissed the complaint. Plaintiffs have appealed to the United States Court of Appeals for the First Circuit. Puerto Rico Municipal Bond Insurer Litigation: On August 8, 2019, bond insurers National Public Finance Guarantee Corporation and MBIA Insurance Corporation filed suit in Puerto Rico state court against eight Puerto Rico municipal bond underwriters, including SSLLC, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that the bond insurers relied on such misrepresentations in agreeing to insure certain of the bonds. The complaint alleges damages of not less than $720.0 million. On September 16, 2020, the defendants moved to dismiss the complaint. On October 28, 2020, bond insurer Ambac Assurance Corporation filed an amended complaint in Puerto Rico state court adding SSLLC and four other Puerto Rico municipal bond underwriters to a pending suit against seven underwriters, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that Ambac relied on such misrepresentations in agreeing to insure certain of the bonds. The amended complaint alleges damages of not less than $508 million. On December 8, 2020, the defendants moved to dismiss the amended complaint. On November 27, 2020, bond insurer Financial Guaranty Insurance Company filed suit in Puerto Rico state court against twelve Puerto Rico municipal bond underwriters, including SSLLC, alleging that the underwriters made misrepresentations in connection with the issuance of the debt and that Financial Guaranty Insurance Company relied on such misrepresentations in agreeing to insure certain of the bonds. The complaint alleges damages of not less than $447 million. On February 1, 2021, the defendants moved to dismiss the complaint. These matters are ongoing and could in the future result in the impositi on of damages, fines or other penalties. No assurance can be given that the ultimate outcome of these matters or any resulting proceedings would not materially and adversely affect the Company's business, financial condition and results of operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company and its affiliates have various debt and derivative agreements with Santander. For further details of these agreements, see Note 10 and Note 20 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company and its affiliates also entered into or were subject to various service agreements with Santander and its affiliates. Each of these agreements was made in the ordinary course of business and on market terms. The Company did not receive any capital contributions from Santander in 2021 or 2020. On March 29, 2017, SC entered into an MSPA with Santander, under which it has the option to sell a contractually determined amount of eligible prime loans to Santander through the SPAIN trust securitization platform for a term that ended in December 2018. SC provided servicing on all loans originated under this arrangement. Servicing fee income of $2.9 million and $6.0 million was recognized in the Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2021 and 2020, respectively. SC had $6.1 million and $6.2 million of collections due to Santander as of March 31, 2021 and December 31, 2020, respectively. Beginning in 2018, SC agreed to provide SBNA with origination support services in connection with the processing, underwriting, and purchase of RICs, primarily from Chrysler dealers. In addition, SC agreed to perform the servicing for any RICs originated on SBNA's behalf. For the three-month periods ended March 31, 2021 and 2020, SC facilitated the purchase of $2.0 billion and $1.1 billion, respectively, of RICs. SC recognizes referral fee income and servicing fee income related to this agreement that eliminates in the consolidation of SHUSA. As of March 31, 2021, SBNA has borrowed $400.0 million from SHUSA. This transaction eliminates in consolidation. |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION Business Segment Products and Services The Company’s reportable segments are focused principally around the customers the Company serves. The Company has identified the following reportable segments: CBB, C&I, CRE & VF, CIB, and SC. • The CBB segment includes the products and services provided to Bank consumer and business banking customers, including consumer deposit, business banking, residential mortgage, unsecured lending and investment services. This segment offers a wide range of products and services to consumers and business banking customers, including demand and interest-bearing demand deposit accounts, money market and savings accounts, CDs and retirement savings products. It also offers lending products such as credit cards, mortgages, home equity lines of credit, and business loans such as business lines of credit and commercial cards. SBNA also finances indirect consumer automobile RICs through an intercompany agreement with SC. In addition, SBNA provides investment services to its retail customers, including annuities, mutual funds, and insurance products. Santander Universities, which provides grants and scholarships to universities and colleges as a way to foster education through research, innovation and entrepreneurship, is the last component of this segment. • The C&I segment currently provides commercial lines, loans, letters of credit, receivables financing and deposits to medium- and large-sized commercial customers, as well as financing and deposits for government entities. This segment also provides niche product financing for specific industries. • The CRE & VF segment offers CRE loans and multifamily loans to customers. This segment also offers commercial loans to dealers and financing for commercial equipment and vehicles. This category also includes SBNA’s community development finance activities, including originating CRA-eligible loans and making CRA-eligible investments. • The CIB segment serves the needs of global commercial and institutional customers by leveraging the international footprint of Santander to provide financing and banking services to corporations with over $500 million in annual revenues. CIB also includes SIS, a registered broker-dealer located in New York that provides services in investment banking, institutional sales, and trading and offering research reports of Latin American and European equity and fixed-income securities. CIB's offerings and strategy are based on Santander's local and global capabilities in wholesale banking. • SC is a specialized consumer finance company focused on vehicle finance and third-party servicing. SC’s primary business is the indirect origination of RICs, principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. In conjunction with the MPLFA, SC offers a full spectrum of auto financing products and services to Stellantis N.V. customers and dealers under the CCAP brand. These products and services include consumer RICs and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. SC also originates vehicle loans through a web-based direct lending program, purchases vehicle RICs from other lenders, and services automobile, recreational and marine vehicle portfolios for other lenders. During 2015, SC announced its intention to exit the personal lending business. SC has entered into a number of intercompany agreements with the Bank as described above as part of the Other segment. All intercompany revenue and fees between SBNA and SC are eliminated in the consolidated results of the Company. SBNA also offers customer-related derivatives to hedge interest rate risk, and for C&I and CIB offers derivatives relating to foreign exchange and lending arrangements. See Note 11 to the Consolidated Financial Statements for additional details. The Other category includes certain immaterial subsidiaries such as BSI, SSLLC, and several other subsidiaries, the unallocated interest expense on the Company's borrowings and other debt obligations and certain unallocated corporate income and indirect expenses. The Company’s segment results, excluding SC and the entities that have been transferred to the Company as the IHC, are derived from the Company’s business unit profitability reporting system by specifically attributing managed balance sheet assets, deposits and other liabilities and their related interest income or expense to each of the segments. Funds transfer pricing methodologies are utilized to allocate a cost for funds used or a credit for funds provided to business line deposits, loans and selected other assets using a matched funding concept. The methodology includes a liquidity premium adjustment, which considers an appropriate market participant spread for commercial loans and deposits by analyzing the mix of borrowings available to the Company with comparable maturity periods. NOTE 17. BUSINESS SEGMENT INFORMATION (continued) Other income and expenses are managed directly by each reportable segment, including fees, service charges, salaries and benefits, and other direct expenses, as well as certain allocated corporate expenses, and are accounted for within each segment’s financial results. Accounting policies for the lines of business are the same as those used in preparation of the Condensed Consolidated Financial Statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs and benefits, expenses and other financial elements to each line of business. Where practical, the results are adjusted to present consistent methodologies for the segments. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affec t the results disclosed for each segment with no impact on consolidated results. Whenever significant changes to management reporting methodologies take place, prior period information is reclassified wherever practicable. During the fourth quarter of 2020, the Company implemented organizational changes to meet the evolving needs of its business customers including the re-alignment of Upper Business Banking with the C&I segment from the CBB segment. In addition, the Company moved the assets associated with its Community Development Finance business from its “Other” category to the CRE&VF segment to align its LIHTC assets with similar CRE assets and liabilities. All prior period results have been revised for these segment changes. The CODM manages SC on a historical basis by reviewing the results of SC on a pre-Change in Control basis. The Results of Segments table below discloses SC's operating information on the same basis that it is reviewed by the CODM. The adjustments column includes adjustments to reconcile SC's GAAP results to SHUSA's consolidated results. Results of Segments The following tables present certain information regarding the Company’s segments. For the Year-to-Date Ended SHUSA Reportable Segments March 31, 2021 CBB C&I CRE & VF CIB (5) Other (2) SC (3) SC Purchase Price Adjustments (4) Eliminations (4) Total (in thousands) Net interest income $ 352,509 $ 73,219 $ 96,602 $ 27,411 $ (43,701) $ 1,108,967 $ (242) $ 4,567 $ 1,619,332 Non-interest income 76,310 16,677 5,595 77,364 115,949 904,112 — (11,511) 1,184,496 Credit loss expense / (Recovery of) credit loss expense (19,155) (31,341) 1,786 (8,694) (2,738) 136,209 — — 76,067 Total expenses 368,451 63,665 35,547 67,696 110,886 900,758 7,185 (5,759) 1,548,429 Income/(loss) before income taxes 79,523 57,572 64,864 45,773 (35,900) 976,112 (7,427) (1,185) 1,179,332 Intersegment revenue/(expense) (1) (257) 2,657 713 (3,113) — — — — — Total assets 22,346,353 7,689,825 20,315,350 10,786,520 38,218,290 47,234,002 — — 146,590,340 (1) Intersegment revenue/(expense) represents charges or credits for funds used or provided by each of the segments and is included in net interest income. (2) Other includes the results of the entities transferred to the IHC, with the exception of SIS, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and the Company's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. (3) Management of SHUSA manages SC by analyzing the historical results of SC, which are presented in this column. (4) SC Purchase Price Adjustments represents the impact that SC purchase marks had on the results of SC included within the consolidated operations of SHUSA, while eliminations eliminate intercompany transactions. (5) Includes results and assets of SIS. NOTE 17. BUSINESS SEGMENT INFORMATION (continued) For the Year-to-Date Ended SHUSA Reportable Segments March 31, 2020 CBB C&I CRE & VF CIB (5) Other (2) SC (3) SC Purchase Price Adjustments (4) Eliminations (4) Total (in thousands) Net interest income $ 331,807 $ 76,132 $ 98,724 $ 34,082 $ 29,982 $ 1,011,406 $ (221) $ 4,064 $ 1,585,976 Non-interest income 80,248 17,089 4,685 50,135 112,824 773,832 1,853 (13,507) 1,027,159 Credit loss expense / (Recovery of) credit loss expense 153,007 47,232 49,850 18,141 9,287 907,887 206 — 1,185,610 Total expenses 367,045 68,723 35,118 63,234 161,738 883,796 9,790 (5,642) 1,583,802 Income/(loss) before income taxes (107,997) (22,734) 18,441 2,842 (28,219) (6,445) (8,364) (3,801) (156,277) Intersegment revenue/(expense) (1) (260) 3,243 1,734 (4,717) — — — — — Total assets 23,491,765 9,260,753 21,376,893 11,645,096 39,263,122 47,106,931 — — 152,144,560 (1)- (5) Refer to corresponding notes above. |
DESCRIPTION OF BUSINESS, BASI_2
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company generally consolidates VIEs for which it is deemed to be the primary beneficiary and VOEs in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to SEC regulations. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal and recurring nature necessary for a fair statement of the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholder's Equity and Statement of Cash Flow for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Results of operations for the periods presented herein are not necessarily indicative of results of operations for the entire year. These financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2020. Certain prior-year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company's consolidated financial condition or results of operations. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. The most significant estimates include the ACL, fair value measurements, expected end-of-term lease residual values, goodwill, and income taxes. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time. |
Accounting Policies | Accounting Policies There have been no changes in the Company's accounting policies from those disclosed in the 2020 Annual Report on Form 10-K. |
Credit Quality of Financing Receivables | Each commercial loan is evaluated to determine its risk rating at least annually. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows: |
Fair Value Measurements | The Company values assets and liabilities based on the principal market in which each would be sold (in the case of assets) or transferred (in the case of liabilities). The principal market is the forum with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market. In the absence of observable market transactions, the Company considers liquidity valuation adjustments to reflect the uncertainty in pricing the instruments. The fair value of a financial asset is measured on a stand-alone basis and cannot be measured as a group, with the exception of certain financial instruments held and managed on a net portfolio basis. In measuring the fair value of a nonfinancial asset, the Company assumes the highest and best use of the asset by a market participant, not just the intended use, to maximize the value of the asset. The Company also considers whether any credit valuation adjustments are necessary based on the counterparty's credit quality. Any models used to determine fair values or validate dealer quotes based on the descriptions below are subject to review and testing as part of the Company's model validation and internal control testing processes. The Company's Market Risk Department is responsible for determining and approving the fair values of all assets and liabilities valued at fair value, including the Company's Level 3 assets and liabilities. Price validation procedures are performed and the results are reviewed for Level 3 assets and liabilities by the Market Risk Department. Price validation procedures performed for these assets and liabilities can include comparing current prices to historical pricing trends by collateral type and vintage, comparing prices by product type to indicative pricing grids published by market makers, and obtaining corroborating dealer prices for significant securities. The Company reviews the assumptions utilized to determine fair value on a quarterly basis. Any changes in methodologies or significant inputs used in determining fair values are further reviewed to determine if a change in fair value level hierarchy has occurred. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Debt Securities, Available-for-sale | The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. Treasury securities $ 148,533 $ 2,155 $ — $ 150,688 $ 168,075 $ 2,578 $ — $ 170,653 Corporate debt securities 225,319 257 (1) 225,575 155,610 114 (9) 155,715 ABS 158,661 373 (1,236) 157,798 109,888 686 (1,236) 109,338 MBS: GNMA - Residential 3,505,094 56,939 (5,287) 3,556,746 3,467,611 69,864 (1,350) 3,536,125 GNMA - Commercial 1,910,367 4,646 (31,043) 1,883,970 1,706,648 26,949 (235) 1,733,362 FHLMC and FNMA - Residential 5,444,693 41,560 (62,168) 5,424,085 5,464,821 77,813 (4,351) 5,538,283 FHLMC and FNMA - Commercial 62,751 4,256 (1) 67,006 63,732 6,283 (2) 70,013 Total investments in debt securities AFS $ 11,455,418 $ 110,186 $ (99,736) $ 11,465,868 $ 11,136,385 $ 184,287 $ (7,183) $ 11,313,489 |
Summary of Held-to-maturity Securities | The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated: March 31, 2021 December 31, 2020 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair ABS $ 129,484 $ 697 $ — $ 130,181 $ 44,841 $ 765 $ — $ 45,606 MBS: GNMA - Residential 2,075,342 32,953 (11,670) 2,096,625 1,966,247 51,417 (1,819) 2,015,845 GNMA - Commercial 3,577,049 64,604 (29,472) 3,612,181 3,493,597 124,429 (1,548) 3,616,478 Total investments in debt securities HTM $ 5,781,875 $ 98,254 $ (41,142) $ 5,838,987 $ 5,504,685 $ 176,611 $ (3,367) $ 5,677,929 |
Investments Classified by Contractual Maturity Date | Contractual maturities of the Company’s investments in debt securities AFS at March 31, 2021 were as follows: (in thousands) Amortized Cost Fair Value Due within one year $ 270,161 $ 271,125 Due after 1 year but within 5 years 205,363 209,504 Due after 5 years but within 10 years 275,554 286,885 Due after 10 years 10,704,340 10,698,354 Total $ 11,455,418 $ 11,465,868 Contractual maturities of the Company’s investments in debt securities HTM at March 31, 2021 were as follows: (in thousands) Amortized Cost Fair Value Due within one year $ 3,134 $ 3,134 Due after 1 year but within 5 years 53,703 53,967 Due after 5 years but within 10 years 72,647 73,080 Due after 10 years 5,652,391 5,708,806 Total $ 5,781,875 $ 5,838,987 |
Gross Unrealized Loss and Fair Value of Debt Securities Available-for-Sale | The following table presents the aggregate amount of unrealized losses as of March 31, 2021 and December 31, 2020 on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position: March 31, 2021 December 31, 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 37,438 $ (1) $ — $ — $ 98,800 $ (9) $ — $ — ABS 54,465 (61) 47,786 (1,175) — — 49,033 (1,236) MBS: GNMA - Residential 769,379 (5,287) — — 347,821 (1,334) 8,875 (16) GNMA - Commercial 1,734,714 (31,043) — — 103,891 (235) — — FHLMC and FNMA - Residential 3,408,385 (61,983) 21,532 (185) 1,040,474 (4,165) 22,749 (186) FHLMC and FNMA - Commercial — — 417 (1) — — 420 (2) Total investments in debt securities AFS $ 6,004,381 $ (98,375) $ 69,735 $ (1,361) $ 1,590,986 $ (5,743) $ 81,077 $ (1,440) |
Gross Unrealized Loss and Fair Value of Debt Securities Held-to-maturity | The following table presents the aggregate amount of unrealized losses as of March 31, 2021 and December 31, 2020 on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position: March 31, 2021 December 31, 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized MBS: GNMA - Residential $ 979,040 $ (11,670) $ — $ — $ 212,471 $ (1,819) $ — $ — GNMA - Commercial 1,653,806 (29,472) — — 155,263 (1,548) — — Total investments in debt securities HTM $ 2,632,846 $ (41,142) $ — $ — $ 367,734 $ (3,367) $ — $ — |
Gains (Losses) and Proceeds on Sales of Investment Securities | Proceeds from sales of investments in debt securities and the realized gross gains and losses from those sales were as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Proceeds from the sales of AFS securities $ 507,090 $ 922,101 Gross realized gains $ 10,072 $ 10,755 Gross realized losses (198) (1,476) Net realized gains/(losses) (1) $ 9,874 $ 9,279 (1) Includes net realized gain/(losses) on trading securities of $(0.2) million, and $(1.4) million for the three-month periods ended March 31, 2021, and 2020, respectively. |
Schedule of Other Investments | Other investments consisted of the following as of: (in thousands) March 31, 2021 December 31, 2020 FHLB of Pittsburgh and FRB stock $ 423,049 $ 435,330 LIHTC investments 301,295 313,603 Equity securities not held for trading (1) 16,737 14,494 Interest-bearing deposits with an affiliate bank 1,000,000 750,000 Trading securities 37,194 40,435 Total $ 1,778,275 $ 1,553,862 (1) Includes $3.7 million and $1.4 million of equity certificates related to an off-balance sheet securitization as of March 31, 2021 and December 31, 2020, respectively. |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following presents the composition of gross loans and leases HFI by portfolio and by rate type: March 31, 2021 December 31, 2020 (dollars in thousands) Amount Percent Amount Percent Commercial LHFI: CRE loans $ 7,439,574 8.2 % $ 7,327,853 8.0 % C&I loans 16,264,348 17.9 % 16,537,899 17.9 % Multifamily loans 8,133,449 8.9 % 8,367,147 9.1 % Other commercial (2) 7,465,082 8.2 % 7,455,504 8.1 % Total commercial LHFI 39,302,453 43.2 % 39,688,403 43.1 % Consumer loans secured by real estate: Residential mortgages 6,162,035 6.8 % 6,590,168 7.2 % Home equity loans and lines of credit 3,912,029 4.3 % 4,108,505 4.5 % Total consumer loans secured by real estate 10,074,064 11.1 % 10,698,673 11.7 % Consumer loans not secured by real estate: RICs and auto loans 40,516,010 44.4 % 40,698,642 44.1 % Personal unsecured loans 965,651 1.1 % 824,430 0.9 % Other consumer (3) 201,178 0.2 % 223,034 0.2 % Total consumer loans 51,756,903 56.8 % 52,444,779 56.9 % Total LHFI (1) $ 91,059,356 100.0 % $ 92,133,182 100.0 % Total LHFI: Fixed rate $ 63,578,039 69.8 % $ 64,036,154 69.5 % Variable rate 27,481,317 30.2 % 28,097,028 30.5 % Total LHFI (1) $ 91,059,356 100.0 % $ 92,133,182 100.0 % (1) Total LHFI includes deferred loan fees, net of deferred origination costs and unamortized purchase premiums, net of discounts as well as purchase accounting adjustments. These items resulted in a net increase in the loan balances of $3.1 billion and $3.1 billion as of March 31, 2021 and December 31, 2020, respectively. (2) Other commercial includes CEVF leveraged leases and loans. |
Allowance for Credit Losses by Portfolio Segment | The activity in the ACL by portfolio segment for the three-month periods ended March 31, 2021 and 2020 was as follows: Three-Month Period Ended March 31, 2021 (in thousands) Commercial Consumer Total ALLL, beginning of period $ 752,196 $ 6,586,297 $ 7,338,493 Credit loss expense / (release of) credit loss expense) on loans (21,846) 119,979 98,133 Charge-offs (39,632) (827,386) (867,018) Recoveries 25,629 564,918 590,547 Charge-offs, net of recoveries (14,003) (262,468) (276,471) ALLL, end of period $ 716,347 $ 6,443,808 $ 7,160,155 Reserve for unfunded lending commitments, beginning of period $ 119,129 $ 27,326 $ 146,455 Credit loss expense on unfunded lending commitments (18,812) (3,254) (22,066) Reserve for unfunded lending commitments, end of period 100,317 24,072 124,389 Total ACL, end of period $ 816,664 $ 6,467,880 $ 7,284,544 Three-Month Period Ended March 31, 2020 (in thousands) Commercial Consumer Unallocated Total ALLL, beginning of period $ 399,829 $ 3,199,612 $ 46,748 $ 3,646,189 Day 1: Adjustment to allowance for adoption of ASU 2016-13 198,920 2,383,710 (46,748) 2,535,882 Credit loss expense on loans (1) 122,743 995,164 — 1,117,907 Charge-offs (53,463) (1,244,712) — (1,298,175) Recoveries 10,676 611,256 — 621,932 Charge-offs, net of recoveries (42,787) (633,456) — (676,243) ALLL, end of period $ 678,705 $ 5,945,030 $ — $ 6,623,735 Reserve for unfunded lending commitments, beginning of period $ 85,934 $ 5,892 $ — $ 91,826 Day 1: Adjustment to allowance for adoption of ASU 2016-13 10,081 330 — 10,411 Credit loss expense on unfunded lending commitments (1) 33,725 33,978 — 67,703 Reserve for unfunded lending commitments, end of period 129,740 40,200 — 169,940 Total ACL, end of period $ 808,445 $ 5,985,230 $ — $ 6,793,675 (1) Includes a correction for the classification of ACL balances and certain activity between Commercial and Consumer from January 1, 2020 through March 31, 2020. This resulted in a cumulative $243.6 million reclassification required at March 31, 2020 increasing the Consumer and decreasing the Commercial ACL. |
Schedule of Non-accrual Loans | The amortized cost basis of financial instruments that are either non-accrual with related expected credit loss or nonaccrual without related expected credit loss disaggregated by class of financing receivables and other non-performing assets is as follows: Non-accrual loans as of: Non-accrual loans with no allowance Interest Income recognized on nonaccrual loans (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2021 Non-accrual loans: Commercial: CRE $ 109,405 $ 106,751 $ 75,521 $ — C&I 106,968 107,053 50,145 199 Multifamily 72,511 72,392 63,660 — Other commercial 25,299 20,019 279 — Total commercial loans 314,183 306,215 189,605 199 Consumer: Residential mortgages 175,072 160,172 88,118 — Home equity loans and lines of credit 88,047 91,606 32,186 — RICs and auto loans 844,998 1,174,317 175,064 25,973 Personal unsecured loans — — — — Other consumer 5,592 6,325 51 — Total consumer loans 1,113,709 1,432,420 295,419 25,973 Total non-accrual loans 1,427,892 1,738,635 485,024 26,172 OREO 24,909 29,799 — — Repossessed vehicles 233,207 204,653 — — Foreclosed and other repossessed assets 5,824 3,247 — — Total OREO and other repossessed assets 263,940 237,699 — — Total non-performing assets $ 1,691,832 $ 1,976,334 $ 485,024 $ 26,172 |
Aging Analysis of Loan Portfolio | The age of amortized cost in past due loans and accruing loans 90 days or greater past due disaggregated by class of financing receivables is summarized as follows: As of: March 31, 2021 (in thousands) 30-89 90 Total Current Total Amortized Cost Commercial: CRE (4) $ 15,720 $ 43,896 $ 59,616 $ 7,405,039 $ 7,464,655 $ — C&I (1) 31,804 36,137 67,941 16,355,142 16,423,083 — Multifamily 19,074 39,802 58,876 8,074,573 8,133,449 — Other commercial (3) 73,793 5,254 79,047 7,386,097 7,465,144 48 Consumer: Residential mortgages (2) 91,490 120,569 212,059 6,334,791 6,546,850 — Home equity loans and lines of credit 21,611 66,556 88,167 3,823,862 3,912,029 — RICs and auto loans 2,117,013 188,734 2,305,747 38,210,263 40,516,010 — Personal unsecured loans 8,779 6,205 14,984 950,667 965,651 2,525 Other consumer 4,756 984 5,740 195,438 201,178 — Total $ 2,384,040 $ 508,137 $ 2,892,177 $ 88,735,872 $ 91,628,049 $ 2,573 (1) C&I loans includes $158.7 million of LHFS at March 31, 2021. (2) Residential mortgages includes $384.8 million of LHFS at March 31, 2021. (3) Other Commercial loans includes $0.1 million of LHFS at March 31, 2021. (4) CRE loans include $25.1 million of LHFS at March 31, 2021. As of December 31, 2020 (in thousands) 30-89 90 Total Current Total Recorded Commercial: CRE $ 41,320 $ 70,304 $ 111,624 $ 7,244,247 $ 7,355,871 $ — C&I (1) 59,759 45,883 105,642 16,654,606 16,760,248 — Multifamily 47,116 66,664 113,780 8,257,122 8,370,902 — Other commercial 80,993 9,214 90,207 7,365,629 7,455,836 56 Consumer: Residential mortgages (2) 209,274 111,698 320,972 6,673,411 6,994,383 — Home equity loans and lines of credit 31,488 72,197 103,685 4,004,820 4,108,505 — RICs and auto loans 2,944,376 284,985 3,229,361 38,143,329 41,372,690 — Personal unsecured loans (3) 56,041 56,582 112,623 1,605,286 1,717,909 52,807 Other consumer 5,358 1,688 7,046 215,988 223,034 — Total $ 3,475,725 $ 719,215 $ 4,194,940 $ 90,164,438 $ 94,359,378 $ 52,863 (1) C&I loans included $222.3 million of LHFS at December 31, 2020. (2) Residential mortgages included $404.2 million of LHFS at December 31, 2020. (3) Personal unsecured loans included $893.5 million of LHFS at December 31, 2020. (4) RICs and auto loans includes $674.0 million of LHFS at December 31, 2020. (5) Multifamily loans includes $3.8 million of LHFS at December 31, 2020. (6) Other Commercial loans includes $0.3 million of LHFS at December 31, 2020. (7) CRE loans include $28.0 million of LHFS at December 31, 2020. |
Financing Receivable Credit Quality Indicators | Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows: March 31, 2021 Commercial Loan Portfolio (1) (dollars in thousands) Amortized Cost by Origination Year Regulatory Rating: 2021 (3) 2020 2019 2018 2017 Prior Total CRE Pass $ 103,522 $ 806,065 $ 1,479,764 $ 1,516,046 $ 692,812 $ 2,005,757 $ 6,603,966 Special mention — 30,361 68,072 78,087 149,729 99,131 425,380 Substandard — 11,282 34,473 107,217 33,962 248,375 435,309 Doubtful — — — — — — — N/A — — — — — — — Total CRE $ 103,522 $ 847,708 $ 1,582,309 $ 1,701,350 $ 876,503 $ 2,353,263 $ 7,464,655 C&I Pass $ 1,313,051 $ 4,282,186 $ 3,075,735 $ 2,038,193 $ 811,732 $ 2,770,312 $ 14,291,209 Special mention 8,787 15,517 164,262 154,776 33,270 301,234 677,846 Substandard 13,504 52,311 15,722 158,401 56,482 249,089 545,509 Doubtful 1,535 2,387 — — 1,367 — 5,289 N/A (2) 145,332 383,326 274,674 67,527 13,081 19,290 903,230 Total C&I $ 1,482,209 $ 4,735,727 $ 3,530,393 $ 2,418,897 $ 915,932 $ 3,339,925 $ 16,423,083 Multifamily Pass $ 244,242 $ 807,657 $ 1,874,793 $ 1,123,727 $ 1,008,606 $ 1,684,412 $ 6,743,437 Special mention — 46,000 25,105 136,006 164,125 76,812 448,048 Substandard — 26,355 207,070 271,100 222,205 215,234 941,964 Doubtful — — — — — — — N/A — — — — — — — Total Multifamily $ 244,242 $ 880,012 $ 2,106,968 $ 1,530,833 $ 1,394,936 $ 1,976,458 $ 8,133,449 Remaining commercial Pass $ 1,168,060 $ 2,808,636 $ 1,241,906 $ 679,578 $ 379,362 $ 1,141,550 $ 7,419,092 Special mention — 50 1,999 4,332 87 6,900 13,368 Substandard — 2,633 6,714 6,480 3,776 12,733 32,336 Doubtful 261 — — 87 — — 348 N/A — — — — — — — Total Remaining commercial $ 1,168,321 $ 2,811,319 $ 1,250,619 $ 690,477 $ 383,225 $ 1,161,183 $ 7,465,144 Total Commercial loans Pass $ 2,828,875 $ 8,704,544 $ 7,672,198 $ 5,357,544 $ 2,892,512 $ 7,602,031 $ 35,057,704 Special mention 8,787 91,928 259,438 373,201 347,211 484,077 1,564,642 Substandard 13,504 92,581 263,979 543,198 316,425 725,431 1,955,118 Doubtful 1,796 2,387 — 87 1,367 — 5,637 N/A (2) 145,332 383,326 274,674 67,527 13,081 19,290 903,230 Total commercial loans $ 2,998,294 $ 9,274,766 $ 8,470,289 $ 6,341,557 $ 3,570,596 $ 8,830,829 $ 39,486,331 (1) Includes $183.9 million of LHFS at March 31, 2021. (2) Consists of loans that have not been assigned a regulatory rating. (3) Loans originated during the year-to-date ended March 31, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) December 31, 2020 Commercial Loan Portfolio (1) (dollars in thousands) Amortized Cost by Origination Year Regulatory Rating: 2020 (3) 2019 2018 2017 2016 Prior Total CRE Pass $ 722,210 $ 1,424,392 $ 1,656,560 $ 816,607 $ 542,979 $ 1,536,812 $ 6,699,560 Special mention 28,876 15,480 81,167 43,368 79,555 83,751 332,197 Substandard 8,259 16,609 29,761 33,833 45,936 189,716 324,114 Doubtful — — — — — — — N/A — — — — — — — Total CRE $ 759,345 $ 1,456,481 $ 1,767,488 $ 893,808 $ 668,470 $ 1,810,279 $ 7,355,871 C&I Pass $ 4,661,409 $ 3,365,828 $ 2,798,209 $ 868,373 $ 585,083 $ 2,305,305 $ 14,584,207 Special mention 11,000 136,413 134,388 49,601 99,042 254,102 684,546 Substandard 60,034 15,309 173,900 59,814 84,642 213,908 607,607 Doubtful 3,153 145 80 1,616 1,282 11,226 17,502 N/A(2) 411,319 294,652 75,091 15,101 15,388 54,835 866,386 Total C&I $ 5,146,915 $ 3,812,347 $ 3,181,668 $ 994,505 $ 785,437 $ 2,839,376 $ 16,760,248 Multifamily Pass $ 880,199 $ 1,938,271 $ 1,361,178 $ 1,198,819 $ 503,267 $ 1,365,066 $ 7,246,800 Special mention — 39,433 147,872 110,906 31,348 59,072 388,631 Substandard 5,355 104,945 203,437 148,251 49,445 224,038 735,471 Doubtful — — — — — — — N/A — — — — — — — Total Multifamily $ 885,554 $ 2,082,649 $ 1,712,487 $ 1,457,976 $ 584,060 $ 1,648,176 $ 8,370,902 Remaining commercial Pass $ 3,530,625 $ 1,416,704 $ 766,454 $ 443,244 $ 199,297 $ 1,038,584 $ 7,394,908 Special mention 53 11,096 11,271 105 83 8,102 30,710 Substandard 2,115 3,974 4,181 4,246 5,983 9,160 29,659 Doubtful 351 — 99 — 101 8 559 N/A — — — — — — — Total Remaining commercial $ 3,533,144 $ 1,431,774 $ 782,005 $ 447,595 $ 205,464 $ 1,055,854 $ 7,455,836 Total Commercial loans Pass $ 9,794,443 $ 8,145,195 $ 6,582,401 $ 3,327,043 $ 1,830,626 $ 6,245,767 $ 35,925,475 Special mention 39,929 202,422 374,698 203,980 210,028 405,027 1,436,084 Substandard 75,763 140,837 411,279 246,144 186,006 636,822 1,696,851 Doubtful 3,504 145 179 1,616 1,383 11,234 18,061 N/A(2) 411,319 294,652 75,091 15,101 15,388 54,835 866,386 Total commercial loans $ 10,324,958 $ 8,783,251 $ 7,443,648 $ 3,793,884 $ 2,243,431 $ 7,353,685 $ 39,942,857 (1) Includes $254.5 million of LHFS at December 31, 2020. (2) Consists of loans that have not been assigned a regulatory rating. (3) Loans originated during the year ended December 31, 2020. Consumer financing receivables for which either an internal or external credit score is a core component of the allowance model are summarized by credit score determined at origination as follows: As of March 31, 2021 RICs and auto loans (dollars in thousands) Amortized Cost by Origination Year (3) Credit Score Range 2021 (2) 2020 2019 2018 2017 Prior Total Percent No FICO (1) $ 421,665 $ 1,177,775 $ 720,807 $ 389,629 $ 397,597 $ 278,547 $ 3,386,020 8.4 % <600 1,906,288 5,571,043 3,909,143 2,332,641 969,295 1,054,874 15,743,284 38.8 % 600-639 913,689 2,445,588 1,656,253 863,647 282,896 309,232 6,471,305 16.0 % >=640 2,758,390 6,234,481 4,243,550 1,201,264 222,718 254,998 14,915,401 36.8 % Total $ 6,000,032 $ 15,428,887 $ 10,529,753 $ 4,787,181 $ 1,872,506 $ 1,897,651 $ 40,516,010 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year-to-date ended March 31, 2021. (3) Excludes LHFS. As of December 31, 2020 RICs and auto loans (dollars in thousands) Amortized Cost by Origination Year (3) Credit Score Range 2020 (2) 2019 2018 2017 2016 Prior Total Percent No FICO (1) $ 1,326,026 $ 839,412 $ 450,539 $ 484,975 $ 230,382 $ 142,746 $ 3,474,080 8.5 % <600 6,056,260 4,373,991 2,648,215 1,126,742 685,830 634,480 15,525,518 38.2 % 600-639 2,782,566 1,912,731 1,001,985 335,111 229,690 173,501 6,435,584 15.8 % >=640 8,427,478 4,832,173 1,382,133 264,635 200,430 156,611 15,263,460 37.5 % Total $ 18,592,330 $ 11,958,307 $ 5,482,872 $ 2,211,463 $ 1,346,332 $ 1,107,338 $ 40,698,642 100.0 % (1) Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model. (2) Loans originated during the year ended December 31, 2020. (3) Excludes LHFS. |
Schedule of Financing Receivable by LTV | 110% — — — — — — — — LTV - N/A (2) 649 3,837 4,957 6,099 5,821 84,661 106,024 52,289 <600 LTV <= 70% $ — $ 526 $ 2,735 $ 9,700 $ 11,394 $ 129,911 $ 154,266 $ 135,697 70.01-90% — 413 1,295 2,206 1,262 11,051 16,227 14,302 90.01-110% — — — — — 1,405 1,405 1,141 LTV>110% — — — — — 1,270 1,270 1,255 LTV - N/A (2) — — — — 15 541 556 535 600-639 LTV <= 70% $ — $ 1,518 $ 3,225 $ 9,354 $ 11,965 $ 109,133 $ 135,195 $ 127,298 70.01-90% — 368 3,747 4,030 2,061 7,484 17,690 16,694 90.01-110% — — — — — 1,902 1,902 1,806 LTV>110% — — — — — 2,871 2,871 2,645 LTV - N/A (2) — — — — — 13 13 13 640-679 LTV <= 70% $ 132 $ 5,856 $ 14,174 $ 21,457 $ 26,246 $ 158,816 $ 226,681 $ 216,693 70.01-90% — 1,564 6,201 6,432 1,801 15,252 31,250 30,474 90.01-110% — — 56 — — 5,416 5,472 4,943 LTV>110% — 47 — — — 2,140 2,187 1,828 LTV - N/A (2) — — — — 100 82 182 162 680-719 LTV <= 70% $ 4,580 $ 25,733 $ 31,926 $ 49,428 $ 53,745 $ 281,152 $ 446,564 $ 433,170 70.01-90% 153 5,964 13,978 14,180 5,518 22,178 61,971 61,234 90.01-110% — — — — — 5,592 5,592 5,179 LTV>110% — — — — — 4,933 4,933 4,773 LTV - N/A (2) — 60 85 — — 117 262 262 720-759 LTV <= 70% $ 7,177 $ 39,711 $ 53,423 $ 69,503 $ 83,499 $ 396,208 $ 649,521 $ 636,513 70.01-90% 200 14,659 21,770 22,507 7,628 32,473 99,237 97,946 90.01-110% — — 69 — — 5,698 5,767 5,000 LTV>110% — — — — — 6,354 6,354 6,299 LTV - N/A (2) — 86 65 — 65 121 337 325 >=760 LTV <= 70% $ 16,902 $ 122,855 $ 150,638 $ 185,603 $ 193,382 $ 1,013,251 $ 1,682,631 $ 1,648,185 70.01-90% 88 26,905 50,397 41,323 15,887 78,916 213,516 209,872 90.01-110% — 421 7 — — 18,338 18,766 17,678 LTV>110% 26 699 54 — — 9,822 10,601 10,098 LTV - N/A (2) 10 227 550 126 67 420 1,400 1,400 Total - All FICO Bands LTV <= 70% $ 28,791 $ 196,279 $ 256,121 $ 345,291 $ 380,378 $ 2,089,324 $ 3,296,184 $ 3,198,882 LTV 70.01 - 90% 441 49,873 97,418 90,678 34,157 167,354 439,921 430,552 LTV 90.01 - 110% — 421 162 — — 38,351 38,934 35,777 LTV>110% 26 746 54 — — 27,390 28,216 26,898 LTV - N/A (2) 659 4,210 5,657 6,225 6,068 85,955 108,774 54,986 Grand Total $ 29,917 $ 251,529 $ 359,412 $ 442,194 $ 420,603 $ 2,408,374 $ 3,912,029 $ 3,747,095 (1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Grand Total N/A(2) LTV <= 70% $ 750 $ — $ 521 $ 500 $ — $ 3,148 $ 4,919 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A(2) 109,388 2,170 1,200 1,547 1,485 4,410 120,200 <600 LTV <= 70% $ 876 $ 3,988 $ 6,255 $ 13,646 $ 13,775 $ 109,076 $ 147,616 70.01-80% 1,053 5,235 4,603 7,707 3,406 2,832 24,836 80.01-90% 221 8,801 8,442 1,577 — 1,102 20,143 90.01-100% 292 2,792 — — 219 690 3,993 100.01-110% — — — — — 353 353 LTV>110% — — — — — 1,445 1,445 LTV - N/A(2) — — — — — 92 92 600-639 LTV <= 70% $ 3,058 $ 3,923 $ 4,275 $ 11,593 $ 10,710 $ 81,496 $ 115,055 70.01-80% 1,585 4,839 3,901 5,300 2,040 2,935 20,600 80.01-90% 1,233 6,910 5,693 1,870 249 581 16,536 90.01-100% 2,321 2,364 — — — 193 4,878 100.01-110% — — — — — 707 707 LTV>110% — — — — — 333 333 LTV - N/A(2) — — — — — — — 640-679 LTV <= 70% $ 11,264 $ 21,946 $ 17,039 $ 24,447 $ 26,992 $ 124,559 $ 226,247 70.01-80% 12,585 18,756 8,079 7,117 1,377 2,426 50,340 80.01-90% 2,385 18,975 12,715 1,265 — 1,108 36,448 90.01-100% 7,256 4,501 — — — 573 12,330 100.01-110% — — — — — 240 240 LTV>110% — — — — — 432 432 LTV - N/A(2) — — — — — — — 680-719 LTV <= 70% $ 34,802 $ 49,625 $ 41,447 $ 56,362 $ 54,836 $ 196,173 $ 433,245 70.01-80% 38,582 37,546 20,202 18,615 5,047 4,556 124,548 80.01-90% 7,616 39,239 22,510 2,195 — 3,025 74,585 90.01-100% 29,050 8,147 — — — 526 37,723 100.01-110% 101 — — — — 475 576 LTV>110% — — — — — 802 802 LTV - N/A(2) — — — — — 73 73 720-759 LTV <= 70% $ 105,769 $ 89,140 $ 88,485 $ 145,301 $ 132,720 $ 285,308 $ 846,723 70.01-80% 81,595 62,488 29,767 25,421 8,163 5,334 212,768 80.01-90% 16,714 57,807 30,850 2,754 355 1,566 110,046 90.01-100% 37,846 12,066 — — — 563 50,475 100.01-110% — — — — — 68 68 LTV>110% — — — — — 206 206 LTV - N/A(2) — — — — — 227 227 >=760 LTV <= 70% $ 381,713 $ 335,559 $ 224,505 $ 456,792 $ 527,624 $ 1,066,295 $ 2,992,488 70.01-80% 221,896 227,139 71,681 48,411 17,893 8,473 595,493 80.01-90% 42,464 134,309 50,128 7,977 — 3,886 238,764 90.01-100% 37,279 21,057 — — 74 1,419 59,829 100.01-110% — — — 571 — 1,008 1,579 LTV>110% — — — — 92 1,734 1,826 LTV - N/A(2) — — — — — 381 381 Total - All FICO Bands LTV <= 70% $ 538,232 $ 504,181 $ 382,527 $ 708,641 $ 766,657 $ 1,866,055 $ 4,766,293 70.01-80% 357,296 356,003 138,233 112,571 37,926 26,556 1,028,585 80.01-90% 70,633 266,041 130,338 17,638 604 11,268 496,522 90.01-100% 114,044 50,927 — — 293 3,964 169,228 100.01-110% 101 — — 571 — 2,851 3,523 LTV>110% — — — — 92 4,952 5,044 LTV - N/A (2) 109,388 2,170 1,200 1,547 1,485 5,183 120,973 Grand Total $ 1,189,694 $ 1,179,322 $ 652,298 $ 840,968 $ 807,057 $ 1,920,829 $ 6,590,168 (1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Home Equity Loans and Lines of Credit (2) (in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Total Revolving N/A(2) LTV <= 70% $ — $ — $ — $ — $ 77 $ 531 $ 608 $ 608 70.01-90% 8 — — — — — 8 8 90.01-110% — — — — — — — — LTV>110% — — — — — — — — LTV - N/A(2) 2,840 4,407 5,504 5,514 4,083 83,060 105,408 53,654 <600 LTV <= 70% $ 727 $ 3,389 $ 7,255 $ 10,780 $ 15,566 $ 121,240 $ 158,957 $ 137,921 70.01-90% 238 1,901 4,029 2,727 1,698 13,383 23,976 21,484 90.01-110% — — — — — 2,389 2,389 2,017 LTV>110% — — — — — 2,391 2,391 2,369 LTV - N/A(2) — — — 15 — 562 577 555 600-639 LTV <= 70% $ 1,265 $ 2,589 $ 8,921 $ 13,240 $ 11,873 $ 100,148 $ 138,036 $ 128,515 70.01-90% 728 3,149 5,618 2,491 433 8,812 21,231 19,784 90.01-110% — — — — — 1,803 1,803 1,706 LTV>110% — — — — — 3,235 3,235 2,858 LTV - N/A(2) — — — — — 51 51 29 640-679 LTV <= 70% $ 4,983 $ 15,432 $ 23,718 $ 26,211 $ 19,167 $ 152,823 $ 242,334 $ 231,152 70.01-90% 2,166 8,599 10,455 5,391 1,377 17,425 45,413 44,187 90.01-110% — 53 — — — 6,279 6,332 5,784 LTV>110% 48 — — — — 723 771 533 LTV - N/A(2) 95 — — 100 — 70 265 265 680-719 LTV <= 70% $ 26,177 $ 31,112 $ 49,618 $ 53,778 $ 49,893 $ 249,565 $ 460,143 $ 444,254 70.01-90% 8,483 17,515 19,442 11,250 2,996 24,541 84,227 82,534 90.01-110% 90 — — — — 7,810 7,900 7,128 LTV>110% — — — — — 5,756 5,756 5,477 LTV - N/A(2) — 144 — 63 — 149 356 351 720-759 LTV <= 70% $ 39,927 $ 49,716 $ 62,795 $ 79,821 $ 68,503 $ 348,679 $ 649,441 $ 634,206 70.01-90% 14,064 28,552 30,553 15,094 5,386 35,066 128,715 126,755 90.01-110% — 69 — — — 8,270 8,339 7,128 LTV>110% — — — — — 7,611 7,611 7,313 LTV - N/A(2) 35 56 — 253 — 122 466 466 >=760 LTV <= 70% $ 112,532 $ 149,381 $ 178,602 $ 188,693 $ 156,633 $ 896,901 $ 1,682,742 $ 1,646,127 70.01-90% 30,306 61,647 60,023 34,640 11,120 86,265 284,001 280,811 90.01-110% 396 21 — — — 22,839 23,256 22,252 LTV>110% 710 62 — — — 9,700 10,472 9,899 LTV - N/A(2) 185 554 129 68 — 359 1,295 1,284 Total - All FICO Bands LTV <= 70% $ 185,611 $ 251,619 $ 330,909 $ 372,523 $ 321,712 $ 1,869,887 $ 3,332,261 $ 3,222,783 LTV 70.01 - 90% 55,993 121,363 130,120 71,593 23,010 185,492 587,571 575,563 LTV 90.01 - 110% 486 143 — — — 49,390 50,019 46,015 LTV>110% 758 62 — — — 29,416 30,236 28,449 LTV - N/A (2) 3,155 5,161 5,633 6,013 4,083 84,373 108,418 56,604 Grand Total $ 246,003 $ 378,348 $ 466,662 $ 450,129 $ 348,805 $ 2,218,558 $ 4,108,505 $ 3,929,414 (1) - (4) Refer to corresponding notes above" id="sjs-B9">Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows: As of March 31, 2021 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Grand Total N/A (2) LTV <= 70% $ — $ 744 $ — $ 518 $ 497 $ 3,110 $ 4,869 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 6,923 52,602 <600 LTV <= 70% $ — $ 1,185 $ 6,274 $ 9,679 $ 12,297 $ 115,123 $ 144,558 70.01-80% — 1,569 5,241 7,130 7,199 4,239 25,378 80.01-90% — 1,090 9,759 5,717 414 624 17,604 90.01-100% — 231 122 — — 540 893 100.01-110% — — — — — 109 109 LTV>110% — — — — — 1,294 1,294 LTV - N/A(2) — — — — — 58 58 600-639 LTV <= 70% $ 70 $ 2,158 $ 5,122 $ 6,220 $ 8,739 $ 83,708 $ 106,017 70.01-80% 114 4,441 5,400 2,293 6,364 4,743 23,355 80.01-90% — 2,137 7,927 3,136 328 516 14,044 90.01-100% — 1,811 — — — 522 2,333 100.01-110% — — — — — 588 588 LTV>110% — — — — — 30 30 LTV - N/A (2) — — — — — 30 30 640-679 LTV <= 70% $ 364 $ 13,521 $ 18,014 $ 19,350 $ 27,351 $ 146,119 $ 224,719 70.01-80% — 12,550 12,814 6,717 6,190 5,061 43,332 80.01-90% 276 4,614 20,201 8,902 488 1,638 36,119 90.01-100% 2,130 8,881 304 — — 519 11,834 100.01-110% — — — — — 186 186 LTV>110% — — — — — 205 205 LTV - N/A (2) — — — — — — — 680-719 LTV <= 70% $ 8,075 $ 36,981 $ 53,762 $ 41,202 $ 56,384 $ 226,857 $ 423,261 70.01-80% 7,232 24,255 30,992 14,872 11,216 6,184 94,751 80.01-90% 139 11,481 37,592 14,042 342 887 64,483 90.01-100% 8,221 18,874 — — — 317 27,412 100.01-110% — — — — — 241 241 LTV>110% — — — — — 699 699 LTV - N/A(2) — — — — — 69 69 720-759 LTV <= 70% $ 47,926 $ 115,245 $ 89,795 $ 83,558 $ 128,900 $ 371,639 $ 837,063 70.01-80% 23,345 81,305 53,647 23,528 21,989 10,535 214,349 80.01-90% 938 21,755 64,492 20,687 364 1,965 110,201 90.01-100% 6,612 28,628 455 — — 280 35,975 100.01-110% — — — — — 529 529 LTV>110% — — — — — 314 314 LTV - N/A (2) — — — — — 113 113 >=760 LTV <= 70% $ 95,639 $ 451,895 $ 299,613 $ 205,110 $ 375,279 $ 1,395,556 $ 2,823,092 70.01-80% 63,426 225,510 161,885 45,390 49,518 14,255 559,984 80.01-90% 4,505 56,989 117,564 32,160 739 3,989 215,946 90.01-100% 6,963 32,122 69 — 568 804 40,526 100.01-110% — — — — — 942 942 LTV>110% — — — — — 1,592 1,592 LTV - N/A (2) — — — — — 336 336 Total - All FICO Bands LTV <= 70% $ 152,074 $ 621,729 $ 472,580 $ 365,637 $ 609,447 $ 2,342,112 $ 4,563,579 70.01-80% 94,117 349,630 269,979 99,930 102,476 45,017 961,149 80.01-90% 5,858 98,066 257,535 84,644 2,675 9,619 458,397 90.01-100% 23,926 90,547 950 — 568 2,982 118,973 100.01-110% — — — — — 2,595 2,595 LTV>110% — — — — — 4,134 4,134 LTV - N/A (2) 37,071 2,914 2,515 1,382 1,797 7,529 53,208 Grand Total $ 313,046 $ 1,162,886 $ 1,003,559 $ 551,593 $ 716,963 $ 2,413,988 $ 6,162,035 (1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year-to-date ended March 31, 2021. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of March 31, 2021 Home Equity Loans and Lines of Credit (2) (in thousands) Amortized Cost by Origination Year FICO Score 2021 (4) 2020 2019 2018 2017 Prior Total Revolving N/A (2) LTV <= 70% $ — $ 80 $ — $ 246 $ 147 $ 853 $ 1,326 $ 1,326 70.01-90% — — 30 — — — 30 30 90.01-110% — — 30 — — — 30 30 LTV>110% — — — — — — — — LTV - N/A (2) 649 3,837 4,957 6,099 5,821 84,661 106,024 52,289 <600 LTV <= 70% $ — $ 526 $ 2,735 $ 9,700 $ 11,394 $ 129,911 $ 154,266 $ 135,697 70.01-90% — 413 1,295 2,206 1,262 11,051 16,227 14,302 90.01-110% — — — — — 1,405 1,405 1,141 LTV>110% — — — — — 1,270 1,270 1,255 LTV - N/A (2) — — — — 15 541 556 535 600-639 LTV <= 70% $ — $ 1,518 $ 3,225 $ 9,354 $ 11,965 $ 109,133 $ 135,195 $ 127,298 70.01-90% — 368 3,747 4,030 2,061 7,484 17,690 16,694 90.01-110% — — — — — 1,902 1,902 1,806 LTV>110% — — — — — 2,871 2,871 2,645 LTV - N/A (2) — — — — — 13 13 13 640-679 LTV <= 70% $ 132 $ 5,856 $ 14,174 $ 21,457 $ 26,246 $ 158,816 $ 226,681 $ 216,693 70.01-90% — 1,564 6,201 6,432 1,801 15,252 31,250 30,474 90.01-110% — — 56 — — 5,416 5,472 4,943 LTV>110% — 47 — — — 2,140 2,187 1,828 LTV - N/A (2) — — — — 100 82 182 162 680-719 LTV <= 70% $ 4,580 $ 25,733 $ 31,926 $ 49,428 $ 53,745 $ 281,152 $ 446,564 $ 433,170 70.01-90% 153 5,964 13,978 14,180 5,518 22,178 61,971 61,234 90.01-110% — — — — — 5,592 5,592 5,179 LTV>110% — — — — — 4,933 4,933 4,773 LTV - N/A (2) — 60 85 — — 117 262 262 720-759 LTV <= 70% $ 7,177 $ 39,711 $ 53,423 $ 69,503 $ 83,499 $ 396,208 $ 649,521 $ 636,513 70.01-90% 200 14,659 21,770 22,507 7,628 32,473 99,237 97,946 90.01-110% — — 69 — — 5,698 5,767 5,000 LTV>110% — — — — — 6,354 6,354 6,299 LTV - N/A (2) — 86 65 — 65 121 337 325 >=760 LTV <= 70% $ 16,902 $ 122,855 $ 150,638 $ 185,603 $ 193,382 $ 1,013,251 $ 1,682,631 $ 1,648,185 70.01-90% 88 26,905 50,397 41,323 15,887 78,916 213,516 209,872 90.01-110% — 421 7 — — 18,338 18,766 17,678 LTV>110% 26 699 54 — — 9,822 10,601 10,098 LTV - N/A (2) 10 227 550 126 67 420 1,400 1,400 Total - All FICO Bands LTV <= 70% $ 28,791 $ 196,279 $ 256,121 $ 345,291 $ 380,378 $ 2,089,324 $ 3,296,184 $ 3,198,882 LTV 70.01 - 90% 441 49,873 97,418 90,678 34,157 167,354 439,921 430,552 LTV 90.01 - 110% — 421 162 — — 38,351 38,934 35,777 LTV>110% 26 746 54 — — 27,390 28,216 26,898 LTV - N/A (2) 659 4,210 5,657 6,225 6,068 85,955 108,774 54,986 Grand Total $ 29,917 $ 251,529 $ 359,412 $ 442,194 $ 420,603 $ 2,408,374 $ 3,912,029 $ 3,747,095 (1) - (4) Refer to corresponding notes above. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Residential Mortgages (1)(3) (dollars in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Grand Total N/A(2) LTV <= 70% $ 750 $ — $ 521 $ 500 $ — $ 3,148 $ 4,919 70.01-80% — — — — — — — 80.01-90% — — — — — — — 90.01-100% — — — — — — — 100.01-110% — — — — — — — LTV>110% — — — — — — — LTV - N/A(2) 109,388 2,170 1,200 1,547 1,485 4,410 120,200 <600 LTV <= 70% $ 876 $ 3,988 $ 6,255 $ 13,646 $ 13,775 $ 109,076 $ 147,616 70.01-80% 1,053 5,235 4,603 7,707 3,406 2,832 24,836 80.01-90% 221 8,801 8,442 1,577 — 1,102 20,143 90.01-100% 292 2,792 — — 219 690 3,993 100.01-110% — — — — — 353 353 LTV>110% — — — — — 1,445 1,445 LTV - N/A(2) — — — — — 92 92 600-639 LTV <= 70% $ 3,058 $ 3,923 $ 4,275 $ 11,593 $ 10,710 $ 81,496 $ 115,055 70.01-80% 1,585 4,839 3,901 5,300 2,040 2,935 20,600 80.01-90% 1,233 6,910 5,693 1,870 249 581 16,536 90.01-100% 2,321 2,364 — — — 193 4,878 100.01-110% — — — — — 707 707 LTV>110% — — — — — 333 333 LTV - N/A(2) — — — — — — — 640-679 LTV <= 70% $ 11,264 $ 21,946 $ 17,039 $ 24,447 $ 26,992 $ 124,559 $ 226,247 70.01-80% 12,585 18,756 8,079 7,117 1,377 2,426 50,340 80.01-90% 2,385 18,975 12,715 1,265 — 1,108 36,448 90.01-100% 7,256 4,501 — — — 573 12,330 100.01-110% — — — — — 240 240 LTV>110% — — — — — 432 432 LTV - N/A(2) — — — — — — — 680-719 LTV <= 70% $ 34,802 $ 49,625 $ 41,447 $ 56,362 $ 54,836 $ 196,173 $ 433,245 70.01-80% 38,582 37,546 20,202 18,615 5,047 4,556 124,548 80.01-90% 7,616 39,239 22,510 2,195 — 3,025 74,585 90.01-100% 29,050 8,147 — — — 526 37,723 100.01-110% 101 — — — — 475 576 LTV>110% — — — — — 802 802 LTV - N/A(2) — — — — — 73 73 720-759 LTV <= 70% $ 105,769 $ 89,140 $ 88,485 $ 145,301 $ 132,720 $ 285,308 $ 846,723 70.01-80% 81,595 62,488 29,767 25,421 8,163 5,334 212,768 80.01-90% 16,714 57,807 30,850 2,754 355 1,566 110,046 90.01-100% 37,846 12,066 — — — 563 50,475 100.01-110% — — — — — 68 68 LTV>110% — — — — — 206 206 LTV - N/A(2) — — — — — 227 227 >=760 LTV <= 70% $ 381,713 $ 335,559 $ 224,505 $ 456,792 $ 527,624 $ 1,066,295 $ 2,992,488 70.01-80% 221,896 227,139 71,681 48,411 17,893 8,473 595,493 80.01-90% 42,464 134,309 50,128 7,977 — 3,886 238,764 90.01-100% 37,279 21,057 — — 74 1,419 59,829 100.01-110% — — — 571 — 1,008 1,579 LTV>110% — — — — 92 1,734 1,826 LTV - N/A(2) — — — — — 381 381 Total - All FICO Bands LTV <= 70% $ 538,232 $ 504,181 $ 382,527 $ 708,641 $ 766,657 $ 1,866,055 $ 4,766,293 70.01-80% 357,296 356,003 138,233 112,571 37,926 26,556 1,028,585 80.01-90% 70,633 266,041 130,338 17,638 604 11,268 496,522 90.01-100% 114,044 50,927 — — 293 3,964 169,228 100.01-110% 101 — — 571 — 2,851 3,523 LTV>110% — — — — 92 4,952 5,044 LTV - N/A (2) 109,388 2,170 1,200 1,547 1,485 5,183 120,973 Grand Total $ 1,189,694 $ 1,179,322 $ 652,298 $ 840,968 $ 807,057 $ 1,920,829 $ 6,590,168 (1) Excludes LHFS. (2) Balances in the "N/A" range for LTV or FICO score primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable. (3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company. (4) Loans originated during the year ended December 31, 2020. NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued) As of December 31, 2020 Home Equity Loans and Lines of Credit (2) (in thousands) Amortized Cost by Origination Year FICO Score 2020 (4) 2019 2018 2017 2016 Prior Total Revolving N/A(2) LTV <= 70% $ — $ — $ — $ — $ 77 $ 531 $ 608 $ 608 70.01-90% 8 — — — — — 8 8 90.01-110% — — — — — — — — LTV>110% — — — — — — — — LTV - N/A(2) 2,840 4,407 5,504 5,514 4,083 83,060 105,408 53,654 <600 LTV <= 70% $ 727 $ 3,389 $ 7,255 $ 10,780 $ 15,566 $ 121,240 $ 158,957 $ 137,921 70.01-90% 238 1,901 4,029 2,727 1,698 13,383 23,976 21,484 90.01-110% — — — — — 2,389 2,389 2,017 LTV>110% — — — — — 2,391 2,391 2,369 LTV - N/A(2) — — — 15 — 562 577 555 600-639 LTV <= 70% $ 1,265 $ 2,589 $ 8,921 $ 13,240 $ 11,873 $ 100,148 $ 138,036 $ 128,515 70.01-90% 728 3,149 5,618 2,491 433 8,812 21,231 19,784 90.01-110% — — — — — 1,803 1,803 1,706 LTV>110% — — — — — 3,235 3,235 2,858 LTV - N/A(2) — — — — — 51 51 29 640-679 LTV <= 70% $ 4,983 $ 15,432 $ 23,718 $ 26,211 $ 19,167 $ 152,823 $ 242,334 $ 231,152 70.01-90% 2,166 8,599 10,455 5,391 1,377 17,425 45,413 44,187 90.01-110% — 53 — — — 6,279 6,332 5,784 LTV>110% 48 — — — — 723 771 533 LTV - N/A(2) 95 — — 100 — 70 265 265 680-719 LTV <= 70% $ 26,177 $ 31,112 $ 49,618 $ 53,778 $ 49,893 $ 249,565 $ 460,143 $ 444,254 70.01-90% 8,483 17,515 19,442 11,250 2,996 24,541 84,227 82,534 90.01-110% 90 — — — — 7,810 7,900 7,128 LTV>110% — — — — — 5,756 5,756 5,477 LTV - N/A(2) — 144 — 63 — 149 356 351 720-759 LTV <= 70% $ 39,927 $ 49,716 $ 62,795 $ 79,821 $ 68,503 $ 348,679 $ 649,441 $ 634,206 70.01-90% 14,064 28,552 30,553 15,094 5,386 35,066 128,715 126,755 90.01-110% — 69 — — — 8,270 8,339 7,128 LTV>110% — — — — — 7,611 7,611 7,313 LTV - N/A(2) 35 56 — 253 — 122 466 466 >=760 LTV <= 70% $ 112,532 $ 149,381 $ 178,602 $ 188,693 $ 156,633 $ 896,901 $ 1,682,742 $ 1,646,127 70.01-90% 30,306 61,647 60,023 34,640 11,120 86,265 284,001 280,811 90.01-110% 396 21 — — — 22,839 23,256 22,252 LTV>110% 710 62 — — — 9,700 10,472 9,899 LTV - N/A(2) 185 554 129 68 — 359 1,295 1,284 Total - All FICO Bands LTV <= 70% $ 185,611 $ 251,619 $ 330,909 $ 372,523 $ 321,712 $ 1,869,887 $ 3,332,261 $ 3,222,783 LTV 70.01 - 90% 55,993 121,363 130,120 71,593 23,010 185,492 587,571 575,563 LTV 90.01 - 110% 486 143 — — — 49,390 50,019 46,015 LTV>110% 758 62 — — — 29,416 30,236 28,449 LTV - N/A (2) 3,155 5,161 5,633 6,013 4,083 84,373 108,418 56,604 Grand Total $ 246,003 $ 378,348 $ 466,662 $ 450,129 $ 348,805 $ 2,218,558 $ 4,108,505 $ 3,929,414 (1) - (4) Refer to corresponding notes above |
Summary of Performing and Non-performing TDRs | The following table summarizes the Company’s performing and non-performing TDRs at the dates indicated: (in thousands) March 31, 2021 December 31, 2020 Performing $ 4,352,785 $ 3,850,622 Non-performing 451,192 473,507 Total (1) $ 4,803,977 $ 4,324,129 (1) Excludes LHFS. |
Schedule of Troubled Debt Restructurings | The following tables detail the activity of TDRs for the three-month periods ended March 31, 2021 and 2020: Three-Month Period Ended March 31, 2021 Number of Pre-TDR Amortized Cost (1) Post-TDR Amortized Cost (2) (dollars in thousands) Commercial: CRE 3 $ 7,952 $ 7,952 C&I 311 15,512 15,568 Other commercial 164 13,635 13,635 Consumer: Residential mortgages (3) 93 20,109 19,990 Home equity loans and lines of credit 43 4,542 4,748 RICs and auto loans 45,665 953,819 959,309 Personal unsecured loans 25 248 244 Other consumer 9 408 408 Total 46,313 $ 1,016,225 $ 1,021,854 (1) Pre-TDR modification amount is the month-end balance prior to the month in which the modification occurred. (2) Post-TDR modification amount is the month-end balance for the month in which the modification occurred. (3) The post-TDR modification amounts for residential mortgages exclude interest reserves. Three-Month Period Ended March 31, 2020 Number of Pre-TDR Recorded (1) Post-TDR Recorded Investment (2) (dollars in thousands) Commercial: CRE 4 $ 2,287 $ 2,282 C&I 35 834 837 Other commercial 1 45 45 Consumer: Residential mortgages (3) 14 1,916 2,060 Home equity loans and lines of credit 28 2,074 2,095 RICs and auto loans 9,867 178,057 178,435 Personal unsecured loans 1 — — Other consumer 1 12 12 Total 9,951 $ 185,225 $ 185,766 (1) Pre-TDR modification outstanding recorded investment amount is the month-end balance prior to the month in which the modification occurred. (2) Post-TDR modification outstanding recorded investment amount is the month-end balance for the month in which the modification occurred. Three-Month Period Ended March 31, 2021 2020 Number of Recorded Investment (1) Number of Recorded Investment (1) (dollars in thousands) Commercial CRE — $ — 14 $ 2,909 C&I 30 1,172 12 7,390 Multifamily — — — — Other commercial 1 17 1 45 Consumer: Residential mortgages — — 22 3,347 Home equity loans and lines of credit 1 613 15 2,094 RICs and auto loans 5,656 110,780 4,086 69,239 Personal unsecured loans — — 10 101 Other consumer — — — — Total 5,688 $ 112,582 4,160 $ 85,125 (1) Represents the period-end balance. Does not include Chapter 7 bankruptcy TDRs. |
OPERATING LEASE ASSETS, NET (Ta
OPERATING LEASE ASSETS, NET (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Assets, Net | Operating lease assets, net consisted of the following as of March 31, 2021 and December 31, 2020: (in thousands) March 31, 2021 December 31, 2020 Leased vehicles $ 21,907,106 $ 22,056,063 Less: accumulated depreciation (4,633,289) (4,796,595) Depreciated net capitalized cost 17,273,817 17,259,468 Manufacturer Subvention payments, net of accretion (867,231) (934,381) Origination fees and other costs 71,638 66,020 Leased vehicles, net 16,478,224 16,391,107 Commercial equipment vehicles and aircraft, gross 28,624 28,661 Less: accumulated depreciation (7,781) (6,839) Commercial equipment vehicles and aircraft, net 20,843 21,822 Total operating lease assets, net $ 16,499,067 $ 16,412,929 |
Schedule of Future Minimum Rental Payments Due to the Company Under Operating Leases | The following summarizes the future minimum rental payments due to the Company as lessor under operating leases as of March 31, 2021 (in thousands): 2021 $ 2,166,282 2022 1,680,876 2023 881,298 2024 74,450 2025 2,579 Thereafter 5,472 Total $ 4,810,957 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the Company's goodwill by its reporting units as of March 31, 2021: (in thousands) CBB C&I CRE & VF CIB SC Total Goodwill at March 31, 2021 $ 297,802 $ 52,198 $ 1,095,071 $ 131,130 $ 1,019,960 $ 2,596,161 |
Schedule of Finite-Lived Intangible Assets | The following table details amounts related to the Company's intangible assets subject to amortization for the dates indicated. March 31, 2021 December 31, 2020 (in thousands) Net Carrying Accumulated Net Carrying Accumulated Intangibles subject to amortization: Dealer networks $ 301,583 $ (278,417) $ 308,768 $ (271,232) Chrysler relationship 31,250 (107,500) 35,000 (103,750) Trade name 12,000 (6,000) 12,300 (5,700) Other intangibles 1,428 (55,745) 1,479 (55,694) Total intangibles subject to amortization $ 346,261 $ (447,662) $ 357,547 $ (436,376) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated aggregate amortization expense related to intangibles, excluding any impairment charges, for each of the five succeeding calendar years ending December 31 is: Year Calendar Year Amount Recorded To Date Remaining Amount To Record (in thousands) 2021 $ 39,904 $ 11,286 $ 28,618 2022 39,901 — 39,901 2023 28,649 — 28,649 2024 24,792 — 24,792 2025 24,757 — 24,757 Thereafter 199,544 — 199,544 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following is a detail of items that comprised Other assets at March 31, 2021 and December 31, 2020: (in thousands) March 31, 2021 December 31, 2020 Operating lease ROU assets $ 530,360 $ 540,222 Deferred tax assets — 11,114 Accrued interest receivable 554,748 634,509 Derivative assets at fair value 904,932 1,219,090 Other repossessed assets 239,031 207,900 Equity method investments 255,173 272,633 MSRs 86,653 77,545 OREO 24,909 29,799 Income tax receivables 186,211 225,736 Prepaid expense 253,491 225,251 Miscellaneous assets and receivables 602,856 608,431 Total Other assets $ 3,638,364 $ 4,052,230 |
Maturity of Lease Liabilities | Supplemental balance sheet information related to leases was as follows: Maturity of Lease Liabilities at March 31, 2021 Total Operating leases (in thousands) 2021 $ 103,242 2022 129,374 2023 112,349 2024 97,056 2025 71,950 Thereafter 142,678 Total lease liabilities $ 656,649 Less: Interest (56,763) Present value of lease liabilities $ 599,886 |
Operating Lease Term, Rate and Other Information | Supplemental Balance Sheet Information March 31, 2021 December 31, 2020 Operating lease ROU assets $530,360 $540,222 Other liabilities 599,886 606,000 Weighted-average remaining lease term (years) 6.3 6.5 Weighted-average discount rate 2.9% 2.9% Three-Month Period Ended March 31, Other Information 2021 2020 (in thousands) Operating cash flows from operating leases (1) $ (35,499) $ (33,110) Leased assets obtained in exchange for new operating lease liabilities $ 15,653 $ 4,372 (1) Activity is included within the net change in other liabilities on the Consolidated SCF. |
VIEs (Tables)
VIEs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entity and Securitizations [Abstract] | |
Schedule of Variable Interest Entities | The assets of consolidated VIEs presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows: (in thousands) March 31, 2021 December 31, 2020 Assets Restricted cash $ 2,040,255 $ 1,737,021 LHFS — 581,938 LHFI 22,335,539 22,572,549 Operating lease assets, net 16,478,224 16,391,107 Various other assets 842,105 791,306 Total Assets $ 41,696,123 $ 42,073,921 Liabilities Notes payable $ 29,670,906 $ 31,700,709 Various other liabilities 55,669 84,922 Total Liabilities $ 29,726,575 $ 31,785,631 |
Summary of Cash Flows Received | A summary of the cash flows received from the consolidated Trusts for the three-month periods ended March 31, 2021, and 2020 is as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Assets securitized $ 4,123,051 $ 6,675,730 Net proceeds from new securitizations (1) $ 3,586,124 $ 3,876,529 Net proceeds from sale of retained bonds 63,781 54,467 Cash received for servicing fees (2) 228,188 246,743 Net distributions from Trusts (2) 1,140,377 866,936 Total cash received from Trusts $ 5,018,470 $ 5,044,675 (1) Includes additional advances on existing securitizations. (2) These amounts are not reflected in the accompanying Condensed Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation. |
Schedule of Off-balance Sheet Variable Interest Entities Portfolio | The portfolio was comprised as follows: (in thousands) March 31, 2021 December 31, 2020 Related party SPAIN securitizations $ 1,021,099 $ 1,214,644 Third party SCART serviced securitizations 2,623,575 929,429 Third party CCAP securitizations 63,188 82,713 Total serviced for other portfolio $ 3,707,862 $ 2,226,786 |
Summary of Securitization Transactions | A summary of cash flows received from Trusts for the three-month periods ended March 31, 2021 and 2020, respectively, were as follows: Three-Month Period Ended March 31, (in thousands) 2021 2020 Receivables securitized (1) $ 1,891,278 $ — Net proceeds from new securitizations 1,779,532 — Cash received for servicing fees 6,726 6,179 Total cash received from Trusts $ 1,786,258 $ 6,179 (1) Represents the unpaid principal balance at the time of original securitization. |
DEPOSITS AND OTHER CUSTOMER A_2
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Summary of Deposits and Other Customer Accounts | Deposits and other customer accounts are summarized as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Percent of total deposits Balance Percent of total deposits Interest-bearing demand deposits $ 11,736,994 15.8 % $ 11,097,595 14.7 % Non-interest-bearing demand deposits 20,049,386 26.9 % 21,800,278 28.9 % Savings 5,355,344 7.2 % 4,827,065 6.4 % Customer repurchase accounts 316,490 0.4 % 323,398 0.4 % Money market 33,690,892 45.3 % 33,358,315 44.4 % CDs 3,299,593 4.4 % 3,897,056 5.2 % Total deposits (1) $ 74,448,699 100.0 % $ 75,303,707 100.0 % (1) Includes foreign deposits, as defined by the FRB, of $5.4 billion and $5.8 billion at March 31, 2021 and December 31, 2020, respectively. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings and Other Debt Obligation | The following table presents information regarding the Parent Company and its subsidiaries' borrowings and other debt obligations at the dates indicated: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Effective Balance Effective Parent Company 4.45% senior notes due December 2021 $ 491,602 4.61 % $ 491,411 4.61 % 3.70% senior notes due March 2022 707,697 3.67 % 707,896 3.67 % 3.40% senior notes due January 2023 997,619 3.54 % 997,298 3.54 % 3.50% senior notes due June 2024 996,915 3.60 % 996,687 3.60 % 4.50% senior notes due July 2025 1,097,219 4.56 % 1,097,074 4.56 % 4.40% senior notes due July 2027 1,049,540 4.40 % 1,049,531 4.40 % 2.88% senior notes due January 2024 (3) 750,000 2.88 % 750,000 2.88 % 5.83% senior notes due March 2023 (3) 500,000 5.83 % 500,000 5.83 % 3.24% senior notes due November 2026 914,622 3.97 % 913,239 3.97 % 3.45% senior notes, due June 2025 995,145 3.58 % 994,871 3.58 % 3.50% senior notes, due April 2023 447,056 3.52 % 447,039 3.52 % Senior notes due June 2022 (1) 427,934 1.24 % 427,925 1.84 % Senior notes due January 2023 (2) 720,915 1.35 % 720,904 2.06 % Senior notes due July 2023 (2) 439,037 1.33 % 439,022 2.04 % Short-term borrowing due within one year, with an affiliate — — % 123,453 2.00 % Subsidiaries 2.00% subordinated debt maturing through 2021 11 2.00 % 11 2.00 % Short-term borrowing with an affiliate, maturing January 2021 — — % 200,000 0.10 % Short-term borrowing due within one year, maturing April 2021 6,750 0.05 % 15,750 0.05 % Total Parent Company and subsidiaries' borrowings and other debt obligations $ 10,542,062 3.56 % $ 10,872,111 3.57 % (1) These notes bear interest at a rate equal to the three-month LIBOR plus 100 basis points per annum. (2) This note will bear interest at a rate equal to the three-month LIBOR plus 110 basis points per annum. (3) These notes are with SHUSA's parent company, Santander. The following table presents information regarding SBNA's borrowings and other debt obligations at the dates indicated: March 31, 2021 December 31, 2020 (dollars in thousands) Balance Effective Balance Effective FHLB advances, maturing through May 2022 $ 860,000 0.65 % $ 1,150,000 0.64 % Short-term borrowing due within one year, maturing April 2021 3,407 0.14 % — — % Total Bank borrowings and other debt obligations $ 863,407 0.65 % $ 1,150,000 0.64 % The following tables present information regarding SC's credit facilities as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 (dollars in thousands) Balance Committed Amount Effective Assets Pledged Restricted Cash Pledged Warehouse line due August 2022 $ 167,000 $ 500,000 1.95 % $ 592,553 $ — Warehouse line due March 2022 1,072,345 1,250,000 0.63 % 1,719,708 1 Warehouse line due October 2022 — 1,500,000 2.59 % 159,339 — Warehouse line due October 2022 — 3,500,000 3.22 % 1,378,224 — Warehouse line due October 2022 — 500,000 3.96 % 118,970 570 Warehouse line due October 2022 658,500 2,100,000 3.32 % 968,850 103 Warehouse line due January 2022 450,700 1,000,000 1.16 % 1,142,351 — Warehouse line due November 2022 — 500,000 0.92 % 392,637 — Warehouse line due July 2022 — 900,000 — % — 1,684 Total facilities with third parties $ 2,348,545 $ 11,750,000 1.58 % $ 6,472,632 $ 2,358 Promissory note with Santander due June 2022 $ 2,000,000 $ 2,000,000 1.34 % $ — $ — Promissory note with Santander due September 2022 2,000,000 2,000,000 1.04 % — — Total facilities with related parties $ 4,000,000 $ 4,000,000 1.19 % $ — $ — Total SC revolving credit facilities $ 6,348,545 $ 15,750,000 1.33 % $ 6,472,632 $ 2,358 December 31, 2020 (dollars in thousands) Balance Committed Amount Effective Assets Pledged Restricted Cash Pledged Warehouse line due March 2022 $ 942,845 $ 1,250,000 1.34 % $ 1,621,206 $ 1 Warehouse line due November 2022 177,600 500,000 1.18 % 371,959 — Warehouse line due October 2022 168,300 500,000 3.07 % 243,649 1,201 Warehouse line due October 2022 845,800 2,100,000 3.29 % 1,156,885 — Warehouse line due August 2022 — 500,000 1.5 % 159,348 — Warehouse line due January 2022 415,700 1,000,000 1.81 % 595,518 — Warehouse line due July 2022 — 900,000 1.46 % — 1,684 Warehouse line due October 2022 1,000,600 1,500,000 1.85 % 639,875 — Warehouse line due October 2022 441,143 3,500,000 3.45 % 2,057,758 — Repurchase facility due January 2021 167,967 167,967 1.64 % 217,200 — Total facilities with third parties $ 4,159,955 $ 11,917,967 2.21 % $ 7,063,398 $ 2,886 Promissory note with Santander due June 2022 $ 2,000,000 $ 2,000,000 1.40 % $ — $ — Promissory note with Santander due September 2022 2,000,000 2,000,000 1.04 % — — Total facilities with related parties $ 4,000,000 $ 4,000,000 1.22 % $ — $ — Total SC revolving credit facilities $ 8,159,955 $ 15,917,967 1.72 % $ 7,063,398 $ 2,886 The following tables present information regarding SC's secured structured financings as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 (dollars in thousands) Balance Initial Note Amounts Issued (3) Initial Weighted Average Interest Rate Range Collateral (2) Restricted Cash SC public securitizations maturing on various dates between July 2022 and May 2028 (1) $ 20,025,778 $ 45,963,595 0.60% - 3.42% $ 25,939,686 $ 2,015,389 SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 (3) 5,666,241 10,747,563 1.28% - 3.90% 8,934,642 22,508 Total SC secured structured financings $ 25,692,019 $ 56,711,158 0.60% - 3.90% $ 34,874,328 $ 2,037,897 (1) Securitizations executed under Rule 144A of the Securities Act are included within this balance. (2) Secured structured financings may be collateralized by SC's collateral overages of other issuances. (3) Excludes securitizations which no longer have outstanding debt and excludes any incremental borrowings. December 31, 2020 (dollars in thousands) Balance Initial Note Amounts Issued Initial Weighted Average Interest Rate Range Collateral Restricted Cash SC public securitizations maturing on various dates between May 2022 and May 2028 $ 18,942,160 $ 44,775,735 0.60% - 3.42% $ 25,022,577 $ 1,710,351 SC privately issued amortizing notes maturing on various dates between June 2022 and December 2027 7,235,241 10,747,563 1.28% - 3.90% 11,232,122 23,785 Total SC secured structured financings $ 26,177,401 $ 55,523,298 0.60% - 3.90% $ 36,254,699 $ 1,734,136 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income / (Loss) | The following table presents the components of AOCI, net of related tax, for the three-month periods ended March 31, 2021, and 2020, respectively. Total OCI/(Loss) Total AOCI/(Loss) Three-Month Period Ended March 31, 2021 December 31, 2020 March 31, 2021 (in thousands) Pretax Tax Net Activity Beginning Net Ending Change in AOCI on cash flow hedge derivative financial instruments $ (87,120) $ 24,323 $ (62,797) Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments (1) 141 (20) 121 Net unrealized gains/(losses) on cash flow hedge derivative financial instruments (86,979) 24,303 (62,676) $ 78,167 $ (62,676) $ 15,491 Change in unrealized gains/(losses) on investments in debt securities (155,025) 40,184 (114,841) Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) (9,874) 2,559 (7,315) Net unrealized gains/(losses) on investments in debt securities (164,899) 42,743 (122,156) 117,263 (122,156) (4,893) Pension and post-retirement actuarial gain (3) 1,225 (287) 938 (29,135) 938 (28,197) As of March 31, 2021 $ (250,653) $ 66,759 $ (183,894) $ 166,295 $ (183,894) $ (17,599) (1) Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges. (2) Net (gains)/losses reclassified into Net gain on sale of investment securities sales in the Condensed Consolidated Statements of Operations for the sale of debt securities AFS. (3) Included in the computation of net periodic pension costs. Total OCI/(Loss) Total AOCI/(Loss) Three-Month Period Ended March 31, 2020 December 31, 2019 March 31, 2020 (in thousands) Pretax Tax Net Activity Beginning Net Ending Change in AOCI on cash flow hedge derivative financial instruments $ 210,695 $ (62,496) $ 148,199 Reclassification adjustment for net loss/(gains) on cash flow hedge derivative financial instruments (1) 136 (29) 107 Net unrealized gains on cash flow hedge derivative financial instruments 210,831 (62,525) 148,306 $ (20,114) $ 148,306 $ 128,192 Change in unrealized gains/(losses) on investments in debt securities 277,985 (64,538) 213,447 Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2) (9,279) 2,154 (7,125) Net unrealized gains/(losses) on investment securities 268,706 (62,384) 206,322 (22,880) 206,322 183,442 Pension and post-retirement actuarial gain (3) 753 (193) 560 (45,213) 560 (44,653) As of March 31, 2020 $ 480,290 $ (125,102) $ 355,188 $ (88,207) $ 355,188 $ 266,981 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Derivatives designated as accounting hedges at March 31, 2021 and December 31, 2020 included: (dollars in thousands) Notional Asset Liability Weighted Average Receive Rate Weighted Average Pay Weighted Average Life March 31, 2021 Cash flow hedges: Pay fixed — receive variable interest rate swaps $ 2,150,000 $ 765 $ 59,148 0.13 % 1.52 % 1.91 Pay variable - receive fixed interest rate swaps 10,895,000 119,057 54,894 1.05 % 0.11 % 2.45 Interest rate floor 2,025,000 5,508 — 0.95 % — % 1.22 Total $ 15,070,000 $ 125,330 $ 114,042 0.91 % 0.30 % 2.21 December 31, 2020 Cash flow hedges: Pay fixed — receive variable interest rate swaps $ 2,450,000 $ 124 $ 70,589 0.18 % 1.50 % 1.90 Pay variable - receive fixed interest rate swaps 8,745,000 150,206 182 1.16 % 0.14 % 2.12 Interest rate floor 3,525,000 27,507 — 1.28 % — % 1.10 Total $ 14,720,000 $ 177,837 $ 70,771 1.03 % 0.33 % 1.84 |
Schedule of Other Derivative Activities | Other derivative activities at March 31, 2021 and December 31, 2020 included: Notional Asset derivatives Liability derivatives (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Mortgage banking derivatives: Forward commitments to sell loans $ 515,165 $ 520,299 $ 6,880 $ — $ — $ 3,835 Interest rate lock commitments 273,863 262,471 5,829 13,202 — — Mortgage servicing 546,000 495,000 21,900 33,419 10,522 13,402 Total mortgage banking risk management 1,335,028 1,277,770 34,609 46,621 10,522 17,237 Customer-related derivatives: Swaps receive fixed 15,468,261 15,350,026 553,390 901,509 84,654 8,778 Swaps pay fixed 15,877,829 15,749,590 96,392 14,644 526,498 874,260 Other 4,181,092 3,781,316 16,351 15,446 17,930 13,782 Total customer-related derivatives 35,527,182 34,880,932 666,133 931,599 629,082 896,820 Other derivative activities: Foreign exchange contracts 4,297,290 4,258,869 60,221 52,530 55,592 62,616 Interest rate swap agreements 250,000 250,000 — — 11,119 12,934 Interest rate cap agreements 9,338,393 10,199,134 15,783 4,617 — — Options for interest rate cap agreements 9,338,393 10,199,134 — — 15,783 4,617 Other 157,229 240,083 2,856 5,886 2,631 7,031 Total $ 60,243,515 $ 61,305,922 $ 779,602 $ 1,041,253 $ 724,729 $ 1,001,255 |
Impact of Derivative Activities in the Condensed Consolidated Statement of Operations | The following Condensed Consolidated Statement of Operations line items were impacted by the Company’s derivative activities for the three-month periods ended March 31, 2021 and 2020: (in thousands) Three-Month Period Ended March 31, Line Item 2021 2020 Derivative Activity (1) Cash flow hedges: Pay fixed-receive variable interest rate swaps Interest expense on borrowings $ (7,657) $ (824) Pay variable receive-fixed interest rate swap Interest income on loans 23,116 (2,678) Interest rate floors Interest income on loans 11,315 (477) Other derivative activities: Forward commitments to sell loans Miscellaneous income, net 10,715 (10,831) Interest rate lock commitments Miscellaneous income, net (7,373) 11,998 Mortgage servicing Miscellaneous income, net (9,732) 29,386 Customer-related derivatives Miscellaneous income, net 7,655 (15,619) Foreign exchange Miscellaneous income, net 1,687 11,022 Interest rate swaps, caps, and options Miscellaneous income, net 244 (9,658) Other Miscellaneous income, net 1,418 230 (1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. |
Offsetting of Financial Assets | Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively, is presented in the following tables: Offsetting of Financial Assets Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets Collateral Received (3) Net Amount March 31, 2021 Cash flow hedges $ 125,330 $ — $ 125,330 $ 765 $ 124,565 Other derivative activities (1) 766,892 — 766,892 21,441 745,451 Total derivatives subject to a master netting arrangement or similar arrangement 892,222 — 892,222 22,206 870,016 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 12,710 — 12,710 5,642 7,068 Total Derivative Assets $ 904,932 $ — $ 904,932 $ 27,848 $ 877,084 December 31, 2020 Cash flow hedges $ 177,837 $ — $ 177,837 $ 85,065 $ 92,772 Other derivative activities (1) 1,028,051 — 1,028,051 7,771 1,020,280 Total derivatives subject to a master netting arrangement or similar arrangement 1,205,888 — 1,205,888 92,836 1,113,052 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 13,202 — 13,202 — 13,202 Total Derivative Assets $ 1,219,090 $ — $ 1,219,090 $ 92,836 $ 1,126,254 (1) Includes customer-related and other derivatives. (2) Includes mortgage banking derivatives. (3) Collateral received includes cash, cash equivalents, and other financial instruments. Cash collateral received is reported in Other liabilities, as applicable, in the Condensed Consolidated Balance Sheets. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments. |
Offsetting of Financial Liabilities | Offsetting of Financial Liabilities Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets (in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets Collateral Pledged (3) Net Amount March 31, 2021 Cash flow hedges $ 114,042 $ — $ 114,042 $ 74,477 $ 39,565 Other derivative activities (1) 724,729 3,394 721,335 316,859 404,476 Total derivatives subject to a master netting arrangement or similar arrangement 838,771 3,394 835,377 391,336 444,041 Total derivatives not subject to a master netting arrangement or similar arrangement (2) — — — — — Total Derivative Liabilities $ 838,771 $ 3,394 $ 835,377 $ 391,336 $ 444,041 December 31, 2020 Cash flow hedges $ 70,771 $ — $ 70,771 $ 70,589 $ 182 Other derivative activities (1) 997,420 3,517 993,903 584,971 408,932 Total derivatives subject to a master netting arrangement or similar arrangement 1,068,191 3,517 1,064,674 655,560 409,114 Total derivatives not subject to a master netting arrangement or similar arrangement (2) 3,835 — 3,835 2,382 1,453 Total Derivative Liabilities $ 1,072,026 $ 3,517 $ 1,068,509 $ 657,942 $ 410,567 (1) Includes customer-related and other derivatives. (2) Includes mortgage banking derivatives. (3) Cash collateral pledged and financial instruments pledged is reported in Other assets in the Condensed Consolidated Balance Sheets. In certain instances, the Company is over-collateralized since the actual amount of collateral pledged exceeds the associated financial liability. As a result, the actual amount of collateral pledged that is reported in Other assets may be greater than the amount shown in the table above. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities that are measured at fair value on a recurring basis by major product category and fair value hierarchy as of March 31, 2021 and December 31, 2020: (in thousands) Level 1 Level 2 Level 3 Balance at Level 1 Level 2 Level 3 Balance at Financial assets: U.S. Treasury securities $ — $ 150,688 $ — $ 150,688 $ — $ 170,653 $ — $ 170,653 Corporate debt — 225,575 — 225,575 — 155,715 — 155,715 ABS — 107,561 50,237 157,798 — 58,945 50,393 109,338 MBS — 10,931,807 — 10,931,807 — 10,877,783 — 10,877,783 Investment in debt securities AFS (2) — 11,415,631 50,237 11,465,868 — 11,263,096 50,393 11,313,489 Other investments - trading securities — 37,194 — 37,194 — 40,435 — 40,435 RICs HFI (3) — — 44,568 44,568 — — 50,391 50,391 LHFS (1)(4) — 250,349 — 250,349 — 265,428 — 265,428 MSRs — — 86,653 86,653 — — 77,545 77,545 Other assets - derivatives (2) — 898,983 5,949 904,932 — 1,205,690 13,400 1,219,090 Total financial assets (5) $ — $ 12,602,157 $ 187,407 $ 12,789,564 $ — $ 12,774,649 $ 191,729 $ 12,966,378 Financial liabilities: Other liabilities - derivatives (2) — 837,091 1,680 838,771 — 1,068,074 3,952 1,072,026 Total financial liabilities $ — $ 837,091 $ 1,680 $ 838,771 $ — $ 1,068,074 $ 3,952 $ 1,072,026 (1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value and are not presented within this table. (2) Refer to Note 2 for the fair value of investment securities and to Note 11 for the fair values of derivative assets and liabilities on a further disaggregated basis. (3) RICs collateralized by vehicle titles at SC and RV/marine loans at SBNA. (4) Residential mortgage loans. (5) Approximately $187.4 million of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 1.5% of total assets measured at fair value on a recurring basis and approximately 0.1% of total consolidated assets. |
Rollforward for Recurring Assets and Liabilities | The tables below present the changes in Level 3 balances for the three-month periods ended March 31, 2021 and 2020, respectively, for those assets and liabilities measured at fair value on a recurring basis. Three-Month Period Ended March 31, 2021 Three-Month Period Ended March 31, 2020 (in thousands) Investments RICs HFI MSRs Derivatives, net Total Investments RICs HFI MSRs Derivatives, net Total Balances, beginning of period $ 50,393 $ 50,391 $ 77,545 $ 9,448 $ 187,777 $ 63,235 $ 84,334 $ 130,855 $ 255 $ 278,679 Losses in OCI (2) (156) — — — (156) (231) — — — (231) Gains/(losses) in earnings — — 13,578 (5,257) 8,321 — 2,891 (32,282) 4,560 (24,831) Additions/Issuances — — 3,611 — 3,611 — 2,512 3,902 — 6,414 Transfer from level 2 (3) — — — — — — 17,634 — — 17,634 Settlements (1) — (5,823) (8,081) 78 (13,826) (177) (19,987) (4,778) 82 (24,860) Balances, end of period $ 50,237 $ 44,568 $ 86,653 $ 4,269 $ 185,727 $ 62,827 $ 87,384 $ 97,697 $ 4,897 $ 252,805 Changes in unrealized gains (losses) included in earnings related to balances still held at end of period $ — $ — $ 13,578 $ 2,116 $ 15,694 $ — $ 2,891 $ (32,282) $ (7,439) $ (36,830) (1) Settlements include charge-offs, prepayments, paydowns and maturities. (2) Losses in OCI during the three-month period ended March 31, 2021 decreased by $0.4 million from the prior reporting date of December 31, 2020. (3) The Company transferred RICs from Level 2 to Level 3 during 2020 because the fair value for these assets cannot be determined by using readily observable inputs. There were no other transfers into or out of Level 3 during the three-month periods ended March 31, 2021 or 2020. |
Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis that were still held on the balance sheet were as follows: (in thousands) Level 1 Level 2 Level 3 Balance at Level 1 Level 2 Level 3 Balance at Impaired commercial LHFI $ — $ 33,396 $ 2,424 $ 35,820 $ — $ 32,609 $ 11,925 $ 44,534 Foreclosed assets — 7,185 19,851 27,036 — 8,232 23,528 31,760 Vehicle inventory — 373,539 — 373,539 — 313,754 — 313,754 LHFS (1) — — 318,344 318,344 — — 1,960,768 1,960,768 Auto loans impaired due to bankruptcy — 175,401 — 175,401 — 191,785 — 191,785 Goodwill — — 2,596,161 2,596,161 — — 2,596,161 2,596,161 (1) These amounts include zero and $0.9 billion of personal LHFS that were impaired as of March 31, 2021 and December 31, 2020, respectively. On March 16, 2021 the Company sold the personal lending portfolio. Refer to Note 1 for more information. |
Increases and Decreases in Value of Certain Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the increases and decreases in value of certain assets that are measured at fair value on a nonrecurring basis for which a fair value adjustment has been included in the Condensed Consolidated Statements of Operations relating to assets held at period-end: Three-Month Period Ended March 31, (in thousands) Statement of Operations Location 2021 2020 Impaired LHFI Credit loss expense $ (6,583) $ 3,692 Foreclosed assets Miscellaneous income, net (1) (338) (1,950) LHFS Credit loss expense — — LHFS Miscellaneous income, net (1) — (62,938) Auto loans impaired due to bankruptcy Credit loss expense — (4,953) MSRs Miscellaneous income, net (1) — (133) (1) Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected. |
Quantitative Information on Level 3 Recurring Assets and Liabilities | The following table presents quantitative information about the significant unobservable inputs within significant Level 3 recurring and nonrecurring assets and liabilities at March 31, 2021 and December 31, 2020, respectively: (dollars in thousands) Fair Value at March 31, 2021 Valuation Technique Unobservable Inputs Range Financial Assets: ABS Financing bonds $ 50,237 DCF Discount rate (1) 0.18% MSRs 86,653 DCF CPR (2) [5.31% - 99.00%] (13.16%) Discount rate (3) 9.36 % (1) Based on the applicable term and discount index. The Company owns one financing bond security. (2) Average CPR projected from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. (3) Average discount rate from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative unpaid principal balances. NOTE 12. FAIR VALUE (continued) (dollars in thousands) Fair Value at December 31, 2020 Valuation Technique Unobservable Inputs Range Financial Assets: ABS Financing bonds $ 50,393 DCF Discount rate (1) 0.22% Personal LHFS (4) 893,479 Lower of market or income approach Market participant view 60.00% - 70.00% Discount rate 20.00% - 30.00% Default rate 35.00% - 45.00% Net principal & interest payment rate 65.00% - 75.00% Loss severity rate 90.00% - 95.00% RICs HFS $ 674,048 DCF Discount Rate 1.5% - 2.5% (2.0%) Default Rate 2.0% - 4.0% (3.0%) Prepayment Rate 10.0% - 20.0% (15.0%) Loss Severity Rate 50.0% - 60.0% (55.0%) MSRs 77,545 DCF CPR (2) 7.66% - 45.35% (16.11%) Discount rate (3) 9.37 % (1), (2), (3) - See corresponding footnotes to the March 31, 2021 Level 3 significant inputs table above. (4) Excludes non-significant Level 3 LHFS portfolios. The estimated fair value for personal LHFS (Bluestem) is calculated based on the lower of market participant view, a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, and also considers the possible outcomes of the Bluestem bankruptcy process. |
Schedule of Fair Value of Financial Instruments | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments are as follows: March 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 11,467,415 $ 11,467,415 $ 11,467,415 $ — $ — $ 12,621,281 $ 12,621,281 $ 12,621,281 $ — $ — Investments in debt securities AFS 11,465,868 11,465,868 — 11,415,631 50,237 11,313,489 11,313,489 — 11,263,096 50,393 Investments in debt securities HTM 5,781,875 5,838,987 — 5,838,987 — 5,504,685 5,677,929 — 5,677,929 — Other investments (2) 1,037,194 1,043,398 — 1,043,398 — 790,435 801,056 — 801,056 — LHFI, net 83,899,201 88,404,026 — 33,396 88,370,630 84,794,689 89,395,086 — 32,609 89,362,477 LHFS 568,693 568,693 — 250,349 318,344 2,226,196 2,226,196 — 265,428 1,960,768 Restricted cash 5,833,213 5,833,213 5,833,213 — — 5,303,460 5,303,460 5,303,460 — — MSRs 86,653 86,653 — — 86,653 77,545 77,545 — — 77,545 Derivatives 904,932 904,932 — 898,983 5,949 1,219,090 1,219,090 — 1,205,690 13,400 Financial liabilities: Deposits (1) 3,299,593 3,313,712 — 3,313,712 — 3,897,056 3,920,096 — 3,920,096 — Borrowings and other debt obligations 43,446,033 44,268,222 — 31,951,289 12,316,933 46,359,467 47,081,852 — 30,538,951 16,542,901 Derivatives 838,771 838,771 — 837,091 1,680 1,072,026 1,072,026 — 1,068,074 3,952 (1) This line item excludes deposit liabilities with no defined or contractual maturities in accordance with ASU 2016-01. (2) This line item includes CDs with a maturity greater than 90 days and investments in trading securities. |
Summary of Difference Between Fair Value and Principal Balance of LHFS | The following table summarizes the differences between the fair value and the principal balance of LHFS and RICs measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Fair Value Aggregate UPB Difference Fair Value Aggregate UPB Difference LHFS (1) $ 250,349 $ 245,668 $ 4,681 $ 265,428 $ 250,822 $ 14,606 RICs HFI 44,568 44,752 (184) 50,391 50,624 (233) Nonaccrual loans 656 688 (32) 1,474 2,178 (704) (1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value that are not presented within this table. There were no nonaccrual loans related to the LHFS measured using the FVO. |
NON-INTEREST INCOME AND OTHER_2
NON-INTEREST INCOME AND OTHER EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Details of Non-Interest Income | The following table presents the details of the Company's Non-interest income for the following periods: Three-Month Period Ended March 31, (in thousands) 2021 2020 Non-interest income: Consumer and commercial fees $ 119,220 $ 124,247 Lease income 772,892 771,661 Miscellaneous income, net Mortgage banking income, net 20,739 16,090 BOLI 15,545 15,094 Capital market revenue 81,788 38,284 Net gain on sale of operating leases 108,263 26,951 Asset and wealth management fees 58,727 52,650 Loss on sale of non-mortgage loans (38,017) (62,107) Other miscellaneous (loss) / income, net 35,465 35,010 Net gain on sale of investment securities 9,874 9,279 Total Non-interest income $ 1,184,496 $ 1,027,159 |
Disaggregation of Revenue from Contracts with Customers | The following table presents the Company's Non-interest income disaggregated by revenue source: Three-Month Period Ended March 31, (in thousands) 2021 2020 Non-interest income: In-scope of revenue from contracts with customers: Depository services (1) $ 43,035 $ 57,204 Commission and trailer fees (2) 54,539 51,712 Interchange income, net (2) 16,509 16,320 Underwriting service fees (2) 59,073 26,207 Asset and wealth management fees (2) 32,242 43,020 Other revenue from contracts with customers (2) 17,966 23,088 Total in-scope of revenue from contracts with customers 223,364 217,551 Out-of-scope of revenue from contracts with customers: Consumer and commercial fees (3) 61,949 54,361 Lease income 772,892 771,661 Miscellaneous loss (3) 116,417 (25,693) Net gain/(loss) on sale of investment securities 9,874 9,279 Total out-of-scope of revenue from contracts with customers 961,132 809,608 Total non-interest income $ 1,184,496 $ 1,027,159 (1) Primarily recorded in the Company's Consolidated Statements of Operations within Consumer and commercial fees. (2) Primarily recorded in the Company's Consolidated Statements of Operations within Miscellaneous income, net. (3) The balance presented excludes certain revenue streams that are considered in-scope and presented above. |
Schedule of Other Expense | The following table presents the Company's other expenses for the following periods: Three-Month Period Ended March 31, (in thousands) 2021 2020 Other expenses: Amortization of intangibles $ 11,286 $ 14,744 Deposit insurance premiums and other expenses 9,320 12,553 Loss on debt extinguishment — 136 Other administrative expenses 72,976 87,830 Other miscellaneous expenses 10,841 13,084 Total Other expenses $ 104,423 $ 128,347 |
COMMITMENTS, CONTINGENCIES, A_2
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments Amount | The following table details the amount of commitments at the dates indicated: Other Commitments March 31, 2021 December 31, 2020 (in thousands) Commitments to extend credit $ 27,503,781 $ 30,883,502 Letters of credit 1,419,864 1,432,764 Commitments to sell loans 37,296 49,791 Unsecured revolving lines of credit — — Recourse exposure on sold loans 26,024 26,362 Total commitments $ 28,986,965 $ 32,392,419 |
Summary of Liabilities for Commitments and Contingencies | The following table summarizes liabilities recorded for commitments and contingencies as of March 31, 2021 and December 31, 2020, all of which are included in Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets: Agreement or Legal Matter Commitment or Contingency March 31, 2021 December 31, 2020 (in thousands) MPLFA Revenue-sharing and gain/(loss), net-sharing payments $ 65,446 $ 43,778 Agreement with Bank of America Servicer performance fee 182 1,200 Agreement with CBP Loss-sharing payments 26 181 Other contingencies Consumer arrangements 17,186 22,155 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present certain information regarding the Company’s segments. For the Year-to-Date Ended SHUSA Reportable Segments March 31, 2021 CBB C&I CRE & VF CIB (5) Other (2) SC (3) SC Purchase Price Adjustments (4) Eliminations (4) Total (in thousands) Net interest income $ 352,509 $ 73,219 $ 96,602 $ 27,411 $ (43,701) $ 1,108,967 $ (242) $ 4,567 $ 1,619,332 Non-interest income 76,310 16,677 5,595 77,364 115,949 904,112 — (11,511) 1,184,496 Credit loss expense / (Recovery of) credit loss expense (19,155) (31,341) 1,786 (8,694) (2,738) 136,209 — — 76,067 Total expenses 368,451 63,665 35,547 67,696 110,886 900,758 7,185 (5,759) 1,548,429 Income/(loss) before income taxes 79,523 57,572 64,864 45,773 (35,900) 976,112 (7,427) (1,185) 1,179,332 Intersegment revenue/(expense) (1) (257) 2,657 713 (3,113) — — — — — Total assets 22,346,353 7,689,825 20,315,350 10,786,520 38,218,290 47,234,002 — — 146,590,340 (1) Intersegment revenue/(expense) represents charges or credits for funds used or provided by each of the segments and is included in net interest income. (2) Other includes the results of the entities transferred to the IHC, with the exception of SIS, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and the Company's borrowings and other debt obligations, amortization of intangible assets and certain unallocated corporate income and indirect expenses. (3) Management of SHUSA manages SC by analyzing the historical results of SC, which are presented in this column. (4) SC Purchase Price Adjustments represents the impact that SC purchase marks had on the results of SC included within the consolidated operations of SHUSA, while eliminations eliminate intercompany transactions. (5) Includes results and assets of SIS. NOTE 17. BUSINESS SEGMENT INFORMATION (continued) For the Year-to-Date Ended SHUSA Reportable Segments March 31, 2020 CBB C&I CRE & VF CIB (5) Other (2) SC (3) SC Purchase Price Adjustments (4) Eliminations (4) Total (in thousands) Net interest income $ 331,807 $ 76,132 $ 98,724 $ 34,082 $ 29,982 $ 1,011,406 $ (221) $ 4,064 $ 1,585,976 Non-interest income 80,248 17,089 4,685 50,135 112,824 773,832 1,853 (13,507) 1,027,159 Credit loss expense / (Recovery of) credit loss expense 153,007 47,232 49,850 18,141 9,287 907,887 206 — 1,185,610 Total expenses 367,045 68,723 35,118 63,234 161,738 883,796 9,790 (5,642) 1,583,802 Income/(loss) before income taxes (107,997) (22,734) 18,441 2,842 (28,219) (6,445) (8,364) (3,801) (156,277) Intersegment revenue/(expense) (1) (260) 3,243 1,734 (4,717) — — — — — Total assets 23,491,765 9,260,753 21,376,893 11,645,096 39,263,122 47,106,931 — — 152,144,560 (1)- (5) Refer to corresponding notes above. |
DESCRIPTION OF BUSINESS, BASI_3
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (General) (Details) - USD ($) $ in Thousands | 2 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Noncontrolling Interest [Line Items] | ||||
LHFS | [1] | $ 568,693 | $ 2,226,196 | |
OREO | 24,909 | $ 29,799 | ||
Forecast | ||||
Noncontrolling Interest [Line Items] | ||||
Amount of assets for which management will be transferred | $ 4,300,000 | |||
SFS | ||||
Noncontrolling Interest [Line Items] | ||||
LHFS | 160,000 | |||
OREO | $ 19,900 | |||
SC | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by parent | 80.30% | |||
Percentage owned by noncontrolling shareholders | 19.70% | |||
[1] | Includ es $250.3 million a nd $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively. |
INVESTMENT SECURITIES (AFS Debt
INVESTMENT SECURITIES (AFS Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 11,455,418 | $ 11,136,385 |
Gross Unrealized Gains | 110,186 | 184,287 |
Gross Unrealized Loss | (99,736) | (7,183) |
Fair Value | 11,465,868 | 11,313,489 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 148,533 | 168,075 |
Gross Unrealized Gains | 2,155 | 2,578 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 150,688 | 170,653 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 225,319 | 155,610 |
Gross Unrealized Gains | 257 | 114 |
Gross Unrealized Loss | (1) | (9) |
Fair Value | 225,575 | 155,715 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 158,661 | 109,888 |
Gross Unrealized Gains | 373 | 686 |
Gross Unrealized Loss | (1,236) | (1,236) |
Fair Value | 157,798 | 109,338 |
GNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,505,094 | 3,467,611 |
Gross Unrealized Gains | 56,939 | 69,864 |
Gross Unrealized Loss | (5,287) | (1,350) |
Fair Value | 3,556,746 | 3,536,125 |
GNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,910,367 | 1,706,648 |
Gross Unrealized Gains | 4,646 | 26,949 |
Gross Unrealized Loss | (31,043) | (235) |
Fair Value | 1,883,970 | 1,733,362 |
FHLMC and FNMA - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,444,693 | 5,464,821 |
Gross Unrealized Gains | 41,560 | 77,813 |
Gross Unrealized Loss | (62,168) | (4,351) |
Fair Value | 5,424,085 | 5,538,283 |
FHLMC and FNMA - Commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 62,751 | 63,732 |
Gross Unrealized Gains | 4,256 | 6,283 |
Gross Unrealized Loss | (1) | (2) |
Fair Value | $ 67,006 | $ 70,013 |
INVESTMENT SECURITIES (HTM Debt
INVESTMENT SECURITIES (HTM Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,781,875 | $ 5,504,685 |
Gross Unrealized Gains | 98,254 | 176,611 |
Gross Unrealized Loss | (41,142) | (3,367) |
Fair Value | 5,838,987 | 5,677,929 |
ABS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 129,484 | 44,841 |
Gross Unrealized Gains | 697 | 765 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 130,181 | 45,606 |
GNMA - Residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,075,342 | 1,966,247 |
Gross Unrealized Gains | 32,953 | 51,417 |
Gross Unrealized Loss | (11,670) | (1,819) |
Fair Value | 2,096,625 | 2,015,845 |
GNMA - Commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,577,049 | 3,493,597 |
Gross Unrealized Gains | 64,604 | 124,429 |
Gross Unrealized Loss | (29,472) | (1,548) |
Fair Value | $ 3,612,181 | $ 3,616,478 |
INVESTMENT SECURITIES (Securiti
INVESTMENT SECURITIES (Securities Pledged as Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 3,700 | $ 3,500 |
Accrued interest on investment securities | 32.2 | 34.6 |
Collateral with Federal Reserve Bank | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 710.2 | 754.1 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 2,500 | 2,200 |
Repurchase agreements, hedging activities and recourse on loan sales | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | 97.3 | 103.4 |
Overnight customer deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 388.2 | $ 388 |
INVESTMENT SECURITIES (Contract
INVESTMENT SECURITIES (Contractual Maturity of AFS Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due Within One Year | $ 270,161 | |
Due After 1 Within 5 Years | 205,363 | |
Due After 5 Within 10 Years | 275,554 | |
Due After 10 Years/No Maturity | 10,704,340 | |
Amortized Cost | 11,455,418 | $ 11,136,385 |
Fair Value | ||
Due Within One Year | 271,125 | |
Due After 1 Within 5 Years | 209,504 | |
Due After 5 Within 10 Years | 286,885 | |
Due After 10 Years/No Maturity | 10,698,354 | |
Fair Value | $ 11,465,868 | $ 11,313,489 |
INVESTMENT SECURITIES (Contra_2
INVESTMENT SECURITIES (Contractual Maturity of HTM Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due Within One Year | $ 3,134 | |
Due After 1 Within 5 Years | 53,703 | |
Due after 5 years but within 10 years | 72,647 | |
Due after 10 years | 5,652,391 | |
Amortized Cost | 5,781,875 | $ 5,504,685 |
Fair Value | ||
Due within one year | 3,134 | |
Due after 1 year but within 5 years | 53,967 | |
Due after 5 years but within 10 years | 73,080 | |
Due after 10 years | 5,708,806 | |
Investments in debt securities HTM | $ 5,838,987 | $ 5,677,929 |
INVESTMENT SECURITIES (Gross Un
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of AFS Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than 12 months | $ 6,004,381 | $ 1,590,986 |
12 months or longer | 69,735 | 81,077 |
Unrealized Losses | ||
Less than 12 months | (98,375) | (5,743) |
12 months or longer | (1,361) | (1,440) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 months | 37,438 | 98,800 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (1) | (9) |
12 months or longer | 0 | 0 |
ABS | ||
Fair Value | ||
Less than 12 months | 54,465 | 0 |
12 months or longer | 47,786 | 49,033 |
Unrealized Losses | ||
Less than 12 months | (61) | 0 |
12 months or longer | (1,175) | (1,236) |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 769,379 | 347,821 |
12 months or longer | 0 | 8,875 |
Unrealized Losses | ||
Less than 12 months | (5,287) | (1,334) |
12 months or longer | 0 | (16) |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 1,734,714 | 103,891 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (31,043) | (235) |
12 months or longer | 0 | 0 |
FHLMC and FNMA - Residential | ||
Fair Value | ||
Less than 12 months | 3,408,385 | 1,040,474 |
12 months or longer | 21,532 | 22,749 |
Unrealized Losses | ||
Less than 12 months | (61,983) | (4,165) |
12 months or longer | (185) | (186) |
FHLMC and FNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 417 | 420 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | $ (1) | $ (2) |
INVESTMENT SECURITIES (Gross _2
INVESTMENT SECURITIES (Gross Unrealized Loss and Fair Value of HTM Debt Securities) (Details) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than 12 months | $ 2,632,846 | $ 367,734 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (41,142) | (3,367) |
12 months or longer | 0 | 0 |
GNMA - Residential | ||
Fair Value | ||
Less than 12 months | 979,040 | 212,471 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (11,670) | (1,819) |
12 months or longer | 0 | 0 |
GNMA - Commercial | ||
Fair Value | ||
Less than 12 months | 1,653,806 | 155,263 |
12 months or longer | 0 | 0 |
Unrealized Losses | ||
Less than 12 months | (29,472) | (1,548) |
12 months or longer | $ 0 | $ 0 |
INVESTMENT SECURITIES (Other-Th
INVESTMENT SECURITIES (Other-Than-Temporary Impairment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Other-than-temporary impairment loss, debt securities, available-for-sale, recognized in earnings | $ 0 | $ 0 |
INVESTMENT SECURITIES (Gains (L
INVESTMENT SECURITIES (Gains (Losses) and Proceeds on Sale of Investment Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from the sales of AFS securities | $ 507,090 | $ 922,101 |
Gross realized gains | 10,072 | 10,755 |
Gross realized losses | (198) | (1,476) |
Net realized gains/(losses) | 9,874 | 9,279 |
Net realized gains/(losses) on trading securities | $ (200) | $ (1,400) |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
FHLB of Pittsburgh and FRB stock | $ 423,049 | $ 435,330 |
LIHTC investments | 301,295 | 313,603 |
Equity securities not held for trading | 16,737 | 14,494 |
Interest-bearing deposits with an affiliate bank | 1,000,000 | 750,000 |
Trading securities | 37,194 | 40,435 |
Total | 1,778,275 | 1,553,862 |
Off-balance Securitization Trusts | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Equity securities not held for trading | $ 3,700 | $ 1,400 |
INVESTMENT SECURITIES (Other In
INVESTMENT SECURITIES (Other Investments) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Investments, Debt and Equity Securities [Abstract] | |
FHLB Stock, par value (in usd per share) | $ / shares | $ 100 |
Purchases of FHLB stock | $ 2,300,000 |
FHLB stock redeemed | 13,900,000 |
Proceeds from FRB stock | 700,000 |
Purchase of FRB stock | 0 |
Gain (loss) on redemption of FHLB stock | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Loans Receivable [Line Items] | ||||
Loans pledged as collateral | $ 49,800,000 | $ 52,000,000 | ||
LHFS | [1] | 568,693 | 2,226,196 | |
LHFS | 250,300 | 265,400 | ||
Accrued interest receivable | 554,748 | 634,509 | ||
Financing receivable, allowance for credit loss, period increase (decrease) | $ (178,300) | |||
Percentage of payment needed on past due loans for qualification | 90.00% | |||
TDRs, number of days past due after modification considered to have subsequently defaulted | 90 days | |||
SC | Chrysler Capital Loans | ||||
Loans Receivable [Line Items] | ||||
Loans purchased/originated | $ 3,700,000 | $ 2,600,000 | ||
SC | Chrysler Capital Loans | Accounts Receivable | Credit Concentration Risk | ||||
Loans Receivable [Line Items] | ||||
Percentage of loan origination | 57.00% | 53.00% | ||
Loans receivable | ||||
Loans Receivable [Line Items] | ||||
Accrued interest receivable | $ 512,400 | 589,200 | ||
Retail installment contracts | ||||
Loans Receivable [Line Items] | ||||
TDRs, number of days past due after modification considered to have subsequently defaulted | 120 days | |||
Consumer | Personal unsecured loans | ||||
Loans Receivable [Line Items] | ||||
LHFS | $ 893,500 | |||
Payments to acquire loans receivable | $ 200,000 | |||
Consumer | Retail installment contracts | ||||
Loans Receivable [Line Items] | ||||
Proceeds from sale of loans held-for-sale | $ 2,400,000 | |||
[1] | Includ es $250.3 million a nd $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively. |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Loan and Lease Portfolio Composition) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Loans Receivable [Line Items] | |||
Total | [1],[2] | $ 91,059,356 | $ 92,133,182 |
Loans held for investment with fixed rate of interest | 63,578,039 | 64,036,154 | |
Loans held for investment with variable rate of interest | $ 27,481,317 | $ 28,097,028 | |
Loans held for investment, percent of total loans | 100.00% | 100.00% | |
Loans held for investment with fixed rate of interest, percent of total loans | 69.80% | 69.50% | |
Loans held for investment with variable rate of interest, percent of total loans | 30.20% | 30.50% | |
Net increase in loan balances | $ 3,100,000 | $ 3,100,000 | |
Commercial | |||
Loans Receivable [Line Items] | |||
Total | $ 39,302,453 | $ 39,688,403 | |
Loans held for investment, percent of total loans | 43.20% | 43.10% | |
Commercial | CRE loans | |||
Loans Receivable [Line Items] | |||
Total | $ 7,439,574 | $ 7,327,853 | |
Loans held for investment, percent of total loans | 8.20% | 8.00% | |
Commercial | C&I loans | |||
Loans Receivable [Line Items] | |||
Total | $ 16,264,348 | $ 16,537,899 | |
Loans held for investment, percent of total loans | 17.90% | 17.90% | |
Commercial | Multifamily loans | |||
Loans Receivable [Line Items] | |||
Total | $ 8,133,449 | $ 8,367,147 | |
Loans held for investment, percent of total loans | 8.90% | 9.10% | |
Commercial | Other commercial | |||
Loans Receivable [Line Items] | |||
Total | $ 7,465,082 | $ 7,455,504 | |
Loans held for investment, percent of total loans | 8.20% | 8.10% | |
Consumer | |||
Loans Receivable [Line Items] | |||
Total | $ 51,756,903 | $ 52,444,779 | |
Loans held for investment, percent of total loans | 56.80% | 56.90% | |
Consumer | Residential mortgages | |||
Loans Receivable [Line Items] | |||
Total | $ 6,162,035 | $ 6,590,168 | |
Consumer | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Total | 3,912,029 | 4,108,505 | |
Consumer | RICs and auto loans | |||
Loans Receivable [Line Items] | |||
Total | 40,516,010 | 40,698,642 | |
Consumer loans secured by real estate | |||
Loans Receivable [Line Items] | |||
Total | $ 10,074,064 | $ 10,698,673 | |
Loans held for investment, percent of total loans | 11.10% | 11.70% | |
Consumer loans secured by real estate | Residential mortgages | |||
Loans Receivable [Line Items] | |||
Total | $ 6,162,035 | $ 6,590,168 | |
Loans held for investment, percent of total loans | 6.80% | 7.20% | |
Consumer loans secured by real estate | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Total | $ 3,912,029 | $ 4,108,505 | |
Loans held for investment, percent of total loans | 4.30% | 4.50% | |
Consumer loans not secured by real estate | RICs and auto loans | |||
Loans Receivable [Line Items] | |||
Total | $ 40,516,010 | $ 40,698,642 | |
Loans held for investment, percent of total loans | 44.40% | 44.10% | |
Consumer loans not secured by real estate | Personal unsecured loans | |||
Loans Receivable [Line Items] | |||
Total | $ 965,651 | $ 824,430 | |
Loans held for investment, percent of total loans | 1.10% | 0.90% | |
Consumer loans not secured by real estate | Other consumer | |||
Loans Receivable [Line Items] | |||
Total | $ 201,178 | $ 223,034 | |
Loans held for investment, percent of total loans | 0.20% | 0.20% | |
[1] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Rollforward of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | $ 7,338,493 | [1] | $ 3,646,189 | |
Credit loss expense on loans | 98,133 | 1,117,907 | ||
Charge-offs | (867,018) | (1,298,175) | ||
Recoveries | 590,547 | 621,932 | ||
Charge-offs, net of recoveries | (276,471) | (676,243) | ||
ALLL, end of period | 7,160,155 | [1] | 6,623,735 | $ 3,646,189 |
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 146,455 | 91,826 | ||
Credit loss expense on unfunded lending commitments | (22,066) | 67,703 | ||
Reserve for unfunded lending commitments, end of period | 124,389 | 169,940 | $ 91,826 | |
Total ACL, end of period | 7,284,544 | 6,793,675 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 2,535,882 | |||
ALLL, end of period | $ 2,535,882 | |||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 10,411 | |||
Reserve for unfunded lending commitments, end of period | 10,411 | |||
Commercial | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 752,196 | 399,829 | ||
Credit loss expense on loans | (21,846) | 122,743 | ||
Charge-offs | (39,632) | (53,463) | ||
Recoveries | 25,629 | 10,676 | ||
Charge-offs, net of recoveries | (14,003) | (42,787) | ||
ALLL, end of period | 716,347 | 678,705 | 399,829 | |
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 119,129 | 85,934 | ||
Credit loss expense on unfunded lending commitments | (18,812) | 33,725 | ||
Reserve for unfunded lending commitments, end of period | 100,317 | 129,740 | 85,934 | |
Total ACL, end of period | 816,664 | 808,445 | ||
Financing receivable, allowance for credit loss, reclassification | (243,600) | |||
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 198,920 | |||
ALLL, end of period | 198,920 | |||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 10,081 | |||
Reserve for unfunded lending commitments, end of period | 10,081 | |||
Consumer | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 6,586,297 | 3,199,612 | ||
Credit loss expense on loans | 119,979 | 995,164 | ||
Charge-offs | (827,386) | (1,244,712) | ||
Recoveries | 564,918 | 611,256 | ||
Charge-offs, net of recoveries | (262,468) | (633,456) | ||
ALLL, end of period | 6,443,808 | 5,945,030 | 3,199,612 | |
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 27,326 | 5,892 | ||
Credit loss expense on unfunded lending commitments | (3,254) | 33,978 | ||
Reserve for unfunded lending commitments, end of period | 24,072 | 40,200 | 5,892 | |
Total ACL, end of period | $ 6,467,880 | 5,985,230 | ||
Financing receivable, allowance for credit loss, reclassification | 243,600 | |||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 2,383,710 | |||
ALLL, end of period | 2,383,710 | |||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 330 | |||
Reserve for unfunded lending commitments, end of period | 330 | |||
Unallocated | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | 46,748 | |||
Credit loss expense on loans | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Charge-offs, net of recoveries | 0 | |||
ALLL, end of period | 0 | 46,748 | ||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | 0 | |||
Credit loss expense on unfunded lending commitments | 0 | |||
Reserve for unfunded lending commitments, end of period | 0 | 0 | ||
Total ACL, end of period | 0 | |||
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan Losses [Roll Forward] | ||||
ALLL, beginning of period | (46,748) | |||
ALLL, end of period | (46,748) | |||
Reserve for Unfunded Lending Commitments Roll Forward [Roll Forward] | ||||
Reserve for unfunded lending commitments, beginning of period | $ 0 | |||
Reserve for unfunded lending commitments, end of period | $ 0 | |||
[1] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Non-accrual Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | $ 1,427,892 | $ 1,738,635 |
Non-accrual loans with no allowance | 485,024 | |
Interest Income recognized on nonaccrual loans | 26,172 | |
Foreclosed and other repossessed assets | 239,031 | 207,900 |
Nonperforming | ||
Financing Receivable, Past Due [Line Items] | ||
OREO | 24,909 | 29,799 |
Repossessed vehicles | 233,207 | 204,653 |
Foreclosed and other repossessed assets | 5,824 | 3,247 |
Total OREO and other repossessed assets | 263,940 | 237,699 |
Total non-performing assets | 1,691,832 | 1,976,334 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 314,183 | 306,215 |
Non-accrual loans with no allowance | 189,605 | |
Interest Income recognized on nonaccrual loans | 199 | |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 109,405 | 106,751 |
Non-accrual loans with no allowance | 75,521 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 106,968 | 107,053 |
Non-accrual loans with no allowance | 50,145 | |
Interest Income recognized on nonaccrual loans | 199 | |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 72,511 | 72,392 |
Non-accrual loans with no allowance | 63,660 | |
Interest Income recognized on nonaccrual loans | 0 | |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 25,299 | 20,019 |
Non-accrual loans with no allowance | 279 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 1,113,709 | 1,432,420 |
Non-accrual loans with no allowance | 295,419 | |
Interest Income recognized on nonaccrual loans | 25,973 | |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 175,072 | 160,172 |
Non-accrual loans with no allowance | 88,118 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 88,047 | 91,606 |
Non-accrual loans with no allowance | 32,186 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 844,998 | 1,174,317 |
Non-accrual loans with no allowance | 175,064 | |
Interest Income recognized on nonaccrual loans | 25,973 | |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans with no allowance | 0 | |
Interest Income recognized on nonaccrual loans | 0 | |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 5,592 | $ 6,325 |
Non-accrual loans with no allowance | 51 | |
Interest Income recognized on nonaccrual loans | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Age Analysis of Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 2,892,177 | $ 4,194,940 |
Current | 88,735,872 | 90,164,438 |
Total | 91,628,049 | 94,359,378 |
Recorded Investment Greater than 90 Days and Accruing | 2,573 | 52,863 |
LHFS | 250,300 | 265,400 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,384,040 | 3,475,725 |
90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 508,137 | 719,215 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 39,486,331 | 39,942,857 |
LHFS | 183,900 | 254,500 |
Commercial | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 59,616 | 111,624 |
Current | 7,405,039 | 7,244,247 |
Total | 7,464,655 | 7,355,871 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 25,100 | 28,000 |
Commercial | CRE | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,720 | 41,320 |
Commercial | CRE | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 43,896 | 70,304 |
Commercial | C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 67,941 | 105,642 |
Current | 16,355,142 | 16,654,606 |
Total | 16,423,083 | 16,760,248 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 158,700 | 222,300 |
Commercial | C&I | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 31,804 | 59,759 |
Commercial | C&I | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 36,137 | 45,883 |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 58,876 | 113,780 |
Current | 8,074,573 | 8,257,122 |
Total | 8,133,449 | 8,370,902 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 3,800 | |
Commercial | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 19,074 | 47,116 |
Commercial | Multifamily | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 39,802 | 66,664 |
Commercial | Other commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 79,047 | 90,207 |
Current | 7,386,097 | 7,365,629 |
Total | 7,465,144 | 7,455,836 |
Recorded Investment Greater than 90 Days and Accruing | 48 | 56 |
LHFS | 100 | 300 |
Commercial | Other commercial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 73,793 | 80,993 |
Commercial | Other commercial | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,254 | 9,214 |
Consumer | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 212,059 | 320,972 |
Current | 6,334,791 | 6,673,411 |
Total | 6,546,850 | 6,994,383 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 384,800 | 404,200 |
Consumer | Residential mortgages | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 91,490 | 209,274 |
Consumer | Residential mortgages | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 120,569 | 111,698 |
Consumer | Home equity loans and lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 88,167 | 103,685 |
Current | 3,823,862 | 4,004,820 |
Total | 3,912,029 | 4,108,505 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
Consumer | Home equity loans and lines of credit | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 21,611 | 31,488 |
Consumer | Home equity loans and lines of credit | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,556 | 72,197 |
Consumer | RICs and auto loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,305,747 | 3,229,361 |
Current | 38,210,263 | 38,143,329 |
Total | 40,516,010 | 41,372,690 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
LHFS | 674,000 | |
Consumer | RICs and auto loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,117,013 | 2,944,376 |
Consumer | RICs and auto loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 188,734 | 284,985 |
Consumer | Personal unsecured loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 14,984 | 112,623 |
Current | 950,667 | 1,605,286 |
Total | 965,651 | 1,717,909 |
Recorded Investment Greater than 90 Days and Accruing | 2,525 | 52,807 |
LHFS | 893,500 | |
Consumer | Personal unsecured loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 8,779 | 56,041 |
Consumer | Personal unsecured loans | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,205 | 56,582 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,740 | 7,046 |
Current | 195,438 | 215,988 |
Total | 201,178 | 223,034 |
Recorded Investment Greater than 90 Days and Accruing | 0 | 0 |
Consumer | Other consumer | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,756 | 5,358 |
Consumer | Other consumer | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 984 | $ 1,688 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Lending Asset Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 91,628,049 | $ 94,359,378 |
LHFS | 250,300 | 265,400 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,998,294 | 10,324,958 |
Year two | 9,274,766 | 8,783,251 |
Year three | 8,470,289 | 7,443,648 |
Year four | 6,341,557 | 3,793,884 |
Year five | 3,570,596 | 2,243,431 |
Prior | 8,830,829 | 7,353,685 |
Total | 39,486,331 | 39,942,857 |
LHFS | 183,900 | 254,500 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,828,875 | 9,794,443 |
Year two | 8,704,544 | 8,145,195 |
Year three | 7,672,198 | 6,582,401 |
Year four | 5,357,544 | 3,327,043 |
Year five | 2,892,512 | 1,830,626 |
Prior | 7,602,031 | 6,245,767 |
Total | 35,057,704 | 35,925,475 |
Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8,787 | 39,929 |
Year two | 91,928 | 202,422 |
Year three | 259,438 | 374,698 |
Year four | 373,201 | 203,980 |
Year five | 347,211 | 210,028 |
Prior | 484,077 | 405,027 |
Total | 1,564,642 | 1,436,084 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 13,504 | 75,763 |
Year two | 92,581 | 140,837 |
Year three | 263,979 | 411,279 |
Year four | 543,198 | 246,144 |
Year five | 316,425 | 186,006 |
Prior | 725,431 | 636,822 |
Total | 1,955,118 | 1,696,851 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,796 | 3,504 |
Year two | 2,387 | 145 |
Year three | 0 | 179 |
Year four | 87 | 1,616 |
Year five | 1,367 | 1,383 |
Prior | 0 | 11,234 |
Total | 5,637 | 18,061 |
Commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 145,332 | 411,319 |
Year two | 383,326 | 294,652 |
Year three | 274,674 | 75,091 |
Year four | 67,527 | 15,101 |
Year five | 13,081 | 15,388 |
Prior | 19,290 | 54,835 |
Total | 903,230 | 866,386 |
Commercial | CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 103,522 | 759,345 |
Year two | 847,708 | 1,456,481 |
Year three | 1,582,309 | 1,767,488 |
Year four | 1,701,350 | 893,808 |
Year five | 876,503 | 668,470 |
Prior | 2,353,263 | 1,810,279 |
Total | 7,464,655 | 7,355,871 |
LHFS | 25,100 | 28,000 |
Commercial | CRE | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 103,522 | 722,210 |
Year two | 806,065 | 1,424,392 |
Year three | 1,479,764 | 1,656,560 |
Year four | 1,516,046 | 816,607 |
Year five | 692,812 | 542,979 |
Prior | 2,005,757 | 1,536,812 |
Total | 6,603,966 | 6,699,560 |
Commercial | CRE | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 28,876 |
Year two | 30,361 | 15,480 |
Year three | 68,072 | 81,167 |
Year four | 78,087 | 43,368 |
Year five | 149,729 | 79,555 |
Prior | 99,131 | 83,751 |
Total | 425,380 | 332,197 |
Commercial | CRE | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 8,259 |
Year two | 11,282 | 16,609 |
Year three | 34,473 | 29,761 |
Year four | 107,217 | 33,833 |
Year five | 33,962 | 45,936 |
Prior | 248,375 | 189,716 |
Total | 435,309 | 324,114 |
Commercial | CRE | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | CRE | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,482,209 | 5,146,915 |
Year two | 4,735,727 | 3,812,347 |
Year three | 3,530,393 | 3,181,668 |
Year four | 2,418,897 | 994,505 |
Year five | 915,932 | 785,437 |
Prior | 3,339,925 | 2,839,376 |
Total | 16,423,083 | 16,760,248 |
LHFS | 158,700 | 222,300 |
Commercial | C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,313,051 | 4,661,409 |
Year two | 4,282,186 | 3,365,828 |
Year three | 3,075,735 | 2,798,209 |
Year four | 2,038,193 | 868,373 |
Year five | 811,732 | 585,083 |
Prior | 2,770,312 | 2,305,305 |
Total | 14,291,209 | 14,584,207 |
Commercial | C&I | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 8,787 | 11,000 |
Year two | 15,517 | 136,413 |
Year three | 164,262 | 134,388 |
Year four | 154,776 | 49,601 |
Year five | 33,270 | 99,042 |
Prior | 301,234 | 254,102 |
Total | 677,846 | 684,546 |
Commercial | C&I | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 13,504 | 60,034 |
Year two | 52,311 | 15,309 |
Year three | 15,722 | 173,900 |
Year four | 158,401 | 59,814 |
Year five | 56,482 | 84,642 |
Prior | 249,089 | 213,908 |
Total | 545,509 | 607,607 |
Commercial | C&I | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,535 | 3,153 |
Year two | 2,387 | 145 |
Year three | 0 | 80 |
Year four | 0 | 1,616 |
Year five | 1,367 | 1,282 |
Prior | 0 | 11,226 |
Total | 5,289 | 17,502 |
Commercial | C&I | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 145,332 | 411,319 |
Year two | 383,326 | 294,652 |
Year three | 274,674 | 75,091 |
Year four | 67,527 | 15,101 |
Year five | 13,081 | 15,388 |
Prior | 19,290 | 54,835 |
Total | 903,230 | 866,386 |
Commercial | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 244,242 | 885,554 |
Year two | 880,012 | 2,082,649 |
Year three | 2,106,968 | 1,712,487 |
Year four | 1,530,833 | 1,457,976 |
Year five | 1,394,936 | 584,060 |
Prior | 1,976,458 | 1,648,176 |
Total | 8,133,449 | 8,370,902 |
LHFS | 3,800 | |
Commercial | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 244,242 | 880,199 |
Year two | 807,657 | 1,938,271 |
Year three | 1,874,793 | 1,361,178 |
Year four | 1,123,727 | 1,198,819 |
Year five | 1,008,606 | 503,267 |
Prior | 1,684,412 | 1,365,066 |
Total | 6,743,437 | 7,246,800 |
Commercial | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 46,000 | 39,433 |
Year three | 25,105 | 147,872 |
Year four | 136,006 | 110,906 |
Year five | 164,125 | 31,348 |
Prior | 76,812 | 59,072 |
Total | 448,048 | 388,631 |
Commercial | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 5,355 |
Year two | 26,355 | 104,945 |
Year three | 207,070 | 203,437 |
Year four | 271,100 | 148,251 |
Year five | 222,205 | 49,445 |
Prior | 215,234 | 224,038 |
Total | 941,964 | 735,471 |
Commercial | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | Multifamily | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | 0 | 0 |
Commercial | Remaining commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,168,321 | 3,533,144 |
Year two | 2,811,319 | 1,431,774 |
Year three | 1,250,619 | 782,005 |
Year four | 690,477 | 447,595 |
Year five | 383,225 | 205,464 |
Prior | 1,161,183 | 1,055,854 |
Total | 7,465,144 | 7,455,836 |
LHFS | 100 | 300 |
Commercial | Remaining commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,168,060 | 3,530,625 |
Year two | 2,808,636 | 1,416,704 |
Year three | 1,241,906 | 766,454 |
Year four | 679,578 | 443,244 |
Year five | 379,362 | 199,297 |
Prior | 1,141,550 | 1,038,584 |
Total | 7,419,092 | 7,394,908 |
Commercial | Remaining commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 53 |
Year two | 50 | 11,096 |
Year three | 1,999 | 11,271 |
Year four | 4,332 | 105 |
Year five | 87 | 83 |
Prior | 6,900 | 8,102 |
Total | 13,368 | 30,710 |
Commercial | Remaining commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 2,115 |
Year two | 2,633 | 3,974 |
Year three | 6,714 | 4,181 |
Year four | 6,480 | 4,246 |
Year five | 3,776 | 5,983 |
Prior | 12,733 | 9,160 |
Total | 32,336 | 29,659 |
Commercial | Remaining commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 261 | 351 |
Year two | 0 | 0 |
Year three | 0 | 99 |
Year four | 87 | 0 |
Year five | 0 | 101 |
Prior | 0 | 8 |
Total | 348 | 559 |
Commercial | Remaining commercial | N/A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Total | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - Credit Score) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Loans Receivable [Line Items] | |||
Total | [1],[2] | $ 91,059,356 | $ 92,133,182 |
Consumer | |||
Loans Receivable [Line Items] | |||
Total | 51,756,903 | 52,444,779 | |
RICs and auto loans | Consumer | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 6,000,032 | 18,592,330 | |
Year two | 15,428,887 | 11,958,307 | |
Year three | 10,529,753 | 5,482,872 | |
Year four | 4,787,181 | 2,211,463 | |
Year five | 1,872,506 | 1,346,332 | |
Prior | 1,897,651 | 1,107,338 | |
Total | $ 40,516,010 | $ 40,698,642 | |
Total, percent | 100.00% | 100.00% | |
RICs and auto loans | Consumer | No FICO | |||
Loans Receivable [Line Items] | |||
Current fiscal year | $ 421,665 | $ 1,326,026 | |
Year two | 1,177,775 | 839,412 | |
Year three | 720,807 | 450,539 | |
Year four | 389,629 | 484,975 | |
Year five | 397,597 | 230,382 | |
Prior | 278,547 | 142,746 | |
Total | $ 3,386,020 | $ 3,474,080 | |
Total, percent | 8.40% | 8.50% | |
RICs and auto loans | Consumer | FICO score less than 600 | |||
Loans Receivable [Line Items] | |||
Current fiscal year | $ 1,906,288 | $ 6,056,260 | |
Year two | 5,571,043 | 4,373,991 | |
Year three | 3,909,143 | 2,648,215 | |
Year four | 2,332,641 | 1,126,742 | |
Year five | 969,295 | 685,830 | |
Prior | 1,054,874 | 634,480 | |
Total | $ 15,743,284 | $ 15,525,518 | |
Total, percent | 38.80% | 38.20% | |
RICs and auto loans | Consumer | FICO score of 600 to 639 | |||
Loans Receivable [Line Items] | |||
Current fiscal year | $ 913,689 | $ 2,782,566 | |
Year two | 2,445,588 | 1,912,731 | |
Year three | 1,656,253 | 1,001,985 | |
Year four | 863,647 | 335,111 | |
Year five | 282,896 | 229,690 | |
Prior | 309,232 | 173,501 | |
Total | $ 6,471,305 | $ 6,435,584 | |
Total, percent | 16.00% | 15.80% | |
RICs and auto loans | Consumer | FICO score equal to or greater than 640 | |||
Loans Receivable [Line Items] | |||
Current fiscal year | $ 2,758,390 | $ 8,427,478 | |
Year two | 6,234,481 | 4,832,173 | |
Year three | 4,243,550 | 1,382,133 | |
Year four | 1,201,264 | 264,635 | |
Year five | 222,718 | 200,430 | |
Prior | 254,998 | 156,611 | |
Total | $ 14,915,401 | $ 15,263,460 | |
Total, percent | 36.80% | 37.50% | |
[1] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Consumer Lending Asset Quality Indicators - FICO and CLTV Range) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Loans Receivable [Line Items] | |||
Total | [1],[2] | $ 91,059,356 | $ 92,133,182 |
Consumer | |||
Loans Receivable [Line Items] | |||
Total | 51,756,903 | 52,444,779 | |
Consumer | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 313,046 | 1,189,694 | |
Year two | 1,162,886 | 1,179,322 | |
Year three | 1,003,559 | 652,298 | |
Year four | 551,593 | 840,968 | |
Year five | 716,963 | 807,057 | |
Prior | 2,413,988 | 1,920,829 | |
Total | 6,162,035 | 6,590,168 | |
Consumer | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 29,917 | 246,003 | |
Year two | 251,529 | 378,348 | |
Year three | 359,412 | 466,662 | |
Year four | 442,194 | 450,129 | |
Year five | 420,603 | 348,805 | |
Prior | 2,408,374 | 2,218,558 | |
Total | 3,912,029 | 4,108,505 | |
Revolving | 3,747,095 | 3,929,414 | |
Consumer | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 152,074 | 538,232 | |
Year two | 621,729 | 504,181 | |
Year three | 472,580 | 382,527 | |
Year four | 365,637 | 708,641 | |
Year five | 609,447 | 766,657 | |
Prior | 2,342,112 | 1,866,055 | |
Total | 4,563,579 | 4,766,293 | |
Consumer | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 28,791 | 185,611 | |
Year two | 196,279 | 251,619 | |
Year three | 256,121 | 330,909 | |
Year four | 345,291 | 372,523 | |
Year five | 380,378 | 321,712 | |
Prior | 2,089,324 | 1,869,887 | |
Total | 3,296,184 | 3,332,261 | |
Revolving | 3,198,882 | 3,222,783 | |
Consumer | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 94,117 | 357,296 | |
Year two | 349,630 | 356,003 | |
Year three | 269,979 | 138,233 | |
Year four | 99,930 | 112,571 | |
Year five | 102,476 | 37,926 | |
Prior | 45,017 | 26,556 | |
Total | 961,149 | 1,028,585 | |
Consumer | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 441 | 55,993 | |
Year two | 49,873 | 121,363 | |
Year three | 97,418 | 130,120 | |
Year four | 90,678 | 71,593 | |
Year five | 34,157 | 23,010 | |
Prior | 167,354 | 185,492 | |
Total | 439,921 | 587,571 | |
Revolving | 430,552 | 575,563 | |
Consumer | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 5,858 | 70,633 | |
Year two | 98,066 | 266,041 | |
Year three | 257,535 | 130,338 | |
Year four | 84,644 | 17,638 | |
Year five | 2,675 | 604 | |
Prior | 9,619 | 11,268 | |
Total | 458,397 | 496,522 | |
Consumer | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 23,926 | 114,044 | |
Year two | 90,547 | 50,927 | |
Year three | 950 | 0 | |
Year four | 0 | 0 | |
Year five | 568 | 293 | |
Prior | 2,982 | 3,964 | |
Total | 118,973 | 169,228 | |
Consumer | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 486 | |
Year two | 421 | 143 | |
Year three | 162 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 38,351 | 49,390 | |
Total | 38,934 | 50,019 | |
Revolving | 35,777 | 46,015 | |
Consumer | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 101 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 571 | |
Year five | 0 | 0 | |
Prior | 2,595 | 2,851 | |
Total | 2,595 | 3,523 | |
Consumer | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 92 | |
Prior | 4,134 | 4,952 | |
Total | 4,134 | 5,044 | |
Consumer | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 26 | 758 | |
Year two | 746 | 62 | |
Year three | 54 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 27,390 | 29,416 | |
Total | 28,216 | 30,236 | |
Revolving | 26,898 | 28,449 | |
Consumer | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 37,071 | 109,388 | |
Year two | 2,914 | 2,170 | |
Year three | 2,515 | 1,200 | |
Year four | 1,382 | 1,547 | |
Year five | 1,797 | 1,485 | |
Prior | 7,529 | 5,183 | |
Total | 53,208 | 120,973 | |
Consumer | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 659 | 3,155 | |
Year two | 4,210 | 5,161 | |
Year three | 5,657 | 5,633 | |
Year four | 6,225 | 6,013 | |
Year five | 6,068 | 4,083 | |
Prior | 85,955 | 84,373 | |
Total | 108,774 | 108,418 | |
Revolving | 54,986 | 56,604 | |
Consumer | FICO score not applicable | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 750 | |
Year two | 744 | 0 | |
Year three | 0 | 521 | |
Year four | 518 | 500 | |
Year five | 497 | 0 | |
Prior | 3,110 | 3,148 | |
Total | 4,869 | 4,919 | |
Consumer | FICO score not applicable | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 80 | 0 | |
Year three | 0 | 0 | |
Year four | 246 | 0 | |
Year five | 147 | 77 | |
Prior | 853 | 531 | |
Total | 1,326 | 608 | |
Revolving | 1,326 | 608 | |
Consumer | FICO score not applicable | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score not applicable | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 8 | |
Year two | 0 | 0 | |
Year three | 30 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 30 | 8 | |
Revolving | 30 | 8 | |
Consumer | FICO score not applicable | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score not applicable | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score not applicable | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 30 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 30 | 0 | |
Revolving | 30 | 0 | |
Consumer | FICO score not applicable | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score not applicable | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score not applicable | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Revolving | 0 | 0 | |
Consumer | FICO score not applicable | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 37,071 | 109,388 | |
Year two | 2,914 | 2,170 | |
Year three | 2,515 | 1,200 | |
Year four | 1,382 | 1,547 | |
Year five | 1,797 | 1,485 | |
Prior | 6,923 | 4,410 | |
Total | 52,602 | 120,200 | |
Consumer | FICO score not applicable | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 649 | 2,840 | |
Year two | 3,837 | 4,407 | |
Year three | 4,957 | 5,504 | |
Year four | 6,099 | 5,514 | |
Year five | 5,821 | 4,083 | |
Prior | 84,661 | 83,060 | |
Total | 106,024 | 105,408 | |
Revolving | 52,289 | 53,654 | |
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 876 | |
Year two | 1,185 | 3,988 | |
Year three | 6,274 | 6,255 | |
Year four | 9,679 | 13,646 | |
Year five | 12,297 | 13,775 | |
Prior | 115,123 | 109,076 | |
Total | 144,558 | 147,616 | |
Consumer | FICO score less than 600 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 727 | |
Year two | 526 | 3,389 | |
Year three | 2,735 | 7,255 | |
Year four | 9,700 | 10,780 | |
Year five | 11,394 | 15,566 | |
Prior | 129,911 | 121,240 | |
Total | 154,266 | 158,957 | |
Revolving | 135,697 | 137,921 | |
Consumer | FICO score less than 600 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 1,053 | |
Year two | 1,569 | 5,235 | |
Year three | 5,241 | 4,603 | |
Year four | 7,130 | 7,707 | |
Year five | 7,199 | 3,406 | |
Prior | 4,239 | 2,832 | |
Total | 25,378 | 24,836 | |
Consumer | FICO score less than 600 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 238 | |
Year two | 413 | 1,901 | |
Year three | 1,295 | 4,029 | |
Year four | 2,206 | 2,727 | |
Year five | 1,262 | 1,698 | |
Prior | 11,051 | 13,383 | |
Total | 16,227 | 23,976 | |
Revolving | 14,302 | 21,484 | |
Consumer | FICO score less than 600 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 221 | |
Year two | 1,090 | 8,801 | |
Year three | 9,759 | 8,442 | |
Year four | 5,717 | 1,577 | |
Year five | 414 | 0 | |
Prior | 624 | 1,102 | |
Total | 17,604 | 20,143 | |
Consumer | FICO score less than 600 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 292 | |
Year two | 231 | 2,792 | |
Year three | 122 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 219 | |
Prior | 540 | 690 | |
Total | 893 | 3,993 | |
Consumer | FICO score less than 600 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,405 | 2,389 | |
Total | 1,405 | 2,389 | |
Revolving | 1,141 | 2,017 | |
Consumer | FICO score less than 600 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 109 | 353 | |
Total | 109 | 353 | |
Consumer | FICO score less than 600 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,294 | 1,445 | |
Total | 1,294 | 1,445 | |
Consumer | FICO score less than 600 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,270 | 2,391 | |
Total | 1,270 | 2,391 | |
Revolving | 1,255 | 2,369 | |
Consumer | FICO score less than 600 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 58 | 92 | |
Total | 58 | 92 | |
Consumer | FICO score less than 600 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 15 | |
Year five | 15 | 0 | |
Prior | 541 | 562 | |
Total | 556 | 577 | |
Revolving | 535 | 555 | |
Consumer | FICO score of 600 to 639 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 70 | 3,058 | |
Year two | 2,158 | 3,923 | |
Year three | 5,122 | 4,275 | |
Year four | 6,220 | 11,593 | |
Year five | 8,739 | 10,710 | |
Prior | 83,708 | 81,496 | |
Total | 106,017 | 115,055 | |
Consumer | FICO score of 600 to 639 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 1,265 | |
Year two | 1,518 | 2,589 | |
Year three | 3,225 | 8,921 | |
Year four | 9,354 | 13,240 | |
Year five | 11,965 | 11,873 | |
Prior | 109,133 | 100,148 | |
Total | 135,195 | 138,036 | |
Revolving | 127,298 | 128,515 | |
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 114 | 1,585 | |
Year two | 4,441 | 4,839 | |
Year three | 5,400 | 3,901 | |
Year four | 2,293 | 5,300 | |
Year five | 6,364 | 2,040 | |
Prior | 4,743 | 2,935 | |
Total | 23,355 | 20,600 | |
Consumer | FICO score of 600 to 639 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 728 | |
Year two | 368 | 3,149 | |
Year three | 3,747 | 5,618 | |
Year four | 4,030 | 2,491 | |
Year five | 2,061 | 433 | |
Prior | 7,484 | 8,812 | |
Total | 17,690 | 21,231 | |
Revolving | 16,694 | 19,784 | |
Consumer | FICO score of 600 to 639 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 1,233 | |
Year two | 2,137 | 6,910 | |
Year three | 7,927 | 5,693 | |
Year four | 3,136 | 1,870 | |
Year five | 328 | 249 | |
Prior | 516 | 581 | |
Total | 14,044 | 16,536 | |
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 2,321 | |
Year two | 1,811 | 2,364 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 522 | 193 | |
Total | 2,333 | 4,878 | |
Consumer | FICO score of 600 to 639 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,902 | 1,803 | |
Total | 1,902 | 1,803 | |
Revolving | 1,806 | 1,706 | |
Consumer | FICO score of 600 to 639 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 588 | 707 | |
Total | 588 | 707 | |
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 30 | 333 | |
Total | 30 | 333 | |
Consumer | FICO score of 600 to 639 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 2,871 | 3,235 | |
Total | 2,871 | 3,235 | |
Revolving | 2,645 | 2,858 | |
Consumer | FICO score of 600 to 639 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 30 | 0 | |
Total | 30 | 0 | |
Consumer | FICO score of 600 to 639 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 13 | 51 | |
Total | 13 | 51 | |
Revolving | 13 | 29 | |
Consumer | FICO score of 640 to 679 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 364 | 11,264 | |
Year two | 13,521 | 21,946 | |
Year three | 18,014 | 17,039 | |
Year four | 19,350 | 24,447 | |
Year five | 27,351 | 26,992 | |
Prior | 146,119 | 124,559 | |
Total | 224,719 | 226,247 | |
Consumer | FICO score of 640 to 679 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 132 | 4,983 | |
Year two | 5,856 | 15,432 | |
Year three | 14,174 | 23,718 | |
Year four | 21,457 | 26,211 | |
Year five | 26,246 | 19,167 | |
Prior | 158,816 | 152,823 | |
Total | 226,681 | 242,334 | |
Revolving | 216,693 | 231,152 | |
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 12,585 | |
Year two | 12,550 | 18,756 | |
Year three | 12,814 | 8,079 | |
Year four | 6,717 | 7,117 | |
Year five | 6,190 | 1,377 | |
Prior | 5,061 | 2,426 | |
Total | 43,332 | 50,340 | |
Consumer | FICO score of 640 to 679 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 2,166 | |
Year two | 1,564 | 8,599 | |
Year three | 6,201 | 10,455 | |
Year four | 6,432 | 5,391 | |
Year five | 1,801 | 1,377 | |
Prior | 15,252 | 17,425 | |
Total | 31,250 | 45,413 | |
Revolving | 30,474 | 44,187 | |
Consumer | FICO score of 640 to 679 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 276 | 2,385 | |
Year two | 4,614 | 18,975 | |
Year three | 20,201 | 12,715 | |
Year four | 8,902 | 1,265 | |
Year five | 488 | 0 | |
Prior | 1,638 | 1,108 | |
Total | 36,119 | 36,448 | |
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 2,130 | 7,256 | |
Year two | 8,881 | 4,501 | |
Year three | 304 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 519 | 573 | |
Total | 11,834 | 12,330 | |
Consumer | FICO score of 640 to 679 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 53 | |
Year three | 56 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 5,416 | 6,279 | |
Total | 5,472 | 6,332 | |
Revolving | 4,943 | 5,784 | |
Consumer | FICO score of 640 to 679 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 186 | 240 | |
Total | 186 | 240 | |
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 205 | 432 | |
Total | 205 | 432 | |
Consumer | FICO score of 640 to 679 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 48 | |
Year two | 47 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 2,140 | 723 | |
Total | 2,187 | 771 | |
Revolving | 1,828 | 533 | |
Consumer | FICO score of 640 to 679 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Total | 0 | 0 | |
Consumer | FICO score of 640 to 679 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 95 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 100 | |
Year five | 100 | 0 | |
Prior | 82 | 70 | |
Total | 182 | 265 | |
Revolving | 162 | 265 | |
Consumer | FICO score of 680 to 719 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 8,075 | 34,802 | |
Year two | 36,981 | 49,625 | |
Year three | 53,762 | 41,447 | |
Year four | 41,202 | 56,362 | |
Year five | 56,384 | 54,836 | |
Prior | 226,857 | 196,173 | |
Total | 423,261 | 433,245 | |
Consumer | FICO score of 680 to 719 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 4,580 | 26,177 | |
Year two | 25,733 | 31,112 | |
Year three | 31,926 | 49,618 | |
Year four | 49,428 | 53,778 | |
Year five | 53,745 | 49,893 | |
Prior | 281,152 | 249,565 | |
Total | 446,564 | 460,143 | |
Revolving | 433,170 | 444,254 | |
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 7,232 | 38,582 | |
Year two | 24,255 | 37,546 | |
Year three | 30,992 | 20,202 | |
Year four | 14,872 | 18,615 | |
Year five | 11,216 | 5,047 | |
Prior | 6,184 | 4,556 | |
Total | 94,751 | 124,548 | |
Consumer | FICO score of 680 to 719 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 153 | 8,483 | |
Year two | 5,964 | 17,515 | |
Year three | 13,978 | 19,442 | |
Year four | 14,180 | 11,250 | |
Year five | 5,518 | 2,996 | |
Prior | 22,178 | 24,541 | |
Total | 61,971 | 84,227 | |
Revolving | 61,234 | 82,534 | |
Consumer | FICO score of 680 to 719 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 139 | 7,616 | |
Year two | 11,481 | 39,239 | |
Year three | 37,592 | 22,510 | |
Year four | 14,042 | 2,195 | |
Year five | 342 | 0 | |
Prior | 887 | 3,025 | |
Total | 64,483 | 74,585 | |
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 8,221 | 29,050 | |
Year two | 18,874 | 8,147 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 317 | 526 | |
Total | 27,412 | 37,723 | |
Consumer | FICO score of 680 to 719 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 90 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 5,592 | 7,810 | |
Total | 5,592 | 7,900 | |
Revolving | 5,179 | 7,128 | |
Consumer | FICO score of 680 to 719 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 101 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 241 | 475 | |
Total | 241 | 576 | |
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 699 | 802 | |
Total | 699 | 802 | |
Consumer | FICO score of 680 to 719 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 4,933 | 5,756 | |
Total | 4,933 | 5,756 | |
Revolving | 4,773 | 5,477 | |
Consumer | FICO score of 680 to 719 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 69 | 73 | |
Total | 69 | 73 | |
Consumer | FICO score of 680 to 719 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 60 | 144 | |
Year three | 85 | 0 | |
Year four | 0 | 63 | |
Year five | 0 | 0 | |
Prior | 117 | 149 | |
Total | 262 | 356 | |
Revolving | 262 | 351 | |
Consumer | FICO score of 720 to 759 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 47,926 | 105,769 | |
Year two | 115,245 | 89,140 | |
Year three | 89,795 | 88,485 | |
Year four | 83,558 | 145,301 | |
Year five | 128,900 | 132,720 | |
Prior | 371,639 | 285,308 | |
Total | 837,063 | 846,723 | |
Consumer | FICO score of 720 to 759 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 7,177 | 39,927 | |
Year two | 39,711 | 49,716 | |
Year three | 53,423 | 62,795 | |
Year four | 69,503 | 79,821 | |
Year five | 83,499 | 68,503 | |
Prior | 396,208 | 348,679 | |
Total | 649,521 | 649,441 | |
Revolving | 636,513 | 634,206 | |
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 23,345 | 81,595 | |
Year two | 81,305 | 62,488 | |
Year three | 53,647 | 29,767 | |
Year four | 23,528 | 25,421 | |
Year five | 21,989 | 8,163 | |
Prior | 10,535 | 5,334 | |
Total | 214,349 | 212,768 | |
Consumer | FICO score of 720 to 759 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 200 | 14,064 | |
Year two | 14,659 | 28,552 | |
Year three | 21,770 | 30,553 | |
Year four | 22,507 | 15,094 | |
Year five | 7,628 | 5,386 | |
Prior | 32,473 | 35,066 | |
Total | 99,237 | 128,715 | |
Revolving | 97,946 | 126,755 | |
Consumer | FICO score of 720 to 759 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 938 | 16,714 | |
Year two | 21,755 | 57,807 | |
Year three | 64,492 | 30,850 | |
Year four | 20,687 | 2,754 | |
Year five | 364 | 355 | |
Prior | 1,965 | 1,566 | |
Total | 110,201 | 110,046 | |
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 6,612 | 37,846 | |
Year two | 28,628 | 12,066 | |
Year three | 455 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 280 | 563 | |
Total | 35,975 | 50,475 | |
Consumer | FICO score of 720 to 759 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 69 | |
Year three | 69 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 5,698 | 8,270 | |
Total | 5,767 | 8,339 | |
Revolving | 5,000 | 7,128 | |
Consumer | FICO score of 720 to 759 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 529 | 68 | |
Total | 529 | 68 | |
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 314 | 206 | |
Total | 314 | 206 | |
Consumer | FICO score of 720 to 759 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 6,354 | 7,611 | |
Total | 6,354 | 7,611 | |
Revolving | 6,299 | 7,313 | |
Consumer | FICO score of 720 to 759 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 113 | 227 | |
Total | 113 | 227 | |
Consumer | FICO score of 720 to 759 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 35 | |
Year two | 86 | 56 | |
Year three | 65 | 0 | |
Year four | 0 | 253 | |
Year five | 65 | 0 | |
Prior | 121 | 122 | |
Total | 337 | 466 | |
Revolving | 325 | 466 | |
Consumer | FICO score equal to or greater than 760 | LTV less than or equal to 70% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 95,639 | 381,713 | |
Year two | 451,895 | 335,559 | |
Year three | 299,613 | 224,505 | |
Year four | 205,110 | 456,792 | |
Year five | 375,279 | 527,624 | |
Prior | 1,395,556 | 1,066,295 | |
Total | 2,823,092 | 2,992,488 | |
Consumer | FICO score equal to or greater than 760 | LTV less than or equal to 70% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 16,902 | 112,532 | |
Year two | 122,855 | 149,381 | |
Year three | 150,638 | 178,602 | |
Year four | 185,603 | 188,693 | |
Year five | 193,382 | 156,633 | |
Prior | 1,013,251 | 896,901 | |
Total | 1,682,631 | 1,682,742 | |
Revolving | 1,648,185 | 1,646,127 | |
Consumer | FICO score equal to or greater than 760 | LTV of 70.01% to 80% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 63,426 | 221,896 | |
Year two | 225,510 | 227,139 | |
Year three | 161,885 | 71,681 | |
Year four | 45,390 | 48,411 | |
Year five | 49,518 | 17,893 | |
Prior | 14,255 | 8,473 | |
Total | 559,984 | 595,493 | |
Consumer | FICO score equal to or greater than 760 | LTV of 70.01% to 90% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 88 | 30,306 | |
Year two | 26,905 | 61,647 | |
Year three | 50,397 | 60,023 | |
Year four | 41,323 | 34,640 | |
Year five | 15,887 | 11,120 | |
Prior | 78,916 | 86,265 | |
Total | 213,516 | 284,001 | |
Revolving | 209,872 | 280,811 | |
Consumer | FICO score equal to or greater than 760 | LTV of 80.01% to 90% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 4,505 | 42,464 | |
Year two | 56,989 | 134,309 | |
Year three | 117,564 | 50,128 | |
Year four | 32,160 | 7,977 | |
Year five | 739 | 0 | |
Prior | 3,989 | 3,886 | |
Total | 215,946 | 238,764 | |
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 100% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 6,963 | 37,279 | |
Year two | 32,122 | 21,057 | |
Year three | 69 | 0 | |
Year four | 0 | 0 | |
Year five | 568 | 74 | |
Prior | 804 | 1,419 | |
Total | 40,526 | 59,829 | |
Consumer | FICO score equal to or greater than 760 | LTV of 90.01% to 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 396 | |
Year two | 421 | 21 | |
Year three | 7 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 18,338 | 22,839 | |
Total | 18,766 | 23,256 | |
Revolving | 17,678 | 22,252 | |
Consumer | FICO score equal to or greater than 760 | LTV of 100.01% to 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 571 | |
Year five | 0 | 0 | |
Prior | 942 | 1,008 | |
Total | 942 | 1,579 | |
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 92 | |
Prior | 1,592 | 1,734 | |
Total | 1,592 | 1,826 | |
Consumer | FICO score equal to or greater than 760 | LTV greater than 110% | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 26 | 710 | |
Year two | 699 | 62 | |
Year three | 54 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 9,822 | 9,700 | |
Total | 10,601 | 10,472 | |
Revolving | 10,098 | 9,899 | |
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Residential Mortgages | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 336 | 381 | |
Total | 336 | 381 | |
Consumer | FICO score equal to or greater than 760 | LTV not applicable | Home equity loans and lines of credit | |||
Loans Receivable [Line Items] | |||
Current fiscal year | 10 | 185 | |
Year two | 227 | 554 | |
Year three | 550 | 129 | |
Year four | 126 | 68 | |
Year five | 67 | 0 | |
Prior | 420 | 359 | |
Total | 1,400 | 1,295 | |
Revolving | $ 1,400 | $ 1,284 | |
[1] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Troubled Debt Restructuring Activity) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ 4,803,977 | $ 4,324,129 | |
Number of Contracts | contract | 46,313 | 9,951 | |
Pre-TDR Recorded Investment | $ 1,016,225 | $ 185,225 | |
Post-TDR Recorded Investment | $ 1,021,854 | $ 185,766 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 5,688 | 4,160 | |
Recorded Investment | $ 112,582 | $ 85,125 | |
Commercial | CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 3 | 4 | |
Pre-TDR Recorded Investment | $ 7,952 | $ 2,287 | |
Post-TDR Recorded Investment | $ 7,952 | $ 2,282 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 0 | 14 | |
Recorded Investment | $ 0 | $ 2,909 | |
Commercial | C&I | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 311 | 35 | |
Pre-TDR Recorded Investment | $ 15,512 | $ 834 | |
Post-TDR Recorded Investment | $ 15,568 | $ 837 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 30 | 12 | |
Recorded Investment | $ 1,172 | $ 7,390 | |
Commercial | Multifamily | |||
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | |
Commercial | Other commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 164 | 1 | |
Pre-TDR Recorded Investment | $ 13,635 | $ 45 | |
Post-TDR Recorded Investment | $ 13,635 | $ 45 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 1 | 1 | |
Recorded Investment | $ 17 | $ 45 | |
Consumer | Residential mortgages | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 93 | 14 | |
Pre-TDR Recorded Investment | $ 20,109 | $ 1,916 | |
Post-TDR Recorded Investment | $ 19,990 | $ 2,060 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 0 | 22 | |
Recorded Investment | $ 0 | $ 3,347 | |
Consumer | Home equity loans and lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 43 | 28 | |
Pre-TDR Recorded Investment | $ 4,542 | $ 2,074 | |
Post-TDR Recorded Investment | $ 4,748 | $ 2,095 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 1 | 15 | |
Recorded Investment | $ 613 | $ 2,094 | |
Consumer | RICs and auto loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 45,665 | 9,867 | |
Pre-TDR Recorded Investment | $ 953,819 | $ 178,057 | |
Post-TDR Recorded Investment | $ 959,309 | $ 178,435 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 5,656 | 4,086 | |
Recorded Investment | $ 110,780 | $ 69,239 | |
Consumer | Personal unsecured loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 25 | 1 | |
Pre-TDR Recorded Investment | $ 248 | $ 0 | |
Post-TDR Recorded Investment | $ 244 | $ 0 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 0 | 10 | |
Recorded Investment | $ 0 | $ 101 | |
Consumer | Other consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 9 | 1 | |
Pre-TDR Recorded Investment | $ 408 | $ 12 | |
Post-TDR Recorded Investment | $ 408 | $ 12 | |
TDRs which Subsequently Defaulted | |||
Number of Contracts | contract | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | |
Performing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | 4,352,785 | 3,850,622 | |
Non-performing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ 451,192 | $ 473,507 |
OPERATING LEASE ASSETS, NET (Co
OPERATING LEASE ASSETS, NET (Components of Leased Vehicles, Net) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Less: accumulated depreciation | $ (1,700,000) | $ (1,600,000) | |
Leased vehicles | |||
Operating Leased Assets [Line Items] | |||
Operating leases | 21,907,106 | 22,056,063 | |
Less: accumulated depreciation | (4,633,289) | (4,796,595) | |
Depreciated net capitalized cost | 17,273,817 | 17,259,468 | |
Manufacturer Subvention payments, net of accretion | (867,231) | (934,381) | |
Origination fees and other costs | 71,638 | 66,020 | |
Total premises and equipment, net | 16,478,224 | 16,391,107 | |
Commercial equipment vehicles and aircraft | |||
Operating Leased Assets [Line Items] | |||
Operating leases | 28,624 | 28,661 | |
Less: accumulated depreciation | (7,781) | (6,839) | |
Total premises and equipment, net | 20,843 | 21,822 | |
Operating lease assets | |||
Operating Leased Assets [Line Items] | |||
Less: accumulated depreciation | (4,600,000) | (4,800,000) | |
Total premises and equipment, net | [1],[2] | $ 16,499,067 | $ 16,412,929 |
[1] | Net of accumulated depreciation of $4.6 billion and $4.8 billion at March 31, 2021 and December 31, 2020, respectively. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
OPERATING LEASE ASSETS, NET (Fu
OPERATING LEASE ASSETS, NET (Future Minimum Rental Receivables) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 2,166,282 |
2022 | 1,680,876 |
2023 | 881,298 |
2024 | 74,450 |
2025 | 2,579 |
Thereafter | 5,472 |
Total | $ 4,810,957 |
OPERATING LEASE ASSETS, NET (Na
OPERATING LEASE ASSETS, NET (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Net gain on sale of operating leases | $ 108,263 | $ 26,951 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 2,596,161 | $ 2,596,161 |
CBB | ||
Goodwill [Line Items] | ||
Goodwill | 297,802 | |
C&I | ||
Goodwill [Line Items] | ||
Goodwill | 52,198 | |
CRE & VF | ||
Goodwill [Line Items] | ||
Goodwill | 1,095,071 | |
CIB | ||
Goodwill [Line Items] | ||
Goodwill | 131,130 | |
SC | ||
Goodwill [Line Items] | ||
Goodwill | $ 1,019,960 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES (Goodwill) (Narrative) (Details) - USD ($) | Oct. 01, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Goodwill [Line Items] | ||||
Re-allocation of Goodwill | $ 0 | $ 0 | ||
Impairment of goodwill | $ 0 | |||
Reporting unit, percentage of fair value in excess of carrying amount (less than) | 5.00% | |||
C&I | ||||
Goodwill [Line Items] | ||||
Re-allocation of Goodwill | $ 25,100,000 | |||
Impairment of goodwill | $ (300,000,000) | |||
CBB | ||||
Goodwill [Line Items] | ||||
Impairment of goodwill | $ (1,600,000,000) |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Finite-lived Intangibles) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 346,261 | $ 357,547 |
Accumulated Amortization | (447,662) | (436,376) |
Dealer networks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 301,583 | 308,768 |
Accumulated Amortization | (278,417) | (271,232) |
Chrysler relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 31,250 | 35,000 |
Accumulated Amortization | (107,500) | (103,750) |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 12,000 | 12,300 |
Accumulated Amortization | (6,000) | (5,700) |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 1,428 | 1,479 |
Accumulated Amortization | $ (55,745) | $ (55,694) |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLES (Other Intangible Assets) (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangibles not subject to amortization | $ 0 | $ 0 | |
Amortization of intangibles | $ 11,286,000 | $ 14,744,000 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLES (Future Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Calendar Year Amount | ||
2021 | $ 39,904 | |
2022 | 39,901 | |
2023 | 28,649 | |
2024 | 24,792 | |
2025 | 24,757 | |
Thereafter | 199,544 | |
Recorded To Date | ||
2021 | 11,286 | $ 14,744 |
Remaining Amount To Record | ||
2021 | $ 28,618 |
OTHER ASSETS (Components) (Deta
OTHER ASSETS (Components) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Operating lease ROU assets | $ 530,360 | $ 540,222 | |
Deferred tax assets | 0 | 11,114 | |
Accrued interest receivable | 554,748 | 634,509 | |
Derivative assets at fair value | 904,932 | 1,219,090 | |
Other repossessed assets | 239,031 | 207,900 | |
Equity method investments | 255,173 | 272,633 | |
MSRs | 86,653 | 77,545 | |
OREO | 24,909 | 29,799 | |
Income tax receivables | 186,211 | 225,736 | |
Prepaid expense | 253,491 | 225,251 | |
Miscellaneous assets and receivables | 602,856 | 608,431 | |
Total Other assets | [1],[2] | $ 3,638,364 | $ 4,052,230 |
[1] | Includes MSRs of $86.7 million an d $77.5 million at March 31, 2021 and December 31, 2020, respectively, for which the Company has elected the FVO. See Note 12 to these Condensed Consolidated Financial Statements for additional information. | ||
[2] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
OTHER ASSETS (Narrative) (Detai
OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 39,700 | $ 35,100 | |
Sublease income | 1,100 | 1,500 | |
Operating cash flows from operating leases | 35,499 | 33,110 | |
Operating lease ROU assets | 530,360 | $ 540,222 | |
Present value of lease liabilities | 599,886 | $ 606,000 | |
Parent Company | |||
Lessee, Lease, Description [Line Items] | |||
Operating cash flows from operating leases | 1,300 | 1,000 | |
Operating lease ROU assets | 8,000 | 12,400 | |
Present value of lease liabilities | $ 8,000 | $ 12,400 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 5 years |
OTHER ASSETS (Maturity of Lease
OTHER ASSETS (Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
2021 | $ 103,242 | |
2022 | 129,374 | |
2023 | 112,349 | |
2024 | 97,056 | |
2025 | 71,950 | |
Thereafter | 142,678 | |
Total lease liabilities | 656,649 | |
Less: Interest | (56,763) | |
Present value of lease liabilities | $ 599,886 | $ 606,000 |
OTHER ASSETS (Operating Lease T
OTHER ASSETS (Operating Lease Term and Discount Rate) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating lease ROU assets | $ 530,360 | $ 540,222 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Various other liabilities | Various other liabilities |
Present value of lease liabilities | $ 599,886 | $ 606,000 |
Weighted-average remaining lease term (years) | 6 years 3 months 18 days | 6 years 6 months |
Weighted-average discount rate | 2.90% | 2.90% |
OTHER ASSETS (Other Information
OTHER ASSETS (Other Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ (35,499) | $ (33,110) |
Leased assets obtained in exchange for new operating lease liabilities | $ 15,653 | $ 4,372 |
VIEs (Assets and Liabilities of
VIEs (Assets and Liabilities of VIEs) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |||
Assets | ||||||
Restricted cash | $ 5,833,213 | [1] | $ 5,303,460 | [1] | $ 5,300,000 | |
LHFS | [2] | 568,693 | 2,226,196 | |||
LHFI | [1],[3] | 91,059,356 | 92,133,182 | |||
Various other assets | [1],[4] | 3,638,364 | 4,052,230 | |||
TOTAL ASSETS | 146,590,340 | 149,432,676 | $ 152,144,560 | |||
Liabilities | ||||||
Various other liabilities | [1] | 1,256,763 | 1,479,874 | |||
TOTAL LIABILITIES | 124,649,674 | 128,169,964 | ||||
Operating lease assets | ||||||
Assets | ||||||
Operating lease assets, net | [1],[5] | 16,499,067 | 16,412,929 | |||
VIEs, Primary Beneficiary | ||||||
Assets | ||||||
Restricted cash | 2,040,255 | 1,737,021 | ||||
LHFS | 0 | 581,938 | ||||
LHFI | 22,335,539 | 22,572,549 | ||||
Various other assets | 842,105 | 791,306 | ||||
TOTAL ASSETS | 41,696,123 | 42,073,921 | ||||
Liabilities | ||||||
Notes payable | 29,670,906 | 31,700,709 | ||||
Various other liabilities | 55,669 | 84,922 | ||||
TOTAL LIABILITIES | 29,726,575 | 31,785,631 | ||||
VIEs, Primary Beneficiary | Operating lease assets | ||||||
Assets | ||||||
Operating lease assets, net | $ 16,478,224 | $ 16,391,107 | ||||
[1] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. | |||||
[2] | Includ es $250.3 million a nd $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively. | |||||
[3] | LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively. | |||||
[4] | Includes MSRs of $86.7 million an d $77.5 million at March 31, 2021 and December 31, 2020, respectively, for which the Company has elected the FVO. See Note 12 to these Condensed Consolidated Financial Statements for additional information. | |||||
[5] | Net of accumulated depreciation of $4.6 billion and $4.8 billion at March 31, 2021 and December 31, 2020, respectively. |
VIEs (Narrative) (Details)
VIEs (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
VIEs, Primary Beneficiary | Trusts | |||
Variable Interest Entity [Line Items] | |||
Gross retail installment contracts transferred to consolidated Trusts | $ 27,300,000,000 | $ 27,700,000,000 | |
VIE, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Sales of receivables securitization | 1,891,278,000 | $ 0 | |
Gain (loss) on retail installment contracts | 7,200,000 | $ 0 | |
Total serviced for other portfolio | 3,707,862,000 | $ 2,226,786,000 | |
VIE, maximum exposure to loss | $ 0 |
VIEs (Cash Flow Summary) (Detai
VIEs (Cash Flow Summary) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
VIEs, Primary Beneficiary | Trusts | ||
Variable Interest Entity [Line Items] | ||
Assets securitized | $ 4,123,051,000 | $ 6,675,730,000 |
Net proceeds from new securitizations | 3,586,124,000 | 3,876,529,000 |
Net proceeds from sale of retained bonds | 63,781,000 | 54,467,000 |
Cash received for servicing fees | 228,188,000 | 246,743,000 |
Net distributions from Trusts | 1,140,377,000 | 866,936,000 |
Total cash received from Trusts | 5,018,470,000 | 5,044,675,000 |
VIE, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Receivables securitized | 1,891,278,000 | 0 |
Net proceeds from new securitizations | 1,779,532,000 | 0 |
Cash received for servicing fees | 6,726,000 | 6,179,000 |
Total cash received from Trusts | $ 1,786,258,000 | $ 6,179,000 |
VIEs (Off-balance Sheet Portfol
VIEs (Off-balance Sheet Portfolio) (Details) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 3,707,862 | $ 2,226,786 |
Third party SCART serviced securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 2,623,575 | 929,429 |
Third party CCAP securitizations | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | 63,188 | 82,713 |
SC | ||
Variable Interest Entity [Line Items] | ||
Total serviced for other portfolio | $ 1,021,099 | $ 1,214,644 |
DEPOSITS AND OTHER CUSTOMER A_3
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Summary of Deposits and Other Customer Accounts) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance | ||
Interest-bearing demand deposits | $ 11,736,994 | $ 11,097,595 |
Non-interest-bearing demand deposits | 20,049,386 | 21,800,278 |
Savings | 5,355,344 | 4,827,065 |
Customer repurchase accounts | 316,490 | 323,398 |
Money market | 33,690,892 | 33,358,315 |
CDs | 3,299,593 | 3,897,056 |
Total deposits | $ 74,448,699 | $ 75,303,707 |
Percent of total deposits | ||
Interest-bearing demand deposits (as a percent) | 15.80% | 14.70% |
Non-interest-bearing demand deposits (as a percent) | 26.90% | 28.90% |
Savings (as a percent) | 7.20% | 6.40% |
Customer repurchase accounts (as a percent) | 0.40% | 0.40% |
Money market (as a percent) | 45.30% | 44.40% |
CDs (as a percent) | 4.40% | 5.20% |
Total deposits (as a percent) | 100.00% | 100.00% |
Foreign deposits | $ 5,400,000 | $ 5,800,000 |
DEPOSITS AND OTHER CUSTOMER A_4
DEPOSITS AND OTHER CUSTOMER ACCOUNTS (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 3,700 | $ 3,500 |
Demand deposit overdrafts that have been reclassified as loan balances | 158.5 | 110.5 |
CD in denominations greater than $250,000 | 729.1 | 768.2 |
Public fund deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged as collateral, fair value | $ 2,500 | $ 2,200 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Total borrowings and other debt obligations | [1] | $ 43,446,033 | $ 46,359,467 |
[1] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
BORROWINGS (SHUSA) (Narrative)
BORROWINGS (SHUSA) (Narrative) (Details) - Senior Notes - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt issued | $ 500,000,000 | |
5.83% senior notes, due March 2023 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 500,000,000 | |
Stated interest rate | 5.83% | |
2.65% senior notes due April 2020 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.65% | |
Debt repurchased | $ 1,000,000,000 |
BORROWINGS (Parent Company and
BORROWINGS (Parent Company and Other IHC Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||
Total borrowings and other debt obligations | [1] | $ 43,446,033 | $ 46,359,467 |
Short-term debt borrowing due within one year, with an affiliate | |||
Debt Instrument [Line Items] | |||
Short-term borrowings, Balance | $ 0 | $ 123,453 | |
Effective Rate | 0.00% | 2.00% | |
Subsidiaries | 2.00% subordinated debt maturing through 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.00% | ||
Subordinated debt, Balance | $ 11 | $ 11 | |
Effective Rate | 2.00% | 2.00% | |
Subsidiaries | Short-term borrowing with an affiliate, maturing January 2021 | |||
Debt Instrument [Line Items] | |||
Short-term borrowings, Balance | $ 0 | $ 200,000 | |
Effective Rate | 0.00% | 0.10% | |
Subsidiaries | Short-term borrowing due within one year, maturing April 2021 | |||
Debt Instrument [Line Items] | |||
Short-term borrowings, Balance | $ 6,750 | $ 15,750 | |
Effective Rate | 0.05% | 0.05% | |
Parent Company and Other Subsidiaries | |||
Debt Instrument [Line Items] | |||
Total borrowings and other debt obligations | $ 10,542,062 | $ 10,872,111 | |
Effective Rate | 3.56% | 3.57% | |
Senior Notes | 2.65% senior notes due April 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.65% | ||
Senior Notes | 4.45% senior notes due December 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.45% | ||
Senior notes, Balance | $ 491,602 | $ 491,411 | |
Effective Rate | 4.61% | 4.61% | |
Senior Notes | 3.70% senior notes due March 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.70% | ||
Senior notes, Balance | $ 707,697 | $ 707,896 | |
Effective Rate | 3.67% | 3.67% | |
Senior Notes | 3.40% senior notes due January 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.40% | ||
Senior notes, Balance | $ 997,619 | $ 997,298 | |
Effective Rate | 3.54% | 3.54% | |
Senior Notes | 3.50% senior notes due June 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.50% | ||
Senior notes, Balance | $ 996,915 | $ 996,687 | |
Effective Rate | 3.60% | 3.60% | |
Senior Notes | 4.50% senior notes due July 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Senior notes, Balance | $ 1,097,219 | $ 1,097,074 | |
Effective Rate | 4.56% | 4.56% | |
Senior Notes | 4.40% senior notes due July 2027 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.40% | ||
Senior notes, Balance | $ 1,049,540 | $ 1,049,531 | |
Effective Rate | 4.40% | 4.40% | |
Senior Notes | 2.88% senior notes, due January 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.88% | ||
Senior notes, Balance | $ 750,000 | $ 750,000 | |
Effective Rate | 2.88% | 2.88% | |
Senior Notes | 5.83% senior notes, due March 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.83% | ||
Senior notes, Balance | $ 500,000 | $ 500,000 | |
Effective Rate | 5.83% | 5.83% | |
Senior Notes | 3.24% senior notes due November 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.24% | ||
Senior notes, Balance | $ 914,622 | $ 913,239 | |
Effective Rate | 3.97% | 3.97% | |
Senior Notes | 3.45% senior notes, due June 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.45% | ||
Senior notes, Balance | $ 995,145 | $ 994,871 | |
Effective Rate | 3.58% | 3.58% | |
Senior Notes | 3.50% senior notes, due April 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.50% | ||
Senior notes, Balance | $ 447,056 | $ 447,039 | |
Effective Rate | 3.52% | 3.52% | |
Senior Notes | Senior notes, due June 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes, Balance | $ 427,934 | $ 427,925 | |
Effective Rate | 1.24% | 1.84% | |
Senior Notes | Senior notes, due June 2022 | 3-month LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on LIBOR (as a percent) | 100.00% | ||
Senior Notes | Senior notes, due January 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes, Balance | $ 720,915 | $ 720,904 | |
Effective Rate | 1.35% | 2.06% | |
Senior Notes | Senior notes, due January 2023 | 3-month LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on LIBOR (as a percent) | 110.00% | ||
Senior Notes | Senior notes, due July 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes, Balance | $ 439,037 | $ 439,022 | |
Effective Rate | 1.33% | 2.04% | |
[1] | The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash inc luded $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information. |
BORROWINGS (Santander Bank) (De
BORROWINGS (Santander Bank) (Details) - SBNA - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total borrowings and other debt obligations | $ 863,407 | $ 1,150,000 |
Effective Rate | 0.65% | 0.64% |
FHLB advances, maturing through May 2022 | ||
Debt Instrument [Line Items] | ||
FHLB advances, Balance | $ 860,000 | $ 1,150,000 |
Effective Rate | 0.65% | 0.64% |
Short-term borrowing due within one year, maturing April 2021 | ||
Debt Instrument [Line Items] | ||
REIT preferred, Balance | $ 3,407 | $ 0 |
Effective Rate | 0.14% | 0.00% |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Letters of credit | $ 279,000 |
BORROWINGS (SC Credit Facilitie
BORROWINGS (SC Credit Facilities) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Balance | $ 124,400,000 | $ 146,500,000 |
SC | ||
Debt Instrument [Line Items] | ||
Balance | 56,711,158,000 | 55,523,298,000 |
Restricted Cash Pledged | 2,037,897,000 | 1,734,136,000 |
SC | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Balance | 6,348,545,000 | 8,159,955,000 |
Committed Amount | $ 15,750,000,000 | $ 15,917,967,000 |
Effective Rate | 1.33% | 1.72% |
Assets Pledged | $ 6,472,632,000 | $ 7,063,398,000 |
Restricted Cash Pledged | 2,358,000 | 2,886,000 |
SC | Revolving Credit Facilities With Third Parties | ||
Debt Instrument [Line Items] | ||
Balance | 2,348,545,000 | 4,159,955,000 |
Committed Amount | $ 11,750,000,000 | $ 11,917,967,000 |
Effective Rate | 1.58% | 2.21% |
Assets Pledged | $ 6,472,632,000 | $ 7,063,398,000 |
Restricted Cash Pledged | 2,358,000 | 2,886,000 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due August 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 167,000,000 | 0 |
Committed Amount | $ 500,000,000 | $ 500,000,000 |
Effective Rate | 1.95% | 1.50% |
Assets Pledged | $ 592,553,000 | $ 159,348,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due March 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 1,072,345,000 | 942,845,000 |
Committed Amount | $ 1,250,000,000 | $ 1,250,000,000 |
Effective Rate | 0.63% | 1.34% |
Assets Pledged | $ 1,719,708,000 | $ 1,621,206,000 |
Restricted Cash Pledged | 1,000 | 1,000 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 168,300,000 |
Committed Amount | $ 1,500,000,000 | $ 500,000,000 |
Effective Rate | 2.59% | 3.07% |
Assets Pledged | $ 159,339,000 | $ 243,649,000 |
Restricted Cash Pledged | 0 | 1,201,000 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 845,800,000 |
Committed Amount | $ 3,500,000,000 | $ 2,100,000,000 |
Effective Rate | 3.22% | 3.29% |
Assets Pledged | $ 1,378,224,000 | $ 1,156,885,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 1,000,600,000 |
Committed Amount | $ 500,000,000 | $ 1,500,000,000 |
Effective Rate | 3.96% | 1.85% |
Assets Pledged | $ 118,970,000 | $ 639,875,000 |
Restricted Cash Pledged | 570,000 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due October 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 658,500,000 | 441,143,000 |
Committed Amount | $ 2,100,000,000 | $ 3,500,000,000 |
Effective Rate | 3.32% | 3.45% |
Assets Pledged | $ 968,850,000 | $ 2,057,758,000 |
Restricted Cash Pledged | 103,000 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line due, January 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 450,700,000 | 415,700,000 |
Committed Amount | $ 1,000,000,000 | $ 1,000,000,000 |
Effective Rate | 1.16% | 1.81% |
Assets Pledged | $ 1,142,351,000 | $ 595,518,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due November 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 177,600,000 |
Committed Amount | $ 500,000,000 | $ 500,000,000 |
Effective Rate | 0.92% | 1.18% |
Assets Pledged | $ 392,637,000 | $ 371,959,000 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facilities With Third Parties | Warehouse line, due July 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 0 | 0 |
Committed Amount | $ 900,000,000 | $ 900,000,000 |
Effective Rate | 0.00% | 1.46% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 1,684,000 | 1,684,000 |
SC | Revolving Credit Facilities With Third Parties | Repurchase facility, due January 2021 | ||
Debt Instrument [Line Items] | ||
Balance | 167,967,000 | |
Committed Amount | $ 167,967,000 | |
Effective Rate | 1.64% | |
Assets Pledged | $ 217,200,000 | |
Restricted Cash Pledged | 0 | |
SC | Revolving Credit Facility With Related Parties | ||
Debt Instrument [Line Items] | ||
Balance | 4,000,000,000 | 4,000,000,000 |
Committed Amount | $ 4,000,000,000 | $ 4,000,000,000 |
Effective Rate | 1.19% | 1.22% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facility With Related Parties | Promissory note with Santander due June 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 2,000,000,000 | 2,000,000,000 |
Committed Amount | $ 2,000,000,000 | $ 2,000,000,000 |
Effective Rate | 1.34% | 1.40% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | 0 | 0 |
SC | Revolving Credit Facility With Related Parties | Promissory note with Santander due September 2022 | ||
Debt Instrument [Line Items] | ||
Balance | 2,000,000,000 | 2,000,000,000 |
Committed Amount | $ 2,000,000,000 | $ 2,000,000,000 |
Effective Rate | 1.04% | 1.04% |
Assets Pledged | $ 0 | $ 0 |
Restricted Cash Pledged | $ 0 | $ 0 |
BORROWINGS (Secured Structured
BORROWINGS (Secured Structured Financings) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Initial Note Amounts Issued | $ 124,400 | $ 146,500 |
SC | ||
Debt Instrument [Line Items] | ||
Balance | 25,692,019 | 26,177,401 |
Initial Note Amounts Issued | 56,711,158 | 55,523,298 |
Collateral | 34,874,328 | 36,254,699 |
Restricted Cash | 2,037,897 | 1,734,136 |
Private issuances of notes backed by vehicle leases | $ 8,700,000 | $ 8,700,000 |
SC | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 0.60% | 0.60% |
SC | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.90% | 3.90% |
SC | SC public securitizations, maturing on various dates | ||
Debt Instrument [Line Items] | ||
Balance | $ 20,025,778 | $ 18,942,160 |
Initial Note Amounts Issued | 45,963,595 | 44,775,735 |
Collateral | 25,939,686 | 25,022,577 |
Restricted Cash | $ 2,015,389 | $ 1,710,351 |
SC | SC public securitizations, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 0.60% | 0.60% |
SC | SC public securitizations, maturing on various dates | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.42% | 3.42% |
SC | SC privately issued amortizing notes, maturing on various dates | ||
Debt Instrument [Line Items] | ||
Balance | $ 5,666,241 | $ 7,235,241 |
Initial Note Amounts Issued | 10,747,563 | 10,747,563 |
Collateral | 8,934,642 | 11,232,122 |
Restricted Cash | $ 22,508 | $ 23,785 |
SC | SC privately issued amortizing notes, maturing on various dates | Minimum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 1.28% | 1.28% |
SC | SC privately issued amortizing notes, maturing on various dates | Maximum | ||
Debt Instrument [Line Items] | ||
Initial Weighted Average Interest Rate Range | 3.90% | 3.90% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income/(loss), pretax activity | $ (250,653) | $ 480,290 |
Total other comprehensive income/(loss), tax effect | 66,759 | (125,102) |
TOTAL OCI / (LOSS), NET OF TAX | (183,894) | 355,188 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 21,262,712 | 24,398,830 |
Net Activity | (183,894) | 355,188 |
Ending balance | 21,940,666 | 22,223,973 |
Accumulated Other Comprehensive Income / (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 166,295 | (88,207) |
Ending balance | (17,599) | 266,981 |
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income/(loss), pretax activity | (87,120) | 210,695 |
Other comprehensive income/(loss), tax effect | 24,323 | (62,496) |
Other comprehensive income/(loss), net activity | (62,797) | 148,199 |
Reclassification adjustment, pretax activity | 141 | 136 |
Reclassification adjustment, tax effect | (20) | (29) |
Reclassification adjustment, net activity | 121 | 107 |
Total other comprehensive income/(loss), pretax activity | (86,979) | 210,831 |
Total other comprehensive income/(loss), tax effect | 24,303 | (62,525) |
TOTAL OCI / (LOSS), NET OF TAX | (62,676) | 148,306 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 78,167 | (20,114) |
Net Activity | (62,676) | 148,306 |
Ending balance | 15,491 | 128,192 |
Net unrealized gains/(losses) on investments in debt securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income/(loss), pretax activity | (155,025) | 277,985 |
Other comprehensive income/(loss), tax effect | 40,184 | (64,538) |
Other comprehensive income/(loss), net activity | (114,841) | 213,447 |
Reclassification adjustment, pretax activity | (9,874) | (9,279) |
Reclassification adjustment, tax effect | 2,559 | 2,154 |
Reclassification adjustment, net activity | (7,315) | (7,125) |
Total other comprehensive income/(loss), pretax activity | (164,899) | 268,706 |
Total other comprehensive income/(loss), tax effect | 42,743 | (62,384) |
TOTAL OCI / (LOSS), NET OF TAX | (122,156) | 206,322 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 117,263 | (22,880) |
Net Activity | (122,156) | 206,322 |
Ending balance | (4,893) | 183,442 |
Pension and post-retirement actuarial gains | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income/(loss), pretax activity | 1,225 | 753 |
Total other comprehensive income/(loss), tax effect | (287) | (193) |
TOTAL OCI / (LOSS), NET OF TAX | 938 | 560 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (29,135) | (45,213) |
Net Activity | 938 | 560 |
Ending balance | $ (28,197) | $ (44,653) |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Fair value of derivatives with credit risk contingent feature associated with credit ratings | $ 300,000 | ||
Additional collateral required | 0 | ||
Fair value of derivatives with credit risk contingent features | 10,700,000 | $ 9,900,000 | |
Collateral posted | 5,000,000 | $ 3,900,000 | |
Cash flow hedge loss to be reclassified within next twelve months | 29,600,000 | ||
Net unrealized gain (loss) on cash flow hedge derivative financial instruments | |||
Derivative [Line Items] | |||
Net amount of change recognized in OCI for cash flow hedge derivatives | (62,797,000) | $ 148,199,000 | |
Amount reclassified from OCI into earnings for cash flow hedge derivatives | $ 121,000 | $ 107,000 |
DERIVATIVES (Derivatives Design
DERIVATIVES (Derivatives Designated in Hedge Relationships) (Details) - Designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 15,070,000 | $ 14,720,000 |
Asset, Total | 125,330 | 177,837 |
Liability, Total | $ 114,042 | $ 70,771 |
Weighted Average Receive Rate | 0.91% | 1.03% |
Weighted Average Pay Rate | 0.30% | 0.33% |
Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 2 months 15 days | 1 year 10 months 2 days |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,150,000 | $ 2,450,000 |
Asset, Cash flow hedges | 765 | 124 |
Liability, Cash flow hedges | $ 59,148 | $ 70,589 |
Weighted Average Receive Rate | 0.13% | 0.18% |
Weighted Average Pay Rate | 1.52% | 1.50% |
Cash flow hedges | Pay fixed — receive variable interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 1 year 10 months 28 days | 1 year 10 months 24 days |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,895,000 | $ 8,745,000 |
Asset, Cash flow hedges | 119,057 | 150,206 |
Liability, Cash flow hedges | $ 54,894 | $ 182 |
Weighted Average Receive Rate | 1.05% | 1.16% |
Weighted Average Pay Rate | 0.11% | 0.14% |
Cash flow hedges | Pay variable - receive fixed interest rate swaps | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 2 years 5 months 12 days | 2 years 1 month 13 days |
Cash flow hedges | Interest rate floor | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,025,000 | $ 3,525,000 |
Asset, Cash flow hedges | 5,508 | 27,507 |
Liability, Cash flow hedges | $ 0 | $ 0 |
Weighted Average Receive Rate | 0.95% | 1.28% |
Weighted Average Pay Rate | 0.00% | 0.00% |
Cash flow hedges | Interest rate floor | Weighted Average | ||
Derivative [Line Items] | ||
Weighted Average Life (Years) | 1 year 2 months 19 days | 1 year 1 month 6 days |
DERIVATIVES (Derivatives Not De
DERIVATIVES (Derivatives Not Designated in Hedge Relationships) (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | $ 60,243,515 | $ 61,305,922 |
Asset derivatives Fair value | 779,602 | 1,041,253 |
Liability derivatives Fair value | 724,729 | 1,001,255 |
Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 157,229 | 240,083 |
Asset derivatives Fair value | 2,856 | 5,886 |
Liability derivatives Fair value | 2,631 | 7,031 |
Foreign exchange contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 4,297,290 | 4,258,869 |
Asset derivatives Fair value | 60,221 | 52,530 |
Liability derivatives Fair value | 55,592 | 62,616 |
Interest rate swap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 250,000 | 250,000 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 11,119 | 12,934 |
Interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 9,338,393 | 10,199,134 |
Asset derivatives Fair value | 15,783 | 4,617 |
Liability derivatives Fair value | 0 | 0 |
Options for interest rate cap agreements | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 9,338,393 | 10,199,134 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 15,783 | 4,617 |
Mortgage banking derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 1,335,028 | 1,277,770 |
Asset derivatives Fair value | 34,609 | 46,621 |
Liability derivatives Fair value | 10,522 | 17,237 |
Mortgage banking derivatives | Forward commitments to sell loans | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 515,165 | 520,299 |
Asset derivatives Fair value | 6,880 | 0 |
Liability derivatives Fair value | 0 | 3,835 |
Mortgage banking derivatives | Interest rate lock commitments | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 273,863 | 262,471 |
Asset derivatives Fair value | 5,829 | 13,202 |
Liability derivatives Fair value | 0 | 0 |
Mortgage banking derivatives | Mortgage servicing | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 546,000 | 495,000 |
Asset derivatives Fair value | 21,900 | 33,419 |
Liability derivatives Fair value | 10,522 | 13,402 |
Customer-related derivatives | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 35,527,182 | 34,880,932 |
Asset derivatives Fair value | 666,133 | 931,599 |
Liability derivatives Fair value | 629,082 | 896,820 |
Customer-related derivatives | Swaps receive fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 15,468,261 | 15,350,026 |
Asset derivatives Fair value | 553,390 | 901,509 |
Liability derivatives Fair value | 84,654 | 8,778 |
Customer-related derivatives | Swaps pay fixed | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 15,877,829 | 15,749,590 |
Asset derivatives Fair value | 96,392 | 14,644 |
Liability derivatives Fair value | 526,498 | 874,260 |
Customer-related derivatives | Other | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional | 4,181,092 | 3,781,316 |
Asset derivatives Fair value | 16,351 | 15,446 |
Liability derivatives Fair value | $ 17,930 | $ 13,782 |
DERIVATIVES (Gains (Losses) on
DERIVATIVES (Gains (Losses) on All Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pay fixed-receive variable interest rate swaps | Interest expense on borrowings | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | $ (7,657) | $ (824) |
Pay variable receive-fixed interest rate swap | Interest income on loans | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 23,116 | (2,678) |
Interest rate floor | Interest income on loans | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 11,315 | (477) |
Forward commitments to sell loans | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 10,715 | (10,831) |
Interest rate lock commitments | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | (7,373) | 11,998 |
Mortgage servicing | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | (9,732) | 29,386 |
Customer-related derivatives | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 7,655 | (15,619) |
Foreign exchange | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 1,687 | 11,022 |
Interest rate swaps, caps, and options | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | 244 | (9,658) |
Other | Miscellaneous income, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized on derivatives | $ 1,418 | $ 230 |
DERIVATIVES (Offsetting of Fina
DERIVATIVES (Offsetting of Financial Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | $ 892,222 | $ 1,205,888 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 892,222 | 1,205,888 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 22,206 | 92,836 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 870,016 | 1,113,052 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 12,710 | 13,202 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received | 5,642 | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount | 7,068 | 13,202 |
Gross Amounts of Recognized Assets, Total Derivative Assets | 904,932 | 1,219,090 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 904,932 | 1,219,090 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 27,848 | 92,836 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet - Net Amount, Total Derivative Assets | 877,084 | 1,126,254 |
Other derivative activities | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 766,892 | 1,028,051 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 766,892 | 1,028,051 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 21,441 | 7,771 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 745,451 | 1,020,280 |
Cash flow hedges | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets, Total derivatives subject to a master netting arrangement or similar arrangement | 125,330 | 177,837 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet, Total Derivative Assets | 0 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 125,330 | 177,837 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Received, Total Derivative Assets | 765 | 85,065 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 124,565 | $ 92,772 |
DERIVATIVES (Offsetting of Fi_2
DERIVATIVES (Offsetting of Financial Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | $ 838,771 | $ 1,068,191 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 3,394 | 3,517 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 835,377 | 1,064,674 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 391,336 | 655,560 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 444,041 | 409,114 |
Total derivatives not subject to a master netting arrangement or similar arrangement | 0 | 3,835 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total derivatives not subject to a master netting arrangement or similar arrangement | 0 | 2,382 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives not subject to a master netting arrangement or similar arrangement | 0 | 1,453 |
Gross Amounts of Recognized Liabilities, Total Derivative Liabilities | 838,771 | 1,072,026 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total Derivative Liabilities | 835,377 | 1,068,509 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged, Total Derivative Liabilities | 391,336 | 657,942 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total Derivatives Liabilities | 444,041 | 410,567 |
Other derivative activities | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 724,729 | 997,420 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 3,394 | 3,517 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 721,335 | 993,903 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 316,859 | 584,971 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | 404,476 | 408,932 |
Cash flow hedges | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities, Total derivatives subject to a master netting arrangement or similar arrangement | 114,042 | 70,771 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet, Total derivatives subject to a master netting arrangement or similar arrangement | 114,042 | 70,771 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Collateral Pledged | 74,477 | 70,589 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Amount, Total derivatives subject to a master netting arrangement or similar arrangement | $ 39,565 | $ 182 |
FAIR VALUE (Fair Value Measurem
FAIR VALUE (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
AFS investment securities | $ 11,465,868 | $ 11,313,489 |
Other investments - trading securities | 37,194 | 40,435 |
RICs held-for-investment | 44,600 | 50,400 |
LHFS | 250,300 | 265,400 |
Other assets - derivatives | 904,932 | 1,219,090 |
Financial liabilities: | ||
Other liabilities - derivatives | 835,377 | 1,068,509 |
U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 150,688 | 170,653 |
Corporate debt | ||
Financial assets: | ||
AFS investment securities | 225,575 | 155,715 |
ABS | ||
Financial assets: | ||
AFS investment securities | 157,798 | 109,338 |
Recurring | ||
Financial assets: | ||
AFS investment securities | 11,465,868 | 11,313,489 |
Other investments - trading securities | 37,194 | 40,435 |
RICs held-for-investment | 44,568 | 50,391 |
LHFS | 250,349 | 265,428 |
MSRs | 86,653 | 77,545 |
Other assets - derivatives | 904,932 | 1,219,090 |
Total financial assets | 12,789,564 | 12,966,378 |
Financial liabilities: | ||
Other liabilities - derivatives | 838,771 | 1,072,026 |
Total financial liabilities | 838,771 | 1,072,026 |
Recurring | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 150,688 | 170,653 |
Recurring | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 225,575 | 155,715 |
Recurring | ABS | ||
Financial assets: | ||
AFS investment securities | 157,798 | 109,338 |
Recurring | MBS | ||
Financial assets: | ||
AFS investment securities | 10,931,807 | 10,877,783 |
Recurring | Level 1 | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Other investments - trading securities | 0 | 0 |
RICs held-for-investment | 0 | 0 |
LHFS | 0 | 0 |
MSRs | 0 | 0 |
Other assets - derivatives | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Other liabilities - derivatives | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 1 | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 1 | ABS | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 1 | MBS | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
AFS investment securities | 11,415,631 | 11,263,096 |
Other investments - trading securities | 37,194 | 40,435 |
RICs held-for-investment | 0 | 0 |
LHFS | 250,349 | 265,428 |
MSRs | 0 | 0 |
Other assets - derivatives | 898,983 | 1,205,690 |
Total financial assets | 12,602,157 | 12,774,649 |
Financial liabilities: | ||
Other liabilities - derivatives | 837,091 | 1,068,074 |
Total financial liabilities | 837,091 | 1,068,074 |
Recurring | Level 2 | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | 150,688 | 170,653 |
Recurring | Level 2 | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 225,575 | 155,715 |
Recurring | Level 2 | ABS | ||
Financial assets: | ||
AFS investment securities | 107,561 | 58,945 |
Recurring | Level 2 | MBS | ||
Financial assets: | ||
AFS investment securities | 10,931,807 | 10,877,783 |
Recurring | Level 3 | ||
Financial assets: | ||
AFS investment securities | 50,237 | 50,393 |
Other investments - trading securities | 0 | 0 |
RICs held-for-investment | 44,568 | 50,391 |
LHFS | 0 | 0 |
MSRs | 86,653 | 77,545 |
Other assets - derivatives | 5,949 | 13,400 |
Total financial assets | 187,407 | 191,729 |
Financial liabilities: | ||
Other liabilities - derivatives | 1,680 | 3,952 |
Total financial liabilities | $ 1,680 | 3,952 |
Percentage of level 3 assets to total assets held at fair value | 1.50% | |
Percentage of level 3 assets to total assets | 0.10% | |
Recurring | Level 3 | U.S. Treasury securities | ||
Financial assets: | ||
AFS investment securities | $ 0 | 0 |
Recurring | Level 3 | Corporate debt | ||
Financial assets: | ||
AFS investment securities | 0 | 0 |
Recurring | Level 3 | ABS | ||
Financial assets: | ||
AFS investment securities | 50,237 | 50,393 |
Recurring | Level 3 | MBS | ||
Financial assets: | ||
AFS investment securities | $ 0 | $ 0 |
FAIR VALUE (Sensitivity Analysi
FAIR VALUE (Sensitivity Analysis of Fair Value, Mortgage Servicing Rights) (Details) - MSRs $ in Millions | Mar. 31, 2021USD ($) |
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] | |
Sensitivity analysis of fair value, impact of 10 percent adverse change in prepayment speed | $ (4.1) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in prepayment speed | (7.8) |
Sensitivity analysis of fair value, impact of 10 percent adverse change in discount rate | (2.7) |
Sensitivity analysis of fair value, impact of 20 percent adverse change in discount rate | $ (5.2) |
FAIR VALUE (Reconciliation of A
FAIR VALUE (Reconciliation of Assets and Liabilities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Change in gain (loss) included in other comprehensive income (loss) | $ (400) | |
Level 3 | Recurring | ||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 187,777 | $ 278,679 |
Losses in OCI | (156) | (231) |
Gains/(losses) in earnings | 8,321 | (24,831) |
Additions/Issuances | 3,611 | 6,414 |
Transfers from level 2 | 0 | 17,634 |
Settlements | (13,826) | (24,860) |
Balances, end of period | 185,727 | 252,805 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 15,694 | (36,830) |
Level 3 | Recurring | Investments AFS | ||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 50,393 | 63,235 |
Losses in OCI | (156) | (231) |
Gains/(losses) in earnings | 0 | 0 |
Additions/Issuances | 0 | 0 |
Transfers from level 2 | 0 | 0 |
Settlements | 0 | (177) |
Balances, end of period | 50,237 | 62,827 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 0 | 0 |
Level 3 | Recurring | RICs HFI | ||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 50,391 | 84,334 |
Losses in OCI | 0 | 0 |
Gains/(losses) in earnings | 0 | 2,891 |
Additions/Issuances | 0 | 2,512 |
Transfers from level 2 | 0 | 17,634 |
Settlements | (5,823) | (19,987) |
Balances, end of period | 44,568 | 87,384 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 0 | 2,891 |
Level 3 | Recurring | MSRs | ||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 77,545 | 130,855 |
Losses in OCI | 0 | 0 |
Gains/(losses) in earnings | 13,578 | (32,282) |
Additions/Issuances | 3,611 | 3,902 |
Transfers from level 2 | 0 | 0 |
Settlements | (8,081) | (4,778) |
Balances, end of period | 86,653 | 97,697 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | 13,578 | (32,282) |
Level 3 | Recurring | Derivatives, net | ||
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 9,448 | 255 |
Losses in OCI | 0 | 0 |
Gains/(losses) in earnings | (5,257) | 4,560 |
Additions/Issuances | 0 | 0 |
Transfers from level 2 | 0 | 0 |
Settlements | 78 | 82 |
Balances, end of period | 4,269 | 4,897 |
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period | $ 2,116 | $ (7,439) |
FAIR VALUE (Fair Value Measur_2
FAIR VALUE (Fair Value Measurements, Non-recurring) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 44,600,000 | $ 50,400,000 |
LHFS | 250,300,000 | 265,400,000 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 27,036,000 | 31,760,000 |
Vehicle inventory | 373,539,000 | 313,754,000 |
LHFS | 318,344,000 | 1,960,768,000 |
Goodwill | 2,596,161,000 | 2,596,161,000 |
Nonrecurring | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 35,820,000 | 44,534,000 |
Total carrying value of the loans | 25,400,000 | 33,200,000 |
Nonrecurring | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 175,401,000 | 191,785,000 |
Nonrecurring | Impaired personal loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
LHFS | 0 | 900,000,000 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | 0 |
Vehicle inventory | 0 | 0 |
LHFS | 0 | 0 |
Goodwill | 0 | 0 |
Nonrecurring | Level 1 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 1 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 7,185,000 | 8,232,000 |
Vehicle inventory | 373,539,000 | 313,754,000 |
LHFS | 0 | 0 |
Goodwill | 0 | 0 |
Nonrecurring | Level 2 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 33,396,000 | 32,609,000 |
Nonrecurring | Level 2 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 175,401,000 | 191,785,000 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 19,851,000 | 23,528,000 |
Vehicle inventory | 0 | 0 |
LHFS | 318,344,000 | 1,960,768,000 |
Goodwill | 2,596,161,000 | 2,596,161,000 |
Nonrecurring | Level 3 | Impaired commercial LHFI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,424,000 | 11,925,000 |
Nonrecurring | Level 3 | Auto loans impaired due to bankruptcy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 0 | $ 0 |
FAIR VALUE (Fair Value Adjustme
FAIR VALUE (Fair Value Adjustments) (Details) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill, fair value disclosure | $ 2,596,161 | $ 2,596,161 | |
Impaired LHFI | Credit loss expense | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | (6,583) | $ 3,692 | |
Foreclosed assets | Miscellaneous income, net | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | (338) | (1,950) | |
LHFS | Credit loss expense | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | 0 | 0 | |
LHFS | Miscellaneous income, net | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | 0 | (62,938) | |
Auto loans impaired due to bankruptcy | Credit loss expense | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | 0 | (4,953) | |
MSRs | Miscellaneous income, net | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value adjustment | $ 0 | $ (133) |
FAIR VALUE (Quantitative Inform
FAIR VALUE (Quantitative Information) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Financial Assets: | ||
LHFS | $ 250,300 | $ 265,400 |
RICs held-for-investment | 44,600 | 50,400 |
MSRs | 86,653 | 77,545 |
Level 3 | Financing bonds | ||
Financial Assets: | ||
ABS | $ 50,237 | $ 50,393 |
Level 3 | Financing bonds | Discount rate | ||
Financial Assets: | ||
ABS, Unobservable Inputs (as a percent) | 0.0018 | 0.0022 |
Level 3 | Personal LHFS | ||
Financial Assets: | ||
LHFS | $ 893,479 | |
Level 3 | Personal LHFS | Discount rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.2000 | |
Level 3 | Personal LHFS | Discount rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.3000 | |
Level 3 | Personal LHFS | Market participant view | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6000 | |
Level 3 | Personal LHFS | Market participant view | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.7000 | |
Level 3 | Personal LHFS | Default rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.3500 | |
Level 3 | Personal LHFS | Default rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.4500 | |
Level 3 | Personal LHFS | Net principal & interest payment rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.6500 | |
Level 3 | Personal LHFS | Net principal & interest payment rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.7500 | |
Level 3 | Personal LHFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9000 | |
Level 3 | Personal LHFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
LHFS, Unobservable Inputs (as a percent) | 0.9500 | |
Level 3 | RICs HFS | ||
Financial Assets: | ||
RICs held-for-investment | $ 674,048 | |
Level 3 | RICs HFS | Discount rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.015 | |
Level 3 | RICs HFS | Discount rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.025 | |
Level 3 | RICs HFS | Discount rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.020 | |
Level 3 | RICs HFS | Default rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.020 | |
Level 3 | RICs HFS | Default rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.040 | |
Level 3 | RICs HFS | Default rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.030 | |
Level 3 | RICs HFS | Loss severity rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.500 | |
Level 3 | RICs HFS | Loss severity rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.600 | |
Level 3 | RICs HFS | Loss severity rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.550 | |
Level 3 | RICs HFS | Prepayment rate | Minimum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.100 | |
Level 3 | RICs HFS | Prepayment rate | Maximum | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.200 | |
Level 3 | RICs HFS | Prepayment rate | Weighted Average | ||
Financial Assets: | ||
RICs HFI, Unobservable Inputs (as a percent) | 0.150 | |
Level 3 | MSRs | ||
Financial Assets: | ||
MSRs | $ 86,653 | $ 77,545 |
Level 3 | MSRs | Discount rate | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0936 | 0.0937 |
Level 3 | MSRs | CPR | Minimum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.0531 | 0.0766 |
Level 3 | MSRs | CPR | Maximum | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.9900 | 0.4535 |
Level 3 | MSRs | CPR | Weighted Average | ||
Financial Assets: | ||
MSRs, Unobservable Inputs (as a percent) | 0.1316 | 0.1611 |
FAIR VALUE (Fair Value of Finan
FAIR VALUE (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Financial assets: | |||
AFS investment securities | $ 11,465,868 | $ 11,313,489 | |
Investments in debt securities HTM | 5,838,987 | 5,677,929 | |
Other investments - trading securities | 37,194 | 40,435 | |
LHFI, net | 83,899,201 | 84,794,689 | |
LHFS | [1] | 568,693 | 2,226,196 |
Derivatives | 904,932 | 1,219,090 | |
Financial liabilities: | |||
Derivatives | 835,377 | 1,068,509 | |
Carrying Value | |||
Financial assets: | |||
Cash and cash equivalents | 11,467,415 | 12,621,281 | |
AFS investment securities | 11,465,868 | 11,313,489 | |
Investments in debt securities HTM | 5,781,875 | 5,504,685 | |
Other investments - trading securities | 1,037,194 | 790,435 | |
LHFI, net | 83,899,201 | 84,794,689 | |
LHFS | 568,693 | 2,226,196 | |
Restricted cash | 5,833,213 | 5,303,460 | |
MSRs | 86,653 | 77,545 | |
Derivatives | 904,932 | 1,219,090 | |
Financial liabilities: | |||
Deposits | 3,299,593 | 3,897,056 | |
Borrowings and other debt obligations | 43,446,033 | 46,359,467 | |
Derivatives | 838,771 | 1,072,026 | |
Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 11,467,415 | 12,621,281 | |
AFS investment securities | 11,465,868 | 11,313,489 | |
Investments in debt securities HTM | 5,838,987 | 5,677,929 | |
Other investments - trading securities | 1,043,398 | 801,056 | |
LHFI, net | 88,404,026 | 89,395,086 | |
LHFS | 568,693 | 2,226,196 | |
Restricted cash | 5,833,213 | 5,303,460 | |
MSRs | 86,653 | 77,545 | |
Derivatives | 904,932 | 1,219,090 | |
Financial liabilities: | |||
Deposits | 3,313,712 | 3,920,096 | |
Borrowings and other debt obligations | 44,268,222 | 47,081,852 | |
Derivatives | 838,771 | 1,072,026 | |
Fair Value | Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 11,467,415 | 12,621,281 | |
AFS investment securities | 0 | 0 | |
Investments in debt securities HTM | 0 | 0 | |
Other investments - trading securities | 0 | 0 | |
LHFI, net | 0 | 0 | |
LHFS | 0 | 0 | |
Restricted cash | 5,833,213 | 5,303,460 | |
MSRs | 0 | 0 | |
Derivatives | 0 | 0 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Borrowings and other debt obligations | 0 | 0 | |
Derivatives | 0 | 0 | |
Fair Value | Level 2 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
AFS investment securities | 11,415,631 | 11,263,096 | |
Investments in debt securities HTM | 5,838,987 | 5,677,929 | |
Other investments - trading securities | 1,043,398 | 801,056 | |
LHFI, net | 33,396 | 32,609 | |
LHFS | 250,349 | 265,428 | |
Restricted cash | 0 | 0 | |
MSRs | 0 | 0 | |
Derivatives | 898,983 | 1,205,690 | |
Financial liabilities: | |||
Deposits | 3,313,712 | 3,920,096 | |
Borrowings and other debt obligations | 31,951,289 | 30,538,951 | |
Derivatives | 837,091 | 1,068,074 | |
Fair Value | Level 3 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
AFS investment securities | 50,237 | 50,393 | |
Investments in debt securities HTM | 0 | 0 | |
Other investments - trading securities | 0 | 0 | |
LHFI, net | 88,370,630 | 89,362,477 | |
LHFS | 318,344 | 1,960,768 | |
Restricted cash | 0 | 0 | |
MSRs | 86,653 | 77,545 | |
Derivatives | 5,949 | 13,400 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Borrowings and other debt obligations | 12,316,933 | 16,542,901 | |
Derivatives | $ 1,680 | $ 3,952 | |
[1] | Includ es $250.3 million a nd $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively. |
FAIR VALUE (Fair Value Option f
FAIR VALUE (Fair Value Option for Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Nonaccrual loans | $ 656 | $ 1,474 |
Aggregate UPB | ||
Nonaccrual loans | 688 | 2,178 |
Difference | ||
Nonaccrual loans | (32) | (704) |
Residential mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal balance of loans serviced for others | 11,800,000 | 12,500,000 |
LHFS | ||
Fair Value | ||
LHFS | 250,349 | 265,428 |
Aggregate UPB | ||
LHFS | 245,668 | 250,822 |
Difference | ||
LHFS | 4,681 | 14,606 |
RICs HFI | ||
Fair Value | ||
RICs HFI | 44,568 | 50,391 |
Aggregate UPB | ||
RICs HFI | 44,752 | 50,624 |
Difference | ||
RICs HFI | $ (184) | $ (233) |
NON-INTEREST INCOME AND OTHER_3
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Non-Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Consumer and commercial fees | $ 119,220 | $ 124,247 |
Lease income | 772,892 | 771,661 |
Mortgage banking income, net | 20,739 | 16,090 |
BOLI | 15,545 | 15,094 |
Capital market revenue | 81,788 | 38,284 |
Net gain on sale of operating leases | 108,263 | 26,951 |
Asset and wealth management fees | 58,727 | 52,650 |
Loss on sale of non-mortgage loans | (38,017) | (62,107) |
Other miscellaneous (loss) / income, net | 35,465 | 35,010 |
Net gain/(loss) on sale of investment securities | 9,874 | 9,279 |
TOTAL NON-INTEREST INCOME | $ 1,184,496 | $ 1,027,159 |
NON-INTEREST INCOME AND OTHER_4
NON-INTEREST INCOME AND OTHER EXPENSES (Disaggregation by Revenue Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Lease income | $ 772,892 | $ 771,661 |
Miscellaneous income/(loss) | 116,417 | (25,693) |
Net gain/(loss) on sale of investment securities | 9,874 | 9,279 |
Total out-of-scope of revenue from contracts with customers | 961,132 | 809,608 |
Non-interest income | 1,184,496 | 1,027,159 |
Total in-scope of revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 223,364 | 217,551 |
Depository services | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 43,035 | 57,204 |
Commission and trailer fees | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 54,539 | 51,712 |
Interchange income, net | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 16,509 | 16,320 |
Underwriting service fees | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 59,073 | 26,207 |
Asset and wealth management fees | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 32,242 | 43,020 |
Other revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
In-scope of revenue from contracts with customers | 17,966 | 23,088 |
Consumer and commercial fees | ||
Disaggregation of Revenue [Line Items] | ||
Out-of-scope of revenue from contracts with customers | $ 61,949 | $ 54,361 |
NON-INTEREST INCOME AND OTHER_5
NON-INTEREST INCOME AND OTHER EXPENSES (Schedule of Other Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Amortization of intangibles | $ 11,286 | $ 14,744 |
Deposit insurance premiums and other expenses | 9,320 | 12,553 |
Loss on debt extinguishment | 0 | 136 |
Other administrative expenses | 72,976 | 87,830 |
Other miscellaneous expenses | 10,841 | 13,084 |
Total Other expenses | $ 104,423 | $ 128,347 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) $ in Thousands | Sep. 05, 2019USD ($)transaction | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit)/provision | $ 286,829 | $ (33,362) | ||
Effective income tax rate reconciliation, percent | 24.30% | 21.30% | ||
Number of financing transactions related to lawsuit | transaction | 2 | |||
Transaction amount related to lawsuit seeking refund of taxes paid | $ 1,200,000 | |||
Deferred tax liabilities, net | $ 357,800 | $ 171,200 | ||
Deferred tax assets, gross | 11,100 | |||
Deferred tax liabilities, gross | $ 182,400 | |||
Increase (decrease) in deferred tax liabilities, net | $ 186,600 |
COMMITMENTS, CONTINGENCIES, A_3
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Other Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 124,400 | $ 146,500 |
Total commitments | 28,986,965 | 32,392,419 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitments | 27,503,781 | 30,883,502 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Letters of credit | 1,419,864 | 1,432,764 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitments | 37,296 | 49,791 |
Unsecured revolving lines of credit | ||
Other Commitments [Line Items] | ||
Lines of credit outstanding | 0 | 0 |
Recourse exposure on sold loans | ||
Other Commitments [Line Items] | ||
Other commitments | $ 26,024 | $ 26,362 |
COMMITMENTS, CONTINGENCIES, A_4
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Extend Credit) (Details) - USD ($) $ in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments that can be canceled without notice | $ 3 | $ 5.4 |
COMMITMENTS, CONTINGENCIES, A_5
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Letters of Credit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Lines of credit outstanding | $ 124,400 | $ 146,500 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitments, weighted average term | 12 months 3 days | |
Letters of credit | $ 1,419,864 | $ 1,432,764 |
COMMITMENTS, CONTINGENCIES, A_6
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Commitments to Sell Loans) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments to sell loans | |
Other Commitments [Line Items] | |
Forward contracts maturity period (less than) | 1 year |
COMMITMENTS, CONTINGENCIES, A_7
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (SC Commitments) (Details) - SC - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Consumer arrangements | ||
Long-term Purchase Commitment [Line Items] | ||
Contingencies | $ 17,186 | $ 22,155 |
Chrysler | Revenue-sharing and gain/(loss), net-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | 65,446 | 43,778 |
Bank of America | Servicer performance fee | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | 182 | 1,200 |
CBP | Loss-sharing payments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitments | $ 26 | $ 181 |
COMMITMENTS, CONTINGENCIES, A_8
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Chrysler Agreement) (Details) - SC - Chrysler | Mar. 31, 2021USD ($) |
Other Commitments [Line Items] | |
Financing dedicated to FCA retail financing | $ 4,500,000,000 |
Minimum | |
Other Commitments [Line Items] | |
Funding available for dealer inventory financing | $ 5,000,000,000 |
COMMITMENTS, CONTINGENCIES, A_9
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Agreement with Bank of America) (Details) - SC - Bank of America - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Jan. 31, 2017 | |
Other Commitments [Line Items] | ||
Commitments | $ 300,000,000 | |
Servicer payments period | 6 years |
COMMITMENTS, CONTINGENCIES, _10
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Agreement with CBP) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
SC | CBP | |
Other Commitments [Line Items] | |
Loss-sharing payment percentage | 0.50% |
COMMITMENTS, CONTINGENCIES, _11
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Bluestem) (Details) - SC - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||||
Purchase obligation | $ 0 | $ 14,200,000 | ||
Bluestem | Purchase New Advances on Personal Revolving Financing Receivable | ||||
Other Commitments [Line Items] | ||||
Other commitments | 0 | 2,700,000,000 | $ 3,000,000,000 | |
Purchases from other commitments | 300,000,000 | $ 1,200,000,000 | ||
Bluestem | Purchase of Receivables Related to New Opened Customer Accounts | ||||
Other Commitments [Line Items] | ||||
Purchases from other commitments | $ 24,900,000 | $ 20,900,000 |
COMMITMENTS, CONTINGENCIES, _12
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Others) (Details) - SC - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2015 | |
Other Commitments [Line Items] | |||
Minimum sales commitment, charged off loan receivables | $ 350,000,000 | ||
Threshold for sales subject to market price check (over) | $ 275,000,000 | ||
Minimum sales commitment, loans receivable, written off, remaining | $ 15,300,000 | $ 15,300,000 |
COMMITMENTS, CONTINGENCIES, _13
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Legal and Regulatory Proceedings) (Details) $ in Millions | Nov. 27, 2020USD ($)municipalBondUnderwriter | Oct. 28, 2020USD ($)underwritermunicipalBondUnderwriter | Aug. 08, 2019USD ($)municipalBondUnderwriter | Mar. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Oct. 31, 2013USD ($) |
Loss Contingencies [Line Items] | ||||||
Accrued legal and regulatory liabilities | $ 86.2 | $ 109.5 | ||||
SC | ||||||
Loss Contingencies [Line Items] | ||||||
Ownership percentage by parent | 80.30% | |||||
Puerto Rico FINRA Arbitrations | ||||||
Loss Contingencies [Line Items] | ||||||
Number of FINRA arbitration cases | claim | 771 | |||||
Number of claims that remain pending | claim | 80 | |||||
Puerto Rico Closed-End Funds Shareholder Derivative and Class Action | Puerto Rico | ||||||
Loss Contingencies [Line Items] | ||||||
Bonds (more than) | $ 180 | |||||
Closed-end funds | $ 101 | |||||
Puerto Rico Municipal Bond Insurer Litigation | Puerto Rico | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought, value | $ 447 | $ 508 | $ 720 | |||
Number of municipal bond underwriters | municipalBondUnderwriter | 12 | 4 | 8 | |||
Number of underwriters | underwriter | 7 | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 15.5 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Contribution from shareholder | $ 0 | $ 0 | |
Santander | SC | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Servicing fee income | 2,900,000 | $ 6,000,000 | |
Collections due to Santander | 6,100,000 | $ 6,200,000 | |
SBNA | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payments to fund long-term loans to related parties | 400,000,000 | ||
Purchase of Retail Installment Contracts | SC | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Purchases of RICs | $ 2,000,000,000 | $ 1,100,000,000 |
BUSINESS SEGMENT INFORMATION (N
BUSINESS SEGMENT INFORMATION (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
CIB | |
Segment Reporting Information [Line Items] | |
Minimum annual revenue to service corporations | $ 500 |
BUSINESS SEGMENT INFORMATION (S
BUSINESS SEGMENT INFORMATION (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 1,619,332 | $ 1,585,976 | |
Non-interest income | 1,184,496 | 1,027,159 | |
Credit loss expense | 76,067 | 1,185,610 | |
Total expenses | 1,548,429 | 1,583,802 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 1,179,332 | (156,277) | |
Intersegment revenue/(expense) | 0 | 0 | |
Total assets | 146,590,340 | 152,144,560 | $ 149,432,676 |
Reportable Segments | CBB | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 352,509 | 331,807 | |
Non-interest income | 76,310 | 80,248 | |
Credit loss expense | (19,155) | 153,007 | |
Total expenses | 368,451 | 367,045 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 79,523 | (107,997) | |
Intersegment revenue/(expense) | (257) | (260) | |
Total assets | 22,346,353 | 23,491,765 | |
Reportable Segments | C&I | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 73,219 | 76,132 | |
Non-interest income | 16,677 | 17,089 | |
Credit loss expense | (31,341) | 47,232 | |
Total expenses | 63,665 | 68,723 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 57,572 | (22,734) | |
Intersegment revenue/(expense) | 2,657 | 3,243 | |
Total assets | 7,689,825 | 9,260,753 | |
Reportable Segments | CRE & VF | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 96,602 | 98,724 | |
Non-interest income | 5,595 | 4,685 | |
Credit loss expense | 1,786 | 49,850 | |
Total expenses | 35,547 | 35,118 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 64,864 | 18,441 | |
Intersegment revenue/(expense) | 713 | 1,734 | |
Total assets | 20,315,350 | 21,376,893 | |
Reportable Segments | CIB | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 27,411 | 34,082 | |
Non-interest income | 77,364 | 50,135 | |
Credit loss expense | (8,694) | 18,141 | |
Total expenses | 67,696 | 63,234 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 45,773 | 2,842 | |
Intersegment revenue/(expense) | (3,113) | (4,717) | |
Total assets | 10,786,520 | 11,645,096 | |
Reportable Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (43,701) | 29,982 | |
Non-interest income | 115,949 | 112,824 | |
Credit loss expense | (2,738) | 9,287 | |
Total expenses | 110,886 | 161,738 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (35,900) | (28,219) | |
Intersegment revenue/(expense) | 0 | 0 | |
Total assets | 38,218,290 | 39,263,122 | |
Reportable Segments | SC | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,108,967 | 1,011,406 | |
Non-interest income | 904,112 | 773,832 | |
Credit loss expense | 136,209 | 907,887 | |
Total expenses | 900,758 | 883,796 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | 976,112 | (6,445) | |
Intersegment revenue/(expense) | 0 | 0 | |
Total assets | 47,234,002 | 47,106,931 | |
SC Purchase Price Adjustments | SC Purchase Price Adjustments | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (242) | (221) | |
Non-interest income | 0 | 1,853 | |
Credit loss expense | 0 | 206 | |
Total expenses | 7,185 | 9,790 | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (7,427) | (8,364) | |
Intersegment revenue/(expense) | 0 | 0 | |
Total assets | 0 | 0 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 4,567 | 4,064 | |
Non-interest income | (11,511) | (13,507) | |
Credit loss expense | 0 | 0 | |
Total expenses | (5,759) | (5,642) | |
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION | (1,185) | (3,801) | |
Intersegment revenue/(expense) | 0 | 0 | |
Total assets | $ 0 | $ 0 |